Search results for: investment casting

Authors: Nounamo Nguedie Yann Harold

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The factors behind the debt have been the subject of several studies in the literature. Pioneering studies based on the 'double deficit' approach linked indebtedness to the imbalance between savings and investment, the budget deficit and the current account deficit. Most studies on identifying factors that may stimulate or reduce the level of external public debt agree that the following variables are important explanatory variables in leveraging debt: the budget deficit, trade opening, current account and exchange rate, import, export, interest rate, term variation exchange rate, economic growth rate and debt service, capital flight, and over-indebtedness. Few studies addressed the impact of political factors on the level of external debt. In general, however, the IMF's stabilization programs in developing countries following the debt crisis have resulted in economic recession and the advent of political crises that have resulted in changes in governments. In this sense, political institutions are recognised as factors of accumulation of external debt in most developing countries. This paper assesses the role of political factors on the external debt level of African countries in the Franc Zone over the period 1985-2016. Data used come from World Bank and ICRG. Using a logit in panel, the results show that the more a country is politically stable, the lower the external debt compared to the gross domestic product. Political stability multiplies 1.18% the chances of being in the sustainable debt zone. For example, countries with good political institutions experience less severe external debt burdens than countries with bad political institutions.

Keywords: African countries, external debt, Franc Zone, political factors

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Authors: Ghadeer A.Al-Jabaree, Husam Aldeen Al-Khadash, M. Nassar

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This study aimed at investigating the effect of well-designed corporate governance system on the financial stability of insurance companies listed in ASE. Further, this study provides a comprehensive model for evaluating and analyzing insurance companies' financial position and prospective for comparing the degree of corporate governance application provisions among Jordanian insurance companies. In order to achieve the goals of the study, a whole population that consist of (27) listed insurance companies was introduced through the variables of (board of director, audit committee, internal and external auditor, board and management ownership and block holder's identities). Statistical methods were used with alternative techniques by (SPSS); where descriptive statistical techniques such as means, standard deviations were used to describe the variables, while (F) test and ANOVA analysis of variance were used to test the hypotheses of the study. The study revealed the existence of significant effect of corporate governance variables except local companies that are not listed in ASE on financial stability within control variables especially debt ratio (leverage),where it's also showed that concentration in motor third party doesn't have significant effect on insurance companies' financial stability during study period. Moreover, the study concludes that Global financial crisis affect the investment side of insurance companies with insignificant effect on the technical side. Finally, some recommendations were presented such as enhancing the laws and regulation that help the appropriate application of corporate governance, and work on activating the transparency in the disclosures of the financial statements and focusing on supporting the technical provisions for the companies, rather than focusing only on profit side.

Keywords: corporate governance, financial stability and solvency margin, insurance companies, Jordan

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Authors: Moujib Bahri, Ouafa Sakka, Kallel Rahim

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This study builds on the literature about the effects of corruption on economic growth at the firm level, which analyzes how the payment of bribes affect organizational performance. Traditionally, the literature distinguishes two points of view regarding the impact of corruption: grease view and sand view. The grease view is based on the idea that corruption can compensate for the negative effect of red tape on firms’ activities such as innovation and exports. Therefore, some firms will be motivated to pay some additional money to officials in order to reduce the delay related to bureaucratic procedures. On the contrary, the second point of view considers that corruption sands the wheels of the economy and distorts resource allocation because it increases agency and transaction costs and reduces the returns on the investment. We have tested the effect of corruption on innovation and export activities on a sample of 537 Tunisian manufacturing small and medium enterprises (SMEs) using structural equation modeling and path analysis. Tunisia has undergone a revolution in 2010 and since then, the country is experiencing a political instability and economic hardships. Our results do not support the greasing hypothesis suggesting that corruption can reduce the negative effect of bureaucratic delays and the hard access of companies to public services related to exports. Instead, our results support the sanding hypothesis according to which corruption hinders SMEs’ exports through its negative influence on innovation. Furthermore, our results show that the interaction between excessive bureaucratic red tape and corruption has a negative effect on exports. However, the interaction between political instability and corruption increases exports.

Keywords: corruption, exports, SMEs, economic conditions

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Authors: Kwadwo Yeboah

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Background and Aims: The adoption of International Accounting Standards (IAS) is considered to be one of the most significant developments in the accounting profession. The adoption of IAS aims to improve financial reporting quality by ensuring that financial information is transparent and comparable across borders. However, there is a lack of research on the impact of IAS on financial reporting quality in emerging economies. This study aims to fill this gap by evaluating the impact of IAS on financial reporting quality in emerging economies. Methods: This study uses a sample of firms from emerging economies that have adopted IAS. The sample includes firms from different sectors and industries. The financial reporting quality of these firms is measured using financial ratios, such as earnings quality, financial leverage, and liquidity. The data is analyzed using a regression model that controls for firm-specific factors, such as size and profitability. Results: The results show that the adoption of IAS has a positive impact on financial reporting quality in emerging economies. Specifically, firms that adopt IAS exhibit higher earnings quality and lower financial leverage compared to firms that do not adopt IAS. Additionally, the adoption of IAS has a positive impact on liquidity, suggesting that firms that adopt IAS have better access to financing. Conclusions: The findings of this study suggest that the adoption of IAS has a positive impact on financial reporting quality in emerging economies. The results indicate that IAS adoption can improve transparency and comparability of financial information, which can enhance the ability of investors to make informed investment decisions. The study contributes to the literature by providing evidence of the impact of IAS adoption in emerging economies. The findings of this study have implications for policymakers and regulators in emerging economies, as they can use this evidence to support the adoption of IAS and improve financial reporting quality in their respective countries.

