Search results for: trade flows
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1714

Search results for: trade flows

814 Modeling of Electrokinetic Mixing in Lab on Chip Microfluidic Devices

Authors: Virendra J. Majarikar, Harikrishnan N. Unni

Abstract:

This paper sets to demonstrate a modeling of electrokinetic mixing employing electroosmotic stationary and time-dependent microchannel using alternate zeta patches on the lower surface of the micromixer in a lab on chip microfluidic device. Electroosmotic flow is amplified using different 2D and 3D model designs with alternate and geometric zeta potential values such as 25, 50, and 100 mV, respectively, to achieve high concentration mixing in the electrokinetically-driven microfluidic system. The enhancement of electrokinetic mixing is studied using Finite Element Modeling, and simulation workflow is accomplished with defined integral steps. It can be observed that the presence of alternate zeta patches can help inducing microvortex flows inside the channel, which in turn can improve mixing efficiency. Fluid flow and concentration fields are simulated by solving Navier-Stokes equation (implying Helmholtz-Smoluchowski slip velocity boundary condition) and Convection-Diffusion equation. The effect of the magnitude of zeta potential, the number of alternate zeta patches, etc. are analysed thoroughly. 2D simulation reveals that there is a cumulative increase in concentration mixing, whereas 3D simulation differs slightly with low zeta potential as that of the 2D model within the T-shaped micromixer for concentration 1 mol/m3 and 0 mol/m3, respectively. Moreover, 2D model results were compared with those of 3D to indicate the importance of the 3D model in a microfluidic design process.

Keywords: COMSOL Multiphysics®, electrokinetic, electroosmotic, microfluidics, zeta potential

Procedia PDF Downloads 230
813 Electrohydrodynamic Instability and Enhanced Mixing with Thermal Field and Polymer Addition Modulation

Authors: Dilin Chen, Kang Luo, Jian Wu, Chun Yang, Hongliang Yi

Abstract:

Electrically driven flows (EDF) systems play an important role in fuel cells, electrochemistry, bioseparation technology, fluid pumping, and microswimmers. The core scientific problem is multifield coupling, the further development of which depends on the exploration of nonlinear instabilities, force competing mechanisms, and energy budgets. In our study, two categories of electrostatic force-dominated phenomena, induced charge electrosmosis (ICEO) and ion conduction pumping are investigated while considering polymer rheological characteristics and heat gradients. With finite volume methods, the thermal modulation strategy of ICEO under the thermal buoyancy force is numerically analyzed, and the electroelastic instability turn associated with polymer addition is extended. The results reveal that the thermal buoyancy forces are sufficient to create typical thermogravitational convection in competition with electroconvective modes. Electroelastic instability tends to be promoted by weak electrical forces, and polymers effectively alter the unstable transition routes. Our letter paves the way for improved mixing and heat transmission in microdevices, as well as insights into the non-Newtonian nature of electrohydrodynamic dynamics.

Keywords: non-Newtonian fluid, electroosmotic flow, electrohydrodynamic, viscoelastic liquids, heat transfer

Procedia PDF Downloads 54
812 Taxation, Evidential and Jurisdictional Issues in Electronic Commercial Transactions in Nigeria

Authors: Michael Sunday Afolayan

Abstract:

This research work examined the challenges bedevilling the development of legal framework for electronic commercial transactions (e-commerce) in Nigeria. Nigeria does not have a clear-cut legislation regulating electronic commerce in its jurisdiction despite the geometrical rate of growth and adoption of this method of trade. It specifically posed a great challenge looking at taxation, evidential and jurisdictional issues in e-commerce in Nigeria. The author in a broader research work which is abridged here, traced the origin and development of e-commerce and the attendant laws applicable in Nigeria, examining their sufficiency or otherwise. In carrying out the research work, doctrinal mode of legal research was adopted, examining both primary and secondary sources of legal research materials within their contextual meanings. It was found that the failure to enact a law which has direct regulatory bearing on e-commerce in Nigeria has led to adoption and application of circumstantial laws, rules and common law principles to tackle the problems arising out of electronic commercial transactions, especially in the areas of taxation, evidential and jurisdictional challenges. It was ultimately suggested that there is urgent need to sign into law, the Electronic Transaction Bill which had already been passed by the National Assembly since 2017.

Keywords: e-commerce, legislation, taxation, evidential, jurisdiction

Procedia PDF Downloads 74
811 Knowledge Diffusion via Automated Organizational Cartography (Autocart)

Authors: Mounir Kehal

Abstract:

The post-globalization epoch has placed businesses everywhere in new and different competitive situations where knowledgeable, effective and efficient behavior has come to provide the competitive and comparative edge. Enterprises have turned to explicit - and even conceptualizing on tacit - knowledge management to elaborate a systematic approach to develop and sustain the intellectual capital needed to succeed. To be able to do that, you have to be able to visualize your organization as consisting of nothing but knowledge and knowledge flows, whilst being presented in a graphical and visual framework, referred to as automated organizational cartography. Hence, creating the ability of further actively classifying existing organizational content evolving from and within data feeds, in an algorithmic manner, potentially giving insightful schemes and dynamics by which organizational know-how is visualized. It is discussed and elaborated on most recent and applicable definitions and classifications of knowledge management, representing a wide range of views from mechanistic (systematic, data driven) to a more socially (psychologically, cognitive/metadata driven) orientated. More elaborate continuum models, for knowledge acquisition and reasoning purposes, are being used for effectively representing the domain of information that an end user may contain in their decision making process for utilization of available organizational intellectual resources (i.e. Autocart). In this paper, we present an empirical research study conducted previously to try and explore knowledge diffusion in a specialist knowledge domain.

