Search results for: financial bubbles

Authors: Zouari Ezzeddine, Ghraieb Ikram

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From the results of the academic literature which evokes the limitations of previous studies, this article shows the reasons for multidimensionality Prediction of financial bubbles. A new framework for modeling study predicting financial bubbles by linking a set of variable presented on several dimensions dictating its multidimensional character. It takes into account the preferences of financial actors. A multicriteria anticipation of the appearance of bubbles in international financial markets helps to fight against a possible crisis.

Keywords: classical measures, predictions, financial bubbles, multidimensional, artificial neural networks

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Authors: Changju Lee, Seungmo Ku, Sondo Kim, Woojin Chang

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How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.

Keywords: financial bubble detection, future return, forecasting, pairs trading, preferred stocks

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Authors: Laura Josabeth Oros-Avilés, Josefina León-León

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In recent decades, the concern of the monetary authorities has increased because of the instability of the financial sector caused by the crash of speculative bubbles. In fact, the crash of "housing bubble" in U.S. (2007-2008) led the latest global crisis. The aim of paper is to analyze the features and causes of the financial and banking crisis from an historical view. In particular, in this research, a comparative study of some analytical approaches about economic and financial history is discussed. In addition, the role of monetary policy of central banks in managing financial crises, from its origins to today, is analyzed. According to the studied approaches, two types of factors that cause the financial instability were identified: subjective and objectives. In the research, these factors are deeply discussed, in order to noting the agreements and disagreement between the authors. Specially, it is worth noting that all of them recognized that the credit boom and the financial deregulation are the main causes of financial crises.

Keywords: asset prices, banking crises, financial bubble, financial instability, monetary policy

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Authors: V. Nikkhah Rashidabad, M. Manteghian, M. Masoumi, S. Mousavian

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In this research, the changes in bubbles diameter and number that may occur due to the change in heat flux of pure water during pool boiling process. For this purpose, test equipment was designed and developed to collect test data. The bubbles were graded using Caliper Screen software. To calculate the growth and nucleation rates of bubbles under different fluxes, population balance model was employed. The results show that the increase in heat flux from q=20 kw/m2 to q=102 kw/m2 raised the growth and nucleation rates of bubbles.

Keywords: heat flux, bubble growth, bubble nucleation, population balance model

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Authors: L. Grinis, N. Lubashevsky, Y. Ostrovski

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In waste water treatment processes, aeration introduces air into a liquid. In these systems, air is introduced by different devices submerged in the waste water. Smaller bubbles result in more bubble surface area per unit of volume and higher oxygen transfer efficiency. Jet pumps are devices that use air bubbles and are widely used in waste water treatment processes. The principle of jet pumps is their ability to transfer energy of one fluid, called primary or motive, into a secondary fluid or gas. These pumps have no moving parts and are able to work in remote areas under extreme conditions. The objective of this work is to study experimentally the characteristics of the jet pump and the size of air bubbles in the laboratory water tank. The effect of flow rate ratio on pump performance is investigated in order to have a better understanding about pump behavior under various conditions, in order to determine the efficiency of receiving air bubbles different sizes. The experiments show that we should take care when increasing the flow rate ratio while seeking to decrease bubble size in the outlet flow. This study will help improve and extend the use of the jet pump in many practical applications.

Keywords: jet pump, air bubbles size, retention time, waste water

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Authors: Stefanie Jeanette Huber

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This paper explores the relevance and implications of preferences for housing services on house price fluctuations through the lens of an overlapping generation’s model. The model implies that an economy whose agents have lower preferences for housing services is characterized with lower expenditure shares on housing services and will tend to experience more frequent and more volatile housing bubbles. These model predictions are tested empirically in the companion paper Housing Booms and Busts - Convergences and Divergences across OECD countries. Between 1970 - 2013, countries who spend less on housing services as a share of total income experienced significantly more housing cycles and the associated housing boom-bust cycles were more violent. Finally, the model is used to study the impact of rental subsidies and help-to-buy schemes on rational housing bubbles. Rental subsidies are found to contribute to the control of housing bubbles, whereas help-to- buy scheme makes the economy more bubble-prone.

