Search results for: commercial insurance
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 2673

Search results for: commercial insurance

933 Evaluation of Electro-Flocculation for Biomass Production of Marine Microalgae Phaodactylum tricornutum

Authors: Luciana C. Ramos, Leandro J. Sousa, Antônio Ferreira da Silva, Valéria Gomes Oliveira Falcão, Suzana T. Cunha Lima

Abstract:

The commercial production of biodiesel using microalgae demands a high-energy input for harvesting biomass, making production economically unfeasible. Methods currently used involve mechanical, chemical, and biological procedures. In this work, a flocculation system is presented as a cost and energy effective process to increase biomass production of Phaeodactylum tricornutum. This diatom is the only species of the genus that present fast growth and lipid accumulation ability that are of great interest for biofuel production. The algae, selected from the Bank of Microalgae, Institute of Biology, Federal University of Bahia (Brazil), have been bred in tubular reactor with photoperiod of 12 h (clear/dark), providing luminance of about 35 μmol photons m-2s-1, and temperature of 22 °C. The medium used for growing cells was the Conway medium, with addition of silica. The seaweed growth curve was accompanied by cell count in Neubauer camera and by optical density in spectrophotometer, at 680 nm. The precipitation occurred at the end of the stationary phase of growth, 21 days after inoculation, using two methods: centrifugation at 5000 rpm for 5 min, and electro-flocculation at 19 EPD and 95 W. After precipitation, cells were frozen at -20 °C and, subsequently, lyophilized. Biomass obtained by electro-flocculation was approximately four times greater than the one achieved by centrifugation. The benefits of this method are that no addition of chemical flocculants is necessary and similar cultivation conditions can be used for the biodiesel production and pharmacological purposes. The results may contribute to improve biodiesel production costs using marine microalgae.

Keywords: biomass, diatom, flocculation, microalgae

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932 The Analysis of Personalized Low-Dose Computed Tomography Protocol Based on Cumulative Effective Radiation Dose and Cumulative Organ Dose for Patients with Breast Cancer with Regular Chest Computed Tomography Follow up

Authors: Okhee Woo

Abstract:

Purpose: The aim of this study is to evaluate 2-year cumulative effective radiation dose and cumulative organ dose on regular follow-up computed tomography (CT) scans in patients with breast cancer and to establish personalized low-dose CT protocol. Methods and Materials: A retrospective study was performed on the patients with breast cancer who were diagnosed and managed consistently on the basis of routine breast cancer follow-up protocol between 2012-01 and 2016-06. Based on ICRP (International Commission on Radiological Protection) 103, the cumulative effective radiation doses of each patient for 2-year follow-up were analyzed using the commercial radiation management software (Radimetrics, Bayer healthcare). The personalized effective doses on each organ were analyzed in detail by the software-providing Monte Carlo simulation. Results: A total of 3822 CT scans on 490 patients was evaluated (age: 52.32±10.69). The mean scan number for each patient was 7.8±4.54. Each patient was exposed 95.54±63.24 mSv of radiation for 2 years. The cumulative CT radiation dose was significantly higher in patients with lymph node metastasis (p = 0.00). The HER-2 positive patients were more exposed to radiation compared to estrogen or progesterone receptor positive patient (p = 0.00). There was no difference in the cumulative effective radiation dose with different age groups. Conclusion: To acknowledge how much radiation exposed to a patient is a starting point of management of radiation exposure for patients with long-term CT follow-up. The precise and personalized protocol, as well as iterative reconstruction, may reduce hazard from unnecessary radiation exposure.

Keywords: computed tomography, breast cancer, effective radiation dose, cumulative organ dose

Procedia PDF Downloads 195
931 X-Ray Diffraction, Microstructure, and Mössbauer Studies of Nanostructured Materials Obtained by High-Energy Ball Milling

Authors: N. Boudinar, A. Djekoun, A. Otmani, B. Bouzabata, J. M. Greneche

Abstract:

High-energy ball milling is a solid-state powder processing technique that allows synthesizing a variety of equilibrium and non-equilibrium alloy phases starting from elemental powders. The advantage of this process technology is that the powder can be produced in large quantities and the processing parameters can be easily controlled, thus it is a suitable method for commercial applications. It can also be used to produce amorphous and nanocrystalline materials in commercially relevant amounts and is also amenable to the production of a variety of alloy compositions. Mechanical alloying (high-energy ball milling) provides an inter-dispersion of elements through a repeated cold welding and fracture of free powder particles; the grain size decreases to nano metric scale and the element mix together. Progressively, the concentration gradients disappear and eventually the elements are mixed at the atomic scale. The end products depend on many parameters such as the milling conditions and the thermodynamic properties of the milled system. Here, the mechanical alloying technique has been used to prepare nano crystalline Fe_50 and Fe_64 wt.% Ni alloys from powder mixtures. Scanning electron microscopy (SEM) with energy-dispersive, X-ray analyses and Mössbauer spectroscopy were used to study the mixing at nanometric scale. The Mössbauer Spectroscopy confirmed the ferromagnetic ordering and was use to calculate the distribution of hyperfin field. The Mössbauer spectrum for both alloys shows the existence of a ferromagnetic phase attributed to γ-Fe-Ni solid solution.

Keywords: nanocrystalline, mechanical alloying, X-ray diffraction, Mössbauer spectroscopy, phase transformations

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930 Aerodynamic Analysis by Computational Fluids Dynamics in Building: Case Study

Authors: Javier Navarro Garcia, Narciso Vazquez Carretero

Abstract:

Eurocode 1, part 1-4, wind actions, includes in its article 1.5 the possibility of using numerical calculation methods to obtain information on the loads acting on a building. On the other hand, the analysis using computational fluids dynamics (CFD) in aerospace, aeronautical, and industrial applications is already in widespread use. The application of techniques based on CFD analysis on the building to study its aerodynamic behavior now opens a whole alternative field of possibilities for civil engineering and architecture; optimization of the results with respect to those obtained by applying the regulations, the possibility of obtaining information on pressures, speeds at any point of the model for each moment, the analysis of turbulence and the possibility of modeling any geometry or configuration. The present work compares the results obtained on a building, with respect to its aerodynamic behavior, from a mathematical model based on the analysis by CFD with the results obtained by applying Eurocode1, part1-4, wind actions. It is verified that the results obtained by CFD techniques suppose an optimization of the wind action that acts on the building with respect to the wind action obtained by applying the Eurocode1, part 1-4, wind actions. In order to carry out this verification, a 45m high square base truncated pyramid building has been taken. The mathematical model on CFD, based on finite volumes, has been calculated using the FLUENT commercial computer application using a scale-resolving simulation (SRS) type large eddy simulation (LES) turbulence model for an atmospheric boundary layer wind with turbulent component in the direction of the flow.

