Search results for: financing structure

Authors: Bilal Saoud

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In this paper, we propose a new method to find the community structure in networks. Our method is based on bee colony and the maximization of modularity to find the community structure. We use a bee colony algorithm to find the first community structure that has a good value of modularity. To improve the community structure, that was found, we merge communities until we get a community structure that has a high value of modularity. We provide a general framework for implementing our approach. We tested our method on computer-generated and real-world networks with a comparison to very known community detection methods. The obtained results show the effectiveness of our proposition.

Keywords: bee colony, networks, modularity, normalized mutual information

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Authors: Abdul Hakim Khan

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The aim of the present paper is to study the Banach Space and Combinatorial Algebraic Structure of R. It is further aimed to study algebraic structure of set of all q-extension of classical formula and function for 0 < q < 1.

Keywords: integral functions, q-extensions, q numbers of metric space, algebraic structure of r and banach space

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Authors: Toral Khalpada, Kanhai Joshi

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Generally, constructions of structures built in India are indeterminate structures. The purpose of this study is to investigate the application of a structure that is proved to be non-economical. The testing practice involves the application of different types of loads on both, determinate and indeterminate structure by computing it on a software system named Staad and also inspecting them practically on the construction site, analyzing the most efficient structure and diagnosing the utilization of the structure which is not so beneficial as compared to other. Redundant structures (indeterminate structure) are found to be more reasonable. All types of loads were applied on the beams of both determinate and indeterminate structures parallelly on the software and the same was done on the site practically which proved that maximum stresses in statically indeterminate structures are generally lower than those in comparable determinate structures. These structures are found to have higher stiffness resulting in lesser deformations so indeterminate structures are economical and are better than determinate structures to use for construction. On the other hand, statically determinate structures have the benefit of not producing stresses because of temperature changes. Therefore, our study tells that indeterminate structure is more beneficial but determinate structure also has used as it can be used in many areas; it can be used for the construction of two hinged arch bridges where two supports are sufficient and where there is no need for expensive indeterminate structure. Further investigation is needed to contrive more implementation of the determinate structure.

Keywords: construction, determinate structure, indeterminate structure, stress

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Authors: Muhammad Izzam Bin Mohd Khazar, Nur Adibah Binti Zainudin

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Islamic banking as one of the financial institutions is highly required to maintain a prudent approach to ensure that any financing given is able to generate income to their respective shareholders. As the default payment of customers is probably occurred in the financing, having a prudent approach in the recovery process is a must to ensure that financing losses are within acceptable limits. The objective of this research is to provide the best practice of recovery which is anticipated to benefit both bank and customers. This study will address arising issue on the current practice of recovery process and followed by providing humanising recovery solutions in the light of the Maqasid Shariah. The study identified main issues pertaining to Islamic recovery process which can be categorized into knowledge crisis, process issues, specific treatment cases and system issues. Knowledge crisis is related to direct parties including judges, solicitors and salesperson, while the recovery process issues include the process of issuance of reminder, foreclosure and repossession of asset. Furthermore, special treatment for particular cases also should be observed since different contracts in Islamic banking products will need different treatment. Finally, issues in the system used in the recovery process are still unresolved since the existing technology is still young in this area to embraced Islamic finance requirements and nature of calculation. In order to humanize the financial services in Islamic banking recovery process, we have highlighted four main recommendation to be implemented by Islamic Financial Institutions namely; 1) early deterrent by improving the awareness, 2) improvement of the internal process, 3) reward mechanism, and 4) creative penalty to provide awareness to all stakeholders.

