Search results for: market separation

Authors: Li̇zan Mahmood Khorsheed Zangana

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Experimental and numerical investigations have been carried out to study the mechanism of separation energy and flow phenomena in the counter-flow vortex tube. This manuscript presents a complete comparison between the experimental investigation and CFD analysis. The experimental model tested under different inlet pressures. Three-dimensional numerical modelling using the k-ε model. The results show any increase in both cold mass fraction and inlet pressure caused to increase ΔTc, and the maximum ΔTc value occurs at P = 6 bar. The coefficient of performance (COP) of two important factors in the vortex tube have been evaluated, which ranged from 0.25 to 0.74. The maximum axial velocity is 93, where it occurs at the tube axis close the inlet exit (Z/L=0.2). The results showed a good agreement for experimental and numerical analysis.

Keywords: counter flow, vortex tube, computational fluid dynamics analysis, energy separation, experimental study

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Authors: Algia Hammami, Abdelfatteh Bouri

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In this work, our objective is to study the transmission of volatility between oil and stock markets in developed (USA, Germany, Italy, France and Japan) and emerging countries (Tunisia, Thailand, Brazil, Argentina, and Jordan) for the period 1998-2015. Our methodology consists of analyzing the monthly data by the GARCH-BEKK model to capture the effect in terms of volatility in the variation of the oil price on the different stock market. The empirical results in the emerging countries indicate that the relationships are unidirectional from the stock market to the oil market. For the developed countries, we find that the transmission of volatility is unidirectional from the oil market to stock market. For the USA and Italy, we find no transmission between the two markets. The transmission is bi-directional only in Thailand. Following our estimates, we also noticed that the emerging countries influence almost the same extent as the developed countries, while at the transmission of volatility there a bid difference. The GARCH-BEKK model is more effective than the others versions to minimize the risk of an oil-stock portfolio.

Keywords: GARCH, oil prices, stock market, volatility transmission

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Authors: Imine Zakaria, Meftah Sidi Mohamed El Amine

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One of the most vital aerodynamic organs of a flying machine is the wing, which allows it to fly in the air efficiently. The flow around the wing is very sensitive to changes in the angle of attack. Beyond a value, there is a phenomenon of the boundary layer separation on the upper surface, which causes instability and total degradation of aerodynamic performance called a stall. However, controlling flow around an airfoil has become a researcher concern in the aeronautics field. There are two techniques for controlling flow around a wing to improve its aerodynamic performance: passive and active controls. Blowing and suction are among the active techniques that control the boundary layer separation around an airfoil. Their objective is to give energy to the air particles in the boundary layer separation zones and to create vortex structures that will homogenize the velocity near the wall and allow control. Blowing and suction have long been used as flow control actuators around obstacles. In 1904 Prandtl applied a permanent blowing to a cylinder to delay the boundary layer separation. In the present study, several numerical investigations have been developed to predict a turbulent flow around an aerodynamic profile. CFD code was used for several angles of attack in order to validate the present work with that of the literature in the case of a clean profile. The variation of the lift coefficient CL with the momentum coefficient

Keywords: CFD, control flow, lift, slot

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Authors: Han Longxiang

Abstract:

In the process of treating industrial oil wastewater with complex components, the traditional treatment methods (flotation, coagulation, microwave heating, etc.) often produce high operating costs, secondary pollution, and other problems. In order to solve these problems, the materials with high flux and stability applied to surfactant-stabilized emulsions separation have gained huge attention in the treatment of oily wastewater. Nevertheless, four stable oil-in-water emulsions can be formed due to different surfactants (surfactant-free, anionic surfactant, cationic surfactant, and non-ionic surfactant), and the previous advanced materials can only separate one or several of them, cannot effectively separate in one step. Herein, a facile synthesis method of graphene-based multilevel filter materials (GMFM) can efficiently separate the oil-in-water emulsions stabilized with different surfactants only through its gravity. The prepared materials with high stability of 20 cycles show a high flux of ~ 5000 L m-2 h-1 with a high separation efficiency of > 99.9 %. GMFM can effectively separate the emulsion stabilized by mixed surfactants and oily wastewater from factories. The results indicate that the GMFM has a wide range of applications in oil-in-water emulsions separation in industry and environmental science.

