Search results for: bond market

Authors: Susmita Ghosh, Bhaskar Bhowmick

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Market is an important factor for start-ups to look into during decision-making in product development and related areas. Emerging country markets are more uncertain in terms of information availability and institutional supports. The literature review of market uncertainty reveals the need for identifying factors representing the market uncertainty. This paper identifies factors for market uncertainty using Exploratory Factor Analysis (EFA) and confirms the number of factor retention using an alternative factor retention criterion, ‘Parallel Analysis’. 500 entrepreneurs, engaged in start-ups from all over India participated in the study. This paper concludes with the factor structure of ‘market uncertainty’ having dimensions of uncertainty in industry orientation, uncertainty in customer orientation and uncertainty in marketing orientation.

Keywords: uncertainty, market, orientation, competitor, demand

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Authors: Peter Shi

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

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

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Authors: Pavel Boška, Jan Bomba, Tomáš Beránek, Jiří Procházka

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When using wood products bonded by polyvinyl acetate, glues such as windows are the most limiting element of degradation of the glued joint due to weather changes. In addition to moisture and high temperatures, the joint may damage the low temperature below freezing point, where dimensional changes in the material and distortion of the adhesive film occur. During the experiments, the joints were exposed to several degrees of sub-zero temperatures from 0 °C to -40 °C and then to compare how the decreasing temperature affects the strength of the joint. The experiment was performed on wood beech samples (Fagus sylvatica), bonded with PVAc with D3 resistance and the shear strength of bond was measured. The glued and treated samples were tested on a laboratory testing machine, recording the strength of the joint. The statistical results have given us information that the strength of the joint gradually decreases with decreasing temperature, but a noticeable and statistically significant change is achieved only at very low temperatures.

Keywords: adhesives, bond strength, low temperatures, polyvinyl acetate

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Authors: Jordy Padilla

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The New Jersey Department of Transportation (NJDOT) initiated a research project to install and evaluate Ultra-High-Performance Concrete (UHPC) as an overlay on existing bridges. The project aims to implement UHPC overlays in NJDOT bridge deck strategies for preservation and repair. During design, four bridges were selected for construction. The construction involved the removal of the existing bridge asphalt overlays, partially removing the existing concrete deck surface, and resurfacing the deck with a UHPC overlay. In some cases, a new asphalt riding surface was placed. Additionally, existing headers were replaced with full-depth UHPC. The UHPC overlay is monitored through coring and Non-destructive testing (NDT) to ensure that the interfacial bond is intact and that the desired conditions are maintained. The NDT results show no evidence that the bond between the new UHPC overlay and the existing concrete deck is compromised. Bond strength test data demonstrates that, in general, the desired bond was achieved between UHPC and the substrate concrete, although the results were lower than anticipated. Chloride content is also within expectations except for one anomaly. The baseline testing was successful, and no significant defects were encountered.

Keywords: ultra-high performance concrete, rehabilitation, non-destructive testing

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Authors: Marcin Adamczak

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The growth of Chinese film market and its dynamic incomparable to any other historical phenomenon has already made China the second world market and potential future leader in 2-3 years period. The growing power of Chines box-office and its future prospects is then the crucial and potentially disturbing factor for persistence of global Hollywood reality. The paper is based on market statistical data. The main findings of the analysis are defining of essential obstacles for the development of Chinese market and its foreign expansion. However, the new strategies employed by the industry (acquisitions of cinema chains abroad, blockbuster made with the involvement of figures from Hollywood star system, coproduction ties within Pacific basin) could be a successful remedy for current shortcomings. The main factor for development will be wider economical framework and maintenance of growth pace. The future state of Chinese film market will be one of the main factors shaping global film culture and film market in following decades of XXI century.

Keywords: production studies, film market, Chinese film market, distribution

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Authors: Nesrine Bouzaher, Okba Necira

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The financial aspect of the Algerian economy is part of all sectors that have undergone great changes these two last decades; the goal is to enable economic mechanisms for real growth. Insurance is an indispensable tool for stabilizing these mechanisms. Therefore the national economy needs to develop the insurance market in order to support the investments, externally and internally; it turns out that reinsurance is one of the area which could prove their performance in several markets mainly emerging ones. The expansion of reinsurance in the domestic market is the preoccupation of this work, focusing on factors that could enhance the demand of reinsurance in the Algerian market. This work will be based on an analytical research of the economic contribution of the reinsurance and it’s collusion with insurance; market, then it will be necessary to provide an overview of the product in the national emerging market, finally we will try to investigate on the factors that could enhance the demand in the national reinsurance market so as to determine the potential of Algeria in this area.