Keywords: humanizing financial services, Islamic Finance, Maqasid Syariah, recovery process

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Authors: Imran Mehboob Shaikh, Kamaruzaman Noordin

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Musharakah Mutanaqisah or Diminishing Partnership is a derivative of Musharakah contract, which is used by Islamic banks for housing finance facility. Most of the banks offer housing finance based on the concept of Musharakah Mutanaqisah, apart from few which still offer housing finance using BBA, Tawarruq (commodity Murabahah) and Istisna. This research attempts to compare the practice of DP housing finance offered in Malaysia. This paper will further look into challenges in Musharakah Mutanaqisah practice and its sustainability as a mortgage product. In practice there are certain issues related to Musharakah Mutanaqisah also known as Musharakah al Muntaiah bi tamlik, widely accepted and mostly used for housing finance by the Islamic banks. In Malaysia, it is in transforming stage from Bay bithamman Ajil, which is mostly used for housing finance in ASEAN region i.e., Malaysia, Indonesia and Brunei. In order to conduct this study, a discussion was carried out with few researchers who had worked on the topic previously and some Islamic bank officers attached to a full-fledged Islamic bank in Malaysia. Apart from that previous literature on Musharakah Mutanaqisah was also reviewed and various books, as well as online data, was considered for this study, and websites of different Islamic banks with information for Diminishing partnership, home financing were retrieved. This paper will highlight issues surrounding Diminishing Partnership contract and its conformity to Maqasid al Shariah (objectives of Shariah). Diminishing Partnership is widely accepted in different parts of the world and is mostly used for housing finance. The future prospect of DP is believed to be affirmative. As the product is a better substitute for BBA and most of the Islamic banks around the world have utilized their housing portfolio using the contract but at the same time, there are certain issues that need to be overcome. Even though Islamic banks are striving to sustain and compete the conventional banks but securing the customers from Gharar and other issues should be the primary objective of Islamic financial institutions.

Keywords: BBA, home financing, musharakah mutanaqisah, tawarruq

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Authors: Mazouz Halima, Belghachi Abdrahmane

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Effects of electron irradiation-induced deep level defects have been studied on both n/p and p/n indium phosphide solar cells with very thin emitters. The simulation results show that n/p structure offers a somewhat better short circuit current but the p/n structure offers improved circuit voltage, not only before electron irradiation, but also after 1MeV electron irradiation with 5.1015 fluence. The simulation also shows that n/p solar cell structure is more resistant than that of p/n structure.

Keywords: InP solar cell, p/n and n/p structure, electron irradiation, output parameters

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Authors: Aslina Asnawi, A. Amidah Amrawaty, Nirwana

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This article examines the relationship of local culture on the ability to access finance on beef cattle farmer. The local culture in this study associated with the values held by the farmer community so far and affect the character of farmers both in his personal life and his relationship with the surrounding environment. The data was collected by using interview and questionnaire instrument. Data were analyzed using descriptive analysis and correlation analysis. The result show that local culture identified in this study include: honesty, cleverness, decency, firmness, hard work, and shame. It’s important result that local culture has been associated with the ability to access financing for beef cattle farmers. The higher values are adopted and maintained by farmers will increase their ability to obtain loans from both informal and formal institutions. Strengthening the local culture is important because it affects the character of farmers who became one of the considerations for lenders other than collateral, capacity and capital is precisely the financing constraints for them.

Keywords: access funding, beef cattle farmers, character, local culture

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Authors: Nancy Michail, Niloufer Selvadurai, Doron Goldbarsht

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This study analyses the development of a central bank digital currency (CBDC) in Australia and the framework being developed to ensure that national security and privacy considerations are appropriately addressed. Through the use of doctrinal methodology, the research closely and critically examines current legislation and regulation on privacy federal laws and the need to comply with anti-money laundering and counter-terrorism financing laws (AML/CTF). It is argued that the introduction of CBDCs may lead to potential tension between the application of AML/CTF laws and the upholding of individuals’ fundamental and legislated rights to privacy; therefore, it emphasises the need for clear delineation of ambits and support between different laws and regulations to ensure they operate within their intended purposes and suggests that the calibration of potential tensions between AML/CTF and privacy laws may be achieved through the innovative application of the proportionality principle.