Keywords: accounting, international, standards, finance

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Authors: Amina Smaï, Habiba Idouhar-Saadi, Safia Zenia, Fairouz Haddadj, Salaheddine Doumandji

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The poultry industry (chicken and egg consumption) has become important in Algeria, but that does not prevent other farms from beginning to position themselves on the ground like the turkey, guinea fowl, partridge and quail Japanese. The breeding importance of this last, reside, also in game meat, egg quality and their therapeutic role without forgetting its growth performance. To the same effect, a study was held at the center of Zeralda hunting on various parameters such as the weight and number of eggs laid and this in order to know better the potential of production and reproduction of domestic quail. Egg laying has started from the 8th week of reproductive age, their harvest and their counts are performed daily up to 32 weeks of age and more. We have given the biometrics of incubated eggs and unhatched eggs. The parameters studied were the weight, large and small diameter, density, volume, shell index and the shape index. The work revealed that the maximum weight in males is reached in the 11th week, against the female, he reached the 13th week of age. Indeed, there is a good correlation (R = 0.79) between the weight of females and egg production. The rate of unhatched eggs varies between 11 and 43%, these values are recorded respectively in breeding under the age of 25 and 43 weeks. Furthermore, the biometric parameters of hatched and unhatched eggs have differences that are marked, especially during the beginning and end of lay. Further results will be subsequently exploited. Indeed, rearing Japanese quail is easy in technical terms and does not require big investment but its practical application vigilance and daily presence of the breeder within the farm who oversees the hygiene and well-being of its poultry.

Keywords: Japanese quail, biometrics, eggs, unhatching eggs, reproduction

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Authors: Sony Baral, Bijendra Basnyat, Kalyan Gauli

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Forests are depleted throughout the world in the 1990s, and since then, various efforts have been undertaken for the restoration of the forest. A government of Nepal promoted various community based forest management in which leasehold forestry was the one introduce in 1990s, aiming to restore degraded forests land. However, few attempts have been made to systematically evaluate its cost effectiveness. Hence the study assesses the cost effectiveness of leasehold forestry intervention in the mid-hill district of Nepal following the cost and benefit analysis approach. The study followed quasi-experimental design and collected costs and benefits information from 320 leasehold forestry groups (with intervention) and 154 comparison groups (without intervention) through household survey, forest inventory and then validated with the stakeholders’ consultative workshop. The study found that both the benefits and costs from intervention outweighed without situation. The members of leasehold forestry groups were generating multiple benefits from the forests, such as firewood, grasses, fodder, and fruits, whereas those from comparison groups were mostly getting a single benefit. Likewise, extent of soil carbon is high in leasehold forests. Average expense per unit area is high in intervention sites due to high government investment for capacity building. Nevertheless, positive net present value and internal rate of return was observed for both situations. However, net present value from intervention, i.e., leasehold forestry, is almost double compared to comparison sites, revealing that community are getting higher benefits from restoration. The study concludes that leasehold forestry is a highly cost-effective intervention that contributes towards forest restoration that brings multiple benefits to rural poor.

Keywords: cost effectiveness, economic efficiency, intervention, restoration, leasehold forestry, nepal

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Authors: Hira Jabbar

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Education is vital for inclusive growth of an economy and a critical contributor for investment in human capital. Like other developing countries, Pakistan is facing enormous challenges regarding the provision of public facilities, improper infrastructure planning, accelerating rate of population and poor accessibility. The influence of the rapid advancement and innovations in GIS and RS techniques have proved to be a useful tool for better planning and decision making to encounter these challenges. Therefore present study incorporates GIS and RS techniques to investigate the spatial distribution of school facilities, identifies settlements with served and unserved population, finds potential areas for new schools based on population and develops an accessibility index to evaluate the higher accessibility for schools. For this purpose high-resolution worldview imagery was used to develop road network, settlements and school facilities and to generate school accessibility for each level. Landsat 8 imagery was utilized to extract built-up area by applying pre and post-processing models and Landscan 2015 was used to analyze population statistics. Service area analysis was performed using network analyst extension in ArcGIS 10.3v and results were evaluated for served and underserved areas and population. An accessibility tool was used to evaluate a set of potential destinations to determine which is the most accessible with the given population distribution. Findings of the study may contribute to facilitating the town planners and education authorities for understanding the existing patterns of school facilities. It is concluded that GIS and remote sensing can be effectively used in urban transport and facility planning.

Keywords: accessibility, geographic information system, landscan, worldview

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Authors: Lucero Luciano, Cesar Celis, Jose Ramos

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Polygeneration improves energy efficiency and reduce both energy consumption and pollutant emissions compared to conventional generation technologies. A polygeneration system is a variation of a cogeneration one, in which more than two outputs, i.e., heat, power, cooling, water, energy or fuels, are accounted for. In particular, polygeneration systems integrating solar energy and water desalination represent promising technologies for energy production and water supply. They are therefore interesting options for coastal regions with a high solar potential, such as those located in southern Peru and northern Chile. Notice that most of the Peruvian and Chilean mining industry operations intensive in electricity and water consumption are located in these particular regions. Accordingly, this work focus on the design and integration of a polygeneration system producing industrial heating, cooling, electrical power and water for an industrial plant. The design procedure followed in this work involves integer linear programming modeling (MILP), operational planning and dynamic operating conditions. The technical and economic feasibility of integrating renewable energy technologies (photovoltaic and solar thermal, PV+CPS), thermal energy store, power and thermal exchange, absorption chillers, cogeneration heat engines and desalination technologies is particularly assessed. The polygeneration system integration carried out seek to minimize the system total annual cost subject to CO2 emissions restrictions. Particular economic aspects accounted for include investment, maintenance and operating costs.

Keywords: desalination, design and integration, polygeneration systems, renewable energy

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Authors: Sakapas Saengchai

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A Study on Strengthening the Security of the Thai-Myanmar Border Trade Area of the people in the Mae Sot customs checkpoint area, Tak province, was designed as a qualitative research study. Its objectives were to study the principles of strengthening border trade security and enhancing people's participation. To develop a border trade model that enhances the spatial economy and improves people's quality of life by collecting data using a participant observation method. In-depth interview group chats border checkpoint administrators, Mae Sot customs checkpoint, Tak province, private entrepreneurs, community leaders, and the opening of a community forum to exchange opinions with people in the area. The results of the study found that 1. Security development is to promote crime reduction. Reduce drug trafficking problems Smuggling and human trafficking have been reduced. Including planning and preparation to protect people from terrorism, epidemics, and communicable diseases, including cooperation with Burma on border rules for people and workers, 2. Wealth development is to promote investment. Transport links value chain logistics Cross-border goods and services on the Thai-Myanmar border Both amending regulations and laws to promote fair trade. Emphasis on convenient and fast service as well as promoting the Thai border area to be a tourist attraction that can create prosperity and income for the community in the area By using balanced natural resources, with production and consumption that are environmentally friendly, and emphasizes the participation of the public sector, the private sector, and people from all sectors in the sustainable development of the Thai border.

