Search results for: investment casting

Authors: Nasiru Inuwa, Haruna Usman Modibbo, Yahya Zakari Abdullahi

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The purpose of this paper is to investigate the effects of foreign direct investment (FDI), economic growth on carbon emissions in context of WAIFEM member countries. The Im-Pesaran-Shin panel unit root test, Kao residual based test panel cointegration technique and panel Granger causality tests over the period 1980-2012 within a multivariate framework were applied. The results of cointegration test revealed a long run equilibrium relationship among CO2 emissions, economic growth and foreign direct investment. The results of Granger causality tests revealed a unidirectional causality running from economic growth to CO2 emissions for the panel of WAIFEM countries at the 5% level. Also, Granger causality runs from economic growth to foreign direct investment without feedback. However, no causality relationship between foreign direct investment and CO2 emissions for the panel of WAIFEM countries was observed. The study therefore, suggest that policy makers from WAIFEM member countries should design policies aim at attracting more foreign direct investments inflow as well the adoption of cleaner production technologies in order to reduce CO2 emissions.

Keywords: economic growth, CO2 emissions, causality, WAIFEM

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Authors: Surayyo Shaamirova, Anwar Hasan Abdullah Othman

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This study investigates the co-integration association between the top 10 cryptocurrencies, namely Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Cardano, Litecoin, Stellar, IOTA, and NEO. The study applies Johansen Juselius co-integration test to examine the long-run co-integration and utilize the Engle and Granger casualty test to examine the short-run relationship. The findings of the study show that there is a strong co-integration relationship among the cryptocurrencies; however, in the short run, there is no causal relationship among the crypto currencies. These results, therefore, suggest that there are portfolio diversification opportunities in the cryptocurrencies industry when it comes to long run investment decisions, on the other hand, the cryptocurrencies industry shows the characteristics of efficiency in the short-run. This is an indication of a non-speculation investment in the cryptocurrencies industry in the short term investment.

Keywords: cryptocurrencies, Johansen-Juselius co-integration test, Engle and Granger casualty test, portfolio diversification

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Authors: Jhansi Rani Boda, G. Sunitha

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Worldwide, the financial markets are influenced by several factors such as the changes in economic and political processes that occur in the country and the globe, information diffusion and approachability and so on. Yet, the foremost important factor is the investor’s reaction and perception. For an individual investor, decision-making process can be perceived as a continuous process that has significant impact of their psychology while making investment decisions. Behavioral finance relies on research of human and social recognition and emotional tolerance studies to identify and understand the investment decisions. This article aims to report the research of individual investor’s financial behavior in a historical perspective. This article uncovers the investor’s psychology in investment decision making focusing on the investor’s rationality with an explanation of psychological and emotional factors that affect investing. The results of the study are revealed by means of Graphical visualization.

Keywords: behavioral finance, psychology, investor’s behavior, psychological and emotional factors

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Authors: Qiang Ren

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In the past 20 years, under the high standard of international investment protection, there have been numerous cases of investors ignoring the host country's measures to protect human health. Examples include investment disputes triggered by the Argentine government's measures related to human health, quality, and price of drinking water under the North American Free Trade Agreement. Examples also include Philip Morris v. Australia, in which case the Australian government announced the passing of the Plain Packing of Cigarettes Act to address the threat of smoking to public health in 2010. In order to take advantage of the investment treaty protection between Hong Kong and Australia, Philip Morris Asia acquired Philip Morris Australia in February 2011 and initiated investment arbitration under the treaty before the passage of the Act in July 2011. Philip Morris claimed the Act constitutes indirect expropriation and violation of fair and equitable treatment and claimed 4.16 billion US dollars compensation. Fortunately, the case ended at the admissibility decision stage and did not enter the substantive stage. Generally, even if the host country raises a human health defense, most arbitral tribunals will rule that the host country revoke the corresponding policy and make huge compensation in accordance with the clauses in the bilateral investment treaty to protect the rights of investors. The significant imbalance in the rights and obligations of host states and investors in international investment treaties undermines the ability of host states to act in pursuit of human health and social interests beyond economic interests. This squeeze on the nation's public policy space and disregard for the human health costs of investors' activities raises the need to include human health in investment rulemaking. The current international investment law system that emphasizes investor protection fails to fully reflect the requirements of the host country for the healthy development of human beings and even often brings negative impacts to human health. At a critical moment in the reform of the international investment law system, in order to achieve mutual enhancement of investment returns and human health development, human health should play a greater role in influencing and shaping international investment rules. International investment agreements should not be limited to investment protection tools but should also be part of national development strategies to serve sustainable development and human health. In order to meet the requirements of the new sustainable development goals of the United Nations, human health should be emphasized in the formulation of international investment rules, and efforts should be made to shape a new generation of international investment rules that meet the requirements of human health and sustainable development.