Keywords: aerodynamic, CFD, computacional fluids dynamics, computational mechanics

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929 Development and Validation of Selective Methods for Estimation of Valaciclovir in Pharmaceutical Dosage Form

Authors: Eman M. Morgan, Hayam M. Lotfy, Yasmin M. Fayez, Mohamed Abdelkawy, Engy Shokry

Abstract:

Two simple, selective, economic, safe, accurate, precise and environmentally friendly methods were developed and validated for the quantitative determination of valaciclovir (VAL) in the presence of its related substances R1 (acyclovir), R2 (guanine) in bulk powder and in the commercial pharmaceutical product containing the drug. Method A is a colorimetric method where VAL selectively reacts with ferric hydroxamate and the developed color was measured at 490 nm over a concentration range of 0.4-2 mg/mL with percentage recovery 100.05 ± 0.58 and correlation coefficient 0.9999. Method B is a reversed phase ultra performance liquid chromatographic technique (UPLC) which is considered superior in technology to the high-performance liquid chromatography with respect to speed, resolution, solvent consumption, time, and cost of analysis. Efficient separation was achieved on Agilent Zorbax CN column using ammonium acetate (0.1%) and acetonitrile as a mobile phase in a linear gradient program. Elution time for the separation was less than 5 min and ultraviolet detection was carried out at 256 nm over a concentration range of 2-50 μg/mL with mean percentage recovery 100.11±0.55 and correlation coefficient 0.9999. The proposed methods were fully validated as per International Conference on Harmonization specifications and effectively applied for the analysis of valaciclovir in pure form and tablets dosage form. Statistical comparison of the results obtained by the proposed and official or reported methods revealed no significant difference in the performance of these methods regarding the accuracy and precision respectively.

Keywords: hydroxamic acid, related substances, UPLC, valaciclovir

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928 Enhancement in Bactericidal Activity of Hydantoin Based Microsphere from Smooth to Rough

Authors: Rajani Kant Rai, Jayakrishnan Athipet

Abstract:

There have been several attempts to prepare polymers with antimicrobial properties by doping with various N-halamines. Hydantoins (Cyclic N-halamine) is of importance due to their stability rechargeable chloroamide function, broad-spectrum anti-microbial action and ability to prevent resistance to the organisms. Polymerizable hydantoins are synthesized by tethering vinyl moieties to 5,5,-dialkyl hydantoin sacrificing the imide hydrogen in the molecule thereby restricting the halogen capture only to the amide nitrogen that results in compromised antibacterial activity. In order to increase the activity of the antimicrobial polymer, we have developed a scheme to maximize the attachment of chlorine to the amide and the imide moieties of hydantoin. Vinyl hydantoin monomer, (Z)-5-(4-((3-methylbuta-1,3-dien-2-yl)oxy)benzylidene)imidazolidine-2,4-dione (MBBID) was synthesized and copolymerized with a commercially available monomer, methyl methacrylate, by free radical polymerization. The antimicrobial activity of hydantoin is strongly dependent on their surface area and hence their microbial activity increases when incorporated in microspheres or nanoparticles as compared to their bulk counterpart. In this regard, smooth and rough surface microsphere of the vinyl monomer (MBBID) with commercial monomer was synthesized. The oxidative chlorine content of the copolymer ranged from 1.5 to 2.45 %. Further, to demonstrate the water purification potential, the thin column was packed with smooth or rough microspheres and challenged with simulated contaminated water that exhibited 6 log kill (total kill) of the bacteria in 20 minutes of exposure with smooth (25 mg/ml) and rough microsphere (15.0 mg/ml).

Keywords: cyclic N-halamine, vinyl hydantoin monomer, rough surface microsphere, simulated contaminated water

Procedia PDF Downloads 142
927 Design of Microwave Building Block by Using Numerical Search Algorithm

Authors: Haifeng Zhou, Tsungyang Liow, Xiaoguang Tu, Eujin Lim, Chao Li, Junfeng Song, Xianshu Luo, Ying Huang, Lianxi Jia, Lianwee Luo, Qing Fang, Mingbin Yu, Guoqiang Lo

Abstract:

With the development of technology, countries gradually allocated more and more frequency spectrums for civilization and commercial usage, especially those high radio frequency bands indicating high information capacity. The field effect becomes more and more prominent in microwave components as frequency increases, which invalidates the transmission line theory and complicate the design of microwave components. Here a modeling approach based on numerical search algorithm is proposed to design various building blocks for microwave circuits to avoid complicated impedance matching and equivalent electrical circuit approximation. Concretely, a microwave component is discretized to a set of segments along the microwave propagation path. Each of the segment is initialized with random dimensions, which constructs a multiple-dimension parameter space. Then numerical searching algorithms (e.g. Pattern search algorithm) are used to find out the ideal geometrical parameters. The optimal parameter set is achieved by evaluating the fitness of S parameters after a number of iterations. We had adopted this approach in our current projects and designed many microwave components including sharp bends, T-branches, Y-branches, microstrip-to-stripline converters and etc. For example, a stripline 90° bend was designed in 2.54 mm x 2.54 mm space for dual-band operation (Ka band and Ku band) with < 0.18 dB insertion loss and < -55 dB reflection. We expect that this approach can enrich the tool kits for microwave designers.

Keywords: microwave component, microstrip and stripline, bend, power division, the numerical search algorithm.

Procedia PDF Downloads 379
926 Assessing Walkability in New Cities around Cairo

Authors: Lobna Ahmed Galal

Abstract:

Modal integration has given minimal consideration in cities of developing countries, as well as the declining dominance of public transport, and predominance of informal transport, the modal share of informal taxis in greater Cairo has increased from 6% in 1987 to 37% in 2001 and this has since risen even higher, informal and non-motorized modes of transport acting as a gap filler by feeding other modes of transport, not by design or choice, but often by lack of accessible and affordable public transport. Yet non-motorized transport is peripheral, with minimal priority in urban planning and investments, lacking of strong polices to support non-motorized transport, for authorities development is associated with technology and motorized transport, and promotion of non-motorized transport may be considered corresponding to development, as well as social stigma against non-motorized transport, as it is seen a travel mode for the poor. Cairo as a city of a developing country, has poor quality infrastructure for non-motorized transport, suffering from absence of dedicated corridors, and when existing they are often encroached for commercial purposes, widening traffic lanes at the expense of sidewalks, absence of footpaths, or being overcrowded, poor lighting, making walking unsafe and yet, lack of financial supply to such facilities as it is often considered beyond city capabilities. This paper will deal with the objective measuring of the built environment relating to walking, in some neighborhoods of new cities around Cairo, In addition to comparing the results of the objective measures of the built environment with the level of self-reported survey. The first paper's objective is to show how the index ‘walkability of community neighborhoods’ works in the contexts in neighborhoods of new cities around Cairo. The procedure of objective measuring is of a high potential to be carried out by using GIS.

