Search results for: financial stability and solvency margin

Authors: Qifei Jing, Vadim V. Silberschmidt, Lin Li, ZhiLi Dong

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Graphene oxide (GO) was chemically functionalized to prepare polyurethane (PU) composites with improved mechanical and thermal properties. In order to achieve a well exfoliated and stable GO suspension in an organic solvent (dimethylformamide, DMF), 4, 4′- methylenebis(phenyl isocyanate) and polycaprolactone diol, which were the two monomers for synthesizing PU, were selectively used to functionalize GO. The obtained functionalized GO (FGO) could form homogeneous dispersions in DMF solvent and the PU matrix, as well as provide a good compatibility with the PU matrix. The most efficient improvement of mechanical properties was achieved when 0.4 wt% FGO was added into the PU matrix, showing increases in the tensile stress, elongation at break and toughness by 34.2%, 27.6% and 64.5%, respectively, compared with those of PU. Regarding the thermal stability, PU filled with 1 wt% FGO showed the largest extent of improvement with T2% and T50% (the temperatures at which 2% and 50% weight-loss happened) 16 °C and 21 °C higher than those of PU, respectively. The significant improvement in both mechanical properties and thermal stability of FGO/PU composites should be attributed to the homogeneous dispersion of FGO in the PU matrix and strong interfacial interaction between them.

Keywords: composite, dispersion, graphene oxide, polyurethane

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Authors: Roberta Martino, Viviana Ventre

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From a theoretical point of view, the relationship between the risk associated with an investment and the expected value are directly proportional, in the sense that the market allows a greater result to those who are willing to take a greater risk. However, empirical evidence proves that this relationship is distorted in the minds of investors and is perceived exactly the opposite. To deepen and understand the discrepancy between the actual actions of the investor and the theoretical predictions, this paper analyzes the essential parameters used for the valuation of financial assets with greater attention to two elements: probability and the passage of time. Although these may seem at first glance to be two distinct elements, they are closely related. In particular, the error in the theoretical description of the relationship between risk and return lies in the failure to consider the impatience that is generated in the decision-maker when events that have not yet happened occur in the decision-making context. In this context, probability loses its objective meaning and in relation to the psychological aspects of the investor, it can only be understood as the degree of confidence that the investor has in the occurrence or non-occurrence of an event. Moreover, the concept of objective probability does not consider the inter-temporality that characterizes financial activities and does not consider the condition of limited cognitive capacity of the decision maker. Cognitive psychology has made it possible to understand that the mind acts with a compromise between quality and effort when faced with very complex choices. To evaluate an event that has not yet happened, it is necessary to imagine that it happens in your head. This projection into the future requires a cognitive effort and is what differentiates choices under conditions of risk and choices under conditions of uncertainty. In fact, since the receipt of the outcome in choices under risk conditions is imminent, the mechanism of self-projection into the future is not necessary to imagine the consequence of the choice and the decision makers dwell on the objective analysis of possibilities. Financial activities, on the other hand, develop over time and the objective probability is too static to consider the anticipatory emotions that the self-projection mechanism generates in the investor. Assuming that uncertainty is inherent in valuations of events that have not yet occurred, the focus must shift from risk management to uncertainty management. Only in this way the intertemporal dimension of the decision-making environment and the haste generated by the financial market can be cautioned and considered. The work considers an extension of the prospectus theory with the temporal component with the aim of providing a description of the attitude towards risk with respect to the passage of time.

Keywords: impatience, risk aversion, subjective probability, uncertainty

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Authors: Jerome Joshi

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The paper presents the modelling of financial markets using the Stochastic Pi Calculus model. The Stochastic Pi Calculus model is mainly used for biological applications; however, the feature of this model promotes its use in financial markets, more prominently in high frequency trading. The trading system can be broadly classified into exchange, market makers or intermediary traders and fundamental traders. The exchange is where the action of the trade is executed, and the two types of traders act as market participants in the exchange. High frequency trading, with its complex networks and numerous market participants (intermediary and fundamental traders) poses a difficulty while modelling. It involves the participants to seek the advantage of complex trading algorithms and high execution speeds to carry out large volumes of trades. To earn profits from each trade, the trader must be at the top of the order book quite frequently by executing or processing multiple trades simultaneously. This would require highly automated systems as well as the right sentiment to outperform other traders. However, always being at the top of the book is also not best for the trader, since it was the reason for the outbreak of the ‘Hot – Potato Effect,’ which in turn demands for a better and more efficient model. The characteristics of the model should be such that it should be flexible and have diverse applications. Therefore, a model which has its application in a similar field characterized by such difficulty should be chosen. It should also be flexible in its simulation so that it can be further extended and adapted for future research as well as be equipped with certain tools so that it can be perfectly used in the field of finance. In this case, the Stochastic Pi Calculus model seems to be an ideal fit for financial applications, owing to its expertise in the field of biology. It is an extension of the original Pi Calculus model and acts as a solution and an alternative to the previously flawed algorithm, provided the application of this model is further extended. This model would focus on solving the problem which led to the ‘Flash Crash’ which is the ‘Hot –Potato Effect.’ The model consists of small sub-systems, which can be integrated to form a large system. It is designed in way such that the behavior of ‘noise traders’ is considered as a random process or noise in the system. While modelling, to get a better understanding of the problem, a broader picture is taken into consideration with the trader, the system, and the market participants. The paper goes on to explain trading in exchanges, types of traders, high frequency trading, ‘Flash Crash,’ ‘Hot-Potato Effect,’ evaluation of orders and time delay in further detail. For the future, there is a need to focus on the calibration of the module so that they would interact perfectly with other modules. This model, with its application extended, would provide a basis for researchers for further research in the field of finance and computing.