Keywords: emulsion, filtration, graphene, one-step

Procedia PDF Downloads 82

Authors: Mahmoud Abdulhamid, Rifan Hardian, Prashant Bhatt, Shuvo Datta, Adrian Ramirez, Jorge Gascon, Mohamed Eddaoudi, Gyorgy Szekely

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Polybenzimidazole (PBI) is a high-performance polymer that exhibits high thermal and chemical stability. However, it suffers from low porosity and low fractional free volume, which hinder its application as separation material. Herein, we demonstrate the molecular engineering of gas separation materials by manipulating a PBI backbone possessing kinked moieties. PBI was selected as it contains NH groups which increase the affinity towards CO₂, increase sorption capacity, and favors CO₂ over other gasses. We have designed and synthesized an intrinsically microporous polybenzimidazole (iPBI) featuring a spirobisindane structure. Introducing a kinked moiety in conjunction with crosslinking enhanced the polymer properties, markedly increasing the gas separation performance. In particular, the BET surface area of PBI increased 30-fold by replacing a flat benzene ring with a kinked structure. iPBI displayed a good CO₂ uptake of 1.4 mmol g⁻¹ at 1 bar and 3.6 mmol g⁻¹ at 10 bar. Gas sorption uptake and breakthrough experiments were conducted using mixtures of CO₂/CH₄ (50%/50%) and CO₂/N₂ (50%/50%), which revealed the high selectivity of CO₂ over both CH₄ and N₂. The obtained CO₂/N₂ selectivity is attractive for power plant flue gas application requiring CO₂ capturing materials. Energy and process simulations of biogas CO₂ removal demonstrated that up to 70% of the capture energy could be saved when iPBI was used rather than the current amine technology (methyl diethanolamine [MDEA]). Similarly, the combination of iPBI and MDEA in a hybrid system exhibited the highest CO₂ capture yield (99%), resulting in nearly 50% energy saving. The concept of enhancing the porosity of PBI using kinked moieties provides new scope for designing highly porous polybenzimidazoles for various separation processes.

Keywords: polybenzimidazole (PBI), intrinsically microporous polybenzimidazole (iPBI), gas separation, pnergy and process simulations

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

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Since ionic liquids have a special interaction with gas specially CO2 and/or olefin, supported ionic liquids membrane (SILM) are fabricated for practical gas separation. However, SILM has a problem in practical application due to the low mechanical stability under high pressure for gas separation. In order to improve the mechanical strength of the selective ionic liquid layer, we prepared supported ion gel membrane by the formation of gel on the surface of Nylon support. The ion gel was prepared by the addition of poly(styrene-block-ethyleneoxide-block-styrene) triblock copolymer in four tricyanomethanide ionic liquids have different cation; 1-ethyl-3-methlyimidazolium tricyanomethanide, 1-butyl-3-methlyimidazolium tricyanomethanide, 1-butyl-1-methylpyrrolidinium tricyanomethanide, 1-butyl-4-methylpyridinium tricyanomethanide using methylenechloride as a solvent. The characters of ion gel with different cation were studied. Four different gases (CO2, N2, O2, and CH4) permeance were measured at room temperature by bubble flow meter and cation effect of tricyanomethanide ionic liquids investigated.

Keywords: membrane, ionic liquid, ion gel, nanostructure

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Authors: Fahad Ahmed Qureshi

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There were abundant renowned financial markets in Pre-Islamic Arabs. Most of those were patterned and settled during pre-particularized sunshine. Those markets were classified either as vernacular markets helping the neighboring clans, or habitual markets that people sojourned to from all articulations of the Arabian Peninsula, such as Okaz near Mecca. Some of those markets had leading significance due to their geographical positions, such as Prime market of Eden, because of their entanglement in international trade i.e. with the markets of Sub-Continent, Abyssinia, Persia and China. Other markets such as Market of Yamamah annex its gist from being situated on the caravan crossroads. Islamic worldview and Islamic epistemology base of Financial Market’s realistic theory, pragmatic model and operative approach is moderately constrained in terms of its growth. The existent situation only parasol the form of accommodative-modification and splendid-methodologies, which due to depleted and decorous endeavor in explaining Islamic financial market theoretically. This is the demand of time that particular studies should be conduct to magnify the devours in developing theoretical framework for Islamic Financial Market.

