Search results for: profitability firm size
4644 Implementation of Free-Field Boundary Condition for 2D Site Response Analysis in OpenSees
Authors: M. Eskandarighadi, C. R. McGann
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It is observed from past experiences of earthquakes that local site conditions can significantly affect the strong ground motion characteristics experience at the site. One-dimensional seismic site response analysis is the most common approach for investigating site response. This approach assumes that soil is homogeneous and infinitely extended in the horizontal direction. Therefore, tying side boundaries together is one way to model this behavior, as the wave passage is assumed to be only vertical. However, 1D analysis cannot capture the 2D nature of wave propagation, soil heterogeneity, and 2D soil profile with features such as inclined layer boundaries. In contrast, 2D seismic site response modeling can consider all of the mentioned factors to better understand local site effects on strong ground motions. 2D wave propagation and considering that the soil profile on the two sides of the model may not be identical clarifies the importance of a boundary condition on each side that can minimize the unwanted reflections from the edges of the model and input appropriate loading conditions. Ideally, the model size should be sufficiently large to minimize the wave reflection, however, due to computational limitations, increasing the model size is impractical in some cases. Another approach is to employ free-field boundary conditions that take into account the free-field motion that would exist far from the model domain and apply this to the sides of the model. This research focuses on implementing free-field boundary conditions in OpenSees for 2D site response analysisComparisons are made between 1D models and 2D models with various boundary conditions, and details and limitations of the developed free-field boundary modeling approach are discussed.Keywords: boundary condition, free-field, opensees, site response analysis, wave propagation
Procedia PDF Downloads 1594643 Pre and Post IFRS Loss Avoidance in France and the United Kingdom
Authors: T. Miková
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This paper analyzes the effect of a single uniform accounting rule on reporting quality by investigating the influence of IFRS on earnings management. This paper examines whether earnings management is reduced after IFRS adoption through the use of “loss avoidance thresholds”, a method that has been verified in earlier studies. This paper concentrates on two European countries: one that represents the continental code law tradition with weak protection of investors (France) and one that represents the Anglo-American common law tradition, which typically implies a strong enforcement system (the United Kingdom). The research investigates a sample of 526 companies (6822 firm-year observations) during the years 2000 – 2013. The results are different for the two jurisdictions. This study demonstrates that a single set of accounting standards contributes to better reporting quality and reduces the pervasiveness of earnings management in France. In contrast, there is no evidence that a reduction in earnings management followed the implementation of IFRS in the United Kingdom. Due to the fact that IFRS benefit France but not the United Kingdom, other political and economic factors, such legal system or capital market strength, must play a significant role in influencing the comparability and transparency cross-border companies’ financial statements. Overall, the result suggests that IFRS moderately contribute to the accounting quality of reported financial statements and bring benefit for stakeholders, though the role played by other economic factors cannot be discounted.Keywords: accounting standards, earnings management, international financial reporting standards, loss avoidance, reporting quality
Procedia PDF Downloads 1984642 Preparation and Characterization of Chitosan Nanoparticles for Delivery of Oligonucleotides
Authors: Gyati Shilakari Asthana, Abhay Asthana, Dharm Veer Kohli, Suresh Prasad Vyas
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Purpose: The therapeutic potential of oligonucleotide (ODN) is primarily dependent upon its safe and efficient delivery to specific cells overcoming degradation and maximizing cellular uptake in vivo. The present study is focused to design low molecular weight chitosan nanoconstructs to meet the requirements of safe and effectual delivery of ODNs. LMW-chitosan is a biodegradable, water soluble, biocompatible polymer and is useful as a non-viral vector for gene delivery due to its better stability in water. Methods: LMW chitosan ODN nanoparticles (CHODN NPs) were formulated by self-assembled method using various N/P ratios (moles ratio of amine groups of CH to phosphate moieties of ODNs; 0.5:1, 1:1, 3:1, 5:1, and 7:1) of CH to ODN. The developed CHODN NPs were evaluated with respect to gel retardation assay, particle size, zeta potential and cytotoxicity and transfection efficiency. Results: Complete complexation of CH/ODN was achieved at the charge ratio of 0.5:1 or above and CHODN NPs displayed resistance against DNase I. On increasing the N/P ratio of CH/ODN, the particle size of the NPs decreased whereas zeta potential (ZV) value increased. No significant toxicity was observed at all CH concentrations. The transfection efficiency was increased on increasing N/P ratio from 1:1 to 3:1, whereas it was decreased with further increment in N/P ratio upto 7:1. Maximum transfection of CHODN NPs with both the cell lines (Raw 267.4 cells and Hela cells) was achieved at N/P ratio of 3:1. The results suggest that transfection efficiency of CHODN NPs is dependent on N/P ratio. Conclusion: Thus the present study states that LMW chitosan nanoparticulate carriers would be acceptable choice to improve transfection efficiency in vitro as well as in vivo delivery of oligonucleotide.Keywords: LMW-chitosan, chitosan nanoparticles, biocompatibility, cytotoxicity study, transfection efficiency, oligonucleotide
Procedia PDF Downloads 8494641 Federalism and Good Governance in Nigeria: A Study of the Federal Capital Territory, Abuja, Nigeria
Authors: David C. Nwogbo
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Examining the impact of federalism on good governance is crucial for enhancing governance in Nigeria. This study focuses on the Federal Capital Territory (FCT), Abuja, as a case study. Employing a descriptive survey design, data was collected to explore the relationship between federalism and good governance in Abuja, Nigeria. A stratified random sampling method was used to select 289 respondents from the population of Abuja. The sample size was determined using a formula based on precision and population size. A survey questionnaire was employed to gather information on respondents' demographics, perceptions, and experiences concerning federalism and good governance in the FCT. Descriptive statistics, such as percentages and means, were utilized to analyze the study's findings. The findings provided insights into the perceptions and experiences of residents of the FCT with regard to the relationship between federalism and good governance. The results of this study will be useful for policy and decision-making related to the implementation of these concepts in Nigeria and, more specifically, in the FCT, Abuja. The study found that the majority of respondents believe that the federal system of government has not been effective in promoting accountability, transparency, and reducing corruption in Nigeria. There is a need for reforms to improve the effectiveness of the federal system in promoting good governance. These reforms include strengthening institutions, reallocation of resources, reform of the electoral system, decentralization of power, strengthening the role of the judiciary, capacity building, promoting transparency, and engagement of civil society. The findings also highlight the need for significant reforms to address these challenges and promote good governance in the country. The results of this study can be used to inform policy decisions and guide future research on the subject.Keywords: accountability, federalism, good, governance
Procedia PDF Downloads 1024640 Crop Production and Food Sufficiency Level of Family Farmers
Authors: Prakash Chandra Subedi