Keywords: concurrent computing, high frequency trading, financial markets, stochastic pi calculus

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Authors: B. O. Oyedoyin, M. O. Ilori, T. O. Oyebisi, B. A. Oluwale, O. O. Jegede

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The study was designed to evaluate the business development and transfer of technologies to small manufacturing companies by research institutes in South Western Nigeria. The study covered all the industrial research institutions with headquarters in South Western Nigeria. The study showed that the involvement of scientists in innovation process was rated highest in the idea generation (4.14) and idea screening (4.29) phases; high in R&D (3.86) and fairly high in pilot plant development (2.71) and commercialization (2.43) phase. Their involvement was rated low in business analysis and development (2.14), and test marketing (2.29) phase. The involvement of engineers was rated highest in idea generation (3.28), fairly high in R&D (2.71), pilot plant development (2.57), and idea screening (2.40) phases. However, their involvement was rated low in business analysis and development (2.0), test marketing (2.0), and commercialization (1.28) phases. The involvement of technology marketers in innovation process was generally rated fairly high in R&D (2.7) and business analysis and development (2.6), and low in all the other phases of innovation. However, their involvement at IAR&T, FIIRO, and NIOMR in all the phases was rated very high (3.0-5.0). The involvement of entrepreneurs was generally rated from fairly high to low (2.7-2.3) in all the phases of innovation. The involvement of financial institutions in all the phases of innovation was generally rated low (1.28-1.71). In conclusion, the study showed that the involvement of stakeholders like entrepreneurs and financial institutions in technology packaging for commercialization is very low.

Keywords: research institutes, national innovation system, Nigeria, entrepreneurs, financial institution

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Authors: Mohammed Benlemlih

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Using a sample of 22,839 US firm-year observations over the 1991-2012 period, we find that high CSR firms pay more dividends than low CSR firms. The analysis of individual components of CSR provides strong support for this main finding: five of the six individual dimensions are also associated with high dividend payout. When analyzing the stability of dividend payout, our results show that socially irresponsible firms adjust dividends more rapidly than socially responsible firms do: dividend payout is more stable in high CSR firms. Additional results suggest that firms involved in two controversial activities -the military and alcohol - are associated with low dividend payouts. These findings are robust to alternative assumptions and model specifications, alternative measures of dividend, additional control, and several approaches to address endogeneity. Overall, our results are consistent with the expectation that high CSR firms may use dividend policy to manage the agency problems related to overinvestment in CSR.

Keywords: corporate social responsibility, dividend policy, Lintner model, agency theory, signaling theory, dividend stability

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Authors: Macky Kato, Takeshi Sato, Mizuki Nakajima

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One major problem related to the use of smartphones is texting while simultaneously engaging in other things, resulting in serious road accidents. Apart from texting while driving being one of the most dangerous behaviors, texting while walking is also dangerous because it narrows the pedestrians’ field of vision. However, many of pedestrian text while walking very habitually. Smartphone users often overlook the potential harm associated with this behavior even while crossing roads. The successful texting while walking make them think that they are safe. The purpose of this study is to reveal of the influence of peripheral vision to the stability of walking trajectory with texting while walking. In total, 9 healthy male university students participated in the experiment. Their mean age was 21.4 years, and standard deviation was 0.7 years. They attempted to walk 10 m in three conditions. First one is the control (CTR) condition, with no phone and no restriction. The second one is the texting while walking (TWG) with no restrictions. The third one is restriction condition (PRS), with phone restricted by experimental peripheral goggles. The horizontal distances (HDS) and directions are measured as the scale of horizontal stability. The longitudinal distances (LDS) between the footprints were measured as the scale of the walking rhythm. The results showed that the HDS of the footprints from the straight line increased as the participants walked in the TWG and PRS conditions. In the PRS condition, this tendency was particularly remarkable. In addition, the LDS between the footprints decreased in the order of the CTR, TWG, and PRS conditions. The ANOVA results showed significant differences in the three conditions with respect to HDS. The differences among these conditions showed that the narrowing of the Pedestrian's vision because of smartphone use influences the walking trajectory and rhythm. It can be said that the pedestrians seem to use their peripheral vision marginally on texting while walking. Therefore, we concluded that the texting while walking narrows the peripheral vision so danger to increase the risk of the accidents.

Keywords: peripheral vision, stability, texting while walking, walking trajectory

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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: Naureen Akhtar

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The stability of the protein in detergent-containing solution is the key for its successful crystallisation. Fluorescence-detection size-exclusion chromatography (FSEC) is a potential approach for screening monodispersity as well as the stability of protein in a detergent-containing-solution. In this present study, covalently linked Green Fluorescent Protein (GFP) to bacterial nitrate transporter, NarU from Escherichia coli was studied for pre-crystallisation trials by FSEC. Immobilised metal ion affinity chromatography (IMAC) and gel filtration were employed for their purification. The main objectives of this study were over-expression, detergent screening and crystallisation of nitrate transporter proteins. This study could not produce enough proteins that could realistically be taken forward to achieve the objectives set for this particular research. In future work, different combinations of variables like vectors, tags, creation of mutant proteins, host cells, position of GFP (N- or C-terminal) and/or membrane proteins would be tried to determine the best combination as the principle of technique is still promising.

