Search results for: financial bubble

Authors: Neel K. Shah

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Passive flow control on aerofoils has largely been achieved through the use of protrusions such as vane-type vortex generators. Consequently, innovative flow-control concepts should be explored in an effort to improve current component performance. Therefore, experimental research has been performed at The University of Manchester to evaluate the flow-control effectiveness of a vortex generator made in the form of a surface indentation. The surface indentation has a trapezoidal planform. A spanwise array of indentations has been applied in a convergent orientation around the maximum-thickness location of the upper surface of a NACA-0015 aerofoil. The aerofoil has been tested in a two-dimensional set-up in a low-speed wind tunnel at an angle of attack (AoA) of 3° and a chord-based Reynolds number (Re) of ~2.7 x 105. The baseline model has been found to suffer from a laminar separation bubble at low AoA. The application of the indentations at 3° AoA has considerably shortened the separation bubble. The indentations achieve this by shedding up-flow pairs of streamwise vortices. Despite the considerable reduction in bubble length, the increase in leading-edge suction due to the shorter bubble is limited by the removal of surface curvature and blockage (increase in surface pressure) caused locally by the convergent indentations. Furthermore, the up-flow region of the vortices, which locally weakens the pressure recovery around the trailing edge of the aerofoil by thickening the boundary layer, also contributes to this limitation. Due to the conflicting effects of the indentations, the changes in the pressure-lift and pressure-drag coefficients, i.e., cl,p and cd,p, are small. Nevertheless, the indentations have improved cl,p and cd,p beyond the uncertainty range, i.e., by ~1.30% and ~0.30%, respectively, at 3° AoA. The wake measurements show that turbulence intensity and Reynolds stresses have considerably increased in the indented case, thus implying that the indentations increase the viscous drag on the model. In summary, the convergent indentations are able to reduce the size of the laminar separation bubble, but conversely, they are not highly effective in reducing cd,p at the tested Reynolds number.

Keywords: aerofoil flow control, laminar separation bubbles, low Reynolds-number flows, surface indentations

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Authors: Adekunle Olakunle Felix

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Research will be based on the financial management importance within organization and its important role in non-economic and economic activities that provide us the useful information about the efficient procurement and utilization of finance in a profitable manner. Due to industrialization, financial management become a vital part of business and it is very important for the business concern that with a good financial management to earn maximum profit.

Keywords: management, business, profitability, organization, financial, efficiency

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Authors: Mohammad Sarchami, Mohsen Zeinalkhani

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Always, financial reporting system faces some problems to win public ear. The increase in the number of fraud and representation, often combined with the bankruptcy of large companies, has raised concerns about the quality of financial statements. So, investors, legislators, managers, and auditors have focused on significant fraud detection or prevention in financial statements. This article aims to investigate the Sugeno fuzzy classification to consider fraud detection in financial reporting of accepted firms by Tehran stock exchange. The hypothesis is: Sugeno fuzzy classification may detect fraud in financial reporting by financial ratio. Hypothesis was tested using Matlab software. Accuracy average was 81/80 in Sugeno fuzzy classification; so the hypothesis was confirmed.

Keywords: fraud, financial reporting, Sugeno fuzzy classification, firm

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Authors: Riaz Dhai

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The inherent differences between Islamic and conventional finance have given rise to a debate on whether conventional accounting standards provide sufficient disclosure in the annual financial statements of Islamic financial institutions (IFI). This issue has become more pronounced due to the rapid growth of IFIs over the last decade. This paper seeks to collate the literature surrounding this debate as well as summarise the key macro and micro level financial reporting differences between conventional and Islamic accounting. Based on these findings we propose some important areas of future research in this emerging field.

Keywords: Islamic financial institutions, financial reporting, critical analysis, conventional accounting standards

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Authors: Yusuf Seedat

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The necessity to understand global financial markets has increased following the unfortunate spread of the recent financial crisis around the world. Financial markets are considered to be complex systems consisting of highly volatile move-ments whose indexes fluctuate without any clear pattern. Analytic methods of stock prices have been proposed in which financial markets are modeled using common network analysis tools and methods. It has been found that two key components of social network analysis are relevant to modeling financial markets, allowing us to forecast accurate predictions of stock prices within the financial market. Financial markets have a number of interacting components, leading to complex behavioral patterns. This paper describes a social network approach to analyzing financial markets as a viable approach to studying the way complex stock markets function. We also look at how social network analysis techniques and metrics are used to gauge an understanding of the evolution of financial markets as well as how community detection can be used to qualify and quantify in-fluence within a network.

