Search results for: currency board arrangement

Authors: Rafael Martins Manzano Silva, Jean-Francois Tremong

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Electrification of railway lines allows to increase speed, power, capacity and energetic efficiency of rolling stocks. However, this process of electrification is complex and costly. An electrification project is not just about design of catenary. It also includes installation of structures around electrification, as substation installation, electrical isolation, signalling, telecommunication and civil engineering structures. France has more than 30,000 km of railways, whose only 53% are electrified. The others 47% of railways use diesel locomotive and represent only 10% of the circulation (tons.km). For this reason, a new type of electrification, less expensive than the usual, is requested to enable the modernization of these railways. One solution could be the use of hybrids trains. This technology opens up new opportunities for less expensive infrastructure development such as the partial electrification of railway lines. In a partially electrified railway, the power supply of theses hybrid trains could be made either by the catenary or by the on-board energy storage system (ESS). Thus, the on-board ESS would feed the energetic needs of the train along the non-electrified zones while in electrified zones, the catenary would feed the train and recharge the on-board ESS. This paper’s objective deals with the technical and economic potential identification of partial electrification of railway lines. This study provides different scenarios of electrification by replacing the most expensive places to electrify using on-board ESS. The target is to reduce the cost of new electrification projects, i.e. reduce the cost of electrification infrastructures while not increasing the cost of rolling stocks. In this study, scenarios are constructed in function of the electrification’s cost of each structure. The electrification’s cost varies considerably because of the installation of catenary support in tunnels, bridges and viaducts is much more expensive than in others zones of the railway. These scenarios will be used to describe the power supply system and to choose between the catenary and the on-board energy storage depending on the position of the train on the railway. To identify the influence of each partial electrification scenario in the sizing of the on-board ESS, a model of the railway line and of the rolling stock is developed for a real case. This real case concerns a railway line located in the south of France. The energy consumption and the power demanded at each point of the line for each power supply (catenary or on-board ESS) are provided at the end of the simulation. Finally, the cost of a partial electrification is obtained by adding the civil engineering costs of the zones to be electrified plus the cost of the on-board ESS. The study of the technical and economic potential ends with the identification of the most economically interesting scenario of electrification.

Keywords: electrification, hybrid, railway, storage

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Authors: Joel S. Akintayo, Ramat T. Salman

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The stakeholders’ pressure on corporate managers to maintain firm’s profitability has created economic incentives for management to engage in earnings management practices. Therefore, this study examines the effects of audit quality and corporate governance on earnings management of quoted deposit money banks (DMBs) in Nigeria. This study specifically investigates the influence of audit tenure, audit fee, board independence, and board size on earnings management of DMBs. Explanatory research design was employed in carrying out the study while secondary data were sourced from the annual reports and accounts of all the 15 quoted DMBs in Nigerian Stock Exchange as at December 31, 2015 for a period of 10 years covering from 2006 to 2015. The data obtained for the study were analyzed using panel regression analysis approach. The findings reveal that board independence has a negative significant effect on earnings management at a 5% level of significance (p=0.002), while audit fee has a positive significant effect on earnings management at a 5% level of significance (p=0.013) and audit tenure has a negative significant effect on earnings management of DMBs at a 5% level of significance (p=0.003). Surprisingly, board size was statistically not significant at a 5% level of significance (p=0.086). The study concludes that high audit quality and sound corporate governance could improve the earnings quality of DMBs. Hence, the study recommends that the authorities saddled with the responsibility of banking supervision in Nigeria such the Securities and Exchange Commission (SEC) and CBN to advise the National Assembly in Nigeria to pass into law the three years professional requirement for audit tenure.

Keywords: audit quality, audit tenure, audit fee, board independence, corporate governance, earnings management

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Authors: Xin Li, Ji-Yang Yu, Yue-Hua Niu, Lu-Yuan Wang

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As an inevitable chain of the space data acquirement system, space-borne storage system based on Nand Flash has gradually been implemented in spacecraft. In face of massive, parallel and varied data on board, efficient data management become an important issue of storage research. Face to the requirements of high-performance and reliability in Nand Flash storage system, a combination of hardware and file system design can drastically increase system dependability, even for missions with a very long duration. More sophisticated flash storage concepts with advanced operating systems have been researched to improve the reliability of Nand Flash storage system on satellites. In this paper, architecture of file system with multi-channel data acquisition and storage on board is proposed, which obtains large-capacity and high-performance with the combine of intra-channel pipeline and device partition in Nand Flash. Multi-channel data in different rate are stored as independent files with parallel-storage system in device partition, which assures the high-effective and reliable throughput of file treatments. For massive and high-speed data storage, an efficiency assessment model is established to calculate the bandwidth formula of intra-channel pipeline. Information tables designed in Magnetoresistive RAM (MRAM) hold the management of bad block in Nand Flash and the arrangement of file system address for the high-reliability of data storage. During the full-load test, the throughput of 3D PLUS Module 160Gb Nand Flash can reach 120Mbps for store and reach 120Mbps for playback, which efficiently satisfies the requirement of multi-channel data acquisition in Satellite. Compared with previous literature, the results of experiments verify the advantages of the proposed system.

