Search results for: financial stability and solvency margin

Authors: Joanna Stawska

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The main objective of this article is to examine the impact of interest rates on investments in Poland in the context of financial crisis. The paper also investigates the dependence of bank loans to enterprises on interbank market rates. The article studies the impact of interbank market rate on the level of investments in Poland. Besides, this article focuses on the research of the correlation between the level of corporate loans and the amount of investments in Poland in order to determine the indirect impact of central bank interest rates through the transmission mechanism of monetary policy on the real economy. To achieve the objective we have used econometric and statistical research methods like: econometric model and Pearson correlation coefficient. This analysis suggests that the central bank reference rate inversely proportionally affects the level of investments in Poland and this dependence is moderate. This is also important issue because it is related to preparing of Poland to accession to euro area. The research is important from both theoretical and empirical points of view. The formulated conclusions and recommendations determine the practical significance of the paper which may be used in the decision making process of monetary and economic authorities of the country.

Keywords: central bank, financial crisis, interest rate, investments

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Authors: Daria N. Podvigina, Tatiana V. Chernigovskaya

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We have studied the temporal characteristics of bistable perception of the stimuli of two types: one involves alterations in a perceived depth and another one has an ambiguous content. We used the Necker lattice and lines of shadowed circles ambiguously perceived either as spheres or holes as stimuli of the first type. The Winson figure (the Eskimo/Indian picture) was a stimulus of the second type. We have analyzed how often the reversals occurred (reversal rate) and for how long each of the two interpretations, or percepts, was observed during one presentation (stability durations). For all three ambiguous images the reversal rate and the stability durations had similar values, which provide another evidence for a significant role of top-down processes in multistable perception.

Keywords: multistable perception, perceived depth, reversal rate, top-down processes

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Authors: Eliane Abdo, Olivier Colot

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

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

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Authors: Allamula Ashok, Peela Lasya, Daljin Jacob, P. Muhammed Razi, Satyesh Kumar Yadav

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We report zinc (Zn) as a seed layer material and a need for a specific disposition sequence to grow ultrathin silver (Ag) films on quartz (SiO₂). Ag films of thickness 4, 6, 8 and 10 nm were deposited by DC magnetron sputtering without and with Zn seed layer thickness of 1, 2 and 4 nm. The effect of Zn seed layer thickness and its annealing on the surface morphology, sheet resistance, and stability of ultrathin Ag films is investigated. We show that by increasing Zn seed layer thickness from 1 to 2 nm, there is a 5-order reduction in sheet resistance of 6 nm Ag films. We find that annealing of the seed layer is crucial to achieving stability of ultrathin Ag films. 6 nm Ag film with 2 nm Zn is unstable to 100 oC annealing, while the 6 nm Ag film with annealed 2 nm Zn seed layer is stable. 2 nm Zn seeded 8 nm Ag film maintained a constant sheet resistance of 7 Ω/□ for all 6 months of exposure to ambient conditions. Among the ultrathin film grown, 8nm Ag film with 2nm Zn seed layer had the best figure of merit with sheet resistance of 7 Ω/□, mean absolute surface roughness (Ra) ~1 nm, and optical transparency of 61 %. Such stable exposed ultrathin Ag films can find applications as catalysts, sensors, and transparent and conductive electrodes for solar cells, LEDs and plasmonic devices.

Keywords: ultrathin Ag films, magnetron sputtering, thermal stability, seed layer, exposed silver, zinc.

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Authors: Tryphon Kollintzas, Lambros Pechlivanos

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In this paper, we formulate a general equilibrium theory that explains the existence and stability of democratically elected governments that support certain groups of individuals in society (insiders) to the detriment of everybody else (outsiders), even if the latter constitute a majority. The vehicle is a dynamic general equilibrium model, where insiders get monopoly rents and outsiders get less than what they would have gotten under a common good regime. We construct such political economy equilibria, and we identify the conditions under which such political regimes (coalitions of insiders): (a) can safeguard against opportunistic behavior (i.e., do not fall from within) and (b) may come to power in the first place (i.e., manage to get elected). To that end, we highlight the role of perception manipulation and self-serving bias as a gluing device to garner an electable coalition.