Keywords: security, border trade, customs, participation, people

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Authors: Shivam Adhikary

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Sports stadiums are not merely public amenities for entertainment and recreation for a city. They are buildings with extremely high construction investment and running costs which holds the supreme responsibility of social integration, nation building and financial upliftment of the community apart from its primary motive of conducting and promotion of the sports. But the present scenario of sports performances at international events and growing physical inactivity among the youth in India show that the sports facilities are far behind in achieving these goals. A pilot study of Indira Gandhi Sports complex in Vijayawada, Andhra Pradesh gave an indication of underutilization of sports stadia in India. This probed a crying need for the assessment of the present usage and functioning of the major sports (non-cricketing) facilities within the country. This paper assesses the sustainability of stadiums built for national and international sporting (non-cricket) events in terms of sporting, socio-cultural and financial sustainability by mainly focusing on their usage in non-event days. The criteria for the assessment and comparison of the stadiums within the nation is done using World Stadium Index and GDI (Gross Domestic Income) while with international counterparts using WSI and GNI (Gross National Income). The pilot case of India Gandhi Sports complex in Vijayawada is further investigated for a deeper understanding of the present usage, the existing issues for its underutilization and the way-forward (at least a few) to reach its sustainable potential. The paper finally concludes with the discussion on whether sports stadiums are being utilized to its financial potential and if it is at par with its international counterparts.

Keywords: economic sustainability, social sustainability, sports infrastructure, stadium efficiency

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Authors: Nkutere Chikezie Kanu, Nnamdi M. Anigbogu, Johnson C. Ezike

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The study was carried out to investigate the performance of Red Sokoto goats fed Municipal Oranic Wastes (MOW) subjected to two methods of in vivo degradation by Torula Yeast and Zymomonas mobilis. Two combination, Torula Yeast + Zymomonas mobilis (main degradation), and Zymomonas mobilis + Torula Yeast (Reciprocal degradation) were used to degrade MOW. Eighteen Red Sokoto goats of both sexes (9 males and 9 females) of ages between 6-8 were used for the study. The goats were randomly assigned into 3 treatments groups A, B and C respectively with 6 goats per treatment. The experiment was laid in a Completely Randomized Design and replicated 3 times. Treatment A groups were fed 30% Undegraded MOW base diet +concentrate mixture, Treatment B groups were fed 30% Main degraded MOW base diet +concentrate mixture, Treatment C groups were fed 30% Reciprocal degraded MOW base diet +concentrate mixture. The result of the daily weight gain was significantly (P<0.05) better than on the other Treatments. There was significant improvement (P<0.05) on the daily feed consumption in Treatment B than on the Treatments A and C. The feed conversion ratio revealed no significant (P>0.05) differences among the treatment groups but much better in the treatment B and C, the cost of feed consumed was much higher (P>0.05) in Treatment B followed by Treatment C, while Treatment A had the lowest. The cost/ kg weight gain that was recorded in Treatment A was better (P<0.05) than the Treatment B, followed by Treatment C, while the cost of production was high (P<0.05) in Treatment B than in other treatments. The gross profit was observed best (P<0.05) on the Treatment B, followed by Treatment C while Treatment A had the lowest. The net profit as noted in this study was much better (P<0.05) in Treatment B, and Treatment C, while the least was observed in Treatment A, where the return on investment was high in Treatments B and C, while Treatment A had the lowest.

Keywords: reciprocal, torula yeast, Zymomonas mobilis, organic waste

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Authors: Einav Srulovici, Michal Grinstein-Weiss, George Knafl, Linda Beeber, Shawn Kneipp, Barbara Mark

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Background: The asset-building theoretical framework (ABTF) is acknowledged as the most complete framework thus far for depicting the relationships between asset accumulation (the stock of a household’s saved resources available for future investment) and health outcomes. Although the ABTF takes into consideration the reciprocal relationship between asset accumulation and health, no ABTF based study has yet examined this relationship. Therefore, the purpose of this study was to test the ABTF and psychological distress, focusing on the reciprocal relationship between assets accumulation and psychological distress. Methods: The study employed longitudinal data from 6,295 families from the 2001 and 2007 Panel Study of Income Dynamics data sets. Structural equation modeling (SEM) was used to test the reciprocal relationship between asset accumulation and psychological distress. Results: In general, the data displayed a good fit to the model. The longitudinal SEM found that asset accumulation significantly increased with a decreased in psychological distress over time, while psychological distress significantly increased with an increase in asset accumulation over time, confirming the existence of the hypothesized reciprocal relationship. Conclusions: Individuals who are less psychological distressed might have more energy to engage in activities, such as furthering their education or obtaining better jobs that are in turn associated with greater asset accumulation, while those who have greater assets may invest those assets in riskier investments, resulting in increased psychological distress. The confirmation of this reciprocal relationship highlights the importance of conducting longitudinal studies and testing the reciprocal relationship between asset accumulation and other health outcomes.

Keywords: asset-building theoretical framework, psychological distress, structural equation modeling, reciprocal relationship

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Authors: Risna Wijayanti, Sumiati, Hanif Iswari

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This study aims to analyze the role of financial risk attitude as a mediation between financial knowledge and business growth. The ability of human resources in managing capital (financial literacy) can be a major milestone for a company's business to grow and build its competitive advantage. This study analyzed the important role of financial risk attitude in bringing about financial knowledge on corporate growth. There have been many discussions arguing that financial knowledge is one of the main abilities of corporate managers in determining the success of managing a company. However, a contrary argument of other scholars also enlightened that financial knowledge did not have a significant influence on corporate growth. This study used literatures' review to analyze whether there is another variable that can mediate the effect of financial knowledge toward corporate growth. Research mapping was conducted to analyze the concept of risk tolerance. This concept was related to people's risk aversion effects when making a decision under risk and the role of financial knowledge on changes in financial income. Understanding and managing risks and investments are complicated, in particular for corporate managers, who are always demanded to maintain their corporate growth. Substantial financial knowledge is extremely needed to identify and take accurate information for corporate financial decision-making. By reviewing several literature, this study hypothesized that financial knowledge of corporate managers would be meaningless without manager's courage to bear risks for taking favorable business opportunities. Therefore, the level of risk aversion from corporate managers will determine corporate action, which is a reflection of corporate-level investment behavior leading to attain corporate success or failure for achieving the company's expected growth rate.