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Family farming is the family based farming activities, where the farmers cultivate their farm themselves and all the members of the family are engaged in farming as per their skill, age, and physical strength. This study was conducted to examine the food sufficiency level of family farmers and, was carried in the four VDCs of Kavrepalanchowk district -Jaisithok Mandan, Mahadevsthan Mandan and Gairi Bisouna Deupur. A total of 115 households determined as the sample size from each of the four VDCs were randomly visited for interview in the study. The size of land holding was found to be very small and fragmented. The quality of soil was fertile and could yield high production if irrigation existed. The labour used patterns were significant number of family labour but due to high youth migration there were labour shortage. The rate of adoption of agri-technology was low but the households adopting insectides/pesticides and chemical fertilizers were found to be high without any knowledge regarding its using techniques. In conclusion, the study highpoint that the crop production and food sufficiency level of the family farmers of the Kavrepalanchowk district is decreasing. Many farmers were leaving their farming and started seeking opportunity to go for foreign employment or engaged in non-agricultural activities in urban areas. If no action is taken timely, there may come situation that we will have to depend on imports for all the food requirements. Thus, the study reveals that the family farming could act as an agent for ensuring food sufficiency for all, if proper policies is promoted to family farmers with legal titles to their land or promoted with sustainable agriculture methods or provided with proper agri-technology or given their share of respect and responsibilities that farming as honorable profession.Keywords: family farming, technology transfer, crop production, food sufficiency
Procedia PDF Downloads 3414639 Study on Aerosol Behavior in Piping Assembly under Varying Flow Conditions
Authors: Anubhav Kumar Dwivedi, Arshad Khan, S. N. Tripathi, Manish Joshi, Gaurav Mishra, Dinesh Nath, Naveen Tiwari, B. K. Sapra
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In a nuclear reactor accident scenario, a large number of fission products may release to the piping system of the primary heat transport. The released fission products, mostly in the form of the aerosol, get deposited on the inner surface of the piping system mainly due to gravitational settling and thermophoretic deposition. The removal processes in the complex piping system are controlled to a large extent by the thermal-hydraulic conditions like temperature, pressure, and flow rates. These parameters generally vary with time and therefore must be carefully monitored to predict the aerosol behavior in the piping system. The removal process of aerosol depends on the size of particles that determines how many particles get deposit or travel across the bends and reach to the other end of the piping system. The released aerosol gets deposited onto the inner surface of the piping system by various mechanisms like gravitational settling, Brownian diffusion, thermophoretic deposition, and by other deposition mechanisms. To quantify the correct estimate of deposition, the identification and understanding of the aforementioned deposition mechanisms are of great importance. These mechanisms are significantly affected by different flow and thermodynamic conditions. Thermophoresis also plays a significant role in particle deposition. In the present study, a series of experiments were performed in the piping system of the National Aerosol Test Facility (NATF), BARC using metal aerosols (zinc) in dry environments to study the spatial distribution of particles mass and number concentration, and their depletion due to various removal mechanisms in the piping system. The experiments were performed at two different carrier gas flow rates. The commercial CFD software FLUENT is used to determine the distribution of temperature, velocity, pressure, and turbulence quantities in the piping system. In addition to the in-built models for turbulence, heat transfer and flow in the commercial CFD code (FLUENT), a new sub-model PBM (population balance model) is used to describe the coagulation process and to compute the number concentration along with the size distribution at different sections of the piping. In the sub-model coagulation kernels are incorporated through user-defined function (UDF). The experimental results are compared with the CFD modeled results. It is found that most of the Zn particles (more than 35 %) deposit near the inlet of the plenum chamber and a low deposition is obtained in piping sections. The MMAD decreases along the length of the test assembly, which shows that large particles get deposited or removed in the course of flow, and only fine particles travel to the end of the piping system. The effect of a bend is also observed, and it is found that the relative loss in mass concentration at bends is more in case of a high flow rate. The simulation results show that the thermophoresis and depositional effects are more dominating for the small and larger sizes as compared to the intermediate particles size. Both SEM and XRD analysis of the collected samples show the samples are highly agglomerated non-spherical and composed mainly of ZnO. The coupled model framed in this work could be used as an important tool for predicting size distribution and concentration of some other aerosol released during a reactor accident scenario.Keywords: aerosol, CFD, deposition, coagulation
Procedia PDF Downloads 1444638 Simulation of Lean Principles Impact in a Multi-Product Supply Chain
Authors: Matteo Rossini, Alberto Portioli Staudacher
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The market competition is moving from the single firm to the whole supply chain one because of increasing competition and growing need for operational efficiencies and customer orientation. Supply chain management allows companies to look beyond their organizational boundaries to develop and leverage resources and capabilities of their supply chain partners. This leads to create competitive advantages in the marketplace and because of this SCM has acquired strategic importance. Lean Approach is a management strategy that focuses on reducing every type of waste present in an organization. This approach is becoming more and more popular among supply chain managers. The supply chain application of lean approach is low diffused. It is not well studied which are the impacts of lean approach principles in a supply chain context. In literature there are only few studies simulating the lean approach performance in single products supply chain. This research work studies the impacts of lean principles implementation along a supply chain. To achieve this, a simulation model of a three-echelon multiproduct product supply chain has been built. Kanban system (and several priority policies) and setup time reduction degrees are implemented in the lean-configured supply chain to apply pull and lot-sizing decrease principles respectively. To evaluate the benefits of lean approach, lean supply chain is compared with an EOQ-configured supply chain. The simulation results show that Kanban system and setup-time reduction improve inventory stock level. They also show that logistics efforts are affected to lean implementation degree. The paper concludes describing performances of lean supply chain in different contexts.Keywords: inventory policy, Kanban, lean supply chain, simulation study, supply chain management, planning
Procedia PDF Downloads 3584637 Assessing and Identifying Factors Affecting Customers Satisfaction of Commercial Bank of Ethiopia: The Case of West Shoa Zone (Bako, Gedo, Ambo, Ginchi and Holeta), Ethiopia
Authors: Habte Tadesse Likassa, Bacha Edosa
