Search results for: financial behaviour

Authors: Bartłomiej Przybyszewski, Rafał Kozera, Anna Boczkowska, Maciej Traczyk, Paulina Kozera, Malwina Liszewska, Daria Pakuła

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The goal of the work was to reduce or completely eliminate the accumulation of dirt, snow and ice build-up on transparent coatings by achieving self-cleaning and icephobic properties. The research involved the use of laser surface texturing technology for chemically modified coatings of the epoxy materials group and their hybrids used to protect glass surfaces. For this purpose, two methods of surface structuring and the preceding volumetric modification of the chemical composition with proprietary organosilicon compounds and/or mineral additives were used. An attractive approach to the topic was the development of efficient and, most importantly, durable coatings with self-cleaning and ice-phobic properties that reduced or avoided dirt build-up and adhesion of water, snow and ice. With a view to the future industrial application of the developed technologies, all methods meet the requirements in terms of their practical use on a large scale.

Keywords: icephobic coatings, hydrophobic coatings, transparent coatings, laser patterning

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Authors: Mahdi Hamzehei, Homan Alimoradzadeh, Mahdi Shahriyari

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In this paper, vibration of the industrial centrifugal pumps studied by measuring analysis and computational simulation. Effects of different parameters on pump vibration were investigated. Also, simulation of cavitation in the centrifugal pump was down. First, via CF-TURBO software, the pump impeller and the fluid passing through the pump is modelled and finally, the phenomenon of cavitation in the impeller has been modelled by Ansys software. Also, the effects of changes in the amount of NPSH and bubbles generation in the pump impeller were investigated. By simulation of piping with pipe flow software, effect of fluid velocity and pressure on hydraulics and vibration were studied computationally by applying Computational Fluid Dynamic (CFD) techniques, fluent software and experimentally. Furthermore, this comparison showed that the model can predict hydraulics and vibration behaviour.

Keywords: cavitation, vibration, centrifugal pumps, performance curves, NPSH

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Authors: Seong-Ho Ha, Young-Ok Yoon, Shae K. Kim

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Oxide layer of normal Al-Mg alloy can be characterized by upper MgO and lower MgAl2O4 spinel. The formation of the MgO outmost layer occurs by the surface segregation of Mg in the initial oxidation. After then, the oxidation is proceeded with the formation of MgA12O4 spinel beneath the MgO. Growth of the oxide layer is accelerated by constant formation of MgA12O4 spinel. On the other hand, the oxidation resistance of Al-Mg alloys can be significantly improved simply by Mg+Al2Ca master alloy use as the Mg alloying element and such an improvement is attributed to the CaO/MgO mixed layer. Al-Mg alloy containing Al2Ca shows CaO as the upper layer and MgO as the lower one without MgA12O4 spinel. Such a dense oxide film acts as a protective layer. However, the CaO/MgO scale has the outmost MgO, partly, after a long time exposure to a harsh oxidation condition. The aim of this study is to investigate the inter-filling behaviour of CaO and MgO mixed layer in oxidation resistance mechanism of Al-Mg alloys containing Al2Ca. The process of outmost MgO layer formation will be clarified.

Keywords: Al-Mg alloy, Al2Ca, oxidation, MgO

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Authors: Mohammad Sadeghian, Mohsen Sadeghian

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In this paper, planning catamaran and mono-hull vessels resistance and trim in calm waters were considered. Hydrodynamic analysis of fast mono-hull planning vessel was also investigated. For hull form geometry optimization, numerical methods of different parameters were used for this type of vessels. Hull material was selected as carbon fiber composite. Exact architectural aspects were specified and stability calculations were performed, as well. Hydrodynamic calculations to extract the resistance force using semi-analytical methods and numerical modeling were carried out. Free surface numerical analysis of vessel in designed draft using finite volume method and double phase were evaluated and verified by experimental tests.

Keywords: fast vessel, hydrostatic and hydrodynamic optimization, free surface flow, computational fluid dynamics

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Authors: Xiaohui Zhao, Shahan Mafuz

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Context-aware technologies provide system applications with the awareness of environmental conditions, customer behaviour, object movements, etc. Further, with such capability system applications can be smart to adapt intelligently their responses to the changing conditions. Concerning business operations, this promises businesses that their business processes can run more intelligently, adaptively and flexibly, and thereby either improve customer experience, enhance reliability of service delivery, or lower operational cost, to make the business more competitive and sustainable. Aiming at realizing such context-aware business process management, this paper firstly explores its potential benefit and then identifies some gaps between the current business process management support and the expected. In addition, some preliminary solutions are also discussed with context definition, rule-based process execution, run-time process evolution, etc. A framework is also presented to give a conceptual architecture of context-aware business process management system to guide system implementation.

