Search results for: global financial cycle

Authors: Antonia Müller, Svend Reuse

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The Brexit referendum in June 2016 led to different publications analysing potential consequences for European and British insurance companies under the European Passport. This study addresses a research gap, regarding the measures taken by insurance companies based in the United Kingdom and thus on structural changes to the European insurance market by an innovative structured Solvency and Financial Condition Report content analysis. In scope are all insurance companies based in the United Kingdom, that fall under the Solvency II supervisory regime. The results show that the majority of British Solvency II insurance companies in scope, conducting cross-border business to the European Union, have applied and reported measures to be able to continue operating this cross-border business after Brexit. In addition, the study shows that 34 new insurance companies based in the European Union were established as a result of Brexit, indicating structural changes to the European insurance market.

Keywords: brexit, europe, insurance market, solvency and financial condition repot, structural changes

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Authors: S. Bennoud, S. Hocine, H. Slme

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Developments in turbine cooling technology play an important role in increasing the thermal efficiency and the power output of recent gas turbines, in particular the turbojets. Advanced turbojets operate at high temperatures to improve thermal efficiency and power output. These temperatures are far above the permissible metal temperatures. Therefore, there is a critical need to cool the blades in order to give theirs a maximum life period for safe operation. The focused objective of this work is to calculate the turbojet performances, as well as the calculation of turbine blades cooling. The developed application able the calculation of turbojet performances to different altitudes in order to find a point of optimal use making possible to maintain the turbine blades at an acceptable maximum temperature and to limit the local variations in temperatures in order to guarantee their integrity during all the lifespan of the engine.

Keywords: brayton cycle, turbine blades cooling, turbojet cycle, turbojet performances

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Authors: Lidia Lombardi

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Waste management in Europe and North America is evolving towards sustainable materials management, intended as a systemic approach to using and reusing materials more productively over their entire life cycles. Various waste management strategies are prioritized and ranked from the most to the least environmentally preferred, placing emphasis on reducing, reusing, and recycling as key to sustainable materials management. However, non-recyclable materials must also be appropriately addressed, and waste-to-energy (WtE) offers a solution to manage them, especially when a WtE plant is integrated within a complex system of waste and wastewater treatment plants and potential users of the output flows. To evaluate the environmental effects of such system integration, Life Cycle Assessment (LCA) is a helpful and powerful tool. LCA has been largely applied to the waste management sector, dating back to the late 1990s, producing a large number of theoretical studies and applications to the real world as support to waste management planning. However, LCA still has a fundamental role in helping the development of waste management systems supporting decisions. Thus, LCA was applied to evaluate the environmental performances of a Municipal Solid Waste (MSW) management system, with improved separate material collection and recycling and an integrated network of treatment plants including WtE, anaerobic digestion (AD) and also wastewater treatment plant (WWTP), for a reference study case area. The proposed system was compared to the actual situation, characterized by poor recycling, large landfilling and absence of WtE. The LCA results showed that the increased recycling significantly increases the environmental performances, but there is still room for improvement through the introduction of energy recovery (especially by WtE) and through its use within the system, for instance, by feeding the heat to the AD, to sludge recovery processes and supporting the water reuse practice. WtE offers a solution to manage non-recyclable MSW and allows saving important resources (such as landfill volumes and non-renewable energy), reducing the contribution to global warming, and providing an essential contribution to fulfill the goals of really sustainable waste management.

Keywords: anaerobic digestion, life cycle assessment, waste-to-energy, municipal solid waste

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Authors: Pascal Horni, Sandro Fuchs

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In presence of increasing deficits and public debt among OECD countries, the debate on fiscal disciple and mechanisms to constrain public spending policy heated up and gave rise to the institutionalization of fiscal rules. Considering the notions from political economy literature and the therein advocated axiom of maximization of votes, introduction of institutional mechanisms and rules to govern public spending is likely to be coined by electoral motives. While there exists a series of research concerned with the rise of creative accounting in the presence fiscal rules, implementation of accrual government accounting and its impact on the biting of fiscal rules has to authors’ best knowledge never been explored. This paper serves the illumination of the connection between debt break mechanisms and the adoption of accrual public sector accounting standards such as the IPSAS in the interface of political economy in the Swiss context. By explicitly considering the technical accounting dimension, this paper develops an integrated conceptual view on well-established Public Financial Management (PFM) institutions and elaborates how their interdependencies can co-create value with regard to the contemporary challenge of fiscal sustainability. Derivation of this integrated view follows an explorative approach, taking into account expert interviews with director level staff from cantonal finance administrations and policy documents, as well as literature from both research areas – public sector accounting and political economy.

