Search results for: macro investments

Authors: L. R. Valencia Pérez, A. Morita Alexander, Peña A. Juan Manuel, A. Lamadrid Álvarez

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This research shows the reflection and identification of explanatory variables and their relationships between different variables that are involved with educational technology, all of them encompassed in macro-concepts which are: cognitive inequality, economy, food and language; These will give the guideline to have a more detailed knowledge of educational systems, the communication and equipment, the physical space and the teachers; All of them interacting with each other give rise to what is called educational technology management. These elements contribute to have a very specific knowledge of the equipment of communications, networks and computer equipment, systems and content repositories. This is intended to establish the importance of knowing a global environment in the transfer of knowledge in poor countries, so that it does not diminish the capacity to be authentic and preserve their cultures, their languages or dialects, their hierarchies and real needs; In short, to respect the customs of different towns, villages or cities that are intended to be reached through the use of internationally agreed professional educational technologies. The methodology used in this research is the analytical - descriptive, which allows to explain each of the variables, which in our opinion must be taken into account, in order to achieve an optimal incorporation of the educational technology in a model that gives results in a medium term. The idea is that in an encompassing way the concepts will be integrated to others with greater coverage until reaching macro concepts that are of national coverage in the countries and that are elements of conciliation in the different federal and international reforms. At the center of the model is the educational technology which is directly related to the concepts that are contained in factors such as the educational system, communication and equipment, spaces and teachers, which are globally immersed in macro concepts Cognitive inequality, economics, food and language. One of the major contributions of this article is to leave this idea under an algorithm that allows to be as unbiased as possible when evaluating this indicator, since other indicators that are to be taken from international preference entities like the OECD in the area of education systems studied, so that they are not influenced by particular political or interest pressures. This work opens the way for a relationship between involved entities, both conceptual, procedural and human activity, to clearly identify the convergence of their impact on the problem of education and how the relationship can contribute to an improvement, but also shows possibilities of being able to reach a comprehensive education reform for all.

Keywords: relationships macro-concepts, cognitive inequality, economics, alimentation and language

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Authors: Dimitrios J. Dimitriou

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It is widely recognised that the assets portfolio development is helping to enhance economic growth, productivity and competitiveness. While numerous studies and reports certify the positive effect of investments in large infrastructure investments on the local economy, still, the methodology to estimate the contribution in economic development is a challenging issue for researchers and economists. The key question is how to estimate those economic impacts in each economic system. This paper provides a compact and applicable methodological framework providing quantitative results in terms of the overall jobs and income generated into the project life cycle. According to a deterministic mathematical approach, the key variables and the modelling framework are presented. The numerical case study highlights key results for a new motorway project in Greece, which is experienced economic stress for many years, providing the opportunity for comparisons with similar cases.

Keywords: quantitative modelling, economic impact, large transport infrastructure, economic assessment

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Authors: Adonis Menezes, Julio C. Passos

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The present work deals with the theoretical and experimental investigation of the convective boiling of CO₂ in macro and mini-channels. A review of the state of the art of convective boiling studies in mini-channels and conventional channels for operating with CO₂ was carried out, with special attention to the flow patterns and pressure drop maps in single-phase and two-phase flows. To carry out an experimental analysis of the convective boiling of CO₂, a properly instrumented experimental bench was built, which allows a parametric analysis for different thermodynamic conditions, such as mass velocities between 200 and 1300 kg/(m².s), pressures between 20 and 70bar, temperature monitoring at the entrance of the mini-channels, heat flow and pressure drop in the test section. The visualization of flow patterns was possible with the use of a high-speed CMOS camera. The results obtained are in line with those found in the literature, both for flow patterns and for the heat transfer coefficient.

Keywords: carbon dioxide, convective boiling, CO₂, mini-channels

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Authors: Bo Sun, Ni Zhong

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Bilateral investment treaties have played a role in the construction of the Belt and Road, providing institutional protection for Chinese companies' overseas investments. However, such treaties between China and countries along the Belt and Road were signed in the 1980s and 1990s, and their provisions are outdated and insufficiently detailed to provide adequate legal protection for Chinese investors when they initiate investment arbitration against host countries. By studying cases involving China in international investment arbitration, this paper suggests that China should pay attention to further clarifying the identity of "investors", the scope of disputes that can be submitted to arbitration, and the concept of "indirect expropriation" when updating bilateral investment treaties in the future, in order to reduce the risk of losing cases for Chinese investors.

