Search results for: discounted cash flow method

Authors: Mahdi Azizzadeh, Ali Nabizadeh

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This paper investigates whether ownership structure has significant effects on dividend policy and the percentage of cash dividend payout ratio in Iranian companies listed on the Tehran Stock Exchange. We use a sample of 300 firm-years for 2010-2014. Results indicate that there is no significant relationship between family ownership and/or institutional ownership and dividend policy. Furthermore, there is no significant relationship between dividend policies in family-owned firms with high or low institutional ownership. However, our empirical test shows that family firms with a low level of institutional investors distribute more cash dividends on average than family firms with a high level of institutional ownership.

Keywords: family ownership, institutional ownership, dividend policy, dividend payout ratio

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Authors: M. Salmanzadeh

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In paper, we will deal with incompressible Couette flow, which represents an exact analytical solution of the Navier-Stokes equations. Couette flow is perhaps the simplest of all viscous flows, while at the same time retaining much of the same physical characteristics of a more complicated boundary-layer flow. The numerical technique that we will employ for the solution of the Couette flow is the Crank-Nicolson implicit method. Parabolic partial differential equations lend themselves to a marching solution; in addition, the use of an implicit technique allows a much larger marching step size than would be the case for an explicit solution. Hence, in the present paper we will have the opportunity to explore some aspects of CFD different from those discussed in the other papers.

Keywords: incompressible couette flow, numerical method, partial differential equation, Crank-Nicolson implicit

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Authors: Eliane Abdo

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

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

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Authors: Zdenek Silar, Martin Dobrovolny

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This article deals with the obstacle detection on a railway crossing (clearance detection). Detection is based on the optical flow estimation and classification of the flow vectors by K-means clustering algorithm. For classification of passing vehicles is used optical flow direction determination. The optical flow estimation is based on a modified Lucas-Kanade method.

Keywords: background estimation, direction of optical flow, K-means clustering, objects detection, railway crossing monitoring, velocity vectors

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Authors: Roberta Martino, Viviana Ventre

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Every day we face choices whose consequences are deferred in time. These types of choices are the intertemporal choices and play an important role in the social, economic, and financial world. The Discounted Utility Model is the mathematical model of reference to calculate the utility of intertemporal prospects. The discount rate is the main element of the model as it describes how the individual perceives the indeterminacy of subsequent periods. Empirical evidence has shown a discrepancy between the behavior expected from the predictions of the model and the effective choices made from the decision makers. In particular, the term temporal inconsistency indicates those choices that do not remain optimal with the passage of time. This phenomenon has been described with hyperbolic models of the discount rate which, unlike the linear or exponential nature assumed by the discounted utility model, is not constant over time. This paper explores the problem of inconsistency by tracing the decision-making process through the concept of impatience. The degree of impatience and the degree of decrease of impatience are two parameters that allow to quantify the weight of emotional factors and cognitive limitations during the evaluation and selection of alternatives. In fact, although the theory assumes perfectly rational decision makers, behavioral finance and cognitive psychology have made it possible to understand that distortions in the decision-making process and emotional influence have an inevitable impact on the decision-making process. The degree to which impatience is diminished is the focus of the first part of the study. By comparing consistent and inconsistent preferences over time, it was possible to verify that some anomalies in the discounted utility model are a result of the combination of cognitive bias and emotional factors. In particular: the delay effect and the interval effect are compared through the concept of misperception of time; starting from psychological considerations, a criterion is proposed to identify the causes of the magnitude effect that considers the differences in outcomes rather than their ratio; the sign effect is analyzed by integrating in the evaluation of prospects with negative outcomes the psychological aspects of loss aversion provided by Prospect Theory. An experiment implemented confirms three findings: the greatest variation in the degree of decrease in impatience corresponds to shorter intervals close to the present; the greatest variation in the degree of impatience occurs for outcomes of lower magnitude; the variation in the degree of impatience is greatest for negative outcomes. The experimental phase was implemented with the construction of the hyperbolic factor through the administration of questionnaires constructed for each anomaly. This work formalizes the underlying causes of the discrepancy between the discounted utility model and the empirical evidence of preference reversal.