Keywords: business process adaptation, business process evolution, business process modelling, and context awareness

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Authors: O. Çomaklı, M. Yazıcı, T. Yetim, A. F. Yetim, A. Çelik

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In this work, TiO₂ films were deposited on Cp-Ti substrates by thermal oxidation, DC plasma oxidation, and by the sol-gel method. Microstructures of uncoated and TiO₂ film coated samples were examined by X-ray diffraction and SEM. Thin oxide film consisting of anatase (A) and rutile (R) TiO₂ structures was observed on the surface of CP-Ti by under three different treatments. Also, the more intense anatase and rutile peaks appeared at samples plasma oxidized at 700˚C. The thicknesses of films were about 1.8 μm at the TiO₂ film coated samples by sol-gel and about 2.7 μm at thermal oxidated samples, while it was measured as 3.9 μm at the plasma oxidated samples. Electrochemical corrosion behaviour of uncoated and coated specimens was mainly carried out by potentiodynamic polarization and electrochemical impedance spectroscopy (EIS) in simulated body fluid (SBF) solution. Results showed that at the plasma oxidated samples exhibited a better resistance property to corrosion than that of other treatments.

Keywords: TiO₂, CP-Ti, corrosion properties, thermal oxidation, plasma oxidation, sol-gel

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Authors: C.W. Kan

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Softening applied on textile products based on several reasons. First, the synthetic detergent removes natural oils and waxes, thus lose the softness. Second, compensate the harsh handle of resin finishing. Also, imitate natural fibres and improve the comfort of fabric are the reasons to apply softening. There are different types of softeners for softening finishing of textiles, nonionic softener, anionic softener, cationic softener and silicone softener. The aim of this study is to illustrate the proper application of different softeners and their final softening effect in textiles. The results could also provide guidance note to the students in learning this topic. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: learning materials, softening, textiles, effect

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Authors: Chitresh Prasad, Arvind Ramesh, Aditya Virkar, Karan Dholkaria, Vinayak Malhotra

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Solid Propellant Rocket is a rocket that utilises a combination of a solid Oxidizer and a solid Fuel. Success in Solid Rocket Motor design and development depends significantly on knowledge of burning rate behaviour of the selected solid propellant under all motor operating conditions and design limit conditions. Most Solid Motor Rockets consist of the Main Engine, along with multiple Boosters that provide an additional thrust to the space-bound vehicle. Though widely used, they have been eclipsed by Liquid Propellant Rockets, because of their better performance characteristics. The addition of a catalyst such as Iron Oxide, on the other hand, can drastically enhance the performance of a Solid Rocket. This scientific investigation tries to emulate the working of a Solid Rocket using Sparklers and Energized Candles, with a central Energized Candle acting as the Main Engine and surrounding Sparklers acting as the Booster. The Energized Candle is made of Paraffin Wax, with Magnesium filings embedded in it’s wick. The Sparkler is made up of 45% Barium Nitrate, 35% Iron, 9% Aluminium, 10% Dextrin and the remaining composition consists of Boric Acid. The Magnesium in the Energized Candle, and the combination of Iron and Aluminium in the Sparkler, act as catalysts and enhance the burn rates of both materials. This combustion of Metallized Propellants has an influence over the regression rate of the subject candle. The experimental parameters explored here are Separation Distance, Systematically varying Configuration and Layout Symmetry. The major performance parameter under observation is the Regression Rate of the Energized Candle. The rate of regression is significantly affected by the orientation and configuration of the sparklers, which usually act as heat sources for the energized candle. The Overall Efficiency of any engine is factorised by the thermal and propulsive efficiencies. Numerous efforts have been made to improve one or the other. This investigation focuses on the Orientation of Rocket Motor Design to maximize their Overall Efficiency. The primary objective is to analyse the Flame Spread Rate variations of the energized candle, which resembles the solid rocket propellant used in the first stage of rocket operation thereby affecting the Specific Impulse values in a Rocket, which in turn have a deciding impact on their Time of Flight. Another objective of this research venture is to determine the effectiveness of the key controlling parameters explored. This investigation also emulates the exhaust gas interactions of the Solid Rocket through concurrent ignition of the Energized Candle and Sparklers, and their behaviour is analysed. Modern space programmes intend to explore the universe outside our solar system. To accomplish these goals, it is necessary to design a launch vehicle which is capable of providing incessant propulsion along with better efficiency for vast durations. The main motivation of this study is to enhance Rocket performance and their Overall Efficiency through better designing and optimization techniques, which will play a crucial role in this human conquest for knowledge.

Keywords: design modifications, improving overall efficiency, metallized combustion, regression rate variations

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Authors: Abdul Wajid Ali

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Supersonic flight promises speed, but the design of the air inlet faces an obstacle: shock waves. They prevent air flow in the mixed compression ports, which reduces engine performance. Our research investigates this using supersonic wind tunnels and schlieren imaging to reveal the complex dance between shock waves and airflow. The findings show clear patterns of shock wave formation influenced by internal/external pressure surfaces. We looked at the boundary layer, the slow-moving air near the inlet walls, and its interaction with shock waves. In addition, the study emphasizes the dependence of the shock wave behaviour on the Mach number, which highlights the need for adaptive models. This knowledge is key to optimizing the combined compression inputs, paving the way for more powerful and efficient supersonic vehicles. Future engineers can use this knowledge to improve existing designs and explore innovative configurations for next-generation ultrasonic applications.