Keywords: insiders, coalition governments, stability, electability, politico-economic equilibrium, perceptions manipulation

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Authors: Sadia Arshad, Yifa Tang, Dumitru Baleanu

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A fractional order mathematical model is proposed that incorporate CD8+ cells, natural killer cells, cytokines and tumor cells. The tumor cells growth in the absence of an immune response is modeled by logistic law as it was the simplest form for which predictions also agreed with the experimental data. Natural Killer Cells are our first line of defense. NK cells directly kill tumor cells through several mechanisms, including the release of cytoplasmic granules containing perforin and granzyme, expression of tumor necrosis factor (TNF) family members. The effect of the NK cells on the tumor cell population is expressed with the product term. Rational form is used to describe interaction between CD8+ cells and tumor cells. A number of cytokines are produced by NKs, including tumor necrosis factor TNF, IFN, and interleukin (IL-10). Source term for cytokines is modeled by Michaelis-Menten form to indicate the saturated effects of the immune response. Stability of the equilibrium points is discussed for biologically significant values of bifurcation parameters. We studied the treatment of fractional order system by investigating analytical conditions of tumor eradication. Numerical simulations are presented to illustrate the analytical results.

Keywords: cancer model, fractional calculus, numerical simulations, stability analysis

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Authors: Liang Sun, Yi He

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The origination and development of Chinese traditional villages have a strong link with clan society. Thousands of traditional villages are constituted by one big family who have the same surname. Villages’ basic social relationships are built on the basis of family kinship. Clan power controls family courtyards’ spatial structure and influences their evolvement process. Compared with other countries, research from perspective of clanism is a particular and universally applicable manner to recognize Chinese traditional villages’ space features. This paper takes traditional villages in astern Zhejiang province as examples, especially a single-clan village named Zoumatang. Through combining rural sociology with architecture, it clarifies the coupling relationship between clan structure and village space, reveals spatial composition and evolvement logic of family courtyards. Clan society pays much attention to the patrilineal kinship and genealogy. In astern Zhejiang province, clan is usually divided to ‘clan-branches-families’ three levels. Its structural relationship looks like pyramid, which results in ‘center-margin’ structure when projecting to villages’ space. Due to the cultural tradition of ancestor worship, family courtyards’ space exist similar ‘center-margin’ structure. Ancestor hall and family temple are respectively the space core of village and courtyard. Other parts of courtyard also shows order of superiority and inferiority. Elder and men must be the first. However, along with the disintegration of clan society, family courtyard gradually appears fragmentation trend. Its spatial structure becomes more and more flexible and its scale becomes smaller and smaller. Living conditions rather than ancestor worship turn out to be primary consideration. As a result, there are different courtyard historical prototype in different historic period. To some extent, Chinese present traditional villages’ conservation ignore the impact of clan society. This paper discovers the social significance of courtyard’s spatial texture and rebuilds the connection between society and space. It is expected to promote Chinese traditional villages’ conservation paying more attention to authenticity which defined in the historical process and integrity which built on the basis of social meaning.

Keywords: China, clanism, courtyard, evolvement process, spatial structure, traditional village

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Authors: Muhammad Ghaffar Doggar, Farah

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The primary objective of this feasibility study is to conduct a techno-financial assessment for installation of biomass based power plant in Faisalabad division. The study involves identification of best site for power plant followed by an assessment of biomass resource potential in the area and propose power plant of suitable size. The study also entailed comprehensive supply chain analysis to determine biomass fuel pricing, transportation and storage. Further technical and financial analyses have been done for selection of appropriate technology for the power plant and its financial viability, respectively. The assessment of biomass resources and the subsequent technical analysis revealed that 20 MW biomass power plant could be implemented at one of the locations near Faisalabad city i.e. AARI Site, Near Chak Jhumra district Faisalabad, Punjab province. Three options for steam pressure; namely, 70 bar, 90 bar and 100 bar boilers have been considered. Using international experience and prices on power plant technology and local prices on locally available equipment, the study concludes biomass fuel price of around 50 US dollars (USD) per ton when delivered to power plant site. The electricity prices used for feasibility calculations were 0.13 USD per KWh for electricity from a locally financed project and 0.11 USD per KWh for internationally financed power plant. For local financing the most viable choice is the 70 bar solution and with international financing, the most feasible solution is using a 90 bar boiler. Between the two options, the internationally financed 90 bar boiler setup gives better financial results than the locally financed 70 bar boiler project. It has been concluded that 20 MW with 90 bar power plant and internationally financed would have an equity IRR of 23% and a payback period of 7 years. This will be a cheap option for installation of power plants.