Keywords: accounting, fiscal rules, International Public Sector Accounting Standards (IPSAS), public financial management

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Authors: Karina Oborune

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International student mobility involves a unique spatio-temporal context and exploring the various aspects of mobile students’ experience can lead to new findings within identity studies. The previous studies have mainly focused on student mobility within Europe and its impact on European identity arguing that students who participate in intra-European mobility already feel European before exchange. Contrary to previous studies, in this paper student mobility is analyzed from different point of view. In order to see whether a true Europeanization of identities is taking place, it is necessary to contrast European identity with alternative supranational identity which could similarly result from student mobility and in particular a global identity. Besides, in the paper there is explored whether geographical constellation (host country continental location during mobility- Europe vs. outside of Europe) plays a role. Based on newly developed model of multicultural, social and socio-demographic variables there is argued that after intra-European mobility only global identity of students could be increased (H1), but the mobility to countries outside of Europe causes changes in European identity (H2). The quantitative study (survey, n=1440, 22 higher education institutions, experimental group of former and future/potential mobile students and control group of non-mobile students) was held in Switzerland where is equally high number of students who participate in intra-European and outside of Europe mobility. The results of multivariate linear regression showed that students who participate in exchange in Europe increase their European identity due to having close friends from Europe, as well as due to length of the mobility experience had impact, but students who participate in exchange outside of Europe increase their global identity due to having close friends from outside of Europe and proficiency in foreign languages.

Keywords: student mobility, European identity, global identity, global identity

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Authors: Bangaly Kaba

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In the global information society, the importance of the Internet cannot be overemphasized. Africa needs access to the powerful information and communication tools of the Internet in order to obtain the resources and efficiency essential for sustainable development. Unfortunately, in 2013, the data from Internetworldstats showed only 15% of African populations have access to Internet. This relative low Internet penetration rate signals a problem that may threaten the economic development, governmental efficiency, and ultimately the global competitiveness of African countries. Many initiatives were undertaken to bring the benefits of the global information revolution to the people of Africa, through connection to the Internet and other Global Information Infrastructure technologies. The purpose is to understand differences between socio-economically advantaged and disadvantaged internet users. From that, we will determine what prevents disadvantaged groups from benefiting from Internet usage. Data were collected through a survey from Internet users in Ivory Coast. The results reveal that Personal network exposure, Self-efficacy and Availability are the key drivers of continued use intention for the socio-economically disadvantaged group. The theoretical and practical implications are also described.

Keywords: digital inequality, internet, integrative model, socio-economically advantaged and disadvantaged, use continuance, Africa

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Authors: Nadezhda Kvatashidze, Elena Kharabadze

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It is broadly known that lease is a flexible means of funding enterprises. Lease reduces the risk related to access and possession of assets, as well as obtainment of funding. Therefore, it is important to refine lease accounting. The lease accounting regulations under the applicable standard (International Accounting Standards 17) make concealment of liabilities possible. As a result, the information users get inaccurate and incomprehensive information and have to resort to an additional assessment of the off-balance sheet lease liabilities. In order to address the problem, the International Financial Reporting Standards Board decided to change the approach to lease accounting. With the deficiencies of the applicable standard taken into account, the new standard (IFRS 16 ‘Leases’) aims at supplying appropriate and fair lease-related information to the users. Save certain exclusions; the lessee is obliged to recognize all the lease agreements in its financial report. The approach was determined by the fact that under the lease agreement, rights and obligations arise by way of assets and liabilities. Immediately upon conclusion of the lease agreement, the lessee takes an asset into its disposal and assumes the obligation to effect the lease-related payments in order to meet the recognition criteria defined by the Conceptual Framework for Financial Reporting. The payments are to be entered into the financial report. The new lease accounting standard secures supply of quality and comparable information to the financial information users. The International Accounting Standards Board and the US Financial Accounting Standards Board jointly developed IFRS 15: ‘Revenue from Contracts with Customers’. The standard allows the establishment of detailed revenue recognition practical criteria such as identification of the performance obligations in the contract, determination of the transaction price and its components, especially price variable considerations and other important components, as well as passage of control over the asset to the customer. IFRS 15: ‘Revenue from Contracts with Customers’ is very similar to the relevant US standards and includes requirements more specific and consistent than those of the standards in place. The new standard is going to change the recognition terms and techniques in the industries, such as construction, telecommunications (mobile and cable networks), licensing (media, science, franchising), real property, software etc.

Keywords: assessment of the lease assets and liabilities, contractual liability, division of contract, identification of contracts, contract price, lease identification, lease liabilities, off-balance sheet, transaction value

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Authors: Sunday Ofum Ogon

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The 1648 Westphalia Conference in Europe ushered in the state as the only legal entity with powers to engage in interstate relations on matters that bothers on the development need of her citizens. This epochal entry of the state reshaped global relations with the curtailment of the powers of individual and groups in external relations as the state became the only entity that acted on behalf of any individual or non-state actors like NGOs residing within the parameters of such a country. Thus, the paper interrogated the extent at which the state determines her Politico-Economic relations with regards to development and growth within the state. To achieve these objectives, the paper relied on documentary evidences wherein the qualitative descriptive method was used for data collection and analysis. The paper exploited the facilities of the Rentier State theory as a guide to the study. It was revealed at the end of the study that the 21st century global economic relations is largely determine by international organizations as exemplified by the World Bank and the International Monitory Fund (IMF) where their activities in the continent has undermined state sovereignty. Hence the paper recommended amongst others that states should look inward for development strategies rather than relying on handout from supra-national organizations which has infringe on their sovereignty.