Keywords: transporters, detergents, over-expression, crystallography

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Authors: Rasha Hosny, Ahmed Zahran, Mahmoud Ramzi, Fatma Mahmoud Abdelhafiz, Ammona S. Mohamed, Mahmoud Fathy Mubarak

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Ionic liquids' ability to be tuned and stability under challenging environmental conditions are their significant features in enhanced oil recovery. In this study, two amino acid ionic liquids (AAILs) were prepared from quaternized hyperbranched polyamidoamine PAMAM (G0.5 C12) and amino acids (Cysteine and Lysine). The chemical structures of the prepared AAILs were verified by using FTIR and 1H-NMR spectra. These AAILs were tested for solubility, thermal stability, and surface activity in the presence of Egyptian medium crude oils under different PVT parameters after being diluted in several brine solutions of various salt compositions at 10% (w/w) salinity. The measurements reveal that the produced AAILs have good solubility and thermal stability. The effect of different concentrations of AAILs (0.1-5%) and salinity (20000-70000 ppm) on Interfacial tension (IFT) were studied. To test the efficacy of (AAILs) for a CEOR, numerous flooding experiments were carried out in samples of sandstone rock. Rock wettability is important for sandstone rocks, so conduct wettability alteration by contact angle (CA) of (30-55) and IFT of (7-13). The additional oil recovery was largely influenced by ionic liquid concentration, which may be changed by dilution with the formation and injected brines. This research has demonstrated that EOR techniques led to a recovery wt. (22-45%).

Keywords: amino acid ionic liquids, surface activity, critical micelle concentration, interfacial tension, contact angle, chemical enhanced oil recovery, wettability

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Authors: Dávid Kovács, Bálint Csanády, Dániel Boros, Iván Ivkovic, Lóránt Nagy, Dalma Tóth-Lakits, László Márkus, András Lukács

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The modeling practice of financial instruments has seen significant change over the last decade due to the recognition of time-dependent and stochastically changing correlations among the market prices or the prices and market characteristics. To represent this phenomenon, the Stochastic Correlation Process (SCP) has come to the fore in the joint modeling of prices, offering a more nuanced description of their interdependence. This approach has allowed for the attainment of realistic tail dependencies, highlighting that prices tend to synchronize more during intense or volatile trading periods, resulting in stronger correlations. Evidence in statistical literature suggests that, similarly to the volatility, the SCP of certain stock prices follows rough paths, which can be described using fractional differential equations. However, estimating parameters for these equations often involves complex and computation-intensive algorithms, creating a necessity for alternative solutions. In this regard, the Fractional Ornstein-Uhlenbeck (fOU) process from the family of fractional processes offers a promising path. We can effectively describe the rough SCP by utilizing certain transformations of the fOU. We employed neural networks to understand the behavior of these processes. We had to develop a fast algorithm to generate a valid and suitably large sample from the appropriate process to train the network. With an extensive training set, the neural network can estimate the process parameters accurately and efficiently. Although the initial focus was the fOU, the resulting model displayed broader applicability, thus paving the way for further investigation of other processes in the realm of financial mathematics. The utility of SCP extends beyond its immediate application. It also serves as a springboard for a deeper exploration of fractional processes and for extending existing models that use ordinary Wiener processes to fractional scenarios. In essence, deploying both SCP and fractional processes in financial models provides new, more accurate ways to depict market dynamics.

Keywords: fractional Ornstein-Uhlenbeck process, fractional stochastic processes, Heston model, neural networks, stochastic correlation, stochastic differential equations, stochastic volatility

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Authors: Liuyu Zhang, Di Mo, Qiang Yan, Min Liu

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As the important equipment in the construction field, cuplock scaffold plays an important role in the construction process. As a scaffold connecting member, cuplock joint is of great importance. In order to explore the rotational stiffness nonlinear characteristics changing features of different structural forms of cuplock joint in different tightening torque condition under different conditions of load, ANSYS is used to establish four kinds of cuplock joint models with different forces to simulate the real force situation. By setting the different load conditions which means the cuplock is loaded at a certain distance from the cuplock joint in a certain direction until the cuplock is damaged and considering the gap between the cross bar joint and the vertical bar, the differences in the influence of the structural form and tightening torque on the rotation stiffness of the cuplock under different load conditions are compared. It is significantly important to improve the accuracy of calculating bearing capacity and stability of the cuplock steel pipe scaffold.