Keywords: decreasing impatience, discount utility model, hyperbolic discount, hyperbolic factor, impatience

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Authors: Asghar Ebrahimi, Elyas Lakzian

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For the analysis of flow inside micro geometries, classical CFD methods can not accurately predict the behavior of flow. Alternatively, the gas flow through micro geometries can be investigated precisely using the direct simulation Monte Carlo (DSMC) method. In the present paper, a pressure boundary condition is utilized to simulate a gaseous flow inside a micro channel using the DSMC method. Accuracy of simulation is guaranteed by choosing proper cell dimension and number of particle per cell analysis. Also, results of simulation are compared with the results of reliable references. Good agreement with results certifies the correctness of new boundary condition implemented on the micro channel.

Keywords: pressure boundary condition, DSMC, micro channel, cell dimension, particle per cell

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Authors: Liu-Chao Qiu

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The damage caused by surge waves generated in water bodies by flow-like landslides can be very high in terms of human lives and economic losses. The complicated phenomena occurred in this highly unsteady process are difficult to model because three interacting phases: air, water and sediment are involved. The problem therefore is challenging since the effects of non-Newtonian fluid describing the rheology of the flow-like landslides, multi-phase flow and free surface have to be included in the simulation. In this work, the commercial computational fluid dynamics (CFD) package FLUENT is used to model the surge waves due to flow-like landslides. The comparison between the numerical results and experimental data reported in the literature confirms the accuracy of the method.

Keywords: flow-like landslide, surge wave, VOF, non-Newtonian fluids, multi-phase flows, free surface flow

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Authors: Lina Martinez, Juan David Rivera Acevedo, Isabella Franco

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The informal economy plays a significant role in the job market in Colombia. Cali, the third largest city in the country, is characterized by a high percentage of socially and economically vulnerable population groups who take part in the urban informal economy, with street vending as their primary source of income. This paper studies the socio-economic dimensions of street vendors in Cali. In particular, it examines why they are unable to capitalize on their comparatively high earnings and are not likely to escape poverty even though they usually profit from government welfare and tax evasion due to the non-regulated character of informality. The analysis of an observational study and two surveys with 637 and 300 participants show that street vending is a cash-based day-to-day activity. Since most of the street vendors do not have access to formal banking systems, they depend on payday loans with incomparably high interest rates which absorb a large share of their income and maintain a continuous indebtedness. This is one of the main reasons why they are unable to improve their living conditions. However, the daily cash flow masks the high opportunity cost of loans and long-term deficits.

Keywords: Colombia, informal economy, payday loans, street vendors

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Authors: Bang-Fuh Chen, Chih-Chun Chu

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The flow induced cylinder vibration or earthquake-induced cylinder motion are moving in an arbitrary direction with time. The phenomenon of flow across cylinder is highly nonlinear and a linear-superposition of flow pattern across separated oscillating direction of cylinder motion is not valid to obtain the flow pattern across a cylinder oscillating in multiple directions. A novel finite difference scheme is developed to simulate the viscous flow across an arbitrary moving circular cylinder and we call this a complete 2D (two-dimensional) flow-cylinder interaction. That is, the cylinder is simultaneously oscillating in x- and y- directions. The time-dependent domain and meshes associated with the moving cylinder are mapped to a fixed computational domain and meshes, which are time independent. The numerical results are validated by several bench mark studies. Several examples are introduced including flow across steam-wise, transverse oscillating cylinder and flow across rotating cylinder and flow across arbitrary moving cylinder. The Morison’s formula can not describe the complex interaction phenomenon between cross flow and oscillating circular cylinder. And the completed 2D computational fluid dynamic analysis should be made to obtain the correct hydrodynamic force acting on the cylinder.

Keywords: 2D cylinder, finite-difference method, flow-cylinder interaction, flow induced vibration

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Authors: Emmanuel Omokhuale

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A mathematical model is presented to study free convective boundary layer flow in a semi-infinite vertical cylinder with heat sink effect in a porous medium. The governing dimensional governing partial differential equations (PDEs) with corresponding initial and boundary conditions are approximated and solved numerically employing finite difference method (FDM) the implicit type. Stability and convergence of the scheme are also established. Furthermore, the influence of significant physical parameters on the flow characteristics was analysed and shown graphically. The obtained results are benchmarked with previously published works in order to access the accuracy of the numerical method and found to be in good agreement.

