Search results for: financing microstructure

Authors: Fatemah Alzubairi

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Terrorism financing is a theme that dramatically evolved post-9/11. Supra-national bodies, above all UN Security Council and the Financial Action Task Form (FATF), have established an executive-like mechanism, which allows blacklisting individuals and groups, freezing their funds, and restricting their travel, all of which have become part of states’ anti-terrorism frameworks. A number of problems arise from building counter-terrorism measures on the foundation of a vague definition of terrorism. This paper examines the utility and consequences of counter-terrorism financing with considering the lack of an international definition of terrorism. The main problem with national and international anti-terrorism legislation is the lack of a clear objective definition of terrorism. Most, if not all, national laws are broad and vague. Determining what terrorism remains the crucial underpinning of any successful discussion of counter-terrorism, and of the future success of counter-terrorist measures. This paper focuses on the legal and political consequences of equalizing the treatment of violent terrorist crimes, such as bombing, with non-violent terrorism-related crimes, such as funding terrorist groups. While both sorts of acts requires criminalization, treating them equally risks wrongfully or unfairly condemning innocent people who have associated with “terrorists” but are not involved in terrorist activities. This paper examines whether global obligations to counter terrorism financing focus on controlling terrorist groups more than terrorist activities. It also examines the utility of the obligations adopted by the UN Security Council and FATF, and whether they serve global security; or whether the utility is largely restricted to Western security, with little attention paid to the unique needs and demands of other regions.

Keywords: counter-terrorism, definition of terrorism, FATF, security, terrorism financing, UN Security Council

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Authors: Shan-e-Fatima, Mushtaq Khan, Syed Imran Hussian

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Plasma arc welding technology is used for welding SS-304L with A-36. Two different optimize butt welded joints were produced by using austenitic filler alloy E-309L and with direct fusion at 45 A, 2mm/sec by keeping plasma gas flow rate at 0.5LPM. Microstructure analysis of the weld bead was carried out. The results reveal complex heterogeneous microstructure in austenitic base filler alloy sample where as full martensite was found in directly fused sample.

Keywords: fusion zone microstructure, stainless steel, low carbon steel, plasma arc welding

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Authors: Wesley Teskey, Vedran Glavas, Julian Wegener

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Generating battery cathode microstructures is an important area of research, given the proliferation of the use of automotive batteries. Currently, finite element analysis (FEA) is often used for simulations of battery cathode microstructures before physical batteries can be manufactured and tested to verify the simulation results. Unfortunately, a key drawback of using FEA is that this method of simulation is very slow in terms of computational runtime. Generative AI offers the key advantage of speed when compared to FEA, and because of this, generative AI is capable of evaluating very large numbers of candidate microstructures. Given AI generated candidate microstructures, a subset of the promising microstructures can be selected for further validation using FEA. Leveraging the speed advantage of AI allows for a better final microstructural selection because high speed allows for the evaluation of many more candidate microstructures. For the approach presented, battery cathode 3D candidate microstructures are generated using Gaussian Mixture Models (GMMs) and pix2pix. This approach first uses GMMs to generate a population of spheres (representing the “active material” of the cathode). Once spheres have been sampled from the GMM, they are placed within a microstructure. Subsequently, the pix2pix sweeps over the 3D microstructure (iteratively) slice by slice and adds details to the microstructure to determine what portions of the microstructure will become electrolyte and what part of the microstructure will become binder. In this manner, each subsequent slice of the microstructure is evaluated using pix2pix, where the inputs into pix2pix are the previously processed layers of the microstructure. By feeding into pix2pix previously fully processed layers of the microstructure, pix2pix can be used to ensure candidate microstructures represent a realistic physical reality. More specifically, in order for the microstructure to represent a realistic physical reality, the locations of electrolyte and binder in each layer of the microstructure must reasonably match the locations of electrolyte and binder in previous layers to ensure geometric continuity. Using the above outlined approach, a 10x to 100x speed increase was possible when generating candidate microstructures using AI when compared to using a FEA only approach for this task. A key metric for evaluating microstructures was the battery specific power value that the microstructures would be able to produce. The best generative AI result obtained was a 12% increase in specific power for a candidate microstructure when compared to what a FEA only approach was capable of producing. This 12% increase in specific power was verified by FEA simulation.

