Search results for: exchange anisotropy

Authors: Piotr Prewysz-Kwinto

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The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: derivatives, exchange traded products (ETP), financial instruments, financial market, risk, stock exchange

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Authors: E. Stepanova, N. Popov, S. Demakov, S. Stepanov

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This paper examines the so-called invar-type behavior of metastable titanium alloy subjected to cold rolling. The effect was shown to occur due to the anisotropy of thermal expansion of titanium orthorhombic martensite. By means of X-ray diffraction analysis and dilatometry analyses, the influence of crystallographic texture of orthorhombic martensite on the coefficient of thermal expansion of sheets of metastable titanium alloy VT23 was examined. Anisotropy of the coefficient of thermal expansion has been revealed. It was lower in the rolling plane and higher along the transverse direction of the cold-rolled sheet comparing to the coefficient of thermal expansion of the unprocessed alloy.

Keywords: invar-type, cold rolling, metastable titanium alloy, texture

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Authors: Ning Chang, Zelong Yuan, Yunpeng Wang, Jianchun Wang

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The utilization of Large Eddy Simulation (LES) has been extensive in turbulence research. LES concentrates on resolving the significant grid-scale motions while representing smaller scales through subfilter-scale (SFS) models. The deconvolution model, among the available SFS models, has proven successful in LES of engineering and geophysical flows. Nevertheless, the thorough investigation of how sub-filter scale dynamics and filter anisotropy affect SFS modeling accuracy remains lacking. The outcomes of LES are significantly influenced by filter selection and grid anisotropy, factors that have not been adequately addressed in earlier studies. This study examines two crucial aspects of LES: Firstly, the accuracy of direct deconvolution models (DDM) is evaluated concerning sub-filter scale (SFS) dynamics across varying filter-to-grid ratios (FGR) in isotropic turbulence. Various invertible filters are employed, including Gaussian, Helmholtz I and II, Butterworth, Chebyshev I and II, Cauchy, Pao, and rapidly decaying filters. The importance of FGR becomes evident as it plays a critical role in controlling errors for precise SFS stress prediction. When FGR is set to 1, the DDM models struggle to faithfully reconstruct SFS stress due to inadequate resolution of SFS dynamics. Notably, prediction accuracy improves when FGR is set to 2, leading to accurate reconstruction of SFS stress, except for cases involving Helmholtz I and II filters. Remarkably high precision, nearly 100%, is achieved at an FGR of 4 for all DDM models. Furthermore, the study extends to filter anisotropy and its impact on SFS dynamics and LES accuracy. By utilizing the dynamic Smagorinsky model (DSM), dynamic mixed model (DMM), and direct deconvolution model (DDM) with anisotropic filters, aspect ratios (AR) ranging from 1 to 16 are examined in LES filters. The results emphasize the DDM’s proficiency in accurately predicting SFS stresses under highly anisotropic filtering conditions. Notably high correlation coefficients exceeding 90% are observed in the a priori study for the DDM’s reconstructed SFS stresses, surpassing those of the DSM and DMM models. However, these correlations tend to decrease as filter anisotropy increases. In the a posteriori analysis, the DDM model consistently outperforms the DSM and DMM models across various turbulence statistics, including velocity spectra, probability density functions related to vorticity, SFS energy flux, velocity increments, strainrate tensors, and SFS stress. It is evident that as filter anisotropy intensifies, the results of DSM and DMM deteriorate, while the DDM consistently delivers satisfactory outcomes across all filter-anisotropy scenarios. These findings underscore the potential of the DDM framework as a valuable tool for advancing the development of sophisticated SFS models for LES in turbulence research.

Keywords: deconvolution model, large eddy simulation, subfilter scale modeling, turbulence

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Authors: Pawan S. Nagda, Purnank S. Bhatt, Mit K. Shah

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Earing defect in drawing process is highly undesirable not only because it adds on an additional trimming operation but also because the uneven material flow demands extra care. The objective of this work is to study the earing problem in the Deep Drawing of circular cup and to optimize the blank shape to reduce the earing. A finite element model is developed for 3-D numerical simulation of cup forming process in ABAQUS. Extra-deep-drawing (EDD) steel sheet has been used for simulation. Properties and tool design parameters were used as input for simulation. Earing was observed in the simulated cup and it was measured at various angles with respect to rolling direction. To reduce the earing defect initial blank shape was modified with the help of anisotropy coefficient. Modified blanks showed notable reduction in earing.

