Search results for: private bond market

Authors: Mert Kıranç, Ekrem Duman, Murat Özbilen

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In order to achieve new product development (NPD) activities on time and within budgetary constraints, the NPD managers need a well-designed methodology. This study intends to create an integrated project management methodology for the ones who focus on new product development projects. In the scope of the study, four different management systems are combined. These systems are called as 'Schedule-oriented Stage-Gate Method, Risk Management, Change Management and Earned Value Management'. New product development term is quite common in many different industries such as defense industry, construction, health care/dental, higher education, fast moving consumer goods, white goods, electronic devices, marketing and advertising and software development. All product manufacturers run against each other’s for introducing a new product to the market. In order to achieve to produce a more competitive product in the market, an optimum project management methodology is chosen, and this methodology is adapted to company culture. The right methodology helps the company to present perfect product to the customers at the right time. The benefits of proposed methodology are discussed as an application by a company. As a result, how the integrated methodology improves the efficiency and how it achieves the success of the project are unfolded.

Keywords: project, project management, management methodology, new product development, risk management, change management, earned value, stage-gate

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Authors: M. N. Nwodo, Y. P. Cheng, N. H. Minh

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In the process of recovering oil in weak sandstone formations, the strength of sandstones around the wellbore is weakened due to the increase of effective stress/load from the completion activities around the cavity. The weakened and de-bonded sandstone may be eroded away by the produced fluid, which is termed sand production. It is one of the major trending subjects in the petroleum industry because of its significant negative impacts, as well as some observed positive impacts. For efficient sand management therefore, there has been need for a reliable study tool to understand the mechanism of sanding. One method of studying sand production is the use of the widely recognized Discrete Element Method (DEM), Particle Flow Code (PFC3D) which represents sands as granular individual elements bonded together at contact points. However, there is limited knowledge of the particle-scale behavior of the weak sandstone, and the parameters that affect sanding. This paper aims to investigate the reliability of using PFC3D and a simple Darcy flow in understanding the sand production behavior of a weak sandstone. An isotropic tri-axial test on a weak oil sandstone sample was first simulated at a confining stress of 1MPa to calibrate and validate the parallel bond models of PFC3D using a 10m height and 10m diameter solid cylindrical model. The effect of the confining stress on the number of bonds failure was studied using this cylindrical model. With the calibrated data and sample material properties obtained from the tri-axial test, simulations without and with fluid flow were carried out to check on the effect of Darcy flow on bonds failure using the same model geometry. The fluid flow network comprised of every four particles connected with tetrahedral flow pipes with a central pore or flow domain. Parametric studies included the effects of confining stress, and fluid pressure; as well as validating flow rate – permeability relationship to verify Darcy’s fluid flow law. The effect of model size scaling on sanding was also investigated using 4m height, 2m diameter model. The parallel bond model successfully calibrated the sample’s strength of 4.4MPa, showing a sharp peak strength before strain-softening, similar to the behavior of real cemented sandstones. There seems to be an exponential increasing relationship for the bigger model, but a curvilinear shape for the smaller model. The presence of the Darcy flow induced tensile forces and increased the number of broken bonds. For the parametric studies, flow rate has a linear relationship with permeability at constant pressure head. The higher the fluid flow pressure, the higher the number of broken bonds/sanding. The DEM PFC3D is a promising tool to studying the micromechanical behavior of cemented sandstones.

Keywords: discrete element method, fluid flow, parametric study, sand production/bonds failure

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Authors: Behnaz Mahdavi, Hamidreza Khodaei, Alireza Banitaba

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Conjugated Linoleic Acid is a group of long-chain unsaturated fatty acids with more than one double bond and a mixture of 28 isomers of Linoleic acid (C 18:2) and it is counted as one of the essential acids. The main purpose of this study was to investigate the effect of CLA on some reproductive hormones in rams. In this study, six rams 3 to 4 years old with an average weight of 90 kg were selected. Rams were randomly divided into 3 groups and were treated by CLA treatment for 30 days. The first group (as a control group) did not receive CLA, The second group received 0.5 gr and the third group received 1 gram of CLA. The blood testing was done on rams every 15 days using a 20 ml syringe. Data analysis was performed by SAS software. Also mean comparison was done using Duncan's test method (p<0.05). Obtained results showed that the serum concentration of testosterone hormone was decreased numerically as well as the concentration of FSH hormone however the concentration of LH was increased. Also, the CLA had a significant effect on Leptin concentration. CLA in oral form can reduce the concentration of testosterone in rams.

Keywords: CLA, ram, testosterone, conjugated linoleic acid

Procedia PDF Downloads 300

Authors: Akmez Nabeerasool, Michaelis Massaros, Nigel Brown, David Sanderson, David Parocki, Charlotte Thompson, Mike Lodge, Mikael Khan