Keywords: housing bubbles, housing booms and busts, preference for housing services, expenditure shares for housing services, rental and purchase subsidies

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Authors: Khalid. M. O. Elmabrok, M. L. Burby, G. G. Nasr

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Flow instability during gas lift operation is caused by three major phenomena – the density wave oscillation, the casing heading pressure and the flow perturbation within the two-phase flow region. This paper focuses on the causes and the effect of flow instability during gas lift operation and suggests ways to control it in order to maximise productivity during gas lift operations. A laboratory-scale two-phase flow system to study the effects of flow perturbation was designed and built. The apparatus is comprised of a 2 m long by 66 mm ID transparent PVC pipe with air injection point situated at 0.1 m above the base of the pipe. This is the point where stabilised bubbles were visibly clear after injection. Air is injected into the water filled transparent pipe at different flow rates and pressures. The behavior of the different sizes of the bubbles generated within the two-phase region was captured using a digital camera and the images were analysed using the advanced image processing package. It was observed that the average maximum bubbles sizes increased with the increase in the length of the vertical pipe column from 29.72 to 47 mm. The increase in air injection pressure from 0.5 to 3 bars increased the bubble sizes from 29.72 mm to 44.17 mm and then decreasing when the pressure reaches 4 bars. It was observed that at higher bubble velocity of 6.7 m/s, larger diameter bubbles coalesce and burst due to high agitation and collision with each other. This collapse of the bubbles causes pressure drop and reverse flow within two phase flow and is the main cause of the flow instability phenomena.

Keywords: gas lift instability, bubbles forming, bubbles collapsing, image processing

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Authors: S. Levitsky

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Acoustic properties of polymeric liquids are high sensitive to free gas traces in the form of fine bubbles. Their presence is typical for such liquids because of chemical reactions, small wettability of solid boundaries, trapping of air in technological operations, etc. Liquid temperature influences essentially its rheological properties, which may have an impact on the bubble pulsations and sound propagation in the system. The target of the paper is modeling of the liquid temperature effect on single bubble dynamics and sound dispersion and attenuation in polymeric solution with spherical gas bubbles. The basic sources of attenuation (heat exchange between gas in microbubbles and surrounding liquid, rheological and acoustic losses) are taken into account. It is supposed that in the studied temperature range the interface mass transfer has a minor effect on bubble dynamics. The results of the study indicate that temperature raise yields enhancement of bubble pulsations and increase in sound attenuation in the near-resonance range and may have a strong impact on sound dispersion in the liquid-bubble mixture at frequencies close to the resonance frequency of bubbles.

Keywords: sound propagation, gas bubbles, temperature effect, polymeric liquid

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Authors: V. Nikkhah Rashidabad, M. Manteghian, M. Masoumi, S. Mousavian, D. Ashouri

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In this research, the capability of neural networks in modeling and learning complicated and nonlinear relations has been used to develop a model for the prediction of changes in the diameter of bubbles in pool boiling distilled water. The input parameters used in the development of this network include element temperature, heat flux, and retention time of bubbles. The test data obtained from the experiment of the pool boiling of distilled water, and the measurement of the bubbles form on the cylindrical element. The model was developed based on training algorithm, which is typologically of back-propagation type. Considering the correlation coefficient obtained from this model is 0.9633. This shows that this model can be trusted for the simulation and modeling of the size of bubble and thermal transfer of boiling.

