Search results for: anion exchange resin

Authors: Chaoqun Tan, Naiyun Gao, Xiaoyan Xin

Abstract:

Perxymonosulfate (PMS)-based oxidation processes, as an alternative of hydrogen peroxide-based oxidation processes, are more and more popular because of reactive radical species (SO4-•, OH•) produced in systems. Magnetic nano-scaled particles Fe3O4 and ferrous anion (Fe2+) were studied for the activation of PMS for degradation of acetaminophen (APAP) in water. The Fe3O4 MNPs were found to effectively catalyze PMS for APAP and the reactions well followed a pseudo-first-order kinetics pattern (R2>0.95). While the degradation of APAP in PMS-Fe2+ system proceeds through two stages: a fast stage and a much slower stage. Within 5 min, approximately 7% and 18% of 10 ppm APAP was accomplished by 0.2 mM PMS in Fe3O4 (0.8g/L) and Fe2+ (0.1mM) activation process. However, as reaction proceed to 120 min, approximately 75% and 35% of APAP was removed in Fe3O4 activation process and Fe2+ activation process, respectively. Within 120 min, the mineralization of APAP was about 7.5% and 5.0% (initial APAP of 10 ppm and [PMS]0 of 0.2 mM) in Fe3O4-PMS and Fe2+-PMS system, while the mineralization could be greatly increased to about 31% and 40% as [PMS]0 increased to 2.0 mM in in Fe3O4-PMS and Fe2+-PMS system, respectively. At last, the production of reactive radical species were validated directly from Electron Paramagnetic Resonance (ESR) tests with 0.1 M 5,5-Dimethyl-1-pyrrolidine N-oxide (DMPO). Plausible mechanisms on the radical generation from Fe3O4 and Fe2+ activation of PMS are proposed on the results of radial identification tests. The results demonstrated that Fe3O4 MNPs activated PMS and Fe2+ anion activated PMS systems are promising technologies for water pollution caused by contaminants such as pharmaceutical. Fe3O4-PMS system is more suitable for slowly remediation, while Fe2+-PMS system is more suitable for fast remediation.

Keywords: acetaminophen, peroxymonosulfate, radicals, Electron Paramagnetic Resonance (ESR)

Procedia PDF Downloads 321

Authors: Sisaynew Tesfaw Admassu

Abstract:

The strengthening of timber beams can be necessary for several reasons including the increase of live loads (possible in a historical building for a change of destination of use or upgrading to meet new requirements), the reduction of the resistant cross-sections following deterioration (attacks of biological agents such as fungi, and insects) or traumatic events (fires) and the excess of deflection in the members. The main purpose of strengthening an element is not merely to repair it, but also to prevent and minimize the appearance of future problems. This study did an experimental investigation on the behavior of reference and strengthened solid timber beams. The strengthening materials used in this study were CSM-450 glass fiber and steel materials for both flexural and shear strengthening techniques. Twenty-two solid timber beams of Juniperus procera (TID) species with the dimensions of 60 x 90 x 780 mm were used in the present study. The binding material to bond the strengthening materials with timber was general-purpose resin with Luperox® K10 MEKP catalyst. Three beams were used as control beams (unstrengthen beams) while the remaining nineteen beams were strengthened using the strengthening materials for flexure and shear. All the beams were tested for three points loading to failure by using a Universal Testing Machine, UTM-600kN machine. The experimental results showed that the strengthened beams performed better than the unstrengthen beams. The experimental result of flexural strengthened beams showed that the load-bearing capacity of strengthened beams increased between 16.34 – 42.55%. Four layers of Glass Fiber Reinforced polymer on the tension side of the beams was shown to be the most effective way to enhance load-bearing capacity. The strengthened beams also have an enhancement in their flexural stiffness. The stiffness of flexural strengthened beams was increased between 1.18 – 65.53% as compared to the control beams. The highest increment in stiffness has occurred on beams strengthened using 2x60 mm steel plates. The shear-strengthened beams showed a relatively small amount of performance as compared to flexural-strengthened beams; the reason is that the beams are sufficient for shear. The polyester resin used in the experimental work showed good performance in bonding agents between materials. The resin showed more effectiveness in GFRP materials than steel materials.

Keywords: heritage structures, strengthening, stiffness, adhesive, polyester resin, steel plates

Procedia PDF Downloads 46

Authors: Danuta Barnat-Hunek

Abstract:

