Search results for: sovereign bond markets

Authors: Hafiz Muhammad Adeel Sharif, Tian Li, Changping Li

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Recently, the emission of nitrogen-sulphur oxides (NOₓ, SO₂) has become a global issue and causing serious threats to health and the environment. Catalytic reduction of NOx and SOₓ gases into friendly gases is considered one of the best approaches. However, regeneration of the catalyst, higher bond-dissociation energy for NOx, i.e., 150.7 kcal/mol, escape of intermediate gas (N₂O, a greenhouse gas) with treated flue-gas, and limited activity of catalyst remains a great challenge. Here, a cheap, binderless naturally-extracted bass-wood thin carbon electrode (TCE) is presented, which shows excellent catalytic activity towards NOx reduction. The bass-wood carbonization at 900 ℃ followed by thermal activation in the presence of CO2 gas at 750 ℃. The thermal activation resulted in an increase in epoxy groups on the surface of the TCE and enhancement in the surface area as well as the degree of graphitization. The TCE unique 3D strongly inter-connected network through hierarchical micro/meso/macro pores that allow large electrode/electrolyte interface. Owing to these characteristics, the TCE exhibited excellent catalytic efficiency towards NOx (~83.3%) under ambient conditions and enhanced catalytic response under pH and sulphite exposure as well as excellent stability up to 168 hours. Moreover, a temperature-dependent activity trend was found where the highest catalytic activity was achieved at 80 ℃, beyond which the electrolyte became evaporative and resulted in a performance decrease. The designed electrocatalyst showed great potential for effective NOx-reduction, which is highly cost-effective, green, and sustainable.

Keywords: electrocatalyst, NOx-reduction, bass-wood electrode, integrated wet-scrubbing, sustainable

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Authors: B. G. Oguntuase, M. O. Olofinsae

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This study was carried out to assess the contribution of bush meat to Edo people’s livelihood and the consequence of utilization on conservation. Five markets were selected in Ovia Southwest local government area of Edo State, twenty bush meat sellers were selected from each market. Direct observations were made to document the composition of wild animals under sale in the study area. A total of one hundred questionnaires were administered to the respondents. The questionnaires were all retrieved and analyzed using descriptive analysis. The results show that thirteen animal species are being traded in the area. The price for the animal species (whole animal) ranged from N200 to N9,520. Respondents reported that there is a decline in the animal population over time. Between 64% and 95% of the respondents acknowledged population decline in seven of the thirteen animal species available for sale compared to what it used to be some ten years ago. Sales of wild animal species could be regarded as a profitable business in the rural community, supporting livelihood of the community, but could have devastating effect on conservation as already observed in this study if harvesting of wild animals is not regulated on controlled or sustainable basis.

Keywords: conservation, economic benefits, hunting, population, wild animals

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Authors: Mallikarjunachari Gangapuram

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The design of stimuli-responsive hydrogel nanocomposite thin films is gaining significant attention in these days due to its wide variety of applications. Soft microrobots, drug delivery, biosensors, regenerative medicine, bacterial adhesion, energy storage and wound dressing are few advanced applications in different fields. In this research work, the nanomechanical properties of composite thin films of 20 microns were tuned by applying homogeneous external DC, and AC magnetic fields of magnitudes 0.05 T and 0.1 T. Polyvinyl alcohol (PVA) used as a matrix material and elliptical hematite nanoparticles (ratio of the length of the major axis to the length of the minor axis is 140.59 ± 1.072 nm/52.84 ± 1.072 nm) used as filler materials to prepare the nanocomposite thin films. Both quasi-static nanoindentation, Nano Dynamic Mechanical Analysis (Nano-DMA) tests were performed to characterize the viscoelastic properties of PVA, PVA+Hematite (0.1% wt, 2% wt and 4% wt) nanocomposites. Different properties such as storage modulus, loss modulus, hardness, and Er/H were carefully analyzed. The increase in storage modulus, hardness, Er/H and a decrease in loss modulus were observed with increasing concentration and DC magnetic field followed by AC magnetic field. Contact angle and ATR-FTIR experiments were conducted to understand the molecular mechanisms such as hydrogen bond formation, crosslinking density, and particle-particle interactions. This systematic study is helpful in design and modeling of magnetic responsive hydrogel nanocomposite thin films for biomedical applications.

