Search results for: charge exchange

Authors: Raheel Asif, Michael Frommel

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This paper focuses on analyzing the exchange rate exposure of exporting & domestic firms in (the so far rarely addressed) largest Eastern European transition economies, i.e., Russia and the three EU accession countries, Poland, Hungary, and Czech Republic (CEEC-3). It also controls for possible effects of different exchange rate regimes, Great Financial crisis (2007-08), Russian Financial crisis (2014-15), the formation of EU & turn of year effect. Substantially improving the results from the existing literature on these transition economies, we find for more than 51% of our sample firms in CEEC-3 countries and 29% in Russia shows a significant exchange rate exposure. However, the magnitude and direction of firms’ exposure depends on the particular bilateral exchange rate and differs between CEEC-3 and Russia. We find that share price increases with an appreciation of the domestic currency against the EURO and US Dollar (USD) in CEEC-3; however, the effect is more pronounced for EURO as expected. Whereas, for Russian firms share price increases with a depreciation of the domestic currency against the USD only. Those differences may result from a differing dominance of exposure channels in the respective economies, such as the country-specific export structure, competitiveness channels, and dependence on foreign debt. Finally, the switch from a pegged to a flexible exchange rate regime appears to have a less pronounced effect for the exchange rate exposure of firms in all countries except for USD in Poland and Russia.

Keywords: exchange rate exposure, transition economies, central and eastern Europe, international finance

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Authors: Douglas Yeboah, Monishka Narayan, Jai Singh

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One of the key parameters in determining the power conversion efficiency (PCE) of organic solar cells (OSCs) is the open-circuit voltage, however, it is still not well understood. In order to examine the performance of OSCs, it is necessary to understand the losses associated with the open-circuit voltage and how best it can be improved. Here, an analytical expression for the open-circuit voltage of bulk heterojunction (BHJ) OSCs is derived from the charge carrier densities without considering the drift-diffusion current. The open-circuit voltage thus obtained is dependent on the donor-acceptor band gap, the energy difference between the highest occupied molecular orbital (HOMO) and the hole quasi-Fermi level of the donor material, temperature, the carrier density (electrons), the generation rate of free charge carriers and the bimolecular recombination coefficient. It is found that open-circuit voltage increases when the carrier density increases and when the temperature decreases. The calculated results are discussed in view of experimental results and agree with them reasonably well. Overall, this work proposes an alternative pathway for improving the open-circuit voltage in BHJ OSCs.

Keywords: charge carrier density, open-circuit voltage, organic solar cells, temperature

Procedia PDF Downloads 329

Authors: P. Suchismita Behera, V. G. Sathe, A. K. Nigam, P. A. Bhobe

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Co-existence of long-range ferromagnetism and semi-conductivity with correlated behavior of structural, magnetic, optical and electrical properties in various sites doping at CdCr2Se4 makes it a most promising candidate for spin-based electronic applications and magnetic devices. It orders ferromagnetically below TC = 130 K with a direct band gap of ~ 1.5 eV. The magnetic ordering is believed to result from strong competition between the direct antiferromagnetic Cr-Cr spin couplings and the ferromagnetic Cr-Se-Cr exchange interactions. With an aim of understanding the influence of crystal structure on its magnetic properties without disturbing the magnetic site, we investigated four compositions with 3%, 5%, 7% and 10% of Sn-substitution at Cd-site. Partial substitution of Cd2+ (0.78Å) by small sized nonmagnetic ion, Sn4+ (0.55Å), is expected to bring about local lattice distortion as well as a change in electronic charge distribution. The structural disorder would affect the Cd/Sn – Se bonds thus affecting the Cr-Cr and Cr-Se-Cr bonds. Whereas, the charge imbalance created due to Sn4+ substitution at Cd2+ leads to the possibility of Cr mixed valence state. Our investigation of the local crystal structure using the EXAFS, Raman spectroscopy and magnetic properties using SQUID magnetometry of the Cd1-xSnxCr2Se4 series reflects this premise. All compositions maintain the Fd3m cubic symmetry with tetrahedral distribution of Sn at Cd-site, as confirmed by XRD analysis. Lattice parameters were determined from the Rietveld refinement technique of the XRD data and further confirmed from the EXAFS spectra recorded at Cr K-edge. Presence of five Raman-active phonon vibrational modes viz. (T2g (1), T2g (2), T2g (3), Eg, A1g) in the Raman spectra further confirms the crystal symmetry. Temperature dependence of the Raman data provides interesting insight to the spin– phonon coupling, known to dominate the magneto-capacitive properties in the parent compound. Below the magnetic ordering temperature, the longitudinal damping of Eg mode associated with Se-Cd/Sn-Se bending and T2g (2) mode associated to Cr-Se-Cr interaction, show interesting deviations with respect to increase in Sn substitution. Besides providing the estimate of TC, the magnetic measurements recorded as a function of field provide the values of total magnetic moment for all the studied compositions indicative of formation of multiple Cr valences.