Keywords: human health, international investment law, Philip Morris v. Australia, investor protection

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Authors: Panprae Bunyapukkna

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The purpose of this research is to analyze the process that most of the Thai film industries commonly use in order to find the right cast to play the role. The result proved that most of the low-budget film productions find the cast by asking from the crew’s friends or friend of friend. Therefore, finding the cast in low-budget film productions normally has only few people shown up for the auditions and sometimes either none of them has acting knowledge or their appearances do not match the character. However, since most of the low-budget film productions do not have much ability to find members of the cast, thus some of them still will be selected. On the other hand, most of the high-budget film productions use modeling companies to find the cast for them. However, most of modeling agencies in Thailand seek and select their cast members from the cast’s appearances or talents rather than the knowledge of acting.

Keywords: casting for film, modeling business, acting, film, performing arts, film business

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Authors: Bárbara Magalhães Bravo, Cláudia Figueiras

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The economical globalization through the liberalization of the markets and capitals boosted the economical development of the nations and the needs for sorting out the disputes arising from the foreign investment. The arbitration, for all the inherent advantages, such as swiftness, arbitrators’ specialise skills and impartiality sets a pacifier tool for the interest in account. Safeguarded the public interest, we face the problem of the confidentiality in the arbitration. The urgent development of impelling mechanisms concerning transparency, guaranty and protection of the interest in account, reveals itself urgent. Through a bibliography review, we will dense the state of art, by going through the several solutions concerning, and pointing out the most suitable. Through the jurisprudential analysis we will point out the solution for the conflict confidentiality/public interest. The transparency, inextricable from the public interest, imposes the arbitration process can be open to all citizens. Transparency rules have been considered at the UNCITRAL in attempting to conciliate the necessity of publicity and the public interest, however still insufficient. The arbitration of foreign investment carries consequences to the citizens of the State. Articulating mechanisms between the arbitral procedures secrecy and the public interest should be adopted. The arbitration of foreign investment, being a tertius genius between the international arbitration and the administrative arbitration would claim its own regulation in each and every States where the confidentiality rules and its exceptions could be identified. One should enquiry where the limit of the citizens’ individual rights protection and the public interest should give way to the principle of transparency

Keywords: arbitration, foreign investment, transparency, confidenciality, International Centre for Settlement of Investment Disputes UNCITRAL

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Authors: Andrés I. Ávila, Patricia Aros, César San Martín, Elizabeth Kehr, Yovana Leal

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We consider a linear programming model to help farmers to decide if it is convinient to choose among three kinds of export fruits for their future investment. We consider area, investment, water, productivitiy minimal unit, and harvest restrictions and a monthly based model to compute the average income in five years. Also, conditions on the field as area, water availability and initia investment are required. Using the Chilean costs and dollar-peso exchange rate, we can simulate several scenarios to understand the possible risks associated to this market.

Keywords: mixed integer problem, fruit production, support decision model, fruit tree farms

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Authors: Azeb Degife

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Over the past few years, the volume of international investment in agricultural land has increased globally. In recent times, Ethiopian government uses agricultural investment as one of the most important and effective strategies for economic growth, food security and poverty reduction in rural areas. Since the mid-2000s, government has awarded millions of hectares of most fertile land to rich countries and some of the world's most wealthy people to export various kinds of crop, often in long-term leases and at bargain prices. This study focuses on the pros and cons of large-scale agriculture investment Gambella region, Ethiopia. The main results were generated both from primary and secondary data sources. Primary data are obtained through interview, direct observation and a focus group discussion (FGDs). The secondary data are obtained from published documents, reports from governmental and non-governmental institutions. The findings of the study demonstrated that agriculture investment has advantages on the socio-economic and disadvantages on socio-environmental aspects. The main benefits agriculture investments in the region are infrastructural development and generation employment for the local people. Further, the Ethiopian government also generates foreign currency from the agriculture investment opportunities. On the other hand, Gambella people are strongly tied to the land and the rivers that run through in the region. However, now large-scale agricultural investment by foreign and local investors on an industrial scale results deprives people livelihoods and natural resources of the region. Generally, the negative effects of agriculture investment include increasing food insecurity, and displacement of smallholder farmers and pastoralists. Moreover, agriculture investment has strong adverse environmental impacts on natural resources such as land, water, forests and biodiversity. Therefore, an Ethiopian government strategy needs to focus on integration approach and sustainable agricultural growth.