Keywords: assessing, built environment, Cairo, walkability

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925 Evaluating the Satisfaction of Chinese Consumers toward Influencers at TikTok

Authors: Noriyuki Suyama

Abstract:

The progress and spread of digitalization have led to the provision of a variety of new services. The recent progress in digitization can be attributed to rapid developments in science and technology. First, the research and diffusion of artificial intelligence (AI) has made dramatic progress. Around 2000, the third wave of AI research, which had been underway for about 50 years, arrived. Specifically, machine learning and deep learning were made possible in AI, and the ability of AI to acquire knowledge, define the knowledge, and update its own knowledge in a quantitative manner made the use of big data practical even for commercial PCs. On the other hand, with the spread of social media, information exchange has become more common in our daily lives, and the lending and borrowing of goods and services, in other words, the sharing economy, has become widespread. The scope of this trend is not limited to any industry, and its momentum is growing as the SDGs take root. In addition, the Social Network Service (SNS), a part of social media, has brought about the evolution of the retail business. In the past few years, social network services (SNS) involving users or companies have especially flourished. The People's Republic of China (hereinafter referred to as "China") is a country that is stimulating enormous consumption through its own unique SNS, which is different from the SNS used in developed countries around the world. This paper focuses on the effectiveness and challenges of influencer marketing by focusing on the influence of influencers on users' behavior and satisfaction with Chinese SNSs. Specifically, Conducted was the quantitative survey of Tik Tok users living in China, with the aim of gaining new insights from the analysis and discussions. As a result, we found several important findings and knowledge.

Keywords: customer satisfaction, social networking services, influencer marketing, Chinese consumers’ behavior

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924 Micro-Meso 3D FE Damage Modelling of Woven Carbon Fibre Reinforced Plastic Composite under Quasi-Static Bending

Authors: Aamir Mubashar, Ibrahim Fiaz

Abstract:

This research presents a three-dimensional finite element modelling strategy to simulate damage in a quasi-static three-point bending analysis of woven twill 2/2 type carbon fibre reinforced plastic (CFRP) composite on a micro-meso level using cohesive zone modelling technique. A meso scale finite element model comprised of a number of plies was developed in the commercial finite element code Abaqus/explicit. The interfaces between the plies were explicitly modelled using cohesive zone elements to allow for debonding by crack initiation and propagation. Load-deflection response of the CRFP within the quasi-static range was obtained and compared with the data existing in the literature. This provided validation of the model at the global scale. The outputs resulting from the global model were then used to develop a simulation model capturing the micro-meso scale material features. The sub-model consisted of a refined mesh representative volume element (RVE) modelled in texgen software, which was later embedded with cohesive elements in the finite element software environment. The results obtained from the developed strategy were successful in predicting the overall load-deflection response and the damage in global and sub-model at the flexure limit of the specimen. Detailed analysis of the effects of the micro-scale features was carried out.

Keywords: woven composites, multi-scale modelling, cohesive zone, finite element model

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923 Dynamic Programming Based Algorithm for the Unit Commitment of the Transmission-Constrained Multi-Site Combined Heat and Power System

Authors: A. Rong, P. B. Luh, R. Lahdelma

Abstract:

High penetration of intermittent renewable energy sources (RES) such as solar power and wind power into the energy system has caused temporal and spatial imbalance between electric power supply and demand for some countries and regions. This brings about the critical need for coordinating power production and power exchange for different regions. As compared with the power-only systems, the combined heat and power (CHP) systems can provide additional flexibility of utilizing RES by exploiting the interdependence of power and heat production in the CHP plant. In the CHP system, power production can be influenced by adjusting heat production level and electric power can be used to satisfy heat demand by electric boiler or heat pump in conjunction with heat storage, which is much cheaper than electric storage. This paper addresses multi-site CHP systems without considering RES, which lay foundation for handling penetration of RES. The problem under study is the unit commitment (UC) of the transmission-constrained multi-site CHP systems. We solve the problem by combining linear relaxation of ON/OFF states and sequential dynamic programming (DP) techniques, where relaxed states are used to reduce the dimension of the UC problem and DP for improving the solution quality. Numerical results for daily scheduling with realistic models and data show that DP-based algorithm is from a few to a few hundred times faster than CPLEX (standard commercial optimization software) with good solution accuracy (less than 1% relative gap from the optimal solution on the average).

Keywords: dynamic programming, multi-site combined heat and power system, relaxed states, transmission-constrained generation unit commitment

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922 Foreign Football League and Its Socio-Economic Implications in Nigeria

Authors: Usman Dutse, Eldah Ephraim Buba, Dalhatu Sa’idu

Abstract:

The popularity of foreign football leagues are getting a soaring in Africa. Nigerian youths are following these leagues with high sense of dedication and devotion. The paper examines the factors behind the growing popularity of foreign football league in Nigeria and its socio economic implications on the country. Primary data were largely used for the study and collected through the use of questionnaire and interview. The data collected were analysed with the use of descriptive and qualitative methods of analysis. The findings made from the analysis indicates that the reasons why foreign league is popular in Nigeria is because the quality of national league in Nigeria is poor, the matches are not mostly televised, corruption/match fixing is common; for the above mentioned reasons national football league become uninteresting compared to foreign leagues. It was also confirmed that the overwhelming popularity of foreign league has the following social effects: friendship and acquaintance are created between supporters of the same club via social media and viewing centres, it has increased the knowledge and awareness of youth about the economics and politics of international sports. However, it has also brewed rivalry between supporters of clubs, drugs are sold in viewing centres and it sometimes serves as a meeting point for miscreants and criminals. Some of the economic effects were also identified as follows: small entrepreneurs establish commercial viewing centres and they employ other supporting staff to operate. On the strength of the above findings, the following were recommended: There is the urgent need to reform our national league to an acceptable standard; improve the quality of the team, the facilities and media coverage of the matches. This might make Nigerians to channel some of the love for foreign leagues to the local leagues.