Keywords: finite element analysis, gaussian mixture models, generative design, Pix2Pix, structural design

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Authors: O. Colot, M. Croquet, L. Cultrera, Y. Fandja Collince

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The objective of our research is to evaluate the impact of the allowance for corporate equity (ACE) on the financial structure of Belgian SME in order to highlight the potential existence of a fiscal leverage. To limit the biases linked to the rationing of the capital further to the financial crisis, we compare first the dynamic evolution of the financial structure of the Belgian firms over the period 2006-2015 by focusing on three sub-periods: 2006-2008, 2009-2012 and 2013-2015. We give then an international size to this comparison by including SMEs from countries adjoining Belgium (France, Germany, Netherlands and the United Kingdom) and within which there is no ACE. This comparison allows better understanding the fiscal advantage linked to the ACE of firms evolving in a relatively unstable economic environment further to the financial crisis of 2008. This research is relevant given the economic and political context in which Belgium operates and the very uncertain future of the Belgian ACE. The originality of this research is twofold: the long study period and the consideration of the effects of the financial and economic crisis on the financing structure of Belgian SMEs. The results of this research, even though they confirm the existence of a positive fiscal leverage for the tax deduction for venture capital on the financing structure of Belgian SMEs, do not allow the extent of this leverage to be clearly quantified. The comparative evolution of financing structures over the period 2006-2015 of Belgian, French, German, Dutch and English SMEs shows a strong similarity in the overall evolution of their financing.

Keywords: allowance for corporate equity, Belgium, financial structure, small and medium sized firms

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Authors: Nemes Alexandra

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The aim of the research is to develop an optimum microstructure of steel coatings on aluminum surfaces for application on the crankcase cylinder bores. For the proper design of the microstructure of the coat, it is important to control the plasma gun unit properly. The maximum operating time was determined while the plasma gun could optimally work before its destruction. Objectives: The aim of the research is to determine the optimal operating time of the plasma gun between renovations (the renovation shall involve the replacement of the test components of the plasma gun: electrode, nozzle plate, powder injector. Methodology: Plasma jet and particle flux analysis with PFI (PFI is a diagnostic tool for all kinds of thermal spraying processes), CT reconstruction and analysis on the new and the used plasma guns, failure analysis of electrodes, nozzle plates, and powder injectors, microscopic examination of the microstructure of the coating. Contributions: As the result of the failure analysis detailed above, the use of the plasma gun was maximized at 100 operating hours in order to get optimal microstructure for the coat.

Keywords: APS, air plasma spray, failure analysis, electrode, nozzle plate, powder injector

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Authors: Ji Chan Kim, Seok Hong Min, Tae Kwon Ha

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The effect of Yttrium addition on the microstructure and mechanical properties of Sn-Zn eutectic alloy, which has been attracting intensive focus as a Pb-free solder material, was investigated in this study. Phase equilibrium has been calculated by using FactSage® to evaluate the composition and fraction of equilibrium intermetallic compounds and construct a phase diagram. In the case of Sn-8.8 Zn eutectic alloy, the as-cast microstructure was typical lamellar. With addition of 0.25 wt. %Y, a large amount of pro-eutectic phases have been observed and various YZnx intermetallic compounds were expected to successively form during cooling. Hardness of Sn-8.8 Zn alloy was not affected by Y-addition and both alloys could be rolled by 90% at room temperature.

Keywords: lead-free solder, zn-al-sn alloy, phase equilibrium, rolling, microstructure, hardness

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Authors: A. Bolaji Adesoye, Alimi Olorunfemi

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This paper examines the impact of small and medium-scale enterprises (SMEs) credit financing and financial market development and their shocks on the output growth of Nigeria. The study estimated a VAR model for Nigeria using 1970-2013 annual data series. Unit root tests and cointegration are carried out. The study also explores IRFs and FEVDs in a system that includes output, commercial bank loan to SMEs, domestic credit to private sector by banks, money supply, lending rate and investment. Findings suggest that shocks in commercial bank credit to SMEs has a major impact on the output changes of Nigeria. Money supply shocks also have a sizeable impact on output growth variations amidst other financial instruments. Lastly, neutrality of investment does not hold in Nigeria as it also has impact on output fluctuations.

Keywords: SMEs financing, financial development, investment, output, Nigeria

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Authors: Ugur Buyuk, Sevda Engin

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Among the various alloy systems being considered as lead-free solder candidates, Sn-Ag-Cu alloys have been recognized as the most promising because of their excellent reliability and compatibility with current components. Thus, Sn-Ag-Cu alloys have recently attracted considerable attention and have been proposed by the Japanese, the EU and the US consortiums to replace conventional Sn-Pb eutectic solder. However, many problems or unknown characteristics of the Sn-Ag-Cu alloy system such as the best composition, the large undercooling in solidification, and the formation of large intermetallics still exist. It is expected that the addition of some solidification nuclei for Sn-Ag-Cu alloys will refine the solidification microstructure and will suppress undercooling.In the present work, the effects of the fourth elements, i.e., Zn, Ni, Bi, In and Co, on microstructural and mechanical properties of Sn-3.5Ag-0.9Cu lead-free solder were investigated. Sn-3.5Ag-0.9Cu-0.5X (X= Zn, Ni, Bi, In, Co (wt.)) alloys were prepared in a graphite crucible under vacuum atmosphere. The samples were directionally solidified upward at a constant temperature gradient and growth rates by using a Bridgman type directional solidification furnace. The microstructure, microhardness and ultimate tensile strength of alloys were measured. The effects of fourth elements on the microstructure and mechanical properties of Sn–Ag-Cu eutectic alloys were investigated. The results obtained in the present work were compared with the previous experimental results.