Keywords: anti-money laundering and counter terrorism financing, central bank digital currency, privacy, proportionality principle

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Authors: Vahidreza Mahmoudabadi, Omid Bahar, Mohammad Kazem Jafari

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In many applied engineering problems, structural analysis is usually conducted by assuming a rigid bed, while imposing the effect of structure bed flexibility can affect significantly on the structure response. This article focuses on investigation and evaluation of the effects arising from considering a soil-structure system in evaluation of dynamic characteristics of a steel structure with respect to elastic and inelastic behaviors. The recorded structure acceleration during Taiwan’s strong Chi-Chi earthquake on different floors of the structure was our evaluation criteria. The respective structure is an eight-story steel bending frame structure designed using a displacement-based direct method assuring weak beam - strong column function. The results indicated that different identification methods i.e. reverse Fourier transform or transfer functions, is capable to determine some of the dynamic parameters of the structure precisely, rather than evaluating all of them at once (mode frequencies, mode shapes, structure damping, structure rigidity, etc.). Response evaluation based on the input and output data elucidated that the structure first mode is not significantly affected, even considering the soil-structure interaction effect, but the upper modes have been changed. Also, it was found that the response transfer function of the different stories, in which plastic hinges have occurred in the structure components, provides similar results.

Keywords: bending steel frame structure, dynamic characteristics, displacement-based design, soil-structure system, system identification

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Authors: Gee-Cheol Kim, Joo-Won Kang

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Structural characteristics of spatial structure are different from that of rahmen structures and it has many factors that are unpredictable experientially. Both horizontal and vertical earthquake should be considered because of seismic behaviour characteristics of spatial structures. This experimental study is conducted about seismic response characteristics of roof structure according to the effect of columns or walls, through scale model of arch structure that has the basic dynamic characteristics of spatial structure. Though remarkable response is not occurred for horizontal direction in the region of higher frequency than the region of frequency that seismic energy is concentrated, relatively large response is occurred in vertical direction. It is proved that seismic response of arch structure with column is varied according to property of column.

Keywords: arch structure, seismic response, shaking table, spatial structure

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Authors: Berrachid Dounia, Bellihi Hassan

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The financial crisis made a barrier in front of small projects that are looking for funding, but in the other hand it has had at least an interesting side effect which is the rise of alternative and increasingly creative forms of financing. The traditional forms of financing has known a recession due to the new difficult situation of economical recession that all parts of the world have known. Having an innovating idea that has an effect on both sides, the economic one and social one is very beneficial for those who wants to get rid of the economical crisis. In this case, entrepreneurs who want to be successful are looking for the means of financing that are going to get their projects to the reality. The financing could be various, whether the entrepreneur can use his own resources, or go to the three “Fs”(Family, friends, and fools),look for Angel Investors, or try for the academic solution like universities and private incubators, but sometimes, entrepreneurs feels uncomfortable about those means and start looking to newer, less traditional forms of financing their projects. In the last few years, people have shown a great interest to the use of internet for many reasons (information, social networking, communication, entertainment, transaction, etc.). The use of internet facilitates relations between people and eases the maintenance of existing relationships ,it increases also the number of exchanges which leads to a “collective creativity”, moreover, internet gives an opportunity to create new tool for mobilizing civil society, which makes the participation in a project company much easier. The new atmosphere of business forces the project leaders to look for new solution of financing that cut out the financial intermediaries. Using platforms in order to finance projects is an alternative that is changing the traditional solutions of financing projects. New creative ways of lending money appears like Peer to Peer (person to person or P2P)lending. This digital directly intermediary got his origins from microcredit principles. Crowdfunding also, like P2P, involves getting individuals to pool their resources to finance a project without a typical financial intermediary. For Lambert and Schwienbacher "Crowdfunding involves an open call, essentially through the Internet, for the provision of financial resources either in the form of donations (without rewards) or in exchange for some form of reward and/or voting rights in order to support initiatives for specific purposes". The idea of this proposal for investors and entrepreneurs is to encourage small contributions from a large number of funders "the crowd" in order to raise money to fund projects. All those conditions made from crowdfunding a useful alternative to project leaders, and especially the ones who are carrying special ideas that need special funds. As mentioned before by Laflamme. S. et Lafortune. S. internet is a tool for mobilizing civil society. In our case, the crowdfunding is the tool that funds social entrepreneurship, in the case of not for profit organizations, it focuses his attention on social problems which could be resolved by mobilizing different resources, creating innovative initiatives, and building new social arrangements which call up the civil society. Social entrepreneurs are mostly the ones who goes onto crowdfunding web site, so they propose the amount which is expected to realize their project and then they receive the funds from crowd funders. Something the crowd funders expect something in return, like a product from the business (a sample from a product (case of a cooperative) or a CD (in the case of films or songs)), but not their money back. Thus, we cannot say that their lands are donations, because a donator did not expect anything back. However, in order to encourage "crowd-funders", rewards motivates people to get interested by projects and made some money from internet. The operation of crowd funding is making all parts satisfied investors, entrepreneurs and also crowdfunding sites owners. This paper aims to give a view of the mechanism of crowdfunding, by clarifying the techniques and its different categories, and social entrepreneurship as a sponsor of social development. Also, it aims to show how this alternative of financing could be beneficial for social entrepreneurs and how it is bringing a solution to fund social projects. The article concludes with a discussion of the contribution of crowdfunding in social entrepreneurship especially in the Moroccan context.

