Search results for: financing to deposit ratio

Authors: A. Benmerkhi, A. Bounouioua, M. Bouchemat, T. Bouchemat

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In this paper, we present a numerical optical properties of a triangular periodic lattice of elliptical air holes. We report the influence of the ratio (semi-major axis length of elliptical hole to the filling ratio) on the photonic band gap. Then by using the finite difference time domain (FDTD) algorithm, the resonant wavelength of the point defect microcavities in a two-dimensional photonic crystal (PC) shifts towards the low wavelengths with significantly increased filing ratio. It can be noted that the Q factor is gradually changed to higher when the filling ratio increases. It is due to an increase in reflectivity of the PC mirror. Also we theoretically investigate the H1 cavity, where the value of semi-major axis (Rx) of the six holes surrounding the cavity are fixed at 0.5a and the Rx of the two edge air holes are fixed at the optimum value of 0.52a. The highest Q factor of 4.1359 × 10⁶ is achieved at the resonant mode located at λ = 1.4970 µm.

Keywords: photonic crystal, microcavity, filling ratio, elliptical holes

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Authors: Veselin Konstantinov Hristov

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In recent years, the lease contract has become more and more applicable and occupies a key place in commercial relations and business. In Bulgaria, the legal regulation of the leasing contract is relatively new and imperfectly developed. There are many legal loopholes and it is they that determine the need for a comparative legal analysis. The purpose of the study is to analyze the various European legislations regarding the leasing contract and to find effective solutions for the legal system of Bulgaria. First of all, are examined the concept of the leasing contract, which originated in the United States of America around the 1950s and spread in Europe, and the etymology of the term "leasing". After that, the main types of lease contracts – financial and operational – are examined and analyzed in detail. Their features and characteristics were studied, as well as a comparative analysis was made between them. Next, in the research, a comparative-legal analysis of the leasing contract in different European countries was made in terms of its development and distribution, as well as its legal characteristics. The mechanism of action and functioning of the leasing contract in several European countries is analyzed. Conclusions are made regarding the legal framework under which the lease contract is most effective. Types of leasing contracts specific only to certain European countries and their advantages are examined. In conclusion, recommendations are made to improve the legal framework of the leasing contract in Bulgaria.

Keywords: alternative financing, leasing contract, financing instruments, innovation

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Authors: B. V. Lande, Suhas Kongare

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Fuel blend of alcohol and conventional hydrocarbon fuels for a spark ignition engine can increase the fuel octane rating and the power for a given engine displacement and compression ratio. The greatest advantage of ethanol as a fuel in SI Engines is its high octane number. The efficiency of an SI engine that is the ability to convert fuel energy to mechanical energy, mainly depends on the compression ratio. It is, therefore, an advantage to increase this as much as possible. The major restraint is the fuel octane number – high octane fuels can be used with high compression ratios, thus yielding higher energy efficiency. This work investigates to suggest suitable ethanol gasoline blend and compression ratio for single cylinder four strokes SI Engine on the basis of performance and exhaust emissions. A single cylinder four stroke SI Engine was tested with different blend of ethanol – gasoline like E5 (5% ethanol +95% gasoline), E10 (10% ethanol + 90% gasoline) E15 (15% ethanol + 85% petrol) and E20 ( 20% + 80% gasoline) with Variable compression ratio. The performance parameter evaluated BSFC, Brake thermal efficiency and also exhaust emission CO2, Co & HC%. The result showed that higher compression ratio improved engine Performance and reduction in exhaust emission.

Keywords: blend, compression ratio, ethanol, performance, blend

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Authors: Ho Yuan-Hong, Huang Chiung-Ju

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This study conducts simulation analyses to find the optimal debt ceiling of Taiwan, while factoring in welfare maximization under a dynamic stochastic general equilibrium framework. The simulation is based on Taiwan's 2001 to 2011 economic data and shows that welfare is maximized at a "debt"⁄"GDP" ratio of 0.2, increases in the "debt"⁄"GDP " ratio leads to increases in both tax and interest rates and decreases in the consumption ratio and working hours. The study results indicate that the optimal debt ceiling of Taiwan is 20% of GDP, where if the "debt"⁄"GDP" ratio is greater than 40%, the welfare will be negative and result in welfare loss.