The studies are devoted to assessing the effectiveness of hydrophobic and air entraining admixtures based on organ silicon compounds. Mortars with lightweight aggregate–perlite were the subjects of the investigation. The following laboratory tests were performed: density, open porosity, total porosity, absorptivity, capability to diffuse water vapour, compressive strength, flexural strength, frost resistance, sodium sulphate corrosion resistance and the thermal conductivity coefficient. The composition of the two mixtures of mortars was prepared: mortars without a hydrophobic admixture and mortars with cementitious waterproofing material. Surface hydrophobisation was produced on the mortars without a hydrophobic admixture using a methyl silicone resin, a water-based emulsion of methyl silicone resin in potassium hydroxide and alkyl-alkoxy-silane in organic solvents. The results of the effectiveness of hydrophobisation of mortars are the following: The highest absorption after 14 days of testing was shown by mortar without an agent (57.5%), while the lowest absorption was demonstrated by the mortar with methyl silicone resin (52.7%). After 14 days in water the hydrophobisation treatment of the samples proved to be ineffective. The hydrophobised mortars are characterized by an insignificant mass change due to freezing and thawing processes in the case of the methyl silicone resin – 1%, samples without hydrophobisation –5%. This agent efficiently protected the mortars against frost corrosion. The standard samples showed very good resistance to the pressure of sodium sulphate crystallization. Organosilicon compounds have a negative influence on the chemical resistance (weight loss about 7%). The mass loss of non-hydrophobic mortar was 2 times lower than mortar with the hydrophobic admixture. Hydrophobic and aeration admixtures significantly affect the thermal conductivity and the difference is mainly due to the difference in porosity of the compared materials. Hydrophobisation of the mortar mass slightly decreased the porosity of the mortar, and thus in an increase of 20% of its compressive strength. The admixture adversely affected the ability of the hydrophobic mortar – it achieved the opposite effect. As a result of hydrophobising the mass, the mortar samples decreased in density and had improved wettability. Poor protection of the mortar surface is probably due to the short time of saturating the sample in the preparation. The mortars were characterized by high porosity (65%) and water absorption (57.5%), so in order to achieve better efficiency, extending the time of hydrophobisation would be advisable. The highest efficiency was obtained for the surface hydrophobised with the methyl silicone resin.

Keywords: hydrophobisation, mortars, salt crystallization, frost resistance

Procedia PDF Downloads 183

Authors: Salwa Mohamed Salah Eldin, Howida Kamal Ibrahim

Abstract:

Introduction: Major depressive disorder affects high proportion of the world’s population presenting cost load in health care. Extended release venlafaxine is more convenient and could reduce discontinuation syndrome. The once daily dosing also reduces the potential for adverse events such as nausea due to reduced Cmax. Venlafaxine is an effective first-line agent in the treatment of depression. A once daily formulation was designed to enhance patient compliance. Complexing with a resin was suggested to improve loading of the water soluble drug. The formulated systems were thoroughly evaluated in vitro to prove superiority to previous trials and were compared to the commercial extended release product in experimental animals. Materials and Methods: Venlafaxine-resinates were prepared using Dowex®50WX4-400 and Dowex®50WX8-100 at drug to resin weight ratio of 1: 1. The prepared resinates were evaluated for their drug content, particle shape and surface properties and in vitro release profile in gradient pH. The release kinetics and mechanism were evaluated. Venlafaxine-Dowex® resinates were encapsulated using O/W solvent evaporation technique. Poly-ε-caprolactone, Poly(D, L-lactide-co-glycolide) ester, Poly(D, L-lactide) ester and Eudragit®RS100 were used as coating polymers alone and in combination. Drug-resinate microcapsules were evaluated for morphology, entrapment efficiency and in-vitro release profile. The selected formula was tested in rabbits using a randomized, single-dose, 2-way crossover study against Effexor-XR tablets under fasting condition. Results and Discussion: The equilibrium time was 30 min for Dowex®50WX4-400 and 90 min for Dowex®50WX8-100. The percentage drug loaded was 93.96 and 83.56% for both resins, respectively. Both drug-Dowex® resintes were efficient in sustaining venlafaxine release in comparison to the free drug (up to 8h.). Dowex®50WX4-400 based venlafaxine-resinate was selected for further encapsulation to optimize the release profile for once daily dosing and to lower the burst effect. The selected formula (coated with a mixture of Eudragit RS and PLGA in a ratio of 50/50) was chosen by applying a group of mathematical equations according to targeted values. It recorded the minimum burst effect, the maximum MDT (Mean dissolution time) and a Q24h (percentage drug released after 24 hours) between 95 and 100%. The 90% confidence intervals for the test/reference mean ratio of the log-transformed data of AUC0–24 and AUC0−∞ are within (0.8–1.25), which satisfies the bioequivalence criteria. Conclusion: The optimized formula could be a promising extended release form of the water soluble, short half lived venlafaxine. Being a multiple unit formulation, it lowers the probability of dose dumping and reduces the inter-subject variability in absorption.

Keywords: biodegradable polymers, cation-exchange resin, microencapsulation, venlafaxine hcl

Procedia PDF Downloads 375

Authors: Nomakhosi Tshuma, Carley Chetty

Abstract:

This study employed panel regression analysis to investigate the financial performance determinants of MTN and Vodacom’s rest of Africa businesses between 2012 to 2020. It used net profit margin, return on assets (ROA), and return on equity (ROE) as financial performance proxies. Financial performance determinants investigated were asset size, debt ratio, liquidity, number of subscribers, and exchange rate. Data relating to exchange rates were obtained from the World Bank website, while financial data and subscriber information were obtained from the companies’ audited financial statements. The study found statistically significant negative relationships between debt and both ROA and net profit, exchange rate and both ROA and net profit, and subscribers and ROE. It also found significant positive relationships between ROE and both asset size and exchange rate. The study recommends strategic options that optimise on the above findings, and these include infrastructure sharing to reduce infrastructure costs and the minimisation of foreign-denominated debt.