Keywords: crowd-funding, social entrepreneurship, projects funding, financing

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Authors: Ghada Badr, Arwa Alturki

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The biological function of an RNA molecule depends on its structure. The objective of the alignment is finding the homology between two or more RNA secondary structures. Knowing the common functionalities between two RNA structures allows a better understanding and a discovery of other relationships between them. Besides, identifying non-coding RNAs -that is not translated into a protein- is a popular application in which RNA structural alignment is the first step A few methods for RNA structure-to-structure alignment have been developed. Most of these methods are partial structure-to-structure, sequence-to-structure, or structure-to-sequence alignment. Less attention is given in the literature to the use of efficient RNA structure representation and the structure-to-structure alignment methods are lacking. In this paper, we introduce an O(N2) Component-based Pairwise RNA Structure Alignment (CompPSA) algorithm, where structures are given as a component-based representation and where N is the maximum number of components in the two structures. The proposed algorithm compares the two RNA secondary structures based on their weighted component features rather than on their base-pair details. Extensive experiments are conducted illustrating the efficiency of the CompPSA algorithm when compared to other approaches and on different real and simulated datasets. The CompPSA algorithm shows an accurate similarity measure between components. The algorithm gives the flexibility for the user to align the two RNA structures based on their weighted features (position, full length, and/or stem length). Moreover, the algorithm proves scalability and efficiency in time and memory performance.

Keywords: alignment, RNA secondary structure, pairwise, component-based, data mining

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Authors: L. Spencer, S. O’ Donohoe

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Much of the research to date on internationalisation relates to large firms with much less known about how small and medium-sized enterprises (SMEs) engage in internationalisation. Given the crucial role of SMEs in contributing to economic growth, there is now an emphasis on the need for SMEs internationalise. Yet little is known about how SMEs undertake and finance such expansion and whether or not internationalisation actually hinders or helps them in securing finance. The purpose of this research is to explore the internationalisation process for SMEs, the sources of funding used in financing this expansion and support received from the state agencies in assisting their overseas expansion. A conceptual framework has been devised which marries the two strands of literature together (internationalisation and financing the firm). The exploratory nature of this research dictates that the most appropriate methodology was to use semi-structured interviews with SME owners; bank representatives and support agencies. In essence, a triangulated approach to the research problem facilitates assessment of the perceptions and experiences from firms, the state and the financial institutions. Our sample is drawn from SMEs operating in Ireland and Scotland, two small but very open economies where SMEs are the dominant form of organisation. The sample includes a range of industry sectors. Key findings to date suggest some SMEs are born global; others are born again global whilst a significant cohort can be classed as traditional internationalisers. Unsurprisingly there is a strong industry effect with firms in the high tech sector more likely to be faster internationalisers in contrast to those in the traditional manufacturing sectors. Owner manager’s own funds are deemed key to financing initial internationalisation lending support for the financial growth life cycle model albeit more important for the faster internationalisers in contrast to the slower cohort who are more likely to deploy external sources especially bank finance. Retained earnings remain the predominant source of on-going financing for internationalising firms but trade credit is often used and invoice discounting is utilised quite frequently. In terms of lending, asset based lending backed by personal guarantees appears paramount for securing bank finance. Whilst the lack of diversified sources of funding for internationalising SMEs was found in both jurisdictions there appears no evidence to suggest that internationalisation impedes firms in securing finance. Finally state supports were cited as important to the internationalisation process, in particular those provided by Enterprise Ireland were deemed very valuable. Considering the paucity of studies to date on SME internationalisation and in particular the funding mechanisms deployed by them; this study seeks to contribute to the body of knowledge in both the international business and finance disciplines.