Keywords: free convection flow, vertical cylinder, implicit finite difference method, heat sink and porous medium

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Authors: Yue Yan, Chang Nyung Kim

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The numerical investigation of the three-dimensional liquid-metal (LM) magnetohydrodynamic (MHD) flows in a curved duct with flow channel insert (FCI) is presented in this paper, based on the computational fluid dynamics (CFD) method. A uniform magnetic field is applied perpendicular to the duct. The interdependency of the flow variables is examined in terms of the flow velocity, current density, electric potential and pressure. The electromagnetic characteristics of the LM MHD flows are reviewed with an introduction of the electric-field component and electro-motive component of the current. The influence of the existence of the FCI on the fluid flow is investigated in detail. The case with FCI slit located near the side layer yields smaller pressure gradient with stable flow field.

Keywords: curved duct, flow channel insert, liquid-metal, magnetohydrodynamic

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Authors: Basma Yassa

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Evidence on cash transfers’ effectiveness in mitigating macro and idiosyncratic shocks’ impacts has been mixed and is mostly concentrated in Latin America, Sub-Saharan Africa, and South Asia with very limited evidence from the MENA region. Yet conditional cash transfers schemes have been continually used, especially in Egypt, as the main social protection tool in response to the recent socioeconomic crises and macro shocks. We use 2 panel datasets and 1 cross-sectional dataset to estimate the effectiveness of cash transfers as a shock-mitigative mechanism in the Egyptian context. In this paper, the results from the different models (Panel Fixed Effects model and the Regression Discontinuity Design (RDD) model) confirm that micro and macro shocks lead to significant decline in several household-level welfare outcomes and that Takaful cash transfers have a significant positive impact in mitigating the negative shock impacts, especially on households’ debt incidence, debt levels, and asset ownership, but not necessarily on food, and non-food expenditure levels. The results indicate large positive significant effects on decreasing household incidence of debt by up to 12.4 percent and lowered the debt size by approximately 18 percent among Takaful beneficiaries compared to non-beneficiaries’. Similar evidence is found on asset ownership levels, as the RDD model shows significant positive effects on total asset ownership and productive asset ownership, but the model failed to detect positive impacts on per capita food and non-food expenditures. Further extensions are still in progress to compare the models’ results with the DID model results when using a nationally representative ELMPS panel data (2018/2024) rounds. Finally, our initial analysis suggests that conditional cash transfers are effective in buffering the negative shock impacts on certain welfare indicators even after successive macro-economic shocks in 2022 and 2023 in the Egyptian Context.

Keywords: cash transfers, fixed effects, household welfare, household debt, micro shocks, regression discontinuity design

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Authors: Naren Bag, S. Bhattacharyya, Partha P. Gopmandal

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In this study, we have analyzed the transport of analytes under a two dimensional steady incompressible flow of power-law fluids through rectangular nanochannel. A mathematical model based on the Cauchy momentum-Nernst-Planck-Poisson equations is considered to study the combined effect of mixed electroosmotic (EO) and pressure driven (PD) flow. The coupled governing equations are solved numerically by finite volume method. We have studied extensively the effect of key parameters, e.g., flow behavior index, concentration of the electrolyte, surface potential, imposed pressure gradient and imposed electric field strength on the net average flow across the channel. In addition to study the effect of mixed EOF and PD on the analyte distribution across the channel, we consider a nonlinear model based on general convective-diffusion-electromigration equation. We have also presented the retention factor for various values of electrolyte concentration and flow behavior index.

Keywords: electric double layer, finite volume method, flow behavior index, mixed electroosmotic/pressure driven flow, non-Newtonian power-law fluids, numerical simulation

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Authors: Ugbor Raphael Oluchukwu

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The survey research design was adopted to examine whether liquidity and cash management practices of owner-managed firms in South East Nigeria influence their profitability, growth and survival. Four independent variables (accounting systems, working capital management, budgetary control, and managerial planning) were used in the evaluation which was restricted to eight small firms. Results indicate that one variable, working capital management alone dominate the liquidity perception of owner managers. As a result, owner managers find it difficult to meet maturing business obligations as growth sets in. The study also reveals that the four independent variables have significant impact on the profitability, growth and survival of owner managed firms. Owner managers are therefore advised to undertake regular entrepreneurship training in order to upgrade their liquidity and cash management knowledge and practices to enhance their overall performance.