Keywords: financial performance, determinants of financial performance, business in Africa, telecommunications industry

Procedia PDF Downloads 68

Authors: A. Pornpitakdumrong

Abstract:

The aim of this research study was to develop recipe of Karanda ice cream as healthy promoting ice cream by high protein, low fat and naturally raw material, which found in local area. The results were found that appropriate condition for Karanda ice cream including incubation period, temperature and frozen time, which were 8-12 hours, -20 to -25 °C and 2-4 hours, respectively. Small fruit variety Karanda should selected only ripe fruits for Karanda ice cream made. Because of unripe fruits were contained resin and need to be air dried for reducing level of resin. Therefore, large fruit variety Karanda can be use both ripe and unripe fruits for Karanda ice cream made by without any astringent and bitter taste. However, small fruit variety Karanda was proper to made ice cream for trade, because occurring of industry to select the ripe fruits and commercially frozen, which be providing for the whole year compared with large variety fruits were rarely, low harvesting amount and short shelf life. Karanda ice cream produced from flesh part was attractive but was not accepted by consumers. It may due to resin contained with Karanda pulp, which led to be rough texture of ice cream. We were choose only Karanda juice, which was more appropriated and used Karanda juice with water by 1:1 ratio, because undiluted juice was sour taste. Most acceptance recipe of karanda ice cream product was sixth recipe by 91% of consumers, which was contained soy protein to made ice cream was delicate and swell, milk powder (little amount) to made ice cream was greasy, corn powder as stabilizer and undiluted coconut milk (little amount) to improve ice cream odor and similar to apricot odor.

Keywords: karonda fruits, Carissa carandas Linn, ice cream, healthy ice cream

Procedia PDF Downloads 381

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

Abstract:

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

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

Procedia PDF Downloads 49

Authors: Clarissa D. M. O. Guimaraes, Mariza C. M. Fernandes, Francisco R. V. Diaz, Juliana R. Souza

Abstract:

The use of mineral fillers in the preparation of organic matrix composites can be an efficient alternative in minimizing the environmental damage generated in passive mineral beneficiation processes. In addition, it may represent a new material option for wind, construction, and aeronautical industries, for example. In this sense, epoxy resin composites with Tailings of Scheelite (TS) were developed. The composites were manufactured with 5%, 10% and 20% of TS in volume percentage, homogenized by mechanical mixing and molded in a silicon mold. In order to make the tribological evaluation, pin on disk tests were performed to analyze coefficient of friction and wear. The wear mechanisms were identified by SEM (scanning electron microscope) images. The coefficient of friction had a tendency to decrease with increasing amount of filler. The wear tends to increase with increasing amount of filler, although it exhibits a similar wear behavior. The results suggest characteristics that are potential used in many tribological applications.

Keywords: composites, mineral filler, tailings of scheelite, tribology

Procedia PDF Downloads 143

Authors: Hebe Wong, Luz Fernandez Calventos

Abstract:

Tandem language learning, a language exchange process based on the principles of autonomy and reciprocity, provides opportunities for interlocutors to learn each other’s language by communicating online or face-to-face. While much attention has been paid to the process and outcomes of tandem learning via email, little has been discussed about the effectiveness of face-to-face tandem learning on language and culture exchange for university students. The LACTS (Language and Culture Tandem Scheme), an 8-week project, was set up to study students’ perceptions of conducting tandem learning to assist their language and culture exchange. Students of both post-graduate and undergraduate programmes (N=103) from a Hong Kong SAR university were put in groups of 4 to 6 according to their availability and language preferences and met for an hour a week. While sample task sheets on a range of topics were provided to assist the language exchange, all groups were encouraged to take charge of their meeting format and choose their own topics. At the end of the project, a 19-item questionnaire, which included both open-and closed-ended questions investigating students’ perceptions of reciprocal teaching and cultural exchange, was administered. Thirty-minute individual interviews were conducted to elicit students’ views and experiences in the LACTS activities. Quantitative and qualitative data analysis showed that most students agreed that the project had enhanced their cultural awareness and helped create an inclusive and participatory learning environment. Significant differences were found in students’ confidence in speaking their targeted language after joining the scheme. The interviews also provided rich data on the variety of formats and leadership patterns in student-led meetings, which could shed light on student autonomy and future tandem language learning projects.

Keywords: autonomy, reciprocity, tandem language learning, university students

Procedia PDF Downloads 26

Authors: G.Venkatachalam, Gautham Shankar, Dasarath Raghav, Krishna Kuar, Santhosh Kiran, Bhargav Mahesh

Abstract:

Uncertainty in the availability of fossil fuels in the future and global warming increased the need for more environment-friendly materials. In this work, an attempt is made to fabricate a hybrid polymer matrix composite. The blend is a mixture of General Purpose Resin and Cashew Nut Shell Liquid, a natural resin extracted from cashew plant. Palm fiber, which has high strength, is used as a reinforcement material. The fiber is treated with alkali (NaOH) solution to increase its strength and adhesiveness. Parametric study of flexure strength is carried out by varying alkali concentration, duration of alkali treatment and fiber volume. Taguchi L9 Orthogonal array is followed in the design of experiments procedure for simplification. With the help of ANOVA technique, regression equations are obtained which gives the level of influence of each parameter on the flexure strength of the composite.