Keywords: Islam, financial market, history, research, product development

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Authors: Sreevalli Bokka

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The process of reducing the intensity of the carbon from a process or stream into the atmosphere is termed Decarbonization. Of the various technologies that are emerging to capture or reduce carbon intensity, membranes are emerging as a key player in separating carbon from a gas stream, such as industrial effluent air and others. Due to the advantage of high surface area and low flow resistance, fiber membranes are emerging widely for gas separation applications. A fiber membrane is a semipermeable barrier that is increasingly used for filtration and separation applications needing high packing density. A few of the many applications are in water desalination, medical applications, bioreactors, and gas separations applications. Only a few polymeric membranes were studied for fabricating fiber membranes such as cellulose acetate, Polysulfone, and Polyvinylidene fluoride. A few of the challenges of using fiber membranes are fouling and weak mechanical properties, leading to the breakage of membranes. In this work, the growth of fiber membranes and challenges for future developments in the filtration and gas separation applications are presented.

Keywords: membranes, filtration, separations, polymers, carbon capture

Procedia PDF Downloads 57

Authors: Han Longxiang

Abstract:

In the process of treating industrial oily wastewater with complex components, the traditional treatment methods (flotation, coagulation, microwave heating, etc.) often produce high operating costs, secondary pollution, and other problems. In order to solve these problems, the materials with high flux and stability applied to surfactant-stabilized emulsions separation have gained huge attention in the treatment of oily wastewater. Nevertheless, four stable oil-in-water emulsions can be formed due to different surfactants (surfactant-free, anionic surfactant, cationic surfactant, and non-ionic surfactant), and the previous advanced materials can only separate one or several of them, cannot effectively separate in one step. Herein, a facile synthesis method of graphene-based multilevel filter materials (GMFM) which can efficiently separate the oil-in-water emulsions stabilized with different surfactants only through its gravity. The prepared materials with high stability of 20 cycles show a high flux of ~ 5000 L m-2 h-1 with a high separation efficiency of > 99.9 %. GMFM can effectively separate the emulsion stabilized by mixed surfactants and oily wastewater from factories. The results indicate that the GMFM have a wide range of applications in oil-in-water emulsions separation in industry and environmental science.

Keywords: emulsion, filtration, graphene, one-step

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Authors: Jing Wu, Wei Lv, Yibing Li, Yuanfan You

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The separation of speech signals has become a research hotspot in the field of signal processing in recent years. It has many applications and influences in teleconferencing, hearing aids, speech recognition of machines and so on. The sounds received are usually noisy. The issue of identifying the sounds of interest and obtaining clear sounds in such an environment becomes a problem worth exploring, that is, the problem of blind source separation. This paper focuses on the under-determined blind source separation (UBSS). Sparse component analysis is generally used for the problem of under-determined blind source separation. The method is mainly divided into two parts. Firstly, the clustering algorithm is used to estimate the mixing matrix according to the observed signals. Then the signal is separated based on the known mixing matrix. In this paper, the problem of mixing matrix estimation is studied. This paper proposes an improved algorithm to estimate the mixing matrix for speech signals in the UBSS model. The traditional potential algorithm is not accurate for the mixing matrix estimation, especially for low signal-to noise ratio (SNR).In response to this problem, this paper considers the idea of an improved potential function method to estimate the mixing matrix. The algorithm not only avoids the inuence of insufficient prior information in traditional clustering algorithm, but also improves the estimation accuracy of mixing matrix. This paper takes the mixing of four speech signals into two channels as an example. The results of simulations show that the approach in this paper not only improves the accuracy of estimation, but also applies to any mixing matrix.