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The provision of clean and safe drinking water is of paramount importance and is a basic human need. Water scarcity coupled with tightening of regulations and the inability of current treatment technologies to deal with emerging contaminants and Pharmaceuticals and personal care products means that alternative treatment technologies that are viable and cost effective are required in order to meet demand and regulations for clean water supplies. Logistically, the application of water treatment in rural areas presents unique challenges due to the decentralisation of abstraction points arising from low population density and the resultant lack of infrastructure as well as the need to treat water at the site of use. This makes it costly to centralise treatment facilities and hence provide potable water direct to the consumer. Furthermore, across the UK there are segments of the population that rely on a private water supply which means that the owner or user(s) of these supplies, which can serve one household to hundreds, are responsible for the maintenance. The treatment of these private water supply falls on the private owners, and it is imperative that a chemical free technological solution that can operate unattended and does not produce any waste is employed. Arvia’s patented advanced oxidation technology combines the advantages of adsorption and electrochemical regeneration within a single unit; the Organics Destruction Cell (ODC). The ODC uniquely uses a combination of adsorption and electrochemical regeneration to destroy organics. Key to this innovative process is an alternative approach to adsorption. The conventional approach is to use high capacity adsorbents (e.g. activated carbons with high porosities and surface areas) that are excellent adsorbents, but require complex and costly regeneration. Arvia’s technology uses a patent protected adsorbent, Nyex™, which is a non-porous, highly conductive, graphite based adsorbent material that enables it to act as both the adsorbent and as a 3D electrode. Adsorbed organics are oxidised and the surface of the Nyex™ is regenerated in-situ for further adsorption without interruption or replacement. Treated water flows from the bottom of the cell where it can either be re-used or safely discharged. Arvia™ Technology Ltd. has trialled the application of its tertiary water treatment technology in treating reservoir water abstracted near Glasgow, Scotland, with promising results. Several other pilot plants have also been successfully deployed at various locations in the UK showing the suitability and effectiveness of the technology in removing recalcitrant organics (including pharmaceuticals, steroids and hormones), COD and colour.

Keywords: Arvia™ process, adsorption, water treatment, electrochemical oxidation

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Authors: Erindi Allaj

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This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

Procedia PDF Downloads 355

Authors: Abdulkarim Yusuf

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Motivation: The Nigerian economy has seen significant macroeconomic instability, fuelled mostly by an overreliance on fluctuating oil revenues. The rising disparity between tax receipts and government spending in Nigeria necessitates government borrowing to fund the anticipated pace of economic growth. Rising public debt and fiscal sustainability are limiting the government's ability to invest in key infrastructure that promotes private investment and growth in Nigeria. Objective: This paper fills an empirical research vacuum by examining the impact of public debt on fiscal sustainability in Nigeria, given the significance of fiscal stability in decreasing poverty and the constraints that an unsustainable debt burden imposes on it. Data and method: Annual time series data covering the period 1980 to 2022 exposed to conventional and structural breaks stationarity tests and the Autoregressive Distributed Lag estimation approach were adopted for this study. Results: The results reveal that domestic debt stock, debt service payment, foreign reserve stock, exchange rate, and private investment all had a major adverse effect on fiscal stability in the long and short run, corroborating the debt overhang and crowding-out hypothesis. External debt stock, prime lending rate, and degree of trade openness, which boosted fiscal stability in the long run, had a major detrimental effect on fiscal stability in the short run, whereas foreign direct investment inflows had an important beneficial impact on fiscal stability in both the long and short run. Implications: The results indicate that fiscal measures that inspire domestic resource mobilization, sustainable debt management techniques, and dependence on external debt to boost deficit financing will improve fiscal stability and drive growth.

Keywords: ARDL co-integration, debt overhang, debt servicing, fiscal stability, public debt

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Authors: Swarnalata Sahoo, Smita Mohanty, S. K. Nayak

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Environmentally friendly Polyurethane(PU) synthesis from Castor oil(CO) has been studied extensively. Probably due to high proportion of fatty hydroxy acids and unsaturated bond, CO showed better performance than other oil, can be easily utilized as commercial applications. In this work, cured PU polymers having different –NCO/OH ratio with and without catalyst were synthesized by using partially biobased Isocyanate with castor oil (CO). Curing time has been studied by observing at the time of reaction, which can be confirmed by AT-FTIR. DSC has been studied to monitor the reaction between CO & Isocyanates using non Isothermal process. Curing kinetics have also been studied to investigate the catalytic effect of the NCO / OH ratio of Polyurethane. Adhesion properties were evaluated from Lapshear test. Tg of the PU polymer was evaluated by DSC which can be compared by DMA. Surface Properties were studied by contact angle measurement. Improvement of the interfacial adhesion between the nonpolar surface of Aluminum substrate and the polar adhesive has been studied by modifying surface.

Keywords: polyurethane, partially bio-based isocyanate, castor oil, catalyst

Procedia PDF Downloads 447

Authors: Camilo Andrés Agudelo Vélez, Lina María Martínez Sánchez, Isabel Cristina Ortiz Trujillo, Evert Armando Jiménez Cotes, Natalia Perilla Hernández, María de los Ángeles Rodríguez Gázquez, Daniel Duque Restrepo, Felipe Hernández Restrepo, Dayana Andrea Quintero Moreno, Juan José Builes Gómez, Camilo Ruiz Mejía, Ana Lucia Arango Gómez

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Preeclampsia is a clinical complication during pregnancy with high incidence in Colombia; therefore, it is important to evaluate the influence of external conditions and medical interventions, in order to promote measures that encourage improvements in the quality of life. Objective: Determine clinical and sociodemographic variables in women with preeclampsia. Methods: This cross-sectional study enrolled 50 patients with the diagnosis of preeclampsia, from a private institution in Medellin, during 2015. We used the software SPSS ver.20 for statistical analysis. For the qualitative variables, we calculated the mean and standard deviation, while, for ordinal and nominal levels of quantitative variables, ratios were estimated. Results: The average age was 26.8±5.9 years. The predominant characteristics were socioeconomic stratum 2 (48%), students (55%), mixed race (46%) and middle school as level of education (38%). As for clinical features, 72% of the cases were mild preeclampsia, and 22% were severe forms. The most common clinical manifestations were edema (46%), headache (62%), and proteinuria (55%). As for the Gyneco-obstetric history, 8% reported previous episodes of this disease and it was the first pregnancy for 60% of the patients. Conclusions: Preeclampsia is a frequent condition in young women; on the other hand, headache and edema were the most common reasons for consultation, therefore, doctors need to be aware of these symptoms in pregnant women.

