Search results for: financial ratio

Authors: Nishi Malhotra

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Art has developed as a mode of investment and saving. Art and culture of any nation is the source of foreign direct investment (FDI) generation and growth development. Several intermediaries and skill-building organizations thrive on at and culture for their earnings. Indian art market has grown to Rs. 2000 Crores. Art establishment houses access to privileged information is the main reason for arbitrariness and volatility in the market. The commercialization of art and development of the markets with refinement in the taste of the customers have led to the development of art as an investment avenue. Investors keen on investing in these products can do so, and earnings from art are taxable too, like any other capital asset. This research paper is aimed at exploring the role of art and culture as an investment avenue in India and reasons for increasing volatilities in the art market. Based on an extensive literature review and secondary research, a benchmarking study has been conducted to capture the growth of the art as an investment avenue. These studies indicate that during the financial crisis of 2008-10, the art emerged as an alternative investment avenue. The paper aims at discussing the financial engineering of various art funds and instruments. Based on secondary data available from Sotheby’s, Christies, Bonham, there is a positive correlation between strategic diversification and increasing return in the Art market. Similarly, digitization has led to disintermediation in the art markets and also helped to increase the market base. The data clearly enumerates the growing interest of the Indian investor towards art as an investment option. Much like any other broad asset class, art market too thrives on excess returns provided by diversification. Many financial intermediaries and art funds have emerged, to offer valuable investment planning advisory to a genuine investor. This paper clearly highlights the increasing returns of strategic diversification and its impact on reducing volatility in the art markets. Moreover, with coming up of e-auctions and websites, investors are able to analyse art more objectively. Digitization and commercialization of art have definitely helped in reducing volatility in world art markets.

Keywords: art, investment avenue, diversification, digitization

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Authors: Francesca di Donato, Sara Trucco

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Green accounting is a growing topic of interest. Indeed, nowadays, most firms affect the environment; therefore, companies are seeking the best way to disclose environmental information. Furthermore, companies are increasingly committed to improving the environment, and the topic is gaining more importance to the public, governments, and policymakers. Green accounting is a type of accounting that considers environmental costs and their impact on the financial performance of firms. Thus, the motivation of the current research is to investigate the state-of-the-art literature on the relationship between green accounting and firm performance since the birth of the topic of green accounting and to investigate gaps in the literature that represent fruitful terrain for future research. In doing so, this study provides a bibliometric literature review of existing evidence related to the link between green accounting and firm performance since 2000. The search, based on the most relevant databases for scientific journals (which are Scopus, Emerald, Web of Science, Google Scholar, and Econlit), returned 1917 scientific articles. The articles were manually reviewed in order to identify only the relevant studies in the field by excluding articles with titles and abstracts out of scope. The final sample was composed of 107 articles. A content analysis was carried out on the final sample of articles; in doing so, a classification system has been proposed. Findings show the most relevant environmental costs and issues considered in previous studies and how green accounting may be linked to the financial and non-financial performance of a firm. The study also offers suggestions for future research in this domain. This study has several practical implications. Indeed, the topic of green accounting may be applied to different sectors and different types of companies. Therefore, this study may help managers to better understand the most relevant environmental information to disclose and how environmental issues may be managed to improve the performance of the firms. Moreover, the bibliometric literature review may be of interest to those stakeholders who are interested in the historical evolution of the topic.

Keywords: bibliometric literature review, firm performance, green accounting, literature review

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Authors: Joon Y. Lee, Seung H. Shin, Ho H. Chun, Wan K. Jo

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Poly vinyl acetate (PVA)-based titania (TiO2)–carbon nanotube composite nanofibers (PVA-TCCNs) with various PVA-to-solvent ratios and PVA-based TiO2 composite nanofibers (PVA-TN) were synthesized using an electrospinning process, followed by thermal treatment. The photocatalytic activities of these nanofibers in the degradation of airborne monocyclic aromatics under visible-light irradiation were examined. This study focuses on the application of these photocatalysts to the degradation of the target compounds at sub-part-per-million indoor air concentrations. The characteristics of the photocatalysts were examined using scanning electron microscopy, X-ray diffraction, ultraviolet-visible spectroscopy, and Fourier-transform infrared spectroscopy. For all the target compounds, the PVA-TCCNs showed photocatalytic degradation efficiencies superior to those of the reference PVA-TN. Specifically, the average photocatalytic degradation efficiencies for benzene, toluene, ethyl benzene, and o-xylene (BTEX) obtained using the PVA-TCCNs with a PVA-to-solvent ratio of 0.3 (PVA-TCCN-0.3) were 11%, 59%, 89%, and 92%, respectively, whereas those observed using PVA-TNs were 5%, 9%, 28%, and 32%, respectively. PVA-TCCN-0.3 displayed the highest photocatalytic degradation efficiency for BTEX, suggesting the presence of an optimal PVA-to-solvent ratio for the synthesis of PVA-TCCNs. The average photocatalytic efficiencies for BTEX decreased from 11% to 4%, 59% to 18%, 89% to 37%, and 92% to 53%, respectively, when the flow rate was increased from 1.0 to 4.0 L min1. In addition, the average photocatalytic efficiencies for BTEX increased 11% to ~0%, 59% to 3%, 89% to 7%, and 92% to 13% , respectively, when the input concentration increased from 0.1 to 1.0 ppm. The prepared PVA-TCCNs were effective for the purification of airborne aromatics at indoor concentration levels, particularly when the operating conditions were optimized.