Keywords: exchange interactions, EXAFS, ferromagnetism, Raman spectroscopy, spinel chalcogenides

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Authors: Ogunwole Cecilia Oluwakemi, Wahid Damilola Olanipekun, Omoyele Olufemi Samuel, Timothy Ayomitunde Aderemi

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The issues relating to corporate governance in both locally and internationally managed firms cannot be overemphasized because the lack of efficient corporate governance could orchestrate serious problems in any organization. Against this backdrop, this study examines the nexus between corporate governance and performance of firms from 2012 to 2020, using the case study of the Nigerian stock exchange. Consequently, data was collected from forty (40) listed firms on the Nigerian Stock Exchange. The study employed a fixed effect technique of estimation to address the objective of the study. It was discovered from the study that the influence of corporate governance components such as gender diversity, board independence and managerial ownership led to a significant positive impact on the performance of the firms under the investigation. In view of the above finding, this study makes the following recommendations for the policymakers in Nigeria that anytime the goal of the policymakers is the improvement of performance of the listed firms in the Nigerian stock exchange, board independence and a balance in the inclusion of male and female among the board of directors should be encouraged in these firms.

Keywords: corporate, governance, firms, performance, Nigeria, stock, exchange

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Authors: F. Dabir, R. Sarraf-Mamoory, N. Riahi-Noori

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In this work, a nanostructured TiO2 layer was coated onto a FTO-less glass substrate using screen printing technique for back contact DSSC application. Then, titanium nitride thin film was applied on TiO2 layer by plasma assisted chemical vapor deposition (PACVD) as charge collector layer. The microstructure of prepared TiO2 layer was characterized by SEM. The sheet resistance, microstructure and elemental composition of titanium nitride thin films were analysed by four point probe, SEM, and EDS, respectively. TiO2 layer had porous nanostructure. The EDS analysis of TiN thin film showed presence of chlorine impurity. Sheet resistance of TiN thin film was 30 Ω/sq. With respect to the results, PACVD TiN can be a good candidate as a charge collector layer in back contacts DSSC.

Keywords: TiO2, TiN, charge collector, DSSC

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Authors: M. Koray Cetin, Mehmet Mert

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The purpose of the study is to examine impacts on tourism revenues of the exchange rate and country overall security level. There are numerous studies that examine the bidirectional relation between macroeconomic factors and tourism revenues and tourism demand. Most of the studies support the existence of impact of tourism revenues on growth rate but not vice versa. Few studies examine the impact of factors like real exchange rate or purchasing power parity on the tourism revenues. In this context, firstly impact of real exchange rate on tourism revenues examination is aimed. Because exchange rate is one of the main determinants of international tourism services price in guests currency unit. Another determinant of tourism demand for a country is country’s overall security level. This issue can be handled in the context of the relationship between tourism revenues and overall security including turmoil, terrorism, border problem, political violence. In this study, factors are handled for several countries which have tourism revenues on a certain level. With this structure, it is a panel data, and it is evaluated with panel data analysis techniques. Panel data have at least two dimensions, and one of them is time dimensions. The panel data analysis techniques are applied to data gathered from Worldbank data web page. In this study, it is expected to find impacts of real exchange rate and security factors on tourism revenues for the countries that have noteworthy tourism revenues.

Keywords: exchange rate, panel data analysis, security, tourism revenues

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Authors: Eti Mizrahi, Gizem İntepe

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The geographical location of Turkey that stretches from Asia to Europe and Russia to Africa makes it an important logistics hub in the region. Although logistics is a developing sector in Turkey, the stock market representation is still low with only two companies listed in Turkey’s stock exchange since 2010. In this paper, we use the daily values of these two listed stocks as a benchmark for the logistics sector. After modeling logistics stock prices, an empirical examination is conducted between the existing logistics indices and these stock prices. The paper investigates whether the measures of logistics stocks are correlated with newly available logistics indices. It also shows the reflection of the economic activity in the logistics sector on the stock exchange market. The results presented in this paper are the first analysis of the behavior of logistics indices and logistics stock prices for Turkey.

Keywords: forecasting, logistic stock exchange, modeling, Africa

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Authors: Diteboho Xaba, Kolentino Mpeta, Tlotliso Qejoe

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This paper assesses the in-sample forecasting of the South African exchange rates comparing a linear ARIMA model and a SETAR model. The study uses a monthly adjusted data of South African exchange rates with 420 observations. Akaike information criterion (AIC) and the Schwarz information criteria (SIC) are used for model selection. Mean absolute error (MAE), root mean squared error (RMSE) and mean absolute percentage error (MAPE) are error metrics used to evaluate forecast capability of the models. The Diebold –Mariano (DM) test is employed in the study to check forecast accuracy in order to distinguish the forecasting performance between the two models (ARIMA and SETAR). The results indicate that both models perform well when modelling and forecasting the exchange rates, but SETAR seemed to outperform ARIMA.