Keywords: anisotropy, deep drawing, earing, finite element simulation

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Authors: Tanawat Hongthai, Dusit Thanapatay

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This paper presents the development of encrypted near field communication (NFC) data exchange format transmission in an NFC passive tag for the feasibility of implementing a genuine product authentication. We propose a research encryption and checking the genuine product into four major categories; concept, infrastructure, development and applications. This result shows the passive NFC-forum Type 2 tag can be configured to be compatible with the NFC data exchange format (NDEF), which can be automatically partially data updated when there is NFC field.

Keywords: near field communication, NFC data exchange format, checking the genuine product, encrypted NFC

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Authors: Emil Danehorn, Ulla Peterson, Marie Oscarsson, Goldina Smirthwaite, Katarina Swahnberg

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Swedish students who choose to study abroad are common, but there has been limited research on exchange students. There are indications that some Swedish exchange students have been exposed to violence, but it is not known if they, already before their semester abroad, are more exposed to violence than students who remain on campus. Our aim was to investigate potential differences in exposure to physical, sexual, and emotional violence between prospective exchange students and campus students and between male and female students in general, as well as to determine any associations between mental health and exposure to violence among students in the total sample. Method: Comparative cross-sectional design using an online survey containing the NorVold Abuse Questionnaire and the General Health Questionnaire 12. A total of 565 participants took part in the study. Results: Prospective exchange students were less exposed to emotional violence compared to campus students. About one-half of all the participating female students had been exposed to sexual violence and about one-third of all the male students had been exposed to physical violence. The results also indicated that exposure to more than one form of violence was associated with poor mental health for students as a group. Conclusion: Prospective exchange students as a group do not report more exposure to physical and sexual violence than campus students but do report less exposure to emotional violence. However, the overall frequency of exposure to violence among the students was high. This highlights the need for proactive efforts for everyone, not least for exchange students who will be staying in a new environment unknown to them.

Keywords: sexual violence, physical violence, emotional violence, exchange students, mental health

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Authors: Mehtap Öztürk, Adem Öğüt, Emine Öğüt

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Leader member exchange is considered as relationship-based approach to leadership. The focal point of this theory is that effective leadership processes occur when leaders and followers are able to develop mature leadership relationships and thus gain access to a variety of benefits these relationships bring. In this context, it can be claimed that the quality of leader member exchange appears to have a strong affect on perceived organizational support and reduce turnover intention. The purpose of this study is to determine the relationship between the levels of leader member exchange, perceived organizational support and turnover intention on the employees of a health institution operating in the province of Konya. A field study based on survey method on 134 physicians who are employees of a health institution operating in the mentioned sample. In accordance with this purpose, it has been observed that there is a negative and statistically significant relationship between leader member exchange and turnover intention. Furthermore, it has been also realized that there is a negative and statistically significant relationship between perceived organizational support and turnover intention.

Keywords: leader member exchange, perceived organizational support, social exchange theory, turnover intention

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Authors: Alexandre Marin, Alexandra Bac, Laurent Astart

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New numerical methods for PDE resolution (such as Finite Volumes (FV) or Virtual Elements Method (VEM)) open new needs in terms of meshing of domains of interest, and in particular, polyhedral meshes have many advantages. One way to build such meshes consists of constructing Restricted Voronoi Diagrams (RVDs) whose boundaries respect the domain of interest. By minimizing a function defined for RVDs, the shapes of cells can be controlled, e.g., elongated according to user-defined directions or adjusted to comply with given aspect ratios (anisotropy) and density variations. In this paper, our contribution is threefold: First, we introduce a new gradient formula for the Voronoi tessellation energy under a continuous anisotropy field. Second, we describe a meshing algorithm based on the optimisation of this function that we validate against state-of-the-art approaches. Finally, we propose a hierarchical approach to speed up our meshing algorithm.