Keywords: foreign, league, socioeconomic, implications

Procedia PDF Downloads 253
921 Pavement Failures and Its Maintenance

Authors: Maulik L. Sisodia, Tirth K. Raval, Aarsh S. Mistry

Abstract:

This paper summarizes the ongoing researches about the defects in both flexible and rigid pavement and the maintenance in both flexible and rigid pavements. Various defects in pavements have been identified since the existence of both flexible and rigid pavement. Flexible Pavement failure is defined in terms of decreasing serviceability caused by the development of cracks, ruts, potholes etc. Flexible Pavement structure can be destroyed in a single season due to water penetration. Defects in flexible pavements is a problem of multiple dimensions, phenomenal growth of vehicular traffic (in terms of no. of axle loading of commercial vehicles), the rapid expansion in the road network, non-availability of suitable technology, material, equipment, skilled labor and poor funds allocation have all added complexities to the problem of flexible pavements. In rigid pavements due to different type of destress the failure like joint spalling, faulting, shrinkage cracking, punch out, corner break etc. Application of correction in the existing surface will enhance the life of maintenance works as well as that of strengthening layer. Maintenance of a road network involves a variety of operations, i.e., identification of deficiencies and planning, programming and scheduling for actual implementation in the field and monitoring. The essential objective should be to keep the road surface and appurtenances in good condition and to extend the life of the road assets to its design life. The paper describes lessons learnt from pavement failures and problems experienced during the last few years on a number of projects in India. Broadly, the activities include identification of defects and the possible cause there off, determination of appropriate remedial measures; implement these in the field and monitoring of the results.

Keywords: Flexible Pavements, Rigid Pavements, Defects, Maintenance

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920 The Use of Industrial Ecology Principles in the Production of Solar Cells and Solar Modules

Authors: Julius Denafas, Irina Kliopova, Gintaras Denafas

Abstract:

Three opportunities for implementation of industrial ecology principles in the real industrial production of c-Si solar cells and modules are presented in this study. It includes: material flow dematerialisation, product modification and industrial symbiosis. Firstly, it is shown how the collaboration between R&D institutes and industry helps to achieve significant reduction of material consumption by a) refuse from phosphor silicate glass cleaning process and b) shortening of SiNx coating production step. This work was performed in the frame of Eco-Solar project, where Soli Tek R&D is collaborating together with the partners from ISC-Konstanz institute. Secondly, it was shown how the modification of solar module design can reduce the CO2 footprint for this product and enhance waste prevention. It was achieved by implementing a frameless glass/glass solar module design instead of glass/backsheet with aluminium frame. Such a design change is possible without purchasing new equipment and without loss of main product properties like efficiency, rigidity and longevity. Thirdly, industrial symbiosis in the solar cell production is possible in such case when manufacturing waste (silicon wafer and solar cell breakage) are collected, sorted and supplied as raw-materials to other companies involved in the production chain of c-Si solar cells. The obtained results showed that solar cells produced from recycled silicon can have a comparable electrical parameters like produced from standard, commercial silicon wafers. The above mentioned work was performed at solar cell producer Soli Tek R&D in the frame of H2020 projects CABRISS and Eco-Solar.

Keywords: solar cells and solar modules, manufacturing, waste prevention, recycling

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919 Estimating Heavy Metal Leakage and Environmental Damage from Cigarette Butt Disposal in Urban Areas through CBPI Evaluation

Authors: Muhammad Faisal, Zai-Jin You, Muhammad Naeem

Abstract:

Concerns about the environment, public health, and the economy are raised by the fact that the world produces around 6 trillion cigarettes annually. Arguably the most pervasive forms of environmental litter, this dangerous trash must be eliminated. The researchers wanted to get an idea of how much pollution is seeping out of cigarette butts in metropolitan areas by studying their distribution and concentration. In order to accomplish this goal, the cigarette butt pollution indicator was applied in 29 different areas. The locations were monitored monthly for a full calendar year. The conditions for conducting the investigation of the venues were the same on both weekends and during the weekdays. By averaging the metal leakage ratio in various climates and the average weight of cigarette butts, we were able to estimate the total amount of heavy metal leakage. The findings revealed that the annual average value of the index for the areas that were investigated ranged from 1.38 to 10.4. According to these numbers, just 27.5% of the areas had a low pollution rating, while 43.5% had a major pollution status or worse. Weekends witnessed the largest fall (31% on average) in all locations' indices, while spring and summer saw the largest increase (26% on average) compared to autumn and winter. It was calculated that the average amount of heavy metals such as Cr, Cu, Cd, Zn, and Pb that seep into the environment from discarded cigarette butts in commercial, residential, and park areas, respectively, is 0.25 µg/m2, 0.078 µg/m2, and 0.18 µg/m2. Butt from cigarettes is one of the most prevalent forms of litter in the area that was examined. This litter is the origin of a wide variety of contaminants, including heavy metals. This toxic garbage poses a significant risk to the city.

Keywords: heavy metal, hazardous waste, waste management, litter

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918 Influence of BaTiO₃ on the Biological Behaviour of Hydroxyapatite: Collagen Composites

Authors: Cristina Busuioc, Georgeta Voicu, Sorin-Ion Jinga

Abstract:

The human bone presents in its dry form piezoelectric properties, which means that a mechanical stress results in electric polarization and an applied electric field causes strain. The immediate consequence was the revealing of piezoelectricity role in bone remodelling, as well as the integration of ceramic materials with piezoelectric behaviour in the composition of unitary or composite biomaterials. Thus, we prepared hydroxyapatite - collagen hybrid materials with barium titanate addition in order to achieve a better osseointegration. Barium titanate powder synthesized by a combined sol-gel-hydrothermal method, commercial hydroxyapatite and laboratory extracted collagen gel were employed as starting materials. Before the composites, fabrication, the powder with piezoelectric features was characterized in detail from the compositional, structural, morphological and electrical point of view. The next step was to elucidate the influence of barium titanate presence especially on the biological properties of the final materials. The biocompatibility of the hybrid supports without or with piezoelectric addition was investigated on mouse osteoblast cells through LDH cytotoxicity assay, LIVE/DEAD cell viability assay, and MTT cell proliferation assay. All results indicated that the analysed materials do not exert cytotoxic effects and present the ability to sustain cell survival and to promote their proliferation. In conclusion, barium titanate nanoparticles exhibit a good biocompatibility and osteoinductive properties, while the derived composite materials based on hydroxyapatite as oxide phase and collagen as polymeric phase can be successfully used for tissue engineering applications.