Keywords: hematite, hydrogel, nanoindentation, nano-DMA

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Authors: Salah E. El-Metwally, Marwan Abdo, Basem Abdel Wahed

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Fiber-reinforced polymer (FRP) bars have been proposed as an alternative to conventional steel bars; hence, the use of these non-corrosive and nonmetallic reinforcing bars has increased in various concrete projects. This concrete material is lightweight, has a long lifespan, and needs minor maintenance; however, its non-ductile nature and weak bond with the surrounding concrete create a significant challenge. The behavior of concrete elements reinforced with FRP bars has been the subject of several experimental investigations, even with their high cost. This study aims to numerically assess the viability of using FRP bars, as longitudinal reinforcement, in comparison with traditional steel bars, and also as prestressing tendons instead of the traditional prestressing steel. The nonlinear finite element analysis has been utilized to carry out the current study. Numerical models have been developed to examine the behavior of concrete beams reinforced with FRP bars or tendons against similar models reinforced with either conventional steel or prestressing steel. These numerical models were verified by experimental test results available in the literature. The obtained results revealed that concrete beams reinforced with FRP bars, as passive reinforcement, exhibited less ductility and less stiffness than similar beams reinforced with steel bars. On the other hand, when FRP tendons are employed in prestressing concrete beams, the results show that the performance of these beams is similar to those beams prestressed by conventional active reinforcement but with a difference caused by the two tendon materials’ moduli of elasticity.

Keywords: reinforced concrete, prestressed concrete, nonlinear finite element analysis, fiber-reinforced polymer, ductility

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Authors: Sana Mohammad Jafar, Hossaini Seyahi Zohreh

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Infections and food intoxication caused by microbial contamination of food is of major issues in different countries, and diseases caused by the consumption of contaminated food included a large percentage of the country's health problems. Since traditional cheese for cultural reasons, good taste and smell in many parts of the area still has the important place in people's food basket, transmission of pathogenic bacteria could be at risk human health through the consumption of this food. In this study selected randomly 100 samples of 250 grams of traditional cheeses supplied in the city Behbahan market and adjacent to the ice was transferred to the laboratory and microbiological tests were performed immediately. According to the results, from 100 samples tested traditional cheese, 94 samples (94% of samples) were contaminated with coliforms, which of this number 75 samples (75% of samples) the contamination rate was higher than the limit (more than 100 cfu/g). Of the total samples, 36 samples (36% of samples) were contaminated with fecal coliform which of this number 30 samples (30% of samples) were contaminated with Escherichia.coli bacteria. Based on the results of agglutination test,no samples was found positive as pathogenic Escherichia.coli.

Keywords: determination, traditional cheese, Behbahan, Escherichia coli

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Authors: Abderrazek Ben Maatoug, Ibrahim Fatnassi, Wassim Ben Ayed

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In this paper we investigate the issue of market risk quantification for Middle East and North Africa (MENA) Islamic market equity. We use Value-at-Risk (VaR) as a measure of potential risk in Islamic stock market, for long and short position, based on Riskmetrics model and the conditional parametric ARCH class model volatility with normal, student and skewed student distribution. The sample consist of daily data for the 2006-2014 of 11 Islamic stock markets indices. We conduct Kupiec and Engle and Manganelli tests to evaluate the performance for each model. The main finding of our empirical results show that (i) the superior performance of VaR models based on the Student and skewed Student distribution, for the significance level of α=1% , for all Islamic stock market indices, and for both long and short trading positions (ii) Risk Metrics model, and VaR model based on conditional volatility with normal distribution provides the best accurate VaR estimations for both long and short trading positions for a significance level of α=5%.

Keywords: value-at-risk, risk management, islamic finance, GARCH models

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Authors: Haymanot Gebre-Amlak, Selamawit Gebre-Amlak

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Since its original declaration in the 18th century, Karl Marx and Friedrich Engels's Communist Manifesto has become one of the most influential political tracts. Socialism is a political path that leads towards communism by fostering a cooperative economy through the creation of cooperative enterprises, common ownership, state ownership, or shared equity. The ultimate objective of communism is to bring everyone working toward the same collective goal of a healthy, happy, and free society. The European establishment of 19-century colonial rule over the continent of Africa reinforced inflows of European investment and forced a profound change in the operation of labor and land markets. The colonial era and forced labor schemes in Africa lasted for several decades. When exiting from colonialism, these African countries were attracted to socialism’s ideology to bridge the social gap and freedom to their society. In this paper, we compare a pre and post socialist ideology and the impact in various African countries. We analyse the different aspects, which led to inconsistent outcomes. Our finding indicates that while they have some facets in common, each African country had a unique interpretation and influence from the socialist ideology.

Keywords: African politics, socialism in Africa, African history, Africa

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Authors: Yosra Mefteh Rekik, Younes Boujelbene

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We introduce in this paper a new conceptual model representing the stock market dynamics. This model is essentially based on cognitive behavior of the intelligence investors. In order to validate our model, we build an artificial stock market simulation based on agent-oriented methodologies. The proposed simulator is composed of market supervisor agent essentially responsible for executing transactions via an order book and various kinds of investor agents depending to their profile. The purpose of this simulation is to understand the influence of psychological character of an investor and its neighborhood on its decision-making and their impact on the market in terms of price fluctuations. Therefore, the difficulty of the prediction is due to several features: the complexity, the non-linearity and the dynamism of the financial market system, as well as the investor psychology. The Artificial Neural Networks learning mechanism take on the role of traders, who from their futures return expectations and place orders based on their expectations. The results of intensive analysis indicate that the existence of agents having heterogeneous beliefs and preferences has provided a better understanding of price dynamics in the financial market.