Keywords: device partition architecture, intra-channel pipelining, nand flash, parallel storage

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Authors: Bangkit Adhi Nugraha, Bambang Suripto

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On September 2016 Bank Indonesia (BI) release regulation no.18/18/PBI/2016 that permit bank clients for using the FX option call spread USD/IDR. Basically, this product is a combination between clients buy FX call option (pay premium) and sell FX call option (receive premium) to protect against currency depreciation while also capping the potential upside with cheap premium cost. BI classifies this product as a structured product. The structured product is combination at least two financial instruments, either derivative or non-derivative instruments. The call spread is the first structured product against IDR permitted by BI since 2009 as response the demand increase from Indonesia firms on FX hedging through derivative for protecting market risk their foreign currency asset or liability. The composition of hedging products on Indonesian FX market increase from 35% on 2015 to 40% on 2016, the majority on swap product (FX forward, FX swap, cross currency swap). Swap is formulated by interest rate difference of the two currency pairs. The cost of swap product is 7% for USD/IDR with one year USD/IDR volatility 13%. That cost level makes swap products seem expensive for hedging buyers. Because call spread cost (around 1.5-3%) cheaper than swap, the most Indonesian firms are using NDF FX call spread USD/IDR on offshore with outstanding amount around 10 billion USD. The cheaper cost of call spread is the main advantage for hedging buyers. The problem arises because BI regulation requires the call spread buyer doing the dynamic hedging. That means, if call spread buyer choose strike price 1 and strike price 2 and volatility USD/IDR exchange rate surpass strike price 2, then the call spread buyer must buy another call spread with strike price 1’ (strike price 1’ = strike price 2) and strike price 2’ (strike price 2’ > strike price 1‘). It could make the premium cost of call spread doubled or even more and dismiss the purpose of hedging buyer to find the cheapest hedging cost. It is very crucial for the buyer to choose best optimum strike price before entering into the transaction. To help hedging buyer find the optimum strike price and avoid expensive multiple premium cost, we observe ten years 2005-2015 historical data of USD/IDR volatility to be compared with the price movement of the call spread USD/IDR using Garman–Kohlhagen Model (as a common formula on FX option pricing). We use statistical tools to analysis data correlation, understand nature of call spread price movement over ten years, and determine factors affecting price movement. We select some range of strike price and tenor and calculate the probability of dynamic hedging to occur and how much it’s cost. We found USD/IDR currency pairs is too uncertain and make dynamic hedging riskier and more expensive. We validated this result using one year data and shown small RMS. The study result could be used to understand nature of FX call spread and determine optimum strike price for hedging plan.

Keywords: FX call spread USD/IDR, USD/IDR volatility statistical analysis, Garman–Kohlhagen Model on FX Option USD/IDR, Bank Indonesia Regulation no.18/18/PBI/2016

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Authors: Minase Yitbarek Mengistu, Abrham Melkamu, Dawit Yisfaw, Bisrat Belihu, Abdulhakim Lalega

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This research was aimed at reducing and recycling waste paper and sawdust from our environment, thereby reducing environmental pollution resulting from the management/disposal of these waste materials. In this research, some mechanical properties of composite ceiling board materials made from waste paper, sawdust, and pineapple leaf fibers were investigated to determine their suitability for use in low-cost construction work. The ceiling board was obtained from the waste of paper, sawdust chips, and pineapple leaf fibers by manual mechanical bonding techniques using dissolved polystyrene films as a binding agent. The results obtained showed that the water absorption values of between 6 % and 8.1 %; as well as density values of 500 kg/mm3 and 611.1 kg/mm3.From our result, the better one is a ratio of pineapple leaf fiber 25%, sawdust 40%, binder 25%, and waste paper 10%. The composite ceiling boards were successfully nailed with firm grips. These values obtained were compared with those of the conventional ceiling boards and it was observed that these composite materials can be used for internal low-cost construction work and Insulation (acoustic and thermal) performance. It is highly recommended that small and medium enterprises be encouraged to venture into waste recycling and the production of these composite ceiling materials to create jobs for skilled and unskilled labor that are locally available.

Keywords: composite material, environment, textile, ceiling board

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Authors: Katarzyna Falkowicz

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The work focused on the original concept of a thin-walled plate element with a cut-out, for use as a spring or load-bearing element. The subject of the study were rectangular plates with a cut-out with variable geometrical parameters and with a variable angle of fiber arrangement, made of a carbon-epoxy composite with high strength properties in an asymmetrical arrangement, subjected to uniform compression. The influence of geometrical parameters of the cut-out and the angle of fiber arrangement on the value of critical load of the structure and buckling form was investigated. Uniform thin plates are relatively cheap to manufacture, however due to their low bending stiffness; they can carry relatively small loads. The lowest form of loss of plate stability, which is the bending form, leads to its rapid destruction due to high deflection increases, with a slight increase in compressive load - low rigidity of the structure. However, the stiffness characteristics of the structure change significantly when the work of plate is forcing according to the higher flexural-torsional form of buckling. The plate is able to carry a much higher compressive load while maintaining much stiffer work characteristics in the post-critical range. The calculations carried out earlier show that plates with forced higher form of buckling are characterized by stable, progressive paths of post-critical equilibrium, enabling their use as elastic elements. The characteristics of such elements can be designed in a wide range by changing the geometrical parameters of the cut-out, i.e. height and width as well as by changing the angle of fiber arrangement The commercial ABAQUS program using the finite element method was used to develop the discrete model and perform numerical calculations. The obtained results are of significant practical importance in the design of structures with elastic elements, allowing to achieve the required maintenance characteristics of the device.