Keywords: lead-free solders, microhardness, microstructure, tensile strength

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Authors: Roli Pradhan

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All over the globe, the resources of the government are declining, and the funding requirements in education are on a constant rise. The governments are desperately increasing the budgetary allocation for higher education, the economic plans have been labeling investment in higher education to be immensely vital for development of the nation. Still the fact is that the government of the developing nations like India lacks the potential to fund the rising demands of this sector. In the face of declining government funding for higher education, there are the growing needs and justifiable pressure for direct beneficiaries to bear a reasonable part of the cost of higher education. The supply-demand gap in higher education in India is on the increase. This paper evaluates the Indian National Education Policy over the past three decades, furnishes the need of financing of education by private players. The paper also covers the aspects of incorporating the different forms of financing in education and also focuses on the regulations pertaining to quality maintenance in the education system. The paper also targets to suggest policy imperatives for the future education policy for India.

Keywords: national education policy, privatisation, private financing, government funding

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Authors: Tahir Ahmad, M. Kamran, R. Ahmad, M. T. Z. Butt

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Hybrid aluminum metal matrix composites with 1, 2, 3 and 4 wt. % of silica sand nanoparticles and electro-less nickel coated carbon fibers were successfully developed using sand casting technique. Epoxy coating of carbon fibers was removed and phosphorous-nickel coating was successfully applied via electro-less route. The developed hybrid composites were characterized using micro hardness tester, tensile testing, and optical microscopy. The gradual increase of reinforcing phases yielded improved mechanical properties such as hardness and tensile strength. The increase in hardness was attributed to the presence of silica sand nanoparticles whereas electro-less nickel coated carbon fibers enhanced the tensile properties of developed hybrid composites. The microstructure of the developed hybrid composites revealed the homogeneous distribution of both carbon fibers and silica sand nanoparticles in aluminum based hybrid composites. The formation of dendrite microstructure is the main cause of improving mechanical properties.

Keywords: aluminum based hybrid composites, mechanical properties, microstructure, microstructure and mechanical properties relationship

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Authors: Achmad Muchaddam Fahham, Sony Hendra Permana

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For rural communities and micro-entrepreneurs, access to formal financial institutions is very difficult. So, borrowing to moneylenders is the most possible way to fulfill their needs. But actually it does not solve their problems, precisely their problems are increasing because they have to pay at very high-interest rates. For this reason, microfinance institution is very important as a solution for rural communities and micro-entrepreneurs who need loans to fulfill their needs. This paper aims to describe the role of micro waqf banks in Indonesia as an alternative funding for rural communities and micro-entrepreneurs. This research is descriptive using a qualitative approach. The interview technique was also carried out with key informants who understood sharia microfinance institutions. The results of the study revealed that the micro waqf bank is Islamic microfinance institutions which targeted the micro business sector by channeling small financing with a maximum financing of Rp1 million. The funding of this micro waqf bank comes from donors who donate funds through the Amil Zakat institution. The margins imposed on borrowers are as high as 3 percent per year, with payment schemes in installments every week, so it is made easier for borrower. In addition, financing is followed by training and mentoring so that borrower is able to utilize the loan for productive business activities. In the end, it is hoped that this micro waqf bank can become an incubator for micro businesses in Indonesia.

Keywords: micro business, micro waqf banks, micro-entrepreneurs, Amil Zakat institution

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Authors: Syaza Isma, Timothy Higgins

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In Malaysia, increased take-up rates of tertiary student borrowing, and reliance on retirement savings to fund children's education show the importance of public higher education financing schemes (PTPTN). PTPTN has been operating for 2 decades now; however, there are some critical issues and challenges that include low loan recovery and loan default that suggest a detailed consideration of student loan/financing scheme alternatives is crucial. In addition, the decline in funding level per student following introduction of the new PTPTN full and partial loan scheme has raised ongoing concerns over the sustainability of the scheme to provide continuous financial assistance to students in tertiary education. This research seeks to assess these issues that put greater efficiency in an effort to ensure equitable access to student funding for current and future generations. We explore the extent of repayment hardship under the current loan arrangements that presumably led to low recovery from the borrowers, particularly low-income graduates. The concept of manageable debt exists in the design of income-contingent repayment schemes, as practiced in Australia, New Zealand, UK, Hungary, USA (in limited form), the Netherlands, and South Korea. Can Income Contingent Loans (ICL) offer the best practice for an education financing scheme, and address the issue of repayment hardship and concurrently, can a properly designed ICL scheme provide a solution to the current issues and challenges facing Malaysia student financing? We examine the different potential ICL models using deterministic and stochastic approach to simulate income of graduates.