Keywords: artificial intelligence methods, artificial stock market, behavioral modeling, multi-agent based simulation

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Authors: S. Nqayi, B. Sondezi

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A rare-earth-based Sm₂MnRuO₆₊δ (SMRO) double perovskite was prepared using a high-temperature solid-state reaction. The structural, morphological, chemical, thermodynamic, and magnetic properties were measured with X-ray diffraction (XRD), energy dispersive spectroscopy (EDS), X-ray photoemission spectroscopy (XPS), and vibrating sample magnetometer (VSM), respectively. The XRD revealed a tetragonal structure belonging to the I4/mmm space group, number 139, with linear Mn−O−Ru bonds. Replacing the well-studied alkaline earth metal with a rare-earth element increased the Mn-O bond length difference between the shorter equatorial (Mn-Oab) and the axial (Mn-Oc) bonds by approximately 6.3%. The elemental composition showed an O-rich double perovskite with a Ru deficit, which encourages the formation of a Ru⁶⁺ (d²) state. XPS spectra of Sm-3d, Ru-3d, and Mn-2p revealed the coexistence of a double oxidation state for each cation; Sm²⁺, Sm³⁺, Ru³⁺, Ru⁶⁺, Mn²⁺ , and Mn³⁺, in varying proportions. Entropy studies showed drastic ordering of spins at low temperatures (up to 12.4 K), whilst increasing temperatures above this point resulted in a drastic increase of disorder of the spins (up to 43.26 K), beyond which a constant slope of entropy is observed. Magnetic measurements revealed two magnetic ground states at TN = 12.4 K and TC = 43.3 K ordering antiferromagnetically (AFM) and ferromagnetically (FM), respectively. Kneller fit further showed that the materials become completely paramagnetic at TB = 88.1 K, (the blocking temperature). The existence of ferromagnetic (FM) super-exchange coupling in this work originating from Mn³⁺ (t³₂𝓰e¹𝓰)−O−Ru³⁺ (t⁵₂𝓰e⁰𝓰) and Mn²⁺ (t³₂𝓰e²𝓰−O−Ru⁶⁺ (t²₂𝓰e⁰𝓰) which plays an important role in suppressing the Mn/Ru−O−Mn/Ru antiferromagnetic (AFM) interactions.

Keywords: solid-state reaction, super-exchange coupling, ferromagnetic, Kneller’s law, entropy

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Authors: Mohamed M. A. Rahoma

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A better understanding of the factors that control the resistivity values of Sandstone reservoirs is very important for petroleum exploration and production. This study is an attempt to find out the factors that could be the reason for the decrease in resistivity values of the Lower Akakus Sandstones, which are the main reservoir in the area in an onshore field located in the northern part of Ghadames Basin - Northwest of Libya in the contracted area 47, block 2 The study achieved is based on: 30 core chip samples taken from two wells (A3-47/02 and J1-47/02) and Routine Core Analysis (RCA). The results of petrography analysis (thin section, X-ray diffraction and SEM) demonstrated that the depth sits (intervals) which illustrated low resistivity values have a relatively high content of diagenetic clay and cement minerals, hence we can conclude that diagenetic events have a more significant impact on the resistivity values of studied interval for possibly two following reasons: The first essential reason, the extensive micro pores that mostly exist within clay minerals (Chlorite and Kaolinite where, about 30-50 % of their composition considered micro pores), resistivity log read low as noticed through the study. The highest value of micro pores recorded in core1 of J1-47/02 well due to most likely the kaolinite amount which was a slightly higher than the chlorite amount in this well (the bond water porosity for chlorite clay considered relatively the lowest porosity compared to other clay minerals). The second reason, the presence of diagenetic cement minerals (Siderite and Hematite, which contain an iron element as one of their components) within the studied interval as remarked from my study may cause decreasing in resistivity of the formation of the reservoir.

Keywords: diagenetic cement, diagenetic clay, resistivity, petrography analysis

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Authors: Yu-Chen Wei, Yang-Cheng Lu, I-Chi Lin

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This study examines the impacts of news sentiment and press freedom on abnormal returns during the earnings announcement in greater China including the Shanghai, Shenzhen and Taiwan stock markets. The news sentiment ratio is calculated by using the content analysis of semantic orientation. The empirical results show that news released prior to the event date may decrease the cumulative abnormal returns prior to the earnings announcement regardless of whether it is released in China or Taiwan. By contrast, companies with optimistic financial news may increase the cumulative abnormal returns during the announcement date. Furthermore, the difference in terms of press freedom is considered in greater China to compare the impact of press freedom on abnormal returns. The findings show that, the freer the press is, the more negatively significant will be the impact of news on the abnormal returns, which means that the press freedom may decrease the ability of the news to impact the abnormal returns. The intuition is that investors may receive alternative news related to each company in the market with greater press freedom, which proves the efficiency of the market and reduces the possible excess returns.

