Search results for: financial ratio

Authors: John Kong Shan Ho

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Senior executives’ remunerations of public companies have aroused much debate and attention in the media. In the aftermath of the Global Financial Crisis (GFC), excessive executive pay arrangements were blamed for contributing to excessive risk-taking, which caused the financial meltdown. Since then, regulators and lawmakers around the world have introduced regulations to strengthen the corporate governance of listed companies. A key aspect of such reform is by strengthening regulatory intervention over executives’ remunerations and increasing the transparency of such information. This article is written against such background and examines the recent proposal by the UK BEIS to ask the FRC to amend the UK Corporate Governance Code (UKCGC) to strengthen clawback provisions for directors’ remuneration in listed companies as part of its audit reform. The article examines the background and debates regarding the possible implementation of such a measure in the UK. Contrary to the BEIS’ proposal, it argues that implementing it through the UKCGC is unlikely to enhance overall corporate governance and audit quality. It argues that the UK should follow the footsteps of its US and Dutch counterparts by enacting legislation to claw back directors’ remunerations. It will also provide some recommendations as to the key factors that need to be considered in drafting such a statutory provision.

Keywords: company law, corporate governance, agency problem, directors' remunerations, clawbacks

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Authors: Marwen Ghouil, Jamel Eddine Mkadmi

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Banking performance is the pillar and goal of all banking activity and its impact on economic policy. First, researchers defined the principles for assessing and modeling bank performance, and then theories and models explaining bank performance were developed. The importance of credit as a means of financing businesses in most developing countries has led to questions about the effects of financial liberalisation on increased banking competition. In Tunisia, as in many other countries, the liberalization of financial services in general and of banks' activities has not ceased to evolve. The objective of this paper is to examine the determinants of banking performance for 8 Tunisian banks and their impact on economic policy during the Arab Spring. We used cointegration analysis and the ARDL Panel model, explaining using total assets, bank credits, guarantees, and bank size as performance drivers. The correlation analysis shows that there is a positive correlation relationship between total assets, bank credits, guarantees, and bank size and bank performance. Long-term empirical results show that bank loans, guarantees, bank size, and total assets have a positive and significant impact on bank performance. This means that bank credits, guarantees, bank size, and total assets are very important determinants of bank performance in Tunisia.

Keywords: bank performance, economic policy, finance, economic

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Authors: Khalid Mahmoud Gaafar

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In human diets , ω-6 and ω-3 are important essential fatty acids for immunity and health. However, considerable alteration in dietary patterns and contents has resulted in change of the consumption of such fatty acids ,with subsequent increase in the consumption of ω-6 fatty acids and a marked decrease in the consumption of ω-3 fatty acids. This dietary alteration has led to an imbalance in the ratio for ω-6/ω-3, which at 20:1 now differs considerably from the original ratio (1:1). Therefore, dietary supplements such as eggs and meat enriched with omega 3 are necessary to increase the consumption of ω-3 to meet the recommended need for ω-3. Foods that supply ω-6 fatty acids include soybean, palm , sunflower, and rapeseed oils, whereas foods that supply ω-3 fatty acids such as linseed and fish oils. Lin seed oils contain Alpha – linolenic acid (ALA), which can be converted to DHA and EPA in the birds body, with linseed oil containing more than 50% ALA. On the other hand, high doses of omega 6 sources in the diet may have deleterious effects on humans. Maintaining an optimum ratio of ω-3 and ω-6fatty acids not only improves performance but also prevents these health risks. The ratio of n-6:ω-3 fatty acids also plays an important role in the immune response, production performance of broilers and designing meat enriched with ω-3 polyunsaturated fatty acids (PUFAs). Birds of three experimental groups fed on basal starter (0-2nd weeks), grower (3rd -4th weeks) and finisher (5th week) rations. The first is control group fed during the grower-finisher periods on basic diet with two replicate (one fed on basic diet contain vegetable oil and the other don’t) without any additives. The three experimental groups (T1 – T2 –T3) fed during the grower- finisher periods on diets free from vegetable oils and contain of 5% of extruded mixture of soybean and linseed (60%:40%). The second (T2) and third (T3) experimental groups supplemented with vitamin B12 and enzyme mixture. The first experimental groups don’t receive vitamins or enzymes. The obtained results showed a significant increased growth performance, immune response, highest antioxidant activity and serum HDL with lowest serum LDL and triglycerides levels in all experimental groups compared with control group, which was highly significant in group fed on vitamin B6.

Keywords: omega fatty acids, broiler, feeding, human health, growth performance, immunity

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Authors: Liu Yi Hui, Lin Yu Fang, Chiu Fan Yun

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In preparation for the coming super-aged society in Taiwan, the Ministry of Labor announced the Middle-aged and Elderly Employment Promotion Act in 2019, dedicating a chapter to expressly prohibiting age discrimination. This study aimed to enhance understanding of workplace ageism by collecting data through in-depth interviews. The findings can be summarized as follows: 1. Elderly employment in Taiwan and its three underlying motivations: Mainly in economic, social, and psychological needs. Economically, elders opt to continue working beyond the traditional retirement age because of financial shocks, a lack of financial planning, and being the breadwinner of the family. Socially and psychologically, they continue working to have a more diversified retirement life and find a new purpose in life. 2. Ageism on the re-employment of elders: On the ground, senior workers may face the age-based stereotype that their work performance is inferior and a broader social environment that is ostensibly friendly but essentially hostile. 3. Possible ways to facilitate elderly employment in terms of empowerment: By developing and empowering seniors with new skills or abilities for re-employment and strengthening their problem-solving skills in the face of new things through training programs, we can not only build the confidence and substantial abilities of senior workers in the workplace but also flip the social stereotype about age.

