Search results for: financial behaviour

Authors: Mazlum Çelik, Burcu Gürkan Ercan, Ahmet Ayaz, Hilal Yakut İpekoğlu, Furkan Baltacı, Mustafa Kurtoğlu, Bilge Kalkavan, Sinem Küçükyılmaz, Hikmet Çağrı Yardımcı, Şeyma Sevgican, Cemile Gökçe Elkovan, Bilal Çayır, Mehmet Emin Düzcan

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The earthquake research literature generally examines emotional, cognitive, and behavioral responses after an earthquake. Studies concerning the behavioral responses to earthquakes reveal that after the earthquake, people either flee in a panic or do not act according to the stereotype that they act irrationally and anti-socially and sometimes give rational and adaptive reactions. However, the rareness of research dealing with human behavior experiencing the earthquake moment makes it necessary to pay particular attention to these behavior patterns. In this direction, this study aims to examine human behavior indoors in case of rising earthquake intensity. In Turkey, located on geography in the earthquake zone, devastating earthquakes took place, such as in "Istanbul" with a magnitude of 7.4 in 1999 and in "Elazığ" with a magnitude of 6.8 in 2020. Occurred recently, the "Kahramanmaraş" earthquake affected 11 provinces, with a magnitude of 7.7 and 7.6 in 2023. In addition, there is expected to be a devastating earthquake in Istanbul, experts warn. For this reason, it is essential to understand human behavior for disaster risk. Management and pre-disaster preparedness to be effective and efficient and to take realistic measures to protect human life. Mazlum Çelik, Burcu Gürkan Ercan, Ahmet Ayaz, Hilal Yakut İpekoğlu, Furkan Baltacı, Mustafa Kurtoğlu, Bilge Kalkavan, Sinem Küçükyılmaz, Hikmet Çağrı Yardımcı, Şeyma Sevgican, Cemile Gökçe Elkovan, Bilal Çayır, Mehmet Emin Düzcan. In this study, which is currently part of a project supported by The Scientific and Technological Council of Turkey (TUBITAK), the indoor recordings during the earthquakes in Elazig on January 24, 2020, and in İzmir on October 30, 2020, are examined, and the people's behavior during the earthquake is analyzed. In this direction, video recordings taken from the YouTube archives of İzmir and Elazığ Disaster and Emergency Management Presidency (AFAD) Directorates and metropolitan municipalities are examined. The researchers have created an observation form in line with the information in the relevant literature to classify people's behavior during an earthquake. It is intended to determine the behavioral patterns by classifying according to the form and video analysis of the people heading toward the door, remaining stable, taking protective measures, turning to people, and engaging in "other" behaviors outside of these behaviors during the earthquake. A total of 60 video analyzes are carried out from Elazığ and İzmir. The descriptive statistic has been used with the SPSS 23.0 package program in the data analysis. It is found that in the event of an increase in the severity of the earthquake, unlike Elazığ, in İzmir, protective action is preferred to the act of remaining stable. In addition, it is observed that with the increase in the earthquake's intensity, women attempt to take more protective action while men head toward the door. In contrast, a rise is observed in the behavior of young people heading toward the door and taking protective actions, while there is a decrease in their behavior directing to people. These findings, unlike the literature, reveal that human behavior during earthquakes cannot be reduced to a single behavior pattern, such as drop-cover-hold-on. The results show that it is necessary to understand the behaviors of individuals during the earthquake and to develop practical policy proposals for combating earthquakes by considering sociocultural, geographical, and demographic variables.

Keywords: descriptive analysis, earthquake, human behaviour, disaster policy.

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Authors: James Freeman, Andry Rakotonirainy

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Train pedestrian collisions are common and are the most likely to result in severe injuries and fatalities when compared to other types of rail crossing accidents. However, there is limited research that has focused on understanding the reasons why some pedestrians’ break level crossings rules, which limits the development of effective countermeasures. As a result, this study undertook a deeper exploration into the origins of risky pedestrian behaviour through structured interviews. A total of 40 pedestrians who admitted to either intentionally breaking crossing rules or making crossing errors participated in an in-depth telephone interview. Qualitative analysis was undertaken via thematic analysis that revealed participants were more likely to report deliberately breaking rules (rather than make errors), particular after the train had passed the crossing as compared to before it arrives. Predominant reasons for such behaviours were identified to be: calculated risk taking, impatience, poor knowledge of rules and low likelihood of detection. The findings have direct implications for the development of effective countermeasures to improve crossing safety (and managing risk) such as increasing surveillance and transit officer presence, as well as installing appropriate barriers that either deter or incapacitate pedestrians from violating crossing rules. This paper will further outline the study findings in regards to the development of countermeasures as well as provide direction for future research efforts in this area.