Keywords: oblique shock formation, boundary layer interaction, schlieren images, double wedge surface

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Authors: Abraham Castellanos, Christophe Durville, Sophie Echenim

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In this article, a portfolio optimization problem is performed in a Solvency II context: it illustrates how advanced optimization techniques can help to tackle complex operational pain points around the monitoring, control, and stability of Solvency Capital Requirement (SCR). The market SCR of a portfolio is calculated as a combination of SCR sub-modules. These sub-modules are the results of stress-tests on interest rate, equity, property, credit and FX factors, as well as concentration on counter-parties. The market SCR is non convex and non differentiable, which does not make it a natural optimization criteria candidate. In the SCR formulation, correlations between sub-modules are fixed, whereas risk-driven portfolio allocation is usually driven by the dynamics of the actual correlations. Implementing a portfolio construction approach that is efficient on both a regulatory and economic standpoint is not straightforward. Moreover, the challenge for insurance portfolio managers is not only to achieve a minimal SCR to reduce non-invested capital but also to ensure stability of the SCR. Some optimizations have already been performed in the literature, simplifying the standard formula into a quadratic function. But to our knowledge, it is the first time that the standard formula of the market SCR is used in an optimization problem. Two solvers are combined: a bundle algorithm for convex non- differentiable problems, and a BFGS (Broyden-Fletcher-Goldfarb- Shanno)-SQP (Sequential Quadratic Programming) algorithm, to cope with non-convex cases. A market SCR minimization is then performed with historical data. This approach results in significant reduction of the capital requirement, compared to a classical Markowitz approach based on the historical volatility. A comparative analysis of different optimization models (equi-risk-contribution portfolio, minimizing volatility portfolio and minimizing value-at-risk portfolio) is performed and the impact of these strategies on risk measures including market SCR and its sub-modules is evaluated. A lack of diversification of market SCR is observed, specially for equities. This was expected since the market SCR strongly penalizes this type of financial instrument. It was shown that this direct effect of the regulation can be attenuated by implementing constraints in the optimization process or minimizing the market SCR together with the historical volatility, proving the interest of having a portfolio construction approach that can incorporate such features. The present results are further explained by the Market SCR modelling.

Keywords: financial risk, numerical optimization, portfolio management, solvency capital requirement

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Authors: Mario Zgela

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Application of Benford’s Law is very rarely covered in the field of stock market analysis, especially in percentage change of stock market indices. Deutscher Aktien IndeX (DAX) is very important stock market index of Frankfurt Deutsche Börse which serves as underlying basis for large number of financial instruments. It is calculated for selected 30 German blue chips stocks. In this paper, Benford's Law first digit test is applied on 10 year DAX daily percentage changes in order to check compliance. Deviations of 10 year DAX percentage changes set as well as distortions of certain subsets from Benford's Law distribution are detected. It is possible that deviations are the outcome of speculations; and psychological influence should not be eliminated.

Keywords: Benford's Law, DAX, index percentage changes, stock market

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Authors: Paolo Guzzini, Emad Samuel M. Ebeid

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Bridges and Railways are critical infrastructures. Ensuring safety for transports using such assets is a primary goal as it directly impacts the lives of people. By the way, improving safety could require increased investments in O&M, and therefore optimizing resource usage for asset maintenance becomes crucial. Drones4Safety (D4S), a European project funded under the H2020 Research and Innovation Action (RIA) program, aims to increase the safety of the European civil transport by building a system that relies on 3 main pillars: • Drones operating autonomously in swarm mode; • Drones able to recharge themselves using inductive phenomena produced by transmission lines in the nearby of bridges and railways assets to be inspected; • Data acquired that are analyzed with AI-empowered algorithms for defect detection This paper describes the business model behind this disruptive project. The Business Model is structured in 2 parts: • The first part is focused on the design of the business model Canvas, to explain the value provided by the Drone4safety project; • The second part aims at defining a detailed financial analysis, with the target of calculating the IRR (Internal Return rate) and the NPV (Net Present Value) of the investment in a 7 years plan (2 years to run the project + 5 years post-implementation). As to the financial analysis 2 different points of view are assumed: • Point of view of the Drones4safety company in charge of designing, producing, and selling the new system; • Point of view of the Utility company that will adopt the new system in its O&M practices; Assuming the point of view of the Drones4safety company 3 scenarios were considered: • Selling the drones > revenues will be produced by the drones’ sales; • Renting the drones > revenues will be produced by the rental of the drones (with a time-based model); • Selling the data acquisition service > revenues will be produced by the sales of pictures acquired by drones; Assuming the point of view of a utility adopting the D4S system, a 4th scenario was analyzed taking into account the decremental costs related to the change of operation and maintenance practices. The paper will show, for both companies, what are the key parameters affecting most of the business model and which are the sustainable scenarios.