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Customer’s satisfaction was very important thing that is required for the existence of banks to be more productive and success in any organization and business area. The main goal of the study is assessing and identifying factors that influence customer’s satisfaction in West Shoa Zone of Commercial Bank of Ethiopia (Holeta, Ginchi, Ambo, Gedo and Bako). Stratified random sampling procedure was used in the study and by using simple random sampling (lottery method) 520 customers were drawn from the target population. By using Probability Proportional Size Techniques sample size for each branch of banks were allocated. Both descriptive and inferential statistics methods were used in the study. A binary logistic regression model was fitted to see the significance of factors affecting customer’s satisfaction in this study. SPSS statistical package was used for data analysis. The result of the study reveals that the overall level of customer’s satisfaction in the study area is low (38.85%) as compared those who were not satisfied (61.15%). The result of study showed that all most all factors included in the study were significantly associated with customer’s satisfaction. Therefore, it can be concluded that based on the comparison of branches on their customers satisfaction by using odd ratio customers who were using Ambo and Bako are less satisfied as compared to customers who were in Holeta branch. Additionally, customers who were in Ginchi and Gedo were more satisfied than that of customers who were in Holeta. Since the level of customers satisfaction was low in the study area, it is more advisable and recommended for concerned body works cooperatively more in maximizing satisfaction of their customers.Keywords: customers, satisfaction, binary logistic, complain handling process, waiting time
Procedia PDF Downloads 4654636 A Multilayer Perceptron Neural Network Model Optimized by Genetic Algorithm for Significant Wave Height Prediction
Authors: Luis C. Parra
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The significant wave height prediction is an issue of great interest in the field of coastal activities because of the non-linear behavior of the wave height and its complexity of prediction. This study aims to present a machine learning model to forecast the significant wave height of the oceanographic wave measuring buoys anchored at Mooloolaba of the Queensland Government Data. Modeling was performed by a multilayer perceptron neural network-genetic algorithm (GA-MLP), considering Relu(x) as the activation function of the MLPNN. The GA is in charge of optimized the MLPNN hyperparameters (learning rate, hidden layers, neurons, and activation functions) and wrapper feature selection for the window width size. Results are assessed using Mean Square Error (MSE), Root Mean Square Error (RMSE), and Mean Absolute Error (MAE). The GAMLPNN algorithm was performed with a population size of thirty individuals for eight generations for the prediction optimization of 5 steps forward, obtaining a performance evaluation of 0.00104 MSE, 0.03222 RMSE, 0.02338 MAE, and 0.71163% of MAPE. The results of the analysis suggest that the MLPNNGA model is effective in predicting significant wave height in a one-step forecast with distant time windows, presenting 0.00014 MSE, 0.01180 RMSE, 0.00912 MAE, and 0.52500% of MAPE with 0.99940 of correlation factor. The GA-MLP algorithm was compared with the ARIMA forecasting model, presenting better performance criteria in all performance criteria, validating the potential of this algorithm.Keywords: significant wave height, machine learning optimization, multilayer perceptron neural networks, evolutionary algorithms
Procedia PDF Downloads 1074635 Comparison of the Toxicity of Silver and Gold Nanoparticles in Murine Fibroblasts
Authors: Šárka Hradilová, Aleš Panáček, Radek Zbořil
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Nanotechnologies are considered the most promising fields with high added value, brings new possibilities in various sectors from industry to medicine. With the growing of interest in nanomaterials and their applications, increasing nanoparticle production leads to increased exposure of people and environment with ‘human made’ nanoparticles. Nanoparticles (NPs) are clusters of atoms in the size range of 1–100 nm. Metal nanoparticles represent one of the most important and frequently used types of NPs due to their unique physical, chemical and biological properties, which significantly differ from those of bulk material. Biological properties including toxicity of metal nanoparticles are generally determined by their size, size distribution, shape, surface area, surface charge, surface chemistry, stability in the environment and ability to release metal ions. Therefore, the biological behavior of NPs and their possible adverse effect cannot be derived from the bulk form of material because nanoparticles show unique properties and interactions with biological systems just due to their nanodimensions. Silver and gold NPs are intensively studied and used. Both can be used for instance in surface enhanced Raman spectroscopy, a considerable number of applications of silver NPs is associated with antibacterial effects, while gold NPs are associated with cancer treatment and bio imaging. Antibacterial effects of silver ions are known for centuries. Silver ions and silver-based compounds are highly toxic to microorganisms. Toxic properties of silver NPs are intensively studied, but the mechanism of cytoxicity is not fully understood. While silver NPs are considered toxic, gold NPs are referred to as toxic but also innocuous for eukaryotic cells. Therefore, gold NPs are used in various biological applications without a risk of cell damaging, even when we want to suppress the growth of cancer cells. Thus, gold NPs are toxic or harmless. Because most studies comparing particles of various sizes prepared in various ways, and testing is performed on different cell lines, it is very difficult to generalize. The novelty and significance of our research is focused to the complex biological effects of silver and gold NPs prepared by the same method, have the same parameters and the same stabilizer. That is why we can compare the biological effects of pure nanometals themselves based on their chemical nature without the influence of other variable. Aim of our study therefore is to compare the cytotoxic effect of two types of noble metal NPs focusing on the mechanisms that contribute to cytotoxicity. The study was conducted on murine fibroblasts by selected common used tests. Each of these tests monitors the selected area related to toxicity and together provides a comprehensive view on the issue of interactions of nanoparticles and living cells.Keywords: cytotoxicity, gold nanoparticles, mechanism of cytotoxicity, silver nanoparticles
Procedia PDF Downloads 2544634 Human-Centric Sensor Networks for Comfort and Productivity in Offices: Integrating Environmental, Body Area Network, and Participatory Sensing
Authors: Chenlu Zhang, Wanni Zhang, Florian Schaule
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Indoor environment in office buildings directly affects comfort, productivity, health, and well-being of building occupants. Wireless environmental sensor networks have been deployed in many modern offices to monitor and control the indoor environments. However, indoor environmental variables are not strong enough predictors of comfort and productivity levels of every occupant due to personal differences, both physiologically and psychologically. This study proposes human-centric sensor networks that integrate wireless environmental sensors, body area network sensors and participatory sensing technologies to collect data from both environment and human and support building operations. The sensor networks have been tested in one small-size and one medium-size office rooms with 22 participants for five months. Indoor environmental data (e.g., air temperature and relative humidity), physiological data (e.g., skin temperature and Galvani skin response), and physiological responses (e.g., comfort and self-reported productivity levels) were obtained from each participant and his/her workplace. The data results show that: (1) participants have different physiological and physiological responses in the same environmental conditions; (2) physiological variables are more effective predictors of comfort and productivity levels than environmental variables. These results indicate that the human-centric sensor networks can support human-centric building control and improve comfort and productivity in offices.Keywords: body area network, comfort and productivity, human-centric sensors, internet of things, participatory sensing
Procedia PDF Downloads 1394633 Spectroscopic Study of Tb³⁺ Doped Calcium Aluminozincate Phosphor for Display and Solid-State Lighting Applications
Authors: Sumandeep Kaur, Allam Srinivasa Rao, Mula Jayasimhadri