Keywords: crossings, mistakes, risk, violations

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Authors: L.Vaz, L. Ferreira, R. Aparício, J. Pedro, M. Franco

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This article concerns a qualitative analysis, through an interview, regarding “Sustainability Adoption Barriers in SMEs.” To begin with, the article provides a state-of-the-art overview through fifty-seven articles initially extracted from the Scopus database. The articles were analyzed, and four main clusters emerged in the literature: 1) sustainability and small and medium-sized companies; 2) sustainable business models; 3) sustainability practices adoption procedures, and 4) adoption difficulties on sustainability practices. Utilizing interviews as a methodology, the article seeks to strengthen knowledge regarding sustainability practices, their barriers and the sustainable procedures adopted by SMEs in a Portuguese context. The results demonstrate that the literature agrees with this case study, where there are numerous sustainable practices, yet, due to financial, political, cultural, and technological factors, barriers emerge in the adoption process. By comparing the literature findings with the conducted interviews of interior Portuguese SMEs, this article develops a contribution to the scientific community through a captivating, intuitive and motivating way.

Keywords: barriers, practices, business model, green

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Authors: Malaw Ndiaye, Karim Konate

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Smart contracts are computer protocols that facilitate, verify, and execute the negotiation or execution of a contract, or that render a contractual term unnecessary. Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could be automated. Smart contracts have become lucrative and profitable targets for attackers because they can hold a great amount of money. Smart contracts, although widely used in blockchain technology, are far from perfect due to security concerns. Since there are recent studies on smart contract security, none of them systematically study the strengths and weaknesses of smart contract security. Some have focused on an analysis of program-related vulnerabilities by providing a taxonomy of vulnerabilities. Other studies are responsible for listing the series of attacks linked to smart contracts. Although a series of attacks are listed, there is a lack of discussions and proposals on improving security. This survey takes stock of smart contract security from a more comprehensive perspective by correlating the level of vulnerability and systematic review of security levels in smart contracts.

Keywords: blockchain, Bitcoin, smart contract, criminal smart contract, security

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Authors: Jannes Quer, Amir Niknejad, Marcus Weber

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Computational Drug Design is often based on Molecular Dynamics simulations of molecular systems. Molecular Dynamics can be used to simulate, e.g., the binding and unbinding event of a small drug-like molecule with regard to the active site of an enzyme or a receptor. However, the time-scale of the overall binding event is many orders of magnitude longer than the time-scale of simulation. Thus, there is a need to speed-up molecular simulations. In order to speed up simulations, the molecular dynamics trajectories have to be ”steared” out of local minimizers of the potential energy surface – the so-called metastabilities – of the molecular system. Increasing the kinetic energy (temperature) is one possibility to accelerate simulated processes. However, with temperature the entropy of the molecular system increases, too. But this kind ”stearing” is not directed enough to stear the molecule out of the minimum toward the saddle point. In this article, we give a new mathematical idea, how a potential energy surface can be changed in such a way, that entropy is kept under control while the trajectories are still steared out of the metastabilities. In order to compute the unsteared transition behaviour based on a steared simulation, we propose to use extrapolation methods. In the end we mathematically show, that our method accelerates the simulations along the direction, in which the curvature of the potential energy surface changes the most, i.e., from local minimizers towards saddle points.

Keywords: extrapolation, Eyring-Kramers, metastability, multilevel sampling

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Authors: Ada Adoga James

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This paper discussed the concept of community participation and identified tertiary education problems; strategies and methods communities could be involved to reduce conflict witnessed in our tertiary institutions of learning due to government inability to fund education. The paper pointed out that community participation through the use of Parent Teachers Association (PTA), age grade, traditional leaders, village based associations, religious and political organs could be sensitized to raise financial resources. The paper identified different sources of conflicts, the outcome of which causes prolonged academic activities, destruction of lives and properties and in some cased render school environment completely insecure for serious academic activities. It recommends involvement of community participation in assisting government, proper handling of tertiary institutions in management, and more democratic procedure in conflict resolution like cordial relationship between staff, students and trade unions in decision making process.

Keywords: community, conflict resolution, tertiary education, psychology, psychiatry

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Authors: Marcos Centurion-Vicencio

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This study discusses the idea of ‘dominance’ in economic policy and its practical influence over monetary decisions. The discretionary use of repurchase agreements in Brazil over the period 2006-2016 and its effects on the overall price level are the specific issues we will be focusing on. The set of in-depth interviews carried out with public servants at the Brazilian central bank and national treasury, alongside data collected from the National Institution of Statistics (IBGE), suggest that monetary and fiscal dominance do not differ in nature once the assumption of depoliticized central bankers is relaxed. In both regimes, the pursuit of private gains via public institutions affects price stability. While short-sighted politicians in the latter are at the origin of poor monetary decisions, the action of short-sighted financial interest groups is likely to generate a similar outcome in the former. This study then contributes to rethinking monetary policy theory as well as the nature of public borrowing.