Keywords: pre-eclampsia, hypertension, pregnancy complications, pregnancy, abdominal, edema

Procedia PDF Downloads 357

Authors: Aparna Soni

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The much-celebrated foretold story of Indian city engines driving the growth of India has been scrutinized to have serious consequences. A wide spectrum of scholarship has brought to light the un-equalizing effects and the need to adopt a rights-based approach to development planning in India. Notably, these concepts and discourses ubiquitously entail the study of land struggles in the making of Urban. In fact, the very progression of the primitive accumulation theory to accumulation by dispossession, followed by ‘dispossession without development,’ thereafter Development without dispossession and now as Dispossession by financialization noticeably the last three developing in a span of mere three decades, is evidence enough to trace the centrality and evolving role of land in the making of urban India. India, in the last decade, has seen its regional governments actively experimenting with alternative models of land assembly (Amaravati and Delhi land pooling models, the loudly advertised ones). These are publicized as a replacement to the presumably cost and time antagonistic, prone to litigation land acquisition act of 2013. It has been observed that most of the literature treats these models as a generic large bracket of land expropriation and do not, in particular, try to differentially analyse to granularly find a pattern in these alternatives. To cater to this gap, this research comparatively studies these alternative land, assembly models. It categorises them based on their basic architecture, spatial and sectoral application, and governance frameworks. It is found that these alternatives are ad-hoc and fragmented pieces of legislation. These are fit for profit models commodifying land to ease its access by the private sector for real estate led growth. The research augments the literature on the privatization of land use planning in India. Further, it attempts to discuss the increasing role a landowner is expected to play in the future and suggests a way forward to safeguard them from market risks. The study involves a thematic analysis of the policy elements contained in legislative/policy documents, notifications, office orders. The study also derives from the various widely circulated print media information. With the present field-visit limitations, the study relies on documents accessed open-source in the public domain.

Keywords: commodification, dispossession, land acquisition, landowner

Procedia PDF Downloads 162

Authors: Melike Orhan

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Along with impetuous physical change, configuration and increase in the density of cities, urban public spaces have started to become a transition area rather than spaces to inhabit. The insufficiency of public spaces, one of the most significant components of a city, where communal life is maintained and the decrease in the quality of urban spaces have led to an increase in the use of semi-public spaces as urban space. Semi-public spaces are those that ensure transition between private and public spaces and can be seen, observed, reached and used by urban-dwellers. Humans are in a constant relation to their surroundings and care for integration as part of their surroundings. Semi-public spaces providing balance for the individual between private spaces (structures) and urban-public spaces make this integration easier. Spaces with a semi-public characteristic serve for a particular neighboring unit and the user (i.e. common use areas in residential spaces and dwellings, common outdoor areas situated between office buildings, and etc.) These spaces, whose density of usage is increased with distinctive functions and activities, gain different attributions according to the characteristics of the urban space they are located in (commercial, residential, touristic, and etc.) and to the functions of the structures with which they are in relation. At the same time, they begin to serve other neighboring units along with an increase in public usage. As a result, the interaction between environment-space-structure-humans changes, which directly affects the urban space quality. The aim of this study is to determine how and depending on what characteristics the public usage density of semi-public spaces change and to put forth the effects of this change on the urban environment it is located in and to designate its role in terms of 'urban space quality'. In conclusion, within the scope of this study, semi-public spaces located in urban spaces with distinctive functions will be explored through examples, and the effects of these spaces with altered public usage and density on urban space and quality of life will be put forward. Accordingly, applicable criteria will be determined by means of semi-public spaces oriented at increasing and sustaining the quality of urban space.

Keywords: semi-public spaces, urban public spaces, urban space quality, public usage

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Authors: Alaa Abdellatif, Gabrièle Breda

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Background. Advanced therapy medicinal products (ATMPs) are innovative therapies that mainly target orphan diseases and high unmet medical needs. ATMP includes gene therapy medicinal products (GTMP), somatic cell therapy medicinal products (CTMP), and tissue-engineered therapies (TEP). Since legislation opened the way in 2007, 25 ATMPs have been approved in the EU, which is about the same amount as the U.S. Food and Drug Administration. However, not all of the ATMPs that have been approved have successfully reached the market and retained their approval. Objectives. We aim to understand all the factors limiting the market access to very promising therapies in a systemic approach, to be able to overcome these problems, in the future, with scientific, regulatory and commercial innovations. Further to recent reviews that focus either on specific countries, products, or dimensions, we will address all the challenges faced by ATMP development today. Methodology. We used mixed methods and a multi-level approach for data collection. First, we performed an updated academic literature review on ATMP development and their scientific and market access challenges (papers published between 2018 and April 2023). Second, we analyzed industry feedback from cell and gene therapy webinars and white papers published by providers and pharmaceutical industries. Finally, we established a comparative analysis of the regulatory guidelines published by EMA and the FDA for ATMP approval. Results: The main challenges in bringing these therapies to market are the high development costs. Developing ATMPs is expensive due to the need for specialized manufacturing processes. Furthermore, the regulatory pathways for ATMPs are often complex and can vary between countries, making it challenging to obtain approval and ensure compliance with different regulations. As a result of the high costs associated with ATMPs, challenges in obtaining reimbursement from healthcare payers lead to limited patient access to these treatments. ATMPs are often developed for orphan diseases, which means that the patient population is limited for clinical trials which can make it challenging to demonstrate their safety and efficacy. In addition, the complex manufacturing processes required for ATMPs can make it challenging to scale up production to meet demand, which can limit their availability and increase costs. Finally, ATMPs face safety and efficacy challenges: dangerous adverse events of these therapies like toxicity related to the use of viral vectors or cell therapy, starting material and donor-related aspects. Conclusion. As a result of our mixed method analysis, we found that ATMPs face a number of challenges in their development, regulatory approval, and commercialization and that addressing these challenges requires collaboration between industry, regulators, healthcare providers, and patient groups. This first analysis will help us to address, for each challenge, proper and innovative solution(s) in order to increase the number of ATMPs approved and reach the patients