Keywords: AARI, Ayub agriculture research institute, biomass - crops residue, KWh - electricity Units, MG - Muhammad Ghaffar

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Authors: Mohamed Edokali, Robert Menzel, David Harbottle, Ali Hassanpour

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Forward osmosis (FO) process has stood out as an energy-efficient technology for water desalination and purification, although the practical application of FO for desalination still relies on RO-based Thin Film Composite (TFC) and Cellulose Triacetate (CTA) polymeric membranes which have a low performance. Recently, graphene oxide (GO) laminated membranes have been considered an ideal selection to overcome the bottleneck of the FO-polymeric membranes owing to their simple fabrication procedures, controllable thickness and pore size and high water permeability rates. However, the low stability of GO laminates in wet and harsh environments is still problematic. The recent developments of modified GO and hydrophobic reduced graphene oxide (rGO) membranes for FO desalination have demonstrated attempts to overcome the ongoing trade-off between desalination performance and stability, which is yet to be achieved prior to the practical implementation. In this study, acid-functionalized GO nanosheets cooperatively reduced and crosslinked by the hyperbranched polyethyleneimine (PEI) and polyethylene glycol (PEG) polymers, respectively, are applied for fabrication of the FO membrane, to enhance the membrane stability and performance, and compared with other functionalized rGO-FO membranes. PEI/PEG doped rGO membrane retained two compacted d-spacings (0.7 and 0.31 nm) compared to the acid-functionalized GO membrane alone (0.82 nm). Besides increasing the hydrophilicity, the coating layer of PEG onto the PEI-doped rGO membrane surface enhanced the structural integrity of the membrane chemically and mechanically. As a result of these synergetic effects, the PEI/PEG doped rGO membrane exhibited a water permeation of 7.7 LMH, salt rejection of 97.9 %, and reverse solute flux of 0.506 gMH at low flow rates in the FO desalination process.

Keywords: desalination, forward osmosis, membrane performance, polyethyleneimine, polyethylene glycol, reduced graphene oxide, stability

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Authors: Jun Wang, Ge Zhang

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Machine learning has been used in many areas today. It thrives at reviewing large volumes of data and identifying patterns and trends that might not be apparent to a human. Given the huge potential benefit and the amount of data available in the financial market, it is not surprising to see machine learning applied to various financial products. While future prices of financial securities are extremely difficult to forecast, we study them from a different angle. Instead of trying to forecast future prices, we apply machine learning algorithms to predict the direction of future price movement, in particular, whether a sector Exchange Traded Fund (ETF) would outperform or underperform the market in the next week or in the next month. We apply several machine learning algorithms for this prediction. The algorithms are Linear Discriminant Analysis (LDA), k-Nearest Neighbors (KNN), Decision Tree (DT), Gaussian Naive Bayes (GNB), and Neural Networks (NN). We show that these machine learning algorithms, most notably GNB and NN, have some predictive power in forecasting out-performance and under-performance out of sample. We also try to explore whether it is possible to utilize the predictions from these algorithms to outperform the buy-and-hold strategy of the S&P 500 index. The trading strategy to explore out-performance predictions does not perform very well, but the trading strategy to explore under-performance predictions can earn higher returns than simply holding the S&P 500 index out of sample.

Keywords: machine learning, ETF prediction, dynamic trading, asset allocation

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Authors: Andrew R. Winters, Gregor J. Gassner

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A high-order numerical magentohydrodynamics (MHD) solver built upon a non-linear entropy stable numerical flux function that supports eight traveling wave solutions will be described. The method is designed to treat the divergence-free constraint on the magnetic field in a similar fashion to a hyperbolic divergence cleaning technique. The solver is especially well-suited for flows involving strong discontinuities due to its strong stability without the need to enforce artificial low density or energy limits. Furthermore, a new formulation of the numerical algorithm to guarantee positivity of the pressure during the simulation is described and presented. By construction, the solver conserves mass, momentum, and energy and is entropy stable. High spatial order is obtained through the use of a third order limiting technique. High temporal order is achieved by utilizing the family of strong stability preserving (SSP) Runge-Kutta methods. Main attributes of the solver are presented as well as details on an implementation of the new solver into the multi-physics, multi-scale simulation code FLASH. The accuracy, robustness, and computational efficiency is demonstrated with a variety of numerical tests. Comparisons are also made between the new solver and existing methods already present in FLASH framework.