Keywords: debt sustainability, optimal debt ceiling, dynamic stochastic general equilibrium, welfare maximization

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Authors: Huanhuan Zhao, Bryony J. James

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The relationship between the non-fat solid ratio and bloom formation in untempered chocolate was investigated using two types of chocolate: model chocolate made of varying cocoa powder ratios (46, 49.5 and 53%) and cocoa butter, and commercial Lindt chocolate with varying cocoa content (70, 85 and 90%). X-ray diffraction and colour measurement techniques were used to examine the polymorphism of cocoa butter and the surface whiteness index (WI), respectively. The polymorphic transformation of cocoa butter was highly correlated with the changes of WI during 30 days of storage since it led to the redistribution of fat within the chocolate matrix and resulted in a bloomed surface. The change in WI indicated a similar bloom rate in the chocolates, but the model chocolates with a higher cocoa powder ratio had more pronounced total bloom. This is due to a higher ratio of non-fat solid particles on the surface resulting in microscopic changes in morphology. The ratio of non-fat solids is an important factor in determining the extent of bloom but not the bloom rate.

Keywords: untempered chocolate, microstructure of bloom, polymorphic transformation, surface whiteness

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Authors: Sewon Kim, Chang Yeop Lee, Minjun Kwon

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This study is aiming at establishing the relationship between the optical signal of flame and an equivalent ratio of flame. In this experiment, flame optical signal in a furnace is measured using photodiode. The combustion system which is composed of metal fiber burner and vertical furnace and flame chemiluminescence is measured at various experimental conditions. In this study, the flame chemiluminescence of laminar premixed flame is measured by using commercially available photodiode. It is experimentally investigated the relationship between equivalent ratio and photodiode signal. In addition, The strategy of combustion control method is proposed by using the optical signal and fuel pressure. The results showed that certain relationship between optical data of photodiode and equivalence ratio exists and this leads to the successful application of this system for instantaneous measurement of equivalence ration of the combustion system.

Keywords: flame chemiluminescence, photo diode, equivalence ratio, combustion control

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Authors: Tomotaka Aoki, Isao Tomita

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We examined the on-off ratio and frequency components of output signals from an electron-interference device made of GaAs/AlₓGa₁₋ₓAs by solving the time-dependent Schrödinger's equation on conducting electrons in the channel waveguide of the device. For electron-wave modulation, a periodic voltage of frequency f was applied to the channel. Furthermore, we examined the voltage-amplitude dependence of the signals in time and frequency domains and found that large applied voltage deformed the output-signal waveform and created additional side modes (frequencies) near the modulation frequency f and that there was a trade-off between on-off ratio and side-mode creation.

Keywords: electrical conduction, electron interference, frequency spectrum, on-off ratio

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Authors: Abidemi C. Adegboye, Samuel Iweriebor

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The primary link between financial institutions and economic performance is the provision of resources by these institutions to businesses in order to drive enterprise expansion, sustainability, and development. In this study, the role of access to finance in driving innovations and productivity in Nigerian SMEs is investigated using the World Bank Enterprise Survey (ES) dataset. Innovation is defined based on the ES analysis using five compositions including product, method, organisational, use of foreign-licensed technology, and spending on R&D. The study considers finance in terms of source in meeting investment needs and in terms of access. Moreover, finance access is categorized as external and internal to a firm with each having different implications. The research methodology adopted a survey analysis based on the 2014 World Bank Enterprise Survey of 19 states in Nigeria. The survey comprised over 10,000 manufacturing and services firms, both at the small scale and medium scale levels. The logit estimation technique is used to estimate the relationships in the study. The results from the empirical analysis show that in general, access to finance drives SME innovation in Nigeria. In particular, ease of accessing bank loans and credit is shown to be the strongest positive force in driving all types of innovation among SMEs in Nigeria. In the same vein, the type of finance source for investment matters in terms of how it affects innovation: it is shown that both internal and external sources improve investment in product, process, and organisational innovation, but only external financing has effect on R&D spending and use of foreign licensed technology. Overall spending on R&D is only driven by access to external finance by the SMEs. For productivity, the results show that while structure of financing investment improves productivity, increased access to finance may actually lead to productivity decline among SMEs in Nigeria. There is a need for the financial system to evolve structures to increase fund availability to SMEs in Nigeria, especially for the purpose of innovation investment.