Keywords: State , Global , Rentier state, Twenty-First Century

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Authors: Omogoriola Hannah Omoloye

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Fish is a key ingredient on the global menu, a vital factor in the global environment and an important basis for livelihood worldwide1. The length – weight relationships (LWRs) is of great importance in fishery assessment2,3. Its importance is pronounced in estimated the average weight at a given length group4 and in assessing the relative well being of a fish population5. Length and weight measurement in conjunction with age data can give information on the stock composition, age at maturity, life span, mortality, growth and production4,5,6,7. In addition, the data on length and weight can also provides important clues to climatic and environmental changes and the change in human consumption practices8,9. However, the size attained by the individual fish may also vary because of variation in food supply, and these in turn may reflect variation in climatic parameters and in the supply of nutrient or in the degree of competition for food. Environment deterioration, for example, may reduce growth rates and will cause a decrease in the average age of the fish. The condition factor and the relative condition factor10 are the quantitative parameters of the well being state of the fish and reflect recent feeding condition of the fish. It is based on the hypothesis that heavier fish of a given length are in better condition11. This factor varies according to influences of physiological factors, fluctuating according to different stages of the development. Condition factor has been used as an index of growth and feeding intensity12. Condition factor decrease with increase in length 12,13 and also influences the reproductive cycle in fish14. The objective here is to determine the length-weight relationships and condition factor for direct use in fishery assessment and for future comparisons between populations of the same species at different locations. To provide quantitative information on the biology of marine fish species trawl from Nigeria coastal water.

Keywords: condition factor, growth pattern, marine fish species, Nigerian Coastal water

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Authors: E. Kempen, M. J. Labuschagne, M. P. Jama

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There is evidence that experiential learning is truly influential and favored by the millennial generation. However, little is known about the role and attributes an educator has to adopt during the experiential learning cycle, especially when applied in optometry education. This study aimed to identify the roles and attributes of an optometry educator during the different modes of the experiential learning cycle. Methods: A qualitative case study design was used. Data was collected using an open-ended questionnaire survey, following the application of nine different teaching-learning methods based on the experimental learning cycle. The total sample population of 68 undergraduate students from the Department of Optometry at the University of the Free State, South Africa were invited to participate. Focus group interviews (n=15) added additional data that contributed to the interpretation and confirmation of the data obtained from the questionnaire surveys. Results: The perceptions and experiences of the students identified a variety of roles and attributes as well as recommendations on the effective adoption of these roles and attributes. These roles and attributes included being knowledgeable, creating an interest, providing guidance, being approachable, building confidence, implementing ground rules, leading by example, and acting as a mediator. Conclusion: The findings suggest that the actions of an educator have the most substantial impact on students’ perception of a learning experience. Not only are the recommendations based on the views of a millennial generation, but the implementation of the personalized recommendations may also transform a learning environment. This may lead an optometry student to a deeper understanding of knowledge.

Keywords: experiences and perceptions, experiential learning, millennial generation, recommendation for optometry education

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Authors: Anees K. Ahamed, Aakash Kumar R. G., Raj M. Mohan

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The main objective is to apply lean tools to identify and eliminate waste in and among the work stations so as to improve the process speed and quality. From the top seven wastes in the lean concept, we consider the movement of materials, defects, and inventory for the improvement since these cause the major impact on the performance measures. The layout was improved to reduce the movement of materials. It also quantifies the reduction in movement among the work stations. Value stream mapping has been used for identification of waste. Cause and effect diagram and 5W analysis are used to identify the reasons for defects and to provide the counter measures. Some cycle time reduction techniques also proposed to improve the productivity. Lean Audit check sheet was also used to identify the current position of the industry and to identify the gap to make the industry Lean.

Keywords: cause and effect diagram, cycle time reduction, defects, lean, waste reduction

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Authors: Rizwan Fazal

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This study investigates the behavior of external sector of Pakistan economy and its impact on economic growth, using quarterly data for the period 1990:01-2010:04. External sector indices used in this study are financial integration, net foreign assets and trade integration. Augmented Ducky fuller confirms that all variables of external sector are non-stationary at level, but at first difference it becomes stationary. The co-integration test suggests one co-integrating variables in the study. The analysis is based on Vector Auto Regression model followed by Vector Error Correction Model. The empirical findings show that financial integration play important role in increasing economic growth in Pakistan economy while trade integration has negative effect on economic growth of Pakistan in the long run. However, the short run confirms that output lag accounts for error correction. The estimated CUSUM and CUSUMQ stability test provide information that the period of the study equation remains stable.