Keywords: entropy stability, finite volume scheme, magnetohydrodynamics, pressure positivity

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Authors: Irit Rutman Halili, Tehila Zvulun, Natali Elgabsi, Revaya Cohen, Shlomo Sarig

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Active sand dunes (ASD) may cause significant damage to field crops and livelihood, and therefore, it is necessary to find a treatment that would enhance ADS soil stability. Biological soil crusts (biocrusts) contain microorganisms on the soil surface. Metabolic polysaccharides secreted by biocrust cyanobacteria glue the soil particles into aggregates, thereby stabilizing the soil surface. Filter cake powder (FCP) is a waste by-product in the final stages of the production of sugar from sugarcane, and its disposal causes significant environmental pollution. FCP contains high concentrations of polysaccharides and has recently been shown to be soil stability enhancing agent in ASD. It has been reported that adding FCP to the ASD soil surface by dispersal significantly increases the level of penetration resistance of soil biocrust (PRSB) nine weeks after a single treatment. However, it was not known whether a similar effect could be obtained by administering the FCP in liquid form by means of spraying. It has now been found that spraying a water solution of FCP onto the ASD soil surface significantly increased the level of penetration resistance of soil biocrust (PRSB) three weeks after a single treatment. These results suggest that FCP spraying can be used as a short-term soil stability-enhancing agent for ASD, while administration by dispersal might be more efficient over the long term. Finally, an additional benefit of using FCP as a soil stabilizer, either by dispersal or by spraying, is the reduction in environmental pollution that would otherwise result from the disposal of FCP solid waste.

Keywords: active sand dunes, filter cake powder, biological soil crusts, penetration resistance of soil biocrust

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Authors: Sana Ansari, Sirus Mohammadi

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In distribution systems, shunt capacitors are used to reduce power losses, to improve voltage profile, and to increase the maximum flow through cables and transformers. This paper presents a new method to determine the optimal locations and economical sizing of fixed and/or switched shunt capacitors with a view to power losses reduction and voltage stability enhancement. General Algebraic Modeling System (GAMS) has been used to solve the maximization modules using the MINOS optimization software with Linear Programming (LP). The proposed method is tested on 33 node distribution system and the results show that the algorithm suitable for practical implementation on real systems with any size.

Keywords: power losses, voltage stability, radial distribution systems, capacitor

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Authors: Andre Sanches Siqueira Campos

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Central banks can play a significant role in promoting regional economic and monetary integration by strengthening the payment and settlement systems. However, close coordination and cooperation require facilitating the implementation of reforms at domestic and cross-border levels in order to benchmark with international standards and commitments to the liberal order. This situation reflects the normative power of the regulatory globalization dimension of strong states, which may drive or constrain regional integration. In the MERCOSUR and SAARC regions, central banks have set financial initiatives that could facilitate South America and South Asia regions to move towards convergence integration and facilitate trade and investments connectivities. This is qualitative method research based on a combination of the Process-Tracing method with Qualitative Comparative Analysis (QCA). This research approaches multiple forms of data based on central banks, regional organisations, national governments, and financial institutions supported by existing literature. The aim of this research is to analyze the decision-making process of the Central Bank of Brazil (BCB) and the Reserve Bank of India (RBI) towards regional financial cooperation by identifying connectivity instruments that foster, gridlock, or redefine cooperation. The BCB and The RBI manage the monetary policy of the largest economies of those regions, which makes regional cooperation a relevant framework to understand how they provide an effective institutional arrangement for regional organisations to achieve some of their key policies and economic objectives. The preliminary conclusion is that both BCB and RBI demonstrate a reluctance to deepen regional cooperation because of the existing economic, political, and institutional asymmetries. Deepening regional cooperation is constrained by the interests of central banks in protecting their economies from risks of instability due to different degrees of development between countries in their regions and international financial crises that have impacted the international system in the 21st century. Reluctant regional integration also provides autonomy for national development and political ground for the contestation of Global Financial Governance by Brazil and India.

Keywords: Brazil, central banks, decision-making process, global financial governance, India, MERCOSUR, connectivity, payment system, regional cooperation, SAARC

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Authors: B. Vikram, Y. Anu Leena, Y. Anu Neena, M. V. Krishna Rao, V. S. S. Kumar

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The industry is often criticized for inefficiencies in outcomes such as time and cost overruns, low productivity, poor quality and inadequate customer satisfaction. To enhance the chances for construction projects to be successful, selecting an able contractor is one of the fundamental decisions to be made by clients. The selection of the most appropriate contractor is a multi-criteria decision making (MCDM) process. In this paper, multi-attribute utility theory (MAUT) is employed utilizing the multiplicative form of utility function for ranking the prequalified contractors. Performance assessment criteria covering contracting company attributes, experience record, past performance, performance potential, financial stability and project specific criteria are considered for contractor evaluation. A case study of multistoried building for which four contractors submitted bids is considered to illustrate the applicability of multiplicative approach of MAUT to rank the prequalified contractors. The proposed MAUT decision making methodology can also be employed to other decision making situations.