Keywords: news, press freedom, Greater China, earnings announcement, abnormal returns

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Authors: Fadi Chammas, Saad Alkhaldi, Tariq Alghamdi, Stefano Alexandirs

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The operating conditions and corrosive nature of the process fluid in the Haradh and Hawiyah areas are subjecting facility piping to undesirable corrosion phenomena. Therefore, production headers inside remote headers have been internally cladded with high alloy material to mitigate the corrosion damage mechanism. Corrosion mitigation in the jump-over lines, constructed between the existing flowlines and the newly constructed facilities to provide operational flexibility, is proposed. This corrosion mitigation system includes the application of fusion bond epoxy (FBE) coating on the internal surface of the pipe and depositing corrosion-resistant alloy (CRA) weld layers at pipe and fittings ends to protect the carbon steel material. In addition, high alloy CRA weld material is used to deposit the girth weld between the 90-degree elbows and mating internally coated segments. A rigorous testing and qualification protocol was established prior to actual adoption at the Haradh and Hawiyah Field Gas Compression Program, currently being executed by Saudi Aramco. The proposed mitigation system, aimed at applying the cladding at the ends of the internally FBE coated pipes/elbows, will resolve field joint coating challenges, eliminate the use of approximately (1700) breakout flanges, and prevent the potential hydrocarbon leaks.

Keywords: pipelines, corrosion, cost-saving, project completion

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Authors: Muhittin Fatih Demirhan, Sibel Alapala Demirhan

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Agriculture, is also regarded as the primary activity area in all economies. When international comparisons are made Turkey has comparative advantages in agricultural potential. However, it is diffi cult to say that Turkey's agricultural productivity and use of technology is well developed in terms of sufficieny. Turkey, in terms of agricultural production, is one of the rare self-sufficient countries, but for supplying excessive demand of its domesticproduction to foreign markets to obtain the necessary income it is rather insufficient. On the basis of wrong policies implemented during the crisis and found that bottlenecks in agriculture and animal husbandry or agriculture policies of the IMF and World Bank are imposed on countries like Turkey. The IMF and the World Bank, the reduction of support in the agricultural and livestock Turkey, is known to put pressure for the abolition. Under these circumstances, our farmers, livestock producers and breeders of, not a chance to compete in the same market with EU producers. Animal products that capture the productivity levels of developed countries, seems to be our chance to compete with the quality and hygiene criteria. Thus, the discussion of the issue must be raised as for the sector's contribution to the economy in terms of further increasing production of the existing potential in mobilization.

Keywords: agricultural development, animal production, competition, economic crisis, food supply

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Authors: Dongqi Sun, Juan Tao, Yingying Wu

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This paper reexamines the appropriateness of contrarian trades as a proxy of informed trades, using high frequency Chinese stock data. Employing this measure for 5 minute intervals, a U-shaped intraday pattern of probability of informed trades (PIN) is found for the CSI300 stocks, which is consistent with previous findings for other markets. However, while dividing the trades into different sizes, a reversed U-shaped PIN from large-sized trades, opposed to the U-shaped pattern for small- and medium-sized trades, is observed. Drawing from the mixed evidence with different trade sizes, the price impact of trades is further investigated. By examining the relationship between trade imbalances and unexpected returns, larges-sized trades are found to have significant price impact. This implies that in those intervals with large trades, it is non-contrarian trades that are more likely to be informed trades. Taking account of the price impact of large-sized trades, non-contrarian trades are used to proxy for informed trading in those intervals with large trades, and contrarian trades are still used to measure informed trading in other intervals. A stronger U-shaped PIN is demonstrated from this modification. Auto-correlation and information advantage tests for robustness also support the modified informed trading measure.

Keywords: contrarian trades, informed trading, price impact, trade imbalance

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Authors: Boda Sreenivas, Lyathakula Ravindranath, Kanugula Srishailam, Byru Venkatram Reddy

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Extensive research into the optimized structure and molecular properties of 3-Flouro-2-methylbenzoicacid(FMB), 3-Chloro-2-methoxybenzoicacid (CMB), and 3-Bromo-2-methylbenzoicacid (BMB) was carried out using FT-IR, FT-Raman and UV-Visible spectra, as well as theoretically using the DFT approach with B3LYPfunctional in conjunction with 6-311++G(d,p) basis set. The optimized structure was determined by evaluating torsional scans about free rotation bonds. Structure parameters, harmonic vibrational frequencies, potential energy distribution(PED), and infrared and Raman intensities were computed. The computational results from the DFT approach, such asFT-IR, FT-Raman, and UV-Visible spectra, were compared with the experimental results and found good agreement. Observed and calculated frequencies agreed with an rms error of 8.42, 6.60, and 6.95 cm-1 for FMB, CMB, and BMB, respectively. Unambiguous vibrational assignments were made for all fundamentals using PED and eigenvectors. The electronic HOMO-LUMO, H-bonding, and strong conjugative interactions across different molecular entities are discussed using experimental and simulated Ultraviolet-Visible spectra. The title molecules' molecular properties such as dipole moment, mean polarizability, and first-order hyperpolarizability, were calculated to study their non-linear optical (NLO) behavior. The chemical reactivity descriptors and mapped electrostatic surface potential (MESP) were also evaluated. Natural bond orbital (NBO) analysis was used to examine the stability of molecules resulting from hyperconjugative interactions and charge delocalization.