Keywords: financial knowledge, financial risk attitude, corporate growth, risk tolerance

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Authors: O. Bilbao, I. Loizaga, F. A. Girot, A. Torregaray

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The current energetical situation and the high competitiveness in industrial sectors as the automotive one have become the development of new manufacturing processes with less energy and raw material consumption a real necessity. As consequence, new forming processes related with high temperature hot forging in closed dies have emerged in the last years as new solutions to expand the possibilities of hot forging and iron casting in the automotive industry. These technologies are mid-way between hot forging and semi-solid metal processes, working at temperatures higher than the hot forging but below the solidus temperature or the semi solid range, where no liquid phase is expected. This represents an advantage comparing with semi-solid forming processes as thixoforging, by the reason that no so high temperatures need to be reached in the case of high melting point alloys as steels, reducing the manufacturing costs and the difficulties associated to semi-solid processing of them. Comparing with hot forging, this kind of technologies allow the production of parts with as forged properties and more complex and near-net shapes (thinner sidewalls), enhancing the possibility of designing lightweight components. From the process viewpoint, the forging forces are significantly decreased, and a significant reduction of the raw material, energy consumption, and the forging steps have been demonstrated. Despite the mentioned advantages, from the material behavior point of view, the expansion of these technologies has shown the necessity of developing new material flow behavior models in the process working temperature range to make the simulation or the prediction of these new forming processes feasible. Moreover, the knowledge of the material flow behavior at the working temperature range also allows the design of the new closed dies concept required. In this work, the flow behavior characterization in the mentioned temperature range of the widely used in automotive commercial components 42CrMo4 steel has been studied. For that, hot compression tests have been carried out in a thermomechanical tester in a temperature range that covers the material behavior from the hot forging until the NDT (Nil Ductility Temperature) temperature (1250 ºC, 1275 ºC, 1300 ºC, 1325 ºC, 1350ºC, and 1375 ºC). As for the strain rates, three different orders of magnitudes have been considered (0,1 s-1, 1s-1, and 10s-1). Then, results obtained from the hot compression tests have been treated in order to adapt or re-write the Spittel model, widely used in automotive commercial softwares as FORGE® that restrict the current existing models up to 1250ºC. Finally, the obtained new flow behavior model has been validated by the process simulation in a commercial automotive component and the comparison of the results of the simulation with the already made experimental tests in a laboratory cellule of the new technology. So as a conclusion of the study, a new flow behavior model for the 42CrMo4 steel in the new working temperature range and the new process simulation in its application in automotive commercial components has been achieved and will be shown.

Keywords: 42CrMo4 high temperature flow behavior, high temperature hot forging in closed dies, simulation of automotive commercial components, spittel flow behavior model

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Authors: Yongsheng Guo, Xiaoxian Zhu, Mandella Osei-Assibey Bonsu

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This study explores the effects of national culture on consumer behaviour by identifying the characteristics of Chinese consumers’ decision making in Europe. It offers a better understanding of how cultural factors affect consumers’ behaviour, and how consumers make decisions in other nations with different culture. It adopted a grounded theory approach and conducted twenty-four in-depth interviews. Grounded theory models are developed to link the causal conditions, process and consequences. Results reveal that some cultural factors including conservatism, emotionality, acquaintance community, long-term orientation and principles affect Chinese consumers when making purchase decisions in Europe. Most Chinese consumers plan and prepare their expenditure and stay in Europe as cultural learners, and purchase durable products or assets as investment, and share their experiences within a community. This study identified potential problems such as political and social environment, complex procedures, and restrictions. This study found that external factors influence on internal factors and then internal characters determine consumer behaviour. This study proposes that cultural traits developed in convergence evolution through social selection and Chinese consumers persist most characters but adapt some perceptions and actions overtime in other countries. This study suggests that cultural marketing could be adopted by companies to reflect consumers’ preferences. Agencies, shops, and the authorities could take actions to reduce the complexity and restrictions.

Keywords: national culture, consumer behaviour, decision making, cultural marketing

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Authors: Julia Hoefer Martí

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While research has consistently found a significant motherhood wage penalty for heterosexual women, where homosexual women are concerned, evidence has appeared to suggest no effect, or possibly even a wage bonus. This paper presents a model of the household with a public good that requires both a monetary expense and a labour investment, and where the household budget is shared between partners. Lower-wage partners will do relatively more of the household labour while higher-wage partners will specialise in market labour, and the arrival of a child exacerbates this split, resulting in the lower-wage partner taking on even more of the household labour in relative terms. Employers take this gender-sexuality dyad as a signal for employees’ commitment to the labour market after having a child, and use the information when setting wages after employees become parents. Given that women empirically earn lower wages than men, in a heterosexual couple the female partner will often do more of the household labour. However, as not every female partner has a lower wage, this results in an over-adjustment of wages that manifests as an unexplained motherhood wage penalty. On the other hand, in homosexual couples wage distributions are ex ante identical, and gender is no longer a useful signal to employers as to whether the partner is likely to specialise in household labour or market labour. This model is then tested using longitudinal data from the EU Standards of Income and Living Conditions (EU-SILC) to investigate the hypothesis that women experience different wage effects of motherhood depending on their sexual orientation. While heterosexual women receive a significant motherhood wage penalty of 8-10%, homosexual mothers do not receive any significant wage bonus or penalty of motherhood, consistent with the hypothesis presented above.