Keywords: multi-attribute utility theory, construction industry, prequalification, contractor

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Authors: Claire Norman-Maillet

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Insider fraud is a major financial crime threat whereby an employee defrauds (or attempts to defraud) their current, prospective, or past employer. ‘Employee’ covers anyone employed by the company, including Board members and part-time staff. Insider fraud can take many forms, including an employee working alone or in collusion with others. Insider fraud has been on the rise since the Coronavirus pandemic and shows no signs of slowing. The objective of the research is to better understand how FinTechs are impacted by insider fraud and, therefore, how to stop it. This research will make an original contribution to the financial crime field, given the timing of this research being intertwined with the cost-of-living crisis in the UK and the global Coronavirus pandemic. This research focuses on insider fraud within FinTechs specifically, as they are arguably a modern phenomenon in the financial institutions space and have cutting-edge technology at their disposal. To achieve the research objective, the researcher held semi-structured interviews with over 20 individuals who deal with insider fraud perpetration in a practitioner, recruitment, or advisory capacity. The interviews were subsequently transcribed and analysed thematically. Main findings in the research suggest that FinTechs are arguably in the best position to combat insider fraud, given their focus on using recent technologies, as this can be used to combat the threat. However, insider fraud has been ignored owing to the denial of accepting the possibility that colleagues would defraud their employer, as well as the idea that external fraud is the most important threat. The research concludes that, whilst the technology is understandably prioritised by FinTechs for providing an agreeable customer experience, insider fraud needs to be given a platform upon which to be recognised as a significant threat to any company. Moreover, insider fraud needs to be given the same level of weighting and attention by Executive Committees and Boards as the customer experience.

Keywords: insider fraud, occupational fraud, COVID-19, COVID, Coronavirus, pandemic, internal fraud, financial crime, economic crime

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Authors: Fabrício José Piacente, Vanessa de Cillos Silva, Thiago Luiz Mello Melato

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The construction industry has been demonstrating increased growth and importance in Brazil’s national economic development. This study aims to evaluate the financial performance of the leading companies in the construction sector in Brazil in the period from 2009 to 2012. An analysis is made of the capital structure, liquidity, and profitability of the six largest companies in the construction sector in Brazil: Brookfield, Cyrela, Gafisa, MRV, PDG and Rossi. The results are then compared with standard industry ratios. It was found that among the companies analyzed, MRV and Cyrela showed the best relative performance in the period under consideration.

Keywords: accounting ratios, construction, financial performance, Brazil

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Authors: L. Matlawe, E. S. Idemudia

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The stability is an important topic to plan and manage the energy in the microgrids as the same as the conventional power systems. The voltage and frequency stability is one of the most important issues recently studied in microgrids. The objectives of this paper are the modeling and designing of the components and optimal controllers for the voltage and frequency control of the AC/DC hybrid microgrid under the different disturbances. Since the PI controllers have the advantages of simple structure and easy implementation, so they were designed and modeled in this paper. The harmony search (HS) algorithm is used to optimize the controllers’ parameters. According to the achieved results, the PI controllers have a good performance in voltage and frequency control of the microgrid.

Keywords: emotional abuse, employees, mental health, self-concept

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Authors: C. Slim

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Traditional techniques for analyzing time series are based on the notion of stationarity of phenomena under study, but in reality most economic and financial series do not verify this hypothesis, which implies the implementation of specific tools for the detection of such behavior. In this paper, we study nonstationary non-seasonal time series tests in a non-exhaustive manner. We formalize the problem of nonstationary processes with numerical simulations and take stock of their statistical characteristics. The theoretical aspects of some of the most common unit root tests will be discussed. We detail the specification of the tests, showing the advantages and disadvantages of each. The empirical study focuses on the application of these tests to the exchange rate (USD/TND) and the Consumer Price Index (CPI) in Tunisia, in order to compare the Power of these tests with the characteristics of the series.

Keywords: stationarity, unit root tests, economic time series, ADF tests

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Authors: Abdullah Almulhim

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The International Accounting Standards Board (IASB) was established in 2001 to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability, and efficiency to financial markets around the world. In addition, the IFRS provide a unified accounting language, which is especially important in the era of globalization. However, the establishment of a single set of high-quality international accounting standards is a matter of growing importance, as participants in the increasingly integrated world capital market demand comparability and transparency of financial reporting worldwide. Saudi Arabia became the 149th member of the World Trade Organization (WTO) on 11 December 2005, which has increased the need to convert to IFRS. Currently, the Saudi Arabian Monetary Authority (SAMA) requires banks and insurance companies in Saudi Arabia to report under IFRS Standards. However, until the end of 2016, SOCPA standards were applied to all other companies, listed and unlisted. From 2017, listed Saudi companies would be required to report under IFRS Standards as adopted by SOCPA effective 2017. This paper is to investigate the expected benefits gained and highlight the challenges faced by adopting IFRS by the listed companies in the Saudi Stock Exchange. Questionnaires were used as the main method of data collection. They were distributed to listed companies in the Saudi Capital Market. Data obtained through the questionnaires have been imported into SPSS statistical software for analysis. The expected results of this study will show the benefits of adopting IFRS by Saudi Listed Companies. However, this study will investigate the challenges faced by adopting IFRS by the listed companies in the Saudi Arabian Stock Market. Findings will be discussed later upon completion of initial analysis.