Keywords: Adhesion, CNSL, Flexural Analysis, Hybrid Matrix Composite, Palm Fiber

Procedia PDF Downloads 376

Authors: K. N. Umesh

Abstract:

Wood Polymer Composites (WPC) were synthesized artificially by combining polypropylene, wood and resin. It is difficult to obtain a good surface finish by conventional machining on WPC because of material degradation due to excessive heat generated during the process. In order to preserve the material property and deliver a better surface finish and accuracy, a proper solution is devised for the machining of wood composites at low temperature. This research focuses on studying the effects of parameters of cryogenic machining on sawdust incorporated polypropylene composite material, in view of evolving the most suitable composition and an appropriate combination of process parameters. The machining characteristics of the six different compositions of WPC were evaluated by analyzing the trend. An attempt is made to determine proper combinations material composition and process control parameters, through process capability studies. A WPC of 80%-wood (saw dust particles), 20%-polypropylene and 0%-resin was found to be the best alternative for obtaining the best surface finish under cryogenic machining conditions.

Keywords: Cryogenic Machining, Process Capability, Surface Finish, Wood Polymer Composites

Procedia PDF Downloads 224

Authors: Bessaha Hassiba, Bouraada Mohamed

Abstract:

Layered double hydroxide with Zn/(Al+Fe) molar ratio of 3:1 was synthesized by co-precipitation method and their calcined product was obtained by heating treatment of ZAF-HT at 500°C. The calcined and uncalcined materials were used to remove weak acid dyes: indigo carmine (IC) and green bezanyl-F2B (F2B) in aqueous solution. The synthesized materials were characterized by XRD, SEM, FTIR and TG/DTA analysis confirming the formation of pure layered structure of ZAF-HT, the destruction of the original structure after calcination and the intercalation of the dyes molecules. Moreover, the interlayer distance increases from 7.645 Å in ZAF-HT to 19.102 Å after the dyes sorption. The dose of the adsorbents was chosen 0.5 g/l while the initial concentrations were 250 and 750 mg/l for indigo carmine and green bezanyl-F2B respectively. The sorption experiments were carried out at ambient temperature and without adjusting the initial solution pH (pHi = 6.10 for IC and pHi = 5.01 for F2B). In addition, the maximum adsorption capacities obtained by ZAF-HT and CZAF for both dyes followed the order: CZAF-F2B (1501.4 mg.g-1) > CZAF-IC (617.3 mg.g-1) > ZAF-HT-IC (41.4 mg.g-1) > ZAF-HT-F2B (28.9 mg.g-1). The removal of indigo carmine and green bezanyl-F2B by ZAF-HT was due to the anion exchange and/or the adsorption on the surface. By using the calcined material (CZAF), the removal of the dyes was based on a particular property, called ‘memory effect’. CZAF recover the pristine structure in the presence anionic molecules such as acid dyes where they occupy the interlayer space. The sorption process was spontaneous in nature and followed pseudo-second-order. The isotherms showed that the removal of IC and F2B by ZAF-HT and CZAF were consistent with Langmiur model.

Keywords: acid dyes, adsorption, calcination, layered double hydroxides

Procedia PDF Downloads 192

Authors: W. F. Ribeiro, J. L. N. Góes

Abstract:

The industrial process adds to engineering wood products features absent in solid wood, with homogeneous structure and reduced defects, improved physical and mechanical properties, bio-deterioration, resistance and better dimensional stability, improving quality and increasing the reliability of structures wood. These features combined with using fast-growing trees, make them environmentally ecological products, ensuring a strong consumer market. The wood I-joists are manufactured by the industrial profiles bonding flange and web, an important aspect of the production of wooden I-beams is the adhesive joint that bonds the web to the flange. Adhesives can effectively transfer and distribute stresses, thereby increasing the strength and stiffness of the composite. The objective of this study is to evaluate different resins in a shear strain specimens with the aim of analyzing the most efficient resin and possibility of using national products, reducing the manufacturing cost. First was conducted a literature review, where established the geometry and materials generally used, then established and analyzed 8 national resins and produced six specimens for each.