Keywords: cuplock joint, highway tunnel, non-linear characteristics, rotational stiffness, scaffold stability, theoretical analysis

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Authors: Iman Shawky, Mohamed Elsayed

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Every hotel works in the hospitality market tends to have its own merit and character in its products marketing in order to maintain both its brand's identity and image among guests. According to the growth of global competition in the hospitality industry; the concept of competitive advantage is becoming increasingly important in hotels' marketing world as it examines reasons for outweighing hotels in their dimensions of strategic and marketing plans. In fact, Egypt is the land of appeared and submerged secrets as a result of its ancient civilization ongoing explorations. Although underwater antiquities represent ambiguous treasures, they have auspicious future in it, particularly in Alexandria. The study aims at examining to what extent underwater antiquities represent a competitive advantage of four and five-star hotels in Alexandria. For achieving this aim, an exploratory study conducted by currying out the investigation and comparison of the closest and most popular landmarks mentioned on both hotels' official websites and on common used reservations' websites. In addition to that, two different questionnaire forms designed; one for both revenue and sales and marketing hotels' managers while the other for their guests. The results indicate that both official hotels' websites and the most common used reservations' websites totally ignore mentioning underwater antiquities as attractive landmarks surrounding Alexandria hotels. Furthermore, most managers expect that underwater antiquities can furnish distinguished competitive advantage to their hotels. Also, they can help exceeding guests' expectations during their accommodation as long as they included on both official hotels' and reservations' websites as the most surrounding famous landmarks. Moreover, most managers foresee that high awareness of underwater antiquities can enhance the guests' accommodation frequencies and improve the financial performance of their hotels.

Keywords: competitive advantage, financial performance, hotels' websites, underwater antiquities

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Authors: Alireza Ghaffari, Hassan Saghi

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Project management is more complex than managing the day-to-day affairs of an organization. When the project dimensions are broad and multiple projects have to be monitored in different locations, the integrated management becomes even more complicated. One of the main concerns of project managers is the integrated project management, which is mainly rooted in the lack of accurate and accessible information from different projects in various locations. The collection of dispersed information from various parts of the network, their integration and finally the selective reporting of this information is among the goals of integrated information systems. It can help resolve the main problem, which is bridging the information gap between executives and senior managers in the organization. Therefore, the main objective of this study is to design and implement an important subset of a project management information system in order to successfully control the cost of construction projects so that its results can be used to design raw software forms and proposed relationships between different project units for the collection of necessary information.

Keywords: financial performance, cost subsystem, PMIS, project management

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Authors: Pooree Sakot, Marndarath Suksanga

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Organizations are under increasing pressure to improve performance and maximize the contribution of every employee. Employee engagement has become an attractive business proposition. The triple bottom line consists of three Ps: profit, people and planet. It aims to measure the financial, social and environmental performance of the corporation over a period of time. People are the most important asset of every organization. Most of the studies suggest that employee engagement improves the bottom line in almost every instance and it is well worth all organizational efforts to actively engage employees. Engaged employees have an impact on productivity and financial performance. Efficient leadership and effective management can take place if emerging paradigm like employee engagement is appropriately understood and put into practice. Employee engagement starts at the first step i.e. recruitment of an employee to the last step i.e. retirement .The HR Practices of an organization play the most major role in helping the employees walk the extra mile. Effective employee engagement is the key component for improved organizational performance.

Keywords: employee engagement, higher education, tool, success

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Authors: Chao Yang, Jinchuan Zhang, Yongqiang Xiong

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The Lower Cambrian Niutitang Formation shale (NFS) deposited in the marine deep-shelf environment in Southeast Upper Yangtze (SUY), possess excellent source rock basis for shale gas generation, however, it is currently challenged by being over-mature with strong tectonic deformations, leading to much uncertainty of gas-bearing potential. With emphasis on the shale gas enrichment of the NFS, analyses were made based on the regional gas-bearing differences obtained from field gas-desorption testing of 18 geological survey wells across the study area. Results show that the NFS bears low gas content of 0.2-2.5 m³/t, and the eastern region of SUY is higher than the western region in gas content. Moreover, the methane fraction also presents the similar regional differentiation with the western region less than 10 vol.% while the eastern region generally more than 70 vol.%. Through the analysis of geological theory, the following conclusions are drawn: Depositional environment determines the gas-enriching zones. In the western region, the Dengying Formation underlying the NFS in unconformity contact was mainly plateau facies dolomite with caves and thereby bears poor gas-sealing ability. Whereas the Laobao Formation underling the NFS in eastern region was a set of siliceous rocks of shelf-slope facies, which can effectively prevent the shale gas from escaping away from the NFS. The tectonic conditions control the gas-enriching bands in the SUY, which is located in the fold zones formed by the thrust of the Southern China plate towards to the Sichuan Basin. Compared with the western region located in the trough-like folds, the eastern region at the fold-thrust belts was uplifted early and deformed weakly, resulting in the relatively less mature level and relatively slight tectonic deformation of the NFS. Faults determine whether shale gas can be accumulated in large scale. Four deep and large normal faults in the study area cut through the Niutitang Formation to the Sinian strata, directly causing a large spillover of natural gas in the adjacent areas. For the secondary faults developed within the shale formation, the reverse faults generally have a positive influence on the shale accumulation while the normal faults perform the opposite influence. Overall, shale gas enrichment targets of the NFS, are the areas with certain thickness of siliceous rocks at the basement of the Niutitang Formation, and near the margin of the paleouplift with less developed faults. These findings provide direction for shale gas exploration in South China, and also provide references for the areas with similar geological conditions all over the world.