Keywords: fiscal and monetary interactions, interest groups, monetary capture, public borrowing

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Authors: Jitendra Narayan Panda, Jayashree Bijwe, Raj K. Pandey

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PAEK (Polyaryl ether ketone) being a high-performance polymer, is currently being explored for its tribo-potential by incorporating various fibers, solid lubricants. In this work, influence of amount (30 and 40 %) of short glass fibers (GF) in two composites containing PAEK (60 and 50 %) and synthetic graphite (10 %) on mechanical and tribological behaviour was studied. The composites were developed by injection molding and evaluated in adhesive wear mode (pin on disc configuration) against mild steel disc. The load and speed were selected as variable input parameters while coefficient of friction (µ), specific wear rate (K0) and PVlimit (pressure × velocity) values were selected as output parameters for performance evaluation. Although higher amount of GF lead to better mechanical properties, tribological properties were not in tune to this. Overall, µ and K0 for both composites were in the range 0.04-0.08 and 3-8x 10-16 m3/Nm respectively and decreased with increase in applied PV values till failure was observed. PVlimit was indicated by 112 and 100 MPa m/s. Such high PVlimit values are not reported for any polymer composites running in dry conditions in the literature. The mechanical properties of the C40 composite (40 % GF) proved superior to C30 composite (30 % GF). However, all tribological properties of C40 were inferior to C30. It exhibited higher µ, higher K0 and slightly lower PVlimit value. The higher % fibers proved detrimental for tribo-performance and worn surface analysis by SEM & EDAX was done on the discs & pins to understand wear mechanisms.

Keywords: PAEK composites, pin-on-disk, PV limit, friction

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Authors: Diana Serbezeanu, Ionela-Daniela Carja, Tachita Vlad-Bubulac, Sergiu Sova

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New phosphorus-containing monomers having methoxy end functional groups were prepared from methyl 4-hydroxybenzoate and two different dichlorides with phosphorus, namely phenyl phosphonic dichloride and phenyl dichlorophosphate. The structures of the monomers were confirmed by FTIR and NMR spectroscopy. The assignments for the 1H, 13C and 31P chemical shifts are based on 1D and 2D NMR homo- and heteronuclear correlations (H,H-COSY (Correlation Spectroscopy), H,C-HMQC (Heteronuclear Multiple Quantum Correlation and H,C-HMBC (Heteronuclear Multiple Bond Correlation)) and 31P-13C couplings. The monomers exhibited good solubility in common organic solvents. Dimethyl sulfoxide was to be a good solvent to grow crystals of considerable size which were investigated by X-ray analysis. One of these two new monomers presented thermotropic liquid crystalline behaviour, as revealed by differential scanning calorimetry (DSC), polarized light microscopy (PLM) and X-ray diffraction (XRD). The transition temperature from crystal to liquid crystalline state (K→LC) was 143°C and from the LC to isotropic state (LC→I) was 167°C. Upon heating, bis(4-(methoxycarbonyl)phenyl formed fine textures, difficult to be ascribed to smectic or nematic phases. Upon cooling from the isotropic state, bis(4-(methoxycarbonyl)phenyl exhibited a mosaic-type texture. X-ray diffraction measurements at small angles (SAXS) of bis(4-(methoxycarbonyl)phenyl showed two peaks at 1.8 Å and 3.5 Å, respectively suggesting organization at supramolecular level.

Keywords: phosphorus-containing monomers, polarized light microscopy, structure investigation, thermotropic liquid crystalline properties

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Authors: Sandor Levai, Valentin Juhasz, Miklos Gasz

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Rising damp is an extremely complex phenomenon that is of great practical interest to the field of building conservation due to the irreversible damages it can make to old and historic structures. The electrical effects occurring in damp masonry have been scarcely researched and are a largely unknown aspect of rising damp. Present paper describes the typical electrical patterns occurring in porous brickwork during a wetting and drying cycle. It has been found that in contrast with dry masonry, where electrical phenomena are virtually non-existent, damp masonry exhibits a wide array of electrical effects. Long-term real-time measurements performed in the lab on small-scale brick structures, using an array of embedded micro-sensors, revealed significant voltage, current, capacitance and resistance variations which can be linked to the movement of moisture inside porous materials. The same measurements performed on actual old buildings revealed a similar behaviour, the electrical effects being more significant in areas of the brickwork affected by rising damp. Understanding these electrical phenomena contributes to a better understanding of the driving mechanisms of rising damp, potentially opening new avenues of dealing with it in a less invasive manner.