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In recent years, rare earth (RE) ions doped inorganic luminescent materials are seeking great attention due to their excellent physical and chemical properties. These materials offer high thermal and chemical stability and exhibit good luminescence properties due to the presence of RE ions. The luminescent properties of these materials are attributed to their intra-configurational f-f transitions in RE ions. A series of Tb³⁺ doped calcium aluminozincate has been synthesized via sol-gel method. The structural and morphological studies have been carried out by recording X-ray diffraction patterns and SEM image. The luminescent spectra have been recorded for a comprehensive study of their luminescence properties. The XRD profile reveals the single-phase orthorhombic crystal structure with an average crystallite size of 65 nm as calculated by using DebyeScherrer equation. The SEM image exhibits completely random, irregular morphology of micron size particles of the prepared samples. The optimization of luminescence has been carried out by varying the dopant Tb³⁺ concentration within the range from 0.5 to 2.0 mol%. The as-synthesized phosphors exhibit intense emission at 544 nm pumped at 478 nm excitation wavelength. The optimized Tb³⁺ concentration has been found to be 1.0 mol% in the present host lattice. The decay curves show bi-exponential fitting for the as-synthesized phosphor. The colorimetric studies show green emission with CIE coordinates (0.334, 0.647) lying in green region for the optimized Tb³⁺ concentration. This report reveals the potential utility of Tb³⁺ doped calcium aluminozincate phosphors for display and solid-state lighting devices.Keywords: concentration quenching, phosphor, photoluminescence, XRD
Procedia PDF Downloads 1544632 Determinants of Access to Finance to All Enterprise
Authors: Dilang Thouk Tharjiath
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This study seeks to examine determinants of access to finance: the case of micro and small enterprises in bonga town. It identifies the sector as the key to unlocking the economic potentials of the country. For the achievement of the objective of the study simple random and stratified sampling has been used to select 179 respondents, primary and secondary data were used, primary data were collected through face to face interview and preparing questionnaire and secondary data were collected through reviewing firms record and reports, quantitative research approach were used and the data obtained were analyzed using descriptive research design. Access to finance is one of the key obstacles of MSE’s not only when starting the business project but also when operating. Identifying the major determinants of access to finance is therefore quite crucial. Based on descriptive result the financiers specially formal financiers tend to grant credit easily for enterprises which are located near to town, having operators with higher educational level, experienced and with a positive attitudes towards or fulfill their lending procedures, and a firm having collateralized asset, prepare business plan, maintain accounting practice ,large and old enough. Finally the study recommended that As Educational level of entrepreneurs has significant effect on access to credit from bank and the managers or owners education level is low in Bonga town the concerned bodies of both the government and non-governmental institutions in collaboration with Bonga town MSE development office are recommended to create awareness and facilitate the provision of additional training for those with lower educational level.Keywords: credit, entrepreneur, enterprise, manager
Procedia PDF Downloads 914631 Cost Effective and Efficient Feeding: A Way Forward for Sustainable and Profitable Aquaculture
Authors: Pawan Kumar Sharma, J. Stephan Sampath Kumar, S. Anand, Chandana B. L.
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Protein is the major component for the success in culture of shrimp and fishes. Apparently, excess dietary protein is undesirable, as it not only enhances the production cost but also leads to water quality deterioration. A field survey was conducted with aqua farmers of Kerala, India, a leading state in coastal aquaculture, to assess the role of protein component in feed that can be efficiently and effectively managed for sustainable aquaculture. The study showed an average feed amount of 13.55 ± 2.16 tonnes per hectare was being used by the farmers of Kerala. The average feed cost percentage of Rs. 57.76 ± 13.46 /kg was invested for an average protein level of 36.26 % ± 0.082 in the feed and Rs.78.95 ± 3.086 per kilogram of feed was being paid by the farmers. Study revealed that replacement of fish meal and fish oil within shrimp aquafeeds with alternative protein, and lipid sources can only be achieved if changes are made in the basic shrimp culturing practices, such as closed farming system through water recycling or zero-water exchange, and by maximizing in-situ, floc and natural food production within the culture system. The upshot of such production systems is that imports of high-quality feed ingredients and aqua feeds can eventually be eliminated, and the utilization of locally available feed ingredients from agricultural by-products can be greatly improved and maximized. The promotion of closed shrimp production systems would also greatly reduce water use and increase shrimp production per unit area but would necessitate the continuous provision of electricity for aeration during production. Alternative energy sources such as solar power might be used, and resource poor farming communities should also explore wind energy for use. The study concluded that farm made feed and closed farming systems are essential for the sustainability and profitability of the aquaculture industry.Keywords: aqua feeds, floc, fish meal, protein, zero-water exchange
Procedia PDF Downloads 1454630 Microencapsulation of Phenobarbital by Ethyl Cellulose Matrix
Authors: S. Bouameur, S. Chirani
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The aim of this study was to evaluate the potential use of EthylCellulose in the preparation of microspheres as a Drug Delivery System for sustained release of phenobarbital. The microspheres were prepared by solvent evaporation technique using ethylcellulose as polymer matrix with a ratio 1:2, dichloromethane as solvent and Polyvinyl alcohol 1% as processing medium to solidify the microspheres. Size, shape, drug loading capacity and entrapement efficiency were studied.Keywords: phenobarbital, microspheres, ethylcellulose, polyvinylacohol
Procedia PDF Downloads 3614629 Analysis of Intra-Varietal Diversity for Some Lebanese Grapevine Cultivars
Authors: Stephanie Khater, Ali Chehade, Lamis Chalak
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The progressive replacement of the Lebanese autochthonous grapevine cultivars during the last decade by the imported foreign varieties almost resulted in the genetic erosion of the local germplasm and the confusion with cultivars' names. Hence there is a need to characterize these local cultivars and to assess the possible existing variability at the cultivar level. This work was conducted in an attempt to evaluate the intra-varietal diversity within Lebanese traditional cultivars 'Aswad', 'Maghdoushe', 'Maryame', 'Merweh', 'Meksese' and 'Obeide'. A total of 50 accessions distributed over five main geographical areas in Lebanon were collected and submitted to both ampelographic description and ISSR DNA analysis. A set of 35 ampelographic descriptors previously established by the International Office of Vine and Wine and related to leaf, bunch, berry, and phenological stages, were examined. Variability was observed between accessions within cultivars for blade shape, density of prostrate and erect hairs, teeth shape, berry shape, size and color, cluster shape and size, and flesh juiciness. At the molecular level, nine ISSR (inter-simple sequence repeat) primers, previously developed for grapevine, were used in this study. These primers generated a total of 35 bands, of which 30 (85.7%) were polymorphic. Totally, 29 genetic profiles were differentiated, of which 9 revealed within 'Obeide', 6 for 'Maghdoushe', 5 for 'Merweh', 4 within 'Maryame', 3 for 'Aswad' and 2 within 'Meksese'. Findings of this study indicate the existence of several genotypes that form the basis of the main indigenous cultivars grown in Lebanon and which should be further considered in the establishment of new vineyards and selection programs.Keywords: ampelography, autochthonous cultivars, ISSR markers, Lebanon, Vitis vinifera L.