Keywords: anisotropic Voronoi diagrams, meshes for numerical simulations, optimisation, volumic polyhedral meshing

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Authors: Angrita Denziana, Haninun, Hepiana Patmarina, Ferdinan Fatah

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The aims of the study are to determine the effect of the company's financial performance with Return on Asset (ROA) and Return on Equity (ROE) indicators. The macroeconomic factors with the indicators of Indonesia interest rate (SBI) and exchange rate on stock returns of non-financial companies listed in IDX. The results of this study indicate that the variable of ROA has negative effect on stock returns, ROE has a positive effect on stock returns, and the variable interest rate and exchange rate of SBI has positive effect on stock returns. From the analysis data by using regression model, independent variables ROA, ROE, SBI interest rate and the exchange rate very significant (p value < 0.01). Thus, all the above variable can be used as the basis for investment decision making for investment in Indonesia Stock Exchange (IDX) mainly for shares in the non- financial companies.

Keywords: ROA, ROE, interest rate, exchange rate, stock return

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Authors: Ning Chang, Zelong Yuan, Yunpeng Wang, Jianchun Wang

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Large eddy simulation (LES) has been extensively used in the investigation of turbulence. LES calculates the grid-resolved large-scale motions and leaves small scales modeled by sublfilterscale (SFS) models. Among the existing SFS models, the deconvolution model has been used successfully in the LES of the engineering flows and geophysical flows. Despite the wide application of deconvolution models, the effects of subfilter scale dynamics and filter anisotropy on the accuracy of SFS modeling have not been investigated in depth. The results of LES are highly sensitive to the selection of filters and the anisotropy of the grid, which has been overlooked in previous research. In the current study, two critical aspects of LES are investigated. Firstly, we analyze the influence of sub-filter scale (SFS) dynamics on the accuracy of direct deconvolution models (DDM) at varying filter-to-grid ratios (FGR) in isotropic turbulence. An array of invertible filters are employed, encompassing Gaussian, Helmholtz I and II, Butterworth, Chebyshev I and II, Cauchy, Pao, and rapidly decaying filters. The significance of FGR becomes evident, as it acts as a pivotal factor in error control for precise SFS stress prediction. When FGR is set to 1, the DDM models cannot accurately reconstruct the SFS stress due to the insufficient resolution of SFS dynamics. Notably, prediction capabilities are enhanced at an FGR of 2, resulting in accurate SFS stress reconstruction, except for cases involving Helmholtz I and II filters. A remarkable precision close to 100% is achieved at an FGR of 4 for all DDM models. Additionally, the further exploration extends to the filter anisotropy to address its impact on the SFS dynamics and LES accuracy. By employing dynamic Smagorinsky model (DSM), dynamic mixed model (DMM), and direct deconvolution model (DDM) with the anisotropic filter, aspect ratios (AR) ranging from 1 to 16 in LES filters are evaluated. The findings highlight the DDM's proficiency in accurately predicting SFS stresses under highly anisotropic filtering conditions. High correlation coefficients exceeding 90% are observed in the a priori study for the DDM's reconstructed SFS stresses, surpassing those of the DSM and DMM models. However, these correlations tend to decrease as lter anisotropy increases. In the a posteriori studies, the DDM model consistently outperforms the DSM and DMM models across various turbulence statistics, encompassing velocity spectra, probability density functions related to vorticity, SFS energy flux, velocity increments, strain-rate tensors, and SFS stress. It is observed that as filter anisotropy intensify, the results of DSM and DMM become worse, while the DDM continues to deliver satisfactory results across all filter-anisotropy scenarios. The findings emphasize the DDM framework's potential as a valuable tool for advancing the development of sophisticated SFS models for LES of turbulence.

Keywords: deconvolution model, large eddy simulation, subfilter scale modeling, turbulence

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Authors: Annie Y. N. Cheng

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Since the handover of Hong Kong to China, 'National Identity' has become a vital focus promoted by the HKSAR government. According to the poll by the University of Hong Kong’s Public Opinion Programme (2010 – 2015), young people aged between 18 and 29 have the least and decreasing recognition, an average 5.5%, of their Chinese identity. Past research has shown that student participation in exchange programmes and study tours provides the possibility of new formulations of national identity. Since the Policy Address 2008, the HKSAR government has been actively expanding and exploring the feasibility of Mainland exchange programmes to enhance our youths’ understanding of Chineseness and to strengthen their national identity. Schools have been sponsored or subsidized with the costs of Mainland exchange activities through various grants and channels. Considering the significantly increasing number of Hong Kong youths who have participated in these Mainland exchange programmes and study tours, however, the effectiveness of these activities is understudied. At present, there is the lack of systematic research on the impacts of these activities and the ways in which they influence our students’ perceptions of national identity. Using case study approach, this study aims to examine students’ perceptions of their national identity; and evaluate whether the Mainland exchange programmes or study tours have influences on students’ perceptions of national identity. Results show that the influences on national identity varied which were dependent on the objectives and destinations of the programmes. The findings of this study can provide significant feedback for schools to organize meaningful Mainland exchange activities or study tours and inform policy makers how to formulate effective strategies for promoting such exchange activities.