Keywords: bubble diameter, heat flux, neural network, training algorithm

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Authors: Jae-Yeong Choi, Gyu-Mok Jeon, Jong-Chun Park, Yong-Jin Cho, Seok-Tae Yoon

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When air flow is injected into water, bubbles are formed in various types inside the water pool along with the air flow rate. The bubbles are floated in equilibrium with forces such as buoyancy, surface tension and shear force. Single bubble generated at low flow rate maintains shape, but bubbles with high flow rate break up to make mixing and turbulence. In addition to this phenomenon, as the hot air bubbles are injected into the water, heat affects the interface of phases. Therefore, the main scope of the present work reveals how to proceed heat transfer between water and hot air bubbles injected into water. In the present study, a series of CFD simulation for the heat transfer of hot bubbles injected through a nozzle near the bottom in a cylindrical water column are performed using a commercial CFD software, STAR-CCM+. The governing equations for incompressible and viscous flow are the continuous and the RaNS (Reynolds- averaged Navier-Stokes) equations and discretized by the FVM (Finite Volume Method) manner. For solving multi-phase flow, the Eulerian multiphase model is employed and the interface is defined by VOF (Volume-of-Fluid) technique. As a turbulence model, the SST k-w model considering the buoyancy effects is introduced. For spatial differencing the 3th-order MUSCL scheme is adopted and the 2nd-order implicit scheme for time integration. As the results, the dynamic behavior of the rising hot bubbles with the flow rate injected and regarding heat transfer mechanism are discussed based on the simulation results.

Keywords: heat transfer, hot bubble injection, eulerian multiphase model, flow rate, CFD (Computational Fluid Dynamics)

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Authors: N. Masoudnia, M. Fatahi

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An experimental study of saturated pool boiling on a single artificial nucleation site without and with the application of an electric field on the boiling surface has been conducted. N-pentane is boiling on a copper surface and is recorded with a high speed camera providing high quality pictures and movies. The accuracy of the visualization allowed establishing an experimental bubble growth law from a large number of experiments. This law shows that the evaporation rate is decreasing during the bubble growth, and underlines the importance of liquid motion induced by the preceding bubble. Bubble rise is therefore studied: once detached, bubbles accelerate vertically until reaching a maximum velocity in good agreement with a correlation from literature. The bubbles then turn to another direction. The effect of applying an electric field on the boiling surface in finally studied. In addition to changes of the bubble shape, changes are also shown in the liquid plume and the convective structures above the surface. Lower maximum rising velocities were measured in the presence of electric fields, especially with a negative polarity.

Keywords: single bubbles, electric field, boiling, effect

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Authors: Masoud Gholam Ale Mohammad, Mojtaba Hafezi Birgani

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An experimental study of saturated pool boiling on a single artificial nucleation site without and with the application of an electric field on the boiling surface has been conducted. N-pentane is boiling on a copper surface and is recorded with a high speed camera providing high quality pictures and movies. The accuracy of the visualization allowed establishing an experimental bubble growth law from a large number of experiments. This law shows that the evaporation rate is decreasing during the bubble growth, and underlines the importance of liquid motion induced by the preceding bubble. Bubble rise is therefore studied: once detached, bubbles accelerate vertically until reaching a maximum velocity in good agreement with a correlation from literature. The bubbles then turn to another direction. The effect of applying an electric field on the boiling surface in finally studied. In addition to changes in the bubble shape, changes are also shown in the liquid plume and the convective structures above the surface. Lower maximum rising velocities were measured in the presence of electric fields, especially with a negative polarity.

Keywords: single and double bubbles, electric field, boiling, rising

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Authors: Mahdi Asghari

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The cavitation phenomenon is the formation and production of micro-bubbles and eventually the bursting of the micro-bubbles inside the liquid fluid, which results in localized high pressure and temperature, causing physical and chemical fluid changes. This pressure and temperature are predicted to be 2000 atmospheres and 5000 °C, respectively. As a result of small bubbles bursting from this process, temperature and pressure increase momentarily and locally, so that the intensity and magnitude of these temperatures and pressures provide the energy needed to break the molecular bonds of heavy compounds such as fuel oil. In this paper, we study the theory of cavitation and the methods of cavitation production by acoustic and hydrodynamic methods and the necessary mechanical equipment and reactors for industrial application of the hydrodynamic cavitation method to break down the molecular bonds of the fuel oil and convert it into useful and economical products.