Procedia PDF Downloads 1414628 Amorphous Aluminophosphates: An Insight to the Changes in Structural Properties and Catalytic Activity by the Incorporation of Transition Metals
Authors: A. Hamza, H. Kathyayini, N. Nagaraju
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Aluminophosphates, both amorphous and crystalline materials find applications as adsorbents, ceramics, and pigments and as catalysts/catalyst supports in organic fine chemical synthesis. Most of the applications are varied depending on the type of metal incorporated, particle size, surface area, porosity and morphology of aluminophosphate. The porous and surface properties of these materials are normally fine-tuned by adopting various preparation methodologies. Numerous crystalline microporous and mesoporous aluminophosphates and metal-aluminophosphates have been reported in literature, in which the synthesis has been carried out by using structure directing organic molecules/surfactants. In present work, amorphous aluminophosphate (AlP) and metal-aluminophosphates MAlP (M = Cu, Zn, Cr, Fe, Ce and Zr) and their mixed forms M-1M2AlP are prepared under a typical precipitation condition, i.e. at low temperature in order to keep the Von-Weirmann relative super saturation of the precipitating medium and obtain small size precipitate particles. These materials are prepared without using any surfactants. All materials are thoroughly characterised for surface and bulk properties by N2 adsorption-desorption technique, XRD, FT-IR, TG and SEM. The materials are also analysed for the amount and the strength of their surface acid sites, by NH3-TPD and CO2-TPD techniques respectively. All the materials prepared in the work are investigated for their catalytic activity in following applications in the synthesis of industrially important Jasminaldehyde via, aldol condensation of n-heptanal and benzaldehyde, in the synthesis of biologically important chalcones by Claisen-shmidth condensation of benzaldehyde and substituted chalcones. The effect of the amount of the catalysts, duration of the reaction, temperature of the reaction, molar ratio of the reactants has been studied. The porosity of pure aluminophosphate is found to be changed significantly by the incorporation of transition metals during preparation of aluminophosphate. The pore size increased from microporous to mesoporous and finally to macroporous by following order of metals Cu = Zn < Cr < Ce < Fe = Zr. The change in surface area and porosity of double metal-aluminophosphates depended on the concentration of both the metals. The acidity of aluminophosphate is either increased or decreased which depended on the type and valence of metals loaded. A good number of basic sites are created in metal-aluminophosphates irrespective of the metals used. A maximum catalytic activity for synthesis of both jasminaldehyde and chalcone is obtained by FeAlP as catalysts; these materials are characterized by decreased strength and concentration of acidic sites with optimum level basic sites.Keywords: amorphous metal-aluminophosphates, surface properties, acidic-basic properties, Aldol, Claisen-Shmidth condensation, jasminaldehyde, chalcone
Procedia PDF Downloads 3044627 Managing Sunflower Price Risk from a South African Oil Crushing Company’s Perspective
Authors: Daniel Mokatsanyane, Johnny Jansen Van Rensburg
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The integral role oil-crushing companies play in sunflower oil production is often overlooked to offer high-quality oil to refineries and end consumers. Sunflower oil crushing companies in South Africa are exposed to price fluctuations resulting from the local and international markets. Hedging instruments enable these companies to hedge themselves against unexpected prices spikes and to ensure sustained profitability. A crushing company is a necessary middleman, and as such, these companies have exposure to the purchasing and selling sides of sunflower. Sunflower oil crushing companies purchase sunflower seeds from farmers or agricultural companies that provide storage facilities. The purchasing price is determined by the supply and demand of sunflower seed, both national and international. When the price of sunflower seeds in South Africa is high but still below import parity, then the crush margins realised by these companies are reduced or even negative at times. There are three main products made by sunflower oil crushing companies, oil, meal, and shells. Profits are realised from selling three products, namely, sunflower oil, meal and shells. However, when selling sunflower oil to refineries, sunflower oil crushing companies needs to hedge themselves against a reduction in vegetable oil prices. Hedging oil prices is often done via futures and is subject to specific volume commitments before a hedge position can be taken in. Furthermore, South African oil-crushing companies hedge sunflower oil with international, Over-the-counter contracts as South Africa is a price taker of sunflower oil and not a price maker. As such, South Africa provides a fraction of the world’s sunflower oil supply and, therefore, has minimal influence on price changes. The advantage of hedging using futures ensures that the sunflower crushing company will know the profits they will realise, but the downside is that they can no longer benefit from a price increase. Alternative hedging instruments like options might pose a solution to the opportunity cost does not go missing and that profit margins are locked in at the best possible prices for the oil crushing company. This paper aims to investigate the possibility of employing options alongside futures to simulate different scenarios to determine if options can bridge the opportunity cost gap.Keywords: derivatives, hedging, price risk, sunflower, sunflower oil, South Africa
Procedia PDF Downloads 1654626 Online Monitoring of Airborne Bioaerosols Released from a Composting, Green Waste Site
Authors: John Sodeau, David O'Connor, Shane Daly, Stig Hellebust
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This study is the first to employ the online WIBS (Waveband Integrated Biosensor Sensor) technique for the monitoring of bioaerosol emissions and non-fluorescing “dust” released from a composting/green waste site. The purpose of the research was to provide a “proof of principle” for using WIBS to monitor such a location continually over days and nights in order to construct comparative “bioaerosol site profiles”. Current impaction/culturing methods take many days to achieve results available by the WIBS technique in seconds.The real-time data obtained was then used to assess variations of the bioaerosol counts as a function of size, “shape”, site location, working activity levels, time of day, relative humidity, wind speeds and wind directions. Three short campaigns were undertaken, one classified as a “light” workload period, another as a “heavy” workload period and finally a weekend when the site was closed. One main bioaerosol size regime was found to predominate: 0.5 micron to 3 micron with morphologies ranging from elongated to elipsoidal/spherical. The real-time number-concentration data were consistent with an Andersen sampling protocol that was employed at the site. The number-concentrations of fluorescent particles as a proportion of total particles counted amounted, on average, to ~1% for the “light” workday period, ~7% for the “heavy” workday period and ~18% for the weekend. The bioaerosol release profiles at the weekend were considerably different from those monitored during the working weekdays.Keywords: bioaerosols, composting, fluorescence, particle counting in real-time
Procedia PDF Downloads 3554625 Effective Factors on Farmers' Attitude toward Multifunctional Agriculture
Authors: Mohammad Sadegh Allahyari, Sorush Marzban