Keywords: funding, government support, international pathways, modes of entry

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Authors: Sanja Pfeifer, Nataša Šarlija, Marina Jeger, Ana Bilandžić

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The purpose of this study is to explore the different facets of growth among micro, small and medium-sized firms in Croatia and to analyze the differences between models designed for all micro, small and medium-sized firms and those in creative industries. Three growth prediction models were designed and tested using the growth of sales, employment and assets of the company as dependent variables. The key drivers of sales growth are: prudent use of cash, industry affiliation and higher share of intangible assets. Growth of assets depends on retained profits, internal and external sources of financing, as well as industry affiliation. Growth in employment is closely related to sources of financing, in particular, debt and it occurs less frequently than growth in sales and assets. The findings confirm the assumption that growth strategies of small and medium-sized enterprises (SMEs) in creative industries have specific differences in comparison to SMEs in general. Interestingly, only 2.2% of growing enterprises achieve growth in employment, assets and sales simultaneously.

Keywords: creative industries, growth prediction model, growth determinants, growth measures

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Authors: Prakash Kattire, Rahul Pathare, Nilesh Tawde

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A canopy is an overhead roof structure generally used at the entrance of a building to provide shelter from rain and sun and may also be used for decorative purposes. In this paper, the canopy structure to cover the conveyor line has been studied. Existing most of the canopy structures are made of steel and glass, which makes a heavier structure, so the purpose of this study is to weight and cost optimization of the canopy. To achieve this goal, the materials of construction considered are Polyvinyl chloride (PVC) natural composite, Fiber Reinforced Plastic (FRP), and Structural steel Fe250. Designing and modeling were done in Solid works, whereas Altair Inspire software was used for the optimization of the structure. Through this study, it was found that there is a total 10% weight reduction in the structure with sufficient reserve for structural strength.

Keywords: canopy, composite, FRP, PVC

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Authors: Gong Kangming, Zhao Caiqi

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High-rise special-shaped structure, such as main frame structure of the statues, is one of the structure forms in irregular structure widely used. Due to the complex shape of the statue structure, with a large aspect ratio, its wind load value and the overall mechanical properties are very different from the high-rise buildings with the general rules. The paper taking a certain 48 meters high main frame structure of the statue located in Shuangyashan City, Heilongjiang Province, static and dynamic properties are analyzed by the finite element software. Through static and dynamic analysis, it got a number of useful conclusions that have a certain reference value for the analysis and design of the future similar structure.

Keywords: a Buddhism goddess Guanyin body, wind load, dynamic analysis, bolster, node design

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Authors: Muhammad Liaqat, Hafiz Abdul Samad, Syed Talha Ali Hamdani, Yasir Nawab

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In the current research, the four layers, orthogonal through the thickness, 2D woven, 3D fabric structure was modified to improve the impact resistance of 3D fabric reinforced composites. This was achieved by imparting the auxeticity into four layers through the thickness woven structure. A comparison was made between the standard and modified four layers through the thickness woven structure in terms of auxeticity, penetration and impact resistance. It was found that the modified structure showed auxeticity in both warp and weft direction. It was also found that the penetration resistance of modified sample was less as compared to the standard structure, but impact resistance was improved up to 6.7% of modified four layers through the thickness woven structure.