Keywords: discrimination, gender, motherhood, sexual orientation, labor economics

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Authors: Adewale Oladapo, C. A. Afolami

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The study analyzed the effect of micro credit access on poverty reduction among small scale women entrepreneurs in Ondo state, Nigeria. Primary data were collected in a cross-sectional survey of 100 randomly selected woman entrepreneurs. These were drawn in multistage sampling process covering four local government areas (LGAS). Data collected include socio economics characteristics of respondents, access to micro credit, sources of micro credit, and constraints faced by the entrepreneur in sourcing for micro credit. Data were analyzed using descriptive statistics, Foster, Greer and Thorbecke (FGT) index of poverty measure, Gini coefficients and probit regression analysis. The study found that respondents sampled for the survey were within the age range of 31-40 years with mean age 38.6%. Mostly (56.0%) of the respondents were educated to the tune of primary school. Majority (87.0%) of the respondents were married with fairly large household size of (4-5). The poverty index analysis revealed that most (67%) of the sample respondents were poor. The result of the Probit regression analyzed showed that income was a significant variable in micro credit access, while the result of the Gini coefficient revealed a very high income inequality among the respondents. The study concluded that most of the respondents were poor and return on investment (income) was an important variable that increased the chance of respondents in sourcing for micro-credit loan and recommended that income realized by entrepreneur should be properly documented to facilitate loan accessibility.

Keywords: entrepreneurs, income, micro-credit, poverty

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Authors: Natasha Correa Vitória Bandeira, Lais Cordeiro Soares, Claudineia Brazil, Luciane Teresa Salvi

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The intense rain event that occurred between February 16 and 18, 2018, in the city of Barcarena in Pará, located in the North region of Brazil, demonstrates the importance of analyzing this type of event. The metropolitan mesoregion of Belem was severely punished by rains much above the averages normally expected for that time of year; this phenomenon affected, in addition to the capital, the municipalities of Barcarena, Murucupi and Muruçambá. Resulting in a great flood in the rivers of the region, whose basins were affected with great intensity of precipitation, causing concern for the local population because in this region, there are located companies that accumulate ore tailings, and in this specific case, the dam of any of these companies, leaching the ore to the water bodies of the Murucupi River Basin. This article aims to characterize this phenomenon through a special analysis of the distribution of rainfall, using data from atmospheric soundings, satellite images, radar images and data from the GPCP (Global Precipitation Climatology Project), in addition to rainfall stations located in the study region. The results of the work demonstrated a dissociation between the data measured in the meteorological stations and the other forms of analysis of this extreme event. Monitoring carried out solely on the basis of data from pluviometric stations is not sufficient for monitoring and/or diagnosing extreme weather events, and investment by the competent bodies is important to install a larger network of pluviometric stations sufficient to meet the demand in a given region.

Keywords: extreme precipitation, great flood, GPCP, ore dam

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Authors: Sergio Andres Rojas, Julian Benavides Franco, Juan Tomas Sayago

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An increasing amount of research demonstrates how market mood affects financial markets, but their primary goal is to demonstrate how Trump's tweets impacted US interest rate volatility. Following that lead, this work evaluates the effect that Trump's tweets had during his presidency on local and international stock markets, considering not just volatility but the direction of the movement. Three indexes for Trump's tweets were created relating his activity with movements in the S&P500 using natural language analysis and machine learning algorithms. The indexes consider Trump's tweet activity and the positive or negative market sentiment they might inspire. The first explores the relationship between tweets generating negative movements in the S&P500; the second explores positive movements, while the third explores the difference between up and down movements. A pseudo-investment strategy using the indexes produced statistically significant above-average abnormal returns. The findings also showed that the pseudo strategy generated a higher return in the local market if applied to intraday data. However, only a negative market sentiment caused this effect on daily data. These results suggest that the market reacted primarily to a negative idea reflected in the negative index. In the international market, it is not possible to identify a pervasive effect. A rolling window regression model was also performed. The result shows that the impact on the local and international markets is heterogeneous, time-changing, and differentiated for the market sentiment. However, the negative sentiment was more prone to have a significant correlation most of the time.

Keywords: market sentiment, Twitter market sentiment, machine learning, natural dialect analysis

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Authors: Emanuele Bonamente, Andrea Aquino

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This study presents an innovative design for geothermal heat pumps with the goal of maximizing the system efficiency (COP - Coefficient of Performance), reducing the soil use (e.g. length/depth of geothermal boreholes) and initial investment costs. Based on experimental data obtained from a two-year monitoring of a working prototype implemented for a commercial building in the city of Perugia, Italy, an upgrade of the system is proposed and the performance is evaluated via CFD simulations. The prototype was designed to include a thermal heat storage (i.e. water), positioned between the boreholes and the heat pump, acting as a flywheel. Results from the monitoring campaign show that the system is still capable of providing the required heating and cooling energy with a reduced geothermal installation (approx. 30% of the standard length). In this paper, an optimization of the system is proposed, re-designing the heat storage to include phase change materials (PCMs). Two stacks of PCMs, characterized by melting temperatures equal to those needed to maximize the system COP for heating and cooling, are disposed within the storage. During the working cycle, the latent heat of the PCMs is used to heat (cool) the water used by the heat pump while the boreholes independently cool (heat) the storage. The new storage is approximately 10 times smaller and can be easily placed close to the heat pump in the technical room. First, a validation of the CFD simulation of the storage is performed against experimental data. The simulation is then used to test possible alternatives of the original design and it is finally exploited to evaluate the PCM-storage performance for two different configurations (i.e. single- and double-loop systems).