Keywords: Algerian reinsurance data, demand trend of Algerian reinsurance, reinsurance, reinsurance market

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Authors: M. Chavleishvili

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The paper presents the trends of Georgian hazelnut market development and analyses the competitive advantages which will help Georgia to enter international hazelnut market using modern technologies. The history of hazelnut crop development and hazelnut species in Georgia are discussed. For hazelnut supply analysis trends in hazelnut production are considered, trends in export and import development is evaluated, domestic hazelnut market is studied and analysed based on expert interviews and initial accounting materials. In order to achieve and strengthen its position in international market, potential advantages and disadvantages of Georgian hazelnut are revealed, analysis of export and import possibilities of hazelnut is presented. Recommendations are developed based on the conclusions, which are made through identifying the key factors that hinder development of Georgian hazelnut market.

Keywords: hazelnut market, hazelnut export and import, competitiveness of hazelnut

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Authors: Necira Okba, Nesrine Bouzaher

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The financial aspect of the Algerian economy is part of all sectors that have undergone great changes these two last decades; the goal is to enable economic mechanisms for real growth. Insurance is an indispensable tool for stabilizing these mechanisms. Therefore, the national economy needs to develop the insurance market in order to support the investments, externally and intern ally; it turns out that reinsurance is one of the area which could prove their performance in several markets mainly emerging ones. The expansion of reinsurance in the domestic market is the preoccupation of this work, focusing on factors that could enhance the demand of reinsurance in the Algerian market. This work will be based on an analytical research of the economic contribution of the reinsurance and it’s collusion with insurance market, then it will be necessary to provide an overview of the product in the national emerging market, finally we will try to investigate on the factors that could enhance the demand in the national reinsurance market so as to determine the potential of Algeria in this area.

Keywords: Algerian reinsurance data, demand trend of Algerian reinsurance, reinsurance, reinsurance market

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Authors: Ralph Gruber, Martina Hafner, Theresia Greunz, Christian Reisecker, David Stifter

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The application of dry lubricant on aluminium for automotive industry is indispensable for a high-quality forming behaviour. To provide a short production time those forming aids will not be removed during the joining step. The aim of this study was the characterization of the influence of dry lubricants on the bond strength and the corrosion resistance of an 6xxx aluminium alloy for automotive applications. For this purpose, samples with a well-defined surface were lubricated with 1 g/m² dry lubricant and joined with a commercial thermosetting 1K-epoxy structural adhesive. The bond strength was characterized by means of lap shear test. To evaluate the corrosion resistance of the adhered aluminium samples an immersion test in 5 w% NaCl-solution was used. Based on fracture pattern analysis, the corrosion behaviour could be described. Dissolved corrosion products were examined using ICP-MS and NMR. By means of SEM/EDX the elementary composition of precipitated solids was determined. The results showed a dry lubricant independent bond strength for standard testing conditions. However, a significant effect of the forming aid, regarding the corrosion resistance of adhered aluminium samples against corrosive infiltration of the metal-adhesive-interface, was observed

Keywords: aluminium alloys, dry film lubricants, automotive industry, adhesive bonding, corrosion

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Authors: Hana Janáčková

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Housing can be sorted as basic needs of households. Purchase of acceptable ownership housing is important investments for most them. For rental housing households must consider the part of rent expenditure paid in the total household income. For this reason, financial considerations of households in this area depend on the government innervations (public administration) in housing - on housing policy. Market system of housing allocation, whether ownership or tenancy, is based on the fact that housing is a scarce good. The allocation of housing is based on demand and supply. The market system of housing can sometimes have a negative impact on some households, the market is unable to satisfy certain groups of the population that are not able or willing to accept market price. For these reasons, there is a more or less regulation of the market. Regulation is both on the demand and supply side, and the state determines the rules of behaviour for all economic entities of the housing market. This article submits results of analysis of selected regulatory interference of the state in the housing market and assesses their implications deforming the market in the selected region of the Czech Republic. The first part describes tools of supports and the second part discusses deformations and analyses their consequences on the demand side of housing market and on supply side.

