Search results for: ultima ratio principle
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 5611

Search results for: ultima ratio principle

4621 Hydrothermally Fabricated 3-D Nanostructure Metal Oxide Sensors

Authors: Mohammad Alenezi

Abstract:

Hierarchical nanostructures with higher dimensionality, consisting of nanostructure building blocks such as nanowires, nanotubes, or nanosheets are very attractive. They hold great properties like the high surface-to-volume ratio and well-ordered porous structures, which can be very challenging to attain for other mono-morphological nanostructures. Well-ordered hierarchical nanostructures with high surface-to-volume ratios facilitate gas diffusion into their surfaces as well as scattering of light. Therefore, hierarchical nanostructures are expected to perform highly as gas sensors. A multistage controlled hydrothermal synthesis method to fabricate high-performance single ZnO brushlike hierarchical nanostructure gas sensor from initial nanowires is reported. The performance of the sensor based on brush-like hierarchical nanostructure is analyzed and compared to that of a nanowire gas sensor. The hierarchical gas sensor demonstrated high sensitivity toward low concentration of acetone at high speed of response. The enhancement in the hierarchical sensor performance is attributed to the increased surface to volume ratio, reduction in dimensionality of the nanowire building blocks, formation of junctions between the initial nanowire and the secondary nanowires, and enhanced gas diffusion into the surfaces of the hierarchical nanostructures.

Keywords: metal oxide, nanostructure, hydrothermal, sensor

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4620 The Decline of National Sovereignty in Light of the International Transformations

Authors: Djehich Mohamed Yousri

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The national sovereignty of states is now facing a dangerous situation that has witnessed a clear exacerbation of the restrictions that this sovereignty has known for quite some time, if not since the establishment of the sovereign national state in the first place, and things have reached this way to the extent that a group of analysts and commentators are talking about the demise or disappearance of the phenomenon of sovereignty Patriotism, a judgment that some consider exaggerated, although there is agreement on the seriousness of what has afflicted the national sovereignty of medium and small states in particular. In fact, the phenomenon of national sovereignty has not completely ended, as there is still a category of countries that are able to disagree with the American will without disappearing from the world map, as happened with the Soviet Union. China, some European countries, and some countries with leading regional roles are still able to deal with This administration, with rational and complex calculations, makes the restrictions on its sovereignty minimal, or at least draws a red line in front of the vital interests of those countries that the restrictions on sovereignty cannot cross, and it is certain that strengthening internal democratic development in countries will increase their ability to challenge external restrictions. On its sovereignty to the extent that this development creates a cohesive society in the face of external hegemony attempts, as well as to the extent that it eliminates some pretexts for interference in the internal affairs of states, including the claim of a lack of democracy or lack of respect for human rights in it. What led to transformations in the international arena in the wake of globalization and its effects on international aspects, including national sovereignty and the principle of state independence. Which was marred by several currents, which led to affecting it in a negative way, and this is what poor countries suffer from at the expense of rich countries, which led us to research the extent of the presence of national sovereignty on the international arena, and the extent to which the principle of non-interference in affairs is applied or existed. The internal affairs of states, which are stipulated in the Charter of the United Nations in the modern era, the theory of sovereignty has been subjected to substantial criticism and abandonment by many on the grounds that it is inconsistent with the current conditions of the international community. In fact, the theory of sovereignty has been misused to justify internal tyranny and international chaos. This theory has hindered the development of international law, the work of international organizations and the dominance of strong states over weak ones. At the present time, the concept of sovereignty has moved towards direction, as the transformations of the international system in the economic, political and military fields have led to the decline and erosion of the idea of the sovereignty of the national state.

Keywords: sovereignty, intervention, non-interference, globalization, humanitarian intervention

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4619 Development and Utilization of Keratin-Fibrin-Gelatin Composite Films as Potential Material for Skin Tissue Engineering Application

Authors: Sivakumar Singaravelu, Giriprasath Ramanathan, M. D. Raja, Uma Tirichurapalli Sivagnanam

Abstract:

The goal of the present study was to develop and evaluate composite film for tissue engineering application. The keratin was extracted from bovine horn and used for preparation of keratin (HK), physiologically clotted fibrin (PCF) and gelatin (G) blend films in different stoichiometric ratios (1:1:1, 1:1:2 and 1:1:3) by using solvent casting method. The composite films (HK-PCF-G) were characterized physiochemically using Fourier Transform Infrared Spectroscopy (FTIR), Differential Scanning Calorimetry (DSC), Thermogravimetric Analysis (TGA) and Scanning Electron Microscopy (SEM). The mechanical properties of the composite films were analyzed. The results of tensile strength show that ultimate strength and elongation were 10.72 Mpa and 4.83 MPA respectively for 1:1:3 ratio combination. The SEM image showed a slight smooth surface for 1:1:3 ratio combination compared to other films. In order to impart antibacterial activities, the composite films were loaded with Mupirocin (MP) to act against infection. The composite films acted as a suitable carrier to protect and release the drug in a controlled manner. This developed composite film would be a suitable alternative material for tissue engineering application.

Keywords: bovine horn, keratin, fibrin, gelatin, tensile strength

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4618 Embracing Inclusive Education: The Issues, Challenges, Dilemmas and Future Plans for Inclusive Secondary Schools in Jakarta, Indonesia

Authors: Rinda Kurnia

Abstract:

Despite the differences and additional needs in the learning process, every individual has the right to receive educational services in order to enhance her/his abilities and potentials. This notion underlies the principle of inclusive education system, something many countries in the world are striving for since the UNESCO Salamanca Statement in 1994. This paper will consider different views that many theorists have published of the term inclusive, the issues, challenges, and dilemmas encountered during the practice, as well as some possible ways forward. It is being described, criticized and analyzed using the standpoint of a shadow teacher in an inclusive secondary school in Jakarta, Indonesia.