Keywords: knowledge management, knowledge maps, knowledge diffusion, organizational cartography

Procedia PDF Downloads 295
810 Experimental and Numerical Investigation of Heat Transfer in THTL Test Loop Shell and Tube Heat Exchanger

Authors: M. Moody, R. Mahmoodi, A. R. Zolfaghari, A. Aminottojari

Abstract:

In this study, flow inside the shell side of a shell-and-tube heat exchanger is simulated numerically for laminar and turbulent flows in both steady state and transient mode. Governing equations of fluid flow are discrete using finite volume method and central difference scheme and solved with simple algorithm which is staggered grid by using MATLAB programming language. The heat transfer coefficient is obtained using velocity field from equation Dittus-Bolter. In comparison with, heat exchanger is simulated with ANSYS CFX software and experimental data measured in the THTL test loop. Numerical results obtained from the study show good agreement with experimental data and ANSYS CFX results. In addition, by deliberation the effect of the baffle spacing and the baffle cut on the heat transfer rate for turbulent flow, it is illustrated that the heat transfer rate depends on the baffle spacing and the baffle cut directly. In other word in spied of large turbulence, if these two parameters are not selected properly in the heat exchanger, the heat transfer rate can reduce.

Keywords: shell-and-tube heat exchanger, flow and heat transfer, laminar and turbulence flow, turbulence model, baffle spacing, baffle cut

Procedia PDF Downloads 526
809 Numerical Simulation of Fluid-Structure Interaction on Wedge Slamming Impact by Using Particle Method

Authors: Sung-Chul Hwang, Di Ren, Sang-Moon Yoon, Jong-Chun Park, Abbas Khayyer, Hitoshi Gotoh

Abstract:

The slamming impact problem has a very important engineering background. For seaplane landing, recycling for the satellite re-entry capsule, and the impact load of the bow in the adverse sea conditions, the slamming problem always plays the important role. Due to its strong nonlinear effect, however, it seems to be not easy to obtain the accurate simulation results. Combined with the strong interaction between the fluid field and the elastic structure, the difficulty for the simulation leads to a new level for challenging. This paper presents a fully Lagrangian coupled solver for simulations of fluid-structure interactions, which is based on the Moving Particle Semi-implicit (MPS) method to solve the governing equations corresponding to incompressible flows as well as elastic structures. The developed solver is verified by reproducing the high velocity impact loads of deformable thin wedges with two different materials such as aluminum and steel on water entry. The present simulation results are compared with analytical solution derived using the hydrodynamic Wagner model and linear theory by Wan.

Keywords: fluid-structure interaction, moving particle semi-implicit (MPS) method, elastic structure, incompressible flow, wedge slamming impact

Procedia PDF Downloads 586
808 A Safety Analysis Method for Multi-Agent Systems

Authors: Ching Louis Liu, Edmund Kazmierczak, Tim Miller

Abstract:

Safety analysis for multi-agent systems is complicated by the, potentially nonlinear, interactions between agents. This paper proposes a method for analyzing the safety of multi-agent systems by explicitly focusing on interactions and the accident data of systems that are similar in structure and function to the system being analyzed. The method creates a Bayesian network using the accident data from similar systems. A feature of our method is that the events in accident data are labeled with HAZOP guide words. Our method uses an Ontology to abstract away from the details of a multi-agent implementation. Using the ontology, our methods then constructs an “Interaction Map,” a graphical representation of the patterns of interactions between agents and other artifacts. Interaction maps combined with statistical data from accidents and the HAZOP classifications of events can be converted into a Bayesian Network. Bayesian networks allow designers to explore “what it” scenarios and make design trade-offs that maintain safety. We show how to use the Bayesian networks, and the interaction maps to improve multi-agent system designs.