Keywords: mixing ratio, nanofiber, polymer, reference photocatalyst

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Authors: Sara Khamseh, Kambiz Javanruee, Hamid Khorsand

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Plenty of metallic materials are used for biomedical applications like hip joints and screws. Besides, it is reported that metal platforms such as stainless steel show significant deterioration because of wear and friction. The surface of metal substrates has been coated with a variety of multicomponent coatings to prevail these problems. The carbon-based multicomponent coatings such as metal-added amorphous carbon and diamond coatings are crucially important because of their remarkable tribological performance and chemical stability. In the current study, H-D contained Nb: (a-C) multicomponent coatings (H-D: hexagonal diamond, a-C: amorphous carbon) coated on A 304 steel substrates using an unbalanced magnetron (UBM) sputtering system. The effects of Nb and H-D content and ID/IG ratio on microstructure, mechanical and tribological characteristics of (Nb: H-D: a-C) composite coatings were investigated. The results of Raman spectroscopy represented that a-C phase with a Graphite-like structure (GLC with high value of sp2 carbon bonding) is formed, and its domain size increased with increasing Nb content of the coatings. Moreover, the Nb played a catalyst for the formation of the H-D phase. The nanoindentation hardness value of the coatings ranged between ~17 to ~35 GPa and (Nb: H-D: a-C) composite coatings with more H-D content represented higher hardness and plasticity index. It seems that the existence of extra-hard H-D particles straightly increased hardness. The tribological performance of the coatings was evaluated using the pin-on-disc method under the wet environment of SBF (Simulated Body Fluid). The COF value of the (Nb: H-D: a-C) coatings decreased with an increasing ID/IG ratio. The lower coefficient of friction is a result of the lamelliform array of graphitic domains. Also, the wear rate of the coatings decreased with increasing H-D content of the coatings. Based on the literature, a-C coatings with high hardness and H3/E2 ratio represent lower wear rates and better tribological performance. According to the nanoindentation analysis, hardness and H3/E2 ratio of (Nb: H-D: a-C) multicomponent coatings increased with increasing H-D content, which in turn decreased the wear rate of the coatings. The mechanical and tribological potency of (Nb: H-D: a-C) composite coatings on A 304 steel substrates paved the way for the development of innovative advanced coatings to ameliorate the performance of A 304 steel for biomedical applications.

Keywords: COF, mechanical properties, (Nb: H-D: a-C) coatings, wear rate

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Authors: Nidhin Dani Abraham, T. K. Sri Shilpa

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Asset liability management is an important aspect in banking business. Moreover, the today’s banking is based on BASEL III which strictly regulates on the counterparty default. This paper focuses on prediction and analysis of counter party default risk, which is a type of risk occurs when the customers fail to repay the amount back to the lender (bank or any financial institutions). This paper proposes an approach to reduce the counterparty risk occurring in the financial institutions using an appropriate data mining technique and thus predicts the occurrence of NPA. It also helps in asset building and restructuring quality. Liability management is very important to carry out banking business. To know and analyze the depth of liability of bank, a suitable technique is required. For that a data mining technique is being used to predict the dormant behaviour of various deposit bank customers. Various models are implemented and the results are analyzed of saving bank deposit customers. All these data are cleaned using data cleansing approach from the bank data warehouse.

Keywords: data mining, asset liability management, BASEL III, banking

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Authors: Malik Imtiaz Ahmad

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The prime sources of Islamic Law or Shariah are Quran and Sunnah and is applied to the personal and public affairs of Muslims. Islamic law is deemed to be divine and furnishes a complete code of conduct based upon universal values to build honesty, trust, righteousness, piety, charity, and social justice. The primary focus of this paper was to examine the development of Islamic jurisprudence (Fiqh) over time and its relevance to the field of Islamic finance. This encompassed a comprehensive analysis of the historical context, key legal principles, and their application in contemporary financial systems adhering to Islamic principles. This study aimed to elucidate the deep-rooted connection between Islamic law and finance, offering valuable insights for practitioners and policymakers in the Islamic finance sector. Understanding the historical context and legal underpinnings is crucial for ensuring the compliance and ethicality of modern financial systems adhering to Islamic principles. Fintech solutions are developing fields to accelerate the digitalization of Islamic finance products and services for the harmonization of global investors' mandate. Through this study, we focus on institutional governance that will improve Sharia compliance, efficiency, transparency in decision-making, and Islamic finance's contribution to humanity through the SDGs program. The research paper employed an extensive literature review, historical analysis, examination of legal principles, and case studies to trace the evolution of Islamic law and its contemporary application in Islamic finance, providing a concise yet comprehensive understanding of this intricate relationship. Through these research methodologies, the aim was to provide a comprehensive and insightful exploration of the historical evolution of Islamic law and its relevance to contemporary Islamic finance, thereby contributing to a deeper understanding of this unique and growing sector of the global financial industry.

Keywords: sharia, sequencing Islamic jurisprudence, Islamic congruent marketing, social development goals of Islamic finance