Keywords: brick masonry, electrical phenomena in damp brickwork, porous building materials, rising damp, spontaneous electrical potential, wetting-drying cycle

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Authors: Mandlenkosi Richard Mphatheni

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The Constitution of the Republic of South Africa (Act 108 of 1996 section 28(1) (d)) states, ‘Every child has the right to be protected from maltreatment, neglect, abuse, and degradation’. Qualitative research studied perceptions of the selected sample. Objectives of the research were to determine factors that influence perpetrators of sexual violence to target children, the risk factors of child sexual abuse, the effects of child sexual abuse on the development of the child, and the community prevention measures to minimize the risks of child sexual abuse. The research aimed to understand perspective and experiences of the Ngangelizwe community members on the problem of sexual violence against children and the perpetrator’s perceived motive for sexually abusing children. Convenience non-probability sampling technique was adopted to select 20 participants within the Ngangelizwe Township at Mthatha. Thematic analyses were used to analyse data. It was found that sexual abuse of children affects severely child and parents, while the community reported to be trivially affected by the sexual abuse of a child. The research revealed ignorance of some forms of sexual violence, as the commonly known form of sexual violence was rape. Therefore, ignorance of community members regarding various forms of sexual abuse means that such acts are either ignored, tolerated, or even regarded as acceptable. It thus means that community members cannot reject any actions or behaviour if they themselves are ignorant of what constitutes sexual violence. This study recommends that communities should be educated about different sexual offenses.

Keywords: child sexual abuse, community, childhood attachment, adult attachment

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Authors: Uyen Tran Tu

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The decision on capital structure is one of the most important and sophisticated decisions in financial management in order to improve firm performance. This article would study the two-way impact between capital structure and firm performance. The study use EVIEWS 6.0 software to determine a two-way relationship between the capital structure and firm performance based on two-stage regression (2SLS - Two-Stage Least Squares). The findings are: capital structure has the opposite effect on the business efficiency and vice versa, factors that effect on business efficiency include Size and Opportunities. Factors effects on the capital structure are size; liquidity. These factors also affect the ratio of capital structure (total debt/ total asset) of companies. In particular, liquidity has the opposite effect; and the size of the business has the same impact. The results of the study are in line with the theory and empirical studies presented, and the results of the study are unchanged for all three years 2015-2017.

Keywords: capital structure, firm performance, factors, two-way relationship

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Authors: Iveta Řepková

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The aim of this paper is to estimate the efficiency of the Slovak commercial banks employing the Data Envelopment Analysis (DEA) window analysis approach during the period 2003-2012. The research is based on unbalanced panel data of the Slovak commercial banks. Undesirable output was included into analysis of banking efficiency. It was found that most efficient banks were Postovabanka, UniCredit Bank and Istrobanka in CCR model and the most efficient banks were Slovenskasporitelna, Istrobanka and UniCredit Bank in BCC model. On contrary, the lowest efficient banks were found Privatbanka and CitiBank. We found that the largest banks in the Slovak banking market were lower efficient than medium-size and small banks. Results of the paper is that during the period 2003-2008 the average efficiency was increasing and then during the period 2010-2011 the average efficiency decreased as a result of financial crisis.

Keywords: data envelopment analysis, efficiency, Slovak banking sector, window analysis

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Authors: Lucas Aerre, Wallesson Faria, Roberto Pimentel, Juliana Santos

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An extremely disturbing and irritating element in the lives of people and organizations is the noise, the consequences that can bring us has a lot of connection with human health as well as financial and economic aspects. In order to improve the efficiency of buildings in Brazil in general, a performance standard was created, NBR 15.575 in which all buildings are seen in a more systemic and peculiar way, while following the requirements of the standard. The acoustic performance present in these buildings is one such requirement. Based on this, the present work was elaborated with the objective of evaluating through acoustic measurements the acoustic performance of vertical internal fences that are under the incidence of aerial noise of a building in the city of Brasilia-DF. A short theoretical basis is made and soon after the procedures of measurement are described through the control method established by the standard, and its results are evaluated according to the parameters of the same. The measurement performed between rooms of the same unit, presented a standardized sound pressure level difference (D nT, w) equal to 40 dB, thus being classified within the minimum performance required by the standard in question.

Keywords: airborne noise, performance standard, soundproofing, vertical seal

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Authors: Maulana Ayoub Ali

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Malayan Pilgrims Savings Corporation was introduced in 1963. Six years later, Malaysian Pilgrims Fund Board (Tabung Haji) was formed. The board used to collect funds from pilgrims who expected to perform pilgrimage in the future dates. Money was collected and kept as per given rules and procedures emanated from Islamic sources of law. Twenty years later, the country was ready to run a fully fledged Islamic bank where the Bank Islam Malaysia Berhad (BIMB) came into existence in the year 1983. This paper investigates stages of development of Islamic banking system in Malaysia from 1983 to date. This study discovered that Malaysia had enough time to make Islamic banking system works alongside conventional banking system and for sure, has successfully managed to come up with the comprehensive and workable financial system which accommodates both the conventional and Islamic banking. As a result, Malaysia stands to be the hub of Islamic banking products and services in the world today.