Keywords: engineered wood products, structural resin, wood i-joist, Pinus taeda

Procedia PDF Downloads 256

Authors: Ernest Nweke, Enkhtuya Bavuudorj

Abstract:

The Mongolia Stock Exchange (MSE) serves as a vehicle for executing the privatization policy of Mongolian Government as it transitioned from socialist to free market economy. It was also the intention of the Government to develop the investment and securities market through its establishment and to further boost the ailing Mongolian economy. This paper focuses on the contributions of the Mongolian Stock Exchange (MSE) to the industrial and economic development of Mongolia via Corporate fund mobilization for listed companies in Mongolia. A study of this nature is imperative as economic development in Mongolia has been accelerated by corporate investments. The key purpose of the research was to critically analyze the operations of the MSE to ascertain the extent to which the objectives for which it was established have been accomplished and to assess its contributions to industrial and economic development of Mongolia. In achieving this, secondary data on the activities of the MSE; its market capitalization over the years were collected and analyzed vis-à-vis the figures for Mongolia’s macro-economic data for the same time period to determine whether the progressive increase in market capitalization of the MSE has positively impacted on Mongolia’s economic growth. Regression analysis package was utilized in dissecting the data. It was proven that the Mongolian Stock Exchange has contributed positively and significantly to Mongolia’s economic development though not yet to the desired level. Against the findings of this research, recommendations were made to address, the problems facing the MSE and to enhance its performance and ultimately its contributions to industrial and economic development of the Mongolian nation.

Keywords: Corporate Fund Mobilization, Gross Domestic Product (GDP), market capitalization, purchasing power, stock exchange

Procedia PDF Downloads 221

Authors: Mohammad Q. M. Momani

Abstract:

The objective of this study is to examine whether the value relevance of ownership structure changed as the Amman Stock Exchange market conditions changed. Using data from 2005 to 2014, the study finds that the performance of portfolios that contain firms with concentrated ownership structure declines significantly during the post-crisis period. These portfolios exhibit poor performance relative to portfolios that contain firms with dispersed ownership structure during the post-crisis period. The results argue that uninspired performance of the Amman Stock Exchange during the post-crisis period, increased the incentives for controlling shareholders to expropriate. Investors recognized these incentives and discounted firms that were more likely to expropriate.

Keywords: value relevance, ownership structure, portfolio performance, Jordan, ASE

Procedia PDF Downloads 100

Authors: Gultekin Gurcay

Abstract:

The objective of this study was to examine the relationship between transformational leadership and innovative work behavior and to evaluate the mediating role of leader-member exchange relationships (LMX) on the assumed relationship. This study has focused on the suggestion that LMX might emerge through transformational leadership behaviors and thus could mediate the relationship between transformational leadership and innovative behavior. A cross-sectional survey research has been conducted on the relationship these leadership approaches and their impact on organizational HRM-outcomes has been conducted on two organizations operating in the technical sector in Istanbul-Turkey. The results of the research have supported the hypotheses. Transformational leadership was positively related to the innovative behaviors and LMX emerged to mediate that relationship.

Keywords: innovative leadership, leader-member exchange, transformational leadership, Turkey

Procedia PDF Downloads 252

Authors: Thomas Chinwe Urama, Patrick Oseloka Ezepue, Peters Chimezie Nnanwa

Abstract:

This paper investigates the universal financial dynamics in two dominant stock markets in Sub-Saharan Africa, through an in-depth analysis of the cross-correlation matrix of price returns in Nigerian Stock Market (NSM) and Johannesburg Stock Exchange (JSE), for the period 2009 to 2013. The strength of correlations between stocks is known to be higher in JSE than that of the NSM. Particularly important for modelling Nigerian derivatives in the future, the interactions of other stocks with the oil sector are weak, whereas the banking sector has strong positive interactions with the other sectors in the stock exchange. For the JSE, it is the oil sector and beverages that have greater sectorial correlations, instead of the banks which have the weaker correlation with other sectors in the stock exchange.

Keywords: random matrix theory, cross-correlations, emerging markets, option pricing, eigenvalues eigenvectors, inverse participation ratios and implied volatility

Procedia PDF Downloads 272

Authors: Fatma Ismailia, Malek Saihi

Abstract:

This research provides an explanation of exchange incentives on the Tunis stock market from a behavioural point of view. The elucidation of the anomalies of excessive volume of transactions and that of excessive volatility cannot be done without the recourse to the psychological aspects of investors. The excessive confidence has been given the predominant role for the explanation of these phenomena. Indeed, when investors store increments, they become more confident about the precision of their private information and their exchange activities then become more aggressive on the subsequent periods. These overconfident investors carry out the intensive exchanges leading to an increase of securities volatility. The objective of this research is to identify whether the trading volume and the excessive volatility of securities observed on the Tunisian stock market come from the excessive exchange of overconfident investors. We use a sample of daily observations over the period January 1999 - October 2007 and we relied on various econometric tests including the VAR model. Our results provide evidence on the importance to consider the bias of overconfidence in the analysis of Tunis stock exchange specificities. The results reveal that the excess of confidence has a major impact on the trading volume while using daily temporal intervals.