Keywords: Hong Kong youth, mainland exchange programme, national identity, study tours

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Authors: Mehdi Rostamzadeh

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Genetic Algorithms (GAs) are an adaptive heuristic search algorithm premised on the evolutionary ideas of natural selection and genetic. In this study, we apply GAs for fundamental and technical models of exchange rate determination in exchange rate market. In this framework, we estimated absolute and relative purchasing power parity, Mundell-Fleming, sticky and flexible prices (monetary models), equilibrium exchange rate and portfolio balance model as fundamental models and Auto Regressive (AR), Moving Average (MA), Auto-Regressive with Moving Average (ARMA) and Mean Reversion (MR) as technical models for Iranian Rial against European Union’s Euro using monthly data from January 1992 to December 2014. Then, we put these models into the genetic algorithm system for measuring their optimal weight for each model. These optimal weights have been measured according to four criteria i.e. R-Squared (R2), mean square error (MSE), mean absolute percentage error (MAPE) and root mean square error (RMSE).Based on obtained Results, it seems that for explaining of Iranian Rial against EU Euro exchange rate behavior, fundamental models are better than technical models.

Keywords: exchange rate, genetic algorithm, fundamental models, technical models

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Authors: H. Hammoudi, S. Bendenia, I. Batonneau-Gener, J. Comparot, K. Marouf-Khelifa, A. Khelifa

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X zeolites were prepared by ion-exchange with Cu2+ and/or Zn2+ cations, at different concentrations of the exchange solution, and characterised by thermal analysis and nitrogen adsorption. The acidity of the samples was investigated by pyridine adsorption–desorption followed by in situ Fourier transform infrared (FTIR) spectroscopy. Desorption was carried out at 150, 250 and 350 °C. The objective is to estimate the nature and concentration of acid sites. A comparison between the binary (Cu(x)X, Zn(x)X) and ternary (CuZn(x)X) exchanges was also established (x = level of exchange) through the Cu(43)X, Zn(48)X and CuZn(50)X samples. Lewis acidity decreases overall with desorption temperature and the level of exchange. As the latter increases, there is a conversion of some Lewis sites into those of Brønsted during thermal treatment. In return, the concentration of Brønsted sites increases with the degree of exchange. The Brønsted acidity of CuZn(50)X at 350 °C is more important than the sum of those of Cu(43)X and Zn(48)X. The found values were 73, 32 and 15 μmol g-1, respectively. Besides, the concentration of Brønsted sites for CuZn(50)X increases with desorption temperature. These features indicate the presence of a synergistic effect amplifying the strength of these sites when Cu2+ and Zn2+ cations compete for the occupancy of sites distributed inside zeolitic cavities.

Keywords: acidity, adsorption, pyridine, zeolites

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Authors: Abid Ali Abid

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Electromagnetic ion cyclotron waves have been playing a significant role in inner magnetosphere, and their proton band has been detected using the Magnetospheric-Multiscale (MMS) satellite observations in the inner magnetosphere. It has been examined that the intensity of EMIC waves gradually increases by decreasing the L shell. Thermal anisotropy of hot protons initiates the waves. The low-energy cold protons (ions) can be activated by the EMIC waves when the EMIC wave intensity is high. As a result, these formerly invisible protons are now visible. The EMIC waves, whose frequency ranges from 0.001 Hz to 5 Hz in the inner magnetosphere and received considerable attention for energy transport across the magnetosphere. Since these waves act as a mechanism for the loss of energetic electrons from the Van Allen radiation belt to the atmosphere, therefore, it is necessary to understand how and where they can be produced, as well as the direction of waves along the magnetic field lines. It is demonstrated that throughout the energy range of 1 eV to 100 eV, the number density and temperature anisotropy of the protons likewise rise as the intensity of the EMIC waves increases.