Keywords: Cavitation, Hydrodynamic Cavitation, Cavitation Reactor, Fuel Oil

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Authors: Vasiliki A. Tzora, Nikolaos D. Philippas

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The paper measures the financial literacy of youth in Greece derived from the examined aspects of financial knowledge, behaviours, and attitudes that high school students performed. The findings reveal that less than half of participant high school students have an acceptable level of financial literacy. Also, students who are in the top of their class cohort exhibit higher levels of financial literacy. We also find that the father’s education level has a significant effect on financial literacy. Students who keep records of their income and expenses are likely to show better levels of financial literacy than students who do not. Students’ perception/estimation of their parents’ income changes is also related to their levels of financial literacy. We conclude that financial education initiatives should be embedded in schools in order to embrace the young generation.

Keywords: financial literacy, financial knowledge, financial behaviour, financial attitude, financial wellbeing, 15-year-old students

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Authors: Morteza Ghorbani, Reza Ghorbani

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Cavitation phenomenon has attracted much attention in the mechanical and biomedical technologies. Despite the simplicity and mostly low cost of the devices generating cavitation bubbles, the physics behind the generation and collapse of these bubbles particularly in micro/nano scale has still not well understood. In the chemical industry, micro/nano bubble generation is expected to be applicable to the development of porous materials such as microcellular plastic foams. Moreover, it was demonstrated that the presence of micro/nano bubbles on a surface reduced the adsorption of proteins. Thus, the micro/nano bubbles could act as antifouling agents. Micro and nano bubbles were also employed in water purification, froth floatation, even in sonofusion, which was not completely validated. Small bubbles could also be generated using micro scale hydrodynamic cavitation. In this study, compared to the studies available in the literature, we are proposing a novel approach in micro scale utilizing the energy produced during the interaction of the spray affected by the hydrodynamic cavitating flow and a thin aluminum plate. With a decrease in the size, cavitation effects become significant. It is clearly shown that with the aid of hydrodynamic cavitation generated inside the micro/mini-channels in addition to the optimization of the distance between the tip of the microchannel configuration and the solid surface, surface temperatures can be increased up to 50C under the conditions of this study. The temperature rise on the surfaces near the collapsing small bubbles was exploited for energy harvesting in small scale, in such a way that miniature, cost-effective, and environmentally friendly energy-harvesting devices can be developed. Such devices will not require any external power and moving parts in contrast to common energy-harvesting devices, such as those involving piezoelectric materials and micro engine. Energy harvesting from thermal energy has been widely exploited to achieve energy savings and clean technologies. We are proposing a cost effective and environmentally friendly solution for the growing individual energy needs thanks to the energy application of cavitating flows. The necessary power for consumer devices, such as cell phones and laptops, can be provided using this approach. Thus, this approach has the potential for solving personal energy needs in an inexpensive and environmentally friendly manner and can trigger a shift of paradigm in energy harvesting.

Keywords: cavitation, energy, harvesting, micro scale

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Authors: Y. J. Chen, T. M. Yue, Z. N. Guo

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This paper reports the effects of laser energy on the characteristics of bubbles generated in the weld zone and the formation of new chemical bonds at the Polyethylene Terephthalate (PET)/Ti joint interface in laser joining of PET to Ti. The samples were produced by using different laser energies ranging from 1.5 J – 6 J in steps of 1.5 J, while all other joining parameters remained unchanged. The types of chemical bonding at the joint interface were analysed by the x-ray photoelectron spectroscopy (XPS) depth-profiling method. The results show that the characteristics of the bubbles and the thickness of the chemically bonded interface, which contains the laser generated bonds of Ti–C and Ti–O, increase markedly with increasing laser energy input. The tensile failure load of the joint depends on the combined effect of the amount and distribution of the bubbles formed and the chemical bonding intensity of the joint interface.