Keywords: deterministic, income contingent loan, repayment burden, simulation, stochastic

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Authors: Loukou Amoin Marie Djedri

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Financing is important for all terrorists – from the largest organizations in control of territories, to the smallest groups – not only for spreading fear through attacks, but also to finance the expansion of terrorist dogmas. These organizations pose serious threats to the international community. The disruption of terrorist financing aims to create a hostile environment for the growth of terrorism and to limit considerably the terrorist groups capacities. The World Bank (WB), together with the International Monetary Fund (IMF), decided to include in their scope the Fight against the money laundering and the financing of terrorism, in order to assist Member States in protecting their internal financial system from terrorism use and abuse and reinforcing their legal system. To do so, they have adopted the Anti-Money Laundering /Combating Financing of Terrorism (AML/CFT) standards that have been set up by the Financial Action Task Force. This set of standards, recognized as the international standards for anti-money laundering and combating the financing of terrorism, has to be implemented by States Members in order to strengthen their judicial system and relevant national institutions. However, we noted that, to date, some States Members still have significant AML/CFT deficiencies, which can constitute serious threats not only to the country’s economic stability but also for the global financial system. In addition, studies stressed out that repressive measures are more implemented by countries than preventive measures, which could be an important weakness in a state security system. Furthermore, we noticed that the AML/CFT standards evolve slowly, while techniques used by terrorist networks keep developing. The goal of the study is to show how to enhance the AML/CFT global compliance through the work of the IMF and the WB, to help member states to consolidate their financial system. To encourage and ensure the effectiveness of these standards, a methodology for assessing the compliance with the AML/CFT standards has been created to follow up the concrete implementation of these standards and to provide accurate technical assistance to countries in need. A risk-based approach has also been adopted as a key component of the implementation of the AML/CFT Standards, with the aim of strengthening the efficiency of the standards. Instead, we noted that the assessment is not efficient in the process of enhancing AML/CFT measures because it seems to lack of adaptation to the country situation. In other words, internal and external factors are not enough taken into account in a country assessment program. The purpose of this paper is to analyze the AML/CFT regime in the fight against the financing of terrorism and to find lasting solutions to achieve the global AML/CFT compliance. The work of all the organizations involved in this combat is imperative to protect the financial network and to lead to the disintegration of terrorist groups in the future.

Keywords: AML/CFT standards, financing of terrorism, international financial institutions, risk-based approach

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Authors: Md. Abdul Kader

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Several reports released by Global Financial Integrity (GFI) in recent times have identified Bangladesh as being among the worst affected countries to the scourge of money laundering (ML) and terrorist financing (TF). The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common understanding of ML/TF risks associated with Islamic Banking. This paper attempts to examine the issues of money laundering (ML) and terrorist financing (TF) in Islamic Banks of Bangladesh. This study also investigates the risk factors associated with Islamic Banking system of Bangladesh that are favorable for ML and TF and which prevent the government to control such issues in the Islamic Banks of Bangladesh. Qualitative research methods were employed by studying various reports from journals, newspapers, bank reports and periodicals. In addition, five ex-bankers who were in the policy making bodies of three Islamic Banks were also interviewed. Findings suggest that government policies regarding Islamic Banking system in Bangladesh are not well defined and clear. Shariah law, that is the guiding principle of Islamic Banking, is not well recognized by the government policy makers, and thus they left the responsibility to the governing bodies of the banks. Other challenges that were found in the study are: the complexity of some Islamic banking products, the different forms of relationship between the banks and their clients, the inadequate ability and skill in the supervision of Islamic finance, particularly in jurisdictions, to evaluate their activities. All these risk factors paved the ground for ML and TF in the Islamic Banks of Bangladesh. However, due to unconventional nature of Banking and lack of investigative reporting on Islamic Banking, this study could not cover the whole picture of the ML/TF of Islamic Banks of Bangladesh. However, both qualitative documents and interviewees confirmed that Islamic Banking in Bangladesh could be branded as risky when it comes to money laundering and terror financing. This study recommends that the central bank authorities who supervise Islamic finance and the government policy makers should obtain a greater understanding of the specific ML/TF risks that may arise in Islamic Banks and develop a proper response. The study findings are expected to considerably impact Islamic banking management and policymakers to develop strong and appropriate policy to enhance transparency, accountability, and efficiency in banking sector. The regulatory bodies can consider the findings to disseminate anti money laundering and terror financing related rules and regulations.