Keywords: inclusive education, inclusive education challenges, inclusive education dilemmas, inclusive education future plans, inclusive education issues

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4617 Geomorphometric Analysis of the Hydrologic and Topographic Parameters of the Katsina-Ala Drainage Basin, Benue State, Nigeria

Authors: Oyatayo Kehinde Taofik, Ndabula Christopher

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Drainage basins are a central theme in the green economy. The rising challenges in flooding, erosion or sediment transport and sedimentation threaten the green economy. This has led to increasing emphasis on quantitative analysis of drainage basin parameters for better understanding, estimation and prediction of fluvial responses and, thus associated hazards or disasters. This can be achieved through direct measurement, characterization, parameterization, or modeling. This study applied the Remote Sensing and Geographic Information System approach of parameterization and characterization of the morphometric variables of Katsina – Ala basin using a 30 m resolution Shuttle Radar Topographic Mission (SRTM) Digital Elevation Model (DEM). This was complemented with topographic and hydrological maps of Katsina-Ala on a scale of 1:50,000. Linear, areal and relief parameters were characterized. The result of the study shows that Ala and Udene sub-watersheds are 4th and 5th order basins, respectively. The stream network shows a dendritic pattern, indicating homogeneity in texture and a lack of structural control in the study area. Ala and Udene sub-watersheds have the following values for elongation ratio, circularity ratio, form factor and relief ratio: 0.48 / 0.39 / 0.35/ 9.97 and 0.40 / 0.35 / 0.32 / 6.0. They also have the following values for drainage texture and ruggedness index of 0.86 / 0.011 and 1.57 / 0.016. The study concludes that the two sub-watersheds are elongated, suggesting that they are susceptible to erosion and, thus higher sediment load in the river channels, which will dispose the watersheds to higher flood peaks. The study also concludes that the sub-watersheds have a very coarse texture, with good permeability of subsurface materials and infiltration capacity, which significantly recharge the groundwater. The study recommends that efforts should be put in place by the Local and State Governments to reduce the size of paved surfaces in these sub-watersheds by implementing a robust agroforestry program at the grass root level.

Keywords: erosion, flood, mitigation, morphometry, watershed

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4616 Economic Neoliberalism: Property Right and Redistribution Policy

Authors: Aleksandar Savanović

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In this paper we will analyze the relationship between the neo-liberal concept of property rights and redistribution policy. This issue is back in the focus of interest due to the crisis 2008. The crisis has reaffirmed the influence of the state on the free-market processes. The interference of the state with property relations re-opened a classical question: is it legitimate to redistribute resources of a man in favor of another man with taxes? The dominant view is that the neoliberal philosophy of natural rights is incompatible with redistributive measures. In principle, this view can be accepted. However, when we look into the details of the theory of natural rights proposed by some coryphaei of neoliberal philosophy, such as Hayek, Nozick, Buchanan and Rothbard, we can see that it is not such an unequivocal view.

Keywords: economic neoliberalism, natural law, property, redistribution

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4615 Spectral Analysis Approaches for Simultaneous Determination of Binary Mixtures with Overlapping Spectra: An Application on Pseudoephedrine Sulphate and Loratadine

Authors: Sara El-Hanboushy, Hayam Lotfy, Yasmin Fayez, Engy Shokry, Mohammed Abdelkawy

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Simple, specific, accurate and precise spectrophotometric methods are developed and validated for simultaneous determination of pseudoephedrine sulphate (PSE) and loratadine (LOR) in combined dosage form based on spectral analysis technique. Pseudoephedrine (PSE) in binary mixture could be analyzed either by using its resolved zero order absorption spectrum at its λ max 256.8 nm after subtraction of LOR spectrum or in presence of LOR spectrum by absorption correction method at 256.8 nm, dual wavelength (DWL) method at 254nm and 273nm, induced dual wavelength (IDWL) method at 256nm and 272nm and ratio difference (RD) method at 256nm and 262 nm. Loratadine (LOR) in the mixture could be analyzed directly at 280nm without any interference of PSE spectrum or at 250 nm using its recovered zero order absorption spectrum using constant multiplication(CM).In addition, simultaneous determination for PSE and LOR in their mixture could be applied by induced amplitude modulation method (IAM) coupled with amplitude multiplication (PM).

Keywords: dual wavelength (DW), induced amplitude modulation method (IAM) coupled with amplitude multiplication (PM), loratadine, pseudoephedrine sulphate, ratio difference (RD)

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4614 Correlation of Serum Ferritin and Left Ventricular Function in Beta Thalassemia Major Patients with Increased Transfusion Dependence

Authors: Amna Imtiaz

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Aims: To correlate serum ferritin with left ventricular function in beta thalassemia major patients with increased transfusion dependence and to find out whether echocardiography can be used to assess pre clinical cardiac disease in these patients. Methods: The cross sectional study was conducted at Department of Pathology, Shaheed Zulfiqar Ali Bhutto Medical University, Pakistan Institute of Medical Sciences, Islamabad. 60 patients of beta thalassemia major with increased transfusion dependence were enrolled in this study. Serum ferritin levels of all patients were measured by using indirect enzyme linked immunosorbent assay (ELISA). Echocardiography was performed on all patients by a consultant cardiologist by linking conventional echocardiography with tissue Doppler imaging. Ejection fraction and E/A ratio were measured in all patients to assess left ventricular systolic and diastolic function. Results: On the basis of serum ferritin level, patients were divided into three groups. Group I consisted of patients having serum ferritin level equal to or less than 2500 ng/ml. A total of 25 patients were placed in this group. Group II included patients having serum ferritin level between 2500 to 5000 ng/ml. A total of 22 patients were placed in this group. Group III included patients having serum ferritin level more than 5000 ng/ml. This group consisted of 13 patients. All patients having serum ferritin below 2500ng/ml had normal systolic function, and only 16% of the patients in this group had diastolic dysfunction as reflected by abnormal E/A ratio. In group II, 27% of the patients had systolic dysfunction reflected by subnormal ejection fraction while 40% of the patients had diastolic dysfunction. In group III, 62% of the patients had abnormal systolic and diastolic function. Pearson correlation was used to find a correlation between serum ferritin and left ventricular function. A strong negative correlation was found which is reflected by a p value of less than 0.05 which is significant. Chi square test is used to correlate serum ferritin with E/A ratio. P value came out to be less than 0.05 which is significant.