Keywords: advanced therapy medicinal products (ATMPs), product development, market access, innovation

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Authors: Atinder Pal Kaur

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A central characteristic of people is their apparent movement from one station to other for their sustenance. Human migration has become one of the most challenging issues faced by the world today. Migration represents an important dimension in world-wide setting; and remittances received by families constitute a major agent in integrating societies in the all over the world, both economically and socially. This paper is an attempt to explore the impact of male migration and remittances upon the family system. This paper brings out how the women play the role of head of the household and take all the economic decisions, but still faces discrimination in the family, that bring loneliness and emotional breakdown on their personal front. For the purpose of this study, data was collected using 30 interviews and 10 case studies in the Doaba region of Punjab. The respondents were classified into two age groups 20-35 years and above 40 years aged women whose husbands migrated abroad. The findings of this study revealed that even though the women were taking some of the economic decisions, but in majority of the cases the patriarchal structure still existed and power remained in the hands of their husbands or in-laws. It was found that women of different age groups reported differently in terms of authority that they have regarding remittances and its consequences in their emotional well-being. The distinction related to their participation in public and private spheres still exists and public spheres are mostly dominated by male members of the family. It can be concluded that freedom of women to take decision on their own is still restricted and they are subjugated to follow their husband or in-law’s opinion in matters related to both public and private spheres. However, old age group women enjoyed more independence and freedom to take decision in comparison to young age women. Loneliness and depression were more common in the young age respondent’s group than in old age women.

Keywords: gender discrimination, migration, patriarchal structure, remittances

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Authors: Timothy Kayode Samson, Adedoyin Isola Lawal

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The past five years have shown a sharp increase in public interest in the crypto market, with its market capitalization growing from $100 billion in June 2017 to $2158.42 billion on April 5, 2022. Despite the outrageous nature of the volatility of cryptocurrencies, the use of skewed error innovation distributions in modelling the volatility behaviour of these digital currencies has not been given much research attention. Hence, this study models the volatility of 5 largest cryptocurrencies by market capitalization (Bitcoin, Ethereum, Tether, Binance coin, and USD Coin) using four variants of GARCH models (GJR-GARCH, sGARCH, EGARCH, and APARCH) estimated using three skewed error innovation distributions (skewed normal, skewed student- t and skewed generalized error innovation distributions). Daily closing prices of these currencies were obtained from Yahoo Finance website. Finding reveals that the Binance coin reported higher mean returns compared to other digital currencies, while the skewness indicates that the Binance coin, Tether, and USD coin increased more than they decreased in values within the period of study. For both Bitcoin and Ethereum, negative skewness was obtained, meaning that within the period of study, the returns of these currencies decreased more than they increased in value. Returns from these cryptocurrencies were found to be stationary but not normality distributed with evidence of the ARCH effect. The skewness parameters in all best forecasting models were all significant (p<.05), justifying of use of skewed error innovation distributions with a fatter tail than normal, Student-t, and generalized error innovation distributions. For Binance coin, EGARCH-sstd outperformed other volatility models, while for Bitcoin, Ethereum, Tether, and USD coin, the best forecasting models were EGARCH-sstd, APARCH-sstd, EGARCH-sged, and GJR-GARCH-sstd, respectively. This suggests the superiority of skewed Student t- distribution and skewed generalized error distribution over the skewed normal distribution.

Keywords: skewed generalized error distribution, skewed normal distribution, skewed student t- distribution, APARCH, EGARCH, sGARCH, GJR-GARCH