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Authors: Chien-Song Chyang

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For a fluidized-bed combustion system, excess air ratio (EAR) and superficial velocity are major operating parameters affecting combustion behaviors, and these 2 factors are dependent variables since both fluidizing gas and combustion-supporting agent are air. EAR will change when superficial velocity alters, so that the effect of superficial velocity and/or EAR on combustion behaviors cannot be examined under a specific condition. When stage combustion is executed, one can discuss the effect of EAR under a certain specific superficial velocity, but the flow rate of secondary air and EAR are dependent. In order to investigate the effect of excess air ratio on the combustion behavior of a fluidized combustion system, the flue gas recirculation was adapted by the author in 2007. We can maintain a fixed flow rate of primary gas or secondary gas and change excess oxygen as an independent variable by adjusting the recirculated flue gas appropriately. In another word, we can investigate the effect of excess oxygen on the combustion behavior at a certain primary gas flow, or at a certain hydrodynamics conditions. This technique can be used at a lower turndown ratio to maintain the residual oxygen in the flue gas at a certain value. All the experiments were conducted in a pilot scale fluidized bed combustor. The fluidized bed combustor can be divided into four parts, i.e., windbox, distributor, combustion chamber, and freeboard. The combustion chamber with a cross-section of 0.8 m × 0.4 m was constructed of 6 mm carbon steel lined with 150 mm refractory to reduce heat loss. Above the combustion chamber, the freeboard is 0.64 m in inner diameter. A total of 27 tuyeres with orifices of 5 and 3 mm inside diameters mounted on a 6 mm stainless-steel plate were used as the gas distributor with an open-area-ratio of 0.52%. The Primary gas and secondary gas were fixed at 3 Nm3/min and 1 Nm3/min respectively. The bed temperature was controlled by three heat transfer tubes inserted into the bubbling bed zone. The experimental data shows that bed temperature, CO and NO emissions increase with the stoichiometric oxygen of the primary gas. NO emissions decrease with the stoichiometric oxygen of the primary. Compared with part of primary air substituted with nitrogen, a lower NO emission can be obtained while flue gas recirculation applies as part of primary air.

Keywords: fluidized bed combustion, flue gas circulation, NO emission, recycle

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Authors: Asia Ashfaq, Muhammad Saud

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The present study aims to highlight the socio-economic aspect of international migration by analyzing the effect of remittances sent by adult male children on the well-being of left behind parents. Well-being of left behind parents was operationalized through two indicators as financial security and health-care facilities. For this purpose, quantitative research design was employed and a survey was conducted in three cities i.e. Gujrat, Jhelum and Mirpur. The data was collected from 94 respondents chosen--purposively--on the basis of certain characteristics including demographic profile of the respondents and their male children who must be living abroad. The findings of the study revealed that parents were getting money from their sons regularly. Parents were getting financial assistance from their children for managing their household expenditures, visiting good hospitals and the specialist doctors in case of illness. Lastly, the study concluded that the economic aspect of migration of male children has a significant impact on the health status of left behind parents with the value of correlation (r) =0.241 and level of significance as 0.019. The research study also gives some suggestions and provides future directions for research.

Keywords: international migration, left behind parents, Pakistan, remittances, well-being

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Authors: Ahmadreza Jabalameli, Mohammad Ebrahimpour Borujeni

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This study aims to evaluate the effectiveness of intensive short-term dynamic psychotherapy (ISTDP) on ambiguity tolerance, emotional intelligence and stress coping strategies in financial market traders. The methodology of this study was quasi-experimental, pre-test and post-test with control group. The statistical population of this study includes all students at Jabalameli Information Technology Academy in 2022. Among them, 30 people were selected by voluntary sampling through interviews, and were randomly divided into two experimental and control groups of 51 people. And the components were measured according to McLain Ambiguity Tolerance Questionnaire, Bar-On Emotional Intelligence and Lazarus Stress Coping Strategies. The data were obtained by SPSS software and were analyzed by using multivariate analysis of covariance. The results indicate that intensive short-term dynamic psychotherapy influences the emotional intelligence as well as the ambiguity tolerance of traders.

Keywords: ISTDP, ambiguity tolerance, trading, emotional intelligence, stress

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Authors: Yongjian Gu

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Ocean thermal energy is one of the ocean energy sources. It is a renewable, sustainable, and green energy source. Ocean thermal energy conversion (OTEC) applies the ocean temperature gradient between the warmer surface seawater and the cooler deep seawater to run a heat engine and produce a useful power output. Unfortunately, the ocean temperature gradient is not big. Even in the tropical and equatorial regions, the surface water temperature can only reach up to 28oC and the deep water temperature can be as low as 4oC. The thermal efficiency of the OTEC plants, therefore, is low. In order to improve the plant thermal efficiency by using the limited ocean temperature gradient, some OTEC plants use the method of adding more equipment for better heat recovery, such as heat exchangers, pumps, etc. Obviously, the method will increase the plant's complexity and cost. The more important impact of the method is the additional equipment needs to consume power too, which may have an adverse effect on the plant net power output, in turn, the plant thermal efficiency. In the paper, the author first describes varied OTEC plants and the practice of using the method of adding more equipment for improving the plant's thermal efficiency. Then the author proposes a parameter, plant back works ratio ϕ, for measuring if the added equipment is appropriate for the plant thermal efficiency improvement. Finally, in the paper, the author presents examples to illustrate the application of the back work ratio ϕ as a key parameter in the OTEC plant design and operation.

Keywords: ocean thermal energy, ocean thermal energy conversion (OTEC), OTEC plant, plant back work ratio ϕ

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Authors: Euphrasia Susy Suhendra, Lies Handrijaningsih

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The banking sector as an intermediary party or intermediaries occupies a very important position in bridging the needs of working capital investment in the real sector with funds owner. This will certainly make money more effectively to improve the economic value added. As an intermediary, Islamic banks raise funds from the public and then distribute in the form of financing. In practice, the distribution of funding that is run by Islamic Banking is not as easy as, in theory, because, in fact, there are many financing problems; some are caused by lacking the assessment and supervision of banks to customers. This study aims to analyze the influence of the Third Party Funds, Return on Assets (ROA), Non Performing Financing (NPF), and Financing Deposit Ratio (FDR) to Total Financing provided to the Community by Islamic Banks in Indonesia. The data used is monthly data released by Bank of Indonesia in Islamic Banking Statistics in the time period of January 2009 - December 2013. This study uses cointegration test to see the long-term relationship, and use error correction models to examine the relationship of short-term. The results of this study indicate that the Third Party Fund has a short-term effect on total funding, Return on Assets has a long term effect on the total financing, Non Performing Financing has long-term effects of total financing, and Financing deposit ratio has the effect of short-term and long-term of the total financing provided by Islamic Banks in Indonesia.