Keywords: beta thalassemia major, left ventricular function, serum ferritin, transfusion dependence

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4613 Metagenomics Features of The Gut Microbiota in Metabolic Syndrome

Authors: Anna D. Kotrova, Alexandr N. Shishkin, Elena I. Ermolenko

Abstract:

The aim. To study the quantitative and qualitative colon bacteria ratio from patients with metabolic syndrome. Materials and methods. Fecal samples from patients of 2 groups were identified and analyzed: the first group was formed by patients with metabolic syndrome, the second one - by healthy individuals. The metagenomics method was used with the analysis of 16S rRNA gene sequences. The libraries of the variable sites (V3 and V4) gene 16S RNA were analyzed using the MiSeq device (Illumina). To prepare the libraries was used the standard recommended by Illumina, a method based on two rounds of PCR. Results. At the phylum level in the microbiota of patients with metabolic syndrome compared to healthy individuals, the proportion of Tenericutes was reduced, the proportion of Actinobacteria was increased. At the genus level, in the group with metabolic syndrome, relative to the second group was increased the proportion of Lachnospira. Conclusion. Changes in the colon bacteria ratio in the gut microbiota of patients with metabolic syndrome were found both at the type and the genus level. In the metabolic syndrome group, there is a decrease in the proportion of bacteria that do not have a cell wall. To confirm the revealed microbiota features in patients with metabolic syndrome, further study with a larger number of samples is required.

Keywords: gut microbiota, metabolic syndrome, metagenomics, tenericutes

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4612 Shear Strength Evaluation of Ultra-High-Performance Concrete Flexural Members Using Adaptive Neuro-Fuzzy System

Authors: Minsu Kim, Hae-Chang Cho, Jae Hoon Chung, Inwook Heo, Kang Su Kim

Abstract:

For safe design of the UHPC flexural members, accurate estimations of their shear strengths are very important. However, since the shear strengths are significantly affected by various factors such as tensile strength of concrete, shear span to depth ratio, volume ratio of steel fiber, and steel fiber factor, the accurate estimations of their shear strengths are very challenging. In this study, therefore, the Adaptive Neuro-Fuzzy System (ANFIS), which has been widely used to solve many complex problems in engineering fields, was introduced to estimate the shear strengths of UHPC flexural members. A total of 32 experimental results has been collected from previous studies for training of the ANFIS algorithm, and the well-trained ANFIS algorithm provided good estimations on the shear strengths of the UHPC test specimens. Acknowledgement: This research was supported by Basic Science Research Program through the National Research Foundation of Korea(NRF) funded by the Ministry of Science, ICT & Future Planning(NRF-2016R1A2B2010277).

Keywords: ultra-high-performance concrete, ANFIS, shear strength, flexural member

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4611 Evaluation of Molasses and Sucrose as Cabohydrate Sources for Biofloc System on Nile Tilapia (Oreochromis niloticus) Performances

Authors: A. M. Nour, M. A. Zaki, E. A. Omer, Nourhan Mohamed

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Performances of mixed-sex Nile tilapia (Oreochromis niloticus) fingerlings (11.33 ± 1.78 g /fish) reared under biofloc system developed by molasses and sucrose as carbon sources in indoor fiberglass tanks were evaluated. Six indoor fiberglass tanks (1m 3 each filled with 1000 l of underground fresh water), each was stocked with 2kg fish were used for 14 weeks experimental period. Three experimental groups were designed (each group 2 tanks) as following: 1-control: 20% daily without biofloc, 2-zero water exchange rate with biofloc (molasses as C source) and 3-zero water exchange rate with biofloc (sucrose as C source). Fish in all aquariums were fed on floating feed pellets (30% crude protein, 3 mm in diameter) at a rate of 3% of the actual live fish body, 3 times daily and 6 days a week. Carbohydrate supplementations were applied daily to each tank two hrs, after feeding to maintain the carbon: nitrogen ratio (C: N) ratio 20:1. Fish were reared under continuous aeration by pumping air into the water in the tank bottom using two sandy diffusers and constant temperature between 27.0-28.0 ºC by using electrical heaters for 10 weeks. Criteria's for assessment of water quality parameters, biofloc production and fish growth performances were collected and evaluated. The results showed that total ammonia nitrogen in control group was higher than biofloc groups. The biofloc volumes were 19.13 mg/l and 13.96 mg/l for sucrose and molasses, respectively. Biofloc protein (%), ether extract (%) and gross energy (kcal/100g DM), they were higher in biofloc molasses group than biofloc sucrose group. Tilapia growth performances were significantly higher (P < 0.05) with molasses group than in sucrose and control groups, respectively. The highest feed and nutrient utilization values for protein efficiency ratio (PER), protein productive (PPV%) and energy utilization (EU, %) were higher in molasses group followed by sucrose group and control group respectively.

Keywords: biofloc, Nile tilapia, cabohydrates, performances

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4610 Exploring Coexisting Opportunity of Earthquake Risk and Urban Growth

Authors: Chang Hsueh-Sheng, Chen Tzu-Ling

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Earthquake is an unpredictable natural disaster and intensive earthquakes have caused serious impacts on social-economic system, environmental and social resilience, and further increase vulnerability. Due to earthquakes do not kill people, buildings do. When buildings located nearby earthquake-prone areas and constructed upon poorer soil areas might result in earthquake-induced ground damage. In addition, many existing buildings built before any improved seismic provisions began to be required in building codes and inappropriate land usage with highly dense population might result in much serious earthquake disaster. Indeed, not only do earthquake disaster impact seriously on urban environment, but urban growth might increase the vulnerability. Since 1980s, ‘Cutting down risks and vulnerability’ has been brought up in both urban planning and architecture and such concept has way beyond retrofitting of seismic damages, seismic resistance, and better anti-seismic structures, and become the key action on disaster mitigation. Land use planning and zoning are two critical non-structural measures on controlling physical development while it is difficult for zoning boards and governing bodies restrict development of questionable lands to uses compatible with the hazard without credible earthquake loss projection. Therefore, identifying potential earthquake exposure, vulnerability people and places, and urban development areas might become strongly supported information for decision makers. Taiwan locates on the Pacific Ring of Fire where a seismically active zone is. Some of the active faults have been found close by densely populated and highly developed built environment in the cities. Therefore, this study attempts to base on the perspective of carrying capacity and draft out micro-zonation according to both vulnerability index and urban growth index while considering spatial variances of multi factors via geographical weighted principle components (GWPCA). The purpose in this study is to construct supported information for decision makers on revising existing zoning in high-risk areas for a more compatible use and the public on managing risks.