Keywords: electromagnetic ion cyclotron waves, magnetospheric-multiscale (MMS) satellite, cold protons, inner magnetosphere

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Authors: Kanhaiya Singh

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Indian corporate sector has been raising resources through various international financial instruments important among them are Global depository receipts (GDRs) and American Depository Receipts (ADRs). The purpose of raising resources through such instruments is multifold such as lower cost of capital, increased visibility of the company, liberal tax environment, increased trading liquidity etc. One of the significant reason is also the value addition of the company in terms of market capitalization. Obviously, the stocks of such companies are cross listed, one in India and other at the International stock exchange. The sensitivity and movements of stock prices on one stock exchange as compared to other may have an impact on the price movement of the particular scrip. If there is any relationship exists is an issue of study. Having this in view this study is an attempt to identify the extent of impact of price movement of the scrip on one stock exchange on account of change in the prices on the counter stock exchange. Also there is an attempt to find out the difference between pre and post cross listed domestic firm. The study also analyses the impact of exchange rate movements on stock prices.

Keywords: ADR, GDR, cross listing, liquidity, exchange rate

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Authors: Huseyin Kavas

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Oleic acid (OA) capped superparamagnetic iron oxide nanoparticles (SPION) were synthesized by a thermal decomposition method. The composition of nanoparticles was confirmed by X-ray powder diffraction, and the morphology of particles was investigated by Atomic Force Microscopy (AFM), Scanning Electron Microscopy (SEM), and Transmission electron microscopy (TEM). The crystalline and particle size distribution of SPIONS capped with OA were investigated with a mean size of 6.99 nm and 8.9 nm, respectively. It was found that SPIONS have superparamagnetic characteristics with a saturation magnetization value of 64 emu/g. The thin film form of self-assembled SPIONS was fabricated by coating techniques of spin coating and dip coating. SQUID-VSM magnetometer and FMR techniques were performed in order to evaluate the magnetic properties of thin films, especially the existence of magnetic anisotropy. The thin films with magnetic anisotropy were obtained by self-assembled monolayers of SPION.

Keywords: magnetic materials, nanostructures, self-assembly, FMR

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Authors: Wenjin Zhu, Ian E. Jacobs, Henning Sirringhaus

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This project delves into the efficiency of uniaxial alignment and ion exchange doping as methods to optimize the thermoelectric properties of organic polymers. The anisotropic nature of charge transport in conjugated polymers is capitalized upon through the uniaxial alignment of polymer backbones, ensuring charge transport is streamlined along these backbones. Ion exchange doping has demonstrated superiority over traditional molecular and electrochemical doping methods, amplifying charge carrier densities. By integrating these two techniques, we've observed marked improvements in the thermoelectric attributes of specific conjugated polymers such as PBTTT and DPP based polymers. We demonstrate respectable power factors of 172.6 μW m⁻¹ K⁻² in PBTTT system and 41.7 μW m⁻¹ K⁻² in DPP system.

Keywords: organic electronics, thermoelectrics, uniaxial alignment, ion exchange doping

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Authors: Z. H. Shi, T. J. Dou, H. Zhang, H. X. Huang, N. Zeng

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The contamination of significant quantities of soils and sediments with uranium and other actinide elements as a result of nuclear activity poses many environmental risks. The electrokinetic process is one of the most promising remediation techniques for sludge, sediment, and saturated or unsaturated soils contaminated with heavy metals and radionuclides. However, secondary waste is a major concern for soil contaminated with nuclides. To minimize the generation of secondary wastes, this study used the anion and cation exchange membranes to improve the performance of the experimental apparatus. Remediation experiments of uranium-contaminated soil were performed with different agents. The results show that using acetic acid and EDTA as chelating agents clearly enhances the migration ability of the uranium. The ion exchange membranes (IEMs) used in the experiments not only reduce secondary wastes, but also, keep the soil pH stable.