Keywords: overconfidence, trading volume, efficiency, rationality, anomalies, behavioural finance, cognitive biases

Procedia PDF Downloads 388

Authors: Rancy Chepchirchir Kosgey, John Olukuru

Abstract:

This study examines the impact of introduction of futures trading on the spot price volatility in the commodity market. The paper considers the United States of America, South Africa and Ethiopian economies. Three commodities i.e. coffee, maize and wheat from New York Merchantile Exchange, South African Futures Exchange and Ethiopian Commodity Exchange are analyzed. ARCH LM test is used to check for heteroskedasticity and GARCH and EGARCH are used to check for the behavior of volatility between the pre- and post-futures periods. For all the three economies, the results indicate presence of the ARCH effect in the log returns. For conditional and unconditional variances; spot price volatility for coffee has decreased after futures trading in all the economies and the EGARCH has also shown reduction in persistence of volatility in the post-futures period in the three economies; while that of maize has reduced for the Ethiopian economy while there has been an increase in both the US and South African economies. For wheat, the conditional variance has been found to rise in the post-futures period in all the three economies.

Keywords: derivatives, futures exchange, agricultural commodities, spot price volatility

Procedia PDF Downloads 411

Authors: Dattaji K. Shinde, Ajit D. Kelkar

Abstract:

Interlaminar shear strength (ILSS) of fiber reinforced polymer composite is an important property for most of the structural applications. Matrix modification is an effective method used to improve the interlaminar shear strength of composite. In this paper, EPON 862/w epoxy system was modified using Tetraethyl orthosilicate (TEOS) electrospun nanofibers (ENFs) which were produced using electrospinning method. Unmodified and nanofibers modified resins were used to fabricate glass fiber reinforced polymer composite (GFRP) using H-VARTM method. The ILSS of the Glass Fiber Reinforced Polymeric Composites (GFRP) was investigated. The study shows that introduction of TEOS ENFs in the epoxy resin enhanced the ILSS of GFRPby 15% with 0.6% wt. fraction of TEOS ENFs.

Keywords: electrospun nanofibers, H-VARTM, interlaminar shear strength, matrix modification

Procedia PDF Downloads 195

Authors: Mohamad H. Atyeh, Wael Alrashed, Steven Telford

Abstract:

The main objective of this research is to measure if there have been any notable changes in the trading actives of the Kuwait stock Exchange (KSE) after the privatization process that took place on the 25th of April 2016. The data that are used to test if there is any change in the KSE market performance are the daily indices for the period from the 25th of April 2016 till the 24th of October 2016 (after privatization) and a similar six months period before the date of the privatization from the 24th of October 2015 till the 24th of April 2016. In addition, as a control, the study included a period that is a period parallel to the six months period after the privatization. The results indicate that privatization is associated with lower variability for the majority of variables, but that the observed switch in slope direction is not actually a product of privatization, but rather one of serial correlation.

Keywords: privatization, Kuwait stock exchange (KSE), market capitalization (MCAP), capital markets authority (CMA), Boursa Kuwait securities company (BKSC)

Procedia PDF Downloads 277

Authors: Saad Ahmed, Sanjeev Khannaa

Abstract:

Glass fiber reinforced polymers are widely used in structural systems as load-bearing elements at both high and low temperatures. This investigation presents the evaluation of glass fiber reinforced unsaturated polyurethane under harsh conditions of changing temperature and moisture content. This study Explores how these parameters affect the optical properties of the polymer matrix and the composite. Using the hand layup method, the polyurethane resin was modified by E-glass fibers (15 vol. %) to manufacture fiber-reinforced composite. This work includes the preparation of glass-like polyurethane resin sheets and estimates all light transmittance properties at high and very low temperatures and wet conditions. All-optical properties were retested to evaluate the level of improvement or failure. The results found that when comprising reinforced composite fiber to the unreinforced specimens, the reinforced composite shows a fair optical property at high temperatures and good performance at low temperatures.

Keywords: unsaturated polyurethane, extreme temperatures, light transmittance, haze number

Procedia PDF Downloads 116

Authors: Aiswarea Mathew, Smita Mohanty, Jr., S. K. Nayak

Abstract:

Polyurethane networks based on castor oil (CO) as a renewable resource polyol were synthesized. Polyurethane/epoxy resin interpenetrating network nanocomposites containing modified montmorillonite organoclay (C30B-PU/EP nanocomposites) were prepared by an in situ intercalation method. The conventional spectroscopic characterization of the synthesized samples using FT-IR confirms the existence of the proposed castor oil based PU structure and also showed that strong interactions existed between C30B and EP/PU matrix. The dispersion degree of C30B in EP/PU matrix was characterized by X-Ray diffraction (XRD) method. Scanning electronic microscopy analysis showed that the interpenetrating process of PU and EP increases the exfoliation degree of C30B, and it improves the compatibility and the phase structure of polyurethane/epoxy resin interpenetrating polymer networks (PU/EP IPNs). The thermal stability improves compared to the polyurethane when the PU/EP IPN is formed. Mechanical properties including the Young’s modulus and tensile strength reflected marked improvement with addition of C30B.