Keywords: senior-friendly workplaces, elderly employment, empowerment, ageism

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Authors: Leah Ritchie

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By many accounts, the most recent economic recession and subsequent lack-luster recovery has demonstrated that corporate social responsibility is in a state of crisis. This crisis represents an opportunity for CSR scholars to play a role in restoring long-term economic growth and consumer confidence. In its current state however, CSR may not be in a position to facilitate positive change. In an attempt to remain relevant, the field has shifted toward a performance-based agenda that demonstrates in practical terms, how CSR can positively affect the financial and strategic performance of the firm. This paper argues that if CSR is to play a central role in helping to create a more equitable balance of power between industry and society, it must demonstrate the symbiotic nature of the relationship between these two entities, not just in terms of compartmentalized strategic and financial gain for the firm, but also toward maintaining a 'do no harm' imperative. Given the evidence that harm done to society is ultimately turned back on the firm, this is not simply a moralistic imperative. In order to affect change, CSR must also create an activist agenda to raise consciousness among the general citizenry toward mobilizing, uncovering, and repairing breeches in the implicit social contract between business and society.

Keywords: corporate social responsibility, multiple stakeholder view, economic recession, housing crisis

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Authors: Natarajan Vijayarangan, Viswanath Kumar Ganesan, G. Kumudhavalli

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This abstract figures out an uncertainty problem pertaining to evaluating business proposals or concept notes in an organisation. Let us consider business proposal evaluation process (BPEP) for execution of corporate research cum business projects in the organisation. Assume that two concept notes X and Y of BPEP are approved: one of them is a full-fledged type (100% financial approval given by the organisation) - X and other one is a conditional type (a partial financial approval given by the organisation) - Y. Then a penalty criteria has been introduced during the process. At the end of annual appraisal, if both of them complete as per the goals and objectives committed or figured out at the time of concept note submission, then both will get an incentive of $N from the organisation. If one of them doesn't fulfill the goals and objectives at the year-end appraisal, then d% reduction or cut will be levied on the project budget for the next year. If X fulfills the goals and objectives and Y doesn't , then X gets a gain of d% on Y's previous year budget and Y gets a loss of d% from the previous year budget for the next year. And vice-versa. Further, an incentive of $N will be given to those who gains. This process is a part of Necktie paradox and inherits an uncertainty principle on X or Y getting more than $N even if X or Y performs well.Solving the above problem and generalizing on finitely many concept notes will be a challenging task.

Keywords: concept notes, necktie paradox, annual appraisal, project budget and gain or loss

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Authors: Panagiotis T. Kanellos, Vaios T. Karathanos, Andriana C. Kaliora

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Introduction: The role of ghrelin and obestatin in appetite regulation has been investigated. However, data on ghrelin and obestatin changes after food ingestion are negligible. Objective: We aimed at assessing the appetite-regulating hormones, ghrelin, and obestatin, and furthermore calculate ghrelin/obestatin ratio in healthy normal-weight subjects after consumption of raisins. This survey is a comparative study of a glucose control with raisins containing fructose and glucose in similar concentrations as well as fibers. Methodology: Ten apparently healthy subjects who reported no history of glucose intolerance, diabetes, gastrointestinal disorders, or recent use of any antibiotics were enrolled in the study. The raisins used (Vitis vinifera) originate in Greece and are distributed worldwide as Corinthian raisins. In a randomized crossover design, all subjects after an overnight fast consumed, either 50g of glucose diluted in 240 mL of water (control) or 74 g of raisins (sugar content 50 g) with a 5-day interval between individual trials. Vein blood samples were collected at baseline and at 60, 120 and 180 min postprandially. In blood samples ghrelin and obestatin were measured applying specific enzyme linked immuno absorbent assays. Results: The subjects were of mean age 26.3 years, with BMI of 21.6 kg/m2, waist circumference of 77.7 cm, normal serum lipidemic parameters and normal HbA1c levels. Ghrelin levels were significantly lower after raisin consumption compared to glucose at 120 and at 180 min post-ingestion (p= 0.011 and p= 0.035, respectively). However, obestatin did not reach statistical significance between the two interventions. The ghrelin/obestatin ratio was found significantly lower (p=0.020) at 120 min after raisin ingestion compared to control. Conclusion: Two isocaloric foods containing equal amounts of sugars, however with a different composition, have different effects on appetite hormones ghrelin and obestatin in normal-weight healthy subjects.