Keywords: Islamic banking, third party fund, return on asset, non-performing financing, financing deposit ratio

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Authors: Taylan Kabbani, Ekrem Duman

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The design of adaptive systems that take advantage of financial markets while reducing the risk can bring more stagnant wealth into the global market. However, most efforts made to generate successful deals in trading financial assets rely on Supervised Learning (SL), which suffered from various limitations. Deep Reinforcement Learning (DRL) offers to solve these drawbacks of SL approaches by combining the financial assets price "prediction" step and the "allocation" step of the portfolio in one unified process to produce fully autonomous systems capable of interacting with its environment to make optimal decisions through trial and error. In this paper, a continuous action space approach is adopted to give the trading agent the ability to gradually adjust the portfolio's positions with each time step (dynamically re-allocate investments), resulting in better agent-environment interaction and faster convergence of the learning process. In addition, the approach supports the managing of a portfolio with several assets instead of a single one. This work represents a novel DRL model to generate profitable trades in the stock market, effectively overcoming the limitations of supervised learning approaches. We formulate the trading problem, or what is referred to as The Agent Environment as Partially observed Markov Decision Process (POMDP) model, considering the constraints imposed by the stock market, such as liquidity and transaction costs. More specifically, we design an environment that simulates the real-world trading process by augmenting the state representation with ten different technical indicators and sentiment analysis of news articles for each stock. We then solve the formulated POMDP problem using the Twin Delayed Deep Deterministic Policy Gradient (TD3) algorithm, which can learn policies in high-dimensional and continuous action spaces like those typically found in the stock market environment. From the point of view of stock market forecasting and the intelligent decision-making mechanism, this paper demonstrates the superiority of deep reinforcement learning in financial markets over other types of machine learning such as supervised learning and proves its credibility and advantages of strategic decision-making.

Keywords: the stock market, deep reinforcement learning, MDP, twin delayed deep deterministic policy gradient, sentiment analysis, technical indicators, autonomous agent

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Authors: Jing Zhang

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Sustainable development in the new energy vehicles field is the requirement of the net zero aim. Green bonds are accepted as a practical financial tool to boost the transformation of relevant enterprises. The paper analyzes the interactions among governments, enterprises of new energy vehicles, and financial institutions by an evolutionary game theory model and offers advice to stakeholders in China. The decision-making subjects of green behavior are affected by experiences, interests, perception ability, and risk preference, so it is difficult for them to be completely rational. Based on the bounded rationality hypothesis, this paper applies prospect theory in the evolutionary game analysis framework and analyses the costs of government regulation of enterprises adopting green bonds. The influence of the perceived value of revenue prospect and the probability and risk transfer coefficient of the government's active regulation on the decision-making agent's strategy is verified by numerical simulation. Finally, according to the research conclusions, policy suggestions are given to promote green bonds.

Keywords: green bonds, new energy vehicles, sustainable development, evolutionary Game Theory model

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Authors: Onur Arugaslan, Ajay Samant, Devrim Yaman

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Financial advisors and investors seek new assets which could potentially increase portfolio returns and decrease portfolio risk. Cryptocurrencies represent a relatively new asset class which could serve in both these roles. There has been very little research done in the area of the risk/return tradeoff in a portfolio consisting of fixed income assets, stocks, and cryptocurrency. The objective of this study is a rigorous examination of this issue. The data used in the study are the monthly returns on 4-week US Treasury Bills, S&P Investment Grade Corporate Bond Index, Bitcoin and the S&P 500 Stock Index. The methodology used in the study is the application Modern Portfolio Theory to evaluate the risk-adjusted returns of portfolios with varying combinations of these assets, using Sharpe, Treynor and Jensen Indexes, as well as the Sortino and Modigliani measures. The results of the study would include the ranking of various investment portfolios based on their risk/return characteristics. The conclusions of the study would include objective empirical inference for investors who are interested in including cryptocurrency in their asset portfolios but are unsure of the risk/return implications.

Keywords: financial economics, portfolio diversification, fixed income securities, cryptocurrency, stock indexes

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Authors: Julien Acquadro, Sophie Noel, Frédéric Houze, Philippe Teste, Pascal Chretien, Clément Genet, Edouard Breniaux, Marie-Joël Menu, Florence Ansart, Marie Gressier

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This paper presents the study results of the electrical and tribological properties of nanocomposite hybrid sol-gel coatings developed for industrial applications on electrical connector housings. The electrical properties of coatings are provided by conductive fillers. The coatings presented in this study are formulated with different types of conductive carbon fillers, in this case carbon black and graphite particles. The coatings are deposited on a high-phosphorous nickel substrate by a dip-coating process. The authors have investigated the effects of the carbon black/graphite ratio on the coating's electrical and tribological properties. Electrical characterizations with a 4-probe method and AFM measurements as well as tribological tests by micro-friction shed light on the role of the black carbon/graphite ratio on the final properties of the sol-gel nanocomposite coatings. This study shows that the amount of carbon black mainly drives the coatings' electrical conduction property, while graphite's lubrication properties bring interest to reduce the values of friction coefficients (at a contact pressure of 800 MPa). In the industrial field of electrical connectors, such coatings aim at replacing cadmium and chromium (VI) protection, as recommended by REACH (Registration, Evaluation and Authorization of Chemicals) and RoHS (Restriction of Hazardous Substances in electrical and electronic equipment) regulations (Annex XVII of REACH).