Keywords: belt and road, bilateral investment agreement, investment arbitration, indirect expropriation

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Authors: Gavin Quibell, Martin Kleynhans, Margot Soler

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The Sendai Framework notes that disaster risk reduction is essential for sustainable development, and Disaster Risk Reduction is included in 3 of the Sustainable Development Goals (SDGs), and 4 of the SDG targets. However, apart from promoting better governance and resourcing of disaster management agencies, little guidance is given how low-income nations can balance investments across the SDGs to achieve sustainable development in an increasingly climate vulnerable world with increasing prevalence of flood and drought disasters. As one of the world’s poorest nations, Malawi must balance investments across all the SDGs. This paper explores how Malawi’s National Guidelines for Community-based Flood Risk Management integrate sustainable development and flood management objectives at different administrative levels. While Malawi periodically suffers from large, widespread flooding, the greatest impacts are felt through the smaller annual floods and flash floods. The Guidelines address this through principles that recognize that while the protection of human life is the most important priority for flood risk management, addressing the impacts of floods on the rural poor and the economy requires different approaches. The National Guidelines are therefore underpinned by the following; 1. In the short-term investments in flood risk management must focus on breaking the poverty – vulnerability cycle; 2. In the long-term investments in the other SDGs will have the greatest flood risk management benefits; 3. If measures are in place to prevent loss of life and protect strategic infrastructure, it is better to protect more people against small and medium size floods than fewer people against larger floods; 4. Flood prevention measures should focus on small (1:5 return period) floods; 5. Flood protection measures should focus on small and medium floods (1:20 return period) while minimizing the risk of failure in larger floods; 6. The impacts of larger floods ( > 1:50) must be addressed through improved preparedness; 7. The impacts of climate change on flood frequencies are best addressed by focusing on growth not overdesign; and 8. Manage floods and droughts conjunctively. The National Guidelines weave these principles into Malawi’s approach to flood risk management through recommendations for planning and implementing flood prevention, protection and preparedness measures at district, traditional authority and village levels.

Keywords: flood risk management in low-income countries, sustainable development, investments in prevention, protection and preparedness, community-based flood risk management, Malawi

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Authors: Talal Alsulaiman, Khaldoun Khashanah

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In this paper, we provided a literature survey on the artificial stock problem (ASM). The paper began by exploring the complexity of the stock market and the needs for ASM. ASM aims to investigate the link between individual behaviors (micro level) and financial market dynamics (macro level). The variety of patterns at the macro level is a function of the AFM complexity. The financial market system is a complex system where the relationship between the micro and macro level cannot be captured analytically. Computational approaches, such as simulation, are expected to comprehend this connection. Agent-based simulation is a simulation technique commonly used to build AFMs. The paper proceeds by discussing the components of the ASM. We consider the roles of behavioral finance (BF) alongside the traditionally risk-averse assumption in the construction of agent's attributes. Also, the influence of social networks in the developing of agents’ interactions is addressed. Network topologies such as a small world, distance-based, and scale-free networks may be utilized to outline economic collaborations. In addition, the primary methods for developing agents learning and adaptive abilities have been summarized. These incorporated approach such as Genetic Algorithm, Genetic Programming, Artificial neural network and Reinforcement Learning. In addition, the most common statistical properties (the stylized facts) of stock that are used for calibration and validation of ASM are discussed. Besides, we have reviewed the major related previous studies and categorize the utilized approaches as a part of these studies. Finally, research directions and potential research questions are argued. The research directions of ASM may focus on the macro level by analyzing the market dynamic or on the micro level by investigating the wealth distributions of the agents.

Keywords: artificial stock markets, market dynamics, bounded rationality, agent based simulation, learning, interaction, social networks

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Authors: Heide Imai

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Contemporary cities, especially in Japan, have reached an indescribable complexity and excessive, global investments blur formal, rooted structures. Modern urban agglomerations blindly trust a macro understanding, whereas everyday activities which portray the human degree of living space are being suppressed and erased. The paper will draw upon the approach ‘Micro-Urbanism’ which focus on the sensitive and indigenous side of contemporary cities, which in fact can hold the authentic qualities of a city. Related to this approach is the term ‘Micro-Culture’ which is used to clarify the inner realities of the everyday living space on the example of the Japanese urban backstreet. The paper identifies an example of a ‘micro-zone’ in terms of ‘street space’, originally embedded in the landscape of the Japanese city. And although the approach ‘Micro-Urbanism’ is more complex, the understanding of the term can be tackled by a social analysis of the street, as shown on the backstreet called roji and closely linked examples of ‘situated’ urban rituals like (1) urban festivities, (2) local markets/ street vendors and (3) artistic, intellectual tactics. Likewise, the paper offers insights in a ‘community of streets’ which boundaries are specially shaped by cultural activity and social networks.