Keywords: multi-agent system, safety analysis, safety model, integration map

Procedia PDF Downloads 406
807 Investigation of Leakage, Cracking and Warpage Issues Observed on Composite Valve Cover in Development Phase through FEA Simulation

Authors: Ashwini Shripatwar, Mayur Biyani, Nikhil Rao, Rajendra Bodake, Sachin Sane

Abstract:

This paper documents the correlation of valve cover sealing, cracking, and warpage Finite Element Modelling with observations on engine test development. The valve cover is a component mounted on engine head with a gasket which provides sealing against oil which flows around camshaft, valves, rockers, and other overhead components. Material nonlinearity and contact nonlinearity characteristics are taken into consideration because the valve cover is made of a composite material having temperature dependent elastic-plastic properties and because the gasket load-deformation curve is also nonlinear. The leakage is observed between the valve cover and the engine head due to the insufficient contact pressure. The crack is observed on the valve cover due to force application at a region with insufficient stiffness and with elevated temperature. The valve cover shrinkage is observed during the disassembly process on hot exhaust side bolt holes after the engine has been running. In this paper, an analytical approach is developed to correlate a Finite Element Model with the observed failures and to address the design issues associated with the failure modes in question by making design changes in the model.

Keywords: cracking issue, gasket sealing analysis, nonlinearity of contact and material, valve cover

Procedia PDF Downloads 130
806 Environmental Modeling of Storm Water Channels

Authors: L. Grinis

Abstract:

Turbulent flow in complex geometries receives considerable attention due to its importance in many engineering applications. It has been the subject of interest for many researchers. Some of these interests include the design of storm water channels. The design of these channels requires testing through physical models. The main practical limitation of physical models is the so called “scale effect”, that is, the fact that in many cases only primary physical mechanisms can be correctly represented, while secondary mechanisms are often distorted. These observations form the basis of our study, which centered on problems associated with the design of storm water channels near the Dead Sea, in Israel. To help reach a final design decision we used different physical models. Our research showed good coincidence with the results of laboratory tests and theoretical calculations, and allowed us to study different effects of fluid flow in an open channel. We determined that problems of this nature cannot be solved only by means of theoretical calculation and computer simulation. This study demonstrates the use of physical models to help resolve very complicated problems of fluid flow through baffles and similar structures. The study applies these models and observations to different construction and multiphase water flows, among them, those that include sand and stone particles, a significant attempt to bring to the testing laboratory a closer association with reality.

Keywords: open channel, physical modeling, baffles, turbulent flow

Procedia PDF Downloads 277
805 Turbulent Channel Flow Synthesis using Generative Adversarial Networks

Authors: John M. Lyne, K. Andrea Scott

Abstract:

In fluid dynamics, direct numerical simulations (DNS) of turbulent flows require large amounts of nodes to appropriately resolve all scales of energy transfer. Due to the size of these databases, sharing these datasets amongst the academic community is a challenge. Recent work has been done to investigate the use of super-resolution to enable database sharing, where a low-resolution flow field is super-resolved to high resolutions using a neural network. Recently, Generative Adversarial Networks (GAN) have grown in popularity with impressive results in the generation of faces, landscapes, and more. This work investigates the generation of unique high-resolution channel flow velocity fields from a low-dimensional latent space using a GAN. The training objective of the GAN is to generate samples in which the distribution of the generated samplesis ideally indistinguishable from the distribution of the training data. In this study, the network is trained using samples drawn from a statistically stationary channel flow at a Reynolds number of 560. Results show that the turbulent statistics and energy spectra of the generated flow fields are within reasonable agreement with those of the DNS data, demonstrating that GANscan produce the intricate multi-scale phenomena of turbulence.

Keywords: computational fluid dynamics, channel flow, turbulence, generative adversarial network

Procedia PDF Downloads 194
804 A Method for Identifying Unusual Transactions in E-commerce Through Extended Data Flow Conformance Checking

Authors: Handie Pramana Putra, Ani Dijah Rahajoe

Abstract:

The proliferation of smart devices and advancements in mobile communication technologies have permeated various facets of life with the widespread influence of e-commerce. Detecting abnormal transactions holds paramount significance in this realm due to the potential for substantial financial losses. Moreover, the fusion of data flow and control flow assumes a critical role in the exploration of process modeling and data analysis, contributing significantly to the accuracy and security of business processes. This paper introduces an alternative approach to identify abnormal transactions through a model that integrates both data and control flows. Referred to as the Extended Data Petri net (DPNE), our model encapsulates the entire process, encompassing user login to the e-commerce platform and concluding with the payment stage, including the mobile transaction process. We scrutinize the model's structure, formulate an algorithm for detecting anomalies in pertinent data, and elucidate the rationale and efficacy of the comprehensive system model. A case study validates the responsive performance of each system component, demonstrating the system's adeptness in evaluating every activity within mobile transactions. Ultimately, the results of anomaly detection are derived through a thorough and comprehensive analysis.