Keywords: carbon conductive fillers, electrical conduction, sol-gel coatings, tribology

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Authors: Ibrahim A. Elsayed, Mohamed H. Elalfy, Mostafa M. Abdalla

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A strain-based failure criterion for composite notched laminates is introduced where the most critical stress concentration factor for the anisotropic notched laminates could be related to the failure of the corresponding quasi-isotropic laminate and the anisotropy ratio of the laminate. The proposed criterion will simplify the design of composites to meet notched failure requirements by eliminating the need for the detailed specifications of the stacking sequence at the preliminary design stage. The designer will be able to design based on the stiffness of the laminate, then at a later stage, select an appropriate stacking sequence to meet the stiffness requirements. The failure strains for the notched laminates are computed using the material’s Omni-strain envelope. The concept of Omni-strain envelope concerns the region of average strain where the laminate is safe regardless of ply orientation. In this work, we use Hashin’s failure criteria and the strains around the hole are computed using Savin’s analytic solution. A progressive damage analysis study has been conducted where the failure loads for the notched laminates are computed using finite element analysis. The failure strains are computed and used to estimate the concentration factor. It is found that the correlation found using Savin’s analytic solution predicts the same ratio of concentration factors between anisotropic and quasi-isotropic laminates as the more expensive progressive failure analysis.

Keywords: anisotropy ratio, failure criteria, notched laminates, Omni-strain envelope, savin’s solution

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Authors: Mohammad Javad Afroughi, Farjad Falahati, Larry W. Kostiuk, Jason S. Olfert

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This study investigates the physical characteristics of nanoparticles generated during pyrolysis of methane in hot products of a premixed propane-air flame. An inverted burner is designed to provide a laminar premixed propane-air flame (35 SLPM) then introduce methane co-flow to be pyrolyzed within a closed cylindrical chamber (20 cm in diameter and 68 cm in length). The formed products are discharged through an exhaust with a sampling branch to measure emission characteristics. Carbon particles are sampled with a preheated nitrogen dilution system, and the size distribution of particles formed by pyrolysis is measured by a scanning mobility particle sizer (SMPS). Dilution ratio is calculated using simultaneously measured CO2 concentrations in the exhaust products and diluted samples. Results show that particle size distribution (PSD) is strongly affected by dilution ratio and preheating temperature. PSD becomes unstable at high dilution ratios (typically above 700 times) and/or low preheating temperatures (below 40° C). At a suitable dilution ratio of 55 and preheating temperature up to 70° C, the median diameter of PSD increases from 20 to 220 nm following the introduction of 0.5 SLPM of methane to the propane-air premixed flame. Furthermore, with pyrolysis of methane, total particle number concentration and estimated total mass concentration of particles in the size range of 14 to 700 nm, increase from 1.12 to 3.90 *107 cm-3 and from 0.11 to 154 µg L-1, respectively.

Keywords: laminar premixed flame, methane pyrolysis, nanoparticle physical characteristics, particle mass concentration, particle number concentration, particle size distribution (PSD)

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Authors: Keda Li, Hong Hu

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Auxetic materials, as an emerging artificial designed metamaterial has attracted growing attention due to their promising negative Poisson’s ratio behaviors and tunable properties. The conventional auxetic lattice structures for which the deformation process is governed by a bending-dominated mechanism have faced the limitation of poor mechanical performance for many potential engineering applications. Recently, both load-bearing and energy absorption capabilities have become a crucial consideration in auxetic structure design. This study reports the finite element analysis of a class of hexagonal double-arrowhead auxetic structures with enhanced stiffness and energy absorption performance. The structure design was developed by extending the traditional double-arrowhead honeycomb to a hexagon frame, the stretching-dominated deformation mechanism was determined according to Maxwell’s stability criterion. The finite element (FE) models of 2D lattice structures established with stainless steel material were analyzed in ABAQUS/Standard for predicting in-plane structural deformation mechanism, failure process, and compressive elastic properties. Based on the computational simulation, the parametric analysis was studied to investigate the effect of the structural parameters on Poisson’s ratio and mechanical properties. The geometrical optimization was then implemented to achieve the optimal Poisson’s ratio for the maximum specific energy absorption. In addition, the optimized 2D lattice structure was correspondingly converted into a 3D geometry configuration by using the orthogonally splicing method. The numerical results of 2D and 3D structures under compressive quasi-static loading conditions were compared separately with the traditional double-arrowhead re-entrant honeycomb in terms of specific Young's moduli, Poisson's ratios, and specified energy absorption. As a result, the energy absorption capability and stiffness are significantly reinforced with a wide range of Poisson’s ratio compared to traditional double-arrowhead re-entrant honeycomb. The auxetic behaviors, energy absorption capability, and yield strength of the proposed structure are adjustable with different combinations of joint angle, struts thickness, and the length-width ratio of the representative unit cell. The numerical prediction in this study suggests the proposed concept of hexagonal double-arrowhead structure could be a suitable candidate for the energy absorption applications with a constant request of load-bearing capacity. For future research, experimental analysis is required for the validation of the numerical simulation.