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The main aim of this study was to investigate the factors affecting farmers' attitude of the Shanderman District in Masal (Guilan Province in the north of Iran), towards the concepts of multifunctional agriculture. The statistical population consisted of all 4908 in Shanderman.The sample of the present study consisted of 209 subjects who were selected from the total population using the Bartlett et al. Table. Questionnaire as the main tool of data collection was divided in two parts. The first part of questionnaire consisted of farmers' profiles regarding individual, technical-agronomic, economic and social characteristics. The second part included items to identify the farmers’ attitudes regarding different aspects of multifunctional agriculture. The validity of the questionnaire was assessed by professors and experts. Cronbach's alpha was used to determine the reliability (α= 0.844), which is considered an acceptable reliability value. Overall, the average scores of attitudes towards multifunctional agriculture show a positive tendency towards multifunctional agriculture, considering farmers' attitudes of the Shanderman district (SD = 0.53, M = 3.81). Results also highlight a significant difference between farmers' income source levels (F = 0.049) and agricultural literature review (F = 0.022) toward farmers' attitudes considering multifunctional agriculture (p < 0.05). Pearson correlations also indicated that there is a positive relationship between positive attitudes and family size (r = 0.154), farmers' experience (r = 0.246), size of land under cultivation (r = 0.186), income (r = 0.227), and social contribution activities (r = 0.224). The results of multiple regression analyses showed that the variation in the dependent variable depended on the farmers' experience in agricultural activities and their social contribution activities. This means that the variables included in the regression analysis are estimated to explain 12 percent of the variation in the dependent variable.Keywords: multifunctional agriculture, attitude, effective factor, sustainable agriculture
Procedia PDF Downloads 2364624 Utilizing Spatial Uncertainty of On-The-Go Measurements to Design Adaptive Sampling of Soil Electrical Conductivity in a Rice Field
Authors: Ismaila Olabisi Ogundiji, Hakeem Mayowa Olujide, Qasim Usamot
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The main reasons for site-specific management for agricultural inputs are to increase the profitability of crop production, to protect the environment and to improve products’ quality. Information about the variability of different soil attributes within a field is highly essential for the decision-making process. Lack of fast and accurate acquisition of soil characteristics remains one of the biggest limitations of precision agriculture due to being expensive and time-consuming. Adaptive sampling has been proven as an accurate and affordable sampling technique for planning within a field for site-specific management of agricultural inputs. This study employed spatial uncertainty of soil apparent electrical conductivity (ECa) estimates to identify adaptive re-survey areas in the field. The original dataset was grouped into validation and calibration groups where the calibration group was sub-grouped into three sets of different measurements pass intervals. A conditional simulation was performed on the field ECa to evaluate the ECa spatial uncertainty estimates by the use of the geostatistical technique. The grouping of high-uncertainty areas for each set was done using image segmentation in MATLAB, then, high and low area value-separate was identified. Finally, an adaptive re-survey was carried out on those areas of high-uncertainty. Adding adaptive re-surveying significantly minimized the time required for resampling whole field and resulted in ECa with minimal error. For the most spacious transect, the root mean square error (RMSE) yielded from an initial crude sampling survey was minimized after an adaptive re-survey, which was close to that value of the ECa yielded with an all-field re-survey. The estimated sampling time for the adaptive re-survey was found to be 45% lesser than that of all-field re-survey. The results indicate that designing adaptive sampling through spatial uncertainty models significantly mitigates sampling cost, and there was still conformity in the accuracy of the observations.Keywords: soil electrical conductivity, adaptive sampling, conditional simulation, spatial uncertainty, site-specific management
Procedia PDF Downloads 1324623 Technico-Economical Study of a Rapeseed Based Biorefinery Using High Voltage Electrical Discharges and Ultrasounds as Pretreatment Technologies
Authors: Marwa Brahim, Nicolas Brosse, Nadia Boussetta, Nabil Grimi, Eugene Vorobiev
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Rapeseed plant is an established product in France which is mainly dedicated to oil production. However, the economic potential of residues from this industry (rapeseed hulls, rapeseed cake, rapeseed straw etc.), has not been fully exploited. Currently, only low-grade applications are found in the market. As a consequence, it was deemed of interest to develop a technological platform aiming to convert rapeseed residues into value- added products. Specifically, a focus is given on the conversion of rapeseed straw into valuable molecules (e.g. lignin, glucose). Existing pretreatment technologies have many drawbacks mainly the production of sugar degradation products that limit the effectiveness of saccharification and fermentation steps in the overall scheme of the lignocellulosic biorefinery. In addition, the viability of fractionation strategies is a challenge in an environmental context increasingly standardized. Hence, the need to find cleaner alternatives with comparable efficiency by implementing physical phenomena that could destabilize the structural integrity of biomass without necessarily using chemical solvents. To meet environmental standards increasingly stringent, the present work aims to study the new pretreatment strategies involving lower consumption of chemicals with an attenuation of the severity of the treatment. These strategies consist on coupling physical treatments either high voltage electrical discharges or ultrasounds to conventional chemical pretreatments (soda and organosolv). Ultrasounds treatment is based on the cavitation phenomenon, and high voltage electrical discharges cause an electrical breakdown accompanied by many secondary phenomena. The choice of process was based on a technological feasibility study taking into account the economic profitability of the whole chain after products valorization. Priority was given to sugars valorization into bioethanol and lignin sale.Keywords: high voltage electrical discharges, organosolv, pretreatment strategies, rapeseed straw, soda, ultrasounds
Procedia PDF Downloads 3634622 Preparation of Nano-Scaled linbo3 by Polyol Method
Authors: Gabriella Dravecz, László Péter, Zsolt Kis
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Abstract— The growth of optical LiNbO3 single crystal and its physical and chemical properties are well known on the macroscopic scale. Nowadays the rare-earth doped single crystals became important for coherent quantum optical experiments: electromagnetically induced transparency, slow down of light pulses, coherent quantum memory. The expansion of applications is increasingly requiring the production of nano scaled LiNbO3 particles. For example, rare-earth doped nanoscaled particles of lithium niobate can be act like single photon source which can be the bases of a coding system of the quantum computer providing complete inaccessibility to strangers. The polyol method is a chemical synthesis where oxide formation occurs instead of hydroxide because of the high temperature. Moreover the polyol medium limits the growth and agglomeration of the grains producing particles with the diameter of 30-200 nm. In this work nano scaled LiNbO3 was prepared by the polyol method. The starting materials (niobium oxalate and LiOH) were diluted in H2O2. Then it was suspended in ethylene glycol and heated up to about the boiling point of the mixture with intensive stirring. After the thermal equilibrium was reached, the mixture was kept in this temperature for 4 hours. The suspension was cooled overnight. The mixture was centrifuged and the particles were filtered. Dynamic Light Scattering (DLS) measurement was carried out and the size of the particles were found to be 80-100 nms. This was confirmed by Scanning Electron Microscope (SEM) investigations. The element analysis of SEM showed large amount of Nb in the sample. The production of LiNbO3 nano particles were succesful by the polyol method. The agglomeration of the particles were avoided and the size of 80-100nm could be reached.Keywords: lithium-niobate, nanoparticles, polyol, SEM