Keywords: urban rituals, community, streets as micro-zone, everyday space

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Authors: Mohammad Khoshini, Arman Khoshghalb, Meghdad Payan, Nasser Khalili

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Most of the Earth’s crust surface rocks are technically categorized as weak rocks or weakly bonded geomaterials. Deeply weathered, weakly cemented, friable and easily erodible, they demonstrate complex material behaviour and understanding the overlooked mechanical behaviour of such materials is of particular importance in geotechnical engineering practice. Weakly bonded geomaterials are so susceptible to surface shear and moisture that conventional methods of core drilling fail to extract high-quality undisturbed samples out of them. Moreover, most of these geomaterials are of high heterogeneity rendering less reliable and feasible material characterization. In order to compensate for the unpredictability of the material response, either numerous experiments are needed to be conducted or large factors of safety must be implemented in the design process. However, none of these approaches is sustainable. In this study, a method for dry core drilling of such materials is introduced to take high-quality undisturbed core samples. By freezing the material at certain moisture content, a secondary structure is developed throughout the material which helps the whole structure to remain intact during the core drilling process. Moreover, to address the heterogeneity issue, the natural material was reconstructed artificially to obtain a homogeneous material with very high similarity to the natural one in both micro and macro-mechanical perspectives. The method is verified for both micro and macro scale. In terms of micro-scale analysis, using Scanning Electron Microscopy (SEM), pore spaces and inter-particle bonds were investigated and compared between natural and artificial materials. X-Ray Diffraction, XRD, analyses are also performed to control the chemical composition. At the macro scale, several uniaxial compressive strength tests, as well as triaxial tests, were performed to verify the similar mechanical response of the materials. A high level of agreement is observed between micro and macro results of natural and artificially bonded geomaterials. The proposed methods can play an important role to cut down the costs of experimental programs for material characterization and also to promote the accuracy of the numerical modellings based on the experimental results.

Keywords: Artificial geomaterial, core drilling, macro-mechanical behavior, micro-scale, sample preparation, SEM photography, weakly bonded geomaterials

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Authors: Suman Kumar Adhikary, Zymantus Rudzionis, Arvind Balakrishnan

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This paper deals with the behavior of concrete’s workability in a fresh state and compressive and flexural strength in a hardened state with the addition of polyolefin macro fibers. Four different amounts (3kg/m3, 4.5kg/m3, 6kg/m3 and 9kg/m3) of polyolefin macro fibers mixed in concrete mixture to observe the workability and strength properties difference between the concrete specimens. 20% class C type fly ash added is the concrete as replacement of cement. The water-cement ratio(W/C) of those concrete mix was 0.35. Masterglenium SKY 700 superplasticizer was added to the concrete mixture for better results. Slump test was carried out for determining the flowability. On 7th, 14th and 28th day of curing process compression strength tests were done and on 28th day flexural strength test and CMOD test were carried to differentiate the strength properties and post-cracking behavior of concrete samples.

Keywords: self-compacting concrete, polyolefin fibers, fiber reinforced concrete, CMOD test of concrete

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Authors: Usman Bawa

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Macro-invertebrates have been used to monitor organic pollution in rivers and streams. Several biotic indices based on macro-invertebrates have been developed over the years including the Biological Monitoring Working Party (BMWP). A new biotic index, the Gammarus:Asellus ratio has been recently proposed as an index of organic pollution. This study tested the validity of the Gammarus:Asellus ratio as an index of organic pollution, by examining the relationship between the Gammarus:Asellus ratio and physical-chemical parameters, and other biotic indices such as BMWP and, Average Score Per Taxon (ASPT) from lakes and streams at Markeaton Park, Allestree Park, and Kedleston Hall, Derbyshire. Macro invertebrates were sampled using the standard five-minute kick sampling techniques physical and chemical environmental variables were obtained based on standard sampling techniques. Eighteen sites were sampled, six sites from Markeaton Park (three sites across the stream and three sites across the lake). Six sites each were also sampled from Allestree Park and Kedleston Hall lakes. The Gammarus:Asellus ratio showed an opposite significant positive correlations with parameters indicative of organic pollution such as the level of nitrates, phosphates, and calcium and also revealed a negatively significant correlations with other biotic indices (BMWP/ASPT). The BMWP score correlated positively significantly with some water quality parameters such as dissolved oxygen and flow rate, but revealed no correlations with other chemical environmental variables. The BMWP score was significantly higher in the stream than the lake in Markeaton Park, also The ASPT scores appear to be significantly higher in the upper Lakes than the middle and lower lakes. This study has further strengthened the use of BMWP/ASPT score as an index of organic pollution. But, additional application is required to validate the use of Gammarus:Asellus as a rapid bio monitoring tool.