Keywords: 2D woven, 3D fabrics, auxetic, impact resistance, orthogonal through the thickness

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Authors: Melissa James Maceachern

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This study examines a financial aid program that is designed to “keep residents at home” to attend higher education by providing financial aid as an incentive or discount in their first year of university following high school graduation. This study offers insight into financial matters for higher education students that can assist in providing policy direction for student financing. In particular, this study found that students appeared to value the bursary but none of the key metrics related to participation or conversion to the home institution indicated that the bursary impacted enrolment or participation. One key metric, student loans received by direct entry high school students did indicate a decline in the number of recipients. This study also identified accessibility issues to higher education that are of importance when considering the declining youth populations, future labour market needs and the need to sustain higher education institutions. This is undoubtedly a challenging period of time given the changing social and demographic forces within Canada. A comprehensive examination of the policy and programs to address these forces needs to be undertaken. This study highlights the importance of utilizing financial aid in combination with other policy to assist students in accessing higher education.

Keywords: accessibility, participation, financing, government

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Authors: Jiayun Shen, Lorenz Wyss, Thierry Golliard, Matthias Finger

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Innovation is widely recognized as the key for private enterprises to win the market competition. The state-owned-enterprises need to be innovative to compete in the market after the privatization as well. However, it is a lack of research to study how state-owned-enterprises manage innovation to create new products and services. Swiss Post, a Swiss state-owned-enterprises, has established a department to transform the corporate culture and foster innovation to achieve digital transformation. This paper describes the innovation management process at the Swiss Post and analyzes the impacts of the instruments, the organizational structure, and explores the barriers of innovation. This study used qualitative methods based on a review of the literature on innovation management and semi-structured interviews. Being established for over five years, the Swiss Post’s innovation management department has established a software-assisted modularized platform with systematic instruments to help the internal employees with the different innovation processes. It guides the innovators from idea creation to piloting in markets and supports with a separate financing source, with knowledge inputs and coaching, as well as with connections to external partners through the open innovation and venturing team. The platform also adapts to different business units within the corporate with a customized tailor for the various operational business units. The separate financing instruments enabled the creation and further development of new ideas; the coaching services contribute greatly to the transformation of teams’ innovation culture by providing new knowledge, thinking methods, and use cases for inspiration. It also facilitates organizational learning to help the whole corporate with the digital transformation. However, it is also confronted with a big challenge in twofold. Internally, the disruptive projects often hardly overcome the obstacles of long-established operational processes in the traditional business units; externally, the expectations of the public and restrictions from the federal government have become high hurdles for the company to stay and compete in the innovation track.

Keywords: empirical case study, innovation management, state-owned-enterprise, Swiss Post

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Authors: Aimilia Vlami

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This paper examines the tourist economic development of Greece on the basis of the analysis of the main characteristics of the financing and development processes and the spatial and temporal structure of supply and demand. Taking into consideration the evolution of the economic planning and the policy for the tourist development of Greece over time, we study at the same time: the composition, the changes and the dynamics of the hotel industry in the last 20 years and especially the period of the economic adjustment programmes, where tourism has become a key pillar of development. It is clearly evident that this paper is written in a specific economic situation, which directs as much the emphases as the flow of arguments around the central question of balance of interventions in the tourist space, between the need for planning and practice of policy for sustainable tourist growth and in the de facto adaptation of fragmentary and urgent interventions of shaping and transforming the tourist space, as they are shaped by the requirements of various institutions and interest groups.

Keywords: development, Greece, hospitality, economic policy, tourism investments

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Authors: Asad Naeem, Mohamed Nour Eldin, Jinkoo Kim

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In this study, the seismic performance and life cycle cost (LCC) are evaluated of the structure retrofitted with the damped cable system (DCS). The DCS is a seismic retrofit system composed of a high-strength steel cable and pressurized viscous dampers. The analysis model of the system is first derived using various link elements in SAP2000, and fragility curves of the structure retrofitted with the DCS and viscous dampers are obtained using incremental dynamic analyses. The analysis results show that the residual displacements of the structure equipped with the DCS are smaller than those of the structure with retrofitted with only conventional viscous dampers, due to the enhanced stiffness/strength and self-centering capability of the damped cable system. The fragility analysis shows that the structure retrofitted with the DCS has the least probability of reaching the specific limit states compared to the bare structure and the structure with viscous damper. It is also observed that the initial cost of the DCS method required for the seismic retrofit is smaller than that of the structure with viscous dampers and that the LCC of the structure equipped with the DCS is smaller than that of the structure with viscous dampers.