Keywords: database, data analysis, DPNE, extended data flow, e-commerce

Procedia PDF Downloads 43
803 Coupled Analysis for Hazard Modelling of Debris Flow Due to Extreme Rainfall

Authors: N. V. Nikhil, S. R. Lee, Do Won Park

Abstract:

Korean peninsula receives about two third of the annual rainfall during summer season. The extreme rainfall pattern due to typhoon and heavy rainfall results in severe mountain disasters among which 55% of them are debris flows, a major natural hazard especially when occurring around major settlement areas. The basic mechanism underlined for this kind of failure is the unsaturated shallow slope failure by reduction of matric suction due to infiltration of water and liquefaction of the failed mass due to generation of positive pore water pressure leading to abrupt loss of strength and commencement of flow. However only an empirical model cannot simulate this complex mechanism. Hence, we have employed an empirical-physical based approach for hazard analysis of debris flow using TRIGRS, a debris flow initiation criteria and DAN3D in mountain Woonmyun, South Korea. Debris flow initiation criteria is required to discern the potential landslides which can transform into debris flow. DAN-3D, being a new model, does not have the calibrated values of rheology parameters for Korean conditions. Thus, in our analysis we have used the recent 2011 debris flow event in mountain Woonmyun san for calibration of both TRIGRS model and DAN-3D, thereafter identifying and predicting the debris flow initiation points, path, run out velocity, and area of spreading for future extreme rainfall based scenarios.

Keywords: debris flow, DAN-3D, extreme rainfall, hazard analysis

Procedia PDF Downloads 233
802 An Analysis of the Need of Training for Indian Textile Manufacturing Sector

Authors: Shipra Sharma, Jagat Jerath

Abstract:

Human resource training is an essential element of talent management in the current era of global competitiveness and dynamic trade in the manufacturing industry. Globally, India is behind only China as the largest textile manufacturer. The major challenges faced by the Indian textile manufacturing Industry are low technology levels, growing skill gaps, unorganized structure, lower efficiencies, etc. indicating the need for constant talent up-gradation. Assessment of training needs from a strategic perspective is an essential step for the formulation of effective training. The paper established the significance of training in the Indian textile industry and to determine the training needs on various parameters as presented. 40 HR personnel/s working in the textile and apparel companies based in the industrial region of Punjab, India, were the respondents for the study. The research tool used in this case was a structured questionnaire as per five-point Likert scale. Statistical analysis through descriptive statistics and chi-square test indicated the increased need for training whenever there were technical changes in the organizations. As per the data presented in this study, most of the HR personnel/s agreed that the variables associated with organizational analysis, task analysis, and individual analysis have a statistically significant role to play in determining the need for training in an organization.

Keywords: Indian textile manufacturing industry, significance of training, training needs analysis, parameters for training needs assessment

Procedia PDF Downloads 150
801 Numerical Simulation of Three-Dimensional Cavitating Turbulent Flow in Francis Turbines with ANSYS

Authors: Raza Abdulla Saeed

Abstract:

In this study, the three-dimensional cavitating turbulent flow in a complete Francis turbine is simulated using mixture model for cavity/liquid two-phase flows. Numerical analysis is carried out using ANSYS CFX software release 12, and standard k-ε turbulence model is adopted for this analysis. The computational fluid domain consist of spiral casing, stay vanes, guide vanes, runner and draft tube. The computational domain is discretized with a three-dimensional mesh system of unstructured tetrahedron mesh. The finite volume method (FVM) is used to solve the governing equations of the mixture model. Results of cavitation on the runner’s blades under three different boundary conditions are presented and discussed. From the numerical results it has been found that the numerical method was successfully applied to simulate the cavitating two-phase turbulent flow through a Francis turbine, and also cavitation is clearly predicted in the form of water vapor formation inside the turbine. By comparison the numerical prediction results with a real runner; it’s shown that the region of higher volume fraction obtained by simulation is consistent with the region of runner cavitation damage.

Keywords: computational fluid dynamics, hydraulic francis turbine, numerical simulation, two-phase mixture cavitation model

Procedia PDF Downloads 545
800 Scalable Systolic Multiplier over Binary Extension Fields Based on Two-Level Karatsuba Decomposition

Authors: Chiou-Yng Lee, Wen-Yo Lee, Chieh-Tsai Wu, Cheng-Chen Yang

Abstract:

Shifted polynomial basis (SPB) is a variation of polynomial basis representation. SPB has potential for efficient bit-level and digit-level implementations of multiplication over binary extension fields with subquadratic space complexity. For efficient implementation of pairing computation with large finite fields, this paper presents a new SPB multiplication algorithm based on Karatsuba schemes, and used that to derive a novel scalable multiplier architecture. Analytical results show that the proposed multiplier provides a trade-off between space and time complexities. Our proposed multiplier is modular, regular, and suitable for very-large-scale integration (VLSI) implementations. It involves less area complexity compared to the multipliers based on traditional decomposition methods. It is therefore, more suitable for efficient hardware implementation of pairing based cryptography and elliptic curve cryptography (ECC) in constraint driven applications.