Keywords: ftir/raman spectra, DFT, NLO, homo-lumo, NBO, halogenated benzoic acids

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Authors: Covadonga Mallada Fernández

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Economic development and globalization of international markets have created a favourable atmosphere for the emergence of new forms of crime such as money laundering or financing of terrorism, which may contribute to destabilized and damage economic systems. In particular, money laundering have acquired great importance since the 11S attacks, what has caused on the one hand, the establishment and development of preventive measures and, on the other hand, a progressive hardening of penal measures. Since then, the regulations imposed to fight against money laundering have been viewed as key components also in the fight against terrorist financing. Terrorism, at the beginning, was a “national” crime connected with internal problems of the State (for instance the RAF in Germany or ETA in Spain) but in the last 20 years has started to be an international problem that is connected with the defence and security of the States. Therefore, the new strategic concept for the defense and security of NATO has a comprehensive list of security threats to the Alliance, such as terrorism, international instability, money laundering or attacks on cyberspace, among others. With this new concept, money laundering and terrorism has become a priority in the national defense. In this work we will analyze the methods to combat these new threats to the national security. We will study the preventive legislations to combat money laundering and financing of terrorism, the UIF that exchange information between States, and the hawala-Banking.

Keywords: control of financial flows, money laundering, terrorism, financing of terrorism

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Authors: Karina Nabilla, Dedi Sumantri, Nurul T. Rizal, Siti H. Yavitha

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Background: Composite resin is the most frequently used material for restoring teeth, but still failure cases are seen which leading to microleakage. Microleakage might be attributed to various factors, one of them is bonding agent. Various generations of bonding agents have been introduced to overcome the microleakage. The aim of this study was to evaluate the microleakage of composite restorations using the fifth and seventh bonding agent. Methods: Class I cavities (3X2X2 mm) were prepared on the occlusal surfaces of 32 human upper premolars. Teeth were classified into two groups according to the type of bonding agent used (n =16). Group I: Fifth Generation of Bonding Agent-Adper Single Bond2. Group II: Seventh Generation of Bonding Agent-Single Bond Universal. All cavities were restored with Filtek Z250 XT composite resin, stored in sterile aquades water at 370C for 24 h. The root apices were sealed with sticky wax, and all the surfaces, except for 2 mm from the margins, were coated with nail varnish. The teeth were immersed in a 1% methylene blue dye solution for 24 h, and then rinsed in running water, blot-dried and sectioned longitudinally through the center of restorations from the buccal to palatal surface. The sections were blindly assessed for microleakage of dye penetration by using a stereomicroscope. Dye penetration along margin was measured in µm then calculated into the percentage and classified into scoring system 1 to 3. Data were collected and statistically analyzed by Chi-Square test. Result: There was no significant difference (p > 0,05) between two groups. Conclusion: Fifth generation of bonding agent revealed less leakage compared to the seventh generation even statistically there was no significant difference.

Keywords: composite restoration, fifth generation of bonding agent, microleakage, seventh generation of bonding agent

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Authors: Adedayo Jeremiah Adeyekun, Samuel Oluwagbemiga Ishola

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This research aims to study the use of traditional building materials for the repair and refurbishment of historic buildings in India and to provide an authentic treatment of historical buildings that will be highly considered by taking into consideration the new standards of rehabilitating process. This can be proven to be an effective solution over modern impervious material due to its compatibility with traditional building methods and materials. For example, their elastoplastic properties allow accommodating movement due to settlement or moisture/temperature changes without cracking. The use of lime also enhances workability, water retention and bond characteristics. Lime is considered to be a natural, traditional material, but it is also sustainable and energy-efficient, with production powered by biomass and emissions up to 25% less than cementitious materials. However, there is a lack of comprehensive data on the impact of lime‐based materials on the energy efficiency and thermal properties of traditional buildings and structures. Although lime mortars, renders and plasters were largely superseded by cement-based products in the first half of the 20th century, lime has a long and proven track record dating back to ancient times. This was used by the Egyptians in 4000BC to construct the pyramids. This doesn't mean that lime is an outdated technology, nor is it difficult to be used as a material. In fact, lime has a growing place in modern construction, with increasing numbers of designers choosing to use lime-based products because of their special properties. To carry out this research, some historic buildings will be surveyed and information will be derived from the textbooks and journals related to Architectural restoration.