Keywords: damped cable system, fragility curve, life cycle cost, seismic retrofit, self-centering

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Authors: Erinma Chibuzo Nwandu

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Graduates unemployment has risen astronomically in spite of the emphasis on teaching of small scale business and Entrepreneurship in schools. This study sets out to evaluate the effect of teaching small scale business and Entrepreneurship on graduates’ unemployment in Nigeria. This study adopted the survey research design. Thus the nature of data for this study is primary, sourced by the use of a questionnaire administered to a sample of two thousand and sixty-five (2065) respondents drawn from groups of graduates who are employed, unemployed and self-employed in South East Nigeria. Simple percentages, Chi-square and regression analysis were used to derive useful and meaningful information and test the hypotheses respectively. Findings from the study suggest that Nigeria graduates are ill prepared to embark on small-scale business and entrepreneurship after graduation, and that teaching of small scale business and entrepreneurship in Nigeria tertiary institutions is ineffective on graduate unemployment reduction. Findings also suggest that while a lot of graduates agreed that they have taken a class(s) on small scale or entrepreneurship, they received more theoretical teachings than practical, more so while teachings on small scale business or entrepreneurship motivated graduates to think of self-employment, most of them cannot do a good business plan and hence could not benefit from some kind of Government assisted program for small-scale business and bank loan for the sake of small scale business. Thus, so many graduates are not interested in small scale business or entrepreneurship development as a result of lack of startup capital. The study thus recommends that course content and teaching method of entrepreneurship education needs to be reviewed and re-structured to constitute more practical teachings than theoretical teachings. Also, graduates should be exposed to seminar /workshop for self-employment at least once every semester. There should be practical teaching and practice of developing a business plan that will be viable to attract government or private sponsorship as well for it to be viable to attract financing from financing institutions. Government should provide a fund such as venture capital financing arrangement to empower business startups in Nigeria by graduates’.

Keywords: entrepreneurship, small scale business, startup capital, unemployment

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Authors: Océane Grosset, Charles Pézerat, Jean-Hugh Thomas, Frédéric Ablitzer

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This paper presents a method to take into account the fluid-structure coupling into an inverse method, the Force Analysis Technique (FAT). The FAT method, also called RIFF method (Filtered Windowed Inverse Resolution), allows to identify the force distribution from local vibration field. In order to only identify the external force applied on a structure, it is necessary to quantify the fluid-structure coupling, especially in naval application, where the fluid is heavy. This method can be decomposed in two parts, the first one consists in identifying the fluid-structure coupling and the second one to introduced it in the FAT method to reconstruct the external force. Results of simulations on a plate coupled with a cavity filled with water are presented.

Keywords: aeroacoustics, fluid-structure coupling, inverse methods, naval, turbulent flow

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Authors: Veselin Konstantinov Hristov

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In recent years, the lease contract has become more and more applicable and occupies a key place in commercial relations and business. In Bulgaria, the legal regulation of the leasing contract is relatively new and imperfectly developed. There are many legal loopholes and it is they that determine the need for a comparative legal analysis. The purpose of the study is to analyze the various European legislations regarding the leasing contract and to find effective solutions for the legal system of Bulgaria. First of all, are examined the concept of the leasing contract, which originated in the United States of America around the 1950s and spread in Europe, and the etymology of the term "leasing". After that, the main types of lease contracts – financial and operational – are examined and analyzed in detail. Their features and characteristics were studied, as well as a comparative analysis was made between them. Next, in the research, a comparative-legal analysis of the leasing contract in different European countries was made in terms of its development and distribution, as well as its legal characteristics. The mechanism of action and functioning of the leasing contract in several European countries is analyzed. Conclusions are made regarding the legal framework under which the lease contract is most effective. Types of leasing contracts specific only to certain European countries and their advantages are examined. In conclusion, recommendations are made to improve the legal framework of the leasing contract in Bulgaria.