Keywords: Asellus, biotic index, Gammarus, macro invertebrates, organic pollution

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Authors: Uyi Kizito Ehigiamusoe

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The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson’s Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

Keywords: economic growth, investments, money market, money market challenges, money market instruments

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The Mongolia Stock Exchange (MSE) serves as a vehicle for executing the privatization policy of Mongolian Government as it transitioned from socialist to free market economy. It was also the intention of the Government to develop the investment and securities market through its establishment and to further boost the ailing Mongolian economy. This paper focuses on the contributions of the Mongolian Stock Exchange (MSE) to the industrial and economic development of Mongolia via Corporate fund mobilization for listed companies in Mongolia. A study of this nature is imperative as economic development in Mongolia has been accelerated by corporate investments. The key purpose of the research was to critically analyze the operations of the MSE to ascertain the extent to which the objectives for which it was established have been accomplished and to assess its contributions to industrial and economic development of Mongolia. In achieving this, secondary data on the activities of the MSE; its market capitalization over the years were collected and analyzed vis-à-vis the figures for Mongolia’s macro-economic data for the same time period to determine whether the progressive increase in market capitalization of the MSE has positively impacted on Mongolia’s economic growth. Regression analysis package was utilized in dissecting the data. It was proven that the Mongolian Stock Exchange has contributed positively and significantly to Mongolia’s economic development though not yet to the desired level. Against the findings of this research, recommendations were made to address, the problems facing the MSE and to enhance its performance and ultimately its contributions to industrial and economic development of the Mongolian nation.

Keywords: Corporate Fund Mobilization, Gross Domestic Product (GDP), market capitalization, purchasing power, stock exchange

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Authors: Ying Zhu

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Recent years have witnessed a boom of foreign investments in the field of artificial intelligence (AI). Foreign investments provide critical capital for AI development but also trigger national security concerns of host states. A notable example is an increasing number of cases in which the Committee on Foreign Investment in the United States (CFIUS) has denied Chinese acquisitions of US technology companies on national security grounds. On July 19, 2018, the Congress has reached a deal on the final draft of a new provision to strengthen CFIUS’s authority to review overseas transactions involving sensitive US technology. The question is: how to reconcile the emerging tension between, on the one hand, foreign AI investors’ expectations of a predictable investment environment, and on the other hand, host states’ regulatory power on national security? This paper provides a methodology to reconcile this tension under international investment law. Based on an examination, the national security exception clauses in international investment treaties and the application of national security justification in investor-state arbitration jurisprudence, the paper argues that a traditional interpretation of the national security exception, based on the necessity concept in customary international law, fails to take into account new risks faced by countries, including security concerns over strategic industries such as AI. To overcome this shortage, the paper proposes to incorporate an integrated national security clause in international investment treaties, which includes a two-tier test: a ‘self-judging’ test in the pre-establishment period and a ‘proportionality’ test in the post-establishment period. At the end, the paper drafts a model national security clause for future treaty-drafting practice.

Keywords: foreign investment, artificial intelligence, international investment law, national security exception

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Authors: M. Radunovic

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Region of Southeastern Europe has a substantial energy resource potential and is witnessing an increasing rate of power and energy project investments. This comes as a result of countries harmonizing their legal framework and market regulations to conform the ones of European Union, enabling direct private investments. Funding in the power and energy market in this region originates from various resources and investment entities, including commercial and institutional ones. Risk anticipation and assessment is crucial to project success, especially given the long exploitation period of project in power and energy domain, as well as the wide range of stakeholders involved. This paper analyzes the possibility of combined application of tools used in total quality management and international financing institutions for project planning, execution and evaluation, with the goal of anticipating, assessing and minimizing the risks that might occur in the development and execution phase of a power and energy project in the market of southeastern Europe. History of successful project management and investments both in the industry and institutional sector provides sufficient experience, guidance and internationally adopted tools to provide proper project assessment for investments in power and energy. Business environment of southeastern Europe provides immense potential for developing power and engineering projects of various magnitudes, depending on stakeholders’ interest. Diversification on investment sources provides assurance that there is interest and commitment to invest in this market. Global economic and political developments will be intensifying the pace of investments in the upcoming period. The proposed approach accounts for key parameters that contribute to the sustainability and profitability of a project which include technological, educational, social and economic gaps between the southeastern European region and western Europe, market trends in equipment design and production on a global level, environment friendly approach to renewable energy sources as well as conventional power generation systems, and finally the effect of the One Belt One Road Initiative led by People’s Republic of China to the power and energy market of this region in the upcoming period on a long term scale. Analysis will outline the key benefits of the approach as well as the accompanying constraints. Parallel to this it will provide an overview of dominant threats and opportunities in present and future business environment and their influence to the proposed application. Through concrete examples, full potential of this approach will be presented along with necessary improvements that need to be implemented. Number of power and engineering projects being developed in southeastern Europe will be increasing in the upcoming period. Proper risk analysis will lead to minimizing project failures. The proposed successful combination of reliable project planning tools from different investment areas can prove to be beneficial in the future power and engineering investments, and guarantee their sustainability and profitability.