Keywords: ARIMA, error metrices, model selection, SETAR

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Authors: Faisal Algosair

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We examine the role of monetary policy in the presence of commodity price shocks using a Dynamic stochastic general equilibrium (DSGE) model with price and wage rigidities. The model characterizes a commodity exporter by its degree of export diversification, and explores the following monetary regimes: flexible domestic inflation targeting; flexible Consumer Price Index inflation targeting; exchange rate peg; and optimal rule. An increase in the degree of diversification is found to mitigate responses to commodity shocks. The welfare comparison suggests that a flexible exchange rate regime under the optimal rule is preferred to an exchange rate peg. However, monetary policy provides limited stabilization effects in an economy with low degree of export diversification.

Keywords: business cycle, commodity price, exchange rate, global financial cycle

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Authors: Marija Vicic

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The purpose of commercial credit regulation in an unified way under Law on Foreign Exchange Operations in Republic of Serbia allows an easier state monitoring of credit operations performed by non-professionals on foreign exchange market. By broadly defining the term “commercial credits“, the state (i.e. National Bank of Serbia) is given the authority to monitor the performance of all obligations under commercial contracts in which the obligations are not performed simultaneously. In the first part of the paper, the author analyses the economic gist of commercial credits with the purpose of giving an insight into their special treatment. The author examines the term „commercial credits“ given in Law on foreign exchange operations and the difference between financial credits and irregular commercial credits (exports and imports of goods and services deemed to be commercial credits) is particularly highlighted. In the second part, the author emphasizes the specifics of commercial credit contracts, especially the effects of special requests for the parties to these contracts to notify National Bank of Serbia and specific regulations regarding maturity of obligations under these commercial credits and the assignment and compensation of the said contracts.

Keywords: commercial credit, foreign exchange operations, commercial transactions, deferred payment, advance payment, (non) resident

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Authors: Phumlani Msomi, Patrick Nonjola, Patrick Ndungu, James Ramontja

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A series of quaternized poly (2.6 dimethyl – 1.4 phenylene oxide)/ polysulfone (QPPO/PSF) blend anion exchange membrane (AEM) were successfully fabricated and characterized for methanol alkaline fuel cell application. Zinc Oxide (ZnO) nanoparticles were introduced in the polymer matrix to enhance the intrinsic properties of the AEM. To confirm successful fabrication, FT-IR spectroscopy and nuclear magnetic resonance (¹H NMR and HMBC ¹⁵N NMR) were used. The membrane properties were enhanced by the addition of ZnO nanoparticles. The addition of ZnO nanoparticles resulted to a higher ion exchange capacity (IEC) of 3.72 mmol.g⁻¹and a 30-fold ion conductivity (IC) increase of the nanocomposite due to no (zero (0)) methanol permeability at 30 °C and increased water uptake. The QPPO/PSF/2% ZnO composite retained over 80 % of its initial IC when evaluated for alkaline stability at room temperature. The maximum power output reached for the membrane electrode assembly (MEA) constructed with QPPO/PSF/2%ZnO is 69 mW.cm⁻², which is about three times more than the parent QPPO membrane. The above results indicate that QPPO/PSF-ZnO is a good candidate as an anion exchange membrane for fuel cell application.

Keywords: anion exchange membrane, fuel cell, zinc oxide, nanocomposite

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Authors: David Ompong, Jai Singh

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A better understanding of the open-circuit voltage (Voc) related losses in organic solar cells (OSCs) is desirable in order to assess the photovoltaic performance of these devices. We have derived Voc as a function of charge carrier mobilities (μe and μh) for organic and hybrid solar cells by optimizing the drift-diffusion current density. The optimum Voc thus obtained depends on the energy difference between the highest occupied molecular orbital (HOMO) level and the quasi-Fermi level of holes of the donor material. We have found that the Voc depends on the ratio of the electron (μe) and hole (μh) mobilities and when μh > μe the Voc increases. The most important loss term in the Voc arises from the energetics of the donor and acceptor materials, which will be discussed in detail in this paper.