Keywords: earthquake disaster, vulnerability, urban growth, carrying capacity, /geographical weighted principle components (GWPCA), bivariate spatial association statistic

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4609 Optimization of Syngas Quality for Fischer-Tropsch Synthesis

Authors: Ali Rabah

Abstract:

This research received no grant or financial support from any public, commercial, or none governmental agency. The author conducted this work as part of his normal research activities as a professor of Chemical Engineering at the University of Khartoum, Sudan. Abstract While fossil oil reserves have been receding, the demand for diesel and gasoline has been growing. In recent years, syngas of biomass origin has been emerging as a viable feedstock for Fischer-Tropsch (FT) synthesis, a process for manufacturing synthetic gasoline and diesel. This paper reports the optimization of syngas quality to match FT synthesis requirements. The optimization model maximizes the thermal efficiency under the constraint of H2/CO≥2.0 and operating conditions of equivalent ratio (0 ≤ ER ≤ 1.0), steam to biomass ratio (0 ≤ SB ≤ 5), and gasification temperature (500 °C ≤ Tg ≤ 1300 °C). The optimization model is executed using the optimization section of the Model Analysis Tools of the Aspen Plus simulator. The model is tested using eleven (11) types of MSW. The optimum operating conditions under which the objective function and the constraint are satisfied are ER=0, SB=0.66-1.22, and Tg=679 - 763°C. Under the optimum operating conditions, the syngas quality is H2=52.38 - 58.67-mole percent, LHV=12.55 - 17.15 MJ/kg, N2=0.38 - 2.33-mole percent, and H2/CO≥2.15. The generalized optimization model reported could be extended to any other type of biomass and coal. Keywords: MSW, Syngas, Optimization, Fischer-Tropsch.

Keywords: syngas, MSW, optimization, Fisher-Tropsh

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4608 Experimental Investigation on the Effect of Cross Flow on Discharge Coefficient of an Orifice

Authors: Mathew Saxon A, Aneeh Rajan, Sajeev P

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Many fluid flow applications employ different types of orifices to control the flow rate or to reduce the pressure. Discharge coefficients generally vary from 0.6 to 0.95 depending on the type of the orifice. The tabulated value of discharge coefficients of various types of orifices available can be used in most common applications. The upstream and downstream flow condition of an orifice is hardly considered while choosing the discharge coefficient of an orifice. But literature shows that the discharge coefficient can be affected by the presence of cross flow. Cross flow is defined as the condition wherein; a fluid is injected nearly perpendicular to a flowing fluid. Most researchers have worked on water being injected into a cross-flow of water. The present work deals with water to gas systems in which water is injected in a normal direction into a flowing stream of gas. The test article used in the current work is called thermal regulator, which is used in a liquid rocket engine to reduce the temperature of hot gas tapped from the gas generator by injecting water into the hot gas so that a cooler gas can be supplied to the turbine. In a thermal regulator, water is injected through an orifice in a normal direction into the hot gas stream. But the injection orifice had been calibrated under backpressure by maintaining a stagnant gas medium at the downstream. The motivation of the present study aroused due to the observation of a lower Cd of the orifice in flight compared to the calibrated Cd. A systematic experimental investigation is carried out in this paper to study the effect of cross-flow on the discharge coefficient of an orifice in water to a gas system. The study reveals that there is an appreciable reduction in the discharge coefficient with cross flow compared to that without cross flow. It is found that the discharge coefficient greatly depends on the ratio of momentum of water injected to the momentum of the gas cross flow. The effective discharge coefficient of different orifices was normalized using the discharge coefficient without cross-flow and it is observed that normalized curves of effective discharge coefficient of different orifices with momentum ratio collapsing into a single curve. Further, an equation is formulated using the test data to predict the effective discharge coefficient with cross flow using the calibrated Cd value without cross flow.

Keywords: cross flow, discharge coefficient, orifice, momentum ratio

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4607 Preservation of Coconut Toddy Sediments as a Leavening Agent for Bakery Products

Authors: B. R. Madushan, S. B. Navaratne, I. Wickramasinge

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Toddy sediment (TS) was cultured in a PDA medium to determine initial yeast load, and also it was undergone sun, shade, solar, dehumidified cold air (DCA) and hot air oven (at 400, 500 and 60oC) drying with a view to preserve viability of yeast. Thereafter, this study was conducted according to two factor factorial design in order to determine best preservation method. Therein the dried TS from the best drying method was taken and divided into two portions. One portion was mixed with 3: 7 ratio of TS: rice flour and the mixture was divided in to two again. While one portion was kept under in house condition the other was in a refrigerator. Same procedure was followed to the rest portion of TS too but it was at the same ratio of corn flour. All treatments were vacuum packed in triple laminate pouches and the best preservation method was determined in terms of leavening index (LI). The TS obtained from the best preservation method was used to make foods (bread and hopper) and organoleptic properties of it were evaluated against same of ordinary foods using sensory panel with a five point hedonic scale. Results revealed that yeast load or fresh TS was 58×106 CFU/g. The best drying method in preserving viability of yeast was DCA because LI of this treatment (96%) is higher than that of other three treatments. Organoleptic properties of foods prepared from best preservation method are as same as ordinary foods according to Duo trio test.

Keywords: biological leavening agent, coconut toddy, fermentation, yeast

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4606 Sex Differences in Age-Related AMPK-Sirt1 Axis Alteration in Human Heart

Authors: Maria Luisa Barcena De Arellano, Sofya Pozdniakova, Pavelas Karkacas, Anja Kuhl, Istvan Baczko, Yury Ladilov, Vera Regitz-Zagrosek

Abstract:

Introduction: Aging is associated with deterioration of the physiological function, leading to systemic inflammation and mitochondrial dysfunction that promote the development of cardiovascular diseases. Sex differences in aging-related cardiovascular diseases have been postulated. However, their precise mechanisms remain unclear. In the current study, we aimed to investigate the sex difference in the age-related alteration in Sirt1-AMPK signaling and its relation to the mitochondrial biogenesis and inflammation. Methods: Male and female human non-disease lateral left ventricular wall tissue (young (17–40 years; n= 7 male and 7 female) and old (50–68 years; n= 9 male and 8 female)) were used. qRT-PCR, western blot and immunohistochemistry assays were performed for expression analyses of Sirt1, AMPK, pAMPK, ac-Ku70, TFAM, PGC-1α, Sirt3, SOD2 and catalase. CD68 was used as a marker for macrophages and the ratio of IL-12:IL10 (pro-inflammatory phenotype (high IL-12/low IL-10) and anti-inflammatory phenotype (low IL-12/high IL-10) was used to examine the inflammatory stage in the heart. Results: Sirt1 expression was significantly higher in young females compared to young males, whereas in aged hearts Sirt1 expression was significantly downregulated in females, but not in males. In line with the Sirt1 downregulation in aged females, acetylation of nuclear Ku70, a direct target of Sirt1, in aged female hearts was significantly elevated. The activity of AMPK was significantly decreased in aged individuals, however no sex differences in the AMPK expression or activity were found in young or old individuals. The expression of mitochondrial proteins TOM40, SOD2 and Sirt3 was significantly higher in young females compared to young males, while in aged female hearts SOD2 and TOM40 were downregulated. In addition, the expression of catalase, a key cytosolic and mitochondrial anti-oxidative enzyme was significantly higher in young females and this female sex benefit was lost in aged hearts. In addition, the number of cardiac macrophages was significantly increased in old female, but not in male hearts. Consistently, the pro-inflammatory shift in old females was further confirmed by differences in the IL12/IL10 ratio in young female cardiac tissue in a favour of the anti-inflammatory mediator IL-10 (ratio 1:4) compared to young males (ratio 1:1). The anti-inflammatory environment in the heart was lost in aged females (ratio 1:1). Conclusion: Aging leads to the significant downregulation of Sirt1 expression and elevated acetylation of Ku70 in female, but not in male hearts. Furthermore, a beneficial upregulation of mitochondrial and anti-oxidative proteins in young females is lost with aging. Moreover, the malfunctions in the expression of Sirt1 and mitochondrial proteins in aged female hearts is accompanied by a significant pro-inflammatory shift. The study provides a molecular basis for the increased incidence of cardiovascular diseases in old women.

Keywords: inflammation, mitochondrial dysfunction, aging, Sirt1-AMPK axis

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4605 Limitation of Parallel Flow in Three-Dimensional Elongated Porous Domain Subjected to Cross Heat and Mass Flux

Authors: Najwa Mimouni, Omar Rahli, Rachid Bennacer, Salah Chikh

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In the present work 2D and 3D numerical simulations of double diffusion natural convection in an elongated enclosure filled with a binary fluid saturating a porous medium are carried out. In the formulation of the problem, the Boussinesq approximation is considered and cross Neumann boundary conditions are specified for heat and mass walls conditions. The numerical method is based on the control volume approach with the third order QUICK scheme. Full approximation storage (FAS) with full multigrid (FMG) method is used to solve the problem. For the explored large range of the controlling parameters, we clearly evidenced that the increase in the depth of the cavity i.e. the lateral aspect ratio has an important effect on the flow patterns. The 2D perfect parallel flows obtained for a small lateral aspect ratio are drastically destabilized by increasing the cavity lateral dimension. This yields a 3D fluid motion with a much more complicated flow pattern and the classically studied 2D parallel flows are impossible.

Keywords: bifurcation, natural convection, heat and mass transfer, parallel flow, porous media

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4604 Molecular Dynamics Simulations on Richtmyer-Meshkov Instability of Li-H2 Interface at Ultra High-Speed Shock Loads

Authors: Weirong Wang, Shenghong Huang, Xisheng Luo, Zhenyu Li

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Material mixing process and related dynamic issues at extreme compressing conditions have gained more and more concerns in last ten years because of the engineering appealings in inertial confinement fusion (ICF) and hypervelocity aircraft developments. However, there lacks models and methods that can handle fully coupled turbulent material mixing and complex fluid evolution under conditions of high energy density regime up to now. In aspects of macro hydrodynamics, three numerical methods such as direct numerical simulation (DNS), large eddy simulation (LES) and Reynolds-averaged Navier–Stokes equations (RANS) has obtained relative acceptable consensus under the conditions of low energy density regime. However, under the conditions of high energy density regime, they can not be applied directly due to occurrence of dissociation, ionization, dramatic change of equation of state, thermodynamic properties etc., which may make the governing equations invalid in some coupled situations. However, in view of micro/meso scale regime, the methods based on Molecular Dynamics (MD) as well as Monte Carlo (MC) model are proved to be promising and effective ways to investigate such issues. In this study, both classical MD and first-principle based electron force field MD (eFF-MD) methods are applied to investigate Richtmyer-Meshkov Instability of metal Lithium and gas Hydrogen (Li-H2) interface mixing at different shock loading speed ranging from 3 km/s to 30 km/s. It is found that: 1) Classical MD method based on predefined potential functions has some limits in application to extreme conditions, since it cannot simulate the ionization process and its potential functions are not suitable to all conditions, while the eFF-MD method can correctly simulate the ionization process due to its ‘ab initio’ feature; 2) Due to computational cost, the eFF-MD results are also influenced by simulation domain dimensions, boundary conditions and relaxation time choices, etc., in computations. Series of tests have been conducted to determine the optimized parameters. 3) Ionization induced by strong shock compression has important effects on Li-H2 interface evolutions of RMI, indicating a new micromechanism of RMI under conditions of high energy density regime.

Keywords: first-principle, ionization, molecular dynamics, material mixture, Richtmyer-Meshkov instability

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4603 Mathematical Modelling of a Low Tip Speed Ratio Wind Turbine for System Design Evaluation

Authors: Amir Jalalian-Khakshour, T. N. Croft

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Vertical Axis Wind Turbine (VAWT) systems are becoming increasingly popular as they have a number of advantages over traditional wind turbines. The advantages are reliability, ease of transportation and manufacturing. These attributes could make these technologies useful in developing economies. The performance characteristics of a VAWT are different from a horizontal axis wind turbine, which can be attributed to the low tip speed ratio operation. To unlock the potential of these VAWT systems, the operational behaviour in a number of system topologies and environmental conditions needs to be understood. In this study, a non-linear dynamic simulation method was developed in Matlab and validated against in field data of a large scale, 8-meter rotor diameter prototype. This simulation method has been utilised to determine the performance characteristics of a number of control methods and system topologies. The motivation for this research was to develop a simulation method which accurately captures the operating behaviour and is computationally inexpensive. The model was used to evaluate the performance through parametric studies and optimisation techniques. The study gave useful insights into the applications and energy generation potential of this technology.