Keywords: money laundering, terror financing, islamic banking, bangladesh

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Authors: Young Sik Kim, Tae Kwon Ha

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Effect of Zn addition on the microstructure and mechanical properties of Mg-Zn alloys with Zn contents from 6 to 10 weight percent was investigated in this study. Through calculation of phase equilibria of Mg-Zn alloys, carried out by using FactSage® and FTLite database, solution treatment temperature was decided as temperatures from 300 to 400oC, where supersaturated solid solution can be obtained. Solid solution treatment of Mg-Zn alloys was successfully conducted at 380oC and supersaturated microstructure with all beta phase resolved into matrix was obtained. After solution treatment, hot rolling was successfully conducted by reduction of 60%. Compression and tension tests were carried out at room temperature on the samples as-cast, solution treated, hot-rolled and recrystallized after rolling. After solid solution treatment, each alloy was annealed at temperatures of 180 and 200oC for time intervals from 1 min to 48 hrs and hardness of each condition was measured by micro-Vickers method. Peak aging conditions were deduced as at the temperature of 200oC for 10 hrs. By addition of Zn by 10 weight percent, hardness and strength were enhanced.

Keywords: Mg-Zn alloy, heat treatment, microstructure, mechanical properties, hardness

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Authors: Muhammad Irfan

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The UN General Assembly has advocated improving energy efficiency by SDG criteria to promote global economic growth. Pakistan is confronted with financial obstacles when it comes to acquiring energy efficiency because of the COVID-19 pandemic, economic and political instability, budgetary strains, and poor financial circumstances. The study examines how cutting-edge financing approaches like FinTech, financial inclusion, and green financing affect Pakistan's energy consumption. It finds noteworthy outcomes. The study's results have demonstrated the important impact of these funding methods on energy conservation. The best and most helpful finance tool for energy efficiency is green financing; yet, because of differences in characteristics, workings, and financial institutions, FinTech, and financial inclusion play a smaller role in Pakistan. The researchers propose that to achieve energy efficiency, FinTech activities and funding criteria such as green bonds should be reviewed. It also advised authorities to create energy system-friendly regulations for green finance in Pakistan.

Keywords: green finance, FinTech, financial inclusion, energy efficiency, Pakistan

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Authors: Jimin Yun, Yebeen Ji, Kwonhoo Kim

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Magnesium and Mg-Ag system alloys are known to be promising biomaterials due to their high specific strengths and biocompatibility. Because the limited numbers of slip systems were activated in the HCP structure at room temperature, their formability was low. To solve these problems, much research about the improvement of room-temperature formability has been studied, but the microstructure development behaviors of Mg-Ag alloys were still limited. Therefore, this study was conducted to investigate the texture development behaviors of Mg-Ag alloy during high-temperature plane strain deformation. The Ag content of the Mg-Ag alloy used in this study was 3.0, 5.0, and 9.0 wt%. Hot rolling was performed at a temperature of 673K with a reduction ratio of 25%, and these specimens were annealed for 1H at 773K, followed by water quenching at room temperature. High-temperature plane strain deformation was performed under temperatures of 623K and 723K, with strain rates from 0.1/s to 0.05/s and strain from -0.4 to –1.0. As a result, it showed a microstructure and texture similar to the AZ61 alloy, which had been studied previously. It was confirmed that the basal texture became stronger with increasing strains at high-temperature plane strain deformation.

Keywords: Mg-Ag, texture, microstructure development behavior, AZ61

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Authors: Jung-Ho Moon, Tae Kwon Ha

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Abstract—High temperature deformation behavior of cast Fe-20Cr-5Al alloy has been investigated in this study by performing tensile and compression tests at temperatures from 1100 to 1200oC. Rectangular ingots of which the dimensions were 300×300×100 in millimeter were cast using vacuum induction melting. Phase equilibrium was calculated using the FactSage®, thermodynamic software and database. Tensile strength of cast Fe-20Cr-5Al alloy was 4 MPa at 1200oC. With temperature decreased, tensile strength increased rapidly and reached up to 13 MPa at 1100oC. Elongation also increased from 18 to 80% with temperature decreased from 1200oC to 1100oC. Microstructure observation revealed that M23C6 carbide was precipitated along the grain boundary and within the matrix.

Keywords: 20 Cr-5Al ferritic stainless, high temperature deformation, aging treatment, microstructure, mechanical properties

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Authors: H. Zengin, M. E. Turan, Y. Turen, H. Ahlatci, Y. Sun

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This study aimed for improving wear resistance of AM60 magnesium alloy by Ti addition (0, 0.2, 0.5, 1wt%Ti). An electric resistance furnace was used to produce alloys. Pure Mg together with Al, Al-Ti and Al-Mn were melted at 750 ⁰C in a stainless steel crucible under controlled Ar gas atmosphere and then poured into a metal mould preheated at 250 ⁰C. Microstructure characterizations were performed by light optical (LOM) and scanning electron microscope (SEM) after the wear test. Wear rates and friction coefficients were measured with a pin-on-disk type UTS-10 Tribometer test device under a load of 20N. The results showed that Ti addition altered the morphology and the amount of b-Mg₁₇Al₁₂ phase in the microstructure of AM60 alloy. b-Mg₁₇Al₁₂ phases on the grain boundaries were refined with increasing amount of Ti. An improvement in wear resistance of AM60 alloy was observed due to the alteration in the microstructure by Ti addition.