Keywords: laser direct joining, Ti/PET interface, laser energy, XPS depth profiling, chemical bond, tensile failure load

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Authors: Barbora Chmelíková

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Financial literacy is a widely discussed topic on the national and international level by governments, organizations and academia. For this reason this study analyses financial knowledge, financial behavior and financial attitudes of students of finance. The aim of the paper is to determine whether the financial literacy of university students studying finance differs from the level of financial literacy in selected OECD countries. The research was conducted at Masaryk University in the Czech Republic. The empirical study comprises questions related to several aspects of financial literacy, as well as socio-demographic data enabling more thorough analysis. The results indicate that improvement in financial literacy of university students is still required, even though their major is finance related.

Keywords: financial literacy, financial behavior, personal finance management, university students

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Authors: Bogale Tadesse, Krutik Parikh, Ndagha Mkandawire, Boris Albijanic, Nimal Subasinghe

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It is well established that the floatability and selectivity of mineral particles are highly dependent on the particle size. Generally, a particle size of 10 micron is considered as the critical size below which both flotation selectivity and recovery decline sharply. It is widely accepted that the majority of ultrafine particles, including highly liberated valuable minerals, will be lost in tailings during a conventional flotation process. This is highly undesirable particularly in the processing of finely disseminated complex and refractory ores where there is a requirement for fine grinding in order to liberate the valuable minerals. In addition, the continuing decline in ore grade worldwide necessitates intensive processing of low grade mineral deposits. Recent advances in comminution allow the economic grinding of particles down to 10 micron sizes to enhance the probability of liberating locked minerals from low grade ores. Thus, it is timely that the flotation of fine and ultrafine particles is improved in order to reduce the amount of valuable minerals lost as slimes. It is believed that the use of fine bubbles in flotation increases the bubble-particle collision efficiency and hence the flotation performance. Electroflotation, where bubbles are generated by the electrolytic breakdown of water to produce oxygen and hydrogen gases, leads to the formation of extremely finely dispersed gas bubbles with dimensions varying from 5 to 95 micron. The sizes of bubbles generated by this method are significantly smaller than those found in conventional flotation (> 600 micron). In this study, microbubbles generated by electrolysis of water were injected into a bench top flotation cell to assess the performance electroflotation in enhancing the flotation of fine and ultrafine pyrite particles of sizes ranging from 5 to 53 micron. The design of the cell and the results from optimization of the process variables such as current density, pH, percent solid and particle size will be presented at this conference.

Keywords: electroflotation, fine bubbles, pyrite, ultrafine particles

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Authors: Barbora Chmelikova

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Current financial markets offer a wide range of financial products to the consumers. However, access to the financial products is not always provided or guaranteed, particularly in less developed countries. For this reason, financial inclusion is an important component in the modern society. This paper investigates financial inclusion and what financial products are held by university students majoring in finance fields. The OECD methodology was used to examine the awareness and use of financial products. The study was conducted via online questionnaire at Masaryk University in the Czech Republic among finance students. The results show that the students use current and savings accounts more than any other financial products.

Keywords: financial inclusion, financial products, personal finance, university students

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Authors: Shaibu Ali, Sherif Heiman Shaban, Musah Ismaila, Imoro Alhassan, Yusif Ali