Keywords: castor oil, epoxy, montmorillonite, polyurethane

Procedia PDF Downloads 377

Authors: Kritsada Pipitthapan

Abstract:

WO3/SiO2 catalysts were modified by an ion exchange method with sodium hydroxide or potassium hydroxide solution. The performance of the modified catalysts was tested in the metathesis of ethylene and trans-2-butene to propylene. During ion exchange, sodium and potassium ions played different roles. Sodium modified catalysts revealed constant trans-2-butene conversion and propylene selectivity when the concentrations of sodium in the solution were varied. In contrast, potassium modified catalysts showed reduction of the conversion and increase of the selectivity. From these results, potassium hydroxide may affect the transformation of tungsten oxide active species, resulting in the decrease in conversion whereas sodium hydroxide did not. Moreover, the modification of catalysts by this method improved the catalyst stability by lowering the amount of coke deposited on the catalyst surface.

Keywords: acid sites, alkali metal, isomerization, metathesis

Procedia PDF Downloads 229

Authors: Natalia M. Acevedo, Luis M. Jimenez, Erick Lambis

Abstract:

Imperfections in the capital market are used to argue the relevance of the corporate risk management function. With corporate hedge, the value of the company is increased by reducing the volatility of the expected cash flow and making it possible to face a lower bankruptcy costs and financial difficulties, without sacrificing tax advantages for debt financing. With the propose to avoid exchange rate troubles over cash flows of Colombian exporting firms, this dissertation uses financial options, over exchange rate between Peso and Dollar, for realizing a financial hedge. In this study, a strategy of hedge is designed for an exporting company in Colombia with the objective of preventing fluctuations because, if the exchange rate down, the number of Colombian pesos that obtains the company by exports, is less than agreed. The exchange rate of Colombia is measured by the TRM (Representative Market Rate), representing the number of Colombian pesos for an American dollar. First, the TMR is modelled through the Geometric Brownian Motion, with this, the project price is simulated using Montecarlo simulations and finding the mean of TRM for three, six and twelve months. For financial hedging, currency options were used. The 6-month projection was covered with financial options on European-type currency with a strike price of $ 2,780.47 for each month; this value corresponds to the last value of the historical TRM. In the compensation of the options in each month, the price paid for the premium, calculated with the Black-Scholes method for currency options, was considered. Finally, with the modeling of prices and the Monte Carlo simulation, the effect of the exchange hedging with options on the exporting company was determined, this by means of the unit price estimate to which the dollars in the scenario without coverage were changed and scenario with coverage. After using the scenarios: is determinate that the TRM will have a bull trend and the exporting firm will be affected positively because they will get more pesos for each dollar. The results show that the financial options manage to reduce the exchange risk. The expected value with coverage is approximate to the expected value without coverage, but the 5% percentile with coverage is greater than without coverage. The foregoing indicates that in the worst scenarios the exporting companies will obtain better prices for the sale of the currencies if they cover.

Keywords: currency hedging, futures, geometric Brownian motion, options

Procedia PDF Downloads 102

Authors: Andrey A. Lipovskii, Alexey V. Redkov, Vyacheslav V. Rusan, Dmitry K. Tagantsev, Valentina V. Zhurikhina

Abstract:

The presented research is related to the development of recently proposed technique of the formation of composite materials, like optical glass-ceramics, with predetermined structure and properties of the crystalline component. The technique is based on the control of the size and concentration of the crystalline grains using the phenomenon of glass-ceramics decrystallization (vitrification) induced by ion-exchange. This phenomenon was discovered and explained in the beginning of the 2000s, while related theoretical description was given in 2016 only. In general, the developed theory enables one to model the process and optimize the conditions of ion-exchange processing of glass-ceramics, which provide given properties of crystalline component, in particular, profile of the average size of the crystalline grains. The optimization is possible if one knows two dimensionless parameters of the theoretical model. One of them (β) is the value which is directly related to the solubility of crystalline component of the glass-ceramics in the glass matrix, and another (γ) is equal to the ratio of characteristic times of ion-exchange diffusion and crystalline grain dissolution. The presented study is dedicated to the development of experimental technique and simulation which allow determining these parameters. It is shown that these parameters can be deduced from the data on the space distributions of diffusant concentrations and average size of crystalline grains in the glass-ceramics samples subjected to ion-exchange treatment. Measurements at least at two temperatures and two processing times at each temperature are necessary. The composite material used was a silica-based glass-ceramics with crystalline grains of Li2OSiO2. Cubical samples of the glass-ceramics (6x6x6 mm3) underwent the ion exchange process in NaNO3 salt melt at 520 oC (for 16 and 48 h), 540 oC (for 8 and 24 h), 560 oC (for 4 and 12 h), and 580 oC (for 2 and 8 h). The ion exchange processing resulted in the glass-ceramics vitrification in the subsurface layers where ion-exchange diffusion took place. Slabs about 1 mm thick were cut from the central part of the samples and their big facets were polished. These slabs were used to find profiles of diffusant concentrations and average size of the crystalline grains. The concentration profiles were determined from refractive index profiles measured with Max-Zender interferometer, and profiles of the average size of the crystalline grains were determined with micro-Raman spectroscopy. Numerical simulation were based on the developed theoretical model of the glass-ceramics decrystallization induced by ion exchange. The simulation of the processes was carried out for different values of β and γ parameters under all above-mentioned ion exchange conditions. As a result, the temperature dependences of the parameters, which provided a reliable coincidence of the simulation and experimental data, were found. This ensured the adequate modeling of the process of the glass-ceramics decrystallization in 520-580 oC temperature interval. Developed approach provides a powerful tool for fine tuning of the glass-ceramics structure, namely, concentration and average size of crystalline grains.