Procedia PDF Downloads 1344621 Predictive Analytics for Theory Building
Authors: Ho-Won Jung, Donghun Lee, Hyung-Jin Kim
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Predictive analytics (data analysis) uses a subset of measurements (the features, predictor, or independent variable) to predict another measurement (the outcome, target, or dependent variable) on a single person or unit. It applies empirical methods in statistics, operations research, and machine learning to predict the future, or otherwise unknown events or outcome on a single or person or unit, based on patterns in data. Most analyses of metabolic syndrome are not predictive analytics but statistical explanatory studies that build a proposed model (theory building) and then validate metabolic syndrome predictors hypothesized (theory testing). A proposed theoretical model forms with causal hypotheses that specify how and why certain empirical phenomena occur. Predictive analytics and explanatory modeling have their own territories in analysis. However, predictive analytics can perform vital roles in explanatory studies, i.e., scientific activities such as theory building, theory testing, and relevance assessment. In the context, this study is to demonstrate how to use our predictive analytics to support theory building (i.e., hypothesis generation). For the purpose, this study utilized a big data predictive analytics platform TM based on a co-occurrence graph. The co-occurrence graph is depicted with nodes (e.g., items in a basket) and arcs (direct connections between two nodes), where items in a basket are fully connected. A cluster is a collection of fully connected items, where the specific group of items has co-occurred in several rows in a data set. Clusters can be ranked using importance metrics, such as node size (number of items), frequency, surprise (observed frequency vs. expected), among others. The size of a graph can be represented by the numbers of nodes and arcs. Since the size of a co-occurrence graph does not depend directly on the number of observations (transactions), huge amounts of transactions can be represented and processed efficiently. For a demonstration, a total of 13,254 metabolic syndrome training data is plugged into the analytics platform to generate rules (potential hypotheses). Each observation includes 31 predictors, for example, associated with sociodemographic, habits, and activities. Some are intentionally included to get predictive analytics insights on variable selection such as cancer examination, house type, and vaccination. The platform automatically generates plausible hypotheses (rules) without statistical modeling. Then the rules are validated with an external testing dataset including 4,090 observations. Results as a kind of inductive reasoning show potential hypotheses extracted as a set of association rules. Most statistical models generate just one estimated equation. On the other hand, a set of rules (many estimated equations from a statistical perspective) in this study may imply heterogeneity in a population (i.e., different subpopulations with unique features are aggregated). Next step of theory development, i.e., theory testing, statistically tests whether a proposed theoretical model is a plausible explanation of a phenomenon interested in. If hypotheses generated are tested statistically with several thousand observations, most of the variables will become significant as the p-values approach zero. Thus, theory validation needs statistical methods utilizing a part of observations such as bootstrap resampling with an appropriate sample size.Keywords: explanatory modeling, metabolic syndrome, predictive analytics, theory building
Procedia PDF Downloads 2764620 Self-Stigma Regarding Mental Illness: An Empirical Study
Authors: Linta Koka
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Aim: The way people with severe mental disorders deal with self-stigma and how it affects their self-esteem is a problem that has gained much attention in recent years. The primary aim of this study was to empirically explore the link between self-stigma and self-esteem of individuals with the presence of a mental illness, offering a novel perspective by exploring the same variables amongst a sample without a mental illness. Methods: This study utilized a cross-sectional study. Participants with (N=85) and without (N=75) a mental health issue were included from Darlingdon's Mind organization. Participants completed two scales, one of Self-Stigma of Mental Illness Scale and one of Self-Esteem, following some demographics questions. Results: According to the primary hypothesis, self-stigma significantly correlates with self-esteem in the clinical population. Furthermore, gender and ethnicity, above all the demographics, positively correlates to the relationship of self-stigma with self-esteem in people who endure a mental health issue. Limitations: A significant limitation is that of the size of the sample of participants conducted in this study. The clinical population was limited to 85 participants, and the control group consisted of 76 participants. Since the sample was not representative. The small size used did not allow any comparisons between the group with mental illness and the control group. There was a restricted time to approach the participants since the online survey was released by the end of May. Conclusions: Individuals suffering from mental illnesses may internalize stigmatizing stereotypes on an explicit level. Efforts should be made to lessen the harmful impact stigma may have on mentally ill people, such as worsening symptoms or delays in receiving care. Further study is needed within this small research topic to improve awareness and regulate mental health among the general population. Undoubtedly, people with mental disorders are stigmatized; therefore, more research is required to explore all factors contributing to mentally ill patients' devaluation.Keywords: self-stigma, mental illness, self-esteem, clinical population, non-clinical population
Procedia PDF Downloads 634619 Improved Performance of Mn Substituted Ceria Nanospheres for Water Gas Shift Reaction: Influence of Preparation Conditions
Authors: Bhairi Lakshminarayana, Surajit Sarker, Ch. Subrahmanyam
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The present study reports the development of noble metal free nano catalysts for low-temperature CO oxidation and water gas shift reaction. Mn-substituted CeO2 solid solution catalysts were synthesized by co-precipitation, combustion and hydrothermal methods. The formation of solid solution was confirmed by XRD with Rietveld refinement and the percentage of carbon and nitrogen doping was ensured by CHNS analyzer. Raman spectroscopic confirmed the oxygen vacancies. The surface area, pore volume and pore size distribution confirmed by N2 physisorption analysis, whereas, UV-visible diffuse reflectance spectroscopy and XPS data confirmed the oxidation state of the Mn ion. The particle size and morphology (spherical shape) of the material was confirmed using FESEM and HRTEM analysis. Ce0.8Mn0.2O2-δ was calcined at 400 °C, 600 °C and 800 °C. Raman spectroscopy confirmed that the catalyst calcined at 400 °C has the best redox properties. The activity of the designed catalysts for CO oxidation (0.2 vol%), carried out with GHSV of 21,000 h-1 and it has been observed that co-precipitation favored the best active catalyst towards CO oxidation and water gas shift reaction, due to the high surface area, improved reducibility, oxygen mobility and highest quantity of surface oxygen species. The activation energy of low temperature CO oxidation on Ce0.8Mn0.2O2- δ (combustion) was 5.5 kcal.K-1.mole-1. The designed catalysts were tested for water gas shift reaction. The present study demonstrates that Mn ion substituted ceria at 400 °C calcination temperature prepared by co-precipitation method promise to revive a green sustainable energy production approach.Keywords: Ce0.8Mn0.2O2-ð, CO oxidation, physicochemical characterization, water gas shift reaction (WGS)