Keywords: auxetic, energy absorption capacity, finite element analysis, negative Poisson's ratio, re-entrant hexagonal honeycomb

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Authors: Miljan B. Petrović, Dušan B. Petrović, Goran S. Nikolić

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This paper describes a method for AWGN (Additive White Gaussian Noise) variance estimation in noisy stochastic signals, referred to as Multiplicative-Noising Variance Estimation (MNVE). The aim was to develop an estimation algorithm with minimal number of assumptions on the original signal structure. The provided MATLAB simulation and results analysis of the method applied on speech signals showed more accuracy than standardized AR (autoregressive) modeling noise estimation technique. In addition, great performance was observed on very low signal-to-noise ratios, which in general represents the worst case scenario for signal denoising methods. High execution time appears to be the only disadvantage of MNVE. After close examination of all the observed features of the proposed algorithm, it was concluded it is worth of exploring and that with some further adjustments and improvements can be enviably powerful.

Keywords: noise, signal-to-noise ratio, stochastic signals, variance estimation

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Authors: Ronelle Prinsloo

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In South Africa, married retirement fund members can manipulate the legal framework to prevent their spouses from accessing shared retirement benefits during divorce proceedings. The current legal structure allows retirement fund members to accelerate the accrual of their benefits, often by resigning or purchasing living annuities before the finalization of a divorce. This action effectively places these benefits beyond the reach of their spouses, leading to substantial financial prejudice, particularly for financially weaker spouses, typically women. The research highlights that South African courts, including the Supreme Court of Appeal (SCA), have not adequately scrutinized the implications of these actions. Specifically, the SCA has ruled that the capital and proceeds from living annuities are not subject to division during divorce, which undermines the financial rights of non-member spouses. The court's failure to consider the source of the money used to purchase these annuities and its potential inclusion in the joint estate or accrual system is a significant concern. The South African Law Reform Commission has recognized this issue, noting the negative impact on financially weaker spouses. The article critiques the lack of legislative response to this problem despite its significant implications for the equitable distribution of marital assets. The current legal framework, particularly the definition of "pension interest" and the provisions under sections 7(7) and 7(8) of the Divorce Act, is inadequate in addressing the complexities surrounding the sharing of retirement benefits in divorce cases. The article argues for a comprehensive review and reform of the law to ensure that retirement benefits are treated as patrimonial assets, subject to division upon the occurrence of any trigger event, such as resignation, retirement, or retrenchment. The need for such reform is urgent to prevent economically disadvantaged spouses from being unjustly deprived of their fair share of retirement benefits. In conclusion, the article advocates for legislative amendments to the Divorce Act, specifically section 7(7), to clarify that pension interests automatically form part of the joint estate, regardless of whether divorce proceedings are underway. This change would safeguard the financial rights of non-member spouses and ensure a more equitable distribution of retirement benefits during divorce. Failure to address this issue perpetuates economic inequality and leaves financially weaker spouses vulnerable during divorce proceedings.

Keywords: Constitution of South Africa, non-member spouse, retirement benefits, spouse

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Authors: Asamaporn Puetpaiboon, Sunisa Chatmongkolchart, Nalinee Kovitwanawong, Osaree Akaraborworn

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Traumatic patients with massive bleeding require intensive resuscitation. The actual cost of anesthesia per case has never been clarified, so our study aimed to quantify the direct cost, and cost-to-charge ratio of anesthetic care in traumatic patients with intraoperative massive bleeding. This study was a prospective, observational, cost analysis study, conducted in Prince of Songkla University hospital, Thailand, with traumatic patients, of any mechanisms being recruited. Massive bleeding was defined as estimated blood loss of at least one blood volume in 24 hours, or a half of blood volume in 3 hours. The cost components were identified by the micro-costing method, and valued by the bottom-up approach. The direct cost was divided into 4 categories: the labor cost, the capital cost, the material cost and the cost of drugs. From September 2017 to August 2018, 10 patients with multiple injuries were included. Seven patients had motorcycle accidents, two patients fell from a height and another one was in a minibus accident. Two patients died on the operating table, and another two died within 48 hours. The median Sequential Organ Failure Assessment (SOFA) score was 8. The median intraoperative blood loss was 3,500 ml. The median direct cost, per case, was 250 United States Dollars (2017 exchange rate), and the cost-to-charge ratio was 0.53. In summary, the direct cost was nearly half of the hospital charge, for these traumatic patients with massive bleeding. However, our study did not analyze the indirect cost.

Keywords: cost, cost-to-charge ratio, micro-costing, trauma

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Authors: Uwalomwa Uwuigbe, Olubukola Ranti Uwuigbe, Jinadu Olugbenga, Otekunrin Adegbola

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Corporate reporting has evolved over the years resulting from criticisms of the precedent by shareholders, stakeholders and other relevant financial institutions. Integrated reporting has become a globalized corporate reporting style, with its adoption around the world occurring rapidly to bring about an improvement in the quality of corporate reporting. While some countries have swiftly clinched into reporting in an integrated manner, others have not. In addition, there are ample research that has been conducted on the benefits of adopting integrated reporting, however, the same is not true in developing economies like Nigeria. Hence, this study basically examined the factors determining the adoption of integrated reporting in Nigeria. One hundred (100) copies of questionnaire was administered to financial managers of 20 selected listed companies in the Nigeria stock exchange market. The data obtained was analysed using the Spearman Rank Order Correlation via the Statistical Package for Social Science. This study observed that there is a significant relationship between the social pressures of isomorphic changes and integrated reporting adoption in Nigeria. The study recommends the need for an enforcement mechanism to be put in place while considering the adoption of integrated reporting in Nigeria, enforcement mechanisms should put into consideration the investors demand, the level of economic development, and the degree of corporate social responsibility.