Keywords: Tabung Haji, Islamic Banks, conventional law, Malaysia

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Authors: Stephen Pembi, Samuel K. Msheliza, Helen A. Andow

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Organizational culture is very important in the organization because it enhances organizational performance and serves as a sense of making and control mechanism that guides and shapes the attitude and behaviour of employees. However, organizational culture issues are frequently disregarded in lieu of activities that may or may not have a good impact on performance. This study examines the relationship between organizational culture and organizational performance of Adama Beverages Ltd, Adamawa State. The study employed an explanatory survey research design with a questionnaire as a source of data collection. One hundred and thirty-five copies of the questionnaire were administered using the convenience method of sampling, out of which one hundred and twenty were retrieved and well answered. The data collected were subjected to the Pearson product-moment correlation technique to test the hypotheses of the study using SPSS. The overall results signify that organizational culture has a significant positive relationship with organizational performance. The multiple regression results show that mission, adaptability, and involvement have a significant positive influence on organizational performance, while consistency has a significant negative influence on organizational performance. Therefore, this study concluded that organizational culture is a strong determinant of organizational performance in Adama Beverages Ltd, Adamawa State. The study recommends that the level of employee input into decision-making, flexibility in responding to changes in the business environment, consistency with values and traditions, and organizational performance should all be maintained by Adama Beverages Ltd.

Keywords: adaptability, consistency, involvement, mission, organizational performance

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Authors: Adeela Abu Bakar, Minder Kaur, Parthaman Singh

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In the Malaysian education system, a formal setting of English language learning takes place in a content-based classroom (CBC). Until recently, there is less study in Malaysia, which researched the effects of code-switching (CS) behaviour towards the students’ knowledge sharing (KS) with their peers. The aim of this study is to investigate the frequency, reasons, and effect that CS, from the English language to Bahasa Melayu, has among local STEM and N-STEM undergraduates towards KS in a content-based classroom. The study implies a mixed-method research design with questionnaire and interviews as the instruments. The data is collected through distribution of questionnaires and interviews with the undergraduates. The quantitative data is analysed using SPSS in simple frequencies and percentages, whereas qualitative data involves organizing the data into themes, followed by analysis. Findings found that N-STEM undergraduates code-switch more as compared to STEM undergraduates. In addition to that, both the STEM and N-STEM undergraduates agree that CS acts as a catalyst towards KS in a content-based classroom. However, they also acknowledge that excess use of CS can be a hindrance towards KS. The findings of the study can benefit STEM and N-STEM undergraduates, education policymakers, language teachers, university educators, and students with significant insights into the role of CS towards KS in a content-based classroom. Some of the recommendations that can be applied for future studies are that the number of participants can be increased, an observation to be included for the data collection.

Keywords: switching, content-based classroom, content and language integrated learning, knowledge sharing, STEM and N-STEM undergraduates

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Authors: Md Masihuddin Siddiqui, Abdul Haakim Mohammed

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Earthquakes are the most unpredictable and devastating of all natural disasters. The behaviour of a building during an earthquake depends on several factors such as stiffness, adequate lateral strength, ductility, and configurations. The experience from the performance of buildings during past earthquakes has shown that the buildings with regular geometry, uniformly distributed mass and stiffness in plan as well as in elevation suffer much less damage compared to irregular configurations. The three centers namely- centre of mass, centre of strength, centre of stiffness are the torsional parameters which contribute to the strength of the building in case of an earthquake. Inertial forces and resistive forces in a structural system act through the center of mass and center of rigidity respectively which together oppose the forces that are produced during seismic excitation. So these centers of a structural system should be positioned where the structural system is the strongest so that the effects produced due to the earthquake may have a minimal effect on the structure. In this paper, the effects of variation of strength eccentricity and stiffness eccentricity in reducing the torsional responses of the asymmetrical buildings by using pushover analysis are studied. The maximum reduction of base torsion was observed in the case of minimum strength eccentricity, and the least reduction was observed in the case of minimum stiffness eccentricity.

Keywords: strength eccentricity, stiffness eccentricity, asymmetric structure, base torsion, push over analysis

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Authors: Rui Magalhães, Sohel Rana, Raul Fangueiro, Clara Gonçalves, Pedro Nunes, Gustavo Dias

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Auxetic fibrous structures and composites with negative Poisson’s ratio (NPR) have huge potential for application in ballistic protection due to their high energy absorption and excellent impact resistance. In the present research, re-entrant lozenge auxetic fibrous structures were produced through weft knitting technology using high performance polyamide and para-aramid fibres. Fabric structural parameters (e.g. loop length) and machine parameters (e.g. take down load) were varied in order to investigate their influence on the auxetic behaviours of the produced structures. These auxetic structures were then impregnated with two types of polymeric resins (epoxy and polyester) to produce composite materials, which were subsequently characterized for the auxetic behaviour. It was observed that the knitted fabrics produced using the polyamide yarns exhibited NPR over a wide deformation range, which was strongly dependant on the loop length and take down load. The polymeric composites produced from the auxetic fabrics also showed good auxetic property, which was superior in case of the polyester matrix. The experimental results suggested that these composites made from the auxetic fibrous structures can be properly designed to find potential use in the body amours for personal protection applications.