Keywords: financial integration, trade integration, net foreign assets, gross domestic product

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Authors: Charles Poleni Mukumba, Kahilu Kajimo-Shakantu

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Purpose: Principles of public procurement are the foundation of good public procurement, representing best practices in delivering public services by the government and its organs. They provide guidance in the public procurement cycle to achieve the best value for public resources. Tendering stage in the procurement cycle is the most critical, as tendering information is made available to bidders. The paper evaluates the implementation of public procurement principles at the tendering stage. Design/Methodology/Approach: The research was conducted by using qualitative methods with 18 SME contractors in Lusaka as the sample. The samples are business owners and managers of purposively selected SME contractors. The collected data was analysed using thematic and content analysis. Findings: The findings indicate inconsistency in accessing information critical for tendering success by bidders. Further, the findings suggest that adjustments to technical specifications are made to suit certain preferred bidders by procuring officials. Research Limitations/Implications: The interviews were limited to SME contractors registered with the national council for construction and involved in public sector construction works in Lusaka, Zambia. Practical Implications: Implementing principles of public procurement at the tendering stage creates equal, open, and fair competition for the bidders in cost terms to deliver standardised and quality works to the public sector. Original/Value: The findings reveal how principles of public procurement play a critical role in enhancing the efficient performance of the procurement cycle at the tendering stage.

Keywords: evaluating, implementation, public procurement principles, tendering stage, SME contractors

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Authors: Bryan Low

Abstract:

In the coming decades, the global maritime industry will face a most formidable environmental challenge -achieving net zero carbon emissions by 2050. To meet this target, the Maritime Port Authority of Singapore (MPA) has worked to establish green shipping and digital corridors with ports of several other countries around the world where ships will use low-carbon alternative fuels such as ammonia for power generation. While this paradigm shift to the bunkering of greener fuels is encouraging, fuels like ammonia will also introduce a new and unique type of environmental risk in the unlikely scenario of a spill. While numerous modelling studies have been conducted for oil spills and their associated environmental impact on coastal and marine ecosystems, ammonia spills are comparatively less well understood. For example, there is a knowledge gap regarding how the complex hydrodynamic conditions of the Singapore Straits may influence the dispersion of a hypothetical ammonia plume, which has different physical and chemical properties compared to an oil slick. Chemically, ammonia can be absorbed by phytoplankton, thus altering the balance of the marine nitrogen cycle. Biologically, ammonia generally serves the role of a nutrient in coastal ecosystems at lower concentrations. However, at higher concentrations, it has been found to be toxic to many local species. It may also have the potential to trigger eutrophication and harmful algal blooms (HABs) in coastal waters, depending on local hydrodynamic conditions. Thus, the key objective of this research paper is to support the development of a model-based forecasting system that can predict ammonia plume behaviour in coastal waters, given prevailing hydrodynamic conditions and their environmental impact. This will be essential as ammonia bunkering becomes more commonplace in Singapore’s ports and around the world. Specifically, this system must be able to assess the HAB-triggering potential of an ammonia plume, as well as its lethal and sub-lethal toxic effects on local species. This will allow the relevant authorities to better plan risk mitigation measures or choose a time window with the ideal hydrodynamic conditions to conduct ammonia bunkering operations with minimal risk. In this paper, we present the first part of such a forecasting system: a jointly coupled hydrodynamic-water quality model that can capture how advection-diffusion processes driven by ocean currents influence plume behaviour and how the plume interacts with the marine nitrogen cycle. The model is then applied to various ammonia spill scenarios where the results are discussed in the context of current ammonia toxicity guidelines, impact on local ecosystems, and mitigation measures for future bunkering operations conducted in the Singapore Straits.

Keywords: ammonia bunkering, forecasting, harmful algal blooms, hydrodynamics, marine nitrogen cycle, oceanography, water quality modeling

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Authors: Morteza Sharifhasan, Davoud Hosseini, Mohammad. R. Salimpour

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The geothermal energy is considered as a worldwide important renewable energy in recent years due to rising environmental pollution concerns. Low- and medium-grade geothermal heat (< 200 ºC) is commonly employed for space heating and in domestic hot water supply. However, there is also much interest in converting the abundant low- and medium-grade geothermal heat into electrical power. The Iranian Ministry of Power - through the Iran Renewable Energy Organization (SUNA) – is going to build the first Geothermal Power Plant (GPP) in Iran in the Sabalan area in the Northwest of Iran. This project is a 5.5 MWe single flash steam condensing power plant. The efficiency of GPPs is low due to the relatively low pressure and temperature of the saturated steam. In addition to GPPs, Gas Turbines (GTs) are also known by their relatively low efficiency. The Iran ministry of Power is trying to increase the efficiency of these GTs by adding bottoming steam cycles to the GT to form what is known as combined gas/steam cycle. One of the most effective methods for increasing the efficiency is combined heat and power (CHP). This paper investigates the feasibility of superheating the saturated steam that enters the steam turbine of the Sabalan GPP (SGPP-1) to improve the energy efficiency and power output of the GPP. This purpose is achieved by combining the GPP with two 3.5 MWe GTs. In this method, the hot gases leaving GTs are utilized through a superheater similar to that used in the heat recovery steam generator of combined gas/steam cycle. Moreover, brine separated in the separator, hot gases leaving GTs and superheater are used for the supply of domestic hot water (in this paper, the cycle combined of GTs and CHP systems is named the modified SGPP-1) . In this research, based on the Heat Balance presented in the basic design documents of the SGPP-1, mathematical/numerical model of the power plant are developed together with the mentioned GTs and CHP systems. Based on the required hot water, the amount of hot gasses needed to pass through CHP section directly can be adjusted. For example, during summer when hot water is less required, the hot gases leaving both GTs pass through the superheater and CHP systems respectively. On the contrary, in order to supply the required hot water during the winter, the hot gases of one of the GTs enter the CHP section directly, without passing through the super heater section. The results show that there is an increase in thermal efficiency up to 40% through using the modified SGPP-1. Since the gross efficiency of SGPP-1 is 9.6%, the achieved increase in thermal efficiency is significant. The power output of SGPP-1 is increased up to 40% in summer (from 5.5MW to 7.7 MW) while the GTs power output remains almost unchanged. Meanwhile, the combined-cycle power output increases from the power output of the two separate plants of 12.5 MW [5.5+ (2×3.5)] to the combined-cycle power output of 14.7 [7.7+(2×3.5)]. This output is more than 17% above the output of the two separate plants. The modified SGPP-1 is capable of producing 215 T/Hr hot water ( 90 ºC ) for domestic use in the winter months.