Keywords: a swarm of drones, AI, bridges, railways, drones4safety company, utility companies

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Authors: Raymond Treacy, Paul Humphreys, Ronan McIvor, Trevor Cadden, Alan McKittrick

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This study employed event study methodology to examine the role of institutions, resources and dynamic capabilities in the relationship between the Environmental Management System ISO 14001 adoption and firm performance. Utilising financial data from 140 ISO 14001 certified firms and 320 non-certified firms, the results of the study suggested that the UK and Irish manufacturers were not implementing ISO 14001 solely to gain legitimacy. In contrast, the results demonstrated that firms were fully integrating the ISO 14001 standard within their operations as certified firms were able to improve both financial and operating performance when compared to non-certified firms. However, while there were significant and long lasting improvements for employee productivity, manufacturing cost efficiency, return on assets and sales turnover, the sample firms operating cycle and fixed asset efficiency displayed evidence of diminishing returns in the long-run, underlying the observation that no operating advantage based on incremental improvements can be everlasting. Hence, there is an argument for investing in dynamic capabilities which help renew and refresh the resource base and help the firm adapt to changing environments. Indeed, the results of the regression analysis suggest that dynamic capabilities for innovation acted as a moderator in the relationship between ISO 14001 certification and firm performance. This, in turn, will have a significant and symbiotic influence on sustainability practices within the participating organisations. The study not only provides new and original insights, but demonstrates pragmatically how firms can take advantage of environmental management systems as a moderator to significantly enhance firm performance. However, while it was shown that firm innovation aided both short term and long term ROA performance, adaptive market capabilities only aided firms in the short-term at the marketing strategy deployment stage. Finally, the results have important implications for firms operating in an economic recession as the results suggest that firms should scale back investment in R&D while operating in an economic downturn. Conversely, under normal trading conditions, consistent and long term investments in R&D was found to moderate the relationship between ISO 14001 certification and firm performance. Hence, the results of the study have important implications for academics and management alike.

Keywords: supply chain management, environmental management systems, quality management, sustainability, firm performance

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Authors: A. Al-Rifaie, Z. W. Guan, S. W. Jones

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Beam to column connection can be considered as the most important structural part that affects the response of buildings to progressive collapse. However, many studies were conducted to investigate the beam to column connection under accidental loads such as fire, blast and impact load to investigate the connection response. The study is a part of a PhD plan to investigate different types of connections under lateral impact load. The conventional test setups, such as cruciform setup, were designed to apply shear forces and bending moment on the connection, whilst, in the lateral impact case, the connection is subjected to combined tension and moment. Hence, a review is presented to introduce the previous test setup that is used to investigate the connection behaviour. Then, the design and fabrication of the novel test setup is presented. Finally, some trial test results to investigate the efficiency of the proposed setup are discussed. The final results indicate that the setup was efficient in terms of the simplicity and strength.

Keywords: connections, impact load, drop hammer, testing methods

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Authors: Christina Kalogirou

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The main goal of this paper is to explore the thermal comfort conditions in traditional buildings during all seasons of the year taking into consideration various use patterns. For this purpose a dwelling of vernacular architecture is selected and data regarding the indoor and outdoor air and surface temperature as well as the relative humidity are collected. These measurements are conducted in situ during the period of a year. Also, this building is occupied periodically and a calendar of occupancy was kept (duration of residence, hours of heating system operation, hours of natural ventilation, etc.) in order to correlate the indoor conditions recorded with the use patterns via statistical analysis. Furthermore, the effect of the high thermal inertia of the stone masonry walls and the different orientation of the rooms is addressed. Thus, this paper concludes in some interesting results on the effect of the users in the indoor climate conditions in the case of buildings with high thermal inertia envelops.

Keywords: thermal comfort, in situ measurements, occupant behaviour, vernacular architecture

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Authors: Kayode Balogun, Femi Ayoola

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Crime is at alarming rate in this part of world and there are many factors that are contributing to this antisocietal behaviour both among the youths and old. In this work, principal component analysis (PCA) was used as a tool to reduce the dimensionality and to really know those variables that were crime prone in the study region. Data were collected on twenty-eight crime variables from National Bureau of Statistics (NBS) databank for a period of fifteen years, while retaining as much of the information as possible. We use PCA in this study to know the number of major variables and contributors to the crime in the Southwest Nigeria. The results of our analysis revealed that there were eight principal variables have been retained using the Scree plot and Loading plot which implies an eight-equation solution will be appropriate for the data. The eight components explained 93.81% of the total variation in the data set. We also found that the highest and commonly committed crimes in the Southwestern Nigeria were: Assault, Grievous Harm and Wounding, theft/stealing, burglary, house breaking, false pretence, unlawful arms possession and breach of public peace.