Keywords: capital investments, lean six sigma, logical framework approach, logical framework matrix, one belt one road initiative, project management tools, quality function deployment, Southeastern Europe, total quality management

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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: I. Rodionov, A. Semenov, E. Gosteva, O. Sokolova

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Currently, the venture capital becomes more and more advanced and effective source of the innovation project financing, connected with a high-risk level. In the developed countries, it plays a key role in transforming innovation projects into successful businesses and creating prosperity of the modern economy. Actually, in Russia there are many necessary preconditions for creation of the effective venture investment system: the network of the public institutes for innovation financing operates; there is a significant number of the small and medium-sized enterprises, capable to sell production with good market potential. However, the current system does not confirm the necessary level of efficiency in practice that can be substantially explained by the absence of the accurate plan of action to form the national venture model and by the lack of experience of successful venture deals with profitable exits in Russian economy. This paper studies the influence of various factors on the venture industry development by the example of the IT-sector in Russia. The choice of the sector is based on the fact, that this segment is the main driver of the venture capital market growth in Russia, and the necessary set of data exists. The size of investment of the second round is used as the dependent variable. To analyse the influence of the previous round such determinant as the volume of the previous (first) round investments is used. There is also used a dummy variable in regression to examine that the participation of an investor with high reputation and experience in the previous round can influence the size of the next investment round. The regression analysis of short-term interrelations between studied variables reveals prevailing influence of the volume of the first round investments on the venture investments volume of the second round. Because of the research, the participation of investors with first-class reputation has a small impact on an indicator of the value of investment of the second round. The expected positive dependence of the second round investments on the forecasted market growth rate now of the deal is also rejected. So, the most important determinant of the value of the second-round investment is the value of first–round investment, so it means that the most competitive on the Russian market are the start-up teams which can attract more money on the start, and the target market growth is not the factor of crucial importance.

Keywords: venture industry, venture investment, determinants of the venture sector development, IT-sector

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Authors: Eliane Abdo, Olivier Colot

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SMEs are always considered as a national priority due to their contribution to job creation, innovation and growth. Once the start-up phase is crossed with encouraging results, the company enters the phase of growth. In order to improve its competitiveness, maintain and increase its market share, the company is in the necessity even the obligation to develop its tangible and intangible investments. SMEs are generally closed companies with special and critical financial situation, limited resources and difficulty to access the capital markets; their shareholders are always living in a conflict between their independence and their need to increase capital that leads to the entry of new shareholder. The capital structure was always considered the core of research in corporate finance; moreover, the financial crisis and its repercussions on the credit’s availability, especially for SMEs make SME financing a hot topic. On the other hand, financial theories do not provide answers to capital structure’s questions; they offer tools and mode of financing that are more accessible to larger companies. Yet, SME’s capital structure can’t be independent of their governance structure. The classic financial theory supposes independence between the investment decision and the financing decision. Thus, investment determines the volume of funding, but not the split between internal or external funds. In this context, we find interesting to study the hypothesis that SMEs respond positively to the financial theories applied to large firms and to check if they are constrained by conventional solutions used by large companies. In this context, this research focuses on the analysis of the resource’s structure of SME in parallel with their investments’ structure, in order to highlight a link between their assets and liabilities structure. We founded our conceptual model based on two main theoretical frameworks: the Pecking order theory, and the Trade Off theory taking into consideration the SME’s characteristics. Our data were generated from DIANE database. Five hypotheses were tested via a panel regression to understand the type of dependence between the financing methods of 3,244 French SMEs and the development of their investment over a period of 10 years (2007-2016). The results show dependence between equity and internal financing in case of intangible investments development. Moreover, this type of business is constraint to financial debts since the guarantees provided are not sufficient to meet the banks' requirements. However, for tangible investments development, SMEs count sequentially on internal financing, bank borrowing, and new shares issuance or hybrid financing. This is compliant to the Pecking Order Theory. We, therefore, conclude that unlisted SMEs incur more financial debts to finance their tangible investments more than their intangible. However, they always prefer internal financing as a first choice. This seems to be confirmed by the assumption that the profitability of the company is negatively related to the increase of the financial debt. Thus, the Pecking Order Theory predictions seem to be the most plausible. Consequently, SMEs primarily rely on self-financing and then go, into debt as a priority to finance their financial deficit.