Procedia PDF Downloads 110

Authors: B. C. Biermann

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This in-depth exploration investigates the transformative integration of urban vibrancy into contemporary interior design through the strategic incorporation of vivid wall pieces. Bridging the gap between public dynamism and private tranquility, this study delves into the nuanced methodologies, creative processes, and profound impacts of this innovative approach. Drawing inspiration from street art's dynamic language and the timeless allure of natural beauty, these artworks serve as conduits, orchestrating a dialogue that challenges traditional boundaries and redefines the relationship between external chaos and internal sanctuaries. The fusion of urban vibrancy with contemporary interior design represents a paradigm shift, where the inherent dynamism of public spaces harmoniously converges with the curated tranquility of private environments. This paper aims to explore the underlying principles, creative processes, and transformative impacts of integrating vivid wall pieces as instruments for bringing the "outside in." Employing an innovative and meticulous methodology, street art elements are synthesized with the refined aesthetics of contemporary design. This delicate balance necessitates a nuanced understanding of both artistic realms, ensuring a synthesis that captures the essence of urban energy while seamlessly blending with the sophistication of modern interior design. The creative process involves a strategic selection of street art motifs, colors, and textures that resonate with the organic beauty found in natural landscapes, creating a symbiotic relationship between the grittiness of the streets and the elegance of interior spaces. This groundbreaking approach defies traditional boundaries by integrating dynamic street art into interior spaces, blurring the demarcation between external chaos and internal tranquility. Vivid wall pieces serve as dynamic focal points, transforming physical spaces and challenging conventional perceptions of where art belongs. This redefinition asserts that boundaries are fluid and meant to be transcended. Case studies illustrate the profound impact of integrating vivid wall pieces on the aesthetic appeal of interior spaces. Urban vibrancy revitalizes the atmosphere, infusing it with palpable energy that resonates with the vivacity of public spaces. The curated tranquility of private interiors coexists harmoniously with the dynamic visual language of street art, fostering a unique and evolving relationship between inhabitants and their living spaces. Emphasizing harmonious coexistence, the paper underscores the potential for a seamless dialogue between public urban spaces and private interiors. The integration of vivid wall pieces acts as a bridge rather than a dichotomy, merging the dynamism of street art with the curated elegance of contemporary design. This unique visual tapestry transcends traditional categorizations, fostering a symbiotic relationship between contrasting worlds. In conclusion, this paper posits that the integration of vivid wall pieces represents a transformative tool for contemporary interior design, challenging and redefining conventional boundaries. By strategically bringing the "outside in," this approach transforms interior spaces and heralds a paradigm shift in the relationship between urban aesthetics and contemporary living. The ongoing narrative between urban vibrancy and interior design creates spaces that reflect the dynamic and ever-evolving nature of the surrounding environment.

Keywords: Art Integration, Contemporary Interior Design, Interior Space Transformation, Vivid Wall Pieces

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Authors: Beatriz Mella Lira, Karla Yohannessen, Robin Hickman

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The aim of the paper is recognising inequalities through the self-assessment of health-related factors, in the context of daily mobilities in Santiago de Chile. Human capabilities will be used as the theoretical basis for the recognition and assessment of these factors regarding the functioning (what people are currently able to do) and capabilities (what people want to achieve and what is valuable for them), reflecting differences across social groups and among types of transport users. The self-assessment of health-related factors considers perceptions of stress, physical effort, proximity to other transport users, pollution, safety, and comfort. The types of transport users are classified as: private (cars, taxis, colectivos, motos), public (buses and metro) and active (bicycles and walking). The methodology follows a capability-based questionnaire, which was applied in different areas of Santiago de Chile, considering concepts extracted from the human capabilities list. The self-assessment of these health-related factors examines the context of peoples’ mobilities for performing their daily activities, considering socioeconomic differences as income, age, gender, disabilities, residence location and primary mode choice. The paper uses Relative Importance Index (RII) for weighting the relative influence or valuation of the factors. The respondents were asked to rate the importance of each factor on a scale from 1 to 5, in an ascending order of importance. The results suggest that these health-related factors impact not just the perceptions of users, but their well-being and their propensity for achieving their capabilities and the things they value in life. The paper is focused on the development of an applicable approach, measuring factors that should be included in transport project appraisal, as a more comprehensive and complementary method.

Keywords: active transport, health, human capabilities, Santiago de Chile, transport inequalities, transportation planning, urban planning

Procedia PDF Downloads 187

Authors: Andrew Clark

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McCauley, Bassler, and Gunaratne show that integration I(d) processes as used in economics and finance do not necessarily produce stationary increments, which are required to determine causality in both the short term and the long term. This paper follows their lead and shows I(d) aluminum cash and futures log prices at daily and weekly intervals do not have stationary increments, which means prior causality studies using I(d) processes need to be re-examined. Wavelets based on undifferenced cash and futures log prices do have stationary increments and are used along with transfer entropy (versus cointegration) to measure causality. Wavelets exhibit causality at most daily time scales out to 1 year, and weekly time scales out to 1 year and more. To determine stationarity, localized stationary wavelets are used. LSWs have the benefit, versus other means of testing for stationarity, of using multiple hypothesis tests to determine stationarity. As informational flows exist between cash and futures at daily and weekly intervals, the aluminum market is efficient. Therefore, hedges used by producers and consumers of aluminum need not have a big concern in terms of the underestimation of hedge ratios. Questions about arbitrage given efficiency are addressed in the paper.

Keywords: transfer entropy, nonstationary increments, wavelets, localized stationary wavelets, localized stationary wavelets

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Authors: Ambra Giovannelli, Coriolano Salvini

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Many efforts have been spent in the design and development of Concentrated Solar Power (CPS) Plants worldwide. Most of them are for on-grid electricity generation and they are large plants which can benefit from the economies of scale. Nevertheless, several potential applications for Small and Medium-Scale CSP plants can be relevant in the industrial sector as well as for off-grid purposes (i.e. in rural contexts). In a wide range of industrial processes, CSP technologies can be used for heat generation replacing conventional primary sources. For such market, proven technologies (usually hybrid solutions) already exist: more than 100 installations, especially in developing countries, are in operation and performance can be verified. On the other hand, concerning off-grid applications, solar technologies are not so mature. Even if the market offers a potential deployment of such systems, especially in countries where the access to grid is strongly limited, optimized solutions have not been developed yet. In this context, steam power plants can be taken into consideration for medium scale installations, due to the recent results achieved with direct steam generation systems based on paraboloidal dish or Fresnel lens solar concentrators. Steam at 4.0-4.5 MPa and 500°C can be produced directly by means of innovative solar receivers (some prototypes already exist). Although it could seem a promising technology, presently, steam turbines commercially available do not cover the required cycle specifications. In particular, while low-pressure turbines already exist on the market, high-pressure groups, necessary for the abovementioned applications, are not available. The present paper deals with the preliminary design of a high-pressure steam turbine group for a medium-scale CSP plant (200-1000 kWe). Such a group is arranged in a single geared package composed of four radial expander wheels. Such wheels have been chosen on the basis of automotive turbocharging technology and then modified to take the new requirements into account. Results related to the preliminary geometry selection and to the analysis of the high-pressure turbine group performance are reported and widely discussed.