Keywords: magnesium alloy, titanium, SEM, wear

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Authors: Marta Chiapasco, Alexandra Porter, Finn Giuliani

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Designing polymers with a specific microstructure can affect how the polymer degrades once released in the environment. Not only the amount but also the distribution of different phases determines a polymers’ degradability. The following research investigates the use of a combination of spectroscopy analysis and thermal analysis to study changes of polymers’ amorphous and crystalline phases during degradation, comparing different microstructures of polypropylene and polyethylene. The use of nanoindentation helps study how degradation proceeds across a material by looking at changes in phases, while bulk tensile test describes when the material fails. The first results demonstrate that different microstructures have different degrading rates, with homopolymer having a linear and faster degradation compared to copolymers. The goal is to create materials that degrade at faster rates without releasing microplastics into the environment.

Keywords: degradation, microstructure, nanoindentation, Raman spectroscopy

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Authors: Khondokar Farid Ahmmed, Robin Bown

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It is widely recognized that the formal financing of Small and Medium Size Enterprises (SMEs) by Private Commercial Banks (PCBs) is restricted. Due to changing financial market competition, SMEs are now important customers to PCBs in the member countries of the Asian Development Bank (ADB). Various initiatives in enhancing the efficiency of risk assessment of PCBs have failed in increasing financing accessibility in the traditional financing system where information asymmetry is a key constraint. In this circumstance, PCBs need to undertake a holistic approach. Holistic approach refers to methods that attempt to fundamentally change established traditions. To undertake holistic approach, this study intends to find the entire established financing culture between PCBs and SMEs in a new lens beyond the tradition on the basis of two basic questions: “What is the traditional lending culture between PCBs and SMEs” and “What could be potential role of PCBs to develop that culture where focusing on SME financing to PCBs". This study considered formal SME financing in Bangladesh by focusing on SMEs applying for their first loan. Bangladesh is a member country of ADB. The data collection method is semi-structured and we utilized face-to-face interviews with in-depth branch managers, higher officials and owner-managers of SME customers of PCBs and higher officials of SME Foundation and the Bangladesh central bank. Discourse analysis method was used for data analysis on the frame of thematic discussion fully based on participants’ views. The research found that branch managers and loan officers have a high level of power in assessing and financing decision-making. There is a changing attitude in PCB sector in requiring flexible collateral assets. Branch managers (Loan Officers) consider value of business prospect of owner-mangers as complementary of collateral assets. However, the study found the assessment process of business prospect is entirely unstructured and linked with socio-cultural settings that does not support PCBs’ changing manner in terms of collateral requirement. The study redefined and classified collateral assets to include all financing constructs in a structure. The degree of value of the collateral assets determines the degree of business prospects. This study suggested applying an outside classroom-learning paradigm such as “knowledge tour” to enhance the value of the kinds of collateral assets. This is the scope of PCBs in increasing SMEs’ financing eligibility in win-win basis. The findings and proposition could be effective in other ADB member countries and audiences in the field.

Keywords: CCA, financing, information asymmetry, PCA, PCB, financing

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Authors: Marzena Tokarewicz, Malgorzata Gradzka-Dahlke

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High-entropy alloys (HEAs) have gained significant attention due to their great potential as functional and structural materials. HEAs have very good mechanical properties (in particular, alloys based on CoCrNi). They also show the ability to maintain their strength at high temperatures, which is extremely important in some applications. AlCoCrFeNi alloy is one of the most studied high-entropy alloys. Scientists often study the effect of changing the aluminum content in this alloy because it causes significant changes in phase presence and microstructure and consequently affects its hardness, ductility, and other properties. Research conducted by the authors also investigates the effect of aluminium content in AlₓCoCrFeNi alloy on its microstructure and mechanical properties. AlₓCoCrFeNi alloys were prepared by vacuum induction melting. The obtained samples were examined for chemical composition, microstructure, and microhardness. The three-point bending method was carried out to determine the bending strength, bending modulus, and conventional bending yield strength. The obtained results confirm the influence of aluminum content on the properties of AlₓCoCrFeNi alloy. Most studies on AlₓCoCrFeNi alloy focus on the determination of mechanical properties in compression or tension, much less in bending. The achieved results provide valuable information on the bending properties of AlₓCoCrFeNi alloy and lead to interesting conclusions.