Keywords: auxetic fabrics, high performance, composites, energy absorption, impact resistance

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Authors: Tarik Bazgour, Cedric Heuchenne, Danielle Sougne

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

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

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Authors: Norm Josephy, Lucy Kimball, Victoria Steblovskaya

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Hedging of a portfolio of European options under proportional transaction costs is considered. Our discrete time financial market model extends the binomial market model with transaction costs to the case where the underlying stock price ratios are distributed over a bounded interval rather than over a two-point set. An optimal hedging strategy is chosen from a set of admissible non-self-financing hedging strategies. Our approach to optimal hedging of a portfolio of options is based on theoretical foundation that includes determination of a no-arbitrage option price interval as well as on properties of the non-self-financing strategies and their residuals. A computational algorithm for optimizing an investor relevant criterion over the set of admissible non-self-financing hedging strategies is developed. Applicability of our approach is demonstrated using both simulated data and real market data.

Keywords: extended binomial model, non-self-financing hedging, optimization, proportional transaction costs

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Authors: Mohammad Irfan

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The purpose of this paper is to investigate the relationship among the key macroeconomic variables and Islamic stock market in India. This study is based on the time series data of financial years 2009-2015 to explore the consistency of relationship between macroeconomic variables and Shariah Indices. The ADF (Augmented Dickey–Fuller Test Statistic) and PP (Phillips–Perron Test Statistic) tests are employed to check stationarity of the data. The study depicts the long run relationship between Shariah indices and macroeconomic variables by using the Johansen Co-integration test. BSE Shariah and Nifty Shariah have uni-direct Granger causality. The outcome of VECM is significantly confirming the applicability of best fitted model. Thus, Islamic stock indices are proficiently working for the development of Indian economy. It suggests that by keeping eyes on Islamic stock market which will be more interactive in the future with other macroeconomic variables.

Keywords: Indian Shariah Indices, macroeconomic variables, co-integration, Granger causality, vector error correction model (VECM)

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Authors: Myrto Dagkouli-Kyriakoglou

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Southern European countries tend to have a lot of connections in their culture, customs, ideals and attitude towards everyday aspects. On the contrary, all of them demonstrate a lot of differences in their history, political life and economic situation. Nevertheless, the state welfare and its insufficiency to deal with citizens’ needs, is common for the whole region. As the global financial crisis initiated, all of them gradually were affected and established austerity measures. Consequently, there were crucial budget cuts in state welfare and accordingly limited support to the citizens at a time that is most needed as the economic difficulties of the households are rising rapidly. Crisis in connection with austerity measures brought up a housing problem which was hidden for decades with the assistance of the institution of the Southern European family. New or old copying practices concerning housing are already developed and more will rise in order to survive this new era. Expressly, youth is one of the most vulnerable groups in this situation and therefore there is a special focus on the policies that affect their housing as well as their copying practices in connection with the family/kinship strategies.

Keywords: housing, coping practices, Greece, familism

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Authors: Moez Yeddes

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The property of opacity is widely used in the formal verification of security in computer systems and protocols. Opacity is a general language-theoretic scheme of many security properties of systems. Opacity is parametrized with framework in which several security properties of a system can be expressed. A secret behaviour of a system is opaque if a passive attacker can never deduce its occurrence from the system observation. Instead of considering the case of static observability where the set of observable events is fixed off-line or dynamic observability where the set of observable events changes over time depending on the history of the trace, we introduce Orwellian partial observability where unobservable events are not revealed provided that downgrading events never occurs in the future of the trace. Orwellian partial observability is needed to model intransitive information flow. This Orwellian observability is knwon as ipurge function. We show in previous work how to verify opacity for regular secret is opaque for a regular language L w.r.t. an Orwellian projection is PSPACE-complete while it has been proved undecidable even for a regular language L w.r.t. a general Orwellian observation function. In this paper, we address two problems of opacification of a regular secret ϕ for a regular language L w.r.t. an Orwellian projection: Given L and a secret ϕ ∈ L, the first problem consist to compute some minimal regular super-language M of L, if it exists, such that ϕ is opaque for M and the second consists to compute the supremal sub-language M′ of L such that ϕ is opaque for M′. We derive both language-theoretic characterizations and algorithms to solve these two dual problems.