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Purpose: Islamic banking and finance is one of the most rapidly growing segments of the global finance industry. Starting with the Dubai Islamic Bank in 1975, the number of Islamic financial institutions worldwide has shot up astronomically, to over three hundred, with operations in seventy-five countries and assets in excess of US$400 billion. The purpose of this study is to explore the prospects and challenges of Islamic banking introduction in a non-Islamic country like Ghana. Design/Methodology: Data for the study was collected via an expert opinion of three Islamic scholars on Islamic banking from Ghana. Findings: Findings from this study indicates some of the benefits of Islamic banking includes connecting financial markets and economic activity, promoting the principle of financial justice, greater stability, avoiding economic bubbles (and bursts) and reducing the impact of harmful products and practices. The study also identified lack of experts in various fields of Islamic banking, product innovation, moral hazard, and need for experienced staff in Islamic banking as some of the challenges to Islamic banking system’s introduction. Contribution: The study contributes to literature on Islamic banking from a non-Islamic country like Ghana.

Keywords: Islamic banking, Shari’ah, Riba, conventional banking

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Authors: R. Ahmadi, A. Khodadadi, M. Abdollahi

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The removal of copper from a dilute synthetic wastewater (10 mg/L) was studied by ion flotation at laboratory scale. Anionic sodium dodecyl sulfate (SDS) was used as a collector and ethanol as a frother. Different parameters such as pH, collector and frother concentrations, foam height and bubble size distribution (multi bubble ion flotation) were tested to determine the optimum flotation conditions in a Denver type flotation machine. To see into the effect of bubbles size distribution in this paper, a nano-micro bubble generator was designed. The nano and microbubbles that are generated in this way were combined with normal size bubbles generated mechanically. Under the optimum conditions (concentration of SDS: 192mg/l, ethanol: 0.5%v/v, pH value: 4 and froth height=12.5 cm) the best removal obtained for the system Cu/SDS with a dry foam (water recovery: 15.5%) was 85.6%. Coalescence of nano-microbubbles with bubbles of normal size belonging to mechanical flotation cell improved the removal of Cu to a maximum floatability of 92.8% and reduced the water recovery to a 13.1%.The flotation time decreased considerably at 37.5% when the multi bubble ion flotation was used.

Keywords: froth flotation, copper, water treatment, optimization, recycling

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Authors: Saeed Rabea Baatwah, Zalailah Salleh, Norsiah Ahmad

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This study examines whether audit committee chair with financial expertise enhances the audit committee role in financial reporting quality in emerging market. We investigate this influence by employing the direct effect and moderating effect of audit committee chair with financial expertise on financial reporting timeliness. By using Omani data and the panel data method for two proxies for financial reporting timeliness, we find that audit committee chair with financial expertise enhances the timeliness of financial reporting through making the disclosure of annual reports timely. Further, we report evidence showing that both accounting and non-accounting financial expertise on the audit committee have a positive and significant influence on the timeliness of financial reporting. We also document that the association between financial expertise and the timeliness of financial reporting is more pronounced when the chair of the audit committee has financial expertise. This study is among the first to comprehensively prove that audit committee chair with financial expertise contributes to the quality of financial reporting in emerging market.

Keywords: audit committee, chair with financial expertise, timeliness of financial reporting, Oman

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Authors: Prasansha Kumari

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Financial Literacy is the possession of knowledge and understanding of financial matters. Financial Literacy often entails the knowledge of properly making decisions pertaining to certain personal financial areas like real estate, insurance investing, and savings. This paper intends to identify and analyze the financial knowledge among university undergraduates by using 200 undergraduates in four faculties of University of Kelaniya, Sri Lanka. Collected data will be analyzed by descriptive research method using SPSS package. Expected outcomes are considerable percentage of undergraduates have basic knowledge on financial matters while it has a law percentage for advanced financial literacy among undergraduates. Students from faculty of Commerce and Management and Science have good understanding about financial matters than undergraduates in other two faculties

Keywords: advanced finance, undergraduates, financial literacy, savings

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Authors: Hela Ayeb Mrabtini, Ghazi Bellakhal, Jamel Chahed