Keywords: liquidity management, owner-managed firm, profitability, survival

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Authors: N. H. Adenan, M. S. M. Noorani

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River flow prediction is an essential to ensure proper management of water resources can be optimally distribute water to consumers. This study presents an analysis and prediction by using nonlinear prediction method involving monthly river flow data in Tanjung Tualang from 1976 to 2006. Nonlinear prediction method involves the reconstruction of phase space and local linear approximation approach. The phase space reconstruction involves the reconstruction of one-dimensional (the observed 287 months of data) in a multidimensional phase space to reveal the dynamics of the system. Revenue of phase space reconstruction is used to predict the next 72 months. A comparison of prediction performance based on correlation coefficient (CC) and root mean square error (RMSE) have been employed to compare prediction performance for nonlinear prediction method, ARIMA and SVM. Prediction performance comparisons show the prediction results using nonlinear prediction method is better than ARIMA and SVM. Therefore, the result of this study could be used to developed an efficient water management system to optimize the allocation water resources.

Keywords: river flow, nonlinear prediction method, phase space, local linear approximation

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Authors: Samir Chawdhury, Guido Morgenthal

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The paper presents a novel extension of Vortex Particle Methods (VPM) where the study aims to reproduce a template simulation of complex flow field that is generated from impulsively started flow past an upstream bluff body at certain Reynolds number Re-Vibration of a structural system under upstream wake flow is often considered its governing design criteria. Therefore, the attention is given in this study especially for the reproduction of wake flow simulation. The basic methodology for the implementation of the flow reproduction requires the downstream velocity sampling from the template flow simulation; therefore, at particular distances from the upstream section the instantaneous velocity components are sampled using a series of square sampling-cells arranged vertically where each of the cell contains four velocity sampling points at its corner. Since the grid free Lagrangian VPM algorithm discretises vorticity on particle elements, the method requires transformation of the velocity components into vortex circulation, and finally the simulation of the reproduction of the template flow field by seeding these vortex circulations or particles into a free stream flow. It is noteworthy that the vortex particles have to be released into the free stream exactly at same rate of velocity sampling. Studies have been done, specifically, in terms of different sampling rates and velocity sampling positions to find their effects on flow reproduction quality. The quality assessments are mainly done, using a downstream flow monitoring profile, by comparing the characteristic wind flow profiles using several statistical turbulence measures. Additionally, the comparisons are performed using velocity time histories, snapshots of the flow fields, and the vibration of a downstream bluff section by performing wake buffeting analyses of the section under the original and reproduced wake flows. Convergence study is performed for the validation of the method. The study also describes the possibilities how to achieve flow reproductions with less computational effort.

Keywords: vortex particle method, wake flow, flow reproduction, wake buffeting analysis

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Authors: Juhee Lee, Yongjun Lee

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In designing a low-energy-consuming buildings, the heat transfer through a large glass or wall becomes critical. Multiple layers of the window glasses and walls are employed for the high insulation. The gravity driven air flow between window glasses or wall layers is a natural heat convection phenomenon being a key of the heat transfer. For the first step of the natural heat transfer analysis, in this study the development and application of a finite volume method for the numerical computation of viscous incompressible flows is presented. It will become a part of the natural convection analysis with high-order scheme, multi-grid method, and dual-time step in the future. A finite volume method based on a fully-implicit second-order is used to discretize and solve the fluid flow on unstructured grids composed of arbitrary-shaped cells. The integrations of the governing equation are discretised in the finite volume manner using a collocated arrangement of variables. The convergence of the SIMPLE segregated algorithm for the solution of the coupled nonlinear algebraic equations is accelerated by using a sparse matrix solver such as BiCGSTAB. The method used in the present study is verified by applying it to some flows for which either the numerical solution is known or the solution can be obtained using another numerical technique available in the other researches. The accuracy of the method is assessed through the grid refinement.

Keywords: finite volume method, fluid flow, laminar flow, unstructured grid

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Authors: M. C. Lin, C. W. Su

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The paper investigates the optimization analysis to the heat exchanger design, mainly with response surface method and genetic algorithm to explore the relationship between optimal fluid flow velocity and temperature of the heat exchanger using field synergy principle. First, finite volume method is proposed to calculate the flow temperature and flow rate distribution for numerical analysis. We identify the most suitable simulation equations by response surface methodology. Furthermore, a genetic algorithm approach is applied to optimize the relationship between fluid flow velocity and flow temperature of the heat exchanger. The results show that the field synergy angle plays vital role in the performance of a true heat exchanger.