Keywords: diffusion, glass-ceramics, ion exchange, vitrification

Procedia PDF Downloads 250

Authors: Sharad Shrivastava, Arun Jalan

Abstract:

In this study tensile testing was performed on randomly oriented short glass fiber/epoxy resin composite specimens which were prepared using hand lay-up method. Samples were tested over a wide range of strain rate/loading rate from 2mm/min to 40mm/min to see the effect on ultimate tensile strength of the composite. A multi layered 'back propagation artificial neural network of supervised learning type' was used to analyze and predict the tensile properties with strain rate and temperature as given input and output as UTS to predict. Various network structures were designed and investigated with varying parameters and network sizes, and an optimized network structure was proposed to predict the UTS of short glass fiber/epoxy resin composite specimens with reasonably good accuracy.

Keywords: glass fiber composite, mechanical properties, strain rate, artificial neural network

Procedia PDF Downloads 418

Authors: Hlaing Zaw Oo, N. Kostromina, V. Osipchik, T. Kravchenko, K. Yakovleva

Abstract:

The process of modification of ed-20 epoxy resin synthesized by vinyl-containing compounds is considered. It is shown that the introduction of vinyl-containing compounds into the composition based on epoxy resin ED-20 allows adjusting the technological and operational characteristics of the binder. For improvement of the properties of epoxy resin, following modifiers were selected: polyvinylformalethyl, polyvinyl butyral and composition of linear and aromatic amines (Аramine) as a hardener. Now the big range of hardeners of epoxy resins exists that allows varying technological properties of compositions, and also thermophysical and strength indicators. The nature of the aramin type hardener has a significant impact on the spatial parameters of the mesh, glass transition temperature, and strength characteristics. Epoxy composite materials based on ED-20 modified with polyvinyl butyral were obtained and investigated. It is shown that the composition of resins based on derivatives of polyvinyl butyral and ED-20 allows obtaining composite materials with a higher complex of deformation-strength, adhesion and thermal properties, better water resistance, frost resistance, chemical resistance, and impact strength. The magnitude of the effect depends on the chemical structure, temperature and curing time. In the area of concentrations, where the effect of composite synergy is appearing, the values of strength and stiffness significantly exceed the similar parameters of the individual components of the mixture. The polymer-polymer compositions form their class of materials with diverse specific properties that ensure their competitive application. Coatings with high performance under cyclic loading have been obtained based on epoxy oligomers modified with vinyl-containing compounds.

Keywords: epoxy resins, modification, vinyl-containing compounds, deformation, strength properties

Procedia PDF Downloads 89

Authors: Yingjeng James Li, Chiao-Chih Hu

Abstract:

Membrane electrode assemblies (MEAs) for proton exchange membrane fuel cell (PEMFC) applications were prepared by using 10 and 15 um PEMs. Except for different membrane thicknesses, these MEAs were prepared by the same conditions. They were prepared by using catalyst coated membrane (CCM) process. The catalyst employed is 40% Pt/C, and the Pt loading is 0.5mg/cm² for the sum of anode and cathode. Active area of the MEAs employed in this study is 5cm*5cm=25cm². In polarization measurements, the flow rates were always set at 1.2 stoic for anode and 3.0 stoic for cathode. The outlets were in open-end mode. The flow filed is tri-serpentine design. The cell temperatures and the humidification conditions were varied for the purpose of MEA performance observations. It was found that the performance of these two types of MEAs is about the same at fully or partially humidified operation conditions; however, 10um MEA exhibits higher current density in dry or low humidified conditions. For example, at 70C cell, 100% RH, and 0.6V condition, both MEAs have similar current density which is 1320 and 1342mA/cm² for 15um and 10um product, respectively. However, when in operation without external humidification, 10um MEA can produce 1085mA/cm²; whereas 15um MEA produces only 720mA/cm².

Keywords: fuel cell, membrane electrode assembly, PEFC, PEMFC, proton exchange membrane

Procedia PDF Downloads 215

Authors: Lyudmila L. Gracheva

Abstract:

Thermal shield is a multi-layer structure that consists of layers made of different materials. The use of composite materials (CM) reinforced with carbon fibers in rocket technologies (shells, bearings, wings, fairings, inter-step compartments, etc.) is due to a possibility of reducing the weight while increasing a structural strength. Structures made of a unidirectional carbon fiber reinforced plastic based on an epoxy resin are used as load-bearing skins for aircraft fairings. The results of an experimental study of the physical and mechanical properties of epoxy carbon fiber reinforced plastics depending on temperature for different storage times of products are presented. With an increasing temperature, the physical and mechanical properties of CM are determined by the thermal and deformation properties of the components and the geometry of their distribution. Samples for the study were cut from natural skins of the head fairings.

Keywords: composite material, thermal deformation, carbon fiber, heat shield, epoxy resin, thermal expansion

Procedia PDF Downloads 32