Keywords: over-mature marine shale, shale gas accumulation, structure-complicated area, Southeast Upper Yangtze

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Authors: Ahmad Forouzantabar, Mohammad Azadi

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This paper presents sliding mode controller for bilateral teleoperation systems with robotic master and slave under constant communication delays. We extend the passivity-based coordination architecture to enhance position and force tracking in the presence of offset in initial conditions, environmental contacts and unknown parameters such as friction coefficient. To address these difficulties, a nonlinear sliding mode controller is designed to approximate the nonlinear dynamics of master and slave robots and improve both position and force tracking. Using the Lyapunov theory, the boundedness of master- slave tracking errors and the stability of the teleoperation system are also guaranteed. Numerical simulations show that proposed controller position and force tracking performances are superior to that of conventional coordination controller tracking performances.

Keywords: Lyapunov stability, teleoperation system, time delay, sliding mode controller

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Authors: Nikita Sankhe

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A Frenum is a band or fold of mucous membrane, which is usually with enclosed muscle fibers, that attaches the lip and cheek to the alveolar mucosa or the gingiva and the underlying periosteum. It curbs or limits the movements of an organ. A frenum becomes a problem if its attachment is too close to the marginal or papillary gingiva, namely localized gingival recession and a midline diastema or it may pull the gingival margin away from the tooth allowing plaque accumulation and inhibit toothbrushing. Frenectomy is the complete removal of the frenum including its attachment to the underlying bone. Miller suggested a technique where by a closure was done across the midline by laterally positioned gingiva. Healing by primary intention resulted in aesthetically acceptable attached gingiva across the midline. This paper aims at showing how a lateral pedicle graft technique combined with frenectomy proves to be more advantageous than any other technique.

Keywords: frenum , frenectomy , lateral pedicle graft , classical frenectomy

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Authors: Jalal Eddine Benmansour, Khouane Boulanoir, Nacera Bekhadda, Elhassen Benfriha

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This paper introduces a novel composite control approach that addresses the challenge of stabilizing the three-axis attitude of a flexible satellite in the presence of vibrations caused by flexible appendages. The key contribution of this research lies in the development of a disturbance observer, which effectively observes and estimates the unwanted torques induced by the vibrations. By utilizing the estimated disturbance, the proposed approach enables efficient compensation for the detrimental effects of vibrations on the satellite system. To govern the attitude angles of the spacecraft, a proportional derivative controller (PD) is specifically designed and proposed. The PD controller ensures precise control over all attitude angles, facilitating stable and accurate spacecraft maneuvering. In order to demonstrate the global stability of the system, the Lyapunov method, a well-established technique in control theory, is employed. Through rigorous analysis, the Lyapunov method verifies the convergence of system dynamics, providing strong evidence of system stability. To evaluate the performance and efficacy of the proposed control algorithm, extensive simulations are conducted. The simulation results validate the effectiveness of the combined approach, showcasing significant improvements in the stabilization and control of the satellite's attitude, even in the presence of disruptive vibrations from flexible appendages. This novel composite control approach presented in this paper contributes to the advancement of satellite attitude control techniques, offering a promising solution for achieving enhanced stability and precision in challenging operational environments.

Keywords: attitude control, flexible satellite, vibration control, disturbance observer

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Authors: L. Le Priol, A. Nesterenko, K. El Kirat, K. Saleh

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Introduction and objectives: Polyunsaturated fatty acids (PUFAs) omega-3 and omega-6 are widely recognized as being beneficial to the health and normal growth. Unfortunately, due to their highly unsaturated nature, these molecules are sensitive to oxidation and thermic degradation leading to the production of toxic compounds and unpleasant flavors and smells. Hence, it is necessary to find out a suitable way to protect them. Microencapsulation by spray-drying is a low-cost encapsulation technology and most commonly used in the food industry. Many compounds can be used as wall materials, but there is a growing interest in the use of biopolymers, such as proteins and polysaccharides, over the last years. The objective of this study is to increase the oxidative stability of sunflower oil by microencapsulation in plant protein matrices using spray-drying technique. Material and methods: Sunflower oil was used as a model substance for oxidable food oils. Proteins from brown rice, hemp, pea, soy and sunflower seeds were used as emulsifiers and microencapsulation wall materials. First, the proteins were solubilized in distilled water. Then, the emulsions were pre-homogenized using a high-speed homogenizer (Ultra-Turrax) and stabilized by using a high-pressure homogenizer (HHP). Drying of the emulsion was performed in a Mini Spray Dryer. The oxidative stability of the encapsulated oil was determined by performing accelerated oxidation tests with a Rancimat. The size of the microparticles was measured using a laser diffraction analyzer. The morphology of the spray-dried microparticles was acquired using environmental scanning microscopy. Results: Pure sunflower oil was used as a reference material. Its induction time was 9.5 ± 0.1 h. The microencapsulation of sunflower oil in pea and soy protein matrices significantly improved its oxidative stability with induction times of 21.3 ± 0.4 h and 12.5 ± 0.4 h respectively. The encapsulation with hemp proteins did not significantly change the oxidative stability of the encapsulated oil. Sunflower and brown rice proteins were ineffective materials for this application, with induction times of 7.2 ± 0.2 h and 7.0 ± 0.1 h respectively. The volume mean diameter of the microparticles formulated with soy and pea proteins were 8.9 ± 0.1 µm and 16.3 ± 1.2 µm respectively. The values for hemp, sunflower and brown rice proteins could not be obtained due to the agglomeration of the microparticles. ESEM images showed smooth and round microparticles with soy and pea proteins. The surfaces of the microparticles obtained with sunflower and hemp proteins were porous. The surface was rough when brown rice proteins were used as the encapsulating agent. Conclusion: Soy and pea proteins appeared to be efficient wall materials for the microencapsulation of sunflower oil by spray drying. These results were partly explained by the higher solubility of soy and pea proteins in water compared to hemp, sunflower, and brown rice proteins. Acknowledgment: This work has been performed, in partnership with the SAS PIVERT, within the frame of the French Institute for the Energy Transition (Institut pour la Transition Energétique (ITE)) P.I.V.E.R.T. (www.institut-pivert.com) selected as an Investments for the Future (Investissements d’Avenir). This work was supported, as part of the Investments for the Future, by the French Government under the reference ANR-001-01.