Keywords: digit-serial systolic multiplier, elliptic curve cryptography (ECC), Karatsuba algorithm (KA), shifted polynomial basis (SPB), pairing computation

Procedia PDF Downloads 354
799 A Modified Periodic 2D Cellular Re-Entrant Honeycomb Model to Enhance the Auxetic Elastic Properties

Authors: Sohaib Z. Khan, Farrukh Mustahsan, Essam R. I. Mahmoud, S. H. Masood

Abstract:

Materials or structures that contract laterally on the application of a compressive load and vice versa are said to be Auxetic materials which exhibit Negative Poisson’s Ratio (NPR). Numerous auxetic structures are proposed in the literature. One of the most studied periodic auxetic structure is the re-entrant honeycomb model. In this paper, a modified re-entrant model is proposed to enhance the auxetic behavior. The paper aimed to investigate the elastic behaviour of the proposed model to improve Young’s modulus and NPR by evaluating the analytical model. Finite Element Analysis (FEA) is also conducted to support the analytical results. A significant increment in Young’s modulus and NPR can be achieved in one of the two orthogonal directions of the loading at the cost of compromising these values in other direction. The proposed modification resulted in lower relative densities when compared to the existing re-entrant honeycomb structure. A trade-off in the elastic properties in one direction at low relative density makes the proposed model suitable for uni-direction applications where higher stiffness and NPR is required, and strength to weight ratio is important.

Keywords: 2D model, auxetic materials, re-entrant honeycomb, negative Poisson's ratio

Procedia PDF Downloads 129
798 Knowledge Diffusion via Automated Organizational Cartography: Autocart

Authors: Mounir Kehal, Adel Al Araifi

Abstract:

The post-globalisation epoch has placed businesses everywhere in new and different competitive situations where knowledgeable, effective and efficient behaviour has come to provide the competitive and comparative edge. Enterprises have turned to explicit- and even conceptualising on tacit- Knowledge Management to elaborate a systematic approach to develop and sustain the Intellectual Capital needed to succeed. To be able to do that, you have to be able to visualize your organization as consisting of nothing but knowledge and knowledge flows, whilst being presented in a graphical and visual framework, referred to as automated organizational cartography. Hence, creating the ability of further actively classifying existing organizational content evolving from and within data feeds, in an algorithmic manner, potentially giving insightful schemes and dynamics by which organizational know-how is visualised. It is discussed and elaborated on most recent and applicable definitions and classifications of knowledge management, representing a wide range of views from mechanistic (systematic, data driven) to a more socially (psychologically, cognitive/metadata driven) orientated. More elaborate continuum models, for knowledge acquisition and reasoning purposes, are being used for effectively representing the domain of information that an end user may contain in their decision making process for utilization of available organizational intellectual resources (i.e. Autocart). In this paper we present likewise an empirical research study conducted previously to try and explore knowledge diffusion in a specialist knowledge domain.

Keywords: knowledge management, knowledge maps, knowledge diffusion, organizational cartography

Procedia PDF Downloads 409
797 Magnetohydrodynamics Flow and Heat Transfer in a Non-Newtonian Power-Law Fluid due to a Rotating Disk with Velocity Slip and Temperature Jump

Authors: Nur Dayana Khairunnisa Rosli, Seripah Awang Kechil

Abstract:

Swirling flows with velocity slip are important in nature and industrial processes. The present work considers the effects of velocity slip, temperature jump and suction/injection on the flow and heat transfer of power-law fluids due to a rotating disk in the presence of magnetic field. The system of the partial differential equations is highly non-linear. The number of independent variables is reduced by transforming the system into a system of coupled non-linear ordinary differential equations using similarity transformations. The effects of suction/injection, velocity slip and temperature jump on the flow rates are investigated for various cases of shear thinning and shear thickening power law fluids. The thermal and velocity jump strongly reduce the heat transfer rate and skin friction coefficient. Suction decreases the radial and tangential skin friction coefficient and the rate of heat transfer. It is also observed that the effects are more pronounced in the case of shear thinning fluids as compared to shear thickening fluids.

Keywords: heat transfer, power-law fluids, rotating disk, suction or injection, temperature jump, velocity slip

Procedia PDF Downloads 252
796 Techno-Economic Study on the Potential of Dimethyl Ether (DME) as a Substitute for LPG

Authors: Widya Anggraini Pamungkas, Rosana Budi Setyawati, Awaludin Fitroh Rifai, Candra Pangesti Setiawan, Anatta Wahyu Budiiman, Inayati, Joko Waluyo, Sunu Herwi Pranolo

Abstract:

The increase in LPG consumption in Indonesia is not balanced with the amount of supply. The high demand for LPG due to the success of the government's kerosene-to-LPG conversion program and the Covid-19 pandemic in 2020 led to an increase in LPG consumption in the household sector and caused Indonesia's trade balance to experience a deficit. The high consumption of LPG encourages the need for alternative fuels as a substitute or which aims to substitute LPG; one of the materials that can be used is Dimethyl Ether (DME). Dimethyl ether (DME) is an organic compound with the chemical formula CH 3. OCH 3 has a high cetane number and has characteristics similar to LPG. DME can be produced from various sources, such as coal, biomass and natural gas. Based on the economic analysis conducted at 10% IRR, coal has the largest NPV of Rp. 20,034,837,497,241 with a payback period of 3.86 years, then biomass with an NPV of Rp. 10,401,526,072,850 and a payback period of 5.16. the latter is natural gas with an NPV of IDR 7,401,272,559,191 and a payback period of 6.17 years. Of the three sources of raw materials used, if the sensitivity is calculated using the selling price of DME equal to the selling price of LPG, it will get an NPV value that is greater than the NPV value when using the current DME price. The advantages of coal as a raw material for DME are not only because it is profitable, namely: low price and abundant resources, but has high greenhouse gas emissions.