Keywords: barium titanate, hybrid composites, piezoelectricity, tissue engineering

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917 Computational Investigation of Secondary Flow Losses in Linear Turbine Cascade by Modified Leading Edge Fence

Authors: K. N. Kiran, S. Anish

Abstract:

It is well known that secondary flow loses account about one third of the total loss in any axial turbine. Modern gas turbine height is smaller and have longer chord length, which might lead to increase in secondary flow. In order to improve the efficiency of the turbine, it is important to understand the behavior of secondary flow and device mechanisms to curtail these losses. The objective of the present work is to understand the effect of a stream wise end-wall fence on the aerodynamics of a linear turbine cascade. The study is carried out computationally by using commercial software ANSYS CFX. The effect of end-wall on the flow field are calculated based on RANS simulation by using SST transition turbulence model. Durham cascade which is similar to high-pressure axial flow turbine for simulation is used. The aim of fencing in blade passage is to get the maximum benefit from flow deviation and destroying the passage vortex in terms of loss reduction. It is observed that, for the present analysis, fence in the blade passage helps reducing the strength of horseshoe vortex and is capable of restraining the flow along the blade passage. Fence in the blade passage helps in reducing the under turning by 70 in comparison with base case. Fence on end-wall is effective in preventing the movement of pressure side leg of horseshoe vortex and helps in breaking the passage vortex. Computations are carried for different fence height whose curvature is different from the blade camber. The optimum fence geometry and location reduces the loss coefficient by 15.6% in comparison with base case.

Keywords: boundary layer fence, horseshoe vortex, linear cascade, passage vortex, secondary flow

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916 Treating On-Demand Bonds as Cash-In-Hand: Analyzing the Use of “Unconscionability” as a Ground for Challenging Claims for Payment under On-Demand Bonds

Authors: Asanga Gunawansa, Shenella Fonseka

Abstract:

On-demand bonds, also known as unconditional bonds, are commonplace in the construction industry as a means of safeguarding the employer from any potential non-performance by a contractor. On-demand bonds may be obtained from commercial banks, and they serve as an undertaking by the issuing bank to honour payment on demand without questioning and/or considering any dispute between the employer and the contractor in relation to the underlying contract. Thus, whether or not a breach had occurred under the underlying contract, which triggers the demand for encashment by the employer, is not a question the bank needs to be concerned with. As a result, an unconditional bond allows the beneficiary to claim the money almost without any condition. Thus, an unconditional bond is as good as cash-in-hand. In the past, establishing fraud on the part of the employer, of which the bank had knowledge, was the only ground on which a bank could dishonour a claim made under an on-demand bond. However, recent jurisprudence in common law countries shows that courts are beginning to consider unconscionable conduct on the part of the employer in claiming under an on-demand bond as a ground that contractors could rely on the prevent the banks from honouring such claims. This has created uncertainty in connection with on-demand bonds and their liquidity. This paper analyzes recent judicial decisions in four common law jurisdictions, namely, England, Singapore, Hong Kong, and Sri Lanka, to identify the scope of using the concept of “unconscionability” as a ground for preventing unreasonable claims for encashment of on-demand bonds. The objective of this paper is to argue that on-demand bonds have lost their effectiveness as “cash-in-hand” and that this is, in fact, an advantage and not an impediment to international commerce, as the purpose of such bonds should not be to provide for illegal and unconscionable conduct by the beneficiaries.

Keywords: fraud, performance guarantees, on-demand bonds, unconscionability

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915 A Parametric Study of the Effect of Size, Position, and Number of Flexible Membranes Attached to a Circular Cylinder on the Fluid Flow Behavior

Authors: Nabaouia.Maktouf, Ali Ben Moussa, Saïd Turki

Abstract:

This paper discusses the effect of an attached flexible membrane on the control of fluid around a circular cylinder. A parametric study has been investigated for different positions, sizes, modes as well as frequencies of oscillation of the flexible membrane. The numerical investigation was conducted for a Reynolds number equal to 150 using the commercial code Fluent 16.0 and parallel calculation into 4 processors. The motion of the flexible membrane was managed by the dynamic mesh and compiled into Fluent as a user-defined function. The first part of this paper discusses the effect of changing the position of a flexible membrane sized 8° as an angle of aperture on the aerodynamic coefficients. Results show that the flexible membrane placed at 110° from the stagnation point presents more non-linearity on the behavior of the drag coefficient compared to the drag behavior when placed at 180°, relative to the stagnation point. The effect of the size of the flexible surface was studied for the corresponding angles of aperture: 32° and 42°, respectively. The effect of modes (modes 1, 2, and 3) of vibrations has been investigated at a constant frequency of vibration f=2Hz for angles 32° and 42°. All the calculations have been done with a constant amplitude A =0.001m. A non-linearity of the drag coefficient was clearly observed for all the sizes, modes as well as frequencies of excitation. The Fast Fourier transformation shows the appearance of the natural shedding frequency and the multiples of the frequency of excitation. An increase in the modes of oscillation leads to a more linear behavior of the drag coefficient.

Keywords: fluid flow control, numerical simulation, dynamic mesh, aerodynamic forces, flexible membrane

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914 Proton Nuclear Magnetic Resonance Based Metabolomics and 13C Isotopic Ratio Evaluation to Differentiate Conventional and Organic Soy Sauce

Authors: Ghulam Mustafa Kamal, Xiaohua Wang, Bin Yuan, Abdullah Ijaz Hussain, Jie Wang, Shahzad Ali Shahid Chatha, Xu Zhang, Maili Liu

Abstract:

Organic food products are becoming increasingly popular in recent years, as consumers have turned more health conscious and environmentally aware. A lot of consumers have understood that the organic foods are healthier than conventionally produced food stuffs. Price difference between conventional and organic foods is very high. So, it is very common to cheat the consumers by mislabeling and adulteration. Our study describes the 1H NMR based approach to characterize and differentiate soy sauce prepared from organically and conventionally grown raw materials (wheat and soybean). Commercial soy sauce samples fermented from organic and conventional raw materials were purchased from local markets. Principal component analysis showed clear separation among organic and conventional soy sauce samples. Orthogonal partial least squares discriminant analysis showed a significant (p < 0.01) separation among two types of soy sauce yielding leucine, isoleucine, ethanol, glutamate, lactate, acetate, β-glucose, sucrose, choline, valine, phenylalanine and tyrosine as important metabolites contributing towards this separation. Abundance ratio of 13C to 12C was also evaluated by 1H NMR spectroscopy which showed an increased ratio of 13C isotope in organic soy sauce samples indicating the organically grown wheat and soybean used for the preparation of organic soy sauce. Results of the study can be helpful to the end users to select the soy sauce of their choice. This information could also pave the way to further trace and authenticate the raw materials used in production of soy sauce.