Keywords: security policies, opacity, formal verification, orwellian observation

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Authors: Tahsin Toma Sabbagh, Ihsan Al-Abboodi, Ali Al-Jazaairry

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Allowable-bearing capacity is the competency of soil to safely carries the pressure from the superstructure without experiencing a shear failure with accompanying excessive settlements. Ensuring a safe bearing pressure with respect to failure does not tolerate settlement of the foundation will be within acceptable limits. Therefore, settlement analysis should always be performed since most structures are settlement sensitive. When visualising the movement of a soil wedge in the bearing capacity criterion, both vertically and horizontally, it becomes clear that by confining the soil surrounding the foundation, both the bearing capacity and settlement values improve. In this study, two sizes of spread foundation were considered; (2×4) m and (3×5) m. These represent two real problem case studies of an existing building. The foundations were analysed in terms of dimension as well as position with respect to a confining wall (i.e., sheet piles on both sides). Assuming B is the least foundation dimension, the study comprised the analyses of three distances; (0.1 B), (0.5 B), and (0.75 B) between the sheet piles and foundations alongside three depths of confinement (0.5 B), (1 B), and (1.5 B). Nonlinear three-dimensional finite element analysis (ANSYS) was adopted to perform an analytical investigation on the behaviour of the two foundations contained by the case study. Results showed that confinement of foundations reduced the overall stresses near the foundation by 65% and reduced the vertical displacement by 90%. Moreover, the most effective distance between the confinement wall and the foundation was found to be 0.5 B.

Keywords: bearing capacity, cohesionless soils, soil confinement, soil modelling, spread footings

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Authors: Hari Krishan Sharma, Sanjay Kumar Sharma, Sushil Kumar Swar

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Inadequate transverse reinforcement is considered as the main reason for the beam column joint shear failure observed during recent earthquakes. DSP matrix consists of cement and high content of micro-silica with low water to cement ratio while the aggregates are graded quartz sand. The use of reinforcing fibres leads not only to the increase of tensile/bending strength and specific fracture energy, but also to reduction of brittleness and, consequently, to production of non-explosive ruptures. Besides, fibre-reinforced materials are more homogeneous and less sensitive to small defects and flaws. Recent works on the freeze-thaw durability (also in the presence of de-icing salts) of fibre-reinforced DSP confirm the excellent behaviour in the expected long term service life.DSP materials, including fibre-reinforced DSP and CRC (Compact Reinforced Composites) are obtained by using high quantities of super plasticizers and high volumes of micro-silica. Steel fibres with high tensile yield strength of smaller diameter and short length in different fibre volume percentage and aspect ratio tilized to improve the performance by reducing the brittleness of matrix material. In the case of High Performance Densified Small Particle Concrete (HPDSPC), concrete is dense at the micro-structure level, tensile strain would be much higher than that of the conventional SFRC, SIFCON & SIMCON. Beam-column sub-assemblages used as moment resisting constructed using HPDSPC in the joint region with varying quantities of steel fibres, fibre aspect ratio and fibre orientation in the critical section. These HPDSPC in the joint region sub-assemblages tested under cyclic/earthquake loading. Besides loading measurements, frame displacements, diagonal joint strain and rebar strain adjacent to the joint will also be measured to investigate stress-strain behaviour, load deformation characteristics, joint shear strength, failure mechanism, ductility associated parameters, stiffness and energy dissipated parameters of the beam column sub-assemblages also evaluated. Finally a design procedure for the optimum design of HPDSPC corresponding to moment, shear forces and axial forces for the reinforced concrete beam-column joint sub-assemblage proposed. The fact that the implementation of material brittleness measure in the design of RC structures can improve structural reliability by providing uniform safety margins over a wide range of structural sizes and material compositions well recognized in the structural design and research. This lead to the development of high performance concrete for the optimized combination of various structural ratios in concrete for the optimized combination of various structural properties. The structural applications of HPDSPC, because of extremely high strength, will reduce dead load significantly as compared to normal weight concrete thereby offering substantial cost saving and by providing improved seismic response, longer spans, and thinner sections, less reinforcing steel and lower foundation cost. These cost effective parameters will make this material more versatile for use in various structural applications like beam-column joints in industries, airports, parking areas, docks, harbours, and also containers for hazardous material, safety boxes and mould & tools for polymer composites and metals.