Keywords: challenges, IAS, IFRS, opportunities, Saudi, SOCPA

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Authors: Ibraheem A. K. Mahameed

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The aim of this study is to identify the risks affecting time performance of building construction projects in the West Bank in Palestine from contractors’ viewpoint. 38 risks that might affect time performance of building construction projects were defined through a detailed literature review. These risks have been classified into 6 groups: project, managerial, consultant, financial, external, and construction items. A questionnaire survey was performed to rank the considered risks in terms of severity and frequency. The analysis of the survey indicated that the top five risks affecting time performance of building construction projects in Palestine are: award project to the lowest price, political situation, poor communication and coordination between construction parties, change orders, and financial status of contractor.

Keywords: delay, time performance, construction, building

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Authors: Leyla Yesilbas, M. Sukru Ozcoban, M. Ergenekon Selcuk

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From past to present, there is a constant need for engineering structures such as high-rise buildings, wide-span bridges, airports and stadiums, business towers due to technological developments and increasing population. Because of the large loads transferred from the superstructure to the ground layers in these types of structures, the bearing strength and seating problems usually occur on the floors. In order to solve these problems, piled foundations are used by passing the weak soil layers and transferring the loads from the superstructure to the solid soil layers. Considering the factors such as the characteristics of the building to be constructed, the purpose and location of the building, the basic cost of the pile should be at normal levels. When these requirements are taken into consideration, a new basic system called 'Barette Foundation' has been developed. In this thesis, an application made to provide slope stability with 'Baret Piles' was investigated. In addition, the ground parameters obtained from the field and laboratory experiments were numerically modeled using a PLAXİS 2D finite element software and barette piles. The effects of barette piles on slope stability were investigated by numerical analysis, and the results of inclinometer measurements in the field were compared with numerical analysis results.

Keywords: barette pile, PLAXİS 2D, slope, soil

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Authors: Arun Dhakal, Rajesh Kumar Rai

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Agroforestry is long practiced in Nepal as a means of subsistence livelihoods. Given its potential to climate change mitigation, this practice is being recommended as a climate-smart farming practice in the recent years. However, the financial attractiveness of this practice is not well-documented in a labor scarce economy such as Nepal. This study attempts to examine the financial suitability of an agroforestry-based farming practice in the present socio-economic context of Nepal where labor is in short supply. A total of 200 households were randomly selected for household surveys in Dhanusha district during April to July 2015. Two farming practices were found to be dominant in the study area: 1) conventional farming (field crops only) in which at least two field crops are annually grown, and 2) agroforestry-based farming (agroforest, home garden and field crops combined) practice (ABFP). The ABFP was found to be less labor intensive than the conventional farming (137 Man days/yr/ha vs 218 Man days/yr/ha). The ex-ante financial analysis indicated that both the farming practices generated positive NPVs (Net Present Values) and B/C (Benefit-Cost) ratios greater than one, indicating both are financially attractive farming enterprises under the base discount rate of 12%. However, the ABFP generated higher NPV and greater B/C ratio than the conventional farming, indicating the former was financially more attractive than the later. The sensitivity analysis showed that the conventional farming was more sensitive to change in labor wage rate than that of the ABFP. Up to the 24% discount rate, the ABFP generated higher NPV and in case of B/C ratio, the ratio was found greater for ABFP even in 50% discount rate.

Keywords: agroforestry, benefit-cost analysis, conventional farming, net present value

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Authors: Matěj Kuc

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This paper compares different types of profitability measures of cooperative banks from two developed regions: the European Union and the United States of America together with Canada. We created balanced dataset of more than 200 cooperative banks covering 2011-2016 period. We made series of tests and run Random Effects estimation on panel data. We found that American and Canadian cooperatives are more profitable in terms of return on assets (ROA) and return on equity (ROE). There is no significant difference in net interest margin (NIM). Our results show that the North American cooperative banks accommodated better to the current market environment.