Keywords: 1H NMR, multivariate analysis, organic, conventional, 13C isotopic ratio, soy sauce

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913 Experimental and Numerical Performance Analysis for Steam Jet Ejectors

Authors: Abdellah Hanafi, G. M. Mostafa, Mohamed Mortada, Ahmed Hamed

Abstract:

The steam ejectors are the heart of most of the desalination systems that employ vacuum. The systems that employ low grade thermal energy sources like solar energy and geothermal energy use the ejector to drive the system instead of high grade electric energy. The jet-ejector is used to create vacuum employing the flow of steam or air and using the severe pressure drop at the outlet of the main nozzle. The present work involves developing a one dimensional mathematical model for designing jet-ejectors and transform it into computer code using Engineering Equation solver (EES) software. The model receives the required operating conditions at the inlets and outlet of the ejector as inputs and produces the corresponding dimensions required to reach these conditions. The one-dimensional model has been validated using an existed model working on Abu-Qir power station. A prototype has been designed according to the one-dimensional model and attached to a special test bench to be tested before using it in the solar desalination pilot plant. The tested ejector will be responsible for the startup evacuation of the system and adjusting the vacuum of the evaporating effects. The tested prototype has shown a good agreement with the results of the code. In addition a numerical analysis has been applied on one of the designed geometry to give an image of the pressure and velocity distribution inside the ejector from a side, and from other side, to show the difference in results between the two-dimensional ideal gas model and real prototype. The commercial edition of ANSYS Fluent v.14 software is used to solve the two-dimensional axisymmetric case.

Keywords: solar energy, jet ejector, vacuum, evaporating effects

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912 Quality of Chilled Indigenous Ram Semen Using Multi-Species Skim Milk Based Extenders

Authors: Asaduzzaman Rimon, Pankaj Kumar Jha, Abdullah Al Mansur, Mohammad Mofizul Islam, Nasrin Sultana Juyena, Farida Yeasmin Bari

Abstract:

This study was conducted to determine the effects of multi-species skim milk based extenders on sperm quality at 5ºC with the advancement of preservation time. Altogether forty ejaculates, 8 ejaculates for each of the 5 home-made semen extenders: cow skim milk (CSM), goat skim milk (GSM), sheep skim milk (SSM), buffalo skim milk (BSM) and commercial dried skim milk (CDSM) were examined for motility, plasma membrane integrity and normal morphology % of sperm at 0, 24, 48, 72, 96 and 120 hours, respectively. Sperm motility was significantly decreased (P < 0.05) with the increase of preservation time. There were no significant difference in motility % among CSM (84.0±1.4, 82.3±2.1), GSM (84.5±1.0, 82.5±0.6) and CDSM (85.0±80.3±1.3) extenders at 0 and 24 hours, respectively. However, the motility in GSM extender was significantly higher than BSM, SSM and CDSM extender at 48, 72, 96 and 120 hours. The plasma membrane integrity % at 0 hour had no significant difference among the extenders. But, the plasma membrane integrity % in GSM (84.3±0.9, 81.8±1.3, 78.0±2.2, 74.8±0.5, 72.0±1.4) and CSM (82.8±0.5, 80.8±1.0, 78.0±1.4, 73.5±1.7, 70.3±0.5) extenders were significantly higher than BSM (81.0±1.4, 76.3±2.5, 72.5±1.7, 63.8±2.5, 54.0±4.6), SSM (78.5±1.5, 75.0±1.6, 71.5±2.4, 64.3±1.7, 56.5±2.4) and CDSM extenders (78.3±2.4, 75.8±3.9, 72.5±3.3, 64.8±1.0, 60.5±3.3) at 24, 48, 72, 96 and 120 hours, respectively. The sperm morphology % had no significant difference at 0 hour among the extenders but were significantly higher in GSM (83.0±0.8, 81.3±1.5, 79.3±1.3, 73.0±2.2, 70.3±1.3) and CSM (81.5±1.7, 79.3±1.5, 75.8±1.5, 70.3±1.3, 66.3±1.5) than BSM (79.0±1.2, 75.0±1.4, 69.5±1.7, 64.5±3.1, 56.8±2.2), SSM (79.8±1.3, 76.8±2.1, 71.3±3.0, 66.0±2.7, 60.3±4.5) and CDSM (80.0±1.6, 77.0±2.2, 72.0±2.5, 66.3±2.5, 62.0±4.0) extenders at 24, 48, 72, 96 and 120 hours, respectively. The motility, plasma membrane integrity and normal morphology % of sperm had shown no significant difference between GSM and CSM but were found to be higher in GSM extenders. In the end, we concluded from the above study that the goat milk based extenders (GSM) had optimum sperm preserving quality. However, further studies are required to validate followed by fertility rate.

Keywords: chilled semen, indigenous ram, multi-species skim milk based extenders, preservation

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911 Oi̇l Absorption Behavior and Its Effect on Charpy Impact Test of Glass Reinforced Polyester Composites Used in the Manufacture of Naval Ship Hulls

Authors: Bouhafara Djaber, Menail Younes, Mesrafet Farouk, Aissaoui Mohammed Islem

Abstract:

This article presents results of experimental investigations of the durability of (GFRP) composite exposed to typical environments of marine industries applications,The use of fiber-glass reinforced polyester composites in marine applications such as Hulls of voyage boats and hulls of small vessels for the military navy , this type of composite is becoming attractive because of their reduced weight and improved corrosion resistance. However,a deep understating of oil ageing effect on composite structures is essential to ensure long-term performance and durability. in this work evaluate the effect of oil ageing on absorptıon behavıor and ımpact properties of glass/polyester composites manufactured with two types of fiber fabrics (fibreglass mat and fiberglass woven roving) and isophthalic polyester resin. The specimens obtained from commercial (GFRP) profiles made of unsaturated polyester resin were subjected to immersion in (i) marine oil for boats and (ii) salt water at ambient temperature for up to 1 month. The effects of such exposure conditions on this types of profile we analysed in what concerns their (i) mass change,(ii) mechanical response in impact, namely on the mechanical response – oil immersion caused a higher level of degradation, compared with salt water immersion;fracture surface examination by scanning electron microscopy revealed delamination, fiber debonding and resin crumbling due to oil effect.