Keywords: buckling mode, numerical method, unsymmetrical laminates, thin-walled elastic elements

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Authors: Ling Qi, Matloob Khushi, Josiah Poon

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This paper introduces a pre-trained Masked Candlestick Model (MCM) for trading time-series data. The pre-trained model is based on three core designs. First, we convert trading price data at each data point as a set of normalized elements and produce embeddings of each element. Second, we generate a masked sequence of such embedded elements as inputs for self-supervised learning. Third, we use the encoder mechanism from the transformer to train the inputs. The masked model learns the contextual relations among the sequence of embedded elements, which can aid downstream classification tasks. To evaluate the performance of the pre-trained model, we fine-tune MCM for three different downstream classification tasks to predict future price trends. The fine-tuned models achieved better accuracy rates for all three tasks than the baseline models. To better analyze the effectiveness of MCM, we test the same architecture for three currency pairs, namely EUR/GBP, AUD/USD, and EUR/JPY. The experimentation results demonstrate MCM’s effectiveness on all three currency pairs and indicate the MCM’s capability for signal extraction from trading data.

Keywords: masked language model, transformer, time series prediction, trading prediction, embedding, transfer learning, self-supervised learning

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Authors: Toby Gibbs, Suwaree Yordchim

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This research analyzes factors affecting the success of Litecoin Value within Thailand and develops a guideline for self-reliance for effective business implementation. Samples in this study included 119 people through surveys. The results revealed four main factors affecting the success as follows: 1) Future Career training should be pursued in applied Litecoin development. 2) Didn't grasp the concept of a digital currency or see the benefit of a digital currency. 3) There is a great need to educate the next generation of learners on the benefits of Litecoin within the community. 4) A great majority didn't know what Litecoin was. The guideline for self-reliance planning consisted of 4 aspects: 1) Development planning: by arranging meet up groups to conduct further education on Litecoin and share solutions on adoption into every day usage. Local communities need to develop awareness of the usefulness of Litecoin and share the value of Litecoin among friends and family. 2) Computer Science and Business Management staff should develop skills to expand on the benefits of Litecoin within their departments. 3) Further research should be pursued on how Litecoin Value can improve business and tourism within Thailand. 4) Local communities should focus on developing Litecoin awareness by encouraging street vendors to accept Litecoin as another form of payment for services rendered.

Keywords: litecoin, mining, confirmations, payment method

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Authors: Toby Gibbs, Suwaree Yordchim

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This research analyzes factors affecting the success of Litecoin Value within Thailand and develops a guideline for self-reliance for effective business implementation. Samples in this study included 119 people through surveys. The results revealed four main factors affecting the success as follows: 1) Future Career training should be pursued in applied Litecoin development. 2) Didn't grasp the concept of a digital currency or see the benefit of a digital currency. 3) There is a great need to educate the next generation of learners on the benefits of Litecoin within the community. 4) A great majority didn't know what Litecoin was. The guideline for self-reliance planning consisted of 4 aspects: 1) Development planning: by arranging meet up groups to conduct further education on Litecoin and share solutions on adoption into every day usage. Local communities need to develop awareness of the usefulness of Litecoin and share the value of Litecoin among friends and family. 2) Computer Science and Business Management staff should develop skills to expand on the benefits of Litecoin within their departments. 3) Further research should be pursued on how Litecoin Value can improve business and tourism within Thailand. 4) Local communities should focus on developing Litecoin awareness by encouraging street vendors to accept Litecoin as another form of payment for services rendered.

Keywords: bitcoin, cryptocurrency, decentralized, business implementation

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Authors: Katarzyna Kamińska

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Joint physical custody means that both parents after divorce or separation have the right and responsibility to take care of the child on the daily basis. In a joint physical custody arrangement, the child spends substantial, but not necessarily equal, time with both parents. Joint physical custody can be symmetric care arrangement or not. However, it is accepted in the jurisprudence that the best interests of the child is served when the child spends at least 35% of the time during a two-week period with each parent. Joint physical custody, also known as joint, dual, or shared residence, is a challenge in contemporary family law. It has its supporters and opponents. On the one hand, joint physical custody is beneficial because it provides children with frequent and continuous contact with a mother and father after their divorce or separation. On the other hand, it isn’t good for children to be shuttled back and forth between two residences. Children need a home base. The conclusion is therefore that joint physical custody can’t be seen as a panacea for all post-divorce or post-separation parenting cases and the court shouldn’t automatically make such a determination. The possibility to award this arrangement requires the court to carefully weigh the pros and cons of each individual case. It is difficult to say that joint physical custody is better than single physical custody in any case. It depends on the circumstances and needs of each family. It appears that an individual approach is going to be much better as opposed to a one-size-fits-all idea.