Keywords: agriculture investment, cons, displacement, Gambella, integration approach, pros, socio-economic, socio-environmental

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Authors: Mario Sergio de Andrade Zago, Javier Mazariegos Pablos, Eduvaldo Paulo Sichieri

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This research project accomplished a study on the technical feasibility of recycling industrial solid waste generated by the discharge of casting sand agglomeration with clay, blast furnace slag and sugar cane bagasse ash. For this, the plan proposed a methodology that initially establishes a process of solid waste encapsulation, by using solidification/stabilization technique on Portland cement matrices, in which the residuals act as small and large aggregates on the composition of concrete, and later it presents the possibility of using this concrete in the manufacture of concrete pieces (concrete blocks) for paving. The results obtained in this research achieved the objective set with great success, regarding the manufacturing of concrete pieces (blocks) for paving urban roads, whenever there is special vehicle traffic or demands capable of producing accentuated abrasion effects (surpassing the 50 MPa required by the regulation), which probes the technical practicability of using waste from sand casting agglomeration with clay and blast furnace slag used in this study, unlocking usage possibilities for construction.

Keywords: industrial solid waste, solidification/stabilization, Portland cement, reuse, bagasse ash in the sugar cane, concrete

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Authors: Amèdédjihundé H. J. Hounnou, Frédéric Dubas, François-Xavier Fifatin, Didier Chamagne, Antoine Vianou

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This paper presents the techno-economic evaluation of run-of-river small-hydropower plants. In this regard, a multi-objective optimization procedure is proposed for the optimal sizing of the hydropower plants, and NSGAII is employed as the optimization algorithm. Annual generated energy and investment cost are considered as the objective functions, and number of generator units (n) and nominal turbine flow rate (Q_T) constitute the decision variables. Site of Yeripao in Benin is considered as the case study. We have categorized the river of this site using its environmental characteristics: gross head, and first quartile, median, third quartile and mean of flow. Effects of each decision variable on the objective functions are analysed. The results gave Pareto Front which represents the trade-offs between annual energy generation and the investment cost of hydropower plants, as well as the recommended optimal solutions. We noted that with the increase of the annual energy generation, the investment cost rises. Thus, maximizing energy generation is contradictory with minimizing the investment cost. Moreover, we have noted that the solutions of Pareto Front are grouped according to the number of generator units (n). The results also illustrate that the costs per kWh are grouped according to the n and rise with the increase of the nominal turbine flow rate. The lowest investment costs per kWh are obtained for n equal to one and are between 0.065 and 0.180 €/kWh. Following the values of n (equal to 1, 2, 3 or 4), the investment cost and investment cost per kWh increase almost linearly with increasing the nominal turbine flowrate while annual generated. Energy increases logarithmically with increasing of the nominal turbine flowrate. This study made for the Yeripao river can be applied to other rivers with their own characteristics.

Keywords: hydropower plant, investment cost, multi-objective optimization, number of generator units

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Authors: Collen Kawiya

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In an effort of reducing post-harvest losses and improving the supply of quality fish products in Malawi, the fish solar tent dryers have been designed in the southern part of Lake Malawi for processing small fish species under the project of Cultivate Africa’s Future (CultiAF). This study was done to promote the adoption of the fish solar tent dryers by the many small scale fish processors in Malawi through the assessment of the economic viability of these dryers. With the use of the project’s baseline survey data, a business model for a constructed ‘ready for use’ solar tent dryer was developed where investment appraisal techniques were calculated in addition with the sensitivity analysis. The study also conducted a risk analysis through the use of the Monte Carlo simulation technique and a probabilistic net present value was found. The investment appraisal results showed that the net present value was US$8,756.85, the internal rate of return was 62% higher than the 16.32% cost of capital and the payback period was 1.64 years. The sensitivity analysis results showed that only two input variables influenced the fish solar dryer investment’s net present value. These are the dried fish selling prices that were correlating positively with the net present value and the fresh fish buying prices that were negatively correlating with the net present value. Risk analysis results showed that the chances that fish processors will make a loss from this type of investment are 17.56%. It was also observed that there exist only a 0.20 probability of experiencing a negative net present value from this type of investment. Lastly, the study found that the net present value of the fish solar tent dryer’s investment is still robust in spite of any changes in the levels of investors risk preferences. With these results, it is concluded that the fish solar tent dryers in Malawi are an economically viable investment because they are able to improve the returns in the fish processing activity. As such, fish processors need to adopt them by investing their money to construct and use them.