Keywords: housing, housing market, microeconomic consequences, deformation

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Authors: Dilip K. Paul

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The most popular mesoporous molecular sieves, Mobil Composition of Matter (MCM) are keenly studied by researchers because of these materials possess amorphous silica wall and have a long range of ordered framework with uniform mesopores. These materials also possess large surface area, which can be up to more than 1000 m2g−1. Herein the investigation is focused upon the synthesis and characterization of chromium and aluminum doped MCM-41 using XRD and FTIR. Acid-base properties of Cr-Al-MCM 41 was investigated by molecularly sensitive transmission FT-IR spectroscopy by adsorbing pyridine. In addition, these MCM nanomaterial was used to catalyze C-C bond formation from acetaldehyde adsorption. The assignment of all infrared peaks during adsorption of pyridine provided detail information on the presence of acid-base sites which in turn helped us to explain the roles of these in the condensation reaction of aldehyde. Reaction mechanisms of C-C bond formation is therefore explored to shed some light on this elusive reaction detail.

Keywords: mesoporous nanomaterial, MCM 41, FTIR studies, acid-base studies

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Authors: Kamel Malik Bensafta, Gervasio Bensafta

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The purpose of this paper is to investigate the relationship between oil prices and socks markets. The empirical analysis in this paper is conducted within the context of Multivariate GARCH models, using a transform version of the so-called BEKK parameterization. We show that mean and uncertainty of US market are transmitted to oil market and European market. We also identify an important transmission from WTI prices to Brent Prices.

Keywords: oil volatility, stock markets, MGARCH, transmission, structural break

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Authors: Herjuno Bagus Wicaksono, Emma Almira Fauni, Salma Amelia Dina

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The Efficient Market Hypothesis (EMH) states that, in an efficient capital market, price fully reflects the information available in the market. This theory has influenced many investors behavior in trading in the stock market. Advanced researches have been conducted to test the efficiency of the stock market in particular countries. Indonesia, as one of the emerging countries, has performed substantial growth in the past years. Hence, this paper aims to examine the efficiency of Islamic stock market in Indonesia in its weak form. The daily stock price data from Indonesia Sharia Stock Index (ISSI) for the period October 2015 to October 2016 were used to do the statistical tests: Run Test and Serial Correlation Test. The results show that there is no serial correlation between the current price with the past prices and the market follows the random walk. This research concludes that Indonesia Islamic stock market is weak form efficient.

Keywords: efficient market hypothesis, Indonesia sharia stock index, random walk, weak form efficiency

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Authors: Quang Dong Dang

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This paper examines the possible effects of stock market developments by channels on income and wealth inequality. We use the Bayesian Multilevel Model with the explanatory variables of the market’s channels, such as accessibility, efficiency, and market health in six selected countries: the US, UK, Japan, Vietnam, Thailand, and Malaysia. We found that generally, the improvements in the stock market alleviate income inequality. However, stock market expansions in higher-income countries are likely to trigger income inequality. We also found that while enhancing the quality of channels of the stock market has counter-effects on wealth equality distributions, open accessibilities help reduce wealth inequality distributions within the scope of the study. In addition, the inverted U-shaped hypothesis seems not to be valid in six selected countries between the period from 2006 to 2020.

Keywords: Bayesian multilevel model, income inequality, inverted u-shaped hypothesis, stock market development, wealth inequality

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Authors: Niharika Keot, Manabendra Sarma

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A thorough investigation of Ln3+ complexes with more than one inner-sphere water molecule is crucial for designing high relaxivity contrast agents (CAs) used in magnetic resonance imaging (MRI). This study accomplished a comparative stability analysis of two hexadentate (H3cbda and H3dpaa) and two heptadentate (H4peada and H3tpaa) ligands with Ln3+ ions. The higher stability of the hexadentate H3cbda and heptadentate H4peada ligands has been confirmed by the binding affinity and Gibbs free energy analysis in aqueous solution. In addition, energy decomposition analysis (EDA) reveals the higher binding affinity of the peada4− ligand than the cbda3− ligand towards Ln3+ ions due to the higher charge density of the peada4− ligand. Moreover, a mechanistic overview of water exchange kinetics has been carried out based on the strength of the metal–water bond. The strength of the metal–water bond follows the trend Gd–O47 (w) > Gd–O39 (w) > Gd–O36 (w) in the case of the tris-aquated [Gd(cbda)(H2O)3] and Gd–O43 (w) > Gd–O40 (w) for the bis-aquated [Gd(peada)(H2O)2]− complex, which was confirmed by bond length, electron density (ρ), and electron localization function (ELF) at the corresponding bond critical points. Our analysis also predicts that the activation energy barrier decreases with the decrease in bond strength; hence kex increases. The 17O and 1H hyperfine coupling constant values of all the coordinated water molecules were different, calculated by using the second-order Douglas–Kroll–Hess (DKH2) approach. Furthermore, the ionic nature of the bonding in the metal–ligand (M–L) bond was confirmed by the Quantum Theory of Atoms-In-Molecules (QTAIM) and ELF along with energy decomposition analysis (EDA). We hope that the results can be used as a basis for the design of highly efficient Gd(III)-based high relaxivity MRI contrast agents for medical applications.