Keywords: joint physical custody, shared residence, dual residence, the best interests of the child

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Authors: Frank C. Amaechi, Adeyinka A. Aderinto, Usman A. Ojedokun, Oludayo Tade

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Illicit trading in new naira notes has become a common practice in most communities in Nigeria despite the Central Bank Act’s in 2007 proscription of all forms of naira abuse. This study investigated the socio-economic factors sustaining illicit trading in new naira notes in Ibadan metropolis. The study was exploratory and cross-sectional in design. Neutralization theory was adopted as theoretical framework. Data were generated through the combination of in-depth interview and key informant interview methods. The purposive sampling technique was utilised to select five illicit traders of new naira notes, 32 patrons of the trade and six bank officials. Findings revealed that illicit trading in Nigeria’s national currency is flourishing because of the frequent demand for new naira notes that are not readily available in Nigerian banks. Also, the norm of cash spraying at social events is sustaining the illicit markets for new naira notes in Ibadan metropolis. In addition, a chain of network, comprising three principal actors, is behind the illegal business. A strict enforcement of the law banning cash spraying is advocated as a means of arresting this phenomenon.

Keywords: illicit trading, naira notes, national currency, Nigeria

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Authors: Jingchen Zhao

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Corporate social responsibility (CSR), a major contemporary focus for companies, governments, NGOs and communities, is discussed from a multi-disciplinary perspective. The term is introduced and defined to achieve a combination of economic, social, environmental and philanthropic goals, and its adoption in company law legislations in a few jurisdictions is discussed. Despite its positive social and environmental impacts, the notion has been widely criticised for being ill-defined and fundamentally flawed in the domain of corporate law. The value and effectiveness of CSR have been interrogated for many reasons, always inter-related. This article aims to consider and address some of these problems and assess how CSR could be sharpened and made more effective through the lens of accountability, focussing on the rationale behind and the means of regulation of CSR. The article aims to achieve two interrelated goals. First, it examines the function of accountability in the arguments in favour of CSR by investigating the extent to which the notion of accountability could be used as a criterion for regulating CSR, so that companies may be held accountable for corporate decisions affecting their stakeholders. Second, this article will examine the scope and goals of CSR and board accountability, creating the possibility of a more comprehensive understanding of the two notions from an interactive perspective. In order to link CSR and accountability closely to generate a more appropriate definition of CSR that is could be more appropriately and effectively applied in corporate law, the concept of corporate social accountability (CSA) will be evaluated, with the aim of broadening its latitude beyond disclosure. This will involve a rigorous assessment of the process of fulfilling directors’ duties via questioning from stakeholder groups during meetings or committees, together with explanations and justifications from the board. This will be followed by discussions on enforcement measures in relation to the concept of CSA.

Keywords: corporate governance, CSR, board accountability, corporate law

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Authors: Hamidou Diallo, Marianne Guille

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This paper identifies leading triggers of deficient episodes in terms of GDP growth based on a sample of countries at different stages of development over 1994-2017. Using logit models, we build early warning systems (EWS), and our results show important differences between developing countries (DCs) and advanced economies (AEs). For AEs, the main predictors of the probability of entering in a GDP growth deficient episode are the deterioration of external imbalances and the vulnerability of fiscal position while DCs face different challenges that need to be considered. The key indicators for them are first, the low ability to pay their debts, and second, their belonging or not to a common currency area. We also build homogeneous pools of countries inside AEs and DCs. The evolution of the proportion of AE countries in the riskiest pool is marked first, by three distinct peaks just after the high-tech bubble burst, the global financial crisis, and the European sovereign debt crisis, and second by a very low minimum level in 2006 and 2007. In contrast, the situation of DCs is characterized first by the relative stability of this proportion and then by an upward trend from 2006, that can be explained by a more unfavorable socio-political environment leading to shortcomings in the fiscal consolidation.

Keywords: currency area, early warning system, external imbalances, fiscal vulnerability, GDP growth, public debt

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Authors: Ritu Rani

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In this paper, we apply minimalistically upheld linear semi-orthogonal B-spline wavelets, exceptionally developed for the limited interim to rough the obscure function present in the integral equations. Semi-orthogonal wavelets utilizing B-spline uniquely developed for the limited interim and these wavelets can be spoken to in a shut frame. This gives a minimized help. Semi-orthogonal wavelets frame the premise in the space L²(R). Utilizing this premise, an arbitrary function in L²(R) can be communicated as the wavelet arrangement. For the limited interim, the wavelet arrangement cannot be totally introduced by utilizing this premise. This is on the grounds that backings of some premise are truncated at the left or right end purposes of the interim. Subsequently, an uncommon premise must be brought into the wavelet development on the limited interim. These functions are alluded to as the limit scaling functions and limit wavelet functions. B-spline wavelet method has been connected to fathom linear and nonlinear integral equations and their systems. The above method diminishes the integral equations to systems of algebraic equations and afterward these systems can be illuminated by any standard numerical methods. Here, we have connected Newton's method with suitable starting speculation for solving these systems.