Keywords: network analysis, social networks, financial markets, stocks, nodes, edges, complex networks

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Authors: Sonal Purohit, Animesh Dubey

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Corporate governance deals with the entire network of formal and informal relationship with the management of the company and company’s stakeholders including employees, customers, creditors, local communities, and society in general. The recent financial crisis was truly a global crisis in its nature and effects. The Indian financial markets were not immune to this global financial crisis. It is believed that corporate governance also had a major role to play in staggering the effect of this crisis. The objective of this paper is to examine the failure of prevailing corporate governance practice in India during financial crisis. Lack of appropriate implementation of the corporate government norms was a reason behind the phenomenon of money being pulled-out by FIIs, which constitute major investors and influencers of the Indian financial market.

Keywords: corporate governance, FII, financial market, financial crisis

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Authors: Reskino Resky

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This research purposes to create a model to detecting financial statement fraud. This research examines the variable of fraud triangle and auditor industry specialization with financial statement fraud. This research used sample of company which is listed in Indonesian Stock Exchange that have sanctions and cases by Financial Services Authority in 2011-2013. The number of company that were became in this research were 30 fraud company and 30 non-fraud company. The method of determining the sample is by using purposive sampling method with judgement sampling, while the data processing methods used by researcher are mann-whitney u and discriminants analysis. This research have two from five variable that can be process with discriminant analysis. The result shows the financial targets can be detect financial statement fraud, while financial stability can’t be detect financial statement fraud.

Keywords: fraud triangle analysis, financial targets, financial stability, auditor industry specialization, financial statement fraud

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Authors: Dorjana Nano

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Financial literacy has become on focus of many research studies. Family household is found to influence students’ financial literacy. The purpose of this study is to explore whether financial literacy of Albanian students is associated with their family household. The main objectives of this research are: i) firstly, to evaluate how financial literate are Albanian university students; ii) secondly, to examine whether the financial literacy differs based on the level of students family income; and iii) finally, to draw some conclusions and recommendations in order to improve student’s financial literacy. An instrument, comprised of personal finance and personal characteristics is administered to 637 students in Albania. The constituency of the survey is tested based on the dimension reduction and factor analyzing techniques. The One Way Welch ANOVA and multiple comparison techniques are utilized to analyze the data. The results indicate that student’s financial literacy is influenced by their family income.

Keywords: financial literacy, household income, smart decisions, university students

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Authors: Khan Sarfaraz, Mohammad Ali Mia

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Money laundering and other financial crime have become a global threat in recent years, impacting both developed and poor countries. In developing countries like Bangladesh, it is more difficult to combat financial crime than in developing countries because of the inadequate regulatory environment and vulnerable financial system. Bangladesh's central bank issues guidelines to facilitate the implementation of the prevention of the money laundering act. According to the guideline of Bangladesh Bank, all financial institution has to develop anti-money laundering policy to ensure the safety and soundness of their institutions. The paper aims to focus on the role of authorized agencies in combating financial crime. In this paper, the latest trends in financial crimes have been discussed from global and Asian perspectives. The preventive measures for money laundering and other financial crimes have been discussed elaborately. So far, financial crime is a sophisticated and dynamic crime, and criminals continuously took innovative processes to use the financial system to launder money. The study will take a step in pointing out new techniques, effects and challenges of financial crime in Bangladesh.

Keywords: financial crime, illegal money transfer, online gambling, money laundering, authorized agencies

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Authors: Machimontorn Promtong, Sherman C. P. Cheung, Guan H. Yeoh, Sara Vahaji, Jiyuan Tu