Keywords: appetite, ghrelin, obestatin, raisins

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Authors: A. A. Ajayi-Banji, M. A. Adegbile, T. D. Akpenpuun, J. Bello, O. Omobowale, D. A. Jenyo

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Ceramic ware waste applicability as coarse aggregate was considered in this study for dense masonry unit production. The waste was crushed into 1.4 mm particle size and mixed with natural fine aggregate in the ratio 2:3. Portland ordinary cement, aggregate, and water mix ratio was 1:7:0.5. Masonry units produced were cured for 7, 21 and 28 days prior to compressive test. The result shows that curing age have a significant effect on all the compressive strength indices inspected except for Young’s modulus. Crushing force and the compressive strength of the ceramic-natural fine aggregate blocks increased by 11.7 – 54.7% and 11.6 – 59.2% respectively. The highest ceramic-natural fine block compressive strength at yield and peak, 4.97 MPa, was obtained after 21 days curing age. Ceramic aggregate introduced into the dense blocks improved the suitability of the blocks for construction purposes.

Keywords: ceramic ware waste, co-ballast, dense masonry unit, compressive strength, curing time

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Authors: Mardiati Zain, Yetti Marlida, Elihasridas Elihasridas, Erpomen Erpomen, Andri Andri

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Background: Livestock productivity is greatly influenced by the energy and protein balance in diet. This study aimed to determine the energy and protein balance of male Simenthal cattle diet with protein and energy levels. The experimental design used was a randomized block design (RBD) 2x3x3 factorial design. There are two factors namely A level of energy diet that is 65% and 70% TDN. Factor B is a protein level of diet used were 10, 12 and 14% and each treatment is repeated three times. The weight of Simenthal cattle used ranged between 240 - 300 kg. Diet consisted of ammoniated rice straw and concentrated with ratio 40:60. Concentrate consisted of palm kernel cake, rice brain, cassava, mineral, and urea. The variables measured were digestibility of dry matter, organic matter and fiber, dry matter intake, daily gain, feed efficiency and blood characteristic. Results: There was no interaction between protein and energy level of diet on the nutrients intake (DM intake, OM intake, CP intake), weight gain and efficiency (P < 0.01). There was an interaction between protein and energy level of diet on digestibility (DM, OM, CP and allantoin urine (P > 0.01) Nutrients intake decreases with increasing levels of energy and protein diet, while nutrient digestibility, Avarage daily gain and feed efficiency increases with increasing levels of energy and protein diet. Conclusions: The result can be concluded that the best treatment was A2B1 which is energy level 70% TDN and protein 10%, where are dry matter intake 7.66 kg/d, daily gain 1.25 kg/d, feed efficiency 16.12%, and dry matter and organic matter digestibility 64.08 and 69.42% respectively.

Keywords: energy and protein ratio, simenthal cattle, rice straw ammoniated, digestibility

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Authors: Sankar Majumder

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Development of Rural Entrepreneurs requires a holistic approach involving social, economic, political, technical, and environmental and many other issues. It needs a thorough understanding of the economy and society. It's true that agricultural development, rural development and many other social and right based development programmes have resulted in the growth of income in the rural sector. The development of rural entrepreneurs is necessary to utilise these opportunities. Many programmes and policies in the spheres of organisational, financial, infrastructural and technical supports have been taken to promote rural industries. But if one looks at the growth and development of rural industrial units, especially the manufacturing units, the picture is not promising. This paper aims at analysing the possible causes and its solutions in terms of (1) Mind set of the society towards business as a livelihood; (2) Sufficiency and appropriateness of the existing organisational, financial, infrastructural and technical supports. The paper is based on secondary data on various aspects of rural enterprises and the author’s experiences in the course of his work as a practitioner in this field. Growth of units and employment in the rural industries shows that the entrepreneurs are more inclined towards trading units than towards manufacturing ventures. The growth of rural industries is constrained not by the insufficiency of the supply of finance but by the insufficient demand for finance. The task is to increase the supply of entrepreneurs by creating an entrepreneurial environment. Incubation for rural entrepreneurs is the need of the hour.

Keywords: business mind set, entrepreneurial environment, supply of finance, technical support

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Authors: Hasan Farahneh, Xavier Fernando

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Leaky Feeder (LF) has been a proven technology for many decades and its promises broadband wireless access in short range but being overlooked until now. The LF is a natural MIMO transceiver ideal for micro and pico cells. In this work, the LF is considered as a linear antenna array MultiInput-Single-Output (MISO) and derive the average bit error rate (BER) in Rayleigh fading channel considering ideal and independent paths (iid) which consider there is no correlation and mutual coupling between transmit antennas (slots) or receiver antenna considering QPSK modulation with imperfect phase estimation. We consider maximal ratio transmission (MRT) at the transmit end and maximal ratio combining (MRC) at the receiving end. Analytical expressions are derived for the BER with radiating cable transmitters. The effects of slot spacing and carrier frequency on the BER are also studied. Numerical evaluations show the radiating cable transmitter offer much lower BER than a single antenna transmitter with same SNR.