Keywords: DBSCAN, potential function, speech signal, the UBSS model

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Authors: Jagoda Przybysz

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The main objective of this paper is to provide a comprehensive description of the immigrants in Poland, especially situation at the labour market. The paper will provide descriptive information on the composition of immigrants in Poland, and how this has changed over time, their socio-economic characteristics, their industry allocation and their labour market outcomes. Then we will investigate various labour market performance indicators (labour force participation, employment, wages and self-employment) for immigrants of different origins based on reached statistics. Individual interviews with immigrants will indicate areas of problems of living in Poland, mostly on labour market. The article shows that immigrants from some ethnic minority groups are more active in selected sectors of labour market. The empirical basis for the work related to the situation on the labor market of foreigners who came to the Poland and live in Lodz. The studies assumed that foreigners work in Poland and operate in different ways being integrated / excluded in varying degrees. Theoretical framework for analysis are: concepts of inclusion and exclusion, the concept of a dual labour market and the concept of social anchors. Completed in the 2014-2016, a pilot study (The forms of individual interviews) with 32 foreigners arrived in the last decade to Lodz. Preliminary studies have enabled the formulation of research issues and have set the future direction of research revealing to the personal experiences of respondents, a group of factors hindering integration and exclusion areas.

Keywords: foreigners, immigrants, labour market, migration, Poland

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Authors: Sultan A. Al Shaqaq

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Corrosion is a serious challenge for a piping system in our Gas and Oil Separation Plant (GOSP) that causes piping failures. Two GOSPs (Plant-A and Plant-B) observed chronic corrosion issue with an on-plot piping system that leads to having more piping replacement during the past years. Since it is almost impossible to avoid corrosion, it is becoming more obvious that managing the corrosion level may be the most economical resolution. Corrosion engineers are thus increasingly involved in approximating the cost of their answers to corrosion prevention, and assessing the useful life of the equipment. This case study covers the background of corrosion encountered in piping internally and externally in these two GOSPs. The collected piping replacement data from year of 2011 to 2014 was covered. These data showed the replicate corrosion levels in an on-plot piping system. Also, it is included the total piping replacement with drain lines system and other service lines in plants (Plant-A and Plant-B) at Saudi Aramco facility.

Keywords: gas and oil separation plant, on-plot piping, drain lines, Saudi Aramco

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management, value at risk

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Authors: A. D. Susanti, W. B. Sediawan, S. K. Wirawan, Budhijanto, Ritmaleni

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Rice bran oil contains significant amounts of oryzanol, a natural antioxidant that considered has higher antioxidant activity than vitamin E (tocopherol). Oryzanol reviewed has several health properties and interested in pharmacy, nutrition, and cosmetics. For practical usage, isolation and purification would be necessary due to the low concentration of oryzanol in crude rice bran oil (0.9-2.9%). Batch chromatography has proved as a promising process for the oryzanol recovery, but productivity was still low and scale-up processes of industrial interest have not yet been described. In order to improve productivity of batch chromatography, a continuous chromatography design namely Simulated Moving Bed (SMB) concept have been proposed. The SMB concept has interested for continuous commercial scale separation of binary system (oryzanol and rice bran oil), and rice bran oil still obtained as side product. Design of SMB chromatography for oryzanol separation requires quantification of its equilibrium. In this study, equilibrium of oryzanol separation conducted in batch adsorption using silica as the adsorbent and n-hexane/acetone (9:1) as the eluent. Three isotherm models, namely the Henry, Langmuir, and Freundlich equations, have been applied and modified for the experimental data to establish appropriate correlation for each sample. It turned out that the model quantitatively describe the equilibrium experimental data and will directed for design of SMB chromatography.