Keywords: cooperative banking, panel data, profitability measures, random effects

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Authors: Asmaa Mandour, Ramzia El-Bagary, Asmaa El-Zaher, Ehab Elkady

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Background: An UHPLC (ultra high performance liquid chromatography) method for the simultaneous determination of norfloxacin (NOR), metronidazole (MET) and tinidazole (TNZ) using monolithic column is presented. Purpose: The method is considered an environmentally friendly method with relatively low organic composition of the mobile phase. Methods: The chromatographic separation was performed using Phenomenex® Onyex Monolithic C18 (50mmx 20mm) column. An elution program of mobile phase consisted of 0.5% aqueous phosphoric acid : methanol (85:15, v/v). Where elution of all drugs was completed within 3.5 min with 1µL injection volume. The UHPLC method was applied for the stability indication of NOR in the presence of its acid degradation product ND. Results: Retention times were 0.69, 1.19 and 3.23 min for MET, TNZ and NOR, respectively. While ND retention time was 1.06 min. Linearity, accuracy, and precision were acceptable over the concentration range of 5-50µg mL-1for all drugs. Conclusions: The method is simple, sensitive and suitable for the routine quality control and dosage form assay of the three drugs and can also be used for the stability indication of NOR in the presence of its acid degradation product.

Keywords: antibacterial, monolithic cilumn, simultaneous determination, UHPLC

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Authors: Jakob Krause

Abstract:

Past Financial Crisis has shown that contemporary risk management models provide an unjustified sense of security and fail miserably in situations in which they are needed the most. In this paper, we start from the assumption that risk is a notion that changes over time and therefore past data points only have limited explanatory power for the current situation. Our objective is to derive the optimal amount of representative information by optimizing between the two adverse forces of estimator convergence, incentivizing us to use as much data as possible, and the aforementioned non-representativeness doing the opposite. In this endeavor, the cornerstone assumption of having access to identically distributed random variables is weakened and substituted by the assumption that the law of the data generating process changes over time. Hence, in this paper, we give a quantitative theory on how to perform statistical analysis in non-ergodic systems. As an application, we discuss the impact of a paragraph in the last iteration of proposals by the Basel Committee on Banking Regulation. We start from the premise that the severity of assumptions should correspond to the robustness of the system they describe. Hence, in the formal description of physical systems, the level of assumptions can be much higher. It follows that every concept that is carried over from the natural sciences to economics must be checked for its plausibility in the new surroundings. Most of the probability theory has been developed for the analysis of physical systems and is based on the independent and identically distributed (i.i.d.) assumption. In Economics both parts of the i.i.d. assumption are inappropriate. However, only dependence has, so far, been weakened to a sufficient degree. In this paper, an appropriate class of non-stationary processes is used, and their law is tied to a formal object measuring representativeness. Subsequently, that data set is identified that on average minimizes the estimation error stemming from both, insufficient and non-representative, data. Applications are far reaching in a variety of fields. In the paper itself, we apply the results in order to analyze a paragraph in the Basel 3 framework on banking regulation with severe implications on financial stability. Beyond the realm of finance, other potential applications include the reproducibility crisis in the social sciences (but not in the natural sciences) and modeling limited understanding and learning behavior in economics.

Keywords: banking regulation, non-ergodicity, risk management, semimartingale modeling

Procedia PDF Downloads 136

Authors: S. Kida

Abstract:

We consider the flow of an incompressible viscous fluid in a precessing sphere whose spin and precession axes are orthogonal to each other. The flow is characterized by two non-dimensional parameters, the Reynolds number Re and the Poincare number Po. For which values of (Re, Po) will the flow approach a steady state from an arbitrary initial condition? To answer it we are searching the instability boundary of the steady states in the whole (Re, Po) plane. Here, we focus the rapidly rotating and weakly precessing limit, i.e., Re >> 1 and Po << 1. The steady flow was obtained by the asymptotic expansion for small ε=Po Re¹/² << 1. The flow exhibits nearly a solid-body rotation in the whole sphere except for a thin boundary layer which develops over the sphere surface. The thickness of this boundary layer is of O(δ), where δ=Re⁻¹/², except where two circular critical bands of thickness of O(δ⁴/⁵) and of width of O(δ²/⁵) which are located away from the spin axis by about 60°. We perform the linear stability analysis of the steady flow. We assume that the disturbances are localized in the critical bands and make an expansion analysis in terms of ε to derive the eigenvalue problem for the growth rate of the disturbance, which is solved numerically. As the solution, we obtain an asymptote of the stability boundary as Po=28.36Re⁻⁰.⁸. This agrees excellently with the corresponding laboratory experiments and numerical simulations. One of the most popular instability mechanisms so far is the parametric instability, which turns out, however, not to give the correct stability boundary. The present instability is different from the parametric instability.