Keywords: power generation, renewable energy, rotordynamics, wind energy

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4602 Co-Integrated Commodity Forward Pricing Model

Authors: F. Boudet, V. Galano, D. Gmira, L. Munoz, A. Reina

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Commodities pricing needs a specific approach as they are often linked to each other and so are expectedly doing their prices. They are called co-integrated when at least one stationary linear combination exists between them. Though widespread in economic literature, and even if many equilibrium relations and co-movements exist in the economy, this principle of co-movement is not developed in derivatives field. The present study focuses on the following problem: How can the price of a forward agreement on a commodity be simulated, when it is co-integrated with other ones? Theoretical analysis is developed from Gibson-Schwartz model and an analytical solution is given for short maturities contracts and under risk-neutral conditions. The application has been made to crude oil and heating oil energy commodities and result confirms the applicability of proposed method.

Keywords: co-integration, commodities, forward pricing, Gibson-Schwartz

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4601 Revealing the Risks of Obstructive Sleep Apnea

Authors: Oyuntsetseg Sandag, Lkhagvadorj Khosbayar, Naidansuren Tsendeekhuu, Densenbal Dansran, Bandi Solongo

Abstract:

Introduction: Obstructive sleep apnea (OSA) is a common disorder affecting at least 2% to 4% of the adult population. It is estimated that nearly 80% of men and 93% of women with moderate to severe sleep apnea are undiagnosed. A number of screening questionnaires and clinical screening models have been developed to help identify patients with OSA, also it’s indeed to clinical practice. Purpose of study: Determine dependence of obstructive sleep apnea between for severe risk and risk factor. Material and Methods: A cross-sectional study included 114 patients presenting from theCentral state 3th hospital and Central state 1th hospital. Patients who had obstructive sleep apnea (OSA)selected in this study. Standard StopBang questionnaire was obtained from all patients.According to the patients’ response to the StopBang questionnaire was divided into low risk, intermediate risk, and high risk.Descriptive statistics were presented mean ± standard deviation (SD). Each questionnaire was compared on the likelihood ratio for a positive result, the likelihood ratio for a negative test result of regression. Statistical analyses were performed utilizing SPSS 16. Results: 114 patients were obtained (mean age 48 ± 16, male 57)that divided to low risk 54 (47.4%), intermediate risk 33 (28.9%), high risk 27 (23.7%). Result of risk factor showed significantly increasing that mean age (38 ± 13vs. 54 ± 14 vs. 59 ± 10, p<0.05), blood pressure (115 ± 18vs. 133 ± 19vs. 142 ± 21, p<0.05), BMI(24 IQR 22; 26 vs. 24 IQR 22; 29 vs. 28 IQR 25; 34, p<0.001), neck circumference (35 ± 3.4 vs. 38 ± 4.7 vs. 41 ± 4.4, p<0.05)were increased. Results from multiple logistic regressions showed that age is significantly independently factor for OSA (odds ratio 1.07, 95% CI 1.02-1.23, p<0.01). Predictive value of age was significantly higher factor for OSA (AUC=0.833, 95% CI 0.758-0.909, p<0.001). Our study showing that risk of OSA is beginning 47 years old (sensitivity 78.3%, specifity74.1%). Conclusions: According to most of all patients’ response had intermediate risk and high risk. Also, age, blood pressure, neck circumference and BMI were increased such as risk factor was increased for OSA. Especially age is independently factor and highest significance for OSA. Patients’ age one year is increased likelihood risk factor 1.1 times is increased.

Keywords: obstructive sleep apnea, Stop-Bang, BMI (Body Mass Index), blood pressure

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4600 Comparison of Water Equivalent Ratio of Several Dosimetric Materials in Proton Therapy Using Monte Carlo Simulations and Experimental Data

Authors: M. R. Akbari , H. Yousefnia, E. Mirrezaei

Abstract:

Range uncertainties of protons are currently a topic of interest in proton therapy. Two of the parameters that are often used to specify proton range are water equivalent thickness (WET) and water equivalent ratio (WER). Since WER values for a specific material is nearly constant at different proton energies, it is a more useful parameter to compare. In this study, WER values were calculated for different proton energies in polymethyl methacrylate (PMMA), polystyrene (PS) and aluminum (Al) using FLUKA and TRIM codes. The results were compared with analytical, experimental and simulated SEICS code data obtained from the literature. In FLUKA simulation, a cylindrical phantom, 1000 mm in height and 300 mm in diameter, filled with the studied materials was simulated. A typical mono-energetic proton pencil beam in a wide range of incident energies usually applied in proton therapy (50 MeV to 225 MeV) impinges normally on the phantom. In order to obtain the WER values for the considered materials, cylindrical detectors, 1 mm in height and 20 mm in diameter, were also simulated along the beam trajectory in the phantom. In TRIM calculations, type of projectile, energy and angle of incidence, type of target material and thickness should be defined. The mode of 'detailed calculation with full damage cascades' was selected for proton transport in the target material. The biggest difference in WER values between the codes was 3.19%, 1.9% and 0.67% for Al, PMMA and PS, respectively. In Al and PMMA, the biggest difference between each code and experimental data was 1.08%, 1.26%, 2.55%, 0.94%, 0.77% and 0.95% for SEICS, FLUKA and SRIM, respectively. FLUKA and SEICS had the greatest agreement (≤0.77% difference in PMMA and ≤1.08% difference in Al, respectively) with the available experimental data in this study. It is concluded that, FLUKA and TRIM codes have capability for Bragg curves simulation and WER values calculation in the studied materials. They can also predict Bragg peak location and range of proton beams with acceptable accuracy.

Keywords: water equivalent ratio, dosimetric materials, proton therapy, Monte Carlo simulations

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4599 Controlling the Surface Morphology of the Biocompatible Hydroxyapatite Layer Deposited by Using a Flame-Coating

Authors: Nabaa M. Abdul Rahim, Mohammed A.Kadhim, Fadhil K. Fuliful

Abstract:

A biocompatible layer is prepared from calcium phosphate, which plays a role in building damaged bones and is used in many applications. In this research, calcium phosphate is coated on stainless steel substrates (SS 316) by using the flame coating. FE-SEM images show that the behavior of the sample surfaces varies with distance, at 3cm, appeared with nanostructures of bumps shaped of diameter about 317 nm. The contents of the elements are analyzed by energy-dispersive X-ray spectroscopy (EDX). The chemical elements C, Ca, Fe, Ni, Cr, Mn and O corresponding to calcium phosphate and the alloy are revealed by EDX analysis of the coating layer. XRD patterns for the calcium phosphate layers indicate the formation of the Hap layer on the deposited layers. The samples are immersed in a solution of simulated body fluids (SBF) for 21 days to examine the biocompatibility, as the tests show that the calcium phosphate ratio of 1.65 is the appropriate and biocompatible ratio in the human body. The assays show antibacterial activity using the diffusion disk procedure. On the surface of the agar, observed infested E.coli bacteria and incubated for 24 hours at 37°C. Bacteria grow on the entire agar rather than in some areas around some samples at a distance of 3 cm from the flame hole.