Keywords: concentrated solar power (CSP) plants, steam turbine, radial turbine, medium-scale power plants

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

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

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

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Authors: Bai-Jing Peng, Shyh-Chyun Yang

Abstract:

Organic reactions in water have recently attracted much attention, not only because unique reactivity is often observed in water but also because water is a safe and economical substitute for conventional organic solvents. Thus, development of environmental safe, atom-economical reactions in water is one of the most important goals of synthetic chemistry. The recent paper has documented renewed interest in the use of allylic substrates in the synthesis of new C−C, C−N, and C−O bonds. We have reported our attempts and some successful applications of a process involving the C-O bond cleavage catalyzed by palladium or platinum complexes in water. Because of the importance of heterocycle indole derivatives, much effort has been directed toward the development of methods for functionalization of the indole nucleus at N1 site. In our research, the palladium-catalyzed 2,3-disubstitued indoles with allylic alcohols was investigated under different conditions. Herein, we will establish a simple, convenient, and efficient method, which affords high yields of allylated indoles.

Keywords: palladium-catalyzed, allylic alcohols, indoles, water, allylation

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Authors: Ahmed Sameer El Khatib

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The aim of the present paper is to examine the revenue efficiency of the Indonesian Islamic banking sector. The study also seeks to investigate the potential internal (bank specific) and external (macroeconomic) determinants that influence the revenue efficiency of Indonesian domestic Islamic banks. We employ the whole gamut of domestic and foreign Islamic banks operating in the Indonesian Islamic banking sector during the period of 2009 to 2018. The level of revenue efficiency is computed by using the Data Envelopment Analysis (DEA) method. Furthermore, we employ a panel regression analysis framework based on the Ordinary Least Square (OLS) method to examine the potential determinants of revenue efficiency. The results indicate that the level of revenue efficiency of Indonesian domestic Islamic banks is lower compared to their foreign Islamic bank counterparts. We find that bank market power, liquidity, and management quality significantly influence the improvement in revenue efficiency of the Indonesian domestic Islamic banks during the period under study. By calculating these efficiency concepts, we can observe the efficiency levels of the domestic and foreign Islamic banks. In addition, by comparing both cost and profit efficiency, we can identify the influence of the revenue efficiency on the banks’ profitability.

Keywords: Islamic Finance, Islamic Banks, Revenue Efficiency, Data Envelopment Analysis

Procedia PDF Downloads 237

Authors: Ibrahim Arslan

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Since 1984, Turkey has experienced a significant transformation in legal and economic matters. The most consequential examples of this transformation in recent years are the renewal of the Commercial Code and the Check Act. Nowadays, the commercial activity is not limited within the boundaries of the country; on the contrary, as required by the global economy, it has an international dimension. For this reason, unlike some other legal principles, the rules regulating the commercial life should be compatible with the international standards as much as possible. Otherwise the development possibility in the global markets will be limited. The Check Act has been adopted in 2009 and the Commercial Code has been adopted in 2011. The Commercial Code has been entered into force on 1 July 2012. The international dimension of check is in-disputable for it is based on the Geneva Convention. However, the Turkish business life has created a unique application of this legal tool. This application is called “post-date” checks. Indeed the majority of the checks being used in the market are post-dated checks. The holders of these checks have waited the date written on the check for presentation and collection. Thus, the actual situation has occurred. This actual situation has been legitimized via Check Act No. 5941 and post dated checks have gained a legal status. In the preparation of the new the Turkish Commercial Code one of the goals is "to ensure that the Turkish commercial law becomes a part of the international market". To achieve this goal, significant changes have been made especially concerning the independent external audition of the corporations, the board structure and public disclosure regulations. These changes aim to facilitate the internationalization of Turkish corporations as well as intensification of foreign direct investments through foreign capital. Although the target has been determined this way, after the adoption but five days before the entry into force of the Turkish Commercial Code No. 6102, a law made backward going alterations concerning independent external audition and public disclosure regulations. Turkish Commercial Code has been currently in force with its altered status. Both the regulations in the Check Act as well as the changes in the Commercial Code are not compatible with the goals introduced by rationale “to ensure Turkish commercial law to be a part of the international market” as such.

Keywords: Turkish Commercial Code No. 6102, Turkish Check Act, “post-date” checks, legal changes

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Authors: Ciaran Smiddy, Fergus Nugent, Karen Fitzmaurice

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A measure of prescribing and administration of Antimicrobial Prophylaxis before and during Covid-19(2019 vs. 2021) was desired to assess how these were affected by Covid-19. Antimicrobial Prophylaxis was assessed for 60 patients, under 3 Orthopaedic Consultants, against local guidelines. The study found that compliance with guidelines improved significantly, from 60% to 83%, but Appropriate use of Vancomycin reduced from 37% to 29%.