Keywords: bending properties, high-entropy alloys, induction melting, microstructure

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Authors: Sheriff Muhammad Ibrahim

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The contemporary world has seen many agents of market liberalization, globalization, and expansion in agribusiness, which pose a big threat to the existence of smallholder farmers in the farming business or, at most, being marginalized against government interventions, investors' partnerships and further stretched by government policies in an effort to promote subsistent farming that can generate profits and speedy growth through attracting foreign businesses. The consequence of these modern shifts ends basically at the expense of smallholder farmers. Many scholars believed that this shift was among the major causes of urban-rural drift facing almost all communities in the World. In an effort to address these glaring economic crises, various governments at different levels and development agencies have created different programs trying to identify other sources of income generation for rural farmers. However, despite the different approaches adopted by many communities and states, the mass rural exodus continues to increase as the rural farmers continue to lose due to a lack of reliable sources for cost-efficient inputs such as agricultural extension services, mechanization supports, quality, and improved seeds, soil matching fertilizers and access to credit facilities and profitable markets for rural farmers output. Unfortunately for them, they see these agricultural requirements provided by large-scale farmers making their farming activities cheaper and yields higher. These have further created other social problems between the smallholder farmers and the large-scale farmers in many areas. This study aims to suggest the Islamic mode of agricultural financing named Muzara’ah for smallholder farmers as a microfinance banking product adopted and practiced by Yobe Microfinance Bank as a model to promote agricultural financing to be adopted in other communities. The study adopts a comparative research method to conclude that the Muzara’ah model of financing can be adopted as a valid means of financing smallholder farmers and reducing food insecurity.

Keywords: Muzara'ah, Islamic finance, agricultural financing, microfinance, smallholder farmers

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Authors: Farid Habibi Tanha, Hawati Janor, Mojtaba Jahanbazi

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The purpose of this study is to examine the effect of asymmetric information on the composition of capital inflows. This study uses the stock market microstructure to capture the asymmetric information. Such an approach allows one to capture the level and extent of the asymmetric information from a firm’s perspective. This study focuses on the two-dimensional measure of the market microstructure in capturing asymmetric information. The composition of capital inflows is measured by running six models simultaneously. By employing the panel data technique, the main finding of this research shows an increase in the asymmetric information of the stock market, in any of the two dimensions of width and depth. This leads to the reduction of foreign investments in both forms of foreign portfolio investment (FPI) and foreign direct investment (FDI), while the reduction in FPI is higher than that of the FDI. The significant effect of asymmetric information on capital inflows implicitly suggests for policymakers to control the changes of foreign capital inflows through transparency in the level of the market.

Keywords: capital flows composition, asymmetric information, stock market microstructure, foreign portfolio investment, foreign direct investment

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Authors: Jaskirat Singh, Roshan Lal Virdi, Khushdeep Goyal

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The purpose of this paper is to perform a microstructural analysis of Friction Stir Welded joints of aluminum alloys 6063 and 5083, also to check the properties of the weld zone by SEM analysis. FSW experiments were carried on CNC Vertical milling machine. The tools used for welding were the round cylindrical pin shape and square pin shape. It is found that Microstructure shows the uniformly distributed material with minimum heat affected zone and dense welded zone without any defect. Microstructures indicate that the weld material is defect free. The SEM shows the diffusion of material with base metal with proper bonding without any defect.

Keywords: friction stir welding, aluminum alloy, microstructure, SEM analysis

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Authors: Neera Singh, Devendra Kumar, Om Parkash

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We have synthesized nanocrystalline Fe-Ni alloy powders where Ni varies as 10, 30 and 50 mole% by a wet chemical route (sol-gel auto-combustion) followed by reduction in hydrogen atmosphere. The ratio of citrate to nitrate was maintained at 0.3 where citric acid has worked as a fuel during combustion. The reduction of combusted powders was done at 700°C/1h in hydrogen atmosphere using an atmosphere controlled quartz tube furnace. Phase and microstructure analysis has shown the formation of α-(Fe,Ni) and γ-(Fe,Ni) phases after reduction. An increase in Ni concentration resulted in more γ-(Fe,Ni) formation where complete γ-(Fe,Ni) formation was achieved at 50 mole% Ni concentration. Formation of particles below 50 nm size range was confirmed using Scherrer’s formula and Transmission Electron Microscope. The work is aimed at the effect of Ni concentration on phase, microstructure and magnetic properties of synthesized alloy powders.

Keywords: combustion, microstructure, nanocrystalline, reduction

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Authors: A. Jourani, C. Trevisiol, S. Bouvier

Abstract:

The aim of this work is to study the coupled effect of microstructure and surface roughness on friction coefficient, wear resistance and wear mechanisms. Friction tests on 35NCD16 steel are performed under different normal loads (50-110 N) on a pin-on-plane configuration at cyclic sliding with abrasive silicon carbide grains ranging from 35 µm to 200 µm. To vary hardness and microstructure, the specimens are subjected to water quenching and tempering at various temperatures from 200°C to 600°C. The evolution of microstructures and wear mechanisms of worn surfaces are analyzed using scanning electron microscopy (SEM). For a given microstructure and hardness, the friction coefficient decreases with increasing of normal load and decreasing of the abrasive particle size. The wear rate increase with increasing of normal load and abrasive particle size. The results also reveal that there is a critical hardness Hcᵣᵢₜᵢcₐₗ around 430 Hv which maximizes the friction coefficient and wear rate. This corresponds to a microstructure transition from martensite laths to carbides and equiaxed grains, for a tempering around 400°C. Above Hcᵣᵢₜᵢcₐₗ the friction coefficient and the amount of material loss decrease with an increase of hardness and martensite volume fraction. This study also shows that the debris size and the space between the abrasive particles decrease with a reduction in the particle size. The coarsest abrasive grains lost their cutting edges, accompanied by particle damage and empty space due to the particle detachment from the resin matrix. The compact packing nature of finer abrasive papers implicates lower particle detachment and facilitates the clogging and the transition from abrasive to adhesive wear.