Keywords: charge carrier mobility, open-circuit voltage, organic solar cells, quasi-fermi levels

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Authors: Saeeda Nadir Ali, Najma Sultana, Muhammad Saeed Arayne

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Charge transfer complexes of omeprazole with bromothymol blue, methyl orange, and picric acid in the Beer’s law ranges 7-56, 6-48, and 10-80 µg mL-1, exhibiting stoichiometric ratio 1:1, and maximum wavelength 400, 420 and 373 nm respectively have been studied in aqueous medium. ICH guidelines were followed for validation study. Spectroscopic parameters including oscillator’s strength, dipole moment, ionization potential, energy of complexes, resonance energy, association constant and Gibb’s free energy changes have also been investigated and Benesi-Hildebrand plot in each case has been obtained. In addition, the methods were fruitfully employed for omeprazole determination in pharmaceutical formulations with no excipients obstruction during analysis. Solid omeprazole complexes with all the acceptors were synthesized and then structure was elucidated by IR and 1H NMR spectroscopy.

Keywords: omeprazole, bromothymol blue, methyl orange and picric acid, charge transfer complexes

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Authors: John Adebayo Oloyhede

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This paper examines effect of financial liberalization on the stability of the demand for money function and its implication for exchange rate behaviour of three African countries. As the demand for money function is regarded as one of the two main building blocks of most exchange rate determination models, the other being purchasing power parity, its stability is required for the monetary models of exchange rate determination to hold. To what extent has the liberalisation policy of these countries, for instance liberalised interest rate, affected the demand for money function and what has been the consequence on the validity and relevance of floating exchange rate models? The study adopts the Autoregressive Instrumental Package (AIV) of multiple regression technique and followed the Almon Polynomial procedure with zero-end constraint. Data for the period 1986 to 2011 were drawn from three developing countries of Africa, namely: Gambia, Ghana and Nigeria, which did not only start the liberalization and floating system almost at the same period but share similar and diverse economic and financial structures. Its findings show that the demand for money was a stable function of income and interest rate at home and abroad. Other factors such as exchange rate and foreign interest rate exerted some significant effect on domestic money demand. The short-run and long-run elasticity with respect to income, interest rates, expected inflation rate and exchange rate expectation are not greater than zero. This evidence conforms to some extent to the expected behaviour of the domestic money function and underscores its ability to serve as good building block or assumption of the monetary model of exchange rate determination. This will, therefore, assist appropriate monetary authorities in the design and implementation of further financial liberalization policy packages in developing countries.

Keywords: financial liberalisation, exchange rates, demand for money, developing economies

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Authors: John Kabuba, Hilary Rutto

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Ion exchange is one of the methods used to remove heavy metal such as copper and cobalt from wastewaters. Parameters affecting the ion-exchange of copper and cobalt aqueous solutions using clinoptilolite are the objectives of this study. Synthetic solutions were prepared with the concentration of 0.02M, 0.06M and 0.1M. The cobalt solution was maintained to 0.02M while varying the copper solution to the above stated concentrations. The clinoptilolite was activated with HCl and H2SO4 for removal efficiency. The pHs of the solutions were found to be acidic hence enhancing the copper and cobalt removal. The natural clinoptilolite performance was also found to be lower compared to the HCl and H2SO4 activated one for the copper removal ranging from 68% to 78% of Cu2+ uptake with the natural clinoptilolite to 66% to 51% with HCl and H2SO4 respectively. It was found that the activated clinoptilolite removed more copper and cobalt than the natural one and found that the electronegativity of the metal plays a role in the metal removal and the clinoptilolite selectivity.

Keywords: clinoptilolite, cobalt and copper, ion-exchange, mass dosage, pH

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Authors: Khaled Alshammari

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Ciprofloxacin (CIP) is a common antibiotic drug used as a strudy electron donor that interacts with dynamic π -acceptors such as 2,3-dinitrosalsylic acid (HDNS) and Tetracyanoethylene (TCNE) for synthesizing a new model of charge transfer (CT) complexes. The synthesized complexes were identified using diverse analytical methods such as UV–vis spectra, photometric titration measurements, FT-IR, HNMR Spectroscopy, and thermogravimetric analysis techniques (TGA/DTA). The stoichiometries for all the formed complexes were found to be a 1:1 M ratio between the reactants. The characteristic spectroscopic properties such as transition dipole moment (µ), oscillator strength (f), formation constant (KCT), ionization potential (ID), standard free energy (∆G), and energy of interaction (ECT) for the CT-complexes were collected. The developed CT complexes were tested for their toxicity on main organs, antimicrobial activity, antioxidant activity, and biofilm formation.