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The wide range of industrial applications involved with boiling flows promotes the necessity of establishing fundamental knowledge in boiling flow phenomena. For this purpose, a number of experimental and numerical researches have been performed to elucidate the underlying physics of this flow. In this paper, the improved wall boiling models, implemented on ANSYS CFX 14.5, were introduced to study subcooled boiling flow at elevated pressure. At the heated wall boundary, the Fractal model, Force balance approach and Mechanistic frequency model are given for predicting the nucleation site density, bubble departure diameter, and bubble departure frequency. The presented wall heat flux partitioning closures were modified to consider the influence of bubble sliding along the wall before the lift-off, which usually happens in the flow boiling. The simulation was performed based on the Two-fluid model, where the standard k-ω SST model was selected for turbulence modelling. Existing experimental data at around 5 bars were chosen to evaluate the accuracy of the presented mechanistic approach. The void fraction and Interfacial Area Concentration (IAC) are in good agreement with the experimental data. However, the predicted bubble velocity and Sauter Mean Diameter (SMD) are over-predicted. This over-prediction may be caused by consideration of only dispersed and spherical bubbles in the simulations. In the future work, the important physical mechanisms of bubbles, such as merging and shrinking during sliding on the heated wall will be incorporated into this mechanistic model to enhance its capability for a wider range of flow prediction.

Keywords: subcooled boiling flow, computational fluid dynamics (CFD), mechanistic approach, two-fluid model

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Authors: Moiz S. Vohra, Nagalingam Arun Prasanth, Wei L. Tan, S. H. Yeo

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The understanding of generation and collapse of acoustic cavitation bubbles are prerequisites for application of cavitation erosion. Microbubbles generated due to rapid fluctuation of pressure induced by propagation of ultrasonic wave lead to formation of high velocity microjets and or shock waves upon collapse. Due to vast application of ultrasonic, it is important to characterize and understand cavitation collapse pressure under the radiating surface at different conditions. A comparative investigation is carried out to determine impact load and dynamic pressure distribution exerted upon bubble collapse using thin film pressure sensors. Measurements were recorded at different input conditions such as amplitude, stand-off distance, insertion depth of the horn inside the liquid and pulse on-off time of acoustic vibrations. Impact force of 2.97 N is recorded at amplitude of 108 μm and stand-off distance of 1 mm from the sensor film, whereas impulsive force as low as 0.4 N is recorded at amplitude of 12 μm and stand-off distance of 5 mm from the sensor film. The results drawn from the investigation indicated that variety of impact loads can be achieved by controlling generation and collapse of bubbles, making it suitable to use for numerous application.

Keywords: ultrasonic cavitation, bubble collapse, pressure mapping sensor, impact load

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Authors: Shota Gulbani

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At the present stage, for the countries with developing economies, studying, and researching financial markets, gains special importance, because the situation of financial markets shapes an exact views about the carried out economic policy of the country. Besides, it’s unimaginable any country with developed economy, without healthy and functioning financial markets, whereas, for any kind of business it has got a great importance in terms of finding diversified and alternative capital. In this regard; it should be noted that the segments of Georgian financial markets are developed quite unequally, as evidenced by the fact that the Georgian financial sector is represented by 93% of commercial banks, what does not create an conformable environment for non-bank financial institutions development. In spite of the fact that Georgia has got one of the best banking system of region, it is important to properly analyze that this system should not hinder the development of other participants of Georgian financial sector.

Keywords: financial markets, macroeconomics, investments, stock exchange

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Authors: Silvia Lorenzo, Hongmian Gong

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With the influx of research assessing the economic impact of the global financial crisis of 2007-8, a spatial analysis based on empirical data is needed to better understand the spatial significance of the financial crisis in New York, a key international financial center also considered the origin of the crisis. Using spatial statistics, the existence of financial clusters specializing in credit and securities throughout the New York metropolitan area are identified for 2000 and 2010, the time period before and after the height of the global financial crisis. Geographically Weighted Regressions are then used to examine processes underlying the formation and movement of financial geographies across state, county and ZIP codes of the New York metropolitan area throughout the 2000s with specific attention to tax regimes, employment, household income, technology, and transportation hubs. This analysis provides useful inputs for financial risk management and public policy initiatives aimed at addressing regional economic sustainability across state boundaries, while also developing the groundwork for further research on a spatial analysis of the global financial crisis.

Keywords: financial clusters, New York, global financial crisis, geographically weighted regression

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Authors: Lynn Ruggieri

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The worldwide pandemic has only increased sustainability awareness. The public is demanding that businesses be held accountable for their impact on the environment. While financial data enjoys uniformity in reporting requirements, there are no uniform reporting requirements for non-financial data. Europe is leading the way with some standards being implemented for reporting non-financial sustainability data; however, there is no uniformity globally. And without uniformity, there is not a clear understanding of what information to include and how to disclose it. Sustainability reporting will provide important information to stakeholders and will enable businesses to understand their impact on the environment. Therefore, there is a crucial need for this data. This paper looks at the history of sustainability reporting in the countries of the European Union and throughout the world and makes a case for worldwide reporting requirements for sustainability.