Keywords: capital structure, investments, life cycle, pecking order theory, trade off theory

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructures are high-cost, long-term investments that serve as vital foundations for the operation of a region or nation and are essential to a country’s or business’s economic development and prosperity, by improving well-being and generating jobs and income. The development of appropriate financing options is of key importance in the decision making process in order develop viable transport infrastructures. The development of transport infrastructure has increasingly been shifting toward alternative methods of project financing such as Public Private Partnership (PPPs) and hybrid forms. In this paper, a methodological decision-making framework based on the evaluation of the financial viability of transportation infrastructure for different financial schemes is presented. The framework leads to an assessment of the financial viability which can be achieved by performing various financing scenarios analyses. To illustrate the application of the proposed methodology, a case study of rail transport infrastructure financing scenario analysis in Greece is developed.

Keywords: rail transport infrastructure, financial viability, scenario analysis, rail project feasibility

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Authors: Aouina Nabila Yasmina, Zine El Abidine Chaoui

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Recently, understanding the interactions of electrons with the DNA molecule and its components has attracted considerable interest because DNA is the main site damaged by ionizing radiation. The interactions of radiation with DNA induce a variety of molecular damage such as single-strand breaks, double-strand breaks, basic damage, cross-links between proteins and DNA, and others, or the formation of free radicals, which, by chemical reactions with DNA, can also lead to breakage of the strand. One factor that can contribute significantly to these processes is the effect of water hydration on the formation and reaction of radiation induced by these radicals in and / or around DNA. B-DNA requires about 30% by weight of water to maintain its native conformation in the crystalline state. The transformation depends on various factors such as sequence, ion composition, concentration and water activity. Partial dehydration converts it to DNA-A. The present study shows the results of theoretical calculations for positrons and electrons elastic scattering with DNA medium and water over a broad energy range from 10 eV to 100 keV. Indeed, electron elastic cross sections and elastic mean free paths are calculated using a corrected form of the independent atom method, taking into account the geometry of the biomolecule (SCAR macro). Moreover, the elastic scattering of electrons and positrons by atoms of the biomolecule was evaluated by means of relativistic (Dirac) partial wave analysis. Our calculated results are compared with theoretical data available in the literature in the absence of experimental data, in particular for positron. As a central result, our electron elastic cross sections are in good agreement with existing theoretical data in the range of 10 eV to 1 keV.

Keywords: elastic cross scrion, elastic mean free path, scar macro method, electron collision

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Authors: Farzad Vakili-Farahani, Joern Lungershausen, Kilian Wasmer

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Wobbled laser beam welding, fast oscillations of a tiny laser beam within a designed path (weld geometry) during the laser pulse illumination, opens new possibilities to improve the marco-to micro-manufacturing process. The present work introduces the wobbled laser beam welding as a robust welding strategy for improving macro-to micro-fabrication process, e.g., the laser processing for gap-bridging and packaging industry. The typical requisites and relevant equipment for the development of a wobbled laser processing unit are addressed, including a suitable laser source, light delivery system, optics, proper beam deflection system and the design geometry. In addition, experiments have been carried out on titanium plate to compare the results of wobbled laser welding with conventional pulsed laser welding. As compared to the pulsed laser welding, the wobbled laser welding offers a much greater fusion area (i.e. additional molten material) while minimizing the HAZ and provides a better confinement of the material microstructural changes.