Keywords: combined cycle, chp, efficiency, gas turbine, geothermal power plant, gas turbine, power output

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Authors: Amir Hossein Ghaffari Nejad, Forouhar Ferdowsi, Reza Mashhadi

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In the interest-free banking system of Iran, the savings of society are in the form of bank deposits, and banks using the Islamic contracts, allocate the resources to applicants for obtaining facilities and credit. In the meantime, the central bank, with the aim of introducing monetary policy, determines the maximum interest rate on bank deposits in terms of macroeconomic requirements. But in recent years, the country's economic constraints with the stagflation and the consequence of the institutional weaknesses of the financial market of Iran have resulted in massive disturbances in the balance sheet of the banking system, resulting in a period of mismatch maturity in the banks' assets and liabilities and the implementation of a Ponzi game. This issue caused determination of the interest rate in long-term bank deposit contracts to be associated with non-observance of the maximum rate set by the central bank. The result of this condition was in the allocation of new sources of equipment to meet past commitments towards the old depositors and, as a result, a significant part of the supply of equipment was leaked out of the facilitating cycle and credit crunch emerged. The purpose of this study is to identify the most important factors affecting the occurrence of non-confirmatory financial banking behavior using data from 19 public and private banks of Iran. For this purpose, the causes of this non-confirmatory behavior of banks have been investigated using the panel vector autoregression method (PVAR) for the period of 2007-2015. Granger's causality test results suggest that the return of parallel markets for bank deposits, non-performing loans and the high share of the ratio of facilities to banks' deposits are all a cause of the formation of non-confirmatory behavior. Also, according to the results of impulse response functions and variance decomposition, NPL and the ratio of facilities to deposits have the highest long-term effect and also have a high contribution to explaining the changes in banks' non-confirmatory behavior in determining the interest rate on deposits.

Keywords: non-conformity behavior, Ponzi Game, panel vector autoregression, nonperforming loans

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Authors: Smita Singh

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The paper develops a critical framework to the hegemonic discourses resorted to by the dominant powers in the global security architecture. Within this framework, security is viewed as a discourse through which identities and threats are represented and produced to legitimize the security concerns of few at the cost of others. International security have long been driven and dominated by power relations. Since the end of the Cold War, the global transformations have triggered contestations to the idea of security at both theoretical and practical level. These widening and deepening of the concept of security have challenged the existing power hierarchies at the theoretical level but not altered the substance and actors defining it. When discourses are introduced into security studies, several critical questions erupt: how has power shaped security policies of the globe through language? How does one understand the meanings and impact of those discourses? Who decides the agenda, rules, players and outliers of the security? Language as a symbolic system and form of power is fluid and not fixed. Over the years the dominant Western powers, led by the United States of America have employed various discursive practices such as humanitarian intervention, responsibility to protect, non proliferation, human rights, war on terror and so on to reorient the constitution of identities and interests and hence the policies that need to be adopted for its actualization. These power relations are illustrated in this paper through the narratives used in the nonproliferation regime. The hierarchical security dynamics is a manifestation of the global power relations driven by many factors including discourses.