Keywords: biological, biofilm, toxicity, thermal analysis, charge transfer, spectroscopy

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Authors: Anders Schou Simonsen, Thomas Condra, Kim Sørensen

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Various processes are modelled using a discrete phase, where particles are seeded from a source. Such particles can represent liquid water droplets, which are affecting the continuous phase by exchanging thermal energy, momentum, species etc. Discrete phases are typically modelled using parcel, which represents a collection of particles, which share properties such as temperature, velocity etc. When coupling the phases, the exchange rates are integrated over the cell, in which the parcel is located. This can cause spikes and fluctuating exchange rates. This paper presents an alternative method of coupling a discrete and a continuous plug flow phase. This is done using triangular parcels, which span between nodes following the dynamics of single droplets. Thus, the triangular parcels are propagated using the corner nodes. At each time step, the exchange rates are spatially integrated over the surface of the triangular parcels, which yields a smooth continuous exchange rate to the continuous phase. The results shows that the method is more stable, converges slightly faster and yields smooth exchange rates compared with the steam tube approach. However, the computational requirements are about five times greater, so the applicability of the alternative method should be limited to processes, where the exchange rates are important. The overall balances of the exchanged properties did not change significantly using the new approach.

Keywords: CFD, coupling, discrete phase, parcel

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Authors: Ashish Soni, Suman Kalyan Pal

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Transition metal dichalcogenides (TMDCs) are an emerging paradigm for the generation of advanced materials which are capable of utilizing in future device applications. In recent years TMDCs have attracted researchers for their unique band structure in monolayers. Large-area monolayers could become the most appropriate candidate for flexible and thin optoelectronic devices. For this purpose, it is crucial to understand the generation and transport of charge carriers in low dimensions. A deep understanding of photo-generated hot charges and trapped charges is essential to improve the performance of optoelectronic devices. Carrier trapping by the defect states that are introduced during the growth process of the monolayer could influence the dynamical behaviour of charge carriers. Herein, we investigated some aspects of the ultrafast evolution of the initially generated hot carriers and trapped charges in large-area monolayer WS₂ by measuring transient absorption at energies above and below the band gap energy. Our excitation density and energy-dependent measurements reveal the trapping of the initially generated charge carrier. Our results could be beneficial for the development of TMDC-based optoelectronic devices.

Keywords: transient absorption, optoelectronics, 2D materials, TMDCs, exciton

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Authors: Vladimir Simovic, Matija Varga, Predrag Oreski

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XHTML and XBRL are the standard languages for creating a database for the purpose of displaying financial statements on web applications. Today, XBRL is one of the most popular languages for business reporting. A large number of countries in the world recognize the role of XBRL language for financial reporting and the benefits that the reporting format provides in the collection, analysis, preparation, publication and the exchange of data (information) which is the positive side of this language. Here we present all advantages and opportunities that a company may have by using the XBRL format for business reporting. Also, this paper presents XBRL and other languages that are used for creating the database, such XML, XHTML, etc. The role of the AJAX complex model and technology will be explained in detail, and during the exchange of financial data between the web client and web server. Here will be mentioned basic layers of the network for data exchange via the web.

Keywords: XHTML, XBRL, XML, JavaScript, AJAX technology, data exchange

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Authors: Qingying Liu, S. Liu, L. Hao, B. Zhang, J. D. Yan

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HVDC technology is becoming increasingly popular due to its simplicity in topology and less power loss over long distance of power transmission, in comparison with HVAC technology. However, the dielectric behavior of insulators in the long term under HVDC stress is completely different from that under HVAC stress as a result of charge accumulation in a constant electric field. Insulators used in practical systems are never perfect in their structural conditions. Over time shallow cracks may develop on their surface. The presence of defects can lead to drastic change in their dielectric behaviour and thus increase the probability of surface flashover. In this contribution, experimental investigations have been carried out on the charge accumulation phenomenon on the surface of a rod insulator made of epoxy that is placed between two disk shaped electrodes at different voltage levels and in different gases (SF6, CO2 and N2). Many results obtained, such as, the two-dimensional electrostatic potential distribution along the insulator surface after the removal of the power source following a pre-defined period of application. The probe has been carefully calibrated before each test. Results show that surface charge distribution near the two disk shaped electrodes is not uniform in the circumferential direction, possibly due to the imperfect electrical connections between the embeded conductor in the insulator and the disk shaped electrodes. The axial length of this non-uniform region is experimentally determined, which provides useful information for shielding design. A charge transport model is also used to explain the formation of the long term electrostatic potential distribution under a constant applied voltage.

Keywords: HVDC, power systems, dielectric behavior, insulation, charge accumulation

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Authors: Kunya Bowornchockchai

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The objective of this research is to forecast the monthly exchange rate between Thai baht and the US dollar and to compare two forecasting methods. The methods are Box-Jenkins’ method and Holt’s method. Results show that the Box-Jenkins’ method is the most suitable method for the monthly Exchange Rate between Thai Baht and the US Dollar. The suitable forecasting model is ARIMA (1,1,0)  without constant and the forecasting equation is Y_t = Y_t-1 + 0.3691 (Y_t-1 - Y_t-2) When Y_t  is the time series data at time t, respectively.