Keywords: leaky feeder, BER, QPSK, rayleigh fading, channel gain, phase mismatch

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Authors: Homa Parmoon, Narges Hamzeh

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Since today's urban spaces are disposed towards behavioral disorders and lack of security, both qualitative and quantitative aspects of security especially social and physical security are considered as basic necessities in urban planning. This research focused on the variable of place of living, examined social security in the old and new textures, and investigated the amount of residents’ social security in Shiraz including safety, financial, emotional and moral security. To this end, two neighborhoods in region 1 of Shiraz- Qasr-Al-Dasht (old texture) and Moalem (new texture)- were examined through a comparative study of 60 samples lived in two neighborhoods. Data were gathered through two-way ANOVA between the variables of residential context and internal and external security. This analysis represents the significance or insignificance of the model as well as the individual effects of each independent variable on the dependent variable. It was tested by ANCOVA and F-test. Research findings indicated place of living has a significant effect on families’ social security. The safety, financial, emotional, and moral security also represented a great impact on social security. As a result, it can be concluded that social security changes with the changing in place of living.

Keywords: social security, damaged area, two-way ANOVA, Shiraz

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Authors: Azlin Suzana Salim

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The 12th Malaysian Plan 2021-2025, issued by the Economic Planning Unit in 2021, outlined one of the six important priorities to support M40 towards equitable society. The Financial Sector Blueprint 2022-2026, released by Bank Negara Malaysia in 2022, further outlined the fifth key thrust focusing on Islamic Social Finance. The purpose of this research is to examine the Legal Framework of bridging Islamic Social Finance to support M40 Income Group in Malaysia. This study adopts a doctrinal legal research method to examine the laws and regulations governing Islamic Social Finance in Malaysia and a qualitative method to examine the Islamic Social Finance Instrument to support the M40 income group. The implication of this study is important to propose the legal framework and bridge the Islamic Social Finance instrument to support the M40 income group in Malaysia. The significance of this study is to realign between priorities of the 12th Malaysian Plan 2021-2025 and the Financial Sector Blueprint 2022-2026.

Keywords: legal framework, Islamic social finance, m40 income group, law and regulation

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Authors: P. Haldar, P. Ghosh, S. Ghoshdastidar, K. Kargupta

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In polymer electrolyte membrane fuel cells (PEMFC), the membrane electrode assembly (MEA) is consisting of two platinum coated carbon electrodes, sandwiched with one proton conducting phosphoric acid doped polymeric membrane. Due to low mechanical stability, flooding and fuel cell crossover, application of phosphoric acid in polymeric membrane is very critical. Phosphorous and silica based 3D inorganic gel gains the attention in the field of supercapacitors, fuel cells and metal hydrate batteries due to its thermally stable highly proton conductive behavior. Also as a large amount of water molecule and phosphoric acid can easily get trapped in Si-O-Si network cavities, it causes a prevention in the leaching out. In this study, we have performed molecular dynamics (MD) simulation and first principle calculations to understand the structural, electronics and electrochemical and morphological behavior of this inorganic gel at various P to Si ratios. We have used dipole-dipole interactions, H bonding, and van der Waals forces to study the main interactions between the molecules. A 'structure property-performance' mapping is initiated to determine optimum P to Si ratio for best proton conductivity. We have performed the MD simulations at various temperature to understand the temperature dependency on proton conductivity. The observed results will propose a model which fits well with experimental data and other literature values. We have also studied the mechanism behind proton conductivity. And finally we have proposed a structure for the gel paste with optimum P to Si ratio.

Keywords: first principle calculation, molecular dynamics simulation, phosphorous and silica based 3D inorganic gel, polymer electrolyte membrane fuel cells, proton conductivity

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Authors: V. Srinivasan, S. M. Sriram Nandan

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Today in the modern world the most important problem faced by the mankind is increasing the pollution in a very high rate. It affects the ecosystem of the environment and also aids to increase the greenhouse effect. The exhaust gases from the automobile is the major cause of a pollution. Automobiles have increased to a large number which has increased the pollution of our world to an alarming rate. There are two methods of controlling the pollution namely, pre-pollution control method and post-pollution control method. This paper is based on controlling the emission by post-pollution control method. The ratio of surface area of nanoparticles to the volume of the nanoparticles is inversely proportional to the radius of the nanoparticles. So decreasing the radius, this ratio is leading resulting in an increased rate of reaction and thus the concentration of the pollution is decreased. To achieve this objective, use of cobalt-graphene element is proposed. The proposed method is mainly to decrease the cost of platinum as it is expensive. This has a longer life than the platinum-based catalysts.

Keywords: automobile emissions, catalytic converter, cobalt-graphene, replacement of platinum

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Authors: Hasna Elalaoui Elabdallaoui, Abdelaziz Elfazziki, Mohamed Sadgal