Keywords: high performance densified small particle concrete (HPDSPC), steel fibre reinforced concrete (SFRC), slurry infiltrated concrete (SIFCON), Slurry infiltrated mat concrete (SIMCON)

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Authors: G. Beulah Gnana Ananthi, A. Jaffer Sathick, M. Abirami

Abstract:

Fibre reinforced concrete (FRC) has been widely used in industrial pavements and non-structural elements such as pipes, culverts, tunnels, and precast elements. The strengthening effect of fibres in the concrete matrix is achieved primarily due to the bridging effect of fibres at the crack interfaces. The workability of the concrete was reduced on addition of high percentages of steel fibres. The optimum percentage of addition of steel fibres varies with its aspect ratio. For this study, 1% addition of steel has resulted to be the optimum percentage for both Hooked and Crimped Steel Fibres and was added to the beam specimens. The fibres restrain efficiently the cracks and take up residual stresses beyond the cracking. In this sense, diagonal cracks are effectively stitched up by fibres crossing it. The failure of beams within the shear failure range changed from shear to flexure in the presence of sufficient steel fibre quantity. The shear strength is increased with the addition of steel fibres and had exceeded the enhancement obtained with the transverse reinforcement. However, such increase is not directly in proportion with the quantity of fibres used. Considering all the clarification made in the present experimental investigation, it is concluded that 1% of crimped steel fibres with an aspect ratio of 50 is the best type of steel fibres for replacement of transverse stirrups in high strength concrete beams when compared to the steel fibres with hooked ends.

Keywords: fibre reinforced concrete, steel fibre, shear strength, crack pattern

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Authors: B. Almassri, F. Almahmoud, R. Francois

Abstract:

Near surface mounted reinforcement (NSM) technique is one of the promising techniques used nowadays to strengthen reinforced concrete (RC) structures. In the NSM technique, the Carbon Fibre Reinforced Polymer (CFRP) rods are placed inside pre-cut grooves and are bonded to the concrete with epoxy adhesive. This paper studies the non-classical mode of failure ‘the separation of concrete cover’ according to experimental and numerical FE modelling results. Experimental results and numerical modelling results of a 3D finite element (FE) model using the commercial software Abaqus and 2D FE model FEMIX were obtained on two beams, one corroded (25 years of corrosion procedure) and one control (A1CL3-R and A1T-R) were each repaired in bending using NSM CFRP rod and were then tested up to failure. The results showed that the NSM technique increased the overall capacity of control and corroded beams despite a non-classical mode of failure with separation of the concrete cover occurring in the corroded beam due to damage induced by corrosion. Another FE model used external steel stirrups around the repaired corroded beam A1CL3-R which failed with the separation of concrete cover, this model showed a change in the mode of failure form a non-classical mode of failure by the separation of concrete cover to the same mode of failure of the repaired control beam by the crushing of compressed concrete.

Keywords: corrosion, repair, Reinforced Concrete, FEM, CFRP, FEMIX

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Authors: Shervin Khazaeli, Shahab Haj-zamani

Abstract:

Recently, advanced geotechnical engineering problems related to soil movement, particle loss, and modeling of local failure (i.e. discontinua) as well as modeling the in-contact structures (i.e. continua) are of the great interest among researchers. The aim of this research is to meet the requirements with respect to the modeling of the above-mentioned two different domains simultaneously. To this end, a coupled numerical method is introduced based on Discrete Element Method (DEM) and eXtended-Finite Element Method (X-FEM). In the coupled procedure, DEM is employed to capture the interactions and relative movements of soil particles as discontinua, while X-FEM is utilized to model in-contact structures as continua, which may consist of different types of discontinuities. For verification purposes, the new coupled approach is utilized to examine benchmark problems including different contacts between/within continua and discontinua. Results are validated by comparison with those of existing analytical and numerical solutions. This study proves that extended-finite-discrete element method can be used to robustly analyze not only contact problems, but also other types of discontinuities in continua such as (i) crack formations and propagations, (ii) voids and bimaterial interfaces, and (iii) combination of previous cases. In essence, the proposed method can be used vastly in advanced soil-structure interaction problems to investigate the micro and macro behaviour of the surrounding soil and the response of the embedded structure that contains discontinuities.

Keywords: contact problems, discrete element method, extended-finite element method, soil-structure interaction

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Authors: Shagufta Jahangir, Raisa Jahangir

Abstract:

According to researches the 3rd world youth crave to go to developed countries just merely to get sustainable economic situation. To accomplish their wish they use each and every thing like cross boarder marriages is one of them. The basic and main point of cross boarder marriages is financial sustainability neither cross boarder culture nor cross boarder religion or others. The consequences of this research are that 60% to 70% men of 3rd world do cross boarder marriages just for only economic firmness. Due to this thoughts these men flipside to their native areas with only economic firmness rather social attitudes, moral attitudes behaviors, norms, myths and religion.40% to 50 % men do cross boarder marriages to get firmness even they have families in their native areas.2nd family formation is the easy way to get their desired, according to their eyes. After satisfying their needs they back unaccompanied to their native areas even they leave their offspring. They give precedence to their inhabitant families. This study has been design to find out that economic perspective is the basic phenomena of cross boarder marriages in the 3rd world countries men.

Keywords: cross boarder marriages, moral attitudes, native areas, flipside, norms

Procedia PDF Downloads 293