Keywords: access to finance, financing investment, innovation, productivity, SMEs

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Authors: S. S. Chong, A. R. Abdul Aziz, S. W. Harun, H. Arof

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A miniaturized non-adiabatic silica microfiber is proposed for biological oxygen demand (BOD) ratio chemical oxygen demand (COD) sensing for the first time. BOD and COD are two main parameters to justify quality of wastewater. A ratio, BOD:COD can usually be established between the two analytical methods once COD and BOD value has been gathered. This ratio plays a vital role to determine appropriate strategy in wastewater treatment. A non-adiabatic microfiber sensor was formed by tapering the SMF to generate evanescent field where sensitive to perturbation of sensing medium. Because difference ratio BOD and COD contain in solution, this may induced changes of effective refractive index between microfiber and sensing medium. Attenuation wavelength shift to right with 0.5 nm and 3.5 nm while BOD:COD equal to 0.09 and 0.18 respectively. Significance difference wavelength shift may relate with the biodegradability of analyte. This proposed sensor is compact, reliable and feasible to determine the BOD:COD. Further research and investigation should be proceeded to enhance sensitivity and precision of the sensor for several of wastewater online monitoring.

Keywords: non-adiabatic fiber sensor, environmental sensing, biodegradability, evanescent field

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Authors: Muhammad Shujaat Saleem, Imamuddin

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In reply to the argument made by the non-believers of Makkah “Sale is similar to riba”, Almighty Allah ordered “Sale is permissible while riba is impermissible”. The main intent of the study was to clarify the fallacy prevailing among the Muslims that in practical terms the product of Murabaha which is being offered by the Islamic banks is similar to that of conventional interest based business loan. However, specific objective was to ascertain the degree of financial efficiency on the basis of fund/loan utilization for intended purpose of Murabaha financing vis-à-vis conventional interest based business loan. The study employed survey strategy to collect primary data through structured close ended questionnaires from the sample of 98 Murabaha officers and 178 loan officers out of the whole population of 5 Islamic and 10 conventional banks respectively. Quantitative and qualitative techniques were used to analyze the data and the same is tabulated by use of frequency tables. The study found that the financial efficiency of Murabaha financing is more than that of conventional interest based business loan by 28% as Murabaha funds of Islamic banks are utilized for its intended purpose to the extent of 97% on average, compared to 69% of business loan offered by conventional banks.

Keywords: financial efficiency, murabaha funds, loan amount, intended purpose

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Authors: Erindi Allaj

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This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

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Authors: Ilhan Keskin, Hasan Bulent Kantarci

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and non-interest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, islamic markets, non-interest bearing, rental certificates

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Authors: Godwin Chigozie Okpara, Eugene Iheanacho

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This paper examined the dynamic behavior of stock market development and the growth of Nigerian economy. The variables; market capitalization ratio, turnover ratio and liquidity proxies by the ratio of market capitalization to gross domestic product were sourced and computed from the Nigerian stock exchange fact books and the CBN statistical bulletin of the Central Bank of Nigeria. The variables were tested and found stationary and cointregrated using the augumented Dickey Fuller unit root test and the Johnson cointegration test respectively. The dynamic behavior of the stock market development model was verified using the error correction model. The result shows that about 0.4l percent of the short run deviation is corrected every year and also reveals that market capitalization ratio and market liquidity are positive and significant function of economic growth. In other words market capitalization ratio and liquidity positively and significantly impact economic growth. Market development variables such as turnover ratio and market restriction can exert positive but insignificant impact on the growth of the economy suggesting that securities transaction relative to the size of the securities market are not high enough to significantly engender economic growth in Nigeria. In the light of this, the researchers recommend that the regulatory body as well as the government, should provide a conducive environment capable of encouraging the growth and development of the stock market. This if well articulated will enhance the market turnover and the growth of the economy.