Keywords: adsorption, equilibrium, oryzanol, rice bran oil, simulated moving bed

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Authors: Rodrigo Antunes, Olga Borisevich, David Demange

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In future nuclear fusion reactors, tritium self-sufficiency will be ensured by tritium (3H) production via reactions between the fusion neutrons and lithium. To favor tritium breeding, a neutron multiplier must also be used. Both tritium breeder and neutron multiplier will be placed in the so-called Breeding Blanket (BB). For the European Helium-Cooled Pebble Bed (HCPB) BB concept, the tritium production and neutron multiplication will be ensured by neutron bombardment of Li4SiO4 and Be pebbles, respectively. The produced tritium is extracted from the pebbles by purging them with large flows of He (~ 104 Nm3h-1), doped with small amounts of H2 (~ 0.1 vol%) to promote tritium extraction via isotopic exchange (producing HT). Due to the presence of oxygen in the pebbles, production of tritiated water is unavoidable. Therefore, the purging gas downstream of the BB will be composed by Q2/Q2O/He (Q = 1H, 2H, 3H), with Q2/Q2O down to ppm levels, which must be further processed for tritium recovery. A two-stage continuous approach, where zeolite membranes (ZMs) are followed by a catalytic membrane reactor (CMR), has been recently proposed to fulfil this task. The tritium recovery from Q2/Q2O/He is ensured by the CMR, that requires a reduction of the gas flow coming from the BB and a pre-concentration of Q2 and Q2O to be efficient. For this reason, and to keep this stage with reasonable dimensions, ZMs are required upfront to reduce as much as possible the He flows and concentrate the Q2/Q2O species. Therefore, experimental activities have been carried out at the Tritium Laboratory Karlsruhe (TLK) to test the separation performances of different zeolite membranes for H2/H2O/He. First experiments have been performed with binary mixtures of H2/He and H2O/He with commercial MFI-ZSM5 and NaA zeolite-type membranes. Only the MFI-ZSM5 demonstrated selectivity towards H2, with a separation factor around 1.5, and H2 permeances around 0.72 µmolm-2s-1Pa-1, rather independent for feed concentrations in the range 0.1 vol%-10 vol% H2/He. The experiments with H2O/He have demonstrated that the separation factor towards H2O is highly dependent on the feed concentration and temperature. For instance, at 0.2 vol% H2O/He the separation factor with NaA is below 2 and around 1000 at 5 vol% H2O/He, at 30°C. Overall, both membranes demonstrated complementary results at equivalent temperatures. In fact, at low feed concentrations ( ≤ 1 vol% H2O/He) MFI-ZSM5 separates better than NaA, whereas the latter has higher separation factors for higher inlet water content ( ≥ 5 vol% H2O/He). In this contribution, the results obtained with both MFI-ZSM5 and NaA membranes for H2/He and H2O/H2 mixtures at different concentrations and temperatures are compared and discussed.

Keywords: nuclear fusion, gas separation, tritium processes, zeolite membranes

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Authors: Muhammad Ilham Agus Salim, Muhammad Ikbal

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The ASEAN Economic Community (AEC) was set up in 2003 with the objectives of creating a single market and production base, enhancing equitable economic development as well as facilitating the integration into the global economy. The AEC involves liberalization and facilitation of trade in goods, skilled labour, services, and investment, as well as protection and promotion of investment. The thesis outlines the AEC Blueprint actions in scope of globalization of investment and capital market. Free flows of investment and freer flows of capital market urge countries in South East Asia to coordinate and to collaborate in securing the interest of public, and this leads to the importance of financial services authorities in ASEAN to prepare the mechanism of guarding the flows of investment. There is no exception, especially for Indonesian Financial Services Authority (OJK) as one of the authorized body in capital market supervision, to enforce its authorities as supervisory body.

Keywords: AEC blueprint, OJK, capital market, integration

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Authors: Ahmed Hammed, Wady Naanaa

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In this paper, we propose a general approach to deal with the problem of a convolutive mixture of images. We use a direct blind source separation method by adding only one non-statistical justified constraint describing the relationships between different mixing matrix at the aim to make its resolution easy. This method can be applied, provided that this constraint is known, to degraded document affected by the overlapping of text-patterns and images. This is due to chemical and physical reactions of the materials (paper, inks,...) occurring during the documents aging, and other unpredictable causes such as humidity, microorganism infestation, human handling, etc. We will demonstrate that this problem corresponds to a convolutive mixture of images. Subsequently, we will show how the validation of our method through numerical examples. We can so obtain clear images from unreadable ones which can be caused by pages superposition, a phenomenon similar to that we find every often in archival documents.