Keywords: lime, materials, historic, buildings, sustainability

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Authors: Peng Yew Wong

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House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor

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Authors: Ahmed Rashad Harb Riad Ismail

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The purpose of this research is to study the potential of Dynamic Pricing if deployed by mobile operators and analyse its effects from both operators and consumers side. Furthermore, to conclude, throughout the research study, the recommended conditions for successful Dynamic Pricing deployment, recommended factors identifying the type of markets where Dynamic Pricing can be effective, and proposal for a Dynamic Pricing stakeholders’ framework were presented. Currently, the mobile telecommunications industry is witnessing a dramatic growth rate in the data consumption, being fostered mainly by higher data speed technology as the 4G LTE and by the smart devices penetration rates. However, operators’ revenue from data services lags behind and is decupled from this data consumption growth. Pricing strategy is a key factor affecting this ecosystem. Since the introduction of the 4G LTE technology will increase the pace of data growth in multiples, consequently, if pricing strategies remain constant, then the revenue and usage gap will grow wider, risking the sustainability of the ecosystem. Therefore, this research study is focused on Dynamic Pricing for 4G LTE data services, researching the drivers, benefits and challenges of 4G LTE Dynamic Pricing and the feasibility of its deployment in practice from different perspectives including operators, regulators, consumers, and telecommunications equipment manufacturers point of views.

Keywords: LTE, dynamic pricing, EPC, research

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Authors: Zubier Arfan, Paul Johnson

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The electronification of financial markets and the rise of algorithmic trading has sparked a lot of interest from the mathematical community, for the market making-problem in particular. The research presented in this short paper solves the classic stochastic control problem in order to derive the strategy for a market-maker. It also shows how to calibrate and simulate the strategy with real limit order book data for back-testing. The ambiguity of limit-order priority in back-testing is dealt with by considering optimistic and pessimistic priority scenarios. The model, although it does outperform a naive strategy, assumes constant volatility, therefore, is not best suited to the LOB data. The Heston model is introduced to describe the price and variance process of the asset. The Trader's constant absolute risk aversion utility function is optimised by numerically solving a 3-dimensional Hamilton-Jacobi-Bellman partial differential equation to find the optimal limit order quotes. The results show that the stochastic volatility market-making model is more suitable for a risk-averse trader and is also less sensitive to calibration error than the constant volatility model.

Keywords: market-making, market-microsctrucure, stochastic volatility, quantitative trading

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Authors: Mukul R. Gupta, Rajkumar Gandhi, Rajitha Sachan, Naveen K. Khare

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The field of glycoscience has burgeoned in the last several decades, leading to the identification of many glycosides which could serve critical roles in a wide range of biological processes. This has prompted a resurgence in synthetic interest, with a particular focus on new approaches to construct the selective glycosidic bond. Despite the numerous elegant strategies and methods developed for the formation of glycosidic bonds, stereoselective construction of glycosides remains challenging. Here, we have recently developed the novel Hexafluoroisopropanol (HFIP) catalyzed stereoselective glycosylation methods by using KDN imidate glycosyl donor and a variety of alcohols in excellent yield. This method is broadly applicable to a wide range of substrates and with excellent selectivity of glycoside. Also, herein we are reporting the functionalization of the unbiased side of newly formed glycosides by dual-catalytic transition metal systems (Ru- or Fe-). We are using the innovative Reverse & Catalyst strategy, i.e., a reversible activation reaction by one catalyst with a functionalization reaction by another catalyst, together with enabling functionalization of substrates at their inherently unreactive sites. As well, we are targeting the diSia derivative synthesis by Wittig reaction. This synthetic method is applicable in mild conditions, functional group tolerance of the dual-catalytic systems and also highlights the potential of the multicatalytic approach to address challenging transformations to avoid multistep procedures in carbohydrate synthesis.

Keywords: KDN, stereoselective glycosylation, dual-catalytic functionalization, Wittig reaction

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Authors: Dishant Shahi, Aradhya Shandilya, Nand Kumar

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We study here the impact of the black component referred to as X component in the text on Real estate transactions. The X component involved not only acts as friction in transaction but also leads to dysfunctionality in the capital market of real estate. The effect of the component is presented by using a model of economy which seeks resemblance with that of India involving property deals. The rigidities which hinder smooth transactions in property or land deals are depicted and their impact on the economy as a whole has been modelled. The effect of subprime crisis (2007) on Indian housing capital market and the role which the X component played during it, is also included in one of the sections. In the entire text, we have utilised 4 Quadrant graphs to study supply and demand causalities involved in commercial real estate. At the end we have included the impact of demonetisation as a move to counter the problem of overvaluation in the property assets arising due to the X component. The case of Demonetisation which has been the latest move by the Indian Government to control huge amount of black money in circulation has been included along with its impact on the housing and rent as well as the capital market.