Keywords: crime rates, data, Southwest Nigeria, principal component analysis, variables

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Authors: M. Guen

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A three-dimensional numerical study is used to analyze the behavior of the flow inside a vortex tube. The vortex tube or Ranque-Hilsch vortex tube is a simple device which is capable of dividing compressed air from the inlet nozzle tangentially into two flow with different temperatures warm and cold. This phenomenon is known from literature by temperature separation. The K ω-SST and K-ε turbulence models are used to predict the turbulent flow behaviour inside the tube. The vortex tube is an Exair 708 slpm (25 scfm) commercial tube. The cold and hot exits areas are 30.2 and 95 mm2 respectively. The vortex nozzle consists of 6 straight slots; the height and the width of each slot are 0.97 mm and 1.41 mm. The total area normal to the flow associated with six nozzles is therefore 8.15 mm 2. The present study focuses on a comparison between two turbulence models K ω-SST, K-ε by using a new configuration of vortex tube (Conical Vortex Tube). The performance curves of the temperature separation versus cold outlet mass fraction were calculated and compared with experimental and numerical study of other researchers.

Keywords: conical vortex tube, temperature separation, cold mass fraction, turbulence

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Authors: Ayodele Ajayi, John Ajayi

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This paper investigates the effect of corporate governance with a view to determining the relationship between board size and bank performance. Data for the study were obtained from the audited financial statements of five sampled banks listed on the Nigerian Stock Exchange. Panel data technique was adopted and analysis was carried out with the use of multiple regression and pooled ordinary least square. Results from the study show that the larger the board size, the greater the profit implying that corporate governance is positively correlated with bank performance.

Keywords: corporate governance, banks performance, board size, pooled data

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Authors: M. Azugama, P. Okoro Ugo Chigozie, A. O. Nnamocha

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Emotional Intelligence constitutes powerful psychological forces that can strongly influence performance in behaviour, interaction and relationship management. Surprisingly how emotions are interpreted and employed in marketing of hospitality experience have had limited comprehension. Marketing of hospitality experiences have important emotional dimensions which the traditional marketing techniques tend to underplay. Guest and host relationship are challenged by mutual hospitableness obligations; suggesting that the commercial practice of delivering satisfactory guest experience has much to gain from traditional understanding of hospitality. By understanding the emotion-based hospitality transaction between guests and hosts, customers’ experiences can be delivered over and against competitor pressure. In this paper, marketing strategies and tactics in hospitality and tourism are principally concerned with adjusting each of the 6P & T elements (i.e. product, place, price and promotion; and adding people, processes and Time in service contexts), to provide a competitive offer (experience) to customers.

Keywords: Emotional intelligence, hospitality and tourism, relationship management, marketing

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Authors: M. Karimpour, N. Elkhoury, L. Hitihamillage, S. Moridpour, R. Hesami

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There is a necessity among rail transportation authorities for a superior understanding of the rail track degradation overtime and the factors influencing rail degradation. They need an accurate technique to identify the time when rail tracks fail or need maintenance. In turn, this will help to increase the level of safety and comfort of the passengers and the vehicles as well as improve the cost effectiveness of maintenance activities. An accurate model can play a key role in prediction of the long-term behaviour of railroad tracks. An accurate model can decrease the cost of maintenance. In this research, the rail track degradation is predicted using an autoregressive moving average with exogenous input (ARMAX). An ARMAX has been implemented on Melbourne tram data to estimate the values for the tram track degradation. Gauge values and rail usage in Million Gross Tone (MGT) are the main parameters used in the model. The developed model can accurately predict the future status of the tram tracks.

Keywords: ARMAX, dynamic systems, MGT, prediction, rail degradation

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Authors: Mabrouka Al-Werfalli

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This paper aims to highlight reasons beyond the prevalence of “culture of corruption” amongst Libyans. One of the most prominent reason for the Libyan revolution in February 2011 was the pervasiveness of corruption. Corruption in Libya remained a significant problem despite harsh legislation and a robust anti-corruption discourse undertaken by the previous regime. The long-standing political corruption in Libya has offered ample opportunity for the evolution of a structure of negative values and morals. This has formed what is termed as a “culture of corruption”, which has induced people to accept and justify corrupt behaviour. The paper is a part of a study concerns the phenomenon of political alienation in Libya which was based on a survey conducted in 2001 in the city of Benghazi. The finding shows that abuse of power looms large within all activities. Embezzlement and misuse of public funds for personal enrichment is thought to be rife within public bodies, institutions, companies, factories, banks and enterprises owned entirely or partially by the state.