Keywords: LPG, DME, coal, biomass, natural gas

Procedia PDF Downloads 105
795 Managerial Overconfidence, Payout Policy, and Corporate Governance: Evidence from UK Companies

Authors: Abdullah AlGhazali, Richard Fairchild, Yilmaz Guney

Abstract:

We examine the effect of managerial overconfidence on UK firms’ payout policy for the period 2000 to 2012. The analysis incorporates, in addition to common firm-specific factors, a wide range of corporate governance factors and managerial characteristics that have been documented to affect the relationship between overconfidence and payout policy. Our results are robust to several estimation considerations. The findings show that the influence of overconfident CEOs on the amount of, and the propensity to pay, dividends is significant within the UK context. Specifically, we detect that there is a reduction in dividend payments in firms managed by overconfident managers compared to their non-overconfident counterparts. Moreover, we affirm that cash flows, firm size and profitability are positively correlated, while leverage, firm growth and investment are negatively correlated with the amount of and propensity to pay dividends. Interestingly, we demonstrate that firms with the potential for undervaluation reduce dividend payments. Some of the corporate governance factors are shown to motivate firms to pay more dividends while these factors seem to have no influence on the propensity to pay dividends. The results also show that in general higher overconfidence leads to more share repurchases but the lower total payout. Overall, managerial overconfidence should be considered as an important factor influencing payout policy in addition to other known factors.

Keywords: dividends, repurchases, UK firms, overconfidence, corporate governance, undervaluation

Procedia PDF Downloads 257
794 Soft Power: Concept and Role in Country Policy

Authors: Talip Turkmen

Abstract:

From the moment the first beats, the first step into the world mankind finds him in a struggle to survive. Most important case to win this fight is power. Power is one of the most common concepts which we encounter in our life. Mainly power is ability to reach desired results on someone else or ability to penetrate into the behavior of others. Throughout history merging technology and changing political trade-offs caused the change of concept of power. Receiving a state of multipolar new world order in the 21st century and increasing impacts of media have narrowed the limits of military power. With increasing globalization and peaceful diplomacy this gap, left by military power, has filled by soft power which has ability to persuade and attract. As concepts of power soft power also has not compromised yet. For that reason it is important to specify, sources of soft power, soft power strategies and limits of soft power. The purpose of this study was to analyze concept of soft power and importance of soft power in foreign relations. This project focuses on power, hard power and soft power relations, sources of soft power and strategies to gain soft power. Datas in this project was acquired from other studies on soft power and foreign relations. This paper was prepared in terms of concept and research techniques. As a result of data gained in this study the one of important topics in international relations is balance between soft power.

Keywords: soft power, foreign policy, national power, hard power

Procedia PDF Downloads 449
793 ‘It Is a Class Thing’: Socio-Economic Factors Sustaining Illicit Trading in New Naira Notes in Ibadan, Nigeria

Authors: Frank C. Amaechi, Adeyinka A. Aderinto, Usman A. Ojedokun, Oludayo Tade

Abstract:

Illicit trading in new naira notes has become a common practice in most communities in Nigeria despite the Central Bank Act’s in 2007 proscription of all forms of naira abuse. This study investigated the socio-economic factors sustaining illicit trading in new naira notes in Ibadan metropolis. The study was exploratory and cross-sectional in design. Neutralization theory was adopted as theoretical framework. Data were generated through the combination of in-depth interview and key informant interview methods. The purposive sampling technique was utilised to select five illicit traders of new naira notes, 32 patrons of the trade and six bank officials. Findings revealed that illicit trading in Nigeria’s national currency is flourishing because of the frequent demand for new naira notes that are not readily available in Nigerian banks. Also, the norm of cash spraying at social events is sustaining the illicit markets for new naira notes in Ibadan metropolis. In addition, a chain of network, comprising three principal actors, is behind the illegal business. A strict enforcement of the law banning cash spraying is advocated as a means of arresting this phenomenon.

Keywords: illicit trading, naira notes, national currency, Nigeria

Procedia PDF Downloads 296
792 Measure of Pleasure of Drug Users

Authors: Vano Tsertsvadze, Marina Chavchanidze, Lali Khurtsia

Abstract:

Problem of drug use is often seen as a combination of psychological and social problems, but this problem can be considered as economically rational decision in the process of buying pleasure (looking after children, reading, harvesting fruits in the fall, sex, eating, etc.). Before the adoption of the decisions people face to a trade-off - when someone chooses a delicious meal, she takes a completely rational decision, that the pleasure of eating has a lot more value than the pleasure which she will experience after two months diet on the summer beach showing off her beautiful body. This argument is also true for alcohol, drugs and cigarettes. Smoking has a negative effect on health, but smokers are not afraid of the threat of a lung cancer after 40 years, more valuable moment is a pleasure from smoking. Our hypothesis - unsatisfied pleasure and frustration, probably determines the risk of dependence on drug abuse. The purpose of research: 1- to determine the relative measure unit of pleasure, which will be used to measure and assess the intensity of various human pleasures. 2- to compare the intensity of the pleasure from different kinds of activity, with pleasures received from drug use. 3- Based on the analysis of data, to identify factors affecting the rational decision making. Research method: Respondents will be asked to recall the greatest pleasure of their life, which will be used as a measure of the other pleasures. The study will use focus groups and structured interviews.