Keywords: X-component, 4Q graph, real estate, capital markets, demonetisation, consumer sentiments

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Authors: Changde Zhang, Qiang Zhang, Shilong Zheng, Jiawang Liu, Shanchun Guo, Qiu Zhong, Guangdi Wang

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Fulvestrant was approved by FDA to treat breast cancer as a selective estrogen receptor downregulator (SERD) with intramuscular injection administration. ZB716, a fulvestarnt-3 boronic acid, is an SERD with comparable anticancer effect to fulvestrant, but could produce good pharmacokinetic properties under oral administration with mice or rat models. To understand why ZB716 produced much better oral bioavailability, it was proposed that the boronic acid blocked the phase II direct biotransformation with the hydroxyl group on the 3 position of the aromatic ring on fulvestrant. In this study, ZB716 or fulvestrant was incubated with human liver microsome and oxidation cofactor NADPH in vitro. Their metabolites after oxidation were profiled with the Q-Exactive, a high-resolution mass spectrometer. The result showed that ZB716 blocked the forming of hydroxyl groups on its benzene ring except for the oxidation of C-B bond forming fulvestrant in its metabolites, and the concentration of fulvestrant with one more hydroxyl group found in the metabolites from incubation with fulvestrant was about 34 fold high as that formed from incubation with ZB716. Compared to fulvestrant, ZB716 is expected to be much difficult to be further bio-transformed into more hydrophilic compounds, to be difficult excreted out of blood system, and to have longer residence time in blood, which can lead to higher oral bioavailability. This study provided evidence to explain the high bioavailability of ZB716 after oral administration from the perspective of its difficulty of oxidation, a phase I biotransformation, on positions on its aromatic ring.

Keywords: biotransformation, fulvestrant, metabolite profiling, ZB716

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Authors: Regina R. Gunawan, Indwiani Astuti, H. Raden Danarto

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Cancer is the leading cause of death worldwide. Cancer is caused by mutations that alter the function of normal human genes and give rise to cancer genes. MicroRNA (miRNA) is a small non-coding RNA that regulates the gen through complementary bond towards mRNA target and cause mRNA degradation. miRNA works by either promoting or suppressing cell proliferation. miRNA level expression in cancer may offer another value of miRNA as a biomarker in cancer diagnostic. miRNA-21 is believed to have a role in carcinogenesis by enhancing proliferation, anti-apoptosis, cell cycle progression and invasion of tumor cells. Hsa-miR-21-5p marker has been identified in Prostate Cancer (PCa) and Benign Prostatic Hyperplasia (BPH) patient’s urine. This research planned to explore the diagnostic performance of miR-21 to differentiate PCa and BPH patients. In this study, urine samples were collected from 20 PCa patients and 20 BPH patients. miR-21 relative expression against the reference gene was analyzed and compared between the two. miRNA expression was analyzed using the comparative quantification method to find the fold change. miR-21 validity in identifying PCa patients was performed by quantifying the sensitivity and specificity with the contingency table. miR-21 relative expression against miR-16 in PCa patient and in BPH patient has 12,98 differences in fold change. From a contingency table of Cq expression of miR-21 in identifying PCa patients from BPH patient, Cq miR-21 has 100% sensitivity and 75% specificity. miR-21 relative expression can be used in discriminating PCa from BPH by using a urine sample. Furthermore, the expression of miR-21 has higher sensitivity compared to PSA (Prostate specific antigen), therefore miR-21 has a high potential to be analyzed and developed more.

Keywords: benign prostate hyperplasia, biomarker, miRNA-21, prostate cancer

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Authors: Qura-tul-aain Khair

Abstract:

Purpose- The purpose of this paper is to empirically examining the strength of association of responsive market orientation and proactive market orientation with new product performance and exploring the possible moderating role of organizational learning based on contingency theory. Design/methodology/approach- Data for this study was collected from FMCG manufacturing industry and services industry, where customers are in contact frequently and responses are recorded on continuous basis. Sample was collected through convenience sampling. The data collected from different marketing department and sales personnel were analysed using SPSS 16 version. Findings- The paper finds that responsive market orientation is more strongly associated with new product performance. The moderator, organizational learning, plays it significant role on the relationship between responsive market orientation and new product performance. Research limitations/implications- this paper has taken sample from just FMCG industry and service industry, more work can be done regarding how different-markets require different market orientation behaviours. Originality/value- This paper will be useful for foreign business looking for investing and expanding in Pakistan, they can find opportunity to get sustained competitive advantage through exploring the proactive side of market orientation and importance of organizational learning.