Keywords: market capitalization ratio, turnover ratio, liquidity, unit root test, cointegration

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Authors: Kalpana Jamdhade, Anita Chorey, Bharti Tijare, V. M. Bhale

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A field experiment was conducted during summer season of 2011 at Agronomy research farm, Dr. PDKV, Akola, to study the effect of irrigation regime and nitrogen levels on growth and productivity of summer sesame. The experiment was laid out in split plot Design in which three irrigation scheduling on the basis of IW/CPE ratio viz., irrigation at 0.6, 0.8 and 1.0 IW/CPE ratios (I1, I2 and I3, respectively) and one irrigation scheduling based on critical growth stages of sesame (I4), in main plot and three nitrogen levels 0, 30 and 60 kg N ha-1 (N0, N1 and N2, respectively) in subplot. The result showed that plant height, number of leaves plant-1, leaf area and dry matter accumulation were maximum in irrigation scheduling at 1.0 IW/CPE ratio, which significantly superior over 0.6 IW/CPE ratio and irrigation at critical growth stages but were statistically at par with irrigation at 0.8 IW/CPE ratio. Nitrogen levels, application of 60 kg N ha-1 was recorded significantly superior all growth parameters over treatment 30 kg N ha-1 and 0 kg N ha-1. In case of yield attributes viz., No. of capsules plant-1, Test wt., grain yield and Stalk yield (qha-1) were maximum in irrigation scheduling at 1.0 IW/CPE ratio and were significantly superior over 0.8 IW/CPE ratio, 0.6 IW/CPE ratio and irrigation at critical growth stages. Application of 60 kg N ha-1 increased all yield attributing characters over application of 30 and 0 kg N ha-1. In case of economics of crop same trend was found and the highest B:C ration was obtained in irrigation scheduling at 1.0 IW/CPE ratio. Whereas, application of 30 kg N ha-1 was recorded highest B:C ration over application of 60 and 0 kg N ha-1. Interaction effect of irrigation and nitrogen levels were found to be non significant in summer season.

Keywords: irrigation regimes, nitrogen levels, summer sesame, agricultural technology

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Authors: Vincenzo Russo, Rosella Giacometti

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The paper aims to assess the insurance industry's resilience under Solvency II against adverse scenarios. Starting from the economic balance sheet available under Solvency II for insurance and reinsurance undertakings, we assume that assets and liabilities follow a bivariate geometric Brownian motion (GBM). Then, using the results available under Margrabe's formula, we establish an analytical solution to calibrate the volatility of the asset-liability ratio. In such a way, we can estimate the probability of default and the probability of breaching the undertaking's Solvency Capital Requirement (SCR). Furthermore, since estimating the volatility of the Solvency Ratio became crucial for insurers in light of the financial crises featured in the last decades, we introduce a novel measure that we call Resiliency Ratio. The Resiliency Ratio can be used, in addition to the Solvency Ratio, to evaluate the insurance industry's resilience in case of adverse scenarios. Finally, we introduce a simplified stress test tool to evaluate the economic balance sheet under stressed conditions. The model we propose is featured by analytical tractability and fast calibration procedure where only the disclosed data available under the Solvency II public reporting are needed for the calibration. Using the data published regularly by the European Insurance and Occupational Pensions Authority (EIOPA) in an aggregated form by country, an empirical analysis has been performed to calibrate the model and provide the related results at the country level.

Keywords: Solvency II, solvency ratio, volatility of the asset-liability ratio, probability of default, probability to breach the SCR, resilience ratio, stress test

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Authors: M. Unis, S. Turky, A. Elalem, A. Meshrghi

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The Esterification kinetics of acetic acid with isopropnol in the presence of sulfuric acid as a homogenous catalyst was studied with isothermal batch experiments at 60,70 and 80°C and at a different molar ratio of isopropnol to acetic acid. Investigation of kinetics of the reaction indicated that the low of molar ratio is favored for esterification reaction, this is due to the reaction is catalyzed by acid. The maximum conversion, approximately 60.6% was obtained at 80°C for molar ratio of 1:3 acid : alcohol. It was found that increasing temperature of the reaction, increases the rate constant and conversion at a certain mole ratio, that is due to the esterification is exothermic. The homogenous reaction has been described with simple power-law model. The chemical equilibrium combustion calculated from the kinetic model in agreement with the measured chemical equilibrium.