Keywords: geothermal heat pump, phase change materials (PCM), energy storage, renewable energies

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Authors: Michal Friedrich

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Cross-border investment has never been easier than in today’s global economy. Despite recent initiatives tightening the international tax landscape, profit shifting and tax optimization by multinational entities (MNEs) in the context of cross-border M&A remain persistent and complex phenomena that warrant in-depth exploration. By synthesizing the outcomes of existing research, this study aims to first provide a methodological framework for identifying MNEs’ profit-shifting behavior and quantifying its fiscal impacts via various macroeconomic and microeconomic approaches. The study also proposes additional methods and qualitative/quantitative measures for extracting insight into the profit shifting behavior of MNEs in the context of their M&A activities at industry and entity levels. To develop the proposed methods, this study applies the knowledge of international tax laws and known profit shifting conduits (incl. dividends, interest, and royalties) on several model cases/types of cross-border acquisitions and post-acquisition integration activities by MNEs and highlights important factors that encourage or discourage tax optimization. Follow-up research is envisaged to apply the methods outlined in this study on published data on real-world M&A transactions to gain practical country-by-country, industry and entity-level insights. In conclusion, this study seeks to contribute to the ongoing discourse on profit shifting by providing a methodological toolkit for exploring profit shifting tendencies MNEs in connection with their M&A activities and to serve as a backbone for further research. The study is expected to provide valuable insight to policymakers, tax authorities, and tax professionals alike.

Keywords: BEPS, cross-border M&A, international taxation, profit shifting, tax optimization

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Authors: Mónica Arroyo

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South America shows increasing decline in regional export values in the last years, after a strong growth of trade flows especially with China up to 2013. This change is due to the end of the commodity price boom, the slowing of the Chinese economy and the effects of the 2008 economic crisis. This paper examines the integration of regional economies in this context, particularly the situation in Brazil and Argentina. Based on transformations over the last two decades, the analysis is focused on the spatial circuits of production linked to foreign markets, contributing to the understanding of the different uses of territory and the within-country inequality. The South American regional exports, consisting basically of raw materials, are concentrated in a few companies. Large areas are intended for the production of agriculture and mining commodities, under the command of major economic groups, both domestic and foreign, relegating the local population to less productive places or, in most cases, forcing them to change their activity and to migrate to other regions in search of some source of income. On the other hand, the dynamics of these commodities’ spatial circuits of production print requirements in territories in terms of infrastructure and regulation. Capturing this movement requires understanding businesses and government’s role in territorial regulation, and consequently how regional systems are changing – for instance, economic specialisation, growing role of services, investment in roads, railways, ports, and airports. This paper aims to highlight topics for discussion on regional economic dynamics and their different degrees of internationalisation. The intention is to contribute to the debate about the relations between trade, globalization, and development.

Keywords: regional inequality, international trade, developing world, South America

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Authors: Shraddha Jain Sharma, Ratnalata Gupta

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Predicting stock movements in the financial market is both difficult and rewarding. Analysts and academics are increasingly using advanced approaches such as machine learning techniques to anticipate stock price patterns, thanks to the expanding capacity of computing and the recent advent of graphics processing units and tensor processing units. Stock market prediction is a type of time series prediction that is incredibly difficult to do since stock prices are influenced by a variety of financial, socioeconomic, and political factors. Furthermore, even minor mistakes in stock market price forecasts can result in significant losses for companies that employ the findings of stock market price prediction for financial analysis and investment. Soft computing techniques are increasingly being employed for stock market prediction due to their better accuracy than traditional statistical methodologies. The proposed research looks at the need for soft computing techniques in stock market prediction, the numerous soft computing approaches that are important to the field, past work in the area with their prominent features, and the significant problems or issue domain that the area involves. For constructing a predictive model, the major focus is on neural networks and fuzzy logic. The stock market is extremely unpredictable, and it is unquestionably tough to correctly predict based on certain characteristics. This study provides a complete overview of the numerous strategies investigated for high accuracy prediction, with a focus on the most important characteristics.

Keywords: stock market prediction, artificial intelligence, artificial neural networks, fuzzy logic, accuracy, deep learning, machine learning, stock price, trading volume

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Authors: Olayinka Ariba, Abe Oudshoorn, Steve Rolfe, Carrie Anne Marshall, Deanna Befus, Jason Gilliland, Miranda Crockett, Susana Caxaj, Sarah McLean, Amy Van Berkum, Natasha Thuemler

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Background: Secure housing is a platform for health and well-being. Those who struggle with housing stability have complex life and health histories and often require some support services such as the provision of permanent supportive housing. Poor access to supportive resources creates an exacerbation of chronic homelessness, particularly affecting individuals who need immediate access to mental health and addiction supports. This paper presents the first phase of a three-part study examining how on-site support impacts housing stability for recently-re-housed persons. Method: This study utilized a community-based participatory research methodology. Twenty in-depth interviews were conducted with permanent supportive housing residents from a single-site dwelling. Interpretative description analysis was used to draw common themes and understand the experiences and challenges of housing support. Results: Three interconnected themes were identified: 1) Available and timely supports; 2) Affordability; and 3) Community, but with independence as desired. These interconnected components are helping residents transition from homelessness or long-term mental health inpatient care to live in the community. Despite some participant concerns about resident conflicts, staff availability, and affordability, this has been a welcome and successful move for most. Conclusion: Supportive housing is essential for successful tenancies as a platform for health and well-being among Canada’s most vulnerable and, from the perspective of persons recently re-housed, permanent supportive housing is a worthwhile investment.

Keywords: homelessness, supportive housing, rehoused, housing stability

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Authors: Mohamed Habireche, Nacer E. Bacha, Mohamed Djeghdjough