Keywords: organizational learning, proactive market orientation, responsive market orientation, new product performance

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Authors: Marco Barassi, Nicola Spagnolo

Abstract:

This paper uses a DCC-GARCH model framework to examine mean and volatility spillovers (i.e. causality in mean and variance) dynamics between financial centers and the stock market indexes of the BRICS countries. In addition, tests for changes in the transmission mechanism are carried out by first testing for structural breaks and then setting a dummy variable to control for the 2008 financial crises. We use weekly data for nine countries, four financial centers (Germany, Japan, UK and USA) and the five BRICS countries (Brazil, Russia, India, China and South Africa). Furthermore, we control for monetary policy using domestic interest rates (90-day Treasury Bill interest rate) over the period 03/1/1990 - 04/2/2014, for a total of 1204 observations. Results show that the 2008 financial crises changed the causality dynamics for most of the countries considered. The same pattern can also be observed in conditional correlation showing a shift upward following the turbulence associated to the 2008 crises. The magnitude of these effects suggests a leading role played by the financial centers in effecting Brazil and South Africa, whereas Russia, India and China show a higher degree of resilience.

Keywords: financial crises, DCC-GARCH model, volatility spillovers, economics

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Authors: Maruf Ariyo Raheem, Patrick Oseloka Ezepue

Abstract:

This research aimed at determining most appropriate heteroskedastic model to predicting volatility of 10 major Nigerian banks: Access, United Bank for Africa (UBA), Guaranty Trust, Skye, Diamond, Fidelity, Sterling, Union, ETI and Zenith banks using daily closing stock prices of each of the banks from 2004 to 2014. The models employed include ARCH (1), GARCH (1, 1), EGARCH (1, 1) and TARCH (1, 1). The results show that all the banks returns are highly leptokurtic, significantly skewed and thus non-normal across the four periods except for Fidelity bank during financial crises; findings similar to those of other global markets. There is also strong evidence for the presence of heteroscedasticity, and that volatility persistence during crisis is higher than before the crisis across the 10 banks, with that of UBA taking the lead, about 11 times higher during the crisis. Findings further revealed that Asymmetric GARCH models became dominant especially during financial crises and post crises when the second reforms were introduced into the banking industry by the Central Bank of Nigeria (CBN). Generally, one could say that Nigerian banks returns are volatility persistent during and after the crises, and characterised by leverage effects of negative and positive shocks during these periods

Keywords: global financial crisis, leverage effect, persistence, volatility clustering

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Authors: Cem Isik Dogru, Salih Tekin, Kursad Derinkuyu

Abstract:

Electric vehicle (EV) carsharing is an alternative method to tackle urban transportation problems. This method can be applied by several options. One of the options is the one-way carsharing, which allow an EV to be taken at a designated location and leaving it on another specified location customer desires. Although it may increase users’ satisfaction, the issues, namely, demand dissatisfaction, relocation of EVs and charging schedules, must be dealt with. Also, excessive electricity has to be stored in batteries of EVs. To cope with aforementioned issues, two-step mixed integer programming (MIP) model is proposed. In first step, the integer programming model is used to determine amount of electricity to be sold to the grid in terms of time periods for extra profit. Determined amounts are provided from the batteries of EVs. Also, this step works in day-ahead electricity markets with forecast of periodical electricity prices. In second step, other MIP model optimizes daily operations of one-way carsharing: charging-discharging schedules, relocation of EVs to serve more demand and renting to maximize the profit of EV fleet owner. Due to complexity of the models, heuristic methods are introduced to attain a feasible solution and different price information scenarios are compared.

Keywords: electric vehicles, forecasting, mixed integer programming, one-way carsharing

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Authors: Haydar S. Al Shabbani, M. Marshall, R. Goodall

Abstract:

Metal matrix composites (MMCs) have been explored for many applications for many decades. Recently, this includes investigations for thermal applications associated with electronics, such as in heat sinks. Here, to promote thermal conductivity, composites of a metal matrix with diamond particles are used. However, this class of composites has not yet been extensively examined for mechanical and tribological behavior, especially for applications that require extreme mechanical and tribological strength, such as the resistance to abrasive cutting. Therefore, this research seeks to develop a composite material with metal matrix and diamond particles which resist abrasive and cutting forces. The development progresses through a series of steps, exploring methods to process the material, understanding the mechanics of abrasive behavior and optimizing the composite structure to resist abrasive cutting. In processing, infiltration casting under gas pressure has been applied to molten aluminum to obtain a significant penetration of the metal into a preform of diamond particles. Different diamond particle sizes were used with different surface modifications (coated/uncoated), and to compare resulting composites with the same particle sizes. Al-1 wt.% Mg as a matrix alloy was utilised to investigate the possible effect of Mg on bonding phases during the infiltration process. The mechanical behavior and microstructure of the materials produced have been characterised. These tests showed that the surface modification of the diamond particles with a reactive material (Ti-coating) has an important role for enhancing the bonding between the aluminium matrix and diamond reinforcement as apparent under SEM observation. The effect of this improved bond is seen in the cutting resistance of the material.

Keywords: aluminium, composites, diamond, Ti-coated, tribology

Procedia PDF Downloads 270