Keywords: corporate social responsibility, isomorphic, integrated reporting, Nigeria, sustainability

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Authors: Bensaid Boulekbache, Mostefa Hamrat, Mohamed Chemrouk, Sofiane Amziane

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This study aims in examining the influence of the paste yield stress and compressive strength on the behaviour of fibre-reinforced concrete (FRC) versus direct shear. The parameters studied are the steel fibre contents, the aspect ratio of fibres and the concrete strength. Prismatic specimens of dimensions 10x10x35cm made of concrete of various yield stress reinforced with steel fibres hooked at the ends with three fibre volume fractions (i.e. 0, 0.5, and 1%) and two aspects ratio (65 and 80) were tested to direct shear. Three types of concretes with various compressive strength and yield stress were tested, an ordinary concrete (OC), a self-compacting concrete (SCC) and a high strength concrete (HSC). The concrete strengths investigated include 30 MPa for OC, 60 MPa for SCC and 80 MPa for HSC. The results show that the shear strength and ductility are affected and have been improved very significantly by the fibre contents, fibre aspect ratio and concrete strength. As the compressive strength and the volume fraction of fibres increase, the shear strength increases. However, yield stress of concrete has an important influence on the orientation and distribution of the fibres in the matrix. The ductility was much higher for ordinary and self-compacting concretes (concrete with good workability). The ductility in direct shear depends on the fibre orientation and is significantly improved when the fibres are perpendicular to the shear plane. On the contrary, for concrete with poor workability, an inadequate distribution and orientation of fibres occurred, leading to a weak contribution of the fibres to the direct shear behaviour.

Keywords: concrete, fibre, direct shear, yield stress, orientation, strength

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Authors: Gábor Kovács

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Requirement for pole-changing motors emerged at the very early times of asynchronous motor design. Different solutions have been elaborated and some of them are generally used. An alternative is the so called 3 Y/3 Y pole-changing winding. This paper deals with high power application of this solution. A complete and comprehensive study is introduced, including features and design guidelines. The method presented in this paper is especially suitable for pole numbers being close to each other. The study also reveals that the method is more advantageous then the existing solutions for high power motors with 1:3 pole ratio. Using this motor, a new and complete drive supply system has been proposed as most appropriate arrangement of high power main naval propulsion drive. Further, the method makes possible to extend the pole ratio to 1:6, 1:9, 1:12, etc. At the end, the proposal is further extended to the here so far missing 1:4, 1:5, 1:7 etc. pole ratios. A complete proposal for the theoretically infinite range has been given in this way.

Keywords: induction motor, pole changing 3Y/3Y, pole phase modulation, pole changing 1:3, 1:6

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Authors: Elmira Solati, Atousa Mehrani, Davoud Dorranian

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Generation of ZnO-Au nanocomposite under laser irradiation of a mixture of the ZnO and Au colloidal suspensions are experimentally investigated. In this work, firstly ZnO and Au nanoparticles are prepared by pulsed laser ablation of the corresponding metals in water using the 1064 nm wavelength of Nd:YAG laser. In a second step, the produced ZnO and Au colloidal suspensions were mixed in different volumetric ratio and irradiated using the second harmonic of a Nd:YAG laser operating at 532 nm wavelength. The changes in the size of the nanostructure and optical properties of the ZnO-Au nanocomposite are studied as a function of the volumetric ratio of ZnO and Au colloidal suspensions. The crystalline structure of the ZnO-Au nanocomposites was analyzed by X-ray diffraction (XRD). The optical properties of the samples were examined at room temperature by a UV-Vis-NIR absorption spectrophotometer. Transmission electron microscopy (TEM) was done by placing a drop of the concentrated suspension on a carbon-coated copper grid. To further confirm the morphology of ZnO-Au nanocomposites, we performed Scanning electron microscopy (SEM) analysis. Room temperature photoluminescence (PL) of the ZnO-Au nanocomposites was measured to characterize the luminescence properties of the ZnO-Au nanocomposites. The ZnO-Au nanocomposites were characterized by Fourier transform infrared (FTIR) spectroscopy. The X-ray diffraction pattern shows that the ZnO-Au nanocomposites had the polycrystalline structure of Au. The behavior observed by images of transmission electron microscope reveals that soldering of Au and ZnO nanoparticles include their adhesion. The plasmon peak in ZnO-Au nanocomposites was red-shifted and broadened in comparison with pure Au nanoparticles. By using the Tauc’s equation, the band gap energy for ZnO-Au nanocomposites is calculated to be 3.15–3.27 eV. In this work, the formation of ZnO-Au nanocomposites shifts the FTIR peak of metal oxide bands to higher wavenumbers. PL spectra of the ZnO-Au nanocomposites show that several weak peaks in the ultraviolet region and several relatively strong peaks in the visible region. SEM image indicates that the morphology of ZnO-Au nanocomposites produced in water was spherical. The TEM images of ZnO-Au nanocomposites demonstrate that with increasing the volumetric ratio of Au colloidal suspension the adhesion increased. According to the size distribution graphs of ZnO-Au nanocomposites with increasing the volumetric ratio of Au colloidal suspension the amount of ZnO-Au nanocomposites with the smaller size is further.

Keywords: Au nanoparticles, pulsed laser ablation, ZnO-Au nanocomposites, ZnO nanoparticles

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Authors: Ayman Haddad, Wafaa Sbeiti, Amr Qasem

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The main aim of this paper is to provide an overview of the most influential economic changes and accounting legislation affecting financial reporting and disclosure practices in Jordan. It also provides an overview of disclosure studies conducted in Jordan covering the year(s) between 1986 and 2014. The economic changes in Jordan required conducting economic reform and revising/issuing new regulations and financial market reforms that led to an improvement in disclosure practices. The issuance of Temporary Securities Law and its Directives of Disclosure in 1997, which came into effect in 1998, is considered as the turning point in the improvement of disclosure practice in Jordan. Based on a review of prior disclosure studies, we conclude that disclosure practices have improved overtime. We also observe that that firm size as a factor has always affected the level of disclosure in Jordan and followed by external auditing while liquidity was found to have the least effect. The paper also addresses the disclosure items required in Corporate Governance Codes that exist for listed shareholding companies, banks, and insurance companies. Finally, the paper discusses the quality of accounting education in Jordan since prior studies noted its impact on accounting practice.