Keywords: corruption, culture of corruption, participation in corruption, abuse of power, embezzlement, political alienation, anti-corruption

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Authors: Yegnanew A. Shiferaw

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Background: commodity price volatility originating from excessive commodity price fluctuation has been a global problem especially after the recent financial crises. Volatility is a measure of risk or uncertainty in financial analysis. It plays a vital role in risk management, portfolio management, and pricing equity. Objectives: the core objective of this paper is to examine the relationship between the prices of agricultural commodities with oil price, gas price, coal price and exchange rate (USD/Rand). In addition, the paper tries to fit an appropriate model that best describes the log return price volatility and estimate Value-at-Risk and expected shortfall. Data and methods: the data used in this study are the daily returns of agricultural commodity prices from 02 January 2007 to 31st October 2016. The data sets consists of the daily returns of agricultural commodity prices namely: white maize, yellow maize, wheat, sunflower, soya, corn, and sorghum. The paper applies the three-state Markov-switching (MS) regression, the standard single-regime GARCH and the two regime Markov-switching GARCH (MS-GARCH) models. Results: to choose the best fit model, the log-likelihood function, Akaike information criterion (AIC), Bayesian information criterion (BIC) and deviance information criterion (DIC) are employed under three distributions for innovations. The results indicate that: (i) the price of agricultural commodities was found to be significantly associated with the price of coal, price of natural gas, price of oil and exchange rate, (ii) for all agricultural commodities except sunflower, k=3 had higher log-likelihood values and lower AIC and BIC values. Thus, the three-state MS regression model outperformed the two-state MS regression model (iii) MS-GARCH(1,1) with generalized error distribution (ged) innovation performs best for white maize and yellow maize; MS-GARCH(1,1) with student-t distribution (std) innovation performs better for sorghum; MS-gjrGARCH(1,1) with ged innovation performs better for wheat, sunflower and soya and MS-GARCH(1,1) with std innovation performs better for corn. In conclusion, this paper provided a practical guide for modelling agricultural commodity prices by MS regression and MS-GARCH processes. This paper can be good as a reference when facing modelling agricultural commodity price problems.

Keywords: commodity prices, MS-GARCH model, MS regression model, South Africa, volatility

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Authors: A. S. Mousa, R. I. Rajab, A. A. Pinto

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An envy behavioral game theoretical model with two types of homogeneous players is considered in this paper. The strategy space of each type of players is a discrete set with only two alternatives. The preferences of each type of players is given by a discrete utility function. All envy strategies that form Nash equilibria and the corresponding envy Nash domains for each type of players have been characterized. We use geometry to construct two dimensional envy tilings where the horizontal axis reflects the preference for players of type one, while the vertical axis reflects the preference for the players of type two. The influence of the envy behavior parameters on the Cartesian position of the equilibria has been studied, and in each envy tiling we determine the envy Nash equilibria. We observe that there are 1024 combinatorial classes of envy tilings generated from envy chromosomes: 256 of them are being structurally stable while 768 are with bifurcation. Finally, some conditions for the disparate envy Nash equilibria are stated.

Keywords: game theory, Nash equilibrium, envy Nash behavior, geometric tilings, bifurcation thresholds

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Authors: Shervin Alaei, Reza Moradi

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Trading in financial markets is subject to risks due to their high volatilities. Here, using an LSTM neural network, and by doing some risk-based feature engineering tasks, we developed a method that can accurately predict trends of the Tehran stock exchange market index from a few days ago. Our test results have shown that the proposed method with an average prediction accuracy of more than 94% is superior to the other common machine learning algorithms. To the best of our knowledge, this is the first work incorporating deep learning and risk factors to accurately predict market trends.

Keywords: deep learning, LSTM, trend prediction, risk management, artificial neural networks

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Authors: Valentina Dolmova

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What consumers choose to buy and who voters select on election days are two questions that have captivated the interest of both academics and practitioners for many decades. The importance of understanding what influences the behavior of those groups and whether or not we can predict or control it fuels a steady stream of research in a range of fields. By looking only at the past 40 years, more than 70 thousand scientific papers have been published in each field – consumer behavior and political psychology, respectively. From marketing, economics, and the science of persuasion to political and cognitive psychology - we have all remained heavily engaged. The ever-evolving technology, inevitable socio-cultural shifts, global economic conditions, and much more play an important role in choice-equations regardless of context. On one hand, this makes the research efforts always relevant and needed. On the other, the relatively low number of cross-field collaborations, which seem to be picking up only in more in recent years, makes the existing findings isolated into framed bubbles. By performing systematic research across both areas of psychology and building a parallel between theories and factors of influence, however, we find that there is not only a definitive common ground between the behaviors of consumers and voters but that we are moving towards a global model of choice. This means that the lines between contexts are fading which has a direct implication on what we should focus on when predicting or navigating buyers and voters’ behavior. Internal and external factors in four main categories determine the choices we make as consumers and as voters. Together, personal, psychological, social, and cultural create a holistic framework through which all stimuli in relation to a particular product or a political party get filtered. The analogy “consumer-voter” solidifies further. Leading academics suggest that this fundamental parallel is the key to managing successfully political and consumer brands alike. However, we distinguish additional four key stimuli that relate to those factor categories (1/ opportunity costs; 2/the memory of the past; 3/recognisable figures/faces and 4/conflict) arguing that the level of expertise a person has determines the prevalence of factors or specific stimuli. Our efforts take into account global trends such as the establishment of “celebrity politics” and the image of “ethically concerned consumer brands” which bridge the gap between contexts to an even greater extent. Scientists and practitioners are pushed to accept the transformative nature of both fields in social psychology. Existing blind spots as well as the limited number of research conducted outside the American and European societies open up space for more collaborative efforts in this highly demanding and lucrative field. A mixed method of research tests three main hypotheses, the first two of which are focused on the level of irrelevance of context when comparing voting or consumer behavior – both from the factors and stimuli lenses, the third on determining whether or not the level of expertise in any field skews the weight of what prism we are more likely to choose when evaluating options.