Keywords: blind source separation, convoluted mixture, degraded documents, text-patterns overlapping

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Authors: Fernando Vega, Esmeralda Portillo, Sara Camino, Benito Navarrete, Elena Montavez

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The European Union aims at strongly reducing their CO₂ emissions from energy and industrial sector by 2030. The energy sector contributes with more than two-thirds of the CO₂ emission share derived from anthropogenic activities. Although efforts are mainly focused on the use of renewables by energy production sector, carbon capture and storage (CCS) remains as a frontline option to reduce CO₂ emissions from industrial process, particularly from fossil-fuel power plants and cement production. Among the most feasible and near-to-market CCS technologies, namely post-combustion and oxy-combustion, partial oxy-combustion is a novel concept that can potentially reduce the overall energy requirements of the CO₂ capture process. This technology consists in the use of higher oxygen content in the oxidizer that should increase the CO₂ concentration of the flue gas once the fuel is burnt. The CO₂ is then separated from the flue gas downstream by means of a conventional CO₂ chemical absorption process. The production of a higher CO₂ concentrated flue gas should enhance the CO₂ absorption into the solvent, leading to further reductions of the CO₂ separation performance in terms of solvent flow-rate, equipment size, and energy penalty related to the solvent regeneration. This work evaluates a portfolio of CCS technologies applied to fossil-fuel power plants. For this purpose, an economic evaluation methodology was developed in detail to determine the main economical parameters for CO₂ emission removal such as the levelized cost of electricity (LCOE) and the CO₂ captured and avoided costs. ASPEN Plus™ software was used to simulate the main units of power plant and solve the energy and mass balance. Capital and investment costs were determined from the purchased cost of equipment, also engineering costs and project and process contingencies. The annual capital cost and operating and maintenance costs were later obtained. A complete energy balance was performed to determine the net power produced in each case. The baseline case consists of a supercritical 500 MWe coal-fired power plant using anthracite as a fuel without any CO₂ capture system. Four cases were proposed: conventional post-combustion capture, oxy-combustion and partial oxy-combustion using two levels of oxygen-enriched air (40%v/v and 75%v/v). CO₂ chemical absorption process using monoethanolamine (MEA) was used as a CO₂ separation process whereas the O₂ requirement was achieved using a conventional air separation unit (ASU) based on Linde's cryogenic process. Results showed a reduction of 15% of the total investment cost of the CO₂ separation process when partial oxy-combustion was used. Oxygen-enriched air production also reduced almost half the investment costs required for ASU in comparison with oxy-combustion cases. Partial oxy-combustion has a significant impact on the performance of both CO₂ separation and O₂ production technologies, and it can lead to further energy reductions using new developments on both CO₂ and O₂ separation processes.

Keywords: carbon capture, cost methodology, economic evaluation, partial oxy-combustion

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Authors: Himanshu J. Bahirat, Apoorva S. Janawlekar

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Plasma actuators are essential for aerodynamic flow separation control due to their lack of mechanical parts, lightweight, and high response frequency, which have numerous applications in hypersonic or supersonic aircraft. The working of these actuators is based on the formation of a low-temperature plasma between a pair of parallel electrodes by the application of a high-voltage AC signal across the electrodes, after which air molecules from the air surrounding the electrodes are ionized and accelerated through the electric field. The high-frequency operation is required in dielectric discharge barriers to ensure plasma stability. To carry out flow separation control in a hypersonic flow, the optimal design and construction of a power supply to generate dielectric barrier discharges is carried out in this paper. In this paper, it is aspired to construct a simplified circuit topology to emulate the dielectric barrier discharge and study its various frequency responses. The power supply can generate high voltage pulses up to 20kV at the repetitive frequency range of 20-50kHz with an input power of 500W. The power supply has been designed to be short circuit proof and can endure variable plasma load conditions. Its general outline is to charge a capacitor through a half-bridge converter and then later discharge it through a step-up transformer at a high frequency in order to generate high voltage pulses. After simulating the circuit, the PCB design and, eventually, lab tests are carried out to study its effectiveness in controlling flow separation.