Keywords: hegemonic discourse, global security, non-proliferation regime, power politics

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Authors: May Khei Hu, Kevin Leong, Fu Siong Ng, Nicholas Peter

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Introduction: Sympathetic stimulation has been recognised as a potent stimulus of arrhythmogenesis in various cardiac pathologies, possibly by augmenting dispersion of repolarisation. The effects of sympathetic stimulation in healthy subjects however remain unclear. It is, therefore, crucial to first establish the effects of physiological stress on dispersion of repolarisation in healthy subjects before understanding these effects in pathological cardiac conditions. We hypothesised that activation-recovery interval (ARI; which is a surrogate of action potential duration) and dispersion of repolarisation decrease on sympathetic stimulation. Methods: Eight patients aged 18-55 years with structurally normal hearts underwent head-up tilt test (HUTT) and exercise tolerance test (ETT) while wearing the electrocardiographic imaging (ECGi) vest. Patients later underwent CT scan and the epicardial potentials are reconstructed using the ECGi software. Activation and recovery times were determined from the acquired electrograms. ARI was calculated and later corrected using Bazett’s formula. Global and regional dispersion of repolarisation were determined from standard deviation of the corrected ARI (ARIc). One-way analysis of variance (ANOVA) and Wilcoxon test were used to evaluate statistical significance. Results: Global ARIc increased significantly [p<0.01] when patients were tilted upwards but decreased significantly after five minutes [p<0.01]. A subsequent post- hoc analysis revealed that the decrease in R-R was more substantial compared to the change in ARI, resulting in the observed increase in ARIc. Global ARIc decreased on peak exercise [p<0.01] but increased on recovery [p<0.01]. Global dispersion increased significantly on peak exercise [p<0.05] although there were no significant changes in regional dispersion. There were no significant changes in both global and regional dispersion during tilt. Conclusion: ARIc decreases upon sympathetic stimulation in healthy subjects. Global dispersion of repolarisation increases upon exercise although there were no changes in global or regional dispersion during orthostatic stress.

Keywords: dispersion of repolarisation, sympathetic stimulation, Head-up tilt test (HUTT), Exercise tolerance test (ETT), Electrocardiographic imaging (ECGi)

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Authors: M. Ndaw, G. Mendy, S. Ouya

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Risk management in banking sector is a key issue linked to financial system stability and its importance has been elevated by technological developments and emergence of new financial instruments. In this paper, we improve the model previously defined for quantifying internal control impact on banking risks by automatizing the residual criticality estimation step of FMECA. For this, we defined three equations and a maturity coefficient to obtain a mathematical model which is tested on all banking processes and type of risks. The new model allows an optimal assessment of residual criticality and improves the correlation rate that has become 98%.

Keywords: risk, control, banking, FMECA, criticality

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Authors: Emin Avcı, Çiydem Çatak

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The recent economic crisis have shown that procyclicality, which could threaten the stability and growth of the economy, is a major problem of financial and real sector. The term procyclicality refers here the cyclical behavior of banks that lead them to follow the same patterns as the real economy. In this study, leverage which demonstrate how a bank manage its debt, is chosen as bank specific variable to see the effect of changes in it over the economic cycle. The procyclical behavior of Turkish banking sector (commercial, participation, development-investment banks) is tried to explain with analyzing the relationship between leverage and asset growth. On the basis of theoretical explanations, eight different leverage ratios are utilized in eight different panel data models to demonstrate the procyclicality effect of Turkish banks leverage using monthly data covering the 2005-2014 period. It is tested whether there is an increasing (decreasing) trend in the leverage ratio of Turkish banks when there is an enlargement (contraction) in their balance sheet. The major finding of the study indicates that asset growth has a significant effect on all eight leverage ratios. In other words, the leverage of Turkish banks follow a cyclical pattern, which is in line with those of earlier literature.

Keywords: banking, economic cycles, leverage, procyclicality

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Authors: Bala Adamu Malami

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The necessity of low-cost electronic vehicle/car security designed in coordination with other security measures is always there in our society to reduce the risk of vehicle intrusion. Keeping this problem in mind, we are designing an automatic GPS system which is technology to build an integrated and fully customized vehicle to detect the movement of the vehicle and also serve as a security system at a reasonable cost. Users can locate the vehicle's position via GPS by using the Google Maps application to show vehicle coordinates on a smartphone. The tracking system uses a Global System for Mobile Communication (GSM) modem for communication between the mobile station and the microcontroller to send and receive commands. Further design can be improved to capture the vehicle movement range and alert the vehicle owner when the vehicle is out of range.

Keywords: electronic, GPS, GSM modem, communication, vehicle

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Authors: Eliane Abdo

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Small and medium sized firms “SMEs” play essential role in the countries’ economic development mainly in terms of production, employment and equitable distribution of income. For innovative SMEs, the investment in the human capital and in research and development are crucial to survive in a competitive environment. In this paper we perform a literature review to underline the financing difficulties and constraints which innovative SMEs face while investing in intangible assets: not only when defining amount of the investments but also while choosing its financing methods. Literature review revealed that in order to finance their intangible assets, SMEs rely in first on their internal financing: the availability of internal cash flows can then determine their investment’s decision. Moreover SMEs face difficulties to finance their intangibles by financial debts due to the uncertainty of future cash flow and the absence of physical guarantees; they will therefore go for the issuance of new shares as a second choice, since innovative companies have high opportunity of growth that attract new shareholders.