Keywords: wobbled laser beam welding, wobbling function, beam oscillation, micro welding

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Authors: Gaurav Gupta, Jitendra Mahakud

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

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

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Authors: Ahmed Bellakhdhar

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This paper aims to test the impact of various variables-namely, investment in physical capital, investment in human capital, openness to trade and foreign direct investments, and distance from the technology frontier-on economic growth in the Tunisian context during the period 1976-2010. Empirical results identify that the impact of human capital is significantly positive. This finding confirms the hypothesis that human capital is a main driver of economic performance through its role of improving the internal productive capacity and the absorption of foreign technology especially via foreign direct investments. The effect of FDI is significantly positive in all alternative regressions and the coefficient associated to physical capital variable is positive, but not significant overall. Concerning the import of technologically advanced equipments, our estimates show the absence of a significant direct impact on economic growth in Tunisia. Our empirical results also support the assumption of a non linear relationship between tax and growth and demonstrate the existence of an inverted-U curve between the two variables, in the spirit of the “Laffer curve”.

Keywords: Endogenous growth, Human capital, Technology transfer, Absorptive capacity

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Authors: A. Khelifi, M. Al Kaabi, B. Al Rawashdeh

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The infrastructure is one of the most important pillars of the UAE, where it spends millions of dollars for investments in the construction sectors. The research done by Kuwait Finance House (KFH) Research showed clearly that the UAE investments in the construction sectors have exceeded 30 billion dollars in 2013. There are many construction companies in the UAE and each one of them is taking the responsibilities to build different infrastructures. The large scale construction projects consist of multi human activities which can affect the efficiency and productivity of the running projects. The Construction Administration System is developed to increase the efficiency and productivity at the construction sites. It runs on two platforms: web server and mobile phone and supports two main users: mobile user and institution employee. With Construction Administration Mobile Application the user can manage and control several projects, create several reports and send these reports in Portable Document Format (PDF) formats through emails, view the physical location of each project, capturing and save photos. An institution employee can use the system to view all existing workers and projects, send emails and view the progress of each project.

Keywords: construction sites, management, mobile application, Portable Document Format (PDF)

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Authors: Mayank Mishra

Abstract:

Market Economy can be broadly defined as economic system where supply and demand regulate the economy and in which decisions pertaining to production, consumption, allocation of resources, price and competition are made by collective actions of individuals or organisations with limited government intervention. On the other hand Market Society is one where instead of the economy being embedded in social relations, social relations are embedded in the economy. A market economy becomes a market society when all of land, labour and capital are commodified. This transition also has effect on people’s attitude and values. Such a transition commence impacting the non-material aspect of life such as public education, public health and the like. The inception of neoliberal policies in non-market norms altered the nature of social goods like public health that raised the following questions. What impact would the transition to a market society make on people in terms of accessibility to public health? Is healthcare a commodity that can be subjected to a competitive market place? What kind of private investments are being made in public health and how do private investments alter the nature of a public good like healthcare? This research problem will employ empirical-analytical approach that includes deductive reasoning which will be using the existing concept of market economy and market society as a foundation for the analytical framework and the hypotheses to be examined. The research also intends to inculcate the naturalistic elements of qualitative methodology which refers to studying of real world situations as they unfold. The research will analyse the existing literature available on the subject. Concomitantly the research intends to access the primary literature which includes reports from the World Bank, World Health Organisation (WHO) and the different departments of respective ministries of the countries for the analysis. This paper endeavours to highlight how the issue of commodification of public health would lead to perpetual increase in its inaccessibility leading to stratification of healthcare services where one can avail the better services depending on the extent of one’s ability to pay. Since the fundamental maxim of private investments is to churn out profits, these kinds of trends would pose a detrimental effect on the society at large perpetuating the lacuna between the have and the have-nots.The increasing private investments, both, domestic and foreign, in public health sector are leading to increasing inaccessibility of public health services. Despite the increase in various public health schemes the quality and impact of government public health services are on a continuous decline.

Keywords: commodity, India and Pakistan, market society, public health

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Authors: Khenenou Tarek

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Aim: The objective of present study was to compare the normal macro and microscopic appearance of the liver in two very different species, one is an omnivorous mammal; the wild boar and the other belongs to the family of poultry; broiler chicken from the region of Bouhmama (Khenchela). Materials and methods: Eight broilers (58 days of age) and eight wild boars were included in the experiment to obtain information about the morpho-histological appearances of liver in two species. Results: There is a big difference in the liver appearance between the two species, in the wild boar it is of firm consistency with a tiger aspect and divided into four lobes, whereas in the broiler, the liver is brown and sometimes pale during the first 10-14 days, so it was divided into two lobes. Concerning the liver parenchyma, we used the Russian LOMBO MBS-10 stereo microscope, our results showed that the liver parenchyma was well developed in wild boar than in broiler chickens whereas, in broiler chickens; an excessive development of the sinus; the latter were less developed in the wild boar. Conclusion: The macroscopic observation showed a marked difference in liver between the two species. The microscopic examination of liver showed that the parenchyma is less pronounced in broilers whereas the sinuses were highly developed in the wild boar.