Keywords: accounting legislation, corporate governance, disclosure practice, Jordan

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Authors: Michał Maksimczuk, Łukasz Kaczmarek, Tomasz Wejrzanowski

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This study concerns high-resolution X-ray computed microtomography (µCT) and ultrasonic pulse analysis of Cambrian sandstones from a borehole located in the Baltic Sea Coast of northern Poland. µCT and ultrasonic technique are non-destructive methods commonly used to determine the internal structure of reservoir rock sample. The spatial resolution of the µCT images obtained was 27 µm, which enabled the author to create accurate 3-D visualizations of structure geometry and to calculate the ratio of pores volume to the total sample volume. A copper X-ray source filter was used to reduce image artifacts. Furthermore, samples Young’s modulus and Poisson ratio were obtained with use of ultrasonic pulse technique. µCT and ultrasonic pulse technique provide complex information which can be used for explorations and characterization of reservoir rocks.

Keywords: elastic parameters, linear absorption coefficient, northern Poland, tight gas

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Authors: Sanjay Patil, Shakil A. Kagzi, Harit K. Raval

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Tailor Welded Blanks (TWB) are utilized in automotive industries widely because of their advantage of weight and cost reduction and maintaining required strength and structural integrity. TWB consist of two or more sheet having dissimilar or similar material and thickness; welded together to form a single sheet before forming it to desired shape. Forming of the tailor welded blank is affected by ratio of thickness of blanks, ratio of their strength, etc. mainly due to in-homogeneity of material. In the present work the relative effect of these parameters on weld line movement is studied during deep drawing of TWB using FE simulation using HYPERWORKS. The simulation is validated with results from the literature. Simulations were than performed based on Taguchi orthogonal array followed by the ANOVA analysis to determine the significance of these parameters on forming of TWB.

Keywords: ANOVA, deep drawing, Tailor Welded Blank (TWB), weld line movement

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Authors: Chalachew Kassaw, Henok Ababu, Bethelhem Sileshy, Lulu Abebe, Birhanie Mekuriaw

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Background: Psychological discomfort is a state of emotional distress caused by everyday stressors and obligations that are difficult to manage. Orthopedic trauma has a wide range of effects on survivors' physical health, as well as a variety of mental health concerns that impede recovery. Psychiatric and behavioral conditions are 3-5 times more common in people who have undergone physical trauma, and they are a predictor of poor outcomes. Despite the above facts, there is a shortage of research done on the subject. Therefore, this study aimed to determine the magnitude of psychological distress and associated factor among patients attending orthopedic treatment at Gedeo zone, South Ethiopia 2022. Methods: A cross-sectional study was undertaken at Dilla University Referral Hospital from October –November 2022. The data was collected via a face-to-face interview, and the Kessler psychological distress scale (K-10) was used to assess psychological distress. A total of 386 patients receiving outpatient and inpatient services at the orthopedic unit were chosen using a simple random selection technique. A Statistical Package for the Social Science version 21 (SPSS-21) was used to enter and evaluate the data. To find related factors, bivariate, and multivariate logistic regressions were used. Variables having a p-value of less than 0.05 were deemed statistically significant. Result: A total of 386 participants with a response rate of 94.8% were included in the study. Out of all respondents, 114 (31.4%) of the individuals have experienced psychological distress. Independent variables such as Females [Adjusted odds ratio (AOR)=5.8, 95%CI=(4.6-15.6)], Average monthly income of <3500 birrs [Adjusted odds ratio (AOR) =4.8, 95% CI=(2.4-9.8) ], Current history of substance use [Adjusted odds ratio (AOR) =2.6, 95% CI=(1.66-4.7)], Strong social support [Adjusted odds ratio (AOR)=0.4, 95% CI= 0.4(0.2-0.8)], and Poor sleep quality (PSQI score>5) [Adjusted odds ratio (AOR)=2.0, 95%CI= 2.0(1.2-2.8)] were significantly associated with psychological distress. Conclusion: The prevalence of psychological distress was high. Being female, having poor social support, and having a high PSQI score were significantly associated factors with psychological distress. It is good if clinicians emphasize orthopedic patients, especially females and those having poor social support and low sleep quality symptoms.

Keywords: psychological distress, orthopedic unit, Dilla University hospital, Dilla Town, Southern Ethiopia

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Authors: Leila Torkaman, Nasser Ghassembaglou

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Significant quota of Municipal Electrical Energy consumption is related to Decentralized Air Conditioning which is mostly provided by evaporative coolers. So the aim is to optimize design of air conditioners to increase their efficiencies. To achieve this goal, results of practical standardized tests for 40 evaporative coolers in different types collected and simultaneously results for same coolers based on one of EER (Energy Efficiency Ratio) modeling styles are figured out. By comparing experimental results of different coolers standardized tests with modeling results, preciseness of used model is assessed and after comparing gained preciseness with international standards based on EER for cooling capacity, aeration and also electrical energy consumption, energy label from A (most effective) to G (less effective) is classified. finally needed methods to optimize energy consumption and cooler's classification are provided.

Keywords: cooler, EER, energy label, optimization

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