Keywords: Box–Jenkins method, Holt’s method, mean absolute percentage error (MAPE), exchange rate

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Authors: Niharika Keot, Manabendra Sarma

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A thorough investigation of Ln3+ complexes with more than one inner-sphere water molecule is crucial for designing high relaxivity contrast agents (CAs) used in magnetic resonance imaging (MRI). This study accomplished a comparative stability analysis of two hexadentate (H3cbda and H3dpaa) and two heptadentate (H4peada and H3tpaa) ligands with Ln3+ ions. The higher stability of the hexadentate H3cbda and heptadentate H4peada ligands has been confirmed by the binding affinity and Gibbs free energy analysis in aqueous solution. In addition, energy decomposition analysis (EDA) reveals the higher binding affinity of the peada4− ligand than the cbda3− ligand towards Ln3+ ions due to the higher charge density of the peada4− ligand. Moreover, a mechanistic overview of water exchange kinetics has been carried out based on the strength of the metal–water bond. The strength of the metal–water bond follows the trend Gd–O47 (w) > Gd–O39 (w) > Gd–O36 (w) in the case of the tris-aquated [Gd(cbda)(H2O)3] and Gd–O43 (w) > Gd–O40 (w) for the bis-aquated [Gd(peada)(H2O)2]− complex, which was confirmed by bond length, electron density (ρ), and electron localization function (ELF) at the corresponding bond critical points. Our analysis also predicts that the activation energy barrier decreases with the decrease in bond strength; hence kex increases. The 17O and 1H hyperfine coupling constant values of all the coordinated water molecules were different, calculated by using the second-order Douglas–Kroll–Hess (DKH2) approach. Furthermore, the ionic nature of the bonding in the metal–ligand (M–L) bond was confirmed by the Quantum Theory of Atoms-In-Molecules (QTAIM) and ELF along with energy decomposition analysis (EDA). We hope that the results can be used as a basis for the design of highly efficient Gd(III)-based high relaxivity MRI contrast agents for medical applications.

Keywords: MRI contrast agents, lanthanide chemistry, thermodynamic stability, water exchange kinetics

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Authors: Abdul Rauf, Xiaoxing Liu, Waqas Amin

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Stock markets are fascinating more and more conductive to each other due to liberalization and globalization trends in recent years. China Pakistan Economic Corridor (CPEC) has dragged Pakistan stock exchange to the new heights and global investors are making investments to reap its benefits. So, in investors and government perspective, the study focuses co-integration of Pakistan stock exchange with world’s five big economies i-e US, China, England, Japan, and France. The time period of study is seven years i-e 2010 to 2016 and daily values of major indices of corresponding stock exchanges collected. All variables of that particular study are stationary at first difference confirmed by unit root test. The study Johansen system co integration test for analysis of data along with Granger causality test is performed for result purpose. Co integration test asserted that Pakistan stock exchange integrated with Shanghai stock exchange (SSE) and NIKKEI stock exchange in short run. Granger causality test also proclaimed these results. But NASDAQ, FTSE, DAX not co integrated and Granger cause at a short run but long run these markets are bonded with Pakistan stock exchange (KSE). VECM also confirmed this liaison in short and long run. Investors, therefore, need to be updated regarding co-integration of world’s stock exchanges to ensure well diversified and risk adjusted high returns. Equally, governments also need updated status so that they could reduce co-integration through multiple steps and hence drag investors for diversified investment.

Keywords: CPEC, DAX, FTSE, liberalization, NASDAQ, NIKKEI, SSE, stock markets

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Authors: Rajan Goyal, S. Lamba, S. Annapoorni