Keywords: aircraft propulsion, dielectric barrier discharge, flow separation control, power source

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Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Edwin Njoroge Kimani, Alan M. Munyao

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Despite Kenya’s status as a regional economic powerhouse, it struggles with economic shocks that expose the consumers. This, however, seems not to affect major cooperates such as those in the telecommunication and energy sectors. Through their operations, they have not only been able to fluctuate prices at will but also they have been accused of curtailing their rivals from penetrating the market. This study, through literature review of the legal and institutional framework, reports and publications interrogates the law and uncovers the following; i) failings of the legal framework to define market dominance and abuse of such positions, ii) the participation of the state, iii) the inertia of the government to prosecute corporations that abuse their market dominance, iv) the role of the state as a market player and as a regulator through the Competition Authority of Kenya. This study concludes that the market distortion is as a result of weak legal and institutional framework as well as conflict of interest by the government. Not much has been researched in the field of competition law the greater East Africa. This research is intended to form part of the growing research in the field and inform legal reform.

Keywords: competition law, economic power, dominance, Kenya

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Authors: Mohammad Mashud, S. M. Nahid Hasan

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The aim of the research work is to modify the NACA 4215 airfoil with flap and rotary cylinder at the leading edge of the airfoil and experimentally study the static pressure distribution over the airfoil completed with flap and leading-edge vortex generator. In this research, NACA 4215 wing model has been constructed by generating the profile geometry using the standard equations and design software such as AutoCAD and SolidWorks. To perform the experiment, three wooden models are prepared and tested in subsonic wind tunnel. The experiments were carried out in various angles of attack. Flap angle and momentum injection rate are changed to observe the characteristics of pressure distribution. In this research, a new concept of flow separation control mechanism has been introduced to improve the aerodynamic characteristics of airfoil. Control of flow separation over airfoil which experiences a vortex generator (rotating cylinder) at the leading edge of airfoil is experimentally simulated under the effects of momentum injection. The experimental results show that the flow separation control is possible by the proposed mechanism, and benefits can be achieved by momentum injection technique. The wing performance is significantly improved due to control of flow separation by momentum injection method.

Keywords: airfoil, momentum injection, flap, pressure distribution

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Authors: Choi Woo-Seok, Kim Eun-Sup, Ha Eun-Ryong

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Converter slag is used as a low-value product like a construction fill material and soil stabilizer unlike electric furnace slag and blast furnace slag. This study is fundamental research for utilizing the converter slag as the cement admixture. Magnetic separation was conducted for quality improvement of the converter slag, and it was classified according to into 3 types; SA: pure slag, SB: separated slag, SC: remained slag after separating. In XRF result, SB slag was Fe₂CO₃ ratio was higher, and CaO ratio was lower than SA. SC slag was Fe₂CO₃ ratio was lower, and CaO ratio was higher than SA. In compressive strength test for soil cement using SA, SB, SC as the cement admixture, SC slag was more effective in terms of 28days compressive strength than SA, SB slag. In this result, it is considered that the remained material (SC) after magnetic separation is available as the cement admixture.

Keywords: converter slag, magnetic separation, cement admixture, compressive strength

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Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management in electricity market, sharpe ratio

Procedia PDF Downloads 366

Authors: Salah Al-Din I. Badran, Samad Ahmadi, Dylan Menzies, Ismail Shahin

Abstract:

This paper describes a new efficient blind source separation method; in this method we use a non-uniform filter bank and a new structure with different sub-bands. This method provides a reduced permutation and increased convergence speed comparing to the full-band algorithm. Recently, some structures have been suggested to deal with two problems: reducing permutation and increasing the speed of convergence of the adaptive algorithm for correlated input signals. The permutation problem is avoided with the use of adaptive filters of orders less than the full-band adaptive filter, which operate at a sampling rate lower than the sampling rate of the input signal. The decomposed signals by analysis bank filter are less correlated in each sub-band than the input signal at full-band, and can promote better rates of convergence.