Keywords: Marine Engine Oil, Absorption, Polyester, Glass Fibre

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910 Policy Evaluation of Republic Act 9502 “Universally Accessible Cheaper and Quality Medicines Act of 2008”

Authors: Trina Isabel D. Santiago, Juan Raphael M. Perez, Maria Angelica O. Soriano, Teresita B. Suing, Jumee F. Tayaban

Abstract:

To achieve universal healthcare for everyone, the World Health Organization has emphasized the importance of National Medicines Policies for increased accessibility and utilization of high-quality and affordable medications. In the Philippines, significant challenges have been identified surrounding the sustainability of essential medicines, resulting in limited access such as high cost and dominance and market dominance and monopoly of multinational companies (MNCs) in the Philippine pharmaceutical industry. These identified challenges have been addressed by several initiatives, such as the Philippine National Drug Policy and Generics Act of 1988 (Republic Act 6675), to attempt to reduce drug prices. Despite these efforts, the concerns with drug accessibility and affordability continue to persist; hence, Republic Act 9502 was enacted. This paper attempts to review RA 9502 in the pursuit of making medicines more affordable for Filipinos, analyze and critique the problems and challenges associated with the law, and provide recommendations to address identified problems and challenges. A literature search and review, as well as an analysis of the law, has been done to evaluate the policy. RA 9502 recognizes the importance of market competition in drug price reduction and quality medicine accessibility. Contentious issues prior to enactment of the law include 1) parallel importation, pointing out that the drug price will depend on the global market price, 2) contrasting approaches in the drafting of the law as the House version focused on medicine price control while the Senate version prioritized market competition, and 3) MNCs opposing the amendments with concerns on discrimination, constitutional violations, and noncompliance with international treaty obligations. There are also criticisms and challenges with the implementation of the law in terms of content or modeling, interpretation and implementation, and other external factors or hindrances. The law has been criticized for its narrow scope as it only covers specific essential medicines with no cooperation with the national health insurance program. Moreover, the law has sections taking advantage of the TRIPS flexibilities, which disallow smaller countries to reap the benefits of flexibilities. The sanctions and penalties have an insignificant role in implementation as they only ask for a small portion of the income of MNCs. Proposed recommendations for policy improvement include aligning existing legislation through strengthened price regulation and expanded law coverage, strengthening penalties to promote law adherence, and promoting research and development to encourage and support local initiatives. Through these comprehensive recommendations, the issues surrounding the policy can be addressed, and the goal of enhancing the affordability and accessibility of medicines in the country can be achieved.

Keywords: drug accessibility, drug affordability, price regulation, Republic Act 9502

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909 Attitudes of Gratitude: An Analysis of 30 Cancer Patient Narratives Published by Leading U.S. Cancer Care Centers

Authors: Maria L. McLeod

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This study examines the ways in which cancer patient narratives are portrayed and framed on the websites of three leading U.S. cancer care centers –The University of Texas MD Anderson Cancer Center in Houston, Memorial Sloan Kettering Cancer Center in New York, and Seattle Cancer Care Alliance. Thirty patient stories, ten from each cancer center website blog, were analyzed using qualitative and quantitative textual analysis of unstructured data, documenting repeated use of specific metaphors and tropes while charting common themes and other elements of story structure and content. Patient narratives were coded using grounded theory as the basis for conducting emergent qualitative research. As part of a systematic, inductive approach to collecting and analyzing data, recurrent and unique themes were examined and compared in terms of positive and negative framing, patient agency, and institutional praise. All three of these cancer care centers are teaching hospitals with university affiliations, that emphasizes an evidence-based scientific approach to treatment that utilizes the latest research and cutting-edge techniques and technology. Thus, the use of anecdotal evidence presented in patient narratives could be perceived as being in conflict with this evidence-based model, as the patient stories are not an accurate representation of scientific outcomes related to developing cancer, cancer reoccurrence, or cancer outcomes. The representative patient narratives tend to exclude or downplay adverse responses to treatment, survival rates, integrative and/or complementary cancer treatments, cancer prevention and causes, and barriers to treatment, such as the limitation of insurance plans, costs of treatment, and/or other issues related to access, potentially contributing to false narratives and inaccurate notions of cancer prevention, cancer care treatment and the potential for a cure. Both quantitative and qualitative findings demonstrate that cancer patient stories featured on the blogsites of the nation’s top cancer care centers deemphasize patient agency and, instead, emphasize deference and gratitude toward the institutions where the featured patients received treatment. Along these lines, language choices reflect positive framing of the cancer experience. Accompanying portrait photos of healthy appearing subjects as well as positive-framed headlines, subheads, and pull quotes function similarly, reflecting hopeful, transformative experiences and outcomes over hardship and suffering. Although patient narratives include real, factual scientific details and descriptions of actual events, the stories lack references to more negative realities of cancer diagnosis and treatment. Instead, they emphasize the triumph of survival by which the cancer care center, in the savior/hero role, enables the patient’s success, represented as a cathartic medical journey.

Keywords: cancer framing, cancer stories, medical gaze, patient narratives

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908 Development and Evaluation of a Nutraceutical Herbal Summer Drink

Authors: Munish Garg, Vinni Ahuja

Abstract:

In the past few years, the high consumption of soft drinks has attracted negative attention world-wide due to its possible adverse effects, leading the health conscious people to find alternative nutraceutical or herbal health drinks. In the present study, a nutraceutical soft drink was developed utilizing some easily available and well known traditional herbs having nutritional potential. The key ingredients were selected as bael, amla, lemon juice, ashwagandha and poppy seeds based on their household routine use in the summer with proven refreshing, cooling and energetic feeling since ages. After several trials made, the final composition of nutraceutical summer soft drink was selected as most suitable combination based on the taste, physicochemical, microbial and organoleptic point of view. The physicochemical analysis of the prepared drink found to contain optimum level of titratable acidity, total soluble solids and pH which were in accordance of the commercial recommendations. There were no bacterial colonies found in the product therefore found within limits. During the nine point’s hedonic scale sensory evaluation, the drink was strongly liked for colour, taste, flavour and texture. The formulation was found to contain flavonoids (80mg/100ml), phenolics (103mg/100ml), vitamin C (250mg/100ml) and has antioxidant potential (75.52%) apart from providing several other essential vitamins, minerals and healthy components. The developed nutraceutical drink provides an economical and feasible option for the consumers with very good taste combined with potential health benefits. The present drink is potentially capable to replace the synthetic soft drinks available in the market.

Keywords: herbal drink, summer drink, nutraceuticals, soft drink

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907 Innovative Waste Management Practices in Remote Areas

Authors: Dolores Hidalgo, Jesús M. Martín-Marroquín, Francisco Corona

Abstract:

Municipal waste consist of a variety of items that are everyday discarded by the population. They are usually collected by municipalities and include waste generated by households, commercial activities (local shops) and public buildings. The composition of municipal waste varies greatly from place to place, being mostly related to levels and patterns of consumption, rates of urbanization, lifestyles, and local or national waste management practices. Each year, a huge amount of resources is consumed in the EU, and according to that, also a huge amount of waste is produced. The environmental problems derived from the management and processing of these waste streams are well known, and include impacts on land, water and air. The situation in remote areas is even worst. Difficult access when climatic conditions are adverse, remoteness of centralized municipal treatment systems or dispersion of the population, are all factors that make remote areas a real municipal waste treatment challenge. Furthermore, the scope of the problem increases significantly because the total lack of awareness of the existing risks in this area together with the poor implementation of advanced culture on waste minimization and recycling responsibly. The aim of this work is to analyze the existing situation in remote areas in reference to the production of municipal waste and evaluate the efficiency of different management alternatives. Ideas for improving waste management in remote areas include, for example: the implementation of self-management systems for the organic fraction; establish door-to-door collection models; promote small-scale treatment facilities or adjust the rates of waste generation thereof.