Keywords: boundary layer, critical band, instability, precessing sphere

Procedia PDF Downloads 145

Authors: Beata Jackowska-Zduniak

Abstract:

We formulate and analyze a mathematical model describing dynamics of the hypothalamus-pituitary-thyroid homoeostatic mechanism in endocrine system. We introduce to this system two types of couplings and delay. In our model, feedback controls the secretion of thyroid hormones and delay reflects time lags required for transportation of the hormones. The influence of delayed feedback on the stability behaviour of the system is discussed. Analytical results are illustrated by numerical examples of the model dynamics. This system of equations describes normal activity of the thyroid and also a couple of types of malfunctions (e.g. hyperthyroidism).

Keywords: mathematical modeling, ordinary differential equations, endocrine system, delay differential equation

Procedia PDF Downloads 326

Authors: Christopher Baiyegunhi, Kuiwu Liu, Oswald Gwavava

Abstract:

Petrography of the sandstones of Ecca Group, Karoo Supergroup in the Eastern Cape Province of South Africa have been investigated on composition, provenance and influence of weathering conditions. Petrographic studies based on quantitative analysis of the detrital minerals revealed that the sandstones are composed mostly of quartz, feldspar and lithic fragments of metamorphic and sedimentary rocks. The sandstones have an average framework composition of 24.3% quartz, 19.3% feldspar, 26.1% rock fragments, and 81.33% of the quartz grains are monocrystalline. These sandstones are generally very fine to fine grained, moderate to well sorted, and subangular to subrounded in shape. In addition, they are compositionally immature and can be classified as feldspathic wacke and lithic wacke. The absence of major petrographically distinctive compositional variations in the sandstones perhaps indicate homogeneity of their source. As a result of this, it is inferred that the transportation distance from the source area was quite short and the main mechanism of transportation was by river systems to the basin. The QFL ternary diagrams revealed dissected and transitional arc provenance pointing to an active margin and uplifted basement preserving the signature of a recycled provenance. This is an indication that the sandstones were derived from a magmatic arc provenance. Since magmatic provenance includes transitional arc and dissected arc, it also shows that the source area of the Ecca sediments had a secondary sedimentary and metasedimentary rocks from a marginal belt that developed as a result of rifting. The weathering diagrams and semi-quantitative weathering index indicate that the Ecca sandstones are mostly from a plutonic source area, with climatic conditions ranging from arid to humid. The compositional immaturity of the sandstones is suggested to be due to weathering or recycling and low relief or short transport from the source area. The detrital modal compositions of these sandstones are related to back arc to island and continental margin arc. The origin and deposition of the Ecca sandstones are due to low-moderate weathering, recycling of pre-existing rocks, erosion and transportation of debris from the orogeny of the Cape Fold Belt.

Keywords: petrography, tectonic setting, provenance, Ecca Group, Karoo Basin

Procedia PDF Downloads 415

Authors: H. R. Kelidari, M. Saeedi, J. Akbari, K. Morteza-Semnani, H. Valizadeh

Abstract:

Spironolactoe (SP) a synthetic steroid diuretic is a poorly water-soluble drug with a low and variable oral bioavailability. Regarding to the good solubility of SP in lipid materials, SP loaded Solid lipid nanoparticles (SP-SLNs) and nanostructured lipid carrier (SP-SLNs) were thus prepared in this work for accelerating dissolution of this drug. The SP loaded NLC with stearic acid (SA) as solid lipid and different Oleic Acid (OA) as liquid lipid content and SLN without OA were prepared by probe ultrasonication method. With increasing the percentage of OA from 0 to 30 wt% in SLN/NLC, the average size and zeta potential of nanoparticles felled down and entrapment efficiency (EE %) rose dramatically. The obtained micrograph particles showed pronounced spherical shape. Differential Scanning Calorimeter (DSC) measurements indicated that the presence of OA reduced the melting temperature and melting enthalpy of solid lipid in NLC structure. The results reflected good long-term stability of the nanoparticles and the measurements show that the particle size remains lower in NLC compare to SLN formulations, 6 months after production. Dissolution of SP-SLN and SP-NLC was about 5.1 and 7.2 times faster than raw drugs in 120 min respectively. These results indicated that the SP loaded NLC containing 70:30 solid lipid to liquid lipid ratio is a suitable carrier of SP with improved drug EE and steady drug release properties.

Keywords: drug release, lipid nanoparticles, spironolactone, stability

Procedia PDF Downloads 324