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In the brick industry, smooth double roll crusher is used for medium and fine crushing of soft to medium hard material. Due to opposite inward rotation of the rolls, the feed material is nipped between the rolls and crushed by compression. They are subject to intense wear, known as three-body abrasion, due to the action of abrasive products. The production downtime affecting productivity stems from two sources: the bi-monthly rectification of the roll crushers and their replacement when they are completely worn out. Choosing the right material for the roll crushers should result in longer machine cycles, and reduced repair and maintenance costs. All roll crushers are imported from outside Algeria. This results in sometimes very long delivery times which handicap the brickyards, in particular in respecting delivery times and honored the orders made by customers. The aim of this work is to investigate the effect of alloying additions on microstructure and wear behavior of grey lamellar cast iron for smooth roll crushers in brick industry. The base gray iron was melted in an induction furnace with low frequency at a temperature of 1500 °C, in which return cast iron scrap, new cast iron ingot, and steel scrap were added to the melt to generate the desired composition. The chemical analysis of the bar samples was carried out using Emission Spectrometer Systems PV 8050 Series (Philips) except for the carbon, for which a carbon/sulphur analyser Elementrac CS-i was used. Unetched microstructure was used to evaluate the graphite flake morphology using the image comparison measurement method. At least five different fields were selected for quantitative estimation of phase constituents. The samples were observed under X100 magnification with a Zeiss Axiover T40 MAT optical microscope equipped with a digital camera. SEM microscope equipped with EDS was used to characterize the phases present in the microstructure. The hardness (750 kg load, 5mm diameter ball) was measured with a Brinell testing machine for both treated and as-solidified condition test pieces. The test bars were used for tensile strength and metallographic evaluations. Mechanical properties were evaluated using tensile specimens made as per ASTM E8 standards. Two specimens were tested for each alloy. From each rod, a test piece was made for the tensile test. The results showed that the quenched and tempered alloys had best wear resistance at 400 °C for alloyed grey cast iron (containing 0.62%Mn, 0.68%Cr, and 1.09% Cu) due to fine carbides in the tempered matrix. In quenched and tempered condition, increasing Cu content in cast irons improved its wear resistance moderately. Combined addition of Cu and Cr increases hardness and wear resistance for a quenched and tempered hypoeutectic grey cast iron.

Keywords: casting, cast iron, microstructure, heat treating

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Authors: Karen L. Rincon-Granados, América R. Vázquez-Olmos, Adriana-Patricia Rodríguez-Hernández, Gina Prado-Prone, Margarita Rivera, Roberto Y. Sato-Berrú

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In this work, a hybrid film based on poly-3-hydroxybutyrate (P3HB) and nickel ferrite (NiFe₂O₄) nanoparticles (NPs) was obtained by a simple and reproducible methodology in order to study its antibacterial and cytotoxic properties. The motivation for this research is the current antimicrobial resistance (RAM). This is a threat to human health and development worldwide. RAM is caused by the emergence of bacterial strains resistant to traditional antibiotics that were used as treatment. Due to this, the need to investigate new alternatives for preventing and treating bacterial infections emerges. In this sense, metal oxide NPs have aroused great interest due to their unique physicochemical properties. However, their use is limited by the nanostructured nature, commonly obtained by chemical and physical synthesis methods, as powders or colloidal dispersions. Therefore, the incorporation of nanostructured materials in polymer matrices to obtain hybrid materials that allow disinfecting and preventing the spread of bacteria on various surfaces. Accordingly, this work presents the synthesis and study of the antibacterial properties of the P3HB@NiFe₂O₄ hybrid film as a potential material to inhibit bacterial growth. The NiFe₂O₄ NPs were previously synthesized by a mechanochemical method. The P3HB and P3HB@NiFe₂O₄ films were obtained by the solvent casting method. The films were characterized by X-ray diffraction (XRD), Raman scattering, and scanning electron microscopy (SEM). The XRD pattern showed that the NiFe₂O₄ NPs were incorporated into the P3HB polymer matrix and retained their nanometric sizes. By energy dispersive X-ray spectroscopy (EDS), it was observed that the NPs are homogeneously distributed in the film. The bactericidal effect of the films obtained was evaluated in vitro using the broth surface method against two opportunistic and nosocomial pathogens, Staphylococcus aureus and Pseudomonas aeruginosa. The bacterial growth results showed that the P3HB@NiFe₂O₄ hybrid film was inhibited by 97% and 96% for S. aureus and P. aeruginosa, respectively. Surprisingly, the P3HB film inhibited both bacterial strains by around 90%. The cytotoxicity of the NiFe₂O₄ NPs, P3HB@NiFe₂O₄ hybrid film, and the P3HB film was evaluated using human skin cells, keratinocytes, and fibroblasts, finding that the NPs are biocompatible. The P3HB film and hybrids are cytotoxic, which demonstrated that although P3HB is known and reported as a biocompatible polymer, under our work conditions, P3HB was cytotoxic. Its bactericidal effect could be related to this activity. Its films are bactericidal and cytotoxic to keratinocytes and fibroblasts, the first barrier of human skin. Despite this, the hybrid film of P3HB@NiFe₂O₄ presents synergy with the bactericidal effect between P3HB and NPs, increasing bacterial inhibition. In addition, NPs decrease the cytotoxicity of P3HB to keratinocytes. The methodology used in this work was successful in producing hybrid films with antibacterial activity. However, future challenges are generated to find relationships between NPs and P3HB that allow taking advantage of their bactericidal properties and do not compromise biocompatibility.

Keywords: poly-3-hydroxybutyrate, nanoparticles, hybrid film, antibacterial

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Authors: Mayoorika Shukla, Pramila Jakhar, Tejendra Dixit, I. A. Palani, Vipul Singh

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Biosensors are analytical devices with wide range of applications in biological, chemical, environmental and clinical analysis. It comprises of bio-recognition layer which has biomolecules (enzymes, antibodies, DNA, etc.) immobilized over it for detection of analyte and transducer which converts the biological signal into the electrical signal. The performance of biosensor primarily the depends on the bio-recognition layer and therefore it has to be chosen wisely. In this regard, nanostructures of metal oxides such as ZnO, SnO2, V2O5, and TiO2, etc. have been explored extensively as bio-recognition layer. Recently, ZnO has the attracted attention of researchers due to its unique properties like high iso-electric point, biocompatibility, stability, high electron mobility and high electron binding energy, etc. Although there have been many reports on usage of ZnO as bio-recognition layer but to the authors’ knowledge, none has ever observed correlation between optical properties like defect suppression and biosensing capability of the sensor. Here, ZnO nanorods (ZNR) have been synthesized by a low cost, simple and low-temperature hydrothermal growth process, over Platinum (Pt) coated glass substrate. The ZNR have been synthesized in two steps viz. initially a seed layer was coated over substrate (Pt coated glass) followed by immersion of it into nutrient solution of Zinc nitrate and Hexamethylenetetramine (HMTA) with in situ addition of KMnO4. The addition of KMnO4 was observed to have a profound effect over the growth rate anisotropy of ZnO nanostructures. Clustered and powdery growth of ZnO was observed without addition of KMnO4, although by addition of it during the growth, uniform and crystalline ZNR were found to be grown over the substrate. Moreover, the same has resulted in suppression of defects as observed by Normalized Photoluminescence (PL) spectra since KMnO4 is a strong oxidizing agent which provides an oxygen rich growth environment. Further, to explore the correlation between defect suppression and biosensing capability of the ZNR Glucose oxidase (Gox) was immobilized over it, using physical adsorption technique followed by drop casting of nafion. Here the main objective of the work was to analyze effect of defect suppression over biosensing capability, and therefore Gox has been chosen as model enzyme, and electrochemical amperometric glucose detection was performed. The incorporation of KMnO4 during growth has resulted in variation of optical and charge transfer properties of ZNR which in turn were observed to have deep impact on biosensor figure of merits. The sensitivity of biosensor was found to increase by 12-18 times, due to variations introduced by addition of KMnO4 during growth. The amperometric detection of glucose in continuously stirred buffer solution was performed. Interestingly, defect suppression has been observed to contribute towards the improvement of biosensor performance. The detailed mechanism of growth of ZNR along with the overall influence of defect suppression on the sensing capabilities of the resulting enzymatic electrochemical biosensor and different figure of merits of the biosensor (Glass/Pt/ZNR/Gox/Nafion) will be discussed during the conference.