Keywords: door to door collection, islands, isolated areas, municipal waste, remote areas, rural communities

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906 Levansucrase from Zymomonas Mobilis KIBGE-IB14: Production Optimization and Characterization for High Enzyme Yield

Authors: Sidra Shaheen, Nadir Naveed Siddiqui, Shah Ali Ul Qader

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In recent years, significant progress has been made in discovering and developing new bacterial polysaccharides producing organisms possessing extremely functional properties. Levan is a natural biopolymer of fructose which is produced by transfructosylation reaction in the presence of levansucrase. It is one of the industrially promising enzymes that offer a variety of industrial applications in the field of cosmetics, foods and pharmaceuticals. Although levan has significant applications but the yield of levan produced is not equal to other biopolymers due to the inefficiency of producer microorganism. Among wide range of levansucrase producing microorganisms, Zymomonas mobilis is considered as a potential candidate for large scale production of this natural polysaccharide. The present investigation is concerned with the isolation of levansucrase producing natural isolate having maximum enzyme production. Furthermore, production parameters were optimized to get higher enzyme yield. Levansucrase was partially purified and characterized to study its applicability on industrial scale. The results of this study revealed that the bacterial strain Z. mobilis KIBGE-IB14 was the best producer of levansucrase. Bacterial growth and enzyme production was greatly influenced by physical and chemical parameters. Maximum levansucrase production was achieved after 24 hours of fermentation at 30°C using modified medium of pH-6.5. Contrary to other levansucrases, the one presented in the current study is able to produce high amount of products in relatively short period of time with optimum temperature at 35°C. Due to these advantages, this enzyme can be used on large scale for commercial production of levan and other important metabolites.

Keywords: levansucrase, metabolites, polysaccharides, transfructosylation

Procedia PDF Downloads 497
905 Efficiency of PCR-RFLP for the Identification of Adulteries in Meat Formulation

Authors: Hela Gargouri, Nizar Moalla, Hassen Hadj Kacem

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Meat adulteration affecting the safety and quality of food is becoming one of the main concerns of public interest across the world. The drastic consequences on the meat industry highlighted the urgent necessity to control the products' quality and to point out the complexity of both supply and processing circuits. Due to the expansion of this problem, the authentic testing of foods, particularly meat and its products, is deemed crucial to avoid unfair market competition and to protect consumers from fraudulent practices of meat adulteration. The adoption of authentication methods by the food quality-control laboratories is becoming a priority issue. However, in some developing countries, the number of food tests is still insignificant, although a variety of processed and traditional meat products are widely consumed. Little attention has been paid to provide an easy, fast, reproducible, and low-cost molecular test, which could be conducted in a basic laboratory. In the current study, the 359 bp fragment of the cytochrome-b gene was mapped by PCR-RFLP using firstly fresh biological supports (DNA and meat) and then turkey salami as an example of commercial processed meat. This technique has been established through several optimizations, namely: the selection of restriction enzymes. The digestion with BsmAI, SspI, and TaaI succeed to identify the seven included animal species when meat is formed by individual species and when the meat is a mixture of different origin. In this study, the PCR-RFLP technique using universal primer succeed to meet our needs by providing an indirect sequencing method identifying by restriction enzymes the specificities characterizing different species on the same amplicon reducing the number of potential tests.

Keywords: adulteration, animal species, authentication, meat, mtDNA, PCR-RFLP

Procedia PDF Downloads 111
904 Accounting and Prudential Standards of Banks and Insurance Companies in EU: What Stakes for Long Term Investment?

Authors: Sandra Rigot, Samira Demaria, Frederic Lemaire

Abstract:

The starting point of this research is the contemporary capitalist paradox: there is a real scarcity of long term investment despite the boom of potential long term investors. This gap represents a major challenge: there are important needs for long term financing in developed and emerging countries in strategic sectors such as energy, transport infrastructure, information and communication networks. Moreover, the recent financial and sovereign debt crises, which have respectively reduced the ability of financial banking intermediaries and governments to provide long term financing, questions the identity of the actors able to provide long term financing, their methods of financing and the most appropriate forms of intermediation. The issue of long term financing is deemed to be very important by the EU Commission, as it issued a 2013 Green Paper (GP) on long-term financing of the EU economy. Among other topics, the paper discusses the impact of the recent regulatory reforms on long-term investment, both in terms of accounting (in particular fair value) and prudential standards for banks. For banks, prudential and accounting standards are also crucial. Fair value is indeed well adapted to the trading book in a short term view, but this method hardly suits for a medium and long term portfolio. Banks’ ability to finance the economy and long term projects depends on their ability to distribute credit and the way credit is valued (fair value or amortised cost) leads to different banking strategies. Furthermore, in the banking industry, accounting standards are directly connected to the prudential standards, as the regulatory requirements of Basel III use accounting figures with prudential filter to define the needs for capital and to compute regulatory ratios. The objective of these regulatory requirements is to prevent insolvency and financial instability. In the same time, they can represent regulatory constraints to long term investing. The balance between financial stability and the need to stimulate long term financing is a key question raised by the EU GP. Does fair value accounting contributes to short-termism in the investment behaviour? Should prudential rules be “appropriately calibrated” and “progressively implemented” not to prevent banks from providing long-term financing? These issues raised by the EU GP lead us to question to what extent the main regulatory requirements incite or constrain banks to finance long term projects. To that purpose, we study the 292 responses received by the EU Commission during the public consultation. We analyze these contributions focusing on particular questions related to fair value accounting and prudential norms. We conduct a two stage content analysis of the responses. First, we proceed to a qualitative coding to identify arguments of respondents and subsequently we run a quantitative coding in order to conduct statistical analyses. This paper provides a better understanding of the position that a large panel of European stakeholders have on these issues. Moreover, it adds to the debate on fair value accounting and its effects on prudential requirements for banks. This analysis allows us to identify some short term bias in banking regulation.

Keywords: basel 3, fair value, securitization, long term investment, banks, insurers

Procedia PDF Downloads 289