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Outlines: The social economy is a moral approach to solidarity applied to the projects’ development. To reconcile economic activity and social equity, crowdfunding is as an alternative means of financing social projects. Several collaborative blockchain platforms exist. It eliminates the need for a central authority or an inconsiderate middleman. Also, the costs for a successful crowdfunding campaign are reduced, since there is no commission to be paid to the intermediary. It improves the transparency of record keeping and delegates authority to authorities who may be prone to corruption. Objectives: The objectives are: to define a software infrastructure for projects’ participatory financing within a social and solidarity economy, allowing transparent, secure, and fair management and to have a financial mechanism that improves financial inclusion. Methodology: The proposed methodology is: crowdfunding platforms literature review, financing mechanisms literature review, requirements analysis and project definition, a business plan, Platform development process and implementation technology, and testing an MVP. Contributions: The solution consists of proposing a new approach to crowdfunding based on Islamic financing, which is the principle of Mousharaka inspired by Islamic financing, which presents a financial innovation that integrates ethics and the social dimension into contemporary banking practices. Conclusion: Crowdfunding platforms need to secure projects and allow only quality projects but also offer a wide range of options to funders. Thus, a framework based on blockchain technology and Islamic financing is proposed to manage this arbitration between quality and quantity of options. The proposed financing system, "Musharaka", is a mode of financing that prohibits interests and uncertainties. The implementation is offered on the secure Ethereum platform as investors sign and initiate transactions for contributions using their digital signature wallet managed by a cryptography algorithm and smart contracts. Our proposal is illustrated by a crop irrigation project in the Marrakech region.

Keywords: social economy, Musharaka, blockchain, smart contract, crowdfunding

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Authors: Faijal Ali, Darga Kumar N., Ravikant Singh, Rajnil Lal

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Fiji has three major landforms such as plains, low mountains, and hills. The low land soils are formed on beach sand. Fiji soils contain high concentration of iron (III), aluminum oxides and hydroxides. The soil possesses reddish or yellowish colour. The characterization of lateritic soils collected from different locations along the national highway in Viti Levu, Fiji Islands. The research has been carried out mainly to understand the physical and strength properties to assess their suitability for the highway and building construction. In this paper, the field tests such as dynamic cone penetrometer test, field vane shear, field density and laboratory tests such as unconfined compression stress, compaction, grain size analysis and Atterberg limits are conducted. The test results are analyzed and presented. From the results, it is revealed that the soils are having more percentage of silt and clay which is more than 80% and 5 to 15% of fine to medium sand is noticed. The dynamic cone penetrometer results up to 3m depth had similar penetration resistance. For the first 1m depth, the rate of penetration is found 300mm per 3 to 4 blows. In all the sites it is further noticed that the rate of penetration at depths beyond 1.5 m is decreasing for the same number of blows as compared to the top soil. From the penetration resistance measured through dynamic cone penetrometer test, the California bearing ratio and allowable bearing capacities are 4 to 5% and 50 to 100 kPa for the top 1m layer and below 1m these values are increasing. The California bearing ratio of these soils for below 1m depth is in the order of 10% to 20%. The safe bearing capacity of these soils below 1m and up to 3m depth is varying from 150 kPa to 250 kPa. The field vane shear was measured within a depth of 1m from the surface and the values were almost similar varying from 60 kPa to 120 kPa. The liquid limit and plastic limits of these soils are in the range of 40 to 60% and 20 to 25%. Overall it is found that the top 1m soil along the national highway in majority places possess a soft to medium stiff behavior with low to medium bearing capacity as well low California bearing ratio values. It is recommended to ascertain these soils behavior in terms of geotechnical parameters before taking up any construction activity.

Keywords: California bearing ratio, dynamic cone penetrometer test, field vane shear, unconfined compression stress.

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Authors: Lily Yarney, Emmanuel M. Y. Seidu, Thomas Chireh Kuusaanu, Belinda Adzimah-Yeboah

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Healthcare delivery is labor-intensive; the role of the health worker is, therefore, indispensable in maintaining and improving individual and population health. In Ghana, doctor-patient ratio is 1:10,450, with a disproportionate tilt in favor of the relatively resource rich southern part of the country. The Upper West Region located in Northern Ghana, is among the poorest regions in the country. The study was aimed at finding out the reasons why medical doctors are unwilling to accept postings to the Upper West Region where their services are needed most despite some efforts to attract, motivate and retain them. Current initiatives by the Ministry of Health and its partners to attract and retain doctors in the region were also examined. Qualitative methodology was employed with an in-depth interview guide to collect data. Sixteen respondents comprising medical doctors, health managers, and other health-related partners purposively selected took part in the study. Data were recorded, transcribed, coded, and categorized into themes in tandem with the objectives of the study. The study found that medical doctors are unwilling to take up appointments in the Upper West Region because of limited opportunities for career and continuing professional development, poor financial inducement, and weak leadership, among other important contextual social and cultural factors. Critical success factors to surmount these challenges include concessions and sponsorship for medical specialization training for doctors and clear implementable national and local policies on postings.

Keywords: attraction, retention, medical doctors, deprived regions, Ghana

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Authors: Ersin Sener, Ibrahim Demir, Hasan Aykut Karaboga, Kadir Kilinc

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Bayesian methods, which have very wide range of applications, are implemented to the data obtained from the production of F class fly ash-based geopolymer bricks’ experimental design. In this study, dependent variable is compressive strength, independent variables are treatment type (oven and steam), treatment time, molding time, temperature, water absorbtion ratio and density. The effect of independent variables on compressive strength is investigated. There is no difference among treatment types, but there is a correlation between independent variables. Therefore, hierarchical Bayesian path analysis is applied. In consequence of analysis we specified that treatment time, temperature and density effects on compressive strength is higher, molding time, and water absorbtion ratio is relatively low.