Keywords: Blind source separation, estimates, full-band, mixtures, sub-band

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Authors: C. Asarkaya, S. Z. Siretioglu Girgin

Abstract:

Turkish migrants constitute the largest group among people with migration background living in Germany. Turkish women’s labor market participation is of significant importance for their social and economic integration to the German society. This paper thus aims to investigate their labor market positions. Turkish migrant women participate less in the labor market compared to men, and are responsible for most of the housework, child care, and elderly care. This is due to their traditional roles in the family, educational level, insufficient knowledge of German language, and insufficient professional experience. We strongly recommend that wide-reaching integration policies for women are formulated, so as to encourage participation of not only migrant women but also their husbands, fathers and/or brothers, and natives.

Keywords: empowerment, Germany, labor market, migration, Turkish, women

Procedia PDF Downloads 495

Authors: Gultekin Gurcay

Abstract:

In this paper, effects and responses of stock were analyzed. This analysis was done periodically. The dimensions of the financial crisis impact on the stock market were investigated by GARCH model. In this context, S&P 500 stock market is modeled with DAX, NIKKEI and BIST100. In this way, The effects of the changing in S&P 500 stock market were examined on European and Asian stock markets. Conditional variance coefficient will be calculated through garch model. The scope of the crisis period, the conditional covariance coefficient will be analyzed comparatively.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

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Authors: Tarik Bazgour, Cedric Heuchenne, Danielle Sougne

Abstract:

We examine time variation in the market beta of portfolios sorted on quality, liquidity level and liquidity beta characteristics across stock market phases. Using US stock market data for the period 1970-2010, we find, first, the US stock market was driven by four regimes. Second, during the crisis regime, low (high) quality, high (low) liquidity beta and illiquid (liquid) stocks exhibit an increase (a decrease) in their market betas. This finding is consistent with the flight-to-quality and liquidity phenomena. Third, we document the same pattern across stocks when the market volatility is low. We argue that, during low volatility times, investors shift their portfolios towards low quality and illiquid stocks to seek portfolio gains. The pattern observed in the tranquil regime can be, therefore, explained by a flight-to-low-quality and to illiquidity. Finally, our results reveal that liquidity level is more important than liquidity beta during the crisis regime.

Keywords: financial crises, quality, liquidity, liquidity risk, regime-switching models

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Authors: Hussein M. Maghrabie, M. Attalla, Hany. A. Mohamed, M. Salem, E. Specht

Abstract:

An experimental investigation is carried out on counter-flow Ranque–Hilsch vortex tube (RHVT). The present work is carried out to study the effect of nozzle aspect ratio, tube length and the inlet pressure (P_i) on the coefficient of performance and energy separation of a RHVT. Further, the effect of moist air with different relative humidity (RH) 40, 60, 80 % is also achieved. The air relative humidity is adjusted using air humidification/dehumidification unit. The experimental study accomplished for number of nozzle N=6, with inner diameter D=7.5 mm., and length of the vortex tube (L) 75, 97.5, and 112.5 mm. The results show that the relative humidity has a significant effect on coefficient of performance and energy separation of a RHVT.

Keywords: COP, counter-flow Ranque–Hilsch vortex tube, energy separation, humid air

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Authors: Deeksha Arora

Abstract:

The study aims to explore the applicability of the widely used asset pricing models, namely, Capital Asset Pricing Model (CAPM) and the Fama-French Four Factor Model in the Indian equity market. The study will be based on the companies that form part of the Nifty Fifty Index for a period of five years: 2011 to 2016. The asset pricing model is examined by forming portfolios on the basis of three variables – market capitalization (size effect), book-to-market equity ratio (value effect) and profitability. The study provides a basis to test the presence of the Fama-French Four factor model in Indian stock market. This study may provide a basis for future research in the generalized asset pricing model comprising of multiple risk factors.

Keywords: book to market equity, Fama French four factor model, market capitalization, profitability, size effect, value effect

Procedia PDF Downloads 263