Keywords: biopolymer, edible oil, microencapsulation, oxidative stability, release, spray-drying

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Authors: B. R. S. Babu, E. Prasad, P. V. Laveen, A. M. Vinodkumar

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Searching the “Island of stability” is a topic of extreme interest in theoretical as well as experimental modern physics today. This “island of stability” is spanned by superheavy elements (SHE's) that are produced in the laboratory. SHE's are believed to exist primarily due to the “magic” stabilizing effects of nuclear shell structure. SHE synthesis is extremely difficult due to their very low production cross section, often of the order of pico barns or less. Stabilizing effects of shell closures at proton number Z=82 and neutron number N=126 are predicted theoretically. Though stabilizing effects of Z=82 have been experimentally verified, no concluding observations have been made with N=126, so far. We measured and analyzed the total evaporation residue (ER) cross sections for a number of systems with neutron number around 126 to explore possible shell closure effects in ER cross sections, in this work.

Keywords: super heavy elements, fusion, evaporation residue, compund nucleus

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Authors: Kay Fielden, Eelin Tan, Lan Nguyen

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In this research project, data was gathered at a Covid 19 Conference held in June 2021 from industry leaders who discussed the impact of the global pandemic on the status of the New Zealand hospitality industry. Panel discussions on financials, human resources, health and safety, and recovery were conducted. The themes explored for the finance panel were customer demographics, hospitality sectors, financial practices, government impact, and cost of compliance. The aim was to see how the hospitality industry has responded to the global pandemic and the steps that have been taken for the industry to recover or sustain their business. The main research question for this qualitative study is: What are the factors that have impacted on finance for the hospitality industry in New Zealand due to Covid 19? For financials, literature has been gathered to study global effects, and this is being compared with the data gathered from the discussion panel through the lens of resilience theory. Resilience theory applied to the hospitality industry suggests that the challenges imposed by Covid 19 have been the catalyst for government initiatives, technical innovation, engaging local communities, and boosting confidence. Transformation arising from these ground shifts have been a move towards sustainability, wellbeing, more awareness of climate change, and community engagement. Initial findings suggest that there has been a shift in customer base that has prompted regional accommodation providers to realign offers and to become more flexible to attract and maintain this realigned customer base. Dynamic pricing structures have been required to meet changing customer demographics. Flexible staffing arrangements include sharing staff between different accommodation providers, owners with multiple properties adopting different staffing arrangements, maintaining a good working relationship with the bank, and conserving cash. Uncertain times necessitate changing revenue strategies to cope with external factors. Financial support offered by the government has cushioned the financial downturn for many in the hospitality industry, and managed isolation and quarantine (MIQ) arrangements have offered immediate financial relief for those hotels involved. However, there is concern over the long-term effects. Compliance with mandated health and safety requirements has meant that the hospitality industry has streamlined its approach to meeting those requirements and has invested in customer relations to keep paying customers informed of the health measures in place. Initial findings from this study lie within the resilience theory framework and are consistent with findings from the literature.

Keywords: global pandemic, hospitality industry, new Zealand, resilience

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Authors: Fujio Takata

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When governments levy taxes on labor income on the basis of a balanced budget rule, two steady states in an economy exist, of which one can cause two movement patterns, namely, indeterminacy paths and a saddle path. However, in this paper, we assume an economy with divisible labor, in which labor adjustment is made by an intensive margin. We demonstrate that there indeed exist the two paths in the economy and that there exists a critical condition dividing them. This is proved by establishing the relationship between a finite elasticity of labor with regard to real wages and the share of capital in output. Consequently, we deduce the existence of an upper limit in the share of capital in output for indeterminacy to occur. The largest possible value of that share is less than 0.5698.