Keywords: broiler chicken, liver, macro and microscopic appearances, wild boar, Algeria

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Authors: Yang Wenjuan, Xu Yilun

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Based on the comparative analysis of the relevant evaluation methods of walking environment, this paper selects the combined evaluation method of macro urban morphology analysis and micro urban design quality survey, then investigates and analyzes the walking environment of three rail transit station area in Nanjing to explore the influence factor and internal relation of walkability of rail transit station area. Analysis shows that micro urban design factors have greater impact on the walkability of rail transit station area compared with macro urban morphology factors, the convenience is the key factor in the four aspects of convenience, security, identity and comfortability of the urban design factors, the convenience is not only affected by the block network form, but also related to the quality of the street space. The overall evaluation of walkability comes from the overlapping and regrouping of the walking environment at different levels, but some environmental factors play a leading role. The social attributes of pedestrians also partly influence their walking perception and evaluation.

Keywords: rail transit station area, walkability, evaluation, influence factors

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Authors: Lewis Wallace, William Dempster, David Nash, Alexandros Boukis, Craig Maclean

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This paper, through traditional test methods and close adherence to international standards, presents a characterization study of a woven Polyethylene Terephthalate (PET). Testing is undergone in the axial, shear, and out-of-plane (bend) directions, and the results are fitted to the *FABRIC material model with ABAQUS FEA. The non-linear behaviors of the fabric in the axial and shear directions and behaviors on the macro scale are explored at the meso scale level. The medical grade bio-fabric is tested in untreated and heat-treated forms, and deviations are closely analyzed at the micro, meso, and macro scales to determine the effects of the process. The heat-treatment process was found to increase the stiffness of the fabric during axial and bending stiffness testing but had a negligible effect on the shear response. The ability of *FABRIC to capture behaviors unique to fabric deformation is discussed, whereby the unique phenomenological input can accurately represent the experimentally derived inputs.

Keywords: experimental techniques, FEA modelling, materials characterization, post-processing techniques

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Authors: Sarkar Humayun Kabir

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This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

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Authors: Dina H. Gabr, Mona A. El Bannan

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With growing worldwide concern for global warming, green finance has become the fuel that pushes the world to act in combating and mitigating climate change. Coupled with adopting the Paris Agreement and the United Nations Sustainable Development Goals, Green finance became a vital tool in creating a pathway to sustainable development, as it connects the financial world with environmental and societal benefits. This paper provides a comprehensive review of the concepts and definitions of green finance and the importance of 'green' impact investments today. The core challenge in combating climate change is reducing and controlling Greenhouse gas emissions; therefore, this study explores the solutions green finance provides putting emphasis on the use of renewable energy, which is necessary for enhancing the transition to the green economy. With increasing attention to the concept of green finance, multiple forms of green investments and financial tools have come to fruition; the most prominent are green bonds. The rise of green bonds, a debt market to finance climate solutions, provide a promising mechanism for sustainable finance. Following the review, this paper compiles a comprehensive green bond dataset, presenting a statistical study of the evolution of the green bonds market from its first appearance in 2006 until 2021.

Keywords: climate change, GHG emissions, green bonds, green finance, sustainable finance

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Authors: Nadine Wills

Abstract:

The whole life thinking of buildings (independent if these are commercial properties or residential properties) will raise if incentive systems are provided to investors, planners and users. The Use of Building Information Modelling (BIM)-Systems offers planners the possibility to plan and re-plan buildings for decades after a period of utilization without spending many capacities. The strategy-incentive should be to plan the building in a way that makes rescheduling possible by changing just parameters in the system and not re-planning the whole building. If users receive the chance to patient incentive systems, the building stock will have a long life period. Business models of tenant electricity or self-controlled operating costs are incentive systems for building –users to let fixed running costs decline without producing damages due to wrong purposes. BIM is the controlling body to ensure that users do not abuse the incentive solution and take negative influence on the building stock. The investor benefits from the planner’s and user’s incentives: the fact that the building becomes useful for the whole life without making unnecessary investments provides possibilities to make investments in different assets. Moreover, the investor gains the facility to achieve higher rents by merchandise the property with low operating costs. To execute BIM offers whole property life cycles.

Keywords: BIM, incentives, life cycle, sustainability

Procedia PDF Downloads 297