Keywords: electrokinetic remediation, ion exchange membranes, soil, uranium

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Authors: Nidal H. Abu-Zahra, Subhashini Gunashekar

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Polyurethane foam is functionalized with Sulfonic acid groups to remove lead ions (Pb2+) from drinking water through a action exchange process. The synthesis is based on addition polymerization of the -NCO groups of an isocyanine with the –OH groups of a polio to form the urethane. Toluene-diisocyanateis reacted with Polypropylene glycol to form a linear pre-polymer, which is further polymerized using a chain extender, N, N-bis(2-hydorxyethyl)-2-aminoethane-sulfonic acid (BES). BES acts as a functional group site to exchange Pb2+ ions. A set of experiments was designed to study the effect of various processing parameters on the performance of the synthesized foam. The maximum Pb2+ ion exchange capacity of the foam was found to be 47ppb/g from a 100ppb Pb2+ solution over a period of 60 minutes. A multistage batch filtration process increased the lead removal to 50-54ppb/3g of foam over a period of 90 minutes.

Keywords: adsorption, functionalized, ion exchange, polyurethane, sulfonic

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Authors: Abdelli Soulaima, Belhadj Besma

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The paper examines the choice of the central bank toward the movements of the nominal exchange rate and evaluates its effects on the volatility of the output growth and the inflation. The novel hybrid method of the dynamic stochastic general equilibrium called the DSGE-VAR is proposed for analyzing this policy experiment in a small scale open economy in particular Tunisia. The contribution is provided to the empirical literature as we apply the Tunisian data with this model, which is rarely used in this context. Note additionally that the issue of treating the degree of response of the central bank to the exchange rate in Tunisia is special. To ameliorate the estimation, the Bayesian technique is carried out for the sample 1980:q1 to 2011 q4. Our results reveal that the central bank should not react or softly react to the exchange rate. The variance decomposition displayed that the overall inflation volatility is more pronounced with the fixed exchange rate regime for most of the shocks except for the productivity and the interest rate. The output volatility is also higher with this regime with the majority of the shocks exempting the foreign interest rate and the interest rate shocks.

Keywords: DSGE-VAR modeling, exchange rate, monetary policy, Bayesian estimation

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Authors: Raheel Asif, Michael Frommel

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This paper focuses on analyzing the exchange rate exposure of exporting & domestic firms in (the so far rarely addressed) largest Eastern European transition economies, i.e., Russia and the three EU accession countries, Poland, Hungary, and Czech Republic (CEEC-3). It also controls for possible effects of different exchange rate regimes, Great Financial crisis (2007-08), Russian Financial crisis (2014-15), the formation of EU & turn of year effect. Substantially improving the results from the existing literature on these transition economies, we find for more than 51% of our sample firms in CEEC-3 countries and 29% in Russia shows a significant exchange rate exposure. However, the magnitude and direction of firms’ exposure depends on the particular bilateral exchange rate and differs between CEEC-3 and Russia. We find that share price increases with an appreciation of the domestic currency against the EURO and US Dollar (USD) in CEEC-3; however, the effect is more pronounced for EURO as expected. Whereas, for Russian firms share price increases with a depreciation of the domestic currency against the USD only. Those differences may result from a differing dominance of exposure channels in the respective economies, such as the country-specific export structure, competitiveness channels, and dependence on foreign debt. Finally, the switch from a pegged to a flexible exchange rate regime appears to have a less pronounced effect for the exchange rate exposure of firms in all countries except for USD in Poland and Russia.

Keywords: exchange rate exposure, transition economies, central and eastern Europe, international finance

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Authors: Ogunwole Cecilia Oluwakemi, Wahid Damilola Olanipekun, Omoyele Olufemi Samuel, Timothy Ayomitunde Aderemi

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The issues relating to corporate governance in both locally and internationally managed firms cannot be overemphasized because the lack of efficient corporate governance could orchestrate serious problems in any organization. Against this backdrop, this study examines the nexus between corporate governance and performance of firms from 2012 to 2020, using the case study of the Nigerian stock exchange. Consequently, data was collected from forty (40) listed firms on the Nigerian Stock Exchange. The study employed a fixed effect technique of estimation to address the objective of the study. It was discovered from the study that the influence of corporate governance components such as gender diversity, board independence and managerial ownership led to a significant positive impact on the performance of the firms under the investigation. In view of the above finding, this study makes the following recommendations for the policymakers in Nigeria that anytime the goal of the policymakers is the improvement of performance of the listed firms in the Nigerian stock exchange, board independence and a balance in the inclusion of male and female among the board of directors should be encouraged in these firms.