Keywords: MRI contrast agents, lanthanide chemistry, thermodynamic stability, water exchange kinetics

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Authors: Günevi Uslu Evren

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Propaganda is one of the most effective methods for changing individual and mass opinions. Propaganda tries to get the message across to people or masses to effect rather than to provide objective information. There are many types of propaganda. Especially, political propaganda is a very powerful method that is used by states during in both war and peace. The aim of this method is to create a reaction against them by showing within the framework of internal and external enemies. Propaganda can be practiced by many different methods. Especially during the Cold War Era, the US and USSR have tried to create an ideological effect by using the mass media intensively. Cinema, which is located at the beginning of these methods, is the most powerful weapon to influence the masses. In this study, the historical process of the Cold War is examined. Especially, these propagandas that had been used by United States and The Soviet Union were investigated. The purposes of propaganda and construction methods were presented. Cold War events and relations between the US and the USSR during the Cold War will be discussed. Outlooks of two countries to each other during the Cold War, propaganda techniques used defectively during Cold War and how to use the cinema as a propaganda tool will be examined. The film "From Russia with Love, James Bond 007" that was filmed in Cold War were examined to explain how cinema was used as a propaganda tool in this context.

Keywords: cinema, cold war, James Bond, propaganda

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Authors: Camille A. Issa, Omar Masri

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In the study, the commercial finite element software Abaqus was used to develop a three-dimensional nonlinear finite element model capable of simulating the pull-out test of reinforcing bars from underwater concrete. The results of thirty-two pull-out tests that have different parameters were implemented in the software to study the effect of the concrete cover, the bar size, the use of stirrups, and the compressive strength of concrete. The interaction properties used in the model provided accurate results in comparison with the experimental bond-slip results, thus the model has successfully simulated the pull-out test. The results of the finite element model are used to better understand and visualize the distribution of stresses in each component of the model, and to study the effect of the various parameters used in this study including the role of the stirrups in preventing the stress from reaching to the sides of the specimens.

Keywords: pull-out test, bond strength, underwater concrete, nonlinear finite element analysis, abaqus

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Authors: Sélima Baccar, Ephraim Clark

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This paper can be considered as a new perspective to analyse credit spreads. A comprehensive empirical analysis of conditional variance of credit spreads indices is performed using various GARCH models. Based on a comparison between traditional and asymmetric GARCH models with alternative functional forms of the conditional density, we intend to identify what macroeconomic and financial factors have driven daily changes in the US Dollar credit spreads in the period from January 2011 through January 2013. The results provide a strong interdependence between credit spreads and the explanatory factors related to the conditions of interest rates, the state of the stock market, the bond market liquidity and the exchange risk. The empirical findings support the use of asymmetric GARCH models. The AGARCH and GJR models outperform the traditional GARCH in credit spreads modelling. We show, also, that the leptokurtic Student-t assumption is better than the Gaussian distribution and improves the quality of the estimates, whatever the rating or maturity.

Keywords: corporate bonds, default risk, credit spreads, asymmetric garch models, student-t distribution

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Authors: Arunas Burinskas, Manuela Tvaronavičienė

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Although the new trade theories, unlike the theories of an industrial organisation, see the structure of the market and competition between enterprises through their heterogeneity according to various parameters, they do not pay any particular attention to the analysis of the market structure and its development. In this article, although we relied mainly on models developed by the scholars of new trade theory, we proposed a different approach. In our simulation model, we model market demand according to normal distribution function, while on the supply side (as it is in the new trade theory models), productivity is modeled with the Pareto distribution function. The results of the simulation show that companies with higher productivity (lower marginal costs) do not pass on all the benefits of such economies to buyers. However, even with higher marginal costs, firms can choose to offer higher value-added goods to stay in the market. In general, the structure of the market is formed quickly enough and depends on the skills available to firms.