Keywords: antimicrobial stewardship, prescribing, spinal surgery, vancomycin

Procedia PDF Downloads 168

Authors: Yuanping Yang, Ruolin Zhou, Xingyu Liu, Lianbin Wu

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Based on the challenges of silanization of pharmaceutical glass packaging materials, the silicone oil high-temperature baking method consumes a lot of energy; silicone oil is generally physically adsorbed on the inner surface of the medical vials, leading to protein adsorption on the surface of the silicone oil and fall off, so that the number of particles in the drug solution increases, which brings potential risks to people. In this paper, a new silanizing method is proposed. High-efficiency silanization is achieved by grafting trimethylsilyl groups to the inner surface of medical vials by chemical bond at low temperatures. The inner wall of the vial successfully obtained stable hydrophobicity, and the water contact Angle of the surface reached 100°~110°. With the increase of silicified reagent concentration, the water resistance of corresponding treatment vials increased gradually. This treatment can effectively reduce the risk of pH value increase and sodium ion leaching.

Keywords: low-temperature silanization, medical vials, chemical bonding, hydrophobicity

Procedia PDF Downloads 75

Authors: Miho Tsukamoto

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Since the initial creation of the Barbie doll in 1959, it became a symbol of US society. Likewise, the Licca-chan, a Japanese doll created in 1967, also became a Japanese symbolic doll of Japanese society. Prior to the introduction of Licca-chan, Barbie was already marketed in Japan but their sales were dismal. Licca-chan (an actual name: Kayama Licca) is a plastic doll with a variety of sizes ranging from 21.0 cm to 29.0 cm which many Japanese girls dream of having. For over 35 years, the manufacturer, Takara Co., Ltd. has sold over 48 million dolls and has produced doll houses, accessories, clothes, and Licca-chan video games for the Nintendo DS. Many First-generation Licca-chan consumers still are enamored with Licca-chan, and go to Licca-chan House, in an amusement park with their daughters. These people are called Licca-chan maniacs, as they enjoy touring the Licca-chan’s factory in Tohoku or purchase various Licca-chan accessories. After the successful launch of Licca-chan into the Japanese market, a mixed-like doll from the US and Japan, a doll, JeNny, was later sold in the same Japanese market by Takara Co., Ltd. in 1982. Comparison of these cultural iconic dolls, Barbie and Licca-chan, are analyzed in this paper. In fact, these dolls have concepts of girls’ dreams. By using concepts of mythology of Jean Baudrillard, these dolls can be represented idealized images of figures in the products for consumers, but at the same time, consumers can see products with different perspectives, which can cause controversy.

Keywords: Barbie, dolls, JeNny, idealization, Licca-chan

Procedia PDF Downloads 267

Authors: Fengmei Li, Li Xu, Guoliang Xia

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Lysozyme is a catalytic enzyme that performs bacterial cell lysis by cleaving the β-1,4-glycosidic bond between N-acetylmuramic acid and N-acetylglucosamine of peptidoglycan in cell walls. In the present study, an invertebrate-type (i-type) lysozyme gene was cloned from Chinese mitten crab Eriocheir sinensis (designated as EsLysozyme) based on PCR-based rapid amplification of cDNA ends (RACE) technology. The full-length cDNA of EsLysozyme was of 831 bp. SMART and SIGNALP 3.0 program analysis revealed that EsLysozyme contained a signal peptide and a destabilase domain. The five amino acid residues (Tyr63, Trp64, Tyr91, His110, Pro114) and the conserved motif GSLSCG(P/Y)FQI and CL(E/L/R/H)C(I/M)C in i-type lysozymes were also found in EsLysozyme. The high similarity of EsLysozyme with L. vannamei lysozymes and phylogenetic analysis suggested that EsLysozyme should be a new member of i-type lysozyme family.

Keywords: i-type lysozyme, Eriocheir sinensis, cloning, characterization

Procedia PDF Downloads 288

Authors: Tomofumi Kubota, Mitsuhiro Okayasu

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In recent years, environmental problems and energy problems typified by global warming are intensifying, and transportation devices are required to reduce the weight of structural materials from the viewpoint of strengthening fuel efficiency regulations and energy saving. Carbon fiber reinforced plastic (CFRP) used in this research is attracting attention as a structural material to replace metallic materials. Among them, thermoplastic CFRP is expected to expand its application range in terms of recyclability and cost. High formability and weldability of the unidirectional CFRP sheets conducted by a proposed hot stamping process were proposed, in which the carbon fiber reinforced plastic sheets are heated by a designed technique. In this case, the CFRP sheets are heated by the high electric voltage applied through carbon fibers. In addition, the electric voltage was controlled by the area ratio of exposed carbon fiber on the sample surfaces. The lower exposed carbon fiber on the sample surface makes high electric resistance leading to the high sample temperature. In this case, the CFRP sheets can be heated to more than 150 °C. With the sample heating, the stamping and welding technologies can be carried out. By changing the sample temperature, the suitable stamping condition can be detected. Moreover, the proper welding connection of the CFRP sheets was proposed. In this study, we propose a fusion bonding technique using thermoplasticity, high current flow, and heating caused by electrical resistance. This technology uses the principle of resistance spot welding. In particular, the relationship between the carbon fiber exposure rate and the electrical resistance value that affect the bonding strength is investigated. In this approach, the mechanical connection using rivet is also conducted to make a comparison of the severity of welding. The change of connecting strength is reflected by the fracture mechanism. The low and high connecting strength are obtained for the separation of two CFRP sheets and fractured inside the CFRP sheet, respectively. In addition to the two fracture modes, micro-cracks in CFRP are also detected. This approach also includes mechanical connections using rivets to compare the severity of the welds. The change in bond strength is reflected by the destruction mechanism. Low and high bond strengths were obtained to separate the two CFRP sheets, each broken inside the CFRP sheets. In addition to the two failure modes, micro cracks in CFRP are also detected. In this research, from the relationship between the surface carbon fiber ratio and the electrical resistance value, it was found that different carbon fiber ratios had similar electrical resistance values. Therefore, we investigated which of carbon fiber and resin is more influential to bonding strength. As a result, the lower the carbon fiber ratio, the higher the bonding strength. And this is 50% better than the conventional average strength. This can be evaluated by observing whether the fracture mode is interface fracture or internal fracture.