Keywords: financial reporting, non-financial data, sustainability, global financial reporting

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Authors: Maria Luisa Jaramillo, Alvaro Turriago Hoyos, Ulf Thoene

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Financial inclusion has become a crucially important factor in debates on economic inequality posing challenges to the financial systems of countries around the world. Nowadays, governments and banks are concerned about creating products that allow access to wide sectors of the population. The creation of banking products by the financial sector for people with low incomes tends to lead to improvements in the quality of life of vulnerable parts of the population. In countries with notable social and economic inequalities financial inclusion is a key aspect for equitable economic growth. This study is based on the case of Colombia, which is a country with a strong record of economic growth over the past decade. Nevertheless, corruption, unemployment, and poverty contribute to uncertainty regarding the country’s future growth prospects. This study wants to explain the situation of financial exclusion and financial inclusion with respect to the Colombian case. Financial inclusion is going to be studied from the perspective of social innovation.

Keywords: Colombia, financial exclusion, financial inclusion, social innovation

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Authors: Zouari Ezzeddine, Tarchoun Monaem

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Despite the multiplicity of advanced approaches, the concept of financial integration couldn’t be an explicit analysis. Indeed, empirical studies appear that the measures of international financial integration are one-dimensional analyses. For the ambivalence of the concept and its multiple determinants, it must be analyzed in multidimensional level. The interest of this research is a proposal of a decision support by multicriteria approach for determining the positions of countries according to their international and financial dependencies links with the behavior of financial actors (trying to make governance decisions or diversification strategies of international portfolio ...

Keywords: financial integration, decision support, behavior, multicriteria approach, governance and diversification

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Authors: Kamlesh Shashikant Dave

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The global financial crisis is rooted in the sub-prime crisis in U.S.A. During the boom years, mortgage brokers attracted by the big commission, encouraged buyers with poor credit to accept housing mortgages with little or no down payment and without credit check. A combination of low interest rates and large inflow of foreign funds during the booming years helped the banks to create easy credit conditions for many years. Banks lent money on the assumptions that housing price would continue to rise. Also the real estate bubble encouraged the demand for houses as financial assets .Banks and financial institutions later repackaged these debts with other high risk debts and sold them to worldwide investors creating financial instruments called collateral debt obligations (CDOs). With the rise in interest rate, mortgage payments rose and defaults among the subprime category of borrowers increased accordingly. Through the securitization of mortgage payments, a recession developed in the housing sector and consequently it was transmitted to the entire US economy and rest of the world. The financial credit crisis has moved the US and the global economy into recession. Indian economy has also affected by the spill over effects of the global financial crisis. Great saving habit among people, strong fundamentals, strong conservative and regulatory regime have saved Indian economy from going out of gear, though significant parts of the economy have slowed down. Industrial activity, particularly in the manufacturing and infrastructure sectors decelerated. The service sector too, slow in construction, transport, trade, communication, hotels and restaurants sub sectors. The financial crisis has some adverse impact on the IT sector. Exports had declined in absolute terms in October. Higher inputs costs and dampened demand have dented corporate margins while the uncertainty surrounding the crisis has affected business confidence. To summarize, reckless subprime lending, loose monetary policy of US, expansion of financial derivatives beyond acceptable norms and greed of Wall Street has led to this exceptional global financial and economic crisis. Thus, the global credit crisis of 2008 highlights the need to redesign both the global and domestic financial regulatory systems not only to properly address systematic risk but also to support its proper functioning (i.e financial stability).Such design requires: 1) Well managed financial institutions with effective corporate governance and risk management system 2) Disclosure requirements sufficient to support market discipline. 3)Proper mechanisms for resolving problem institution and 4) Mechanisms to protect financial services consumers in the event of financial institutions failure.