Keywords: semi-orthogonal, wavelet arrangement, integral equations, wavelet development

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Authors: Ogunwole Cecilia Oluwakemi, Wahid Damilola Olanipekun, Omoyele Olufemi Samuel, Timothy Ayomitunde Aderemi

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The issues relating to corporate governance in both locally and internationally managed firms cannot be overemphasized because the lack of efficient corporate governance could orchestrate serious problems in any organization. Against this backdrop, this study examines the nexus between corporate governance and performance of firms from 2012 to 2020, using the case study of the Nigerian stock exchange. Consequently, data was collected from forty (40) listed firms on the Nigerian Stock Exchange. The study employed a fixed effect technique of estimation to address the objective of the study. It was discovered from the study that the influence of corporate governance components such as gender diversity, board independence and managerial ownership led to a significant positive impact on the performance of the firms under the investigation. In view of the above finding, this study makes the following recommendations for the policymakers in Nigeria that anytime the goal of the policymakers is the improvement of performance of the listed firms in the Nigerian stock exchange, board independence and a balance in the inclusion of male and female among the board of directors should be encouraged in these firms.

Keywords: corporate, governance, firms, performance, Nigeria, stock, exchange

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Authors: Ahmed Bolaji Alarape, Oluwatobi Damilola Aba, Usman Shehu

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Wood plastic composite boards were made from sawn dust of Cordia alliodora and recycled polyethylene at a mixing ratio of 1.5ratio1, 2.5ratio1 and 3.5ratio1 and nominal densities of 600 kilograms per meter cube, 700 kilograms per meter cube, and 800 kilograms per meter cube, The material was hot pressed at 150-degree celsius to produce board of 250 millimeter by 250 millimeter by 6 millimeter of which 18 boards were produced. The experiment was subject to 3 by 3 factorial experiments in Completely Randomised Design (CRD). Analysis of variance and Duncan Multiple Range Test (DMRT) was adopted by 3 by 3 at 5 percent probability. The strength properties of the boards such as modulus of rupture (MOR) and modulus of elasticity (MOE) were investigated, while the dimensional properties of the board such as the water absorption (WA) and thickness swelling (TS) were as well determined after 12hrs and 24hrs of water immersion. The result showed that the mean values of MOE ranged from 9100.73 Newtons per square millimeters to 12086.96 Newtons per square millimeters while MOR values ranged from 48.26 Newtons per square millimeters to 103.09 Newtons per square millimeters. The values of WA and TS after 12hrs immersion ranged from 1.21 percent to 1.56 percent and 0.00 percent to 0.13 percent, respectively. The values of WA and TS after 24hrs of water immersion ranged from 1.66 percent to 2.99 percent and 0.02 percent to 0.18 percent, respectively. The higher the value of board density and the high-density polythene /sawdust ratio, the stronger, the stiffer and more dimensionally stable the wood plastic composite boards obtained. In addition, as the density of the board increases, the strength property of the boards increases. Hence the board will be suitable for internal construction materials.

Keywords: wood Plastic composite, modulus of rupture, modulus of elasticity, dimensional stability

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Authors: Ji-yang Yu, Dan Huang, Guo-ping Feng, Xin Li, Lu-yuan Wang

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The navigation satellite network, especially the Beidou MEO Constellation, can relay data effectively with wide coverage and is applied in navigation, detection, and position widely. But the constellation has not been completed, and the amount of satellites on-board is not enough to cover the earth, which makes the data-relay disrupted or delayed in the transition process. The data-relay function needs to tolerant the delay or disruption in some extension, which make the Beidou MEO Constellation a delay/disruption-tolerant network (DTN). The traditional DTN designs mainly employ the relay table as the basic of data path schedule computing. But in practical application, especially in critical condition, such as the war-time or the infliction heavy losses on the constellation, parts of the nodes may become invalid, then the traditional DTN design could be useless. Furthermore, when transmitting the critical message in the navigation system, the maximum priority strategy is used, but the nodes still inquiry the relay table to design the path, which makes the delay more than minutes. Under this circumstances, it needs a function which could compute the optimum data path on-board in real-time according to the constellation states. The on-board critical message transmission design for navigation satellite delay/disruption-tolerant network (DTN) is proposed, according to the characteristics of navigation satellite network. With the real-time computation of parameters in the network link, the least-delay transition path is deduced to retransmit the critical message in urgent conditions. First, the DTN model for constellation is established based on the time-varying matrix (TVM) instead of the time-varying graph (TVG); then, the least transition delay data path is deduced with the parameters of the current node; at last, the critical message transits to the next best node. For the on-board real-time computing, the time delay and misjudges of constellation states in ground stations are eliminated, and the residual information channel for each node can be used flexibly. Compare with the minute’s delay of traditional DTN; the proposed transmits the critical message in seconds, which improves the re-transition efficiency. The hardware is implemented in FPGA based on the proposed model, and the tests prove the validity.