Keywords: artificial flavors, esterification, chemical equilibria, isothermal

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Authors: G. Nitesh

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Stone column or granular pile is a proven technique to mitigate settlement in soft soil. Granular pile increases both rate of consolidation and stiffness of the ground. In this paper, a method to analyze further reduction in settlement of granular column reinforced with lime pile is presented treating the system as a unit cell and considering one-dimensional compression approach. The core of the granular pile is stiffened with a steel rod or lime column. Influence of a wide range of parameters such as area ratio of granular pile-soft soil, area ratio of lime pile-granular pile, modular ratio of granular pile and modular ratio of lime pile with respect to granular pile on settlement reduction factor, etc. are obtained and presented.

Keywords: lime pile, granular pile, soft soil, settlement

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Authors: Seyed Habib A. Rahmati, Parsa Fallah Sheikhlari, Morteza Musakhani

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This paper studies the structure of financial investment and efficiency on the subway would be created between Hashtgerd and Qazvin in Iran. Regarding ascending rate of transportation between Tehran and Qazvin which directly air pollution, it clearly implies to public transportation requirement between these two cities near Tehran. The railway transportation like subway can help each country to terminate traffic jam which has some advantages such as speed, security, non-pollution, low cost of public transport, etc. This type of transportation needs national infrastructures which require enormous investment. It couldn’t implement without leading and managing funds and investments properly. In order to response 'needs', clear norms or normative targets have to be agreed and obviously it is important to distinguish costs from investment requirements critically. Implementation phase affects investment requirements and financing needs. So recognizing barrier related to investment and the quality of investment (what technologies and services are invested in) is as important as the amounts of investment. Different investment methods have mentioned as follows loan, leasing, equity participation, Line of financing, finance, usance, bay back. Alternatives survey before initiation and analyzing of risk management is one of the most important parts in this project. Observation of similar project cities each country has the own specification to choose investment method.

Keywords: subway project, project investment, project contract, project management

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Authors: Arash Mirabdolah Lavasani, Taher Maarefdoost

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Effect of blockage ratio on heat transfer from non-circular tube is studied experimentally. For doing this experiment a suction type low speed wind tunnel with test section dimension of 14×14×40 and velocity in rage of 7-20 m/s was designed. The blockage ratios varied between 1.5 to 7 and Reynolds number based on equivalent diameter varies in range of 7.5×103 to 17.5×103. The results show that by increasing blockage ratio from 1.5 to 7, drag coefficient of the cam shaped tube decreased about 55 percent. By increasing Reynolds number, Nusselt number of the cam shaped tube increases about 40 to 48 percent in all ranges of blockage ratios.

Keywords: wind tunnel, non-circular tube, blockage ratio, experimental heat transfer, cross-flow

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Authors: Abdulrahman Abdulrahman, Abir Abdulrahman

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Free over-fall is an instrument for measuring discharge in open channels by measuring end depth. A comprehensive researchers investigated theoretically and experimentally brink phenomenon with various approaches for different cross-sectional shapes. Anderson's method, based on Boussinq's approximation and energy approach was used to derive a pressure distribution factor at end depth. Applying the one-dimensional momentum equation and the principles of limit slope analysis, a relevant analytical solution may be derived for brink depth ratio (EDR) in prismatic rectangular channel. Also relationships between end depth ratio and slope ratio for a given non-dimensional normal or critical depth with upstream supercritical flow regime are presented. Simple indirect procedure is used to estimate the end depth discharge ratio (EDD) for subcritical and supercritical flow using measured end depth. The comparison of this analysis with all previous theoretical and experimental studies showed an excellent agreement.

Keywords: analytical solution, brink depth, end depth, flow measurement, free over fall, hydraulics, rectangular channel

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Authors: Mouldi Djelassi, Jamel Boukhatem

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Background: A relation has been established between Islamic banks' activities and interest rates. The aim of this study was to explore the impact of interest rates on the deposits and loans held by Islamic and conventional banks in Saudi Arabia. Methods: A time series data was performed over the period 2008Q1-2020Q2 on eight conventional banks and four Islamic banks. The impacts of interest rate shocks on deposits and loans were identified through panel vector autoregressive models. Results: Impulse response function analysis showed that increasing interest rates reduce loans and conventional deposits. For Islamic banks, deposits are more affected by interest rates than lending. Variance decomposition analysis revealed that deposits contribute to 61% of the Islamic financing variation and only 25% of the conventional loans. Conclusion: Interest rates impacted Islamic banks especially through deposits, which is inconsistent with the theoretical framework. Islamic deposits played an important role in Islamic financing variation and may provide to be a channel for the transmission of the monetary policy in a dual banking system. Monetary policy in Saudi Arabia works in part through “credits” (conventional bank credits) as well as through “money” (conventional and Islamic bank deposits).