Keywords: FIIs, BSE, sensex, global impact

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Authors: Syed Hassan Amjad

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In today’s competitive environment, in order for a company to exist, it must continually improve its Performance by reducing cost, improving quality and productivity, and easy access to market.The purpose of this thesis is to check the firm financial growth and performance and which type of factors affect the firm financial performance. This paper examines the key determinants of firm financial performance. We will differentiate between financial and non financial drivers of the firm financial performance. For the measurement of the firm financial performance there are many ways but all the measure had been taken in aggregation, such as debt, tax rate, operating expenses, earning per share and economic conditions. This study has also been done in developed countries but these researches show that foreign companies face many difficulties inimproving the firm financial performance. In findings we found that marketing expenditures and international diversification had a positive impact on firm valuation. In research also found that a firm's ownership composition, particularly the level of equity ownership by Domestic Financial Institutions and Dispersed Public Shareholders, and the leverage of the firm, tax rate and economic conditions were important factors affecting its financial performance.

Keywords: debt, tax rate, firm financial performance, operating expenses, dividend per share, economic conditions

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Authors: J. Nesleha, H. Florianova

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The goal of the study is to provide results of a conducted study devoted to financial literacy in the Czech Republic and to introduce a project related to financial education in the Czech Republic. Financial education has become an important part of education in the country, yet it is still neglected on the lowest level of formal education–primary schools. The project is based on investigation of financial literacy on primary schools in the Czech Republic. Consequently, the authors aim to formulate possible amendments related to this type of education. The gained dataset is intended to be used for analysis concerning financial education in the Czech Republic. With regard to used methods, the most important one is regression analysis for disclosure of predictors causing different levels of financial literacy. Furthermore, comparison of different groups is planned, for which t-tests are intended to be used. The study also employs descriptive statistics to introduce basic relationship in the data file.

Keywords: Czech Republic, financial education, financial literacy, primary school

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Authors: Anocha Rojanapanich

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This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is used for analyzing the data. Results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. And market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship and the contribution of accounting information reports on corporate credibility is generated to the corporate image. That is the corporate image has affected by corporate credibility.

Keywords: corporate credibility, financial and non-financial reports, firms performance, corporate image

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Authors: Nousheen Tariq Bhutta, Syed Zulfiqar Ali Shah

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Financial crises become a key impediment towards the development of countries especially in emerging economies. Based on standard finance, many researchers investigated the financial crises in different countries in order to find the underlying reason regarding occurrence these event; however they were unable to provide it. In this essence behavioral finance may be helpful in providing answers to some queries regarding occurrence and prevention of financial crises. In this paper, we explore the some psychological factors comprises of our inspiration, emotion, cognition and culture along with their reflection companies, financial markets and governments that present some supportive arguments. Moreover, we compared the views of Keynes and Minsky in order to validate the underling justification towards occurrence of financial crises and their prevention in future. This study helps the practitioners and policy makers through providing valuable recommendation in order to protect the economies.

Keywords: financial crises, behavioral finance, financial markets, emerging economies

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Authors: Md. Qamruzzaman, Wei Jianguo

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Over the decade, it is observed that financial development, through financial innovation, not only accelerated development of efficient and effective financial system but also act as a catalyst in the economic development process. In this study, we try to explore insight about how financial innovation causes economic growth in Bangladesh by using Vector Error Correction Model (VECM) for the period of 1990-2014. Test of Cointegration confirms the existence of a long-run association between financial innovation and economic growth. For investigating directional causality, we apply Granger causality test and estimation explore that long-run growth will be affected by capital flow from non-bank financial institutions and inflation in the economy but changes of growth rate do not have any impact on Capital flow in the economy and level of inflation in long-run. Whereas, growth and Market capitalization, as well as market capitalization and capital flow, confirm feedback hypothesis. Variance decomposition suggests that any innovation in the financial sector can cause GDP variation fluctuation in both long run and short run. Financial innovation promotes efficiency and cost in financial transactions in the financial system, can boost economic development process. The study proposed two policy recommendations for further development. First, innovation friendly financial policy should formulate to encourage adaption and diffusion of financial innovation in the financial system. Second, operation of financial market and capital market should be regulated with implementation of rules and regulation to create conducive environment.