Keywords: corporate, governance, firms, performance, Nigeria, stock, exchange

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Authors: M. Koray Cetin, Mehmet Mert

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The purpose of the study is to examine impacts on tourism revenues of the exchange rate and country overall security level. There are numerous studies that examine the bidirectional relation between macroeconomic factors and tourism revenues and tourism demand. Most of the studies support the existence of impact of tourism revenues on growth rate but not vice versa. Few studies examine the impact of factors like real exchange rate or purchasing power parity on the tourism revenues. In this context, firstly impact of real exchange rate on tourism revenues examination is aimed. Because exchange rate is one of the main determinants of international tourism services price in guests currency unit. Another determinant of tourism demand for a country is country’s overall security level. This issue can be handled in the context of the relationship between tourism revenues and overall security including turmoil, terrorism, border problem, political violence. In this study, factors are handled for several countries which have tourism revenues on a certain level. With this structure, it is a panel data, and it is evaluated with panel data analysis techniques. Panel data have at least two dimensions, and one of them is time dimensions. The panel data analysis techniques are applied to data gathered from Worldbank data web page. In this study, it is expected to find impacts of real exchange rate and security factors on tourism revenues for the countries that have noteworthy tourism revenues.

Keywords: exchange rate, panel data analysis, security, tourism revenues

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Authors: Eti Mizrahi, Gizem İntepe

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The geographical location of Turkey that stretches from Asia to Europe and Russia to Africa makes it an important logistics hub in the region. Although logistics is a developing sector in Turkey, the stock market representation is still low with only two companies listed in Turkey’s stock exchange since 2010. In this paper, we use the daily values of these two listed stocks as a benchmark for the logistics sector. After modeling logistics stock prices, an empirical examination is conducted between the existing logistics indices and these stock prices. The paper investigates whether the measures of logistics stocks are correlated with newly available logistics indices. It also shows the reflection of the economic activity in the logistics sector on the stock exchange market. The results presented in this paper are the first analysis of the behavior of logistics indices and logistics stock prices for Turkey.

Keywords: forecasting, logistic stock exchange, modeling, Africa

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Authors: Diteboho Xaba, Kolentino Mpeta, Tlotliso Qejoe

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This paper assesses the in-sample forecasting of the South African exchange rates comparing a linear ARIMA model and a SETAR model. The study uses a monthly adjusted data of South African exchange rates with 420 observations. Akaike information criterion (AIC) and the Schwarz information criteria (SIC) are used for model selection. Mean absolute error (MAE), root mean squared error (RMSE) and mean absolute percentage error (MAPE) are error metrics used to evaluate forecast capability of the models. The Diebold –Mariano (DM) test is employed in the study to check forecast accuracy in order to distinguish the forecasting performance between the two models (ARIMA and SETAR). The results indicate that both models perform well when modelling and forecasting the exchange rates, but SETAR seemed to outperform ARIMA.

Keywords: ARIMA, error metrices, model selection, SETAR

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Authors: Faisal Algosair

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We examine the role of monetary policy in the presence of commodity price shocks using a Dynamic stochastic general equilibrium (DSGE) model with price and wage rigidities. The model characterizes a commodity exporter by its degree of export diversification, and explores the following monetary regimes: flexible domestic inflation targeting; flexible Consumer Price Index inflation targeting; exchange rate peg; and optimal rule. An increase in the degree of diversification is found to mitigate responses to commodity shocks. The welfare comparison suggests that a flexible exchange rate regime under the optimal rule is preferred to an exchange rate peg. However, monetary policy provides limited stabilization effects in an economy with low degree of export diversification.