Keywords: Islamic banking, interest rates, monetary policy transmission, panel VAR

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Authors: Humayun Murshed

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There is growing importance of ‘social enterprise’ among the researchers and policy makers around the globe. Such enterprises have been viewed as alternative means for addressing the concerns relating to financing of corporate enterprises and social empowerment. This, some cases, has led to relatively unrealistic and higher level of expectations among policy makers and the members of the society at large. There is a general perception among different social actors that these enterprises provide universal and magic solution towards employment generation, and thus resulting in eradicating poverty, and ensuring equitable distribution of income and wealth. However, in many cases, these enterprises find a challenging journey in terms of prevailing market structure, socio-political environment, and unrealistic perception and expectations of social participants. This paper is focused on reviewing case studies based on empirical research and information from secondary sources and geared to looking at the challenges that social enterprises face. The research will draw the experience primarily from the developing countries’ perspective by adopting case study methodology. A tentative action plan will be suggested for further review by the policy makers and researchers in this growing arena of discipline. This research will attempt to highlight the myths and realities surrounding the operation of social enterprises.

Keywords: social enterprises, social empowerment, economic development, financing need

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Authors: Wesam Hamed

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This paper contributes to the existing literature by investigating the impact of political risks on the capital adequacy ratio in the banking sector of Gulf Cooperation Council (GCC) countries, which is the first attempt for this nexus to the best of our knowledge. The dynamic panel data model (System‐GMM) showed that political risks significantly decrease the capital adequacy ratio in the banking sector. For this purpose, we used political risks, bank-specific, profitability, and macroeconomic variables that are utilized from the data stream database for the period 2005-2017. The results also actively support the “too big to fail” hypothesis. Finally, the robustness results confirm the conclusions derived from the baseline System‐GMM model.

Keywords: capital adequacy ratio, system GMM, GCC, political risks

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Authors: Muhammad Arzim Naim, Saiful Azhar Rosly, Mohamad Sahari Nordin

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The objective of this study is to investigate the factors affecting the rise of Shariah non-compliance risk that can bring Islamic banks to succumb to monetary loss. Prior literatures have never analyzed such risk in details despite lots of it arguing on the validity of some Shariah compliance products. The Shariah non-compliance risk in this context is looking to the potentially failure of the facility to stand from the court test say that if the banks bring it to the court for compensation from the defaulted clients. The risk may also arise if the customers refuse to make the financing payments on the grounds of the validity of the contracts, for example, when relinquishing critical requirement of Islamic contract such as ownership, the risk that may lead the banks to suffer loss when the customer invalidate the contract through the court. The impact of Shariah non-compliance risk to Islamic banks is similar to that of legal risks faced by the conventional banks. Both resulted into monetary losses to the banks respectively. In conventional banking environment, losses can be in the forms of summons paid to the customers if they won the case. In banking environment, this normally can be in very huge amount. However, it is right to mention that for Islamic banks, the subsequent impact to them can be rigorously big because it will affect their reputation. If the customers do not perceive them to be Shariah compliant, they will take their money and bank it in other places. This paper provides new insights of risks faced by credit intensive Islamic banks by providing a new extension of knowledge with regards to the Shariah non-compliance risk by identifying its individual components that directly affecting the risk together with empirical evidences. Not limited to the Islamic banking fraternities, the regulators and policy makers should be able to use findings in this paper to evaluate the components of the Shariah non-compliance risk and make the necessary actions. The paper is written based on Malaysia’s Islamic banking practices which may not directly related to other jurisdictions. Even though the focuses of this study is directly towards to the Bay Bithaman Ajil or popularly known as BBA (i.e. sale with deferred payments) financing modality, the result from this study may be applicable to other Islamic financing vehicles.