Procedia PDF Downloads 2374618 In vitro Study on Characterization and Viability of Vero Cell Lines after Supplementation with Porcine Follicular Fluid Proteins in Culture Medium
Authors: Mayuva Youngsabanant, Suphaphorn Rabiab, Hatairuk Tungkasen, Nongnuch Gumlungpat, Mayuree Pumipaiboon
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The porcine follicular fluid proteins (pFF) of healthy small size ovarian follicles (1-3 mm in diameters) of Large White pig ovaries were collected by sterile technique. They were used for testing the effect on cell viability and characterization of Vero cell lines using MTT assay. Two hundred microliter of round shape Vero cell lines were culture in 96 well plates with DMEM for 24 h. After that, they were attachment to substrate and some changed into fibroblast shape and spread over the surface after culture for 48 h. Then, Vero cell lines were treated with pFF at concentration of 2, 4, 20, 40, 200, 400, 500, and 600 µg proteins/mL for 24 h. Yields of the best results were analyzed by using one-way ANOVA. MTT assay reviewed an increasing in percentage of viability of Vero cell lines indicated that at concentration of 400-600 µg proteins/mL showed higher percentage of viability (115.64 ± 6.95, 106.91 ± 5.27 and 116.73 ± 20.15) than control group. They were significantly different from the control group (p < 0.05) but lower than the positive control group (DMEM with 10% heat treated fetal bovine serum). Cell lines showed normal character in fibroblast elongate shape after treated with pFF except in high concentration of pFF. This result implies that pFF of small size ovarian follicle at concentration of 400-600 µg proteins/mL could be optimized concentration for using as a supplement in Vero cell line culture medium to promote cell viability instead of growth hormone from fetal bovine serum. This merit could be applied in other cell biotechnology researches. Acknowledgements: This work was funded by a grant from Silpakorn University and Faculty of Science, Silpakorn University, Thailand.Keywords: cell viability, porcine follicular fluid, MTT assay, Vero cell line
Procedia PDF Downloads 1334617 Assessment of the Effect of Farmer-Herder Conflict on the Livelihood of Rural Households in Bogoro Local Government Area of Bauchi State, Nigeria
Authors: Luka Jumma Gizaki
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The study assessed the effect of farmer-herder conflict on the livelihood of rural households in Bogoro L.G.A., Bauchi State, Nigeria. Multistage sampling procedures were used to randomly select 66 crop farmers in the study area. Data were collected by means of a structured questionnaire. The result was analyzed using descriptive and inferential statistics. Results showed that the majority of the respondents were males with a mean age of 39 years and a farming experience of 16 years. About 95% of the respondents had formal education, with a mean household size of 8 persons per household. Farmer-herder conflicts were found to be caused by grazing on growing crops, wrong approach by farmers in raising complaints and harassment of herdsmen, absence of grazing route and poisoning of uncultivated lands. Constraints to resolving conflict were found to include personal interest, lack of government will, ethnicity and religious difference and open grazing ranking first, second and third, among others. Six factors connected to farmer-herder conflict were found to significantly affect the livelihood of rural households. These were the value of crops destroyed, the number of livestock lost, and the cost of treatment of wounds sustained from the conflict. The value of crops and the size of farmland abandoned in fear were significant, and the cost of seeking redress was significant at P≤0.01. It was concluded that farmer-herder conflict impacts negatively not only crops and animals but also affects the lives of farmers and herders as well as their economy. It is recommended that proper methods be adopted to avoid its occurrence, and when it occurs, the erring party should be appropriately punished.Keywords: farmer, herder, conflict, effect, coping
Procedia PDF Downloads 464616 Convertible Lease, Risky Debt and Financial Structure with Growth Option
Authors: Ons Triki, Fathi Abid
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The basic objective of this paper is twofold. It resides in designing a model for a contingent convertible lease contract that can ensure the financial stability of a company and recover the losses of the parties to the lease in the event of default. It also aims to compare the convertible lease contract on inefficiencies resulting from the debt-overhang problem and asset substitution with other financing policies. From this perspective, this paper highlights the interaction between investments and financing policies in a dynamic model with existing assets and a growth option where the investment cost is financed by a contingent convertible lease and equity. We explore the impact of the contingent convertible lease on the capital structure. We also check the reliability and effectiveness of the use of the convertible lease contract as a means of financing. Findings show that the rental convertible contract with a sufficiently high conversion ratio has less severe inefficiencies arising from risk-shifting and debt overhang than those entailed by risky debt and pure-equity financing. The problem of underinvestment pointed out by Mauer and Ott (2000) and the problem of overinvestment mentioned by Hackbarth and Mauer (2012) may be reduced under contingent convertible lease financing. Our findings predict that the firm value under contingent convertible lease financing increases globally with asset volatility instead of decreasing with business risk. The study reveals that convertible leasing contracts can stand for a reliable solution to ensure the lessee and quickly recover the counterparties of the lease upon default.Keywords: contingent convertible lease, growth option, debt overhang, risk-shifting, capital structure
Procedia PDF Downloads 724615 Impact of Reverse Technology Transfer on Innovation Capabilities: An Econometric Analysis for Mexican Transnational Corporations
Authors: Lissette Alejandra Lara, Mario Gomez, Jose Carlos Rodriguez
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ransnational corporations (TNCs) as units in which it is possible technology and knowledge transfer across borders and the potential for generating innovation and contributing in economic development both in home and host countries have been widely acknowledged in the foreign direct investment (FDI) literature. Particularly, the accelerated expansion of emerging countries TNCs in the last decades has guided an uprising research stream that measure the presence of reverse technology transfer, defined as the extent to which emerging countries’ TNCs use outward FDI in a host country through certain mechanisms to absorb and transfer knowledge thus improving its technological capabilities in the home country. The objective of this paper is to test empirically the presence of reverse technology transfer and its impact on the innovation capabilities in Mexican transnational corporations (MXTNCs) as a part of the emerging countries TNCs that have successfully entered to industrialized markets. Using a panel dataset of 22 MXTNCs over the period 1994-2015, the results of the econometric model demonstrate that the amount of Mexican outward FDI and the research and development (R&D) expenditure in host developed countries had a positive impact on the innovation capabilities at the firm and industry level. There is also evidence that management of acquired brands and the organizational structure of Mexican subsidiaries improved these capabilities. Implications for internationalization strategies of emerging countries corporations and future research guidelines are discussed.Keywords: emerging countries, foreign direct investment, innovation capabilities, Mexican transnational corporations, reverse technology transfer
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