Keywords: biomaterial, flame coating, antibacterial activity, stainless steel

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4598 Energy Absorption of Circular Thin-Walled Tube with Curved-Crease Patterns under Axial Crushing

Authors: Grzegorz Dolzyk, Sungmoon Jung

Abstract:

Thin-walled tubes are commonly used as energy absorption devices for their excellent mechanical properties and high manufacturability. Techniques such as grooving and pre-folded origami shapes were introduced to circular and polygonal tubes to improve its energy absorption efficiency. This paper examines the energy absorption characteristics of circular tubes with pre-embedded curved-crease pattern. Set of numerical analyzes were conducted with different grooving patterns for tubes with various diameter (D) to thickness (t) ratio. It has been found that even very shallow grooving can positively affect thin wall tubes, leading to increased energy absorption and higher crushing load efficiency. The phenomenon is associated with nonsymmetric deformation that is usually observed for tubes with a high D/t ratio ( > 90). Grooving can redirect a natural mode of post-buckling deformation to a one with a higher number of lobes such that its beneficial and more stable. Also, the opposite effect can be achieved, and highly disrupted deformation can be a cause of reduced energy absorption capabilities. Curved-crease engraved patterns can be used to stabilize and change a form of hazardous post-buckling deformation.

Keywords: axial crushing, energy absorption, grooving, thin-wall structures

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4597 Comparative Evaluation of High Pure Mn3O4 Preparation Technique between the Conventional Process from Electrolytic Manganese and a Sustainable Approach Directly from Low-Grade Rhodochrosite

Authors: Fang Lian, Zefang Chenli, Laijun Ma, Lei Mao

Abstract:

Up to now, electrolytic process is a popular way to prepare Mn and MnO2 (EMD) with high purity. However, the conventional preparation process of manganese oxide such as Mn3O4 with high purity from electrolytic manganese metal is characterized by long production-cycle, high-pollution discharge and high energy consumption especially initially from low-grade rhodochrosite, the main resources for exploitation and applications in China. Moreover, Mn3O4 prepared from electrolytic manganese shows large particles, single morphology beyond the control and weak chemical activity. On the other hand, hydrometallurgical method combined with thermal decomposition, hydrothermal synthesis and sol-gel processes has been widely studied because of its high efficiency, low consumption and low cost. But the key problem in direct preparation of manganese oxide series from low-grade rhodochrosite is to remove completely the multiple impurities such as iron, silicon, calcium and magnesium. It is urgent to develop a sustainable approach to high pure manganese oxide series with character of short process, high efficiency, environmentally friendly and economical benefit. In our work, the preparation technique of high pure Mn3O4 directly from low-grade rhodochrosite ore (13.86%) was studied and improved intensively, including the effective leaching process and the short purifying process. Based on the same ion effect, the repeated leaching of rhodochrosite with sulfuric acid is proposed to improve the solubility of Mn2+ and inhibit the dissolution of the impurities Ca2+ and Mg2+. Moreover, the repeated leaching process could make full use of sulfuric acid and lower the cost of the raw material. With the aid of theoretical calculation, Ba(OH)2 was chosen to adjust the pH value of manganese sulfate solution and BaF2 to remove Ca2+ and Mg2+ completely in the process of purifying. Herein, the recovery ratio of manganese and removal ratio of the impurity were evaluated via chemical titration and ICP analysis, respectively. Comparison between conventional preparation technique from electrolytic manganese and a sustainable approach directly from low-grade rhodochrosite have also been done herein. The results demonstrate that the extraction ratio and the recovery ratio of manganese reached 94.3% and 92.7%, respectively. The heavy metal impurities has been decreased to less than 1ppm, and the content of calcium, magnesium and sodium has been decreased to less than 20ppm, which meet standards of high pure reagent for energy and electronic materials. In compare with conventional technique from electrolytic manganese, the power consumption has been reduced to ≤2000 kWh/t(product) in our short-process approach. Moreover, comprehensive recovery rate of manganese increases significantly, and the wastewater generated from our short-process approach contains low content of ammonia/ nitrogen about 500 mg/t(product) and no toxic emissions. Our study contributes to the sustainable application of low-grade manganese ore. Acknowledgements: The authors are grateful to the National Science and Technology Support Program of China (No.2015BAB01B02) for financial support to the work.

Keywords: leaching, high purity, low-grade rhodochrosite, manganese oxide, purifying process, recovery ratio

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4596 Accessing Properties of Alkali Activated Ground Granulated Blast Furnace Slag Based Self Compacting Geopolymer Concrete Incorporating Nano Silica

Authors: Guneet Saini, Uthej Vattipalli

Abstract:

In a world with increased demand for sustainable construction, waste product of one industry could be a boon to the other in reducing the carbon footprint. Usage of industrial waste such as fly ash and ground granulated blast furnace slag have become the epicenter of curbing the use of cement, one of the major contributors of greenhouse gases. In this paper, empirical studies have been done to develop alkali activated self-compacting geopolymer concrete (GPC) using ground granulated blast furnace slag (GGBS), incorporated with 2% nano-silica by weight, through evaluation of its fresh and hardening properties. Experimental investigation on 6 mix designs of varying molarity of 10M, 12M and 16M of the alkaline solution and a binder content of 450 kg/m³ and 500 kg/m³ has been done and juxtaposed with GPC mix design composed of 16M alkaline solution concentration and 500 kg/m³ binder content without nano-silica. The sodium silicate to sodium hydroxide ratio (SS/SH), alkaline activator liquid to binder ratio (AAL/B) and water to binder ratio (W/B), which significantly affect the performance and mechanical properties of GPC, were fixed at 2.5, 0.45 and 0.4 respectively. To catalyze the early stage geopolymerisation, oven curing is done maintaining the temperature at 60˚C. This paper also elucidates the test results for fresh self-compacting concrete (SCC) done as per EFNARC guidelines. The mechanical properties tests conducted were: compressive strength test after 7 days, 28 days, 56 days and 90 days; flexure test; split tensile strength test after 28 days, 56 days and 90 days; X-ray diffraction test to analyze the mechanical performance and sorptivity test for testing of permeability. The study revealed that the sample of 16M concentration of alkaline solution with 500 Kg/m³ binder content containing 2% nano silica produced the highest compressive, flexural and split tensile strength of 81.33 MPa, 7.875 MPa, and 6.398 MPa respectively, at the end of 90 days.