Keywords: Islamic banking, Islamic finance, Shariah Non-compliance risk, Bay Bithaman Ajil (BBA), principal axis factoring

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Authors: S. F. H. Tasfy, N. A. M. Zabidi, M. S. Shaharun

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Carbon dioxide is highly thermochemical stable molecules where it is very difficult to activate the molecule and achieve higher catalytic conversion into alcohols or other hydrocarbon compounds. In this paper, series of the bimetallic Cu/ZnO-based catalyst supported by SBA-15 were systematically prepared via impregnation technique with different Cu: Zn ratio for hydrogenation of CO₂ to methanol. The synthesized catalysts were characterized by transmission electron microscopy (TEM), temperature programmed desorption, reduction, oxidation and pulse chemisorption (TPDRO), and surface area determination was also performed. All catalysts were tested with respect to the hydrogenation of CO₂ to methanol in microactivity fixed-bed reactor at 250^oC, 2.25 MPa, and H₂/CO₂ ratio of 3. The results demonstrate that the catalytic structure, activity, and methanol selectivity was strongly affected by the ratio between Cu: Zn, Where higher catalytic activity of 14 % and methanol selectivity of 92 % was obtained over Cu/ZnO-SBA-15 catalyst with Cu:Zn ratio of 7:3 wt. %. Comparing with the single catalyst, the synergetic between Cu and Zn provides additional active sites to adsorb more H₂ and CO₂ and accelerate the CO₂ conversion, resulting in higher methanol production under mild reaction conditions.

Keywords: hydrogenation of carbon dioxide, methanol synthesis, Cu/ZnO-based catalyst, mesoporous silica (SBA-15), metal ratio

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Authors: Abisola Akinola, Akinsulere Femi

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The stock market has continually been a source of economic development in most developing countries. This study examined the relationship between investors’ ratio analysis and profitability of quoted companies in Nigeria using secondary data obtained from the annual reports of forty-two (42) companies. The study employed the multiple regression technique to analyze the relationship between investors’ ratio analysis (measured by dividend per share and earning per share) and profitability (measured by the return on equity). The results from the analysis show that investors’ ratio analysis, when measured by earnings per share, have a positive and significant impact on profitability. However, the study noted that investors’ ratio analysis, when measured by dividend per share, tend to have a positive impact on profitability but it is statistically insignificant. By implication, investors and other stakeholders that are interested in investing in stocks can predict the earning capacity of listed firms in the stock market.

Keywords: dividend per share, earnings per share, profitability, return on equity

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Authors: Parth Mehta, Vedasri Bai Khavala, Prabhu Rajagopal, Tiju Thomas

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There is an increasing need for alternative clean fuels, and hydrogen (H₂) has long been considered a promising solution with a high calorific value (142MJ/kg). However, the storage of H₂ and expensive processes for its generation have hindered its usage. Sodium borohydride (NaBH₄) can potentially be used as an economically viable means of H₂ storage. Thus far, there have been attempts to optimize the life of NaBH₄ (half-life) in aqueous media by stabilizing it with sodium hydroxide (NaOH) for various pH values. Other reports have shown that H₂ yield and reaction kinetics remained constant for all ratios of H₂O to NaBH₄ > 30:1, without any acidic catalysts. Here we highlight the importance of pH and H₂O: NaBH₄ ratio (80:1, 40:1, 20:1 and 10:1 by weight), for NaBH₄ stabilization (half-life reaction time at room temperature) and corrosion minimization of H₂ reactor components. It is interesting to observe that at any particular pH>10 (e.g., pH = 10, 11 and 12), the H₂O: NaBH₄ ratio does not have the expected linear dependence with stability. On the contrary, high stability was observed at the ratio of 10:1 H₂O: NaBH₄ across all pH>10. When the H₂O: NaBH₄ ratio is increased from 10:1 to 20:1 and beyond (till 80:1), constant stability (% degradation) is observed with respect to time. For practical usage (consumption within 6 hours of making NaBH₄ solution), 15% degradation at pH 11 and NaBH₄: H₂O ratio of 10:1 is recommended. Increasing this ratio demands higher NaOH concentration at the same pH, thus requiring a higher concentration or volume of acid (e.g., HCl) for H₂ generation. The reactions are done with tap water to render the results useful from an industrial standpoint. The observed stability regimes are rationalized based on complexes associated with NaBH₄ when solvated in water, which depend sensitively on both pH and NaBH₄: H₂O ratio.