Keywords: experimental design, F class fly ash, geopolymer bricks, hierarchical Bayesian path analysis

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Authors: Miguel Pereira, Lígia Pimentel, Manuela Pintado

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Animal blood is a major by-product of slaughterhouses and still represents a cost and environmental problem in some countries. To be eliminated, blood should be stabilised by cooking and afterwards the slaughterhouses must have to pay for its incineration. In order to reduce the elimination costs and valorise the high protein content the aim of this study was the optimization of hydrolysis conditions, in terms of enzyme ratio and time, in order to obtain hydrolysates with biological activity. Two enzymes were tested in this assay: pepsin and proteases from Cynara cardunculus (cardosins). The latter has the advantage to be largely used in the Portuguese Dairy Industry and has a low price. The screening assays were carried out in a range of time between 0 and 10 h and using a ratio of enzyme/reaction volume between 0 and 5%. The assays were performed at the optimal conditions of pH and temperature for each enzyme: 55 °C at pH 5.2 for cardosins and 37 °C at pH 2.0 for pepsin. After reaction, the hydrolysates were evaluated by FPLC (Fast Protein Liquid Chromatography) and tested for their antioxidant activity by ABTS method. FPLC chromatograms showed different profiles when comparing the enzymatic reactions with the control (no enzyme added). The chromatogram exhibited new peaks with lower MW that were not present in control samples, demonstrating the hydrolysis by both enzymes. Regarding to the antioxidant activity, the best results for both enzymes were obtained using a ratio enzyme/reactional volume of 5% during 5 h of hydrolysis. However, the extension of reaction did not affect significantly the antioxidant activity. This has an industrial relevant aspect in what concerns to the process cost. In conclusion, the enzymatic blood hydrolysis can be a better alternative to the current elimination process allowing to the industry the reuse of an ingredient with biological properties and economic value.

Keywords: antioxidant activity, blood, by-products, enzymatic hydrolysis

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Authors: Fu Jia

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The effects of soil-structure interaction (SSI) are often studied using axial-symmetric three-dimensional (3D) models to avoid the high computational cost of the more realistic, fully 3D models, which require 2-3 orders of magnitude more computer time and storage. This paper analyzes the error and presents correction factors for system frequency, system damping, and peak amplitude of structural response computed by axisymmetric models, embedded in uniform or layered half-space. The results are compared with those for fully 3D rectangular foundations of different aspect ratios. Correction factors are presented for a range of the model parameters, such as fixed-base frequency, structure mass, height and length-to-width ratio, foundation embedment, soil-layer stiffness and thickness. It is shown that the errors are larger for stiffer, taller and heavier structures, deeper foundations and deeper soil layer. For example, for a stiff structure like Millikan Library (NS response; length-to-width ratio 1), the error is 6.5% in system frequency, 49% in system damping and 180% in peak amplitude. Analysis of a case study shows that the NEHRP-2015 provisions for reduction of base shear force due to SSI effects may be unsafe for some structures and need revision. The presented correction factor diagrams can be used in practical design and other applications.

Keywords: 3D soil-structure interaction, correction factors for axisymmetric models, length-to-width ratio, NEHRP-2015 provisions for reduction of base shear force, rectangular embedded foundations, SSI system frequency, SSI system damping

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Authors: Jaroslav Belás, Anna Chochoľáková, Lenka Gabčová

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The aim of this article was to examine and quantify the dependence of additional purchases of banking products from customer loyalty and dependence of bank clients’ loyalty on the customers’ satisfaction. In this context, in our research from 2014, the respondents were divided into satisfied (loyal) and dissatisfied (disloyal) banking clients and their attitudes in the area of loyalty and additional purchases of banking products were compared. The differences in attitudes were examined by means of Pearson statistics. It was found out that satisfied customers compared with those dissatisfied clients significantly more advise their bank to their friends, also they often consider that they would use their bank in the future, they are more resistant to the offers from the other banks as well. Loyal customers are more interested in the services of their own banks when considering investments in the financial market, keep their savings in their own bank, take out a mortgage loan from their own bank and use other banking products and services offered by their own bank as well. According to the results of our research, with the different intensities the loyalty of customers is transforming into a potential purchase of additional banking products. The greatest potential interest of the bank customers was in keeping their own savings in the bank and mortgage loans. The intensity of interest in the purchase of financial investments and other products was relatively low.