Keywords: alkaline activator liquid, geopolymer concrete, ground granulated blast furnace slag, nano silica, self compacting

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4595 Hypertension and Obesity: A Cross-National Comparison of BMI and Waist-Height Ratio

Authors: Adam M. Yates, Julie E. Byles

Abstract:

Hypertension has been identified as a prominent co-morbidity of obesity. To improve clinical intervention of hypertension, it is critical to identify metrics that most accurately reflect risk for increased morbidity. Two of the most relevant and accurate measures for increased risk of hypertension due to excess adipose tissue are Body Mass Index (BMI) and Waist-Height Ratio (WHtR). Previous research has examined these measures in cross-national and cross-ethnic studies, but has most often relied on secondary means such as meta-analysis to identify and evaluate the efficacy of individual body mass measures. In this study, we instead use cross-sectional analysis to assess the cross-ethnic discriminative power of BMI and WHtR to predict risk of hypertension. Using the WHO SAGE survey, which collected anthropometric and biometric data from respondents in six middle-income countries (China, Ghana, India, Mexico, Russia, South Africa), we implement logistic regression to examine the discriminative power of measured BMI and WHtR with a known population of hypertensive and non-hypertensive respondents. We control for gender and age to identify whether optimum cut-off points that are adequately sensitive as tests for risk of hypertension may be different between groups. We report results for OR, RR, and ROC curves for each of the six SAGE countries. As seen in existing literature, results demonstrate that both WHtR and BMI are significant predictors of hypertension (p < .01). For these six countries, we find that cut-off points for WHtR may be dependent upon gender, age and ethnicity. While an optimum omnibus cut-point for WHtR may be 0.55, results also suggest that the gender and age relationship with WHtR may warrant the development of individual cut-offs to optimize health outcomes. Trends through multiple countries show that the optimum cut-point for WHtR increases with age while the area under the curve (AUROC) decreases for both men and women. Comparison between BMI and WHtR indicate that BMI may remain more robust than WHtR. Implications for public health policy are discussed.

Keywords: hypertension, obesity, Waist-Height ratio, SAGE

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4594 Investigation on Correlation of Earthquake Intensity Parameters with Seismic Response of Reinforced Concrete Structures

Authors: Semra Sirin Kiris

Abstract:

Nonlinear dynamic analysis is permitted to be used for structures without any restrictions. The important issue is the selection of the design earthquake to conduct the analyses since quite different response may be obtained using ground motion records at the same general area even resulting from the same earthquake. In seismic design codes, the method requires scaling earthquake records based on site response spectrum to a specified hazard level. Many researches have indicated that this limitation about selection can cause a large scatter in response and other charecteristics of ground motion obtained in different manner may demonstrate better correlation with peak seismic response. For this reason influence of eleven different ground motion parameters on the peak displacement of reinforced concrete systems is examined in this paper. From conducting 7020 nonlinear time history analyses for single degree of freedom systems, the most effective earthquake parameters are given for the range of the initial periods and strength ratios of the structures. In this study, a hysteresis model for reinforced concrete called Q-hyst is used not taken into account strength and stiffness degradation. The post-yielding to elastic stiffness ratio is considered as 0.15. The range of initial period, T is from 0.1s to 0.9s with 0.1s time interval and three different strength ratios for structures are used. The magnitude of 260 earthquake records selected is higher than earthquake magnitude, M=6. The earthquake parameters related to the energy content, duration or peak values of ground motion records are PGA(Peak Ground Acceleration), PGV (Peak Ground Velocity), PGD (Peak Ground Displacement), MIV (Maximum Increamental Velocity), EPA(Effective Peak Acceleration), EPV (Effective Peak Velocity), teff (Effective Duration), A95 (Arias Intensity-based Parameter), SPGA (Significant Peak Ground Acceleration), ID (Damage Factor) and Sa (Spectral Response Spectrum).Observing the correlation coefficients between the ground motion parameters and the peak displacement of structures, different earthquake parameters play role in peak displacement demand related to the ranges formed by the different periods and the strength ratio of a reinforced concrete systems. The influence of the Sa tends to decrease for the high values of strength ratio and T=0.3s-0.6s. The ID and PGD is not evaluated as a measure of earthquake effect since high correlation with displacement demand is not observed. The influence of the A95 is high for T=0.1 but low related to the higher values of T and strength ratio. The correlation of PGA, EPA and SPGA shows the highest correlation for T=0.1s but their effectiveness decreases with high T. Considering all range of structural parameters, the MIV is the most effective parameter.

Keywords: earthquake parameters, earthquake resistant design, nonlinear analysis, reinforced concrete

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4593 The Behavior of Polypropylene Fiber Reinforced Sand Loaded by Squair Footing

Authors: Dhiaadin Bahaadin Noory

Abstract:

This research involves the effect of both sizes of reinforced zone and the amount of polypropylene fiber reinforcement on the structural behavior of model-reinforced sand loaded by square footing. The ratio of the side of the square reinforced zone to the footing width (W/B) and the ratio of the square reinforced zone depth to footing width (H/B) has been varied from one to six and from one to three, respectively. The tests were carried out on a small-scale laboratory model in which uniform-graded sand was used as a fill material. It was placed in a highly dense state by hitting a thin wooden board placed on the sand surface with a hammer. The sand was reinforced with randomly oriented discrete fibrillated polypropylene fibers. The test results indicated a significant increase in the bearing capacity and stiffness of the subgrade and a modification of load–the settlement behavior of sand with the size of the reinforced zone and amount of fiber reinforcement. On the basis of the present test results, the optimal side width and depth of the reinforced zone were 4B and 2B, respectively, while the optimal percentage of fibers was 0.4%.

Keywords: square footing, polypropylene fibers, bearing capacity, stiffness, load settlement behavior, relative density

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4592 Continuous-Time Convertible Lease Pricing and Firm Value

Authors: Ons Triki, Fathi Abid

Abstract:

Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

Procedia PDF Downloads 92