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The indirect exchange coupled system consists of two ferromagnetic layers separated by non-magnetic spacer layer. The type of exchange coupling may be either ferro or anti-ferro depending on the thickness of the spacer layer. In the present work, the strength of exchange coupling in FePt/Al₂O₃/Fe₃Pt has been investigated by varying the thickness of the spacer layer Al₂O₃. The FePt/Al₂O₃/Fe₃Pt trilayer structure is fabricated on Si <100> single crystal substrate using sputtering technique. The thickness of FePt and Fe₃Pt is fixed at 60 nm and 2 nm respectively. The thickness of spacer layer Al₂O₃ was varied from 0 to 16 nm. The normalized hysteresis loops recorded at room temperature both in the in-plane and out of plane configuration reveals that the orientation of easy axis lies along the plane of the film. It is observed that the hysteresis loop for ts=0 nm does not exhibit any knee around H=0 indicating that the hard FePt layer and soft Fe₃Pt layer are strongly exchange coupled. However, the insertion of Al₂O₃ spacer layer of thickness ts = 0.7 nm results in appearance of a minor knee around H=0 suggesting the weakening of exchange coupling between FePt and Fe₃Pt. The disappearance of knee in hysteresis loop with further increase in thickness of the spacer layer up to 8 nm predicts the co-existence of ferromagnetic (FM) and antiferromagnetic (AFM) exchange interaction between FePt and Fe₃Pt. In addition to this, the out of plane hysteresis loop also shows an asymmetry around H=0. The exchange field Hex = (Hc↑-HC↓)/2, where Hc↑ and Hc↓ are the coercivity estimated from lower and upper branch of hysteresis loop, increases from ~ 150 Oe to ~ 700 Oe respectively. This behavior may be attributed to the uncompensated moments in the hard FePt layer and soft Fe₃Pt layer at the interface. A better insight into the variation in indirect exchange coupling has been investigated using recoil curves. It is observed that the almost closed recoil curves are obtained for ts= 0 nm up to a reverse field of ~ 5 kOe. On the other hand, the appearance of appreciable open recoil curves at lower reverse field ~ 4 kOe for ts = 0.7 nm indicates that uncoupled soft phase undergoes irreversible magnetization reversal at lower reverse field suggesting the weakening of exchange coupling. The openness of recoil curves decreases with increase in thickness of the spacer layer up to 8 nm. This behavior may be attributed to the competition between FM and AFM exchange interactions. The FM exchange coupling between FePt and Fe₃Pt due to porous nature of Al₂O₃ decreases much slower than the weak AFM coupling due to interaction between Fe ions of FePt and Fe₃Pt via O ions of Al₂O₃. The hysteresis loop has been simulated using Monte Carlo based on Metropolis algorithm to investigate the variation in strength of exchange coupling in FePt/Al₂O₃/Fe₃Pt trilayer system.

Keywords: indirect exchange coupling, MH loop, Monte Carlo simulation, recoil curve

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Authors: Jie Liu, Wei Wei, Chun-Ping Chang

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Using a sample of 110 countries over the period 1984-2013, this paper examines the impacts of country risks on choosing a specific exchange rate regime (first by utilizing the Levy-Yeyati and Sturzenegger de facto classification and then robusting it by the IMF de jure measurement) relative to other regimes via the panel multinomial logit approach. Empirical findings are as follows. First, in the full samples case we provide evidence that government is more likely to implement a flexible regime, but less likely to adopt a fixed regime, under a low level of composite and financial risk. Second, we find that Eurozone countries are more likely to choose a fixed exchange rate regime with a decrease in the level of country risk and favor a flexible regime in response to a shock from an increase of risk, which is opposite to non-Eurozone countries. Third, we note that high-risk countries are more likely to choose a fixed regime with a low level of composite and political risk in the government, but do not adjust the exchange rate regime as a shock absorber when facing economic and financial risks. It is interesting to see that those countries with relatively low risk display almost opposite results versus high-risk economies. Overall, we believe that it is critically important to account for political economy variables in a government’s exchange rate policy decisions, especially for country risks. All results are robust to the panel ordered probit model.

Keywords: country risk, political economy, exchange rate regimes, shock absorber

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Authors: Jitendra Sharma

Abstract:

Here a Homogeneous Charge is used as in a spark-ignited engine, but the charge is compressed to auto ignition as in a diesel. The main difference compared with the Spark Ignition (SI) engine is the lack of flame propagation and hence the independence from turbulence. Compared with the diesel engine. HCCI has a homogeneous charge and have no problems associated with soot and Nox but HC and CO were higher than in SI mode. It was not possible to achieve high IMEP (Indicated Mean Effective Pressure) values with HCCI. The Homogeneous charge compression ignition (HCCI) is an attractive technology because of its high efficiency and low emissions. However, HCCI lakes a direct combustion trigger making control of combustion timing challenging, especially during transients. To aid in HCCI engine control we present a simple model of the HCCI combustion process valid over a range of intake pressures, intake temperatures, equivalence ratios and engine speeds. HCCI a new combustion technology that may develop as an alternative to diesel engines with high efficiency and low Knox and particulate matter emissions. The homogenous charge compression ignition (HCCI) is a promising new engine technology that combines elements of the diesel and gasoline engine operating cycles. HCCI as a way to increase the efficiency of the gasoline engine. The attractive properties are increased fuel efficiency due to reduced throttling losses, increased expansion ratio and higher thermodynamic efficiency. With the advantages there are some mechanical limitations to the operation of the HCCI engine. The implementation of homogenous charge compression ignition (HCCI) to gasoline engines is constrained by many factors. The main drawback of HCCI is the absence of direct combustion timing control. Therefore all the right conditions for auto ignition have to be set before combustion starts. This paper describes the past and current research done on HCCI engine. Many research got considerable success in doing detailed modeling of HCCI combustion. This paper aims at studying the fundamentals of HCCI combustion, the strategy to control the limitation of HCCI engine.