Keywords: financial innovation, economic growth, GDP, financial institution, VECM

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Authors: Stanley Yap, Chong Wei Ying, Leow Hon Wei

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Purpose: In Malaysia, an effective financial planning is vital to accumulate wealth and financial independence. However, retirees are required to resume working due to insufficient pension fund. This study examines how the financial decision in retirement planning is being made based on the net worth from the household. Design/methodology/approach: This study uses financial data from a married working couple with children to evaluate their composition of financial position. Numerous financial methods are made pertaining to net worth analysis, insurance needs analysis, investment portfolio rebalancing, estate planning, education planning and retirement planning to enhance the financial decision. Findings: Our results show, firstly, financial planning is essential to achieve financial independence; secondly, insurance needs, education and retirement funding are the most significant for household. Thirdly, current resources are critical to maintain family lifestyle after retirement, emergency funds for critical illness, and the long term children education funding. Practical implications: Refer to the findings, sufficient net worth is priority in financial planning. Different suggestions for household include reduction of unnecessary expenses, re-allocate of cash flow, adequate insurance coverage and re-balancing of investment portfolios to accumulate wealth. It is a challenge to obtain financial independence, hence, there is a need to increase the literature on financial planning. Originality/value: To the best of our knowledge, this is the important paper that uses financial information from household to provide solutions to enhance the efficiency of financial planning industry.

Keywords: net worth, financial planning, wealth and financial independence, retirement planning

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Authors: Kyong-Ku Yun, Seung-Yeon Han, Kyeo-Re Lee

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Silica fume which is a super-fine byproduct of ferrosilicon or silicon metal has a filling effect on micro-air voids or a transition zone in a hardened cement paste by appropriate mixing, placement, and curing. It, also, has a Pozzolan reaction which enhances the interior density of the hydrated cement paste through a formation of calcium silicate hydroxide. When substituting cement with silica fume, it improves water tightness and durability by filling effect and Pozzolan reaction. However, it needs high range water reducer or super-plasticizer to distribute silica fume into a concrete because of its finesses and high specific surface area. In order to distribute into concrete evenly, cement manufacturers make a pre-blended cement of silica fume and provide to a market. However, a special mixing procedures and another transportation charge another cost and this result in a high price of pre-blended cement of silica fume. The purpose of this dissertation was to investigate the dispersion of silica fume by air slurry and its effect on the mechanical properties of at ready-mixed concrete. The results are as follows: A dispersion effect of silica fume was measured from an analysis of standard deviation for compressive strength test results. It showed that the standard deviation decreased as the air bubble content increased, which means that the dispersion became better as the air bubble content increased. The test result of rapid chloride permeability test showed that permeability resistance increased as the percentages of silica fume increased, but the permeability resistance decreased as the quantity of mixing air bubble increased. The image analysis showed that a spacing factor decreased and a specific surface area increased as the quantity of mixing air bubble increased.

Keywords: cellular sprayed concrete, silica fume, deviation, permeability

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Authors: Godwin Chigozie Okpara, William Chimee Nwaoha

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The paper set out to stress on how financial inclusion index could be calculated and also investigated the impact of inclusive finance on inclusive growth in an emerging economy. In the light of these objectives, chi-wins method was used to calculate indexes of financial inclusion while co-integration and error correction model were used for evaluation of the impact of financial inclusion on inclusive growth. The result of the analysis revealed that financial inclusion while having a long-run relationship with GDP growth is an insignificant function of the growth of the economy. The speed of adjustment is correctly signed and significant. On the basis of these results, the researchers called for tireless efforts of government and banking sector in promoting financial inclusion in developing countries.

Keywords: chi-wins index, co-integration, error correction model, financial inclusion

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Authors: Mahfoud Djebbar

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The past two decades or so have witnessed phenomenal growth of the Islamic financial services industry. The whole industry has been thriving at about 15 percent per annum. This development entails the Islamic financial engineering, IFE, to some kind of crossroads, lagging behind its conventional counterpart. Therefore, IFE, and particularly traded products development, and in order to achieve its goals, two approaches are available, i.e., replicating engineering and innovative engineering. We also try to emphasis the innovative strategy since it guards the Islamic identity of different financial products and processes, and thereby, improves the creativity in the Islamic financial industry. The attempt also centers on sukukization (Islamic securitization), innovation, liquidity management, and risk management and hedging in the Islamic financial system. Finally, the challenges facing IFE are also addressed.