Keywords: buyers’ behaviour, decision-making, voters’ behaviour, social psychology

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Authors: Kamel Agroui, George Collins, Rydha Yaiche

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The objective of this study is to better understand the thermal characteristics and molecular behaviour of cured EVA before and after outdoor exposure. Thermal analysis methods as DSC, TSC and DMTA studies were conducted on EVA material. DSC experiments on EVA show a glass transition at about -33.1° C which is characteristic of crystalline phase and an endothermic peak at temperature of 55 °C characteristic of amorphous phase. The magnitude of the integrated temperature DSC peak for EVA is 14.4 J/g. The basic results by TSC technique is that there are two relaxations that are reproducibly observed in cured EVA encapsulant material. At temperature polarization 85°C, a low temperature relaxation occurs at –24.4°C and a high temperature relaxation occurs at +30.4ºC. DMTA results exhibit two tan peaks located at -14.9°C and +66.6°C. After outdoor exposure cured EVA by DSC analysis revealed two endothermic peaks due to post crystallization phenomenon and TSC suggests that prolonged exposure selectively effects the poly(vinyl acetate)-rich phase, with much less impact on the polyethylene-rich phase.

Keywords: EVA, encapsulation process, PV module, thermal analysis, quality control

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Authors: Bernice Jeanne Lottering, Yi-Wen Lin

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Introduction: Chronic pain has a definitive lack of objective parameters in the measurement and treatment efficacy of diseases such as Fibromyalgia (FM). Persistent widespread pain and generalized tenderness are the characteristic symptoms affecting a large majority of the global population, particularly females. This disease has indicated a refractory tendency to conventional treatment ventures, largely resultant from a lack of etiological and pathogenic understanding of the disease development. Emerging evidence indicates that the central nervous system (CNS) plays a critical role in the amplification of pain signals and the neurotransmitters associated therewith. Various stimuli have been found to activate the channels existent on nociceptor terminals, thereby actuating nociceptive impulses along the pain pathways. The transient receptor potential vanalloid 1 (TRPV1) channel functions as a molecular integrator for numerous sensory inputs, such as nociception, and was explored in the current study. Current intervention approaches face a multitude challenges, ranging from effective therapeutic interventions to the limitation of pathognomonic criteria resultant from incomplete understanding and partial evidence on the mechanisms of action of FM. It remains unclear whether electroacupuncture (EA) plays an integral role in the functioning of the TRPV1 pathway, and whether or not it can reduce the chronic pain induced by FM. Aims: The aim of this study was to explore the mechanisms underlying the activation and modulation of the TRPV1 channel pathway in a cold stress model of FM applied to a murine model. Furthermore, the effect of EA in the treatment of mechanical and thermal pain, as expressed in FM was also to be investigated. Methods: 18 C57BL/6 wild type and 6 TRPV1 knockout (KO) mice, aged 8-12 weeks, were exposed to an intermittent cold stress-induced fibromyalgia-like pain model, with or without EA treatment at ZusanLi ST36 (2Hz/20min) on day 3 to 5. Von Frey and Hargreaves behaviour tests were implemented in order to analyze the mechanical and thermal pain thresholds on day 0, 3 and 5 in control group (C), FM group (FM), FM mice with EA treated group (FM + EA) and FM in KO group. Results: An increase in mechanical and thermal hyperalgesia was observed in the FM, EA and KO groups when compared to the control group. This initial increase was reduced in the EA group, which directs focus at the treatment efficacy of EA in nociceptive sensitization, and the analgesic effect EA has attenuating FM associated pain. Discussion: An increase in the nociceptive sensitization was observed through higher withdrawal thresholds in the von Frey mechanical test and the Hargreaves thermal test. TRPV1 function in mice has been scientifically associated with these nociceptive conduits, and the increased behaviour test results suggest that TRPV1 upregulation is central to the FM induced hyperalgesia. This data was supported by the decrease in sensitivity observed in results of the TRPV1 KO group. Moreover, the treatment of EA showed a decrease in this FM induced nociceptive sensitization, suggesting TRPV1 upregulation and overexpression can be attenuated by EA at bilateral ST36. This evidence compellingly implies that the analgesic effect of EA is associated with TRPV1 downregulation.