Keywords: alternative financing, leasing contract, financing instruments, innovation

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Authors: Uyen Tran Tu

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

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

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Authors: Deniz Karagöz

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This study is attempt to comprehend the relationship between the spatial characteristics of cultural structure, activities and the tourism demand in Turkey. The analysis divided into four parts. The first part consisted of a cultural structure and cultural activity (CSCA) index provided by principal component analysis. The analysis determined four distinct dimensions, namely, cultural activity/structure, accessing culture, consumption, and cultural management. The exploratory spatial data analysis employed to determine the spatial models of cultural structure and cultural activities in 81 provinces in Turkey. Global Moran I indices is used to ascertain the cultural activities and the structural clusters. Finally, the relationship between the cultural activities/cultural structure and tourism demand was analyzed. The raw/original data of the study official databases. The data on the cultural structure and activities gathered from the Turkish Statistical Institute and the data related to the tourism demand was provided by the Republic of Turkey Ministry of Culture and Tourism.

Keywords: cultural activities, cultural structure, spatial characteristics, tourism demand, Turkey

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Authors: Muhammad Shujaat Saleem, Imamuddin

Abstract:

In reply to the argument made by the non-believers of Makkah “Sale is similar to riba”, Almighty Allah ordered “Sale is permissible while riba is impermissible”. The main intent of the study was to clarify the fallacy prevailing among the Muslims that in practical terms the product of Murabaha which is being offered by the Islamic banks is similar to that of conventional interest based business loan. However, specific objective was to ascertain the degree of financial efficiency on the basis of fund/loan utilization for intended purpose of Murabaha financing vis-à-vis conventional interest based business loan. The study employed survey strategy to collect primary data through structured close ended questionnaires from the sample of 98 Murabaha officers and 178 loan officers out of the whole population of 5 Islamic and 10 conventional banks respectively. Quantitative and qualitative techniques were used to analyze the data and the same is tabulated by use of frequency tables. The study found that the financial efficiency of Murabaha financing is more than that of conventional interest based business loan by 28% as Murabaha funds of Islamic banks are utilized for its intended purpose to the extent of 97% on average, compared to 69% of business loan offered by conventional banks.

Keywords: financial efficiency, murabaha funds, loan amount, intended purpose

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Authors: Erindi Allaj

Abstract:

This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

Procedia PDF Downloads 321

Authors: Oh Hyeon Jeon, WooYoung Jung

Abstract:

In this study, seepage analysis was performed by the level difference between upstream and downstream of weir structure for safety evaluation of weir structure against flooding. Monte Carlo Simulation method was employed by considering the probability distribution of the adjacent ground parameter, i.e., permeability coefficient of weir structure. Moreover, by using a commercially available finite element program (ABAQUS), modeling of the weir structure is carried out. Based on this model, the characteristic of water seepage during flooding was determined at each water level with consideration of the uncertainty of their corresponding permeability coefficient. Subsequently, fragility function could be constructed based on this response from numerical analysis; this fragility function results could be used to determine the weakness of weir structure subjected to flooding disaster. They can also be used as a reference data that can comprehensively predict the probability of failur,e and the degree of damage of a weir structure.

Keywords: weir structure, seepage, flood disaster fragility, probabilistic risk assessment, Monte-Carlo simulation, permeability coefficient

Procedia PDF Downloads 321

Authors: S. M. Hamidi, M. Zamani

Abstract:

Magneto-plasmonic (MP) structures have turned into essential tools for the amplification of magneto-optical (MO) responses via the combination of MO activity and surface Plasmon resonance (SPR). Both the plasmonic and the MO properties of the resulting MP structure become interrelated because the SPR of the metallic medium. This interconnection can be modified the wave vector of surface plasmon polariton (SPP) in MP multilayer [1] or enhanced the MO activity [2- 3] and also modified the sensor responses [4]. There are several types of MP structures which are studied to enhance MO response in miniaturized configuration. In this paper, we propose a new MP structure based on the nano-metal grating and we investigate the MO and optical properties of this new structure. Our new MP structure fabricate by DC magnetron sputtering method and our home made MO experimental setup use for characterization of the structure.

Keywords: Magneto-plasmonic structures, magneto-optical effect, nano-garting

Procedia PDF Downloads 514