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The presence of the dispersed phase in gas-liquid bubbly flow considerably alters the liquid turbulence. The bubbles induce turbulent fluctuations that enhance the global liquid turbulence level and alter the mechanisms of turbulence. RANS modeling of uniformly sheared flows on an isolated sphere centered in a control volume is performed using first and second order turbulence closures. The sphere is placed in the production-dissipation equilibrium zone where the liquid velocity is set equal to the relative velocity of the bubbles. The void fraction is determined by the ratio between the sphere volume and the control volume. The analysis of the turbulence statistics on the control volume provides numerical results that are interpreted with regard to the effect of the bubbles wakes on the turbulence structure in uniformly sheared bubbly flow. We assumed for this purpose that at low void fraction where there is no hydrodynamic interaction between the bubbles, the single-phase flow simulation on an isolated sphere is representative on statistical average of a sphere network. The numerical simulations were firstly validated against the experimental data of bubbly homogeneous turbulence with constant shear and then extended to produce numerical results for a wide range of shear rates from 0 to 10 s^-1. These results are compared with our turbulence closure proposed for gas-liquid bubbly flows. In this closure, the turbulent stress tensor in the liquid is split into a turbulent dissipative part produced by the gradient of the mean velocity which also contains the turbulence generated in the bubble wakes and a pseudo-turbulent non-dissipative part induced by the bubbles displacements. Each part is determined by a specific transport equation. The simulations of uniformly sheared flows on an isolated sphere reproduce the mechanisms related to the turbulent part, and the numerical results are in perfect accordance with the modeling of the transport equation of the turbulent part. The reduction of second order turbulence closure provides a description of the modification of turbulence structure by the bubbles presence using a dimensionless number expressed in terms of two-time scales characterizing the turbulence induced by the shear and that induced by bubbles displacements. The numerical simulations carried out in the framework of a comprehensive analysis reproduce particularly the attenuation of the turbulent friction showed in the experimental results of bubbly homogeneous turbulence subjected to a constant shear.

Keywords: gas-liquid bubbly flows, homogeneous turbulence, turbulence closure, uniform shear

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Authors: Laura de Zwaan, Tracey West

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There is a sustained observable gender gap in financial literacy, with females consistently having lower levels than males. This research explores the knowledge and experiences of high school students in Australia aged 14 to 18 in order to understand how this gap can be improved. Using a predominantly qualitative approach, we find evidence to support impacts on financial literacy from financial socialization and socio-economic environment. We also find evidence that current teaching and assessment approaches to financial literacy may disadvantage female students. We conclude by offering recommendations to improve the way financial literacy education is delivered within the curriculum.

Keywords: financial literacy, financial socialization, gender, maths

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Authors: Haowen Xi

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We propose and solve exactly a class of non-linear generalization of the Black-Scholes process of stochastic differential equations describing price bubble and crashes dynamics. As a result of nonlinear positive feedback, the faster-than-exponential price positive growth (bubble forming) and negative price growth (crash forming) are found to be the power-law finite-time singularity in which bubbles and crashes price formation ending at finite critical time tc. While most literature on the market bubble and crash process focuses on the nonlinear positive feedback mechanism aspect, very few studies concern the noise level on the same process. The present work adds to the market bubble and crashes literature by studying the external sources noise influence on the critical time tc of the bubble forming and crashes forming. Two main results will be discussed: (1) the analytical expression of expected value of the critical time is found and unexpected critical slowing down due to the coupling external noise is predicted; (2) numerical simulations of the nonlinear stochastic equation is presented, and the probability distribution of Prob(tc) is found to be the inverse gamma function.