Keywords: fibromyalgia, electroacupuncture, TRPV1, nociception

Procedia PDF Downloads 125

Authors: Corina E. Niculaescu, Ivan Sangiorgi, Adrian R. Bell

Abstract:

The COVID-19 pandemic has been life-changing in many aspects of people’s daily and social lives, but has it also changed attitudes towards investments? This paper explores the effect of the COVID-19 pandemic on retail investors’ levels of investments in the U.S. during the first COVID-19 wave in summer 2020. This is an unprecedented health crisis, which could lead to changes in investment behavior, including irrational behavior in retail investors. As such, this study aims to inform policymakers of what happened to investment decisions during the COVID-19 pandemic so that they can protect retail investors during extreme events like a global health crisis. The study aims to answer two research questions. First, was the level of investments affected by the COVID-19 pandemic, and if so, why? Second, how were investments affected by retail investors’ personal experience with COVID-19? The research analysis is based on primary survey data collected on the Amazon Mechanical Turk platform from a representative sample of U.S. respondents. Responses were collected between the 15th of July and 28th of August 2020 from 1,148 U.S. retail investors who hold mutual fund investments and a savings account. The research explores whether being affected by COVID-19, change in the level of savings, and risk capacity can explain the change in the level of investments by using regression analysis. The dependent variable is changed in investments measured as decrease, no change, and increase. For this reason, the methodology used is ordered probit regression models. The results show that retail investors in the U.S. increased their investments during the first wave of COVID-19, which is unexpected as investors are usually more cautious in crisis times. Moreover, the study finds that those who were affected personally by COVID-19 (e.g., tested positive) were more likely to increase their investments, which is irrational behavior and contradicts expectations. An increase in the level of savings and risk capacity was also associated with increased investments. Overall, the findings show that having personal experience with a health crisis can have an impact on one’s investment decisions as well. Those findings are important for both retail investors and policymakers, especially now that online trading platforms have made trading easily accessible to everyone. There are risks and potential irrational behaviors associated with investment decisions during times of crisis, and it is important that retail investors are aware of them before making financial decisions.

Keywords: COVID-19, financial decision-making, health crisis retail investors, survey

Procedia PDF Downloads 175

Authors: Fathi Abid, Bilel Kaffel

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The olive tree, the olive harvest during winter season and the production of olive oil better known by professionals under the name of the crushing operation have interested institutional traders such as olive-oil offices and private companies such as food industry refining and extracting pomace olive oil as well as export-import public and private companies specializing in olive oil. The major problem facing producers of olive oil each winter campaign, contrary to what is expected, it is not whether the harvest will be good or not but whether the sale price will allow them to cover production costs and achieve a reasonable margin of profit or not. These questions are entirely legitimate if we judge by the importance of the issue and the heavy complexity of the uncertainty and competition made tougher by a high level of indebtedness and the experience and expertise of speculators and producers whose objectives are sometimes conflicting. The aim of this paper is to study the formation mechanism of olive oil prices in order to learn about speculators’ behavior and expectations in the market, how they contribute by their industry knowledge and their financial alliances and the size the financial challenge that may be involved for them to build private information hoses globally to take advantage. The methodology used in this paper is based on two stages, in the first stage we study econometrically the formation mechanisms of olive oil price in order to understand the market participant behavior by implementing ARMA, SARMA, GARCH and stochastic diffusion processes models, the second stage is devoted to prediction purposes, we use a combined wavelet- ANN approach. Our main findings indicate that olive oil market participants interact with each other in a way that they promote stylized facts formation. The unstable participant’s behaviors create the volatility clustering, non-linearity dependent and cyclicity phenomena. By imitating each other in some periods of the campaign, different participants contribute to the fat tails observed in the olive oil price distribution. The best prediction model for the olive oil price is based on a back propagation artificial neural network approach with input information based on wavelet decomposition and recent past history.

Keywords: olive oil price, stylized facts, ARMA model, SARMA model, GARCH model, combined wavelet-artificial neural network, continuous-time stochastic volatility mode

Procedia PDF Downloads 323

Authors: Beata Wentura-Dudek

Abstract:

In the United States in 2007-2010 before the crisis, the US labour market policy focused mainly on providing residents with unemployment insurance, after the recession this policy changed. The aim of the article was to present quantitative research presenting the most effective labor market instruments contributing to reducing unemployment during the crisis in the USA. The article presents research based on the analysis of available documents and statistical data. The results of the conducted research show that the most effective forms of counteracting unemployment at that time were: direct job creation, job search assistance, subsidized employment, training and employment promotion using new technologies, including social media.

Keywords: lotteries, loyalty programs, competitions, bonus sales, rebate campaigns

Procedia PDF Downloads 129