Keywords: optimization analysis, field synergy, heat exchanger, genetic algorithm

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Authors: U. P. L. Wijayarathne, K. C. Wasalathilake

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This work presents the modelling and simulation of saponification of ethyl acetate in the presence of sodium hydroxide in a plug flow reactor using Aspen Plus simulation software. Plug flow reactors are widely used in the industry due to the non-mixing property. The use of plug flow reactors becomes significant when there is a need for continuous large scale reaction or fast reaction. Plug flow reactors have a high volumetric unit conversion as the occurrence for side reactions is minimum. In this research Aspen Plus V8.0 has been successfully used to simulate the plug flow reactor. In order to simulate the process as accurately as possible HYSYS Peng-Robinson EOS package was used as the property method. The results obtained from the simulation were verified by the experiment carried out in the EDIBON plug flow reactor module. The correlation coefficient (r2) was 0.98 and it proved that simulation results satisfactorily fit for the experimental model. The developed model can be used as a guide for understanding the reaction kinetics of a plug flow reactor.

Keywords: aspen plus, modelling, plug flow reactor, simulation

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Authors: Haoui Rabah

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The aim of this work is to analyze a viscous flow around the axisymmetric blunt body taken into account the mesh size both in the free stream and into the boundary layer. The resolution of the Navier-Stokes equations is realized by using the finite volume method to determine the flow parameters and detached shock position. The numerical technique uses the Flux Vector Splitting method of Van Leer. Here, adequate time stepping parameter, CFL coefficient and mesh size level are selected to ensure numerical convergence. The effect of the mesh size is significant on the shear stress and velocity profile. The best solution is obtained with using a very fine grid. This study enabled us to confirm that the determination of boundary layer thickness can be obtained only if the size of the mesh is lower than a certain value limits given by our calculations.

Keywords: supersonic flow, viscous flow, finite volume, blunt body

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Authors: Ranjith Maniyeri, Ahamed C. Saleel

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Two-dimensional fluid flow over a stationary circular cylinder is one of the bench mark problem in the field of fluid-structure interaction in computational fluid dynamics (CFD). Motivated by this, in the present work, a two-dimensional computational model is developed using an improved version of immersed boundary method which combines the feedback forcing scheme of the virtual boundary method with Peskin’s regularized delta function approach. Lagrangian coordinates are used to represent the cylinder and Eulerian coordinates are used to describe the fluid flow. A two-dimensional Dirac delta function is used to transfer the quantities between the sold to fluid domain. Further, continuity and momentum equations governing the fluid flow are solved using fractional step based finite volume method on a staggered Cartesian grid system. The developed code is validated by comparing the values of drag coefficient obtained for different Reynolds numbers with that of other researcher’s results. Also, through numerical simulations for different Reynolds numbers flow behavior is well captured. The stability analysis of the improved version of immersed boundary method is tested for different values of feedback forcing coefficients.

Keywords: Feedback Forcing Scheme, Finite Volume Method, Immersed Boundary Method, Navier-Stokes Equations

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Authors: Farheen Akram

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Research and Development (R&D) is the most crucial element of the firm’s survival in a competitive business environment. R&D is a long-term investment; therefore, executives having the power to make the investment decisions may be pessimistic when their compensation is closely linked with short-term firm performance. Thus, the current study investigates the impact of board composition and executives’ compensation (cash or short-term benefits and LTIs) on R&D spending using a sample of 85 S&P/100 firms listed on the Australian Stock Exchange (ASX) in 2017. SmartPLS (v.3.2.7) was used to evaluate the proposed model of current research. The empirical findings of this study indicate that board composition has a significant and positive effect on R&D spending. While, as expected, executive cash compensation has negative and Long-Term-Incentives (LTIs) has a positive impact on R&D spending. Based on current findings, the study suggested that myopic behavior of CEOs and top management towards long-term value creation investment like R&D can be controlled by using long-term compensation rewards.

Keywords: cash compensation, LTIs, board composition, R&D spending

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Authors: Kensho Takahashi, Ko Watanabe, Takashi Kaburagi, Hiroshi Tanaka, Kajiro Watanabe, Yosuke Kurihara

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Near-infrared spectroscopy (NIRS) has been widely used as a non-invasive method to measure brain activity, but it is corrupted by baseline drift noise. Here we present a method to measure regional cerebral blood flow as a derivative of NIRS output. We investigate whether, when listening to languages, blood flow can reasonably localize and represent regional brain activity or not. The prefrontal blood flow distribution pattern when advanced second-language listeners listened to a second language (L2) was most similar to that when listening to their first language (L1) among the patterns of mean and standard deviation. In experiments with 25 healthy subjects, the maximum blood flow was localized to the left BA46 of advanced listeners. The blood flow presented is robust to baseline drift and stably localizes regional brain activity.