Keywords: drug, drug-user, measurement, satisfaction

Procedia PDF Downloads 315
791 Lean Environmental Management Integration System (LEMIS) Framework Development

Authors: A. P. Puvanasvaran, Suresh A. L. Vasu, N. Norazlin

Abstract:

The Lean Environmental Management Integration System (LEMIS) framework development is integration between lean core element and ISO 14001. The curiosity on the relationship between continuous improvement and sustainability of lean implementation has influenced this study toward LEMIS. Characteristic of ISO 14001 standard clauses and core elements of lean principles are explored from past studies and literature reviews. Survey was carried out on ISO 14001 certified companies to examine continual improvement by implementing the ISO 14001 standard. The study found that there is a significant and positive relationship between Lean Principles: value, value stream, flow, pull and perfection with the ISO 14001 requirements. LEMIS is significant to support the continuous improvement and sustainability. The integration system can be implemented to any manufacturing company. It gives awareness on the importance on why organizations need to sustain its Environmental management system. At the meanwhile, the lean principle can be adapted in order to streamline daily activities of the company. Throughout the study, it had proven that there is no sacrifice or trade-off between lean principles with ISO 14001 requirements. The framework developed in the study can be further simplified in the future, especially the method of crossing each sub requirements of ISO 14001 standard with the core elements of Lean principles in this study.

Keywords: LEMIS, ISO 14001, integration, framework

Procedia PDF Downloads 398
790 International Student Mobility to China: A Fastest and Emerging Market for International Students among Developing Countries

Authors: Yasir Khan, Qiu Bin, Antonio-Mihi Ramirez

Abstract:

This study determines the inflow of international students to China in recent years and the corresponding internationalization strategies in the higher education sector. China has placed attracting international students on in its plan along with the growing of global impact. Acknowledging the stable economy, growth rate, trade, lower renminbi rate, high wages, employment opportunities, high level income per capita, relative low taxes and political system consolidate to attract more international students. A large number of international students making a vast contribution to the higher education sector of China. Understanding the significance of education mission as well as of financial ‘bottom line’ the Chinese government gave great importance to invite more international students from worldwide. The large number of international students in the China has been particularly notable from Asian countries specifically neighboring countries, Pakistan, Thailand, India, Vietnam, South Korea, Magnolia, Malaysia, and Russia. This study summarizes internationalization of higher education in China and also provides directions for future research in this regard.

Keywords: international student mobility, 2020 Govt Planning, emerging market, internationalization of higher education

Procedia PDF Downloads 238
789 Critical Factors in the Formation, Development and Survival of an Eco-Industrial Park: A Systemic Understanding of Industrial Symbiosis

Authors: Iván González, Pablo Andrés Maya, Sebastián Jaén

Abstract:

Eco-industrial parks (EIPs) work as networks for the exchange of by-products, such as materials, water, or energy. This research identifies the relevant factors in the formation of EIPs in different industrial environments around the world. Then an aggregation of these factors is carried out to reduce them from 50 to 17 and classify them according to 5 fundamental axes. Subsequently, the Vester Sensitivity Model (VSM) systemic methodology is used to determine the influence of the 17 factors on an EIP system and the interrelationship between them. The results show that the sequence of effects between factors: Trust and Cooperation → Business Association → Flows → Additional Income represents the “backbone” of the system, being the most significant chain of influences. In addition, the Organizational Culture represents the turning point of the Industrial Symbiosis on which it must act correctly to avoid falling into unsustainable economic development. Finally, the flow of Information should not be lost since it is what feeds trust between the parties, and the latter strengthens the system in the face of individual or global imbalances. This systemic understanding will enable the formulation of pertinent policies by the actors that interact in the formation and permanence of the EIP. In this way, it seeks to promote large-scale sustainable industrial development, integrating various community actors, which in turn will give greater awareness and appropriation of the current importance of sustainability in industrial production.