Keywords: critical message, DTN, navigation satellite, on-board, real-time

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Authors: Nini Johana Marin Rodriguez

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This paper applies DCC, EWMA and OGARCH models to compare the dynamic correlations between exchange rates, oil prices, exchange rates and stock markets to examine the time-varying conditional correlations to the daily oil prices and index returns in relation to the US dollar/local currency for developed (Canada and Mexico) and emerging Latin American markets (Brazil, Chile, Colombia and Peru). Changes in correlation interactions are indicative of structural changes in market linkages with implications to contagion and interdependence. For each pair of stock price-exchange rate and oil price-US dollar/local currency, empirical evidence confirms of a strengthening negative correlation in the last decade. Methodologies suggest only two events have significatively impact in the countries analyzed: global financial crisis and Europe crisis, both events are associated with shifts of correlations to stronger negative level for most of the pairs analyzed. While, the first event has a shifting effect on mainly emerging members, the latter affects developed members. The identification of these relationships provides benefits in risk diversification and inflation targeting.

Keywords: crude oil, dynamic conditional correlation, exchange rates, interdependence, stock prices

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Authors: Taisir Eldos, Aws Kanan, Waleed Nazih, Ahmad Khatatbih

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Chemical Reaction Optimization (CRO) is an optimization metaheuristic inspired by the nature of chemical reactions as a natural process of transforming the substances from unstable to stable states. Starting with some unstable molecules with excessive energy, a sequence of interactions takes the set to a state of minimum energy. Researchers reported successful application of the algorithm in solving some engineering problems, like the quadratic assignment problem, with superior performance when compared with other optimization algorithms. We adapted this optimization algorithm to the Printed Circuit Board Drilling Problem (PCBDP) towards reducing the drilling time and hence improving the PCB manufacturing throughput. Although the PCBDP can be viewed as instance of the popular Traveling Salesman Problem (TSP), it has some characteristics that would require special attention to the transactions that explore the solution landscape. Experimental test results using the standard CROToolBox are not promising for practically sized problems, while it could find optimal solutions for artificial problems and small benchmarks as a proof of concept.

Keywords: evolutionary algorithms, chemical reaction optimization, traveling salesman, board drilling

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Authors: Feddaoui Amina

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This paper aimed to help researchers and international companies to the differences and similarities between IFRS (International financial reporting standards) and UK GAAP or UK accounting principles, and to the accounting changes between standard setting of the International Accounting Standards Board and the Accounting Standards Board in United Kingdom. We will use in this study statistical methods to calculate similarities and difference frequencies between the UK standards and IFRS standards, according to the PricewaterhouseCoopers report in 2005. We will use the one simple test to confirm or refuse our hypothesis. In conclusion, we found that the gap between UK GAAP and IFRS is small.

Keywords: accounting, UK GAAP, IFRS, similarities, differences

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Authors: R. Ziaie Moayed, M. Alibolandi

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Dynamic behavior of soil are evaluated relative to a number of factors including: strain level, density, number of cycles, material type, fine content, geosynthetic inclusion, saturation, and effective stress. This paper investigate the dynamic behavior of saturated reinforced sand under cyclic stress condition. The cyclic triaxial tests are conducted on remolded specimens under various CSR which reinforced by different arrangement of non-woven geotextile. Aforementioned tests simulate field reinforced saturated deposits during earthquake or other cyclic loadings. This analysis revealed that the geotextile arrangement played dominant role on dynamic soil behavior and as geotextile close to top of specimen, the liquefaction resistance increased.

Keywords: dynamic behavior, reinforced sand, triaxial test, non-woven geotextile

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Authors: Theresia Gita Hapsari

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There has been major concern about urban heating as urban clusters emerge and population migration from rural to urban areas continues. Green roof has been one of the main practice for urban heat island mitigation for the past decades, thus, this study was conducted to predict the cooling potential of retentive green roof in mitigating urban heat island. Retentive green roof was developed by Han in 2010. It has 320 mm height of retention wall surrounding the vegetation and 65mm depth of retention board underneath the soil, while most conventional green roof doesn’t have any retention wall and only maximum of 25 mm depth of drainage board. Seoul National University retentive green roof significantly reduced sensible heat movement towards the air by 0.5 kWh/m2, and highly enhanced the evaporation process as much as 0.5 – 5.4 kg/m2 which equals to 0.3 – 3.6 kWh/m2 of latent heat flux. These results indicate that with design enhancement, serving as a viable alternate for conventional green roof, retentive green roof contributes to overcome the limitation of conventional green roof which is the main solution for mitigating urban heat island.