Keywords: biosensors, defects, KMnO4, ZnO nanorods

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Authors: Tan Swee Liang

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This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Panel-Corrected Standard Errors (PCSE) regression developed by Beck and Katz (1995). Data from five economies in ASEAN (Singapore, Malaysia, Thailand, Philippines, and Indonesia), five economies in Asia (Japan, China, Hong Kong SAR, South Korea, and India) and seven economies in OECD (Australia, Canada, Denmark, Norway, Sweden, United Kingdom U.K., and United States U.S.), between 1990 and 2017 are used. Empirical findings suggest one, for Asia-5 high bank net interest margin means greater bank profitability, hence spurring economic growth. Two, for OECD-7 low bank overhead costs (as a share of total assets) may reflect weak competition and weak investment in providing superior banking services, hence dampening economic growth. Three, stock market turnover ratio has negative association with OECD-7 economic growth, but a positive association with Asia-5, which suggest the relationship between liquidity and growth is ambiguous. Lastly, for ASEAN-5 high bank overhead costs (as a share of total assets) may suggest expenses have not been channelled efficiently to income generating activities. One practical implication of the findings is that policy makers should take necessary measures toward financial liberalisation policies that boost growth through the efficiency channel, so that funds are efficiently allocated through the financial system between financial and real sectors.

Keywords: financial development, banking system, capital markets, economic growth

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Authors: Gulnaz Erkomaishvili

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Introduction: The pandemic and the current economic crisis have created problems for entrepreneurship and, therefore for start-up entrepreneurs. The paper presents the challenges of start-up entrepreneurs in Georgia in the time of pandemic and the analysis of the state economic policy measures. Despite many problems, the study found that in 54.2% of start-ups surveyed under the pandemic, innovation opportunities were growing. It can be stated that the pandemic was a good opportunity to increase the innovative capacity of the enterprise. 52% of the surveyed start-up entrepreneurs managed to adapt to the current situation and increase the sale of their products/services through remote channels. As for the assessment of state support measures by start-up entrepreneurs, a large number of Georgian start-ups do not assess the measures implemented by the state positively. Methodology: The research process uses methods of analysis and synthesis, quantitative and qualitative, interview/survey, grouping, relative and average values, graphing, comparison, data analysis, and others. Main Findings: Studies have shown that for the start-up entrepreneurs, the main problem remains: inaccessible funding, workers' qualifications gap, inflation, taxes, regulation, political instability, inadequate provision of infrastructure, amount of taxes, and other factors. Conclusions: The state should take the following measures to support business start-ups: create an attractive environment for investment, availability of soft loans, creation of an insurance system, infrastructure development, increase the effectiveness of tax policy (simplicity of the tax system, clarity, optimal tax level ); promote export growth (develop strategy for opening up international markets, build up a broad marketing network, etc.).

Keywords: start-up entrepreneurs, startups, start-up entrepreneurs support programs, start-up entrepreneurs support economic policy

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Authors: Aptullah Karakas, Murat Baydogan

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Hot-dip aluminizing (HDA) is one of the several aluminizing methods to form a wear-, corrosion- and oxidation-resistant aluminide layers on the surface. In this method, the substrate is dipped into a molten aluminum bath, hold in the bath for several minutes, and cooled down to the room temperature in air. A subsequent annealing after the HDA process is generally performed. The main advantage of HDA is its very low investment cost in comparison with other aluminizing methods such as chemical vapor deposition (CVD), pack aluminizing and metalizing. In the HDA process, Al or Al-Si molten baths are mostly used. However, in this study, three different Al alloys such as Al4043 (Al-Mg), Al5356 (Al-Si) and Al7020 (Al-Zn) were used as the molten bath in order to see their effects on morphological and mechanical properties of the resulting aluminide layers. AISI 4140 low alloyed steel was used as the substrate. Parameters of the HDA process were bath composition, bath temperature, and dipping time. These parameters were considered within a Taguchi L9 orthogonal array. After the HDA process and subsequent diffusion annealing, coating thickness measurement, microstructural analysis and hardness measurement of the aluminide layers were conducted. The optimum process parameters were evaluated according to coating morphology, such as cracks, Kirkendall porosity and hardness of the coatings. According to the results, smooth and clean aluminide layer with less Kirkendall porosity and cracks were observed on the sample, which was aluminized in the molten Al7020 bath at 700 C for 10 minutes and subsequently diffusion annealed at 750 C. Hardness of the aluminide layer was in between 1100-1300 HV and the coating thickness was approximately 400 µm. The results were promising such that a hard and thick aluminide layer with less Kirkendall porosity and cracks could be formed. It is, therefore, concluded that Al7020 bath may be used in the HDA process of AISI 4140 steel substrate.

Keywords: hot-dip aluminizing, microstructure, hardness measurement, diffusion annealing

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