Keywords: hydrogen, sodium borohydride, stability optimization, H₂O:NaBH₄ ratio

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Authors: Ben Kwame Agyei-Mensah

Abstract:

This study investigated the influence of firm-specific characteristics which include proportion of Non-Executive Directors, ownership concentration, firm size, profitability, debt equity ratio, liquidity and leverage on the extent and quality of financial ratios disclosed by firms listed on the Ghana Stock Exchange. The research was conducted through detailed analysis of the 2012 financial statements of the listed firms. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results of the extent of financial ratio disclosure level, mean of 62.78%, indicate that most of the firms listed on the Ghana Stock Exchange did not overwhelmingly disclose such ratios in their annual reports. The results of the low quality of financial ratio disclosure mean of 6.64% indicate that the disclosures failed woefully to meet the International Accounting Standards Board's qualitative characteristics of relevance, reliability, comparability and understandability. The results of the multiple regression analysis show that leverage (gearing ratio) and return on investment (dividend per share) are associated on a statistically significant level as far as the extent of financial ratio disclosure is concerned. Board ownership concentration and proportion of (independent) non-executive directors, on the other hand were found to be statistically associated with the quality of financial ratio disclosed. There is a significant negative relationship between ownership concentration and the quality of financial ratio disclosure. This means that under a higher level of ownership concentration less quality financial ratios are disclosed. The findings also show that there is a significant positive relationship between board composition (proportion of non-executive directors) and the quality of financial ratio disclosure.

Keywords: voluntary disclosure, firm-specific characteristics, financial reporting, financial ratio disclosure, Ghana stock exchange

Procedia PDF Downloads 567

Authors: Shinhao Yang, Hsiao-Chien Huang, Chin-Hsiang Luo

Abstract:

The leakage of protective clothing is an important issue in the occupational health field. There is no quantitative method for measuring the leakage of personal protective equipment. This work aims to measure the quantitative leakage of the personal protective equipment by using the fluorochrome aerosol tracer. The fluorescent aerosols were employed as airborne particulates in a controlled chamber with ultraviolet (UV) light-detectable stickers. After an exposure-and-leakage test, the protective equipment was removed and photographed with UV-scanning to evaluate areas, color depth ratio, and aerosol deposition and shielding effects of the areas where fluorescent aerosols had adhered to the body through the protective equipment. Thus, this work built a calculation software for quantitative leakage ratio of protective clothing based on fluorescent illumination depth/aerosol concentration ratio, illumination/Fa ratio, aerosol deposition and shielding effects, and the leakage area ratio on the segmentation. The results indicated that the two-repetition total leakage rate of the X, Y, and Z type protective clothing for subject T were about 3.05, 4.21, and 3.52 (mg/m2). For five-repetition, the leakage rate of T were about 4.12, 4.52, and 5.11 (mg/m2).

Keywords: fluorochrome, deposition, shielding effects, digital image processing, leakage ratio, personal protective equipment

Procedia PDF Downloads 297

Authors: S. Mousavian, A. Abedianpour, A. Khanmohammadi, S. Hematian, Gh. Eidi Veisi

Abstract:

Distillation is one of the most important and utilized separation methods in the industrial practice. There are different ways to design of distillation column. One of these ways is short cut method. In short cut method, material balance and equilibrium are employed to calculate number of tray in distillation column. There are different methods that are classified in short cut method. One of these methods is Fenske-Underwood-Gilliland method. In this method, minimum reflux ratio should be calculated by underwood equation. Underwood proposed an equation that is useful for simple distillation column with one feed and one top and bottom product. In this study, underwood method is developed to predict minimum reflux ratio for column with one side stream upper than feed. The result of this model compared with McCabe-Thiele method. The result shows that proposed method able to calculate minimum reflux ratio with very small error.

Keywords: minimum reflux ratio, side stream, distillation, Underwood’s method

Procedia PDF Downloads 376