Keywords: islamic financial engineering, hedging and risk management, innovation, securitization, money market instruments, islamic capital markets

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Authors: Mehdi Habibnia Rami, Shidvash Vakilipour, Mohammad H. Sabour, Rouzbeh Riazi, Hossein Hassannia

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This paper deals with the steady and unsteady flow behavior on the separation bubble occurring on the rear portion of the suction side of T106A blade. The first phase was to implement the steady condition capturing the separation bubble. To accurately predict the separated region, the effects of three different turbulence models and computational grids were separately investigated. The results of Large Eddy Simulation (LES) model on the finest grid structure are acceptably in a good agreement with its relevant experimental results. The second phase is mainly to address the effects of wake entrance on bubble disappearance in unsteady situation. In the current simulations, from what was suggested in an experiment, simulating the flow unsteadiness, with concentrations on small scale disturbances instead of simulating a complete oncoming wake, is the key issue. Subsequently, the results from the current strategy to apply the effects of the wake and two other experimental work were compared to be in a good agreement. Between the two experiments, one of them deals with wake passing unsteady flow, and the other one implements experimentally the same approach as the current Computational Fluid Dynamics (CFD) simulation.

Keywords: low-pressure turbine cascade, large-Eddy simulation (LES), RANS turbulence models, unsteady flow measurements, flow separation

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Authors: Al-Yaqdhan Al-Rawahi, Kaneez Fatima Sadriwala

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The purpose of this paper is to discover the readiness of Civil Service Employee Pension Fund (CSEPF), a governmental organization, in motivating its staff. Exploratory survey has been conducted in order to extract needed information. For this purpose we proposed a questionnaire to understand staff viewpoint of motivation. Data was analyzed by using SPSS 15.0 for Windowsand Excel. Major results prove that good working conditions is the most important factor of staff and sympathetic help with personal problem is the least important one. Also the relationship between financial motivation and employee motivation is very weak, whereas with non-financial motivation and employee motivation is moderate. Future research may focus on studying all departments of CSEPF.

Keywords: financial motivation, non-financial motivation, employee motivation

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Authors: Parul Goel, Jyeshtharaj B. Joshi, Arun K. Nayak

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Nucleate boiling is characterized by the nucleation, growth and departure of the tiny individual vapor bubbles that originate in the cavities or imperfections present in the heating surface. It finds a wide range of applications, e.g. in heat exchangers or steam generators, core cooling in power reactors or rockets, cooling of electronic circuits, owing to its highly efficient transfer of large amount of heat flux over small temperature differences. Hence, it is important to be able to predict the rate of heat transfer and the safety limit heat flux (critical heat flux, heat flux higher than this can lead to damage of the heating surface) applicable for any given system. A large number of experimental and analytical works exist in the literature, and are based on the idea that the knowledge of the bubble dynamics on the microscopic scale can lead to the understanding of the full picture of the boiling heat transfer. However, the existing data in the literature are scattered over various sets of conditions and often in disagreement with each other. The correlations obtained from such data are also limited to the range of conditions they were established for and no single correlation is applicable over a wide range of parameters. More recently, a number of researchers have been trying to remove empiricism in the heat transfer models to arrive at more phenomenological models using extensive numerical simulations; these models require state-of-the-art experimental data for a wide range of conditions, first for input and later, for their validation. With this idea in mind, experiments with sub-cooled and saturated demineralized water have been carried out under atmospheric pressure to study the bubble dynamics- growth rate, departure size and frequencies for nucleate pool boiling. A number of heating elements have been used to study the dependence of vapor bubble dynamics on the heater surface finish and heater geometry along with the experimental conditions like the degree of sub-cooling, super heat and the heat flux. An attempt has been made to compare the data obtained with the existing data and the correlations in the literature to generate an exhaustive database for the pool boiling conditions.

Keywords: experiment, boiling, bubbles, bubble dynamics, pool boiling

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Authors: S. A. Kondratyev, O. I. Ibragimova

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The authors discuss the collecting abilities of desorbable species (DS) of saturated fatty acids. The DS species of the reagent are understood as species capable of moving from the surface of the mineral particle to the bubble at the moment of the rupture of the interlayer of liquid separating these objects of interaction. DS species of carboxylic acids (molecules and ionic-molecular complexes) have the ability to spread over the surface of the bubble. The rate of their spreading at pH 7 and 10 over the water surface is determined. The collectibility criterion of saturated fatty acids is proposed. The values of forces exerted by the spreading DS species of reagents on liquid in the interlayer and the liquid flow rate from the interlayer are determined.

Keywords: criterion of action of physically adsorbed reagent, flotation, saturated fatty acids, surface pressure

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