Keywords: CFRP, hot stamping, weliding, deforamtion, mechanical property

Procedia PDF Downloads 122

Authors: Mohammed Hamood Al-Amri, Fakhriya Khalfan Al Yahyai

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The current case study aimed to investigate the roles of art extra activities in promoting the psychological sides in the Higher Education Institutions in the Sultanate of Oman and its challenges. The sample of the study consisted of (331) students (111 males and 220 females) were chosen randomly from four higher education institutions in Oman. For the purpose of achieving the objectives of the study, the researchers prepared a questioner consisted of (52 items) divided into two main sections (psychological sides & challenges), and the validity and reliability were established. The results of the study showed that the important of the roles of art extra activities in promoting and supporting the psychologic sides in the Higher Education Institutions as the respondents scored highly in all study tool sections with means rated between (3.65 to 4.25). The results also indicated that there were statistically differences between the average scores of the study sample members regarding the roles of art extra activities in promoting the psychological sides in the Higher Education Institutions due to type of institution in favor of the private institutions as well as in favor of females' students. The results also show there is statistically significant differences in the type of accommodation regarding the psychological side due to inside compass accommodation. Regarding the challenges facing students to participating in art extra activities, the results showed that the challenges relating to the academic study become the first, followed by the personal challenges related to the students themselves. The results also indicated that there were statistically differences at (α=0.05) between the average scores of the study sample members regarding identify the challenges for students' reluctance in favour of the private institutions. The results also there were no statistically significant differences among the sample responds due to the agenda, year of study, and type of accommodations. This study ended up with some recommendations and suggestions to activate the roles of art extra activities in promoting the psychological sides in the Higher Education Institutions with references to some solutions for the challenges.

Keywords: art activities, psychological sides, higher education institutions, challenges and oman

Procedia PDF Downloads 86

Authors: Joanna Stawska

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

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

Procedia PDF Downloads 437

Authors: Bilge Afşar, Zeynep Karaçor, Burcu Guvenek

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The aim of this study is to examine and analyze the effect of macroeconomic policies on foreign trade. In the study, the effect of the macroeconomic policies applied in Turkey after 2001 on foreign trade was scrutinized carrying out a survey study in the sample of the province Konya. In the survey study, the survey was administered to a total of 209 exporter firms, which are the members of Konya Chamber of Commerce. While 51 of the firms, to which the survey was administered, exported below $ 100,000, 158 of them are the firms exporting above $ 100,000. Survey was realized in the way of face to face interview with the firms in the rate of 79%. 47% of the institutions forming the mass were reached. In forming survey questionnaire, in general, 5-point Likert scale was used. In order to assess the study results, SPSS 15 package program was utilized. In the survey, foreign trade activities of the firms in Konya were analyzed; and the problems they face, while performing foreign trade, and those needing to be carried out for increasing foreign trade volume of Konya were revealed by determining how and at what degree they were affected from the macroeconomic policies applied. Thus, foreign trade structure and state of the province Konya were attempted to be analyzed. In the survey study, it emerges that although the problems Konya faces in foreign trade overlap with the problems across Turkey, the province Konya seems to be affected relatively less from the last crisis with its equity capital in either trade or other areas. Until the year 2008, while Konya is in a position of the province continuously increasing its export, also with the effect of global crisis, in 2009, a fall was seen in the amount of export. The results emerging in the survey study also confirm this case. In parallel with demand inadequacy and recession all over the world, firms experience trouble. However, again according to our survey result, foreign market weight of firms shifted from EU countries to Russia, East Bloc, and Middle East countries. This prevented Konya from negative affecting from EU crisis at maximum level. That is, Russian and Middle East market express significance for Konya. That market is diversified, and being relatively rid of dependence to EU is extremely important in terms of Konya export.

Keywords: economy, foreign trade, economic crise, macro economic politicies

Procedia PDF Downloads 295

Authors: Wafaa Salah, Mostafa A. Salama, Jane Doe

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Recently, the corporate social performance (CSP) is not less important than the corporate financial performance (CFP). Debate still exists about the nature of the relationship between the CSP and CFP, whether it is a positive, negative or a neutral correlation. The objective of this study is to explore the relationship between corporate social responsibility (CSR) reports and CFP. The study uses the accounting-based and market-based quantitative measures to quantify the financial performance of seven organizations listed on the Egyptian Stock Exchange in 2007-2014. Then uses the information retrieval technologies to quantify the contribution of each of the three dimensions of the corporate social responsibility report (environmental, social and economic). Finally, the correlation between these two sets of variables is viewed together in a model to detect the correlations between them. This model is applied on seven firms that generate social responsibility reports. The results show a positive correlation between the Earnings per share (market based measure) and the economical dimension in the CSR report. On the other hand, total assets and property, plant and equipment (accounting-based measure) are positively correlated to the environmental and social dimensions of the CSR reports. While there is not any significant relationship between ROA, ROE, Operating income and corporate social responsibility. This study contributes to the literature by providing more clarification of the relationship between CFP and the isolated CSR activities in a developing country.

Keywords: financial, social, machine learning, corporate social performance, corporate social responsibility

Procedia PDF Downloads 308