Keywords: market, structure, simulation, heterogenous firms

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Authors: Woo-tai Jung, Jong-sup Park, Jae-yoon Kang, Moon-seoung Keum

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CFRP (Carbon Fiber Reinforced Polymer) is mainly used as reinforcing material for degraded structures owing to its advantages including its non-corrodibility, high strength, and lightweight properties. Recently, dedicated studies focused not only on its simple bonding but also on its tensioning. The tension necessary for prestressing requires the anchoring of multi-CFRP tendons with high capacity and the surface treatment of the CFRP tendons may also constitute an important issue according to the type of anchor. The wedge type, swage type or bonded type anchor can be used to anchor the CFRP tendon. The bonded type anchor presents the disadvantage to lengthen the length of the anchor due to the low bond strength of the CFRP tendon without surface treatment. This study intends to overcome this drawback through the application of a method enlarging the bond area at the end of the CFRP tendon. This method enlarges the bond area by splitting the end of the CFRP tendon along its length and can be applied when CFRP is produced by pultrusion. The application of this method shows that the mono-CFRP tendon and 3-multi CFRP tendon secured the anchor performance corresponding to the tensile performance of the CFRP tendon and that the 7-multi tendon secured anchor performance corresponding to 90% of the tensile strength due to the occurrence of buckling in the steel tube anchorage.

Keywords: carbon fiber reinforced polymer (CFRP), tendon, anchor, tensile property, bond strength

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Authors: Cem Ozatalay, Senem Ornek

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The Artprice Contemporary Art Market Annual Report 2014 notices that Istanbul, with its art market volume of $3.6 million has become the first city of the Middle East and North Africa region and the 14th city of the World. Indeed, the period 2004–2014 has been significant in terms of the growth of the art market, during which the majority of contemporary art galleries and museums in Istanbul was inaugurated. This boom means that with the joining of new agents, the structure of the art market has dramatically changed. To use Nathalie Heinich’s terminology, in the current art field, three art genres – namely classical art, modern art and contemporary art – coexist, but in the case of Istanbul, such as many art cities in the world, the latter genre has become increasingly dominant. This presentation aims to show how the power shifts away from the classical art agents to contemporary art agents, and the effects produced by the conflicts between the old and new agents of current art field. Based on the data obtained from an ongoing field research in Istanbul among the art market agents such as art dealers, curators, art critics and artists, it will be shown that even if the agents of different art genres are in conflict with each other, there is, at the same time, a continuum between the three art worlds.

Keywords: contemporary art market, economic sociology of art, Istanbul art market, structure of the art field in Istanbul

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Authors: Patrik Jangl, Milan Mikuláštík

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The objective of the paper is to measure and compare market orientation of Swiss and Czech banks, as well as examine statistically the degree of influence it has on competitiveness of the institutions. The analysis of market orientation is based on the collecting, analysis and correct interpretation of the data. Descriptive analysis of market orientation describe current situation. Research of relation of competitiveness and market orientation in the sector of big international banks is suggested with the expectation of existence of a strong relationship. Partially, the work served as reconfirmation of suitability of classic methodologies to measurement of banks’ market orientation. Two types of data were gathered. Firstly, by measuring subjectively perceived market orientation of a company and secondly, by quantifying its competitiveness. All data were collected from a sample of small, mid-sized and large banks. We used numerical secondary character data from the international statistical financial Bureau Van Dijk’s BANKSCOPE database. Statistical analysis led to the following results. Assuming classical market orientation measures to be scientifically justified, Czech banks are statistically less market-oriented than Swiss banks. Secondly, among small Swiss banks, which are not broadly internationally active, small relationship exist between market orientation measures and market share based competitiveness measures. Thirdly, among all Swiss banks, a strong relationship exists between market orientation measures and market share based competitiveness measures. Above results imply existence of a strong relation of this measure in sector of big international banks. A strong statistical relationship has been proven to exist between market orientation measures and equity/total assets ratio in Switzerland.