Keywords: NIRS, oxy-hemoglobin, baseline drift, blood flow, working memory, BA46, first language, second language

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Authors: Ibrahim Can, Fatih Tosunoğlu

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The flow duration curve (FDC) is an informative method that represents the flow regime’s properties for a river basin. Therefore, the FDC is widely used for water resource projects such as hydropower, water supply, irrigation and water quality management. The primary purpose of this study is to obtain synthetic daily flow duration curves for Çoruh Basin, Turkey. For this aim, we firstly developed univariate auto-regressive moving average (ARMA) models for daily flows of 9 stations located in Çoruh basin and then these models were used to generate 100 synthetic flow series each having same size as historical series. Secondly, flow duration curves of each synthetic series were drawn and the flow values exceeded 10, 50 and 95 % of the time and 95% confidence limit of these flows were calculated. As a result, flood, mean and low flows potential of Çoruh basin will comprehensively be represented.

Keywords: ARMA models, Çoruh basin, flow duration curve, Turkey

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Authors: Sabrina Nouri, Abderahmane Ghezal, Said Abboudi, Pierre Spiteri

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This paper deals with the numerical study of heat and mass transfer of laminar flow transition at low Prandtl numbers. The model includes the two-directional momentum, the energy and mass transfer equations. These equations are discretized by the finite volume method and solved by a self-made simpler like Fortran code. The effect of governing parameters, namely the Lewis and Prandtl numbers, on the transition of the flow and solute distribution is studied for positive and negative thermal and solutal buoyancy forces ratio. Nusselt and Sherwood numbers are derived for of Prandtl [10⁻²-10¹] and Lewis numbers [1-10⁴]. The results show unicell and multi-cell flow. Solute and flow boundary layers appear for low Prandtl number.

Keywords: natural convection, low Prandtl number, heat and mass transfer, finite volume method

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Authors: Daniel Muwooya

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This paper analyses economic factors that have affected the competitiveness of petroleum refinery and petrochemical projects in sub-Saharan Africa in the past and continue to plague greenfield projects today. Traditional factors like plant sizing and complexity, low-capacity utilization, changing regulatory environment, and tighter product specifications have been important in the past. Additional factors include the development of excess refinery capacity in Asia and the growth of renewable sources of energy – especially for transportation. These factors create both challenges and opportunities for the development of greenfield refineries and petrochemical projects in areas of increased demand growth and new low-cost crude oil production – like sub-Saharan Africa. This paper evaluates the strategies available to project developers and host countries to address contemporary issues of energy transition and the apparent reduction of funds available for greenfield oil and gas projects. The paper also evaluates the structuring of greenfield refinery and petrochemical projects for limited recourse project finance bankability. The methodology of this paper includes analysis of current industry data, conference proceedings, academic papers, and academic books on the subjects of petroleum refinery economics, refinery financing, refinery operations, and project finance generally and specifically in the oil and gas industry; evaluation of expert opinions from journal articles; working papers from international bodies like the World Bank and the International Energy Agency; and experience from playing an active role in the development and financing of US$ 10 Billion greenfield oil development project in Uganda. The paper also applies the discounted cash flow modelling to illustrate the circumstances of an inland greenfield refinery project in Uganda. Greenfield refinery and petrochemical projects are still necessary in sub-Saharan Africa to, among other aspirations, support the transition from traditional sources of energy like biomass to such modern forms as liquefied petroleum gas. Project developers and host governments will be required to structure projects that support global climate change goals without occasioning undue delays to project execution.

Keywords: financing, refinery and petrochemical economics, Africa, project finance

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Authors: Tahar Tayachi, Ahlam Alrehaili