Keywords: small and medium sized firms, capital structure, intangible investment, financial constraints

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Authors: M. A. Ahmed, Sidra A. Shaikh, M. W. Akhtar

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Global and Diffuse Solar radiation on horizontal surface over two cities of Sindh, namely Jacobabad and Rohri were carried out using sunshine hour data of the area to assess the feasibility of solar energy utilization in Sindh province. The result obtained shows a high variation in direct and diffuse component of solar radiation in summer and winter months (80% direct and 20% diffuse). The contribution of diffuse solar radiation is low even in monsoon months i.e. July and August. The appearance of cloud is rare even in monsoon months. The estimated value indicates that this part of Sindh has higher solar potential and solar panels can be used for power generation. The solar energy can be utilized throughout the year in this part of Sindh, Pakistan.

Keywords: solar potential over Sindh, global and diffuse solar radiation, radiation over two cities of Sindh, environmental engineering

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Authors: Piotr Kacejko, Lukasz Grabowski, Zdzislaw Kaminski

Abstract:

This paper discusses a model of fuel consumption and on-board electricity generation. Rapid changes in speed result in a constantly changing kinetic energy accumulated in a bus mass and an increased fuel consumption due to hardly recuperated kinetic energy. The model is based on the results achieved from chassis dynamometer, airport and city street researches. The verified model was applied to simulate the on-board electricity generation during the Japanese JE05 Emission Test Cycle. The simulations were performed for several values of vehicle mass and electrical load applied to on-board devices. The research results show that driving dynamics has an impact on a consumption of fuel to drive alternators.

Keywords: city bus, heavy duty vehicle, Japanese JE05 test cycle, power generation

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Authors: Anaissia Franca, Julian Fernandez, Curran Crawford, Ned Djilali

Abstract:

A methodology to estimate the state-of-charge (SOC) of battery electric buses, including degradation effects, for a given driving cycle is presented to support long-term techno-economic analysis integrating electric buses and charging infrastructure. The degradation mechanisms, characterized by both capacity and power fade with time, have been modeled using an electrochemical model for Li-ion batteries. Iterative changes in the negative electrode film resistance and decrease in available lithium as a function of utilization is simulated for every cycle. The cycles are formulated to follow typical transit bus driving patterns. The power and capacity decay resulting from the degradation model are introduced as inputs to a longitudinal chassis dynamic analysis that calculates the power consumption of the bus for a given driving cycle to find the state-of-charge of the battery as a function of time. The method is applied to an in-depot charging scenario, for which the bus is charged exclusively at the depot, overnight and to its full capacity. This scenario is run both with and without including degradation effects over time to illustrate the significant impact of degradation mechanisms on bus performance when doing feasibility studies for a fleet of electric buses. The impact of battery degradation on battery lifetime is also assessed. The modeling tool can be further used to optimize component sizing and charging locations for electric bus deployment projects.

Keywords: battery electric bus, E-bus, in-depot charging, lithium-ion battery, battery degradation, capacity fade, power fade, electric vehicle, SEI, electrochemical models

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Authors: Nikola Góral, Piotr Mikołajczuk, Paweł Buczyński

Abstract:

Much scientific research in the last 20 years has focused on the influence of global warming on the distribution and phenology of living organisms. Three potential responses to climate change are predicted: individual species may become extinct, adapt to new conditions in their existing range or change their range by migrating to places where climatic conditions are more favourable. It means not only migration to areas in other latitudes, but also different altitudes. In the case of dragonflies (Odonata), monitoring in Western Europe has shown that in response to global warming, dragonflies tend to change their range to a more northern one. The strongest response to global warming is observed in arctic and alpine species, as well as in species capable of migrating over long distances. The aim of the research was to assess whether the fauna of aquatic insects in high-mountain habitats has changed as a result of climate change and, if so, how big and what type these changes are. Dragonflies were chosen as a model organism because of their fast reaction to changes in the environment: they have high migration abilities and short life cycle. The state of the populations of boreal-mountain species and the extent to which lowland species entered high altitudes was assessed. The research was carried out on 20 sites in Western Sudetes, Southern Poland. They were located at an altitude of between 850 and 1250 m. The selected sites were representative of many types of valuable alpine habitats (subalpine raised bog, transitional spring bog, habitats associated with rivers and mountain streams). Several sites of anthropogenic origin were also selected. Thanks to this selection, a wide characterization of the fauna of the Karkonosze was made and it was compared whether the studied processes proceeded differently, depending on whether the habitat is primary or secondary. Both imagines and larvae were examined (by taking hydrobiological samples with a kick-net), and exuviae were also collected. Individual species dragonflies were characterized in terms of their reproductive, territorial and foraging behaviour. During each inspection, the basic physicochemical parameters of the water were measured. The population of the high-mountain dragonfly Somatochlora alpestris turned out to be in a good condition. This species was noted at several sites. Some of those sites were situated relatively low (995 m AMSL), which proves that the thermal conditions at the lower altitudes might be still optimal for this species. The protected by polish law species Somatochlora arctica, Aeshna subarctica and Leucorrhinia albifrons, as well as strongly associated with bogs Leucorrhinia dubia and Aeshna juncea bogs were observed. However, they were more frequent and more numerous in habitats of anthropogenic origin, which may suggest minor changes in the habitat preferences of dragonflies. The subject requires further research and observations over a longer time scale.