Keywords: green roof, low impact development, retention board, thermal behavior, urban heat island

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Authors: Lajmi Azhaar, Yab Mdallelah

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This study examines the Tunisian market in which recent events, notably financial scandals, provide an appropriate framework for studying the impact of corporate governance on the audit report lag. Moreover, very little research has been done to examine this relationship in this context. The objective of this work is, therefore, to understand the factors influencing audit report lag, drawing primarily on agency theory (Jensen and Meckling, 1976), which shows that the characteristics of the board of directors have an impact on the report lag (independence, diligence, and size). In addition, the characteristics of the committee also have an impact on the audit report lag (size, independence, diligence, and expertise). Therefore, our research provides empirical evidence on the impact of governance mechanisms attributes on audit report lag. Using a sample of forty-seven (47) Tunisian companies listed on the Tunis Stock Exchange (BVMT) during the period from 2014 to 2019, and basing on the GMM method of the dynamic panel, multivariate analysis shows that most corporate governance attributes have a significant effect on audit report lag. Specifically, the audit committee diligence and the audit committee expertise have a significant and positive effect on audit report lag. But the diligence of the board has a significant and negative effect on audit report lag. However, this study finds no evidence that the audit committee independence, the size, independence, and diligence of the director’s board are associated with the audit report lag. In addition, the results of this study also show that there is a significant effect of some control variables. Finally, we are contributing to this study by using the GMM method of the dynamic panel. We are also using an emerging context that is very poorly developed and exploited by previous studies.

Keywords: governance mechanisms, audit committee, board of directors, audit report lag

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Authors: Mucahit Unal, Ibrahim Arslan

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The New Turkish Commercial Code (TCC) No. 6102 was published in the Official Gazette on February 14, 2011. As stated in the New Turkish Commercial Code No. 6102 and Law No. 6103 on Validity and Application of the Turkish Commercial Code, TCC came into effect on July 1, 2012. The basic purpose of the TCC is to form corporate governance coherent with the international standards; to provide transparency in company management; to adjust the Turkish Commercial Code rules with European Union legislations and to simplify establishing a company for foreigner investors to move investments to Turkish market. In this context according to TCC, joint stock companies and limited liability companies can establish with only one single shareholder; the one single shareholder can be foreigner; all board of director members can be foreigner, also all shareholders and board of director members can be non-resident foreigners. Additionally, TCC does not require physical participation to the general shareholders and board members meetings. TCC allows that the general shareholders and board members meetings can hold in an electronic form and resolution of these meetings may also be approved via electronic signatures. Through this amendment, foreign investors no longer have to deal with red tapes. This amendment also means the TCC prevents foreign companies from incurring unnecessary travel expenses. In accordance with all this amendments about TCC, to invest in Turkish market is easy, simple and transparent for foreigner investors and also investors can establish a company in Turkey, irrespective of nationality or place of residence. This article aims to analyze ‘Establish a Company in Turkey for Foreigners’ and inform investors about investing (especially establishing a company) in the Turkish market.

Keywords: establish a company, foreigner investors, invest in Turkish market, Turkish commercial code

Procedia PDF Downloads 242

Authors: Michael McCann

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Managerial theories propose that, in joint stock companies, executives may be tempted to waste excess free cash on unprofitable projects to keep control of resources. In order to conceal their projects' poor performance, they may seek to engage in earnings management. On the one hand, managers may manipulate earnings upwards in order to post ‘good’ performances and safeguard their position. On the other, since managers pursuit of unrewarding investments are likely to lead to low long-term profitability, managers will use negative accruals to reduce current year’s earnings, smoothing earnings over time in order to conceal the negative effects. Agency models argue that boards of directors are delegated by shareholders to ensure that companies are governed properly. Part of that responsibility is ensuring the reliability of financial information. Analyses of the impact of board characteristics, particularly board independence on the misuse of free cash flow and earnings management finds conflicting evidence. However, existing characterizations of board independence do not account for such directors gaining firm-specific knowledge over time, influencing their monitoring ability. Further, there is little analysis of the influence of the relative experience of independent directors and executives on decisions surrounding the use of free cash. This paper contributes to this literature regarding the heterogeneous characteristics of boards by investigating the influence of independent director tenure on earnings management and the relative tenures of independent directors and Chief Executives. A balanced panel dataset comprising 51 companies across 11 annual periods from 2005 to 2015 is used for the analysis. In each annual period, firms were classified as conducting earnings management if they had discretionary accruals in the bottom quartile (downwards) and top quartile (upwards) of the distributed values for the sample. Logistical regressions were conducted to determine the marginal impact of independent board tenure and a number of control variables on the probability of conducting earnings management. The findings indicate that both absolute and relative measures of board independence and experience do not have a significant impact on the likelihood of earnings management. It is the level of free cash flow which is the major influence on the probability of earnings management. Higher free cash flow increases the probability of earnings management significantly. The research also investigates whether board monitoring of earnings management is contingent on the level of free cash flow. However, the results suggest that board monitoring is not amplified when free cash flow is higher. This suggests that the extent of earnings management in companies is determined by a range of company, industry and situation-specific factors.

Keywords: corporate governance, boards of directors, agency theory, earnings management

Procedia PDF Downloads 207

Authors: Man Young Kim, Gyo Woo Lee

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In this numerical study, we want to present the design of highly efficient extruded-type heat sink. The symmetrically arranged extruded-type heat sinks are used instead of a single extruded or swaged-type heat sink. In this parametric study, the maximum temperatures, the base temperatures between heaters, and the heat release rates were investigated with respect to the arrangements of heat sources, air flow rates, and amounts of heat input. Based on the results we believe that the use of both side of heat sink is to be much better for release the heat than the use of single side. Also from the results, it is believed that the symmetric arrangement of heat sources is recommended to achieve a higher heat transfer from the heat sink.