Keywords: balanced budget rule, divisible labor, labor income taxation, two movement patterns

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Authors: Shazia Ali, Yves Mard, Éric Severin

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To the best of our knowledge, this is the first study to have analyzed the impact of a) firm-specific product-market power and b) industry competition on earnings management behavior of European firms in distress versus healthy years while controlling for firm-level characteristics. We predicted a significant relationship between firms’ product market power and earnings management tools and their trade-off under the moderation effect of financial distress. We found that the firm-level market power hereinafter referred to as MP (proxied by the industry-adjusted Lerner Index) is positively associated with both real and accrual earnings management. However, MP is associated with a higher level of real earnings management compared to accrual earnings management in distress years compared to healthy years. On the other hand, industry product market power (representing low competition and proxied by the inverse of the total number of firms in an industry hereinafter referred to as NUMB) and firms product market power (proxied by firm market share hereinafter referred to as MS) are associated with lower inflationary accruals and higher deflationary accruals respectively. On the other hand, they are found to be linked with higher real earnings management in distress versus healthy years. When we divided the sample into small and big firms based on their respective industry-year median total assets, we found that all three measures of industry competition (Industry Median Lerner Index (hereinafter referred to as IMLI), NUMB, and Herfindahl–Hirschman Index (hereinafter referred to as HHI) indicate that small firms in low-competitive industries in financial distress are more likely to inflate their earnings through discretionary accruals. While big firms in this situation are more likely to lower the use of both inflationary and deflationary discretionary accruals as indicated by IMLI and HHI and trade-off accruals earnings management for real earnings management as indicated by NUMB. Moreover, IMLI and HHI did not show any interesting results when we divided the sample based on the firm Lerner Index/Market Power. However, the distressed firms with high market power (MP>industry median) are found to engage in income-decreasing discretionary accruals in low-competitive industries (high NUMB). Whereas firms with low market power in the same industry use downward discretionary accruals but inflate income using real activities (abnCFO). Our findings are robust across alternate measures of discretionary accruals and financial distress, such as the Altman Z-Score. The finding of the study is valuable for accounting standard setters, competition authorities, policymakers, and investors alike to help in informed decision-making.

Keywords: financial distress, earnings management, market competition

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Authors: Navneet Dabra, Baljinder Kaur, Lakhbir Singh, V. Annapu Reddy, R. Nath, Dae-Yong Jeong, Jasbir S. Hundal

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Nano-composite films of sodium nitrite (NaNO2): Starch with different proportions of NaNO2 and Starch have been prepared by drop cast technique. The ferroelectric hysteresis loops (P-V) have been traced using modified Sawyar-Tower circuit. The films containing equal proportions of NaNO2 and Starch exhibit optimized ferroelectric properties. The stability of the remanent polarization, Pr in the optimized nano-composite films exhibit improved stability over the pure NaNO2 films. The Atomic Force Microscopy (AFM) has been employed to investigate the surface morphology. AFM images clearly reveal the nano sized particles of NaNO2 dispersed in starch with small value of surface roughness.

Keywords: ferroelectricity, nano-composite films, Atomic Force Microscopy (AFM), nano composite film

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Authors: Ela Ari, Aysi̇ma Findikoglu

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Consumers’ switching GSM operators’ has been an important research issue since the rise of their competitive offers. Recent research has looked at consumer switching behavior through the theory of planned behavior, but not yet extended the theory with identity, psycho-social and cultural influences within the service context. This research explores an extended version of the theory of planned behavior including social and financial risks and brand loyalty. Moreover, the role of individualism and collectivism at the individual level is investigated in a collectivistic culture that moves toward to individualism due to changing family relationships, use of technology and education. Our preliminary analysis showed that financial risk and vertical individualism prove to be a significant determinant of intention to switch. The study also investigates social risk and intention, subjective norm, perceived behavioral control relationship. The effect of individualism and collectivism and attitudes relationship has been also examined within a service industry. Implications for marketing managers and scholars are also discussed.

Keywords: attitude, individualism, intention, subjective norm

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Authors: Sonia Bautista Carrascosa, Carlos Renedo Sanchez

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The effect of a rapid drawdown is a classical scenario to be considered in slope stability under submerged conditions. This situation arises when totally or partially submerged slopes experience a descent of the external water level and is a typical verification to be done in a dam engineering discipline, as reservoir water levels commonly fluctuate noticeably during seasons and due to operational reasons. Although the scenario is well known and predictable in general, site conditions can increase the complexity of its assessment and external factors are not always expected, can cause a reduction in the stability or even a failure in a slope under a rapid drawdown situation. The present paper describes and discusses the interaction between two different infrastructures, a dam and a highway, and the impact on the stability of a natural rock slope overlaid by the north abutment of a viaduct of the A-44 Highway due to the rapid drawdown of the Rules Dam, in the province of Granada (south of Spain). In the year 2011, with both infrastructures, the A-44 Highway and the Rules Dam already constructed, delivered and under operation, some movements start to be recorded in the approximation embankment and north abutment of the Guadalfeo Viaduct, included in the highway and developed to solve the crossing above the tail of the reservoir. The embankment and abutment were founded in a low-angle natural rock slope formed by grey graphic phyllites, distinctly weathered and intensely fractured, with pre-existing fault and weak planes. After the first filling of the reservoir, to a relative level of 243m, three consecutive drawdowns were recorded in the autumns 2010, 2011 and 2012, to relative levels of 234m, 232m and 225m. To understand the effect of these drawdowns in the weak rock mass strength and in its stability, a new geological model was developed, after reviewing all the available ground investigations, updating the geological mapping of the area and supplemented with an additional geotechnical and geophysical investigations survey. Together with all this information, rainfall and reservoir level evolution data have been reviewed in detail to incorporate into the monitoring interpretation. The analysis of the monitoring data and the new geological and geotechnical interpretation, supported by the use of limit equilibrium software Slide2, concludes that the movement follows the same direction as the schistosity of the phyllitic rock mass, coincident as well with the direction of the natural slope, indicating a deep-seated movement of the whole slope towards the reservoir. As part of these conclusions, the solutions considered to reinstate the highway infrastructure to the required FoS will be described, and the geomechanical characterization of these weak rocks discussed, together with the influence of water level variations, not only in the water pressure regime but in its geotechnical behavior, by the modification of the strength parameters and deformability.