Keywords: alpine species, bioindication, global warming, habitat preferences, population dynamics

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Authors: L. Magerramova, M. Volkov, A. Stadnikov, A. Khakimov, D. Slugina, V. Isakov, I. Kabanov

Abstract:

The manufacture of parts of aviation gas turbine engines by additive methods is currently widespread due to the possibility of improving designs. However, the characteristics of the powder materials used in these technologies have not yet been sufficiently studied to our best knowledge. The issue of the resistance of such structures to vibration loads is particularly acute. This paper is devoted to the study of the characteristics of high cycle fatigue of objects (samples and parts) made using additive technologies from modern powder materials of titanium, nickel, and cobalt alloys under high cyclic loading, as well as typical blades of aviation gas turbine engines that experience vibration loads during operation.

Keywords: additive manufacture, gas turbine engines, high cycle fatigue, experimental studies

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Authors: Usman A. Usman

Abstract:

Undeniably, unlike the Classical side, the Keynesian perspective of the aggregate demand side indeed has a significant position in the policy, growth, and welfare of Nigeria due to government involvement and ineffective demand of the population living with poor per capita income. This study seeks to investigate the effect of Government Final Consumption Expenditure, Financial Deepening on Households, and NPISHs Final consumption expenditure using data on Nigeria from 1981 to 2019. This study employed the ADF stationarity test, Johansen Cointegration test, and Vector Error Correction Model. The results of the study revealed that the coefficient of Government final consumption expenditure has a positive effect on household consumption expenditure in the long run. There is a long-run and short-run relationship between gross fixed capital formation and household consumption expenditure. The coefficients cpsgdp financial deepening and gross fixed capital formation posit a negative impact on household final consumption expenditure. The coefficients money supply lm2gdp, which is another proxy for financial deepening, and the coefficient FDI have a positive effect on household final consumption expenditure in the long run. Therefore, this study recommends that Gross fixed capital formation stimulates household consumption expenditure; a legal framework to support investment is a panacea to increasing hoodmold income and consumption and reducing poverty in Nigeria. Therefore, this should be a key central component of policy.

Keywords: household, government expenditures, vector error correction model, johansen test

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Authors: Seul Ki Min, Gwang Heum Yoon, Jung Hyun Joo, Hwa Sung Shin

Abstract:

Cellular membrane distortion is known as a factor to change intracellular signaling. However, progress of relevant studies is difficult because there are no facilities that can control membrane distortion finely. In this study, we developed microfluidic device which can inflict mechanical stress on cell membrane of Chlamydomonas reinhardtii using regular height of the channels. And cellular physiological changes were analyzed from cells cultured in the device. Excessive calcium ion influx through into cytoplasm was induced from mechanical stress. The results revealed that compressed cells had up-regulated Mat3 mRNA which regulates cell size and cell cycle from a prolonged G1 phase. Additionally, TAG used for the production of biodiesel was raised rapidly from 4 h after compression. Taken together, membrane distortion can be considered as an attractive inducer for biofuel production.

Keywords: mechanical stress, membrane distortion, Chlamydomonas reinhardtii, deflagellation, cell cycle, lipid metabolism

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Authors: Mastoor Qubra

Abstract:

Cyber-attacks have frequently disrupted the critical infrastructures of the major global states and now, cyber threat has become one of the dire security risks for the states across the globe. Recently, ransomware cyber-attacks, wannacry and petya, have affected hundreds of thousands of computer servers and individuals’ private machines in more than hundred countries across Europe, Middle East, Asia, United States and Australia. Although, states are rapidly becoming aware of the destructive nature of this new security threat and counter measures are being taken but states’ isolated efforts would be inadequate to deal with this heinous security challenge, rather a global coordination and cooperation is inevitable in order to develop a credible cyber deterrence policy. Hence, the paper focuses that coordinated global approach is required to deter posed cyber threat. This paper intends to analyze the cyber security counter measures in four dimensions i.e. evaluation of prevalent strategies at bilateral level, initiatives and limitations for cooperation at global level, obstacles to combat cyber terrorism and finally, recommendations to deter the threat by applying tools of deterrence theory. Firstly, it focuses on states’ efforts to combat the cyber threat and in this regard, US-Australia Cyber Security Dialogue is comprehensively illustrated and investigated. Secondly, global partnerships and strategic and analytic role of multinational organizations, particularly United Nations (UN), to deal with the heinous threat, is critically analyzed and flaws are highlighted, for instance; less significance of cyber laws within international law as compared to other conflict prone issues. In addition to this, there are certain obstacles and limitations at national, regional and global level to implement the cyber terrorism counter strategies which are presented in the third section. Lastly, by underlining the gaps and grey areas in the current cyber security counter measures, it aims to apply tools of deterrence theory, i.e. defense, attribution and retaliation, in the cyber realm to contribute towards formulating a credible cyber deterrence strategy at global level. Thus, this study is significant in understanding and determining the inevitable necessity of counter cyber terrorism strategies.

Keywords: attribution, critical infrastructure, cyber terrorism, global cooperation

Procedia PDF Downloads 271