Keywords: heat sink, forced convection, heat transfer, performance evaluation, symmetrical arrangement

Procedia PDF Downloads 382

Authors: Amos Olajide Oluyege, Emmanuel Uchechukwu Opara, Sunday Adeniyi Adedutan, Joseph Adeola Fuwape

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This study was conducted to determine the durability of wood-cement particleboards when exposed to attack by subterranean termites, Macrotermes subhylinus. The boards were made from Terminalia superba and Gmelina arborea wood sawdust at nominal board densities (BD) of 1000, 900, and 800 kg/m³ using wood-cement mixing ratios (MR) of 3:1, 2.5:1, 2:1, and 1:1. Above ground durability tests against termite attack were carried out according to ASTM D 2017 for 14 weeks. Results of visual assessment of the wood cement particleboards show that all the board samples had a visual rating that was not less than 7 (i.e., moderate attack) for both species irrespective of the MR and BD. T. superba boards were found to have higher resistance to termite attack compared to their G. arborea counterparts. The mean values for weight loss following exposure ranged from 1.93 to 6.13% and 3.24 to 12.44%. Analysis of variance (ANOVA) results of the weight loss assessment revealed a significant (p < 0.05) effect of species and mixing ratio on the weight loss of the boards due to termite attack with F(₁,₇₂) = 92.890 and P = 0.000 and F(₃,₇₂) = 8.318 and p = 0.000, while board density did not have any significant effect (p > 0.05) with F (₂,₇₂) = 1.307 and p = 0.277. Thus, boards made from a higher mixing ratio had better resistance against termite attacks. Thus, it can be concluded that the durability of cement-bonded particleboards when exposed to subterranean termite attack is not only dependent on the quality of the wood raw material (species) but also on the enhanced protection imparted by the cement matrix; the protection increased with increase in cement/wood mixing ratio.

Keywords: cement-bonded particleboard, mixing ratio, board density, Gmelina arborea, Terminalia superba

Procedia PDF Downloads 190

Authors: Arash Mir Abdolah Lavasani, M. Ebrahimisabet

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In this paper, the 2-D unsteady viscous flow around two cam shaped cylinders in tandem arrangement is numerically simulated in order to study the characteristics of the flow in turbulent regimes. The investigation covers the effects of high subcritical and supercritical Reynolds numbers and L/D ratio on total drag coefficient. The equivalent diameter of cylinders is 27.6 mm The space between center to center of two cam shaped cylinders is define as longitudinal pitch ratio and it varies in range of 1.5 < L/D < 6. Reynolds number base on equivalent circular cylinder varies in range of 27×103 < Re < 166×103 Results show that drag coefficient of both cylinders depends on pitch ratio. However drag coefficient of downstream cylinder is more dependent on the pitch ratio.

Keywords: cam shaped, tandem, numerical, drag coefficient, turbulent

Procedia PDF Downloads 447

Authors: G. Khamooshian, A. Abbasimoshaei

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Different methods are used to stabilize the sticks, among which the method of knitting is commonly used. In recent years, the use of nailing for the stability of excavation has been considered much, which is providing sufficient stability and controlling the structural defects of the guardian, also reduces the cost of the operation. In addition, this method is more prominent in deep excavations than other methods. The purpose of this paper is to investigate the effect of groundwater level and soil type on the length and designing of nails. In this paper, analysis and modeling for vertical arena with constant depth and different levels of groundwater have been done. Also, by changing the soil resistance parameters and design of the nails, an optimum arrangement was made and the effect of changes in groundwater level and soil's type on the design of the nails, the maximum axial force mobilized in the nails and the confidence coefficient for the stability of the groove was examined.

Keywords: excavation, soil effects, nailing, hole analyzing

Procedia PDF Downloads 161

Authors: Neha Toppo

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Plans and programs for successful secondary education are incomplete without the inclusion of teaching English as an important area. Even after sixteen years of the formation of Jharkhand as a separate state, the students are still struggling to achieve quality education of English. This paper intends to account the present condition of teaching English in Jharkhand board secondary level schools through discussion on various issues of English language teaching, language need and learning challenges of its students. The study is to analyze whether the learning environment, teaching methods and materials, teaching resources, goals of language curriculum are appropriately convincing for the students of the board or require to be reanalyzed and also to provide appropriate suggestions for improvement. Immediate attention must be drawn towards the problem for benefitting those students, who despite their knowledge and talent are lagging behind in numerous fields only due to the lack of proficiency in English. The data and discussion provided are on the basis of a survey, in which semi structured interview with teachers, students and administrators in several schools including both rural and urban area has been taken. Questionnaire, observation and testing were used as important tools. The survey has been conducted in Ranchi district, as it covers large geographical area which includes number of villages and at the same time several towns. The district primarily possesses tribes as well as different class of people including immigrants from all over and outside Jharkhand with their social, economical strata. The observation makes it clear that the English language teaching at the state board is not complementing its context and the whole language teaching system should be re-examined to establish learner oriented environment.

Keywords: material, method, secondary level, teaching resources

Procedia PDF Downloads 548