Keywords: market orientation, competitiveness, marketing strategy, measurement of market orientation, relation between market orientation and competitiveness, banking sector

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Authors: P. van Tonder, U. Bagdadi, B. M. D. Lario, Z. Masina, T. R. Motshwari

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This paper analyses how concrete reinforcing steel bars corrode and how it can be minimised through the use of various protection methods against corrosion, such as metal-based paint, alloying, cathodic protection and electroplating. Samples of carbon steel bars were protected, using these four methods. Tests performed on the samples included durability, electrical resistivity and bond strength. Durability results indicated relatively low corrosion rates for alloying, cathodic protection, electroplating and metal-based paint. The resistivity results indicate all samples experienced a downward trend, despite erratic fluctuations in the data, indicating an inverse relationship between electrical resistivity and corrosion rate. The results indicated lowered bond strengths when the reinforced concrete was cured in seawater compared to being cured in normal water. It also showed that higher design compressive strengths lead to higher bond strengths which can be used to compensate for the loss of bond strength due to corrosion in a real-world application. In terms of implications, all protection methods have the potential to be effective at resisting corrosion in real-world applications, especially the alloying, cathodic protection and electroplating methods. The metal-based paint underperformed by comparison, most likely due to the nature of paint in general which can fade and chip away, revealing the steel samples and exposing them to corrosion. For alloying, stainless steel is the suggested material of choice, where Y-bars are highly recommended as smooth bars have a much-lowered bond strength. Cathodic protection performed the best of all in protecting the sample from corrosion, however, its real-world application would require significant evaluation into the feasibility of such a method.

Keywords: protection methods, corrosion, concrete, reinforcing steel bars

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Authors: Godwin Chigozie Okpara, Eugene Iheanacho

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This paper examined the dynamic behavior of stock market development and the growth of Nigerian economy. The variables; market capitalization ratio, turnover ratio and liquidity proxies by the ratio of market capitalization to gross domestic product were sourced and computed from the Nigerian stock exchange fact books and the CBN statistical bulletin of the Central Bank of Nigeria. The variables were tested and found stationary and cointregrated using the augumented Dickey Fuller unit root test and the Johnson cointegration test respectively. The dynamic behavior of the stock market development model was verified using the error correction model. The result shows that about 0.4l percent of the short run deviation is corrected every year and also reveals that market capitalization ratio and market liquidity are positive and significant function of economic growth. In other words market capitalization ratio and liquidity positively and significantly impact economic growth. Market development variables such as turnover ratio and market restriction can exert positive but insignificant impact on the growth of the economy suggesting that securities transaction relative to the size of the securities market are not high enough to significantly engender economic growth in Nigeria. In the light of this, the researchers recommend that the regulatory body as well as the government, should provide a conducive environment capable of encouraging the growth and development of the stock market. This if well articulated will enhance the market turnover and the growth of the economy.

Keywords: market capitalization ratio, turnover ratio, liquidity, unit root test, cointegration

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Authors: Nasser Ghassembaglou, Abdullah Bolek, Oktay Yilmaz, Ertan Oznergiz, Hikmet Kocabas, Safak Yilmaz

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High quality air filters production using nanofibers, as a functional material, has frequently been investigated. As it is more environmentally friendly, melting method has been selected to produce nanofibers. Spun-bond production systems consist of extruder, spin-pump, nozzle package and attenuators. Spin-pump makes molten polymer steady, which flows through extruder. Fibers are formed by regular melts passing through nuzzle holes under high pressure. Attenuator prolongs fibers to micron size to be collected on a conveyor. Different designs of attenuator systems have been studied in this research; new analysis have been done on existed designs considering fibers effect on air flow; it was comprehended that, at fibers presence, there is an air flow which agglomerates fibers as a negative effect. So some new representations have been designed and CFD analysis have been done on them. Afterwards, one of these representations selected as the most optimum and effective design which is brought in this paper.

Keywords: attenuator, CFD, nanofiber, spun-bond

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Authors: Nicolas D. Norboge

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Purchasers of municipal bonds in primary and secondary markets are increasingly expecting issuers to disclose environmental, social, and governance factors (ESG) inissuance and continuing disclosure documents. U.S. tolling authorities are slowly catching up with other transportation sectors, such as public transit, in integrating ESG factors into their bond disclosure documents. A systematic mixed-methods evaluation of publicly available bond disclosure documents from 2010-2022 suggest that only a small number of U.S. tolling authorities disclosedall ESG factors; however, the pace has accelerated significantly from 2020-2022. Because many tolling authorities have a direct financial stake in the growth of passenger vehicle miles traveled on their toll facilities, and in turn the burning of more climate-warming fossil fuels, one crucial questionthat remains is how bond purchasers will view increasedESG transparency. Recent moves by large institutional investors, credit rating agencies, and regulators suggestan expectation of ESG disclosure is a trend likely to endure. This researchsuggests tolling authorities will need to proactively consider these emerging trends and carefully adapt their disclosure practiceswhere possible. Building on these findings, this research also provides a basic sketch framework for how issuers can responsibly position themselves within the changing global municipal debt marketplace.