Keywords: business cycle, commodity price, exchange rate, global financial cycle

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Authors: Ergun Guntekin

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Elastic constants of Fir wood (Abies cilicica) have been investigated by means of ultrasound and compression tests. Three modulus of elasticity in principal directions (EL, ER, ET), six Poisson’s ratios (ʋLR, ʋLT, ʋRT, ʋTR, ʋRL, ʋTL) and three shear modules (GLR, GRT, GLT) were determined. 20 x 20 x 60 mm samples were conditioned at 65 % relative humidity and 20ºC before testing. Three longitudinal and six shear wave velocities propagating along the principal axes of anisotropy, and additionally, three quasi-shear wave velocities at 45° angle with respect to the principal axes of anisotropy were measured. 2.27 MHz longitudinal and 1 MHz shear sensors were used for obtaining sound velocities. Stress-strain curves of the samples in compression tests were obtained using bi-axial extensometer in order to calculate elastic constants. Test results indicated that most of the elastic constants determined in the study are within the acceptable range. Although elastic constants determined from ultrasound are usually higher than those determined from compression tests, the values of EL and GLR determined from compression tests were higher in the study. The results of this study can be used in the numerical modeling of elements or systems under load using Fir wood.

Keywords: compression tests, elastic constants, fir wood, ultrasound

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Authors: Marija Vicic

Abstract:

The purpose of commercial credit regulation in an unified way under Law on Foreign Exchange Operations in Republic of Serbia allows an easier state monitoring of credit operations performed by non-professionals on foreign exchange market. By broadly defining the term “commercial credits“, the state (i.e. National Bank of Serbia) is given the authority to monitor the performance of all obligations under commercial contracts in which the obligations are not performed simultaneously. In the first part of the paper, the author analyses the economic gist of commercial credits with the purpose of giving an insight into their special treatment. The author examines the term „commercial credits“ given in Law on foreign exchange operations and the difference between financial credits and irregular commercial credits (exports and imports of goods and services deemed to be commercial credits) is particularly highlighted. In the second part, the author emphasizes the specifics of commercial credit contracts, especially the effects of special requests for the parties to these contracts to notify National Bank of Serbia and specific regulations regarding maturity of obligations under these commercial credits and the assignment and compensation of the said contracts.

Keywords: commercial credit, foreign exchange operations, commercial transactions, deferred payment, advance payment, (non) resident

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Authors: Mikhail Gritskevich, Sebastian Hohenstein

Abstract:

The paper presents the results of a detailed assessment of several modern Reynolds Averaged Navier-Stokes (RANS) turbulence models for prediction of C3X vane film cooling at various injection regimes. Three models are considered, namely the Shear Stress Transport (SST) model, the modification of the SST model accounting for the streamlines curvature (SST-CC), and the Explicit Algebraic Reynolds Stress Model (EARSM). It is shown that all the considered models face with a problem in prediction of the adiabatic effectiveness in the vicinity of the cooling holes; however, accounting for the Reynolds stress anisotropy within the EARSM model noticeably increases the solution accuracy. On the other hand, further downstream all the models provide a reasonable agreement with the experimental data for the adiabatic effectiveness and among the considered models the most accurate results are obtained with the use EARMS.

Keywords: discrete holes film cooling, Reynolds Averaged Navier-Stokes (RANS), Reynolds stress tensor anisotropy, turbulent heat transfer

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Authors: Phumlani Msomi, Patrick Nonjola, Patrick Ndungu, James Ramontja

Abstract:

A series of quaternized poly (2.6 dimethyl – 1.4 phenylene oxide)/ polysulfone (QPPO/PSF) blend anion exchange membrane (AEM) were successfully fabricated and characterized for methanol alkaline fuel cell application. Zinc Oxide (ZnO) nanoparticles were introduced in the polymer matrix to enhance the intrinsic properties of the AEM. To confirm successful fabrication, FT-IR spectroscopy and nuclear magnetic resonance (¹H NMR and HMBC ¹⁵N NMR) were used. The membrane properties were enhanced by the addition of ZnO nanoparticles. The addition of ZnO nanoparticles resulted to a higher ion exchange capacity (IEC) of 3.72 mmol.g⁻¹and a 30-fold ion conductivity (IC) increase of the nanocomposite due to no (zero (0)) methanol permeability at 30 °C and increased water uptake. The QPPO/PSF/2% ZnO composite retained over 80 % of its initial IC when evaluated for alkaline stability at room temperature. The maximum power output reached for the membrane electrode assembly (MEA) constructed with QPPO/PSF/2%ZnO is 69 mW.cm⁻², which is about three times more than the parent QPPO membrane. The above results indicate that QPPO/PSF-ZnO is a good candidate as an anion exchange membrane for fuel cell application.

Keywords: anion exchange membrane, fuel cell, zinc oxide, nanocomposite

Procedia PDF Downloads 244