Keywords: HCCI, diesel engine, combustion, elementary investigation

Procedia PDF Downloads 415

Authors: Nila Febri Wilujeng, Helda Risman

Abstract:

Enjoying stable security within its region for the last 50 years, ASEAN nowadays contends with the global context emerging dynamically, which brings about multidimensional challenges and threats such as terrorism, radicalism, armed rebellion, hijacking, and other non-traditional threats. Dealing with these circumstances, ASEAN member states tighten its capacity by enhancing regional cooperation and strategic information exchange among ASEAN member states so-called ASEAN Our Eyes. This initiative adopted for the sake of forestalling any possible threat posed by violent extremism, radicalization, and terrorism through timely strategic information exchange among ASEAN member states. By using qualitative method, this paper will utilize regional security complex and international cooperation theories in analyzing the process to examine ASEAN Our Eyes based on its terms of reference. As a result, it portrays that ASEAN Our Eyes is able to undermine the gaps in the realm of strategic information exchange in monitoring the movement of violent extremism, radicalism, foreign terrorist fighters, and crime-terror nexus. However, it remains premature as a strategic measure to encounter those threats in the years to come.

Keywords: regional cooperation, counter-terrorism, ASEAN our eyes, strategic information exchange

Procedia PDF Downloads 173

Authors: A. Baloglu, A. Çınar

Abstract:

Different tools and technologies were implemented for Crisis Response and Management (CRM) which is generally using available network infrastructure for information exchange. Depending on type of disaster or crisis, network infrastructure could be affected and it could not be able to provide reliable connectivity. Thus any tool or technology that depends on the connectivity could not be able to fulfill its functionalities. As a solution, a new message exchange framework has been developed. Framework provides offline/online information exchange platform for CRM Information Systems (CRMIS) and it uses XML compression and packet prioritization algorithms and is based on open source web technologies. By introducing offline capabilities to the web technologies, framework will be able to perform message exchange on unreliable networks. The experiments done on the simulation environment provide promising results on low bandwidth networks (56kbps and 28.8 kbps) with up to 50% packet loss and the solution is to successfully transfer all the information on these low quality networks where the traditional 2 and 3 tier applications failed.

Keywords: crisis response and management, XML messaging, web services, XML compression, mining

Procedia PDF Downloads 316

Authors: K. Menad, A. Feddag, M. A. Hassnaoui

Abstract:

We are living in a time and in a world heavily polluted. In the list of the great dangers awaiting the man can be placed on top of the list pollution by heavy metals: lead, mercury, cadmium, etc. Fatigue, Depression, Thyroid disorder, Alzheimer's, Parkinson's, Cancer, are some of the health problems caused by heavy metal pollution. The environmental protection has long since become a major political and economic issue. Among the priorities, include safeguarding water resources. All countries of the world are concerned either because they lack water or because they pollute it. There are several ways to remove these heavy metals; ion exchange by zeolites is one of these ways, which our work is based on. Zeolites were among the main clean up materials by either adsorption, ion exchange and catalysis. Lead and cadmium, heavy metals, is one of the main dangers fulminate the flora and fauna of our small planet, so many resources are deployed to remedy them. The elimination of lead and cadmium by ion exchange has been extensively studied. However, exchange capacity of more and larger formed a major challenge for researchers and industry.

Keywords: composite, ion excahnge, zeolite LTA, zeolite x

Procedia PDF Downloads 240

Authors: Seid Yimer Abate, Ding-Chi Huang, Yu-Tai Tao

Abstract:

In this study, charge extraction characteristics at the perovskite/TiO2 interface in the conventional perovskite solar cell is studied by interface engineering. Self-assembled monolayers of phosphonic acids with different chain length and terminal functional group were used to modify mesoporous TiO2 surface to modulate the surface property and interfacial energy barrier to investigate their effect on charge extraction and transport from the perovskite to the mp-TiO2 and then the electrode. The chain length introduces a tunnelling distance and the end group modulate the energy level alignment at the mp-TiO2 and perovskite interface. The work function of these SAM-modified mp-TiO2 varied from −3.89 eV to −4.61 eV, with that of the pristine mp-TiO2 at −4.19 eV. A correlation of charge extraction and transport with respect to the modification was attempted. The study serves as a guide to engineer ETL interfaces with simple SAMs to improve the charge extraction, carrier balance and device long term stability. In this study, a maximum PCE of ~16.09% with insignificant hysteresis was obtained, which is 17% higher than the standard device.

Keywords: Energy level alignment, Interface engineering, Perovskite solar cells, Phosphonic acid monolayer, Tunnelling distance

Procedia PDF Downloads 102