Keywords: bubble, crash, finite-time-singular, numerical simulation, price dynamics, stochastic differential equations

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Authors: Seyed Sajjad Habibi

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The aim of this study is to investigate the impact of global financial crises and corporate financial crisis on tax evasion of companies listed on the Tehran Stock Exchange. For this purpose, panel data in the periods of financial crisis period (2007 to 2012) and without a financial crisis (2004, 2005, 2006, 2013, 2014, and 2015) was analyzed using multivariate linear regression. The results indicate a significant relationship between the corporate financial crisis (bankruptcy risk) and tax evasion in the global financial crisis period. The results also showed a significant relationship between the corporate bankruptcy risk and tax evasion in the period with no global financial crisis. A significant difference was found between the bankruptcy risk and tax evasion in the period of the global financial crisis and that with no financial crisis so that tax evasion increased in the financial crisis period.

Keywords: global financial crisis, corporate financial crisis, bankruptcy risk, tax evasion risk, emerging markets

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Authors: Baha-Aldeen S. Algmati, Ahmed R. Ballil

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Multiphase flows occur widely in many engineering and industrial processes as well as in the environment we live in. In particular, bubbly flows are considered to be crucial phenomena in fluid flow applications and can be studied and analyzed experimentally, analytically, and computationally. In the present paper, the dynamic motion of an air bubble rising within a column of liquid is numerically simulated using an open-source CFD modeling tool 'OpenFOAM'. An interface tracking numerical algorithm called MULES algorithm, which is built-in OpenFOAM, is chosen to solve an appropriate mathematical model based on the volume of fluid (VOF) numerical method. The bubbles initially have a spherical shape and starting from rest in the stagnant column of liquid. The algorithm is initially verified against numerical results and is also validated against available experimental data. The comparison revealed that this algorithm provides results that are in a very good agreement with the 2D numerical data of other CFD codes. Also, the results of the bubble shape and terminal velocity obtained from the 3D numerical simulation showed a very good qualitative and quantitative agreement with the experimental data. The simulated rising bubbles yield a very small percentage of error in the bubble terminal velocity compared with the experimental data. The obtained results prove the capability of OpenFOAM as a powerful tool to predict the behavior of rising characteristics of the spherical bubbles in the stagnant column of liquid. This will pave the way for a deeper understanding of the phenomenon of the rise of bubbles in liquids.

Keywords: CFD simulations, multiphase flows, OpenFOAM, rise of bubble, volume of fluid method, VOF

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Authors: Bilal Arshad

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This study aims to analyse the impact of financial globalisation on economic growth, specifically focusing on how it is influenced by the implementation of International Financial Reporting Standards (IFRS). In addition, we analyze the influence of IFRS and a country's level of financial development on this relationship. Available literature suggested that this study expands upon previous research on financial globalization, financial development, and economic growth by examining the impact of International Financial Reporting Standards (IFRS) on advanced and developed countries from 1996 to 2019. The application of the Generalised Method of Moments estimator reveals that financial globalisation in nations that have adopted the International Financial Reporting Standards (IFRS) has a substantial and favourable impact on economic growth. The impact of financial globalisation on economic growth is influenced by the level of financial development.

Keywords: financial globalization, financial development, IFRS, economic growth

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Authors: Eunsup Daniel Shim, Jooh Lee

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The US financial crisis of 2008 and subsequent Global Financial Crisis were considered by many economists the worst financial crisis since the Great Depression of the 1930s. As a results, Dodd-Frank Act has passed and aims '(1) to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", (2) to protect the American taxpayer by ending bailouts, (3) to protect consumers from abusive financial services practices, and for other purposes.' The enactment of Dodd-Frank Act, in part, intended to significantly influence accountability on executive compensation especially for the financial institutions. This paper empirically investigates the changes in Financial CEOs’ compensation since the Financial Crisis of 2008. Our findings show that in the post- Financial Crisis period financial leverage is significant factor influencing the CEOs’ total compensation. In addition market based performance such as stock price and market-to-book ratio shows significant positive relationship with CEO compensation. This change can be interpreted an attempt to reduce opportunistic behavior of top executives after the financial crisis and the enactment of the Dodd-Frank Act.

Keywords: financial CEO compensation, firm performance, financial crisis of 2008, dodd-frank act

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