Keywords: critical factors, eco-industrial park, industrial symbiosis, system methodology

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788 Measuring Output Multipliers of Energy Consumption and Manufacturing Sectors in Malaysia during the Global Financial Crisis

Authors: Hussain Ali Bekhet, Tuan Ab. Rashid Bin Tuan Abdullah, Tahira Yasmin

Abstract:

The strong relationship between energy consumption and economic growth is widely recognised. Most countries’ energy demand declined during the economic depression known as the Global Financial Crisis (GFC) of 2008–2009. The objective of the current study is to investigate the energy consumption and performance of Malaysia’s manufacturing sectors during the GFC. We applied the output multiplier approach, which is based on the input-output model. Two input-output tables of Malaysia covering 2005 and 2010 were used. The results indicate significant changes in the output multipliers of the manufacturing sectors between 2005 and 2010. Moreover, the energy-to-manufacturing sectors’ output multipliers also decreased during the GFC due to a decline in export-oriented industries during the crisis. The increasing importance of the manufacturing sector to the development of Malaysian trade resulted in a noticeable decrease in the consumption of each energy sector’s output, especially the electricity and gas sector. Based on the research findings, the Malaysian government released several policy implementations in the form of stimulus packages to enhance these sectors’ performance and generally improve the Malaysian economy.

Keywords: global financial crisis, input-output model, manufacturing, output multipliers, energy, Malaysia

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787 Energy Policy of India: An Assessment of Its Impacts and Way Forward

Authors: Mrinal Saurabh Bhaskar, Rahul E Ravindranathan, Priyangana Borah

Abstract:

Energy plays a key role and as a driving force for economic and social growth for any country. To manage the energy sources and its efficient utilization in different economic sectors, energy policy of a country is critical. The energy performance of a country is measured in Energy Intensity and India’s Energy Intensity due to several policies interventions has reduced from 0.53 toe/1000USD (2010) in the year 2000 to 0.38 toe/1000USD (2010) in the year 2014, which is about 28 per cent reduction. The Government of India has taken several initiates to manage their increasing energy demand and meet the climate change goals defined by them. The major policy milestones in India related to energy are (i) Enactment of Energy Conservation (EC) Act 2001 (ii) Establishment of Bureau of Energy Efficiency 2001 (iii) National Action Plan on Climate Change (iv) Launch of Demand Side Management schemes (v) Amendment of EC Act 2010 (vi) Launch of Perform Achieve and Trade scheme 2012. Through a critical review, this paper highlights the key energy policy interventions by India, its benefits and impact, challenges faced and efforts of the Government to overcome such challenges. Such take away would be helpful for other countries who are proposing to prepare or amend their energy policy for their different economic sectors.

Keywords: energy, efficiency, climate, policy

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786 3D Numerical Studies on Jets Acoustic Characteristics of Chevron Nozzles for Aerospace Applications

Authors: R. Kanmaniraja, R. Freshipali, J. Abdullah, K. Niranjan, K. Balasubramani, V. R. Sanal Kumar

Abstract:

The present environmental issues have made aircraft jet noise reduction a crucial problem in aero-acoustics research. Acoustic studies reveal that addition of chevrons to the nozzle reduces the sound pressure level reasonably with acceptable reduction in performance. In this paper comprehensive numerical studies on acoustic characteristics of different types of chevron nozzles have been carried out with non-reacting flows for the shape optimization of chevrons in supersonic nozzles for aerospace applications. The numerical studies have been carried out using a validated steady 3D density based, k-ε turbulence model. In this paper chevron with sharp edge, flat edge, round edge and U-type edge are selected for the jet acoustic characterization of supersonic nozzles. We observed that compared to the base model a case with round-shaped chevron nozzle could reduce 4.13% acoustic level with 0.6% thrust loss. We concluded that the prudent selection of the chevron shape will enable an appreciable reduction of the aircraft jet noise without compromising its overall performance. It is evident from the present numerical simulations that k-ε model can predict reasonably well the acoustic level of chevron supersonic nozzles for its shape optimization.

Keywords: supersonic nozzle, Chevron, acoustic level, shape optimization of Chevron nozzles, jet noise suppression

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785 Experimental Characterization of Flowable Cement Pastes Made with Marble Waste

Authors: F. Messaoudi, O. Haddad, R. Bouras, S. Kaci

Abstract:

The development of self-compacting concrete (SCC) marks a huge step towards improved efficiency and working conditions on construction sites and in the precast industry. SCC flows easily into more complex shapes and through reinforcement bars, reduces the manpower required for the placement; no vibration is required to ensure correct compaction of concrete. This concrete contains a high volume of binder which is controlled by their rheological behavior. The paste consists of binders (Portland cement with or without supplementary cementitious materials), water, chemical admixtures and fillers. In this study, two series of tests were performed on self-compacting cement pastes made with marble waste additions as the mineral addition. The first series of this investigation was to determine the flow time of paste using Marsh cone, the second series was to determine the rheological parameters of the same paste namely yield stress and plastic viscosity using the rheometer Haake RheoStress 1. The results of this investigation allowed us to study the evolution of the yield stress, viscosity and the flow time Marsh cone paste as a function of the composition of the paste. A correlation between the results obtained on the flow test Marsh cone and those of the plastic viscosity on the mottled different cement pastes is proposed.

Keywords: adjuvant, rheological parameter, self-compacting cement pastes, waste marble

Procedia PDF Downloads 267