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Purpose: The purpose of this paper is to investigate the relationship between the corporate board characteristics and the dividend policy among firms on the Saudi Stock Exchange. Design/Methodology/Approach: This paper uses a sample of 103 nonfinancial firms over a time period of 4 years from 2015 to 2018. To investigate how corporate governance mechanisms such as board independence, the board size, frequency of meetings, and free cash flow impact dividends, the study uses Logit and Tobit models. Findings: This paper finds that board size, board independence, and frequency of board meetings have no influence on a firm’s decision to pay dividends, while board size has a significantly positive impact on the levels of cash dividends paid to investors. This study also finds that the level of free cash flows has a positively significant influence on both the decision to pay dividends and the magnitude of dividend payouts. Research Limitations/Implications: This paper attempts to study the effectiveness of dividend policy among some firms on the Saudi Stock Exchange. Practical Implications: The findings reveal that board characteristics, which represent one of the crucial mechanisms of corporate governance, were found to be complementary to corporate laws and regulations imposed on the Saudi market in 2015. The findings also imply that capital market authorities should revise their corporate regulations and ensure that protection laws are adequate and strong enough to protect the interests of all shareholders. Originality/Value: This paper is among the few studies focusing on dividend policy in Saudi Arabia. Finally, these findings suggest that the improvements in corporate laws in Saudi Arabia led to such an outcome, and it has become prevalent in dividend policy decisions and behaviors of Saudi firms.

Keywords: agency theory, Tobit, corporate governance, dividend payout, Logit

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Authors: Jiya Mohammed, Ibrahim Ismail Giwa

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Unsteady squeezing flow of a viscous fluid between parallel plates is considered. The two plates are considered to be approaching each other symmetrically, causing the squeezing flow. Two-dimensional rectangular Cartesian coordinate is considered. The Navier-Stokes equation was reduced using similarity transformation to a single fourth order non-linear ordinary differential equation. The energy equation was transformed to a second order coupled differential equation. We obtained solution to the resulting ordinary differential equations via Homotopy Perturbation Method (HPM). HPM deforms a differential problem into a set of problem that are easier to solve and it produces analytic approximate expression in the form of an infinite power series by using only sixth and fifth terms for the velocity and temperature respectively. The results reveal that the proposed method is very effective and simple. Comparisons among present and existing solutions were provided and it is shown that the proposed method is in good agreement with Variation of Parameter Method (VPM). The effects of appropriate dimensionless parameters on the velocity profiles and temperature field are demonstrated with the aid of comprehensive graphs and tables.

Keywords: coupled differential equation, Homotopy Perturbation Method, plates, squeezing flow

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Authors: Mohammad Lemar Zalmai, Osman Hurol Turkakin, Cemil Akcay, Ekrem Manisali

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Most of the construction projects are exposed to time and cost overruns due to various factors and this is a major problem. As a solution to this, the Earned Value Management (EVM) method is considered. EVM is a powerful and well-known method used in monitoring and controlling the project. EVM is a technique that project managers use to track the performance of their project against project baselines. EVM gives an early indication that either project is delayed or not, and the project is either over budget or under budget at any particular day by tracking it. Thus, it helps to improve the management control system of a construction project, to detect and control the problems in potential risk areas and to suggest the importance and purpose of monitoring the construction work. This paper explains the main parameters of the EVM system involved in the calculation of time and cost for construction projects. In this study, the project management software Primavera P6 is used to deals with the project monitoring process of a seven-storeyed (G+6) faculty building whose construction is in progress at Istanbul, Turkey. A comparison between the planned progress of construction activities and actual progress is performed, and the analysis results are interpreted. This case study justifies the benefits of using EVM for project cash flow analysis and forecasting.

Keywords: earned value management (EVM), construction cost management, construction planning, primavera P6, project management, project scheduling

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Authors: D. Srinivasacharya, G. Madhava Rao

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In this article, the pulsatile flow of blood flow in bifurcated artery with mild stenosis is investigated. Blood is treated to be a micropolar fluid with constant density. The arteries forming bifurcation are assumed to be symmetric about its axes and straight cylinders of restricted length. As the geometry of the stenosed bifurcated artery is irregular, it is changed to regular geometry utilizing the appropriate transformations. The numerical solutions, using the finite difference method, are computed for the flow rate, the shear stress, and the impedance. The influence of time, coupling number, half of the bifurcated angle and Womersley number on shear stress, flow rate and impedance (resistance to the flow) on both sides of the flow divider is shown graphically. It has been observed that the shear stress and flow rate are increasing with increase in the values of Womersley number and bifurcation angle on both sides of the apex. The shear stress is increasing along the inner wall and decreasing along the outer wall of the daughter artery with an increase in the value of coupling number. Further, it has been noticed that the shear stress, flow rate, and impedance are perturbed largely near to the apex in the parent artery due to the presence of backflow near the apex.

Keywords: micropolar fluid, bifurcated artery, stenosis, back flow, secondary flow, pulsatile flow, Womersley number

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