Keywords: martensite, microstructure, friction, wear, surface roughness

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Authors: Shreyash Hadke, Manendra Singh Parihar, Rajesh Khatirkar

Abstract:

In the present investigation, the variation in the microstructure with the changes in the heat treatment conditions i.e. temperature and time was observed. Ti-6Al-4V alloy was subject to solution annealing treatments in β (1066C) and α+β phase (930C and 850C) followed by quenching, air cooling and furnace cooling to room temperature respectively. The effect of solution annealing and cooling on the microstructure was studied by using optical microscopy (OM), scanning electron microscopy (SEM), electron backscattered diffraction (EBSD) and x-ray diffraction (XRD). The chemical composition of the β phase for different conditions was determined with the help of energy dispersive spectrometer (EDS) attached to SEM. Furnace cooling resulted in the development of coarser structure (α+β), while air cooling resulted in much finer structure with widmanstatten morphology of α at the grain boundaries. Quenching from solution annealing temperature formed α’ martensite, their proportion being dependent on the temperature in β phase field. It is well known that the transformation of β to α follows Burger orientation relationship (OR). In order to reconstruct the microstructure of parent β phase, a MATLAB code was written using neighbor-to-neighbor, triplet method and Tari’s method. The code was tested on the annealed samples (1066C solution annealing temperature followed by furnace cooling to room temperature). The parent phase data thus generated was then plotted using the TSL-OIM software. The reconstruction results of the above methods were compared and analyzed. The Tari’s approach (clustering approach) gave better results compared to neighbor-to-neighbor and triplet method but the time taken by the triplet method was least compared to the other two methods.

Keywords: Ti-6Al-4V alloy, microstructure, electron backscattered diffraction, parent phase reconstruction

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Authors: Ajay Biswas, Swapan Bhaumik, Abhijit Bhowmik

Abstract:

Present experiment has been carried out to study the microstructure of weldment obtained by submerged arc welding on mild steel plate at zero degree Celsius. To study this, bead on plate welding is done by submerged arc welding on the sample plate of heavy duty mild steel of designation IS 2062 grade B, fitted on the special fixture ensuring the plate temperature at zero degree Celsius. Sixteen numbers of such samples are welded by varying the most influencing parameters viz. travel speed, voltage, wire feed rate and electrode stick-out at four different levels. Taguchi’s design of experiment is applied by selecting Taguchi's L16 orthogonal array to restrict the number of experimental runs. Cross sectioned samples are polished and etched to view the weldment. Finally, different zone of the weldment is observed by optical microscope. From the type of microstructure of weldment it is concluded that submerged arc welding is feasible at zero degree Celsius on mild steel plate.

Keywords: Submerged Arc Welding, zero degree Celsius, Taguchi’s design of experiment, microstructure of weldment

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Authors: Mustafa Col, Funda Gul Koc, Merve Yangaz, Eylem Subasi, Can Akbasoglu

Abstract:

G38NiCrMo8-4-4 steel is widely used in mining industries, machine parts, gears due to its high strength and toughness properties. In this study, microstructure, wear and mechanical properties of G38NiCrMo8-4-4 steel modified with boron used in the mining industry were investigated. For this purpose, cast materials were alloyed by melting in an induction furnace to include boron with the rates of 0 ppm, 15 ppm, and 50 ppm (wt.) and were formed in the dimensions of 150x200x150 mm by casting into the sand mould. Homogenization heat treatment was applied to the specimens at 1150˚C for 7 hours. Then all specimens were austenitized at 930˚C for 1 hour, quenched in the polymer solution and tempered at 650˚C for 1 hour. Microstructures of the specimens were investigated by using light microscope and SEM to determine the effect of boron and heat treatment conditions. Changes in microstructure properties and material hardness were obtained due to increasing boron content and heat treatment conditions after microstructure investigations and hardness tests. Wear tests were carried out using a pin-on-disc tribometer under dry sliding conditions. Charpy V notch impact test was performed to determine the toughness properties of the specimens. Fracture and worn surfaces were investigated with scanning electron microscope (SEM). The results show that boron element has a positive effect on the hardness and wear properties of G38NiCrMo8-4-4 steel.

Keywords: G38NiCrMo8-4-4 steel, boron, heat treatment, microstructure, wear, mechanical properties

Procedia PDF Downloads 171