Keywords: commercial bank, bank customers’ satisfaction, loyalty of bank clients, additional purchases of banking products and services

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Authors: Enyia James Diwa, Dodeye Ina Igbong, Archibong Archibong Eso

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Gas turbine operators have been faced with the dramatic financial setback resulting from compressor fouling. In a highly deregulated power industry where there is stiffness in the market competition, has made it imperative to improvise means of reducing maintenance cost in other to yield maximum profit. Compressor fouling results from the deposition of contaminants in the presence of oil and moisture on the compressor blade or annulus surfaces, which leads to a loss in flow capacity and compressor efficiency. These combined effects reduce power output, increase heat rate and cause creep life reduction. This paper also contains a model of two gas turbine engines via Cranfield University software known as TURBOMATCH, which is simulation software for detecting engine fouling rate. The model engines are of different configurations and capacities, and are operating in two different modes of constant output power and turbine inlet temperature for a two and three stage filter system. The idea is to investigate the more economically viable filtration systems by gas turbine users based on performance only. It has been demonstrated in the results that the two spool engine is a little more beneficial compared to the single spool. This is as a result of a higher pressure ratio of the two spools as well as the deceleration of the high-pressure compressor and high-pressure turbine speed in a constant TET. Meanwhile, the inlet filtration system was properly designed and balanced with a well-timed and economical compressor washing regime/scheme to control compressor fouling. The different technologies of inlet air filtration and compressor washing are considered and an attempt at optimization with respect to the cost of a combination of both control measures are made.

Keywords: inlet filtration, pressure loss, single spool, two spool

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Authors: Jae-Hyun Choi, Sung-Soo Bae, Sangyoung Yoon, Hong-Ku Yun, Jiyoung Kwahk

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This study was conducted to investigate the effect of ocular dominance on recognition performance using a single-lens smart display designed for cycling. A total of 36 bicycle riders who have been cycling consistently were recruited and participated in the experiment. The participants were asked to perform tasks riding a bicycle on a stationary stand for safety reasons. Independent variables of interest include ocular dominance, bike usage, age group, and information layout. Recognition time (i.e., the time required to identify specific information measured with an eye-tracker), error rate (i.e. false answer or failure to identify the information in 5 seconds), and user preference scores were measured and statistical tests were conducted to identify significant results. Recognition time and error ratio showed significant difference by ocular dominance factor, while the preference score did not. Recognition time was faster when the single-lens see-through display on the dominant eye (average 1.12sec) than on the non-dominant eye (average 1.38sec). Error ratio of the information recognition task was significantly lower when the see-through display was worn on the dominant eye (average 4.86%) than on the non-dominant eye (average 14.04%). The interaction effect of ocular dominance and age group was significant with respect to recognition time and error ratio. The recognition time of the users in their 40s was significantly longer than the other age groups when the display was placed on the non-dominant eye, while no difference was observed on the dominant eye. Error ratio also showed the same pattern. Although no difference was observed for the main effect of ocular dominance and bike usage, the interaction effect between the two variables was significant with respect to preference score. Preference score of daily bike users was higher when the display was placed on the dominant eye, whereas participants who use bikes for leisure purposes showed the opposite preference patterns. It was found more effective and efficient to wear a see-through display on the dominant eye than on the non-dominant eye, although user preference was not affected by ocular dominance. It is recommended to wear a see-through display on the dominant eye since it is safer by helping the user recognize the presented information faster and more accurately, even if the user may not notice the difference.

Keywords: eye tracking, information recognition, ocular dominance, smart headware, wearable device

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Authors: Sheriff Muhammad Ibrahim, Tijjani Muhammad

Abstract:

The study assesses the Islamic Microfinance Bank's role in promoting customers' social welfare, using the newly developed products of Yobe Microfinance Bank to encourage inclusion and alleviate poverty in the Yobe communities. Yobe state is ranked bottom as the poorest in the region and scores low on human development and poverty alleviation. It is clearly indicated low education rates, poor implementation of government policies on poverty, and a high rate of financial exclusion. The study adopted a qualitative approach using random sampling to collect data from customers of Yobe Microfinance Bank. Using the acceptability of the newly introduced sharia complaint products of Yobe Microfinance among the people in Yobe state, using the Structural Equation Modelling, a total of 300 respondents completed the survey using a Likert scale. The study employed Structural Equation Modeling to analyze and test reliability and validity to provide accuracy of respondents' information. The finding indicates the positive relationship between Islamic banking products and customer satisfaction. The study concludes that introducing and consistently managing Islamic products can improve social welfare and reduce poverty through financial inclusion in the state.

Keywords: islamic microfinance, social welfare, products, poverty

Procedia PDF Downloads 128

Authors: Mohammad Saber Rohi, Saghar Heidari

Abstract:

In this paper, we studied the pricing problem of American options under a regime-switching model with the possibility of a non-optimal exercise policy (early or late exercise time) which is called an irrational strategy. For this, we consider a Markovmodulated model for the dynamic of the underlying asset as an alternative model to the classical Balck-Scholes-Merton model (BSM) and an intensity-based model for the irrational strategy, to provide more realistic results for American option prices under the irrational behavior in real financial markets. Applying a partial differential equation (PDE) approach, the pricing problem of American options under regime-switching models can be formulated as coupled PDEs. To solve the resulting systems of PDEs in this model, we apply a finite element method as the numerical solving procedure to the resulting variational inequality. Under some appropriate assumptions, we establish the stability of the method and compare its accuracy to some recent works to illustrate the suitability of the proposed model and the accuracy of the applied numerical method for the pricing problem of American options under the regime-switching model with irrational behaviors.