Keywords: monitoring, rock slope stability, water drawdown, weak rock

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Authors: Gomti Devi

Abstract:

Photoisomerization has been attracting to researchers due to its wide range of applications in optical switches, polymeric chains, liquid-crystalline systems and bilayer membranes etc. Azobenzene is a photochromic molecule which exhibits a reversible isomerisation process between its trans and cis isomers of different stability. An investigation has been conducted of the effects of temperature on intensity and position of Raman band of N=N, C-N stretching modes of Azobenzene (AZBN). It was found that the N=N stretching mode of Raman band shape shifts to lower frequency region with the increase in temperature. The Raman intensity was also decreased with the increase of temperature. The change in bandwidth with the increase in temperature has been studied. The FTIR spectrum of the molecule is recorded so as to complement the Raman spectra. In order to investigate the possibility of undergoing dimerization and trimerization as well as the stability of this molecule, ab initio calculation for geometry optimization and vibrational wavenumber calculation have been performed. Theoretically calculated values are found in good agreement with the experimental results.

Keywords: azobenzene, temperature, ab-initio, frequency

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Authors: Yue Zhang, Bo Yang, Gang Xiong, Mohamed Elchalakanic, Shidong Nie

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This study aims to investigate the lateral torsional buckling of I-shaped cross-section beams fabricated from Q460GJ structural steel plates. Both experimental and numerical simulation results are presented in this paper. A total of eight specimens were tested under a three-point bending, and the corresponding numerical models were established to conduct parametric studies. The effects of some key parameters such as the non-dimensional member slenderness and the height-to-width ratio, were investigated based on the verified numerical models. Also, the results obtained from the parametric studies were compared with the predictions calculated by different design codes including the Chinese design code (GB50017-2003, 2003), the new draft version of Chinese design code (GB50017-201X, 2012), Eurocode 3 (EC3, 2005) and the North America design code (ANSI/AISC360-10, 2010). These comparisons indicated that the sectional height-to-width ratio does not play an important role to influence the overall stability load-carrying capacity of Q460GJ structural steel beams with welded I-shaped cross-sections. It was also found that the design methods in GB50017-2003 and ANSI/AISC360-10 overestimate the overall stability and load-carrying capacity of Q460GJ welded I-shaped cross-section beams.

Keywords: experimental study, finite element analysis, global stability, lateral torsional buckling, Q460GJ structural steel

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Authors: Y. H. Hwang, J. Won, Y. S. Kang

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Supported ionic liquid membranes (SILMs) have attracted due to the negligible vapor pressure of ionic liquids (ILs) as well as the high gas selectivity for specific gases such as CO2 or olefin. 1-ethyl-3-methylimidazolium tricyanomethanide ([EMIM][TCM]), 1-butyl-3-methylimidazolium tricyanomethanide ([BMIM][TCM]), show high CO2 solubility, CO2 absorption, rapid CO2 absorption rate and negligible vapor pressure, SILMs using these ILs have been good candidates as CO2 separation membranes. However, SILM has to be operated at a low differential pressure to prevent the solvent from being expelled from the pores of supported membranes. In this paper, we improve the mechanical strength by forming ion gels which provide the stability while it retains the diffusion properties of the liquid stage which affects the gas separation properties. The ion gel was created by the addition of tri-block copolymer, poly(styrene-ethylene oxide-b-styrene) in RTIL. SILM using five different RTILs, are investigated with and without ion gels. The gas permeance were measured and the gas performance with and without the SEOS were investigated.

Keywords: ion gel, ionic liquid, membrane, nanostructure

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Authors: Boughedaoui Rachid, Belaidi Idir, Ouali Mohamed

Abstract:

The formatting by removal of material remains an indispensable means for obtaining different forms of pieces. The objective of this work is to study the influence of parameters of the vibratory regime of the system PTM 'Piece-Tool-Machine, in the case of the machining of the thin pieces on the surface finish. As a first step, an analytical study of essential dynamic models 2D slice will be presented. The stability lobes will be thus obtained. In a second step, a characterization of PTM system will be realized. This system will be instrumented with accelerometric sensors but also a laser vibrometer so as to have the information closer to the cutting area. Dynamometers three components will be used for the analysis of cutting forces. Surface states will be measured and the condition of the cutting edge will be visualized thanks to a binocular microscope coupled to a data acquisition system. This information will allow quantifying the influence of chatter on the dimensional quality of the parts. From lobes stabilities previously determined experimental validation allow for the development a method for detecting of the phenomenon of chatter and so an approach will be proposed.

Keywords: chatter, dynamic, milling, lobe stability

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