Keywords: debt policy, ESG, municipal bonds, public-private partnerships, public tolling authorities, transportation finance, and policy

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Authors: Daurenbek Kuleimenov, Elmira Otar

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Market institutions extension within transit societies contributes to constituting the new type of middle class and households livelihood strategies. The middle class households as an example of prosperity in many cases encourage the ordinary ones to do the same economic actions. Therefore, practices of using market institutions by middle class households in transit societies, which are mostly characterized by huge influence of traditional attitudes, can carry habitual features for the whole society. Market institutions consumption habit of the middle class households makes them trendsetters of economic habits of other households while adapting to the market economy. Moreover different social-economic positions of households lead them to different consuming results such as worsening or improving household economy due to indebtedness.

Keywords: middle class, households, market institutions, transition

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Authors: Panagiota Koliousi, Natasha Miaouli

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We compare product and labour market liberalization under the two trade union bargaining models: the Right-to-Manage (RTM) model and the Efficient Bargaining (EB) model. The vehicle is a dynamic general equilibrium (DGE) model that incorporates two types of agents (capitalists and workers), imperfectly competitive product and labour markets. The model is solved numerically employing common parameter values and data from the euro area. A key message is that product market deregulation is favourable under any labour market structure while opting for labour market deregulation one should provide special attention to the structure of the labour market such as the bargaining system of unions. If the prevailing way of bargaining is the RTM model then restructuring both markets is beneficial for all agents.

Keywords: market structure, structural reforms, trade unions, unemployment

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Authors: Choukri Lekbir, Mira Mokhtari

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Hydrogen-Materials interaction and mechanisms can be modeled at nano scale by quantum methods. In this work, the effect of hydrogen on the electronic properties of a cluster material model «nickel» has been studied by using of density functional theoretical (DFT) method. Two types of clusters are optimized: Nickel and hydrogen-nickel system. In the case of nickel clusters (n = 1-6) without presence of hydrogen, three types of electronic structures (neutral, cationic and anionic), have been optimized according to three basis sets calculations (B3LYP/LANL2DZ, PW91PW91/DGDZVP2, PBE/DGDZVP2). The comparison of binding energies and bond lengths of the three structures of nickel clusters (neutral, cationic and anionic) obtained by those basis sets, shows that the results of neutral and anionic nickel clusters are in good agreement with the experimental results. In the case of neutral and anionic nickel clusters, comparing energies and bond lengths obtained by the three bases, shows that the basis set PBE/DGDZVP2 is most suitable to experimental results. In the case of anionic nickel clusters (n = 1-6) with presence of hydrogen, the optimization of the hydrogen-nickel (anionic) structures by using of the basis set PBE/DGDZVP2, shows that the binding energies and bond lengths increase compared to those obtained in the case of anionic nickel clusters without the presence of hydrogen, that reveals the armor effect exerted by hydrogen on the electronic structure of nickel, which due to the storing of hydrogen energy within nickel clusters structures. The comparison between the bond lengths for both clusters shows the expansion effect of clusters geometry which due to hydrogen presence.

Keywords: binding energies, bond lengths, density functional theoretical, geometry optimization, hydrogen energy, nickel cluster

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Authors: E. Dehghan, R. Dehghan

Abstract:

Generally, the slender structural walls have flexural behavior. Since behavior of bending members can be explained by moment–curvature relation, therefore, an analytical model is proposed based on moment–curvature relation for slender structural walls. The moment–curvature relationships of RC sections are constructed through section analysis. Governing equations describing the bond-slip behavior in walls are derived and applied to moment–curvature relations. For the purpose of removing the imprecision in analytical results, the plastic hinge length is included in the finite element modeling. Finally, correlation studies between analytical and experimental results are conducted with the objective to establish the validity of the proposed algorithms. The results show that bond-slip effect is more significant in walls subjected to larger axial compression load. Moreover, preferable results are obtained when ultimate strain of concrete is assumed conservatively.

Keywords: nonlinear analysis, slender structural walls, moment-curvature relation, bond-slip, plastic hinge length

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