Keywords: irrational exercise strategy, rationality parameter, regime-switching model, American option, finite element method, variational inequality

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Authors: Jayanta Pokharel, Gokarna Aryal, Netra Kanaal, Chris Tsokos

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Investment in stocks and shares aims to seek potential gains while weighing the risk of future needs, such as retirement, children's education etc. Analysis of the behavior of the stock market returns and making prediction is important for investors to mitigate risk on investment. Historically, the normal variance models have been used to describe the behavior of stock market returns. However, the returns of the financial assets are actually skewed with higher kurtosis, heavier tails, and a higher center than the normal distribution. The Laplace distribution and its family are natural candidates for modeling stock returns. The Variance-Gamma (VG) distribution is the most sought-after distributions for modeling asset returns and has been extensively discussed in financial literatures. In this paper, it explore the other Laplace family, such as Asymmetric Laplace, Skewed Laplace, Kumaraswamy Laplace (KS) together with Variance-Gamma to model the weekly returns of the S&P 500 Index and it's eleven business sector indices. The method of maximum likelihood is employed to estimate the parameters of the distributions and our empirical inquiry shows that the Kumaraswamy Laplace distribution performs much better for stock returns modeling among the choice of distributions used in this study and in practice, KS can be used as a strong alternative to VG distribution.

Keywords: stock returns, variance-gamma, kumaraswamy laplace, maximum likelihood

Procedia PDF Downloads 70

Authors: Yilin Ma, Zhaomiao Liu, Xiang Wang, Yan Pang

Abstract:

Microscale droplets play an increasingly important role in various applications, including medical diagnostics, material synthesis, chemical engineering, and cell research due to features of high surface-to-volume ratio and tiny scale, which can significantly improve reaction rates, enhance heat transfer efficiency, enable high-throughput parallel studies as well as reduce reagent usage. As a mature technique to manipulate small amounts of liquids, droplet microfluidics could achieve the precise control of droplet parameters such as size, uniformity, structure, and thus has been widely adopted in the engineering and scientific research of multiple fields. Necking processes of the droplet in the cross junction microchannels are experimentally and theoretically investigated and dynamic mechanisms of the neck thinning in two different regimes are revealed. According to evolutions of the minimum neck width and the thinning rate, the necking process is further divided into different stages and the main driving force during each stage is confirmed. Effects of the flow rates and the cross-sectional aspect ratio on the necking process as well as the neck profile at different stages are provided in detail. The distinct features of the two regimes in the squeezing stage are well captured by the theoretical estimations of the effective flow rate and the variations of the actual flow rates in different channels are reasonably reflected by the channel width ratio. In the collapsing stage, the quantitative relation between the minimum neck width and the remaining time is constructed to identify the physical mechanism.

Keywords: cross junction, neck thinning, force analysis, inertial mechanism

Procedia PDF Downloads 110

Authors: Cheng-yu Hsieh, Bo Zhang, Ahmed Hambaba

Abstract:

Stock market prediction has long been an area of interest for both expert analysts and investors, driven by its complexity and the noisy, volatile conditions it operates under. This research examines the efficacy of combining the Patch Time Series Transformer (PatchTST) with wavelet transforms, specifically focusing on Haar and Daubechies wavelets, in forecasting the adjusted closing price of the S&P 500 index for the following day. By comparing the performance of the augmented PatchTST models with traditional predictive models such as Recurrent Neural Networks (RNNs), Convolutional Neural Networks (CNNs), Long Short-Term Memory (LSTM) networks, and Transformers, this study highlights significant enhancements in prediction accuracy. The integration of the Daubechies wavelet with PatchTST notably excels, surpassing other configurations and conventional models in terms of Mean Absolute Error (MAE) and Mean Squared Error (MSE). The success of the PatchTST model paired with Daubechies wavelet is attributed to its superior capability in extracting detailed signal information and eliminating irrelevant noise, thus proving to be an effective approach for financial time series forecasting.

Keywords: deep learning, financial forecasting, stock market prediction, patch time series transformer, wavelet transform

Procedia PDF Downloads 51

Authors: Qingliang Tang

Abstract:

The transition from voluntary to mandatory carbon reporting (also refers to climate reporting) poses serious challenges for accounting professionals aiming to support firms in achieving net-zero goals. The accounting literature addresses the topics that are currently bewildering accounting academics and professional accountants on how to make accounting as a useful tool for the management to achieve a carbon neutral business model. This paper explores the evolving role of carbon accounting within corporate financial reporting systems, emphasizing its integration as a crucial component. Key challenges addressed include data availability, climate risk assessment, defining reporting boundaries, selecting appropriate greenhouse gas (GHG) accounting methodologies, and integrating climate-related events into traditional financial statements. A dynamic, integrated carbon accounting framework is proposed to facilitate this transformative process effectively. Furthermore, the paper identifies critical knowledge gaps and sets forth a research agenda aimed at enhancing transparency and relevance in carbon accounting and reporting systems, thereby empowering informed decision-making. The purpose of the paper is to succinctly capture the essence of carbon accounting practice in the transitional period, focusing on the challenges, proposed solutions, and future research directions in the realm of carbon accounting and mandatory climate reporting.

Keywords: mandatory carbon reporting, carbon management, net zero target, sustainability, climate risks

Procedia PDF Downloads 18