Keywords: investment appraisal, risk analysis, sensitivity analysis, solar tent drying

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Authors: Roohollah Jamshidpour, Elaheh Ahmadi, Farhad Shah Veisi

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Present research seeks to answer this question: Is there any relationship between corporate governance mechanisms and decision on corporate investments? Percentages of institutional, board of director’s, and stockholder’s ownership are among internal mechanisms of corporate governance relationship of which with investment-based decisions are studied by this research. Information on 103 companies during 1388 (2009)- 1393 (2014). Initially, research variables are identified; next, Rah Avard-e Novin software is used to gather Information. SPSS software is employed to test hypotheses with respect to descriptive and inferential statistics like correlation analysis. Research results show that percentage of institutional stockholders’ ownership has a significant direct relationship with investment decisions. For other cases, no significant relationship is observed between corporate governance mechanisms and investment decisions.

Keywords: corporate governance, company size, free floating stock, institutional investors, major shareholders

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Authors: Liubov Magerramova, Eugene Kratt, Pavel Presniakov

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A detailed analysis has been performed for several schemes of Gas Turbine Wheels production based on additive and powder technologies including metal, ceramic, and stereolithography 3-D printing. During the process of development and debugging of gas turbine engine components, different versions of these components must be manufactured and tested. Cooled blades of the turbine are among of these components. They are usually produced by traditional casting methods. This method requires long and costly design and manufacture of casting molds. Moreover, traditional manufacturing methods limit the design possibilities of complex critical parts of engine, so capabilities of Powder Metallurgy Techniques (PMT) were analyzed to manufacture the turbine wheel with air-cooled blades. PMT dramatically reduce time needed for such production and allow creating new complex design solutions aimed at improving the technical characteristics of the engine: improving fuel efficiency and environmental performance, increasing reliability, and reducing weight. To accelerate and simplify the blades manufacturing process, several options based on additive technologies were used. The options were implemented in the form of various casting equipment for the manufacturing of blades. Methods of powder metallurgy were applied for connecting the blades with the disc. The optimal production scheme and a set of technologies for the manufacturing of blades and turbine wheel and other parts of the engine can be selected on the basis of the options considered.

Keywords: additive technologies, gas turbine engine, powder technology, turbine wheel

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Authors: Nilgun Kuskonmaz

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Ceramic molding can produce castings with fine detail, smooth surface and high degree of dimensional accuracy. All these features are the key factors for producing decorated glass moulds. In the ceramic mold casting process, the fundamental parameters affecting the mold-metal reactions are the composition and the properties of the refractory materials used in the production of ceramic mold. As a result of the reactions taking place between the liquid metal and mold surface, it is not possible to achieve a perfect surface quality, a fine surface detail and maintain a high standard dimensional tolerances. The present research examines the effects of the binder composition on the structural and physical properties of the zircon ceramic mold. In the experiment, the ceramic slurry was prepared by mixing the refractory powders (zircon(ZrSiO4), mullit(3Al2O32SiO2) and alumina (Al2O3)) with the low alkaline silica (ethyl silicate (C8H20O4Si)) and acidic type gelling material suitable binder and gelling agent. This was followed by pouring that ceramic slurry on to a silicon pattern. After being gelled, the mold was removed from the silicon pattern and dried. Then, the ceramic mold was subjected to the reaction sintering at 1600°C for 2 hours in the furnace. The stainless steel (SS) was cast into the sintered ceramic mold. At the end of this process it was observed that the surface quality of decorated glass mold.

Keywords: ceramic mold, stainless steel casting, decorated glass mold

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Authors: Jiahui Yang, John Quigley, Lesley Walls

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In this paper, the authors develop a stochastic model regarding the investment in supplier delivery performance development from a buyer’s perspective. The authors propose a multivariate model through a Multinomial-Dirichlet distribution within an Empirical Bayesian inference framework, representing both the epistemic and aleatory uncertainties in deliveries. A closed form solution is obtained and the lower and upper bound for both optimal investment level and expected profit under uncertainty are derived. The theoretical properties provide decision makers with useful insights regarding supplier delivery performance improvement problems where multiple delivery statuses are involved. The authors also extend the model from a single supplier investment into a supplier portfolio, using a Lagrangian method to obtain a theoretical expression for an optimal investment level and overall expected profit. The model enables a buyer to know how the marginal expected profit/investment level of each supplier changes with respect to the budget and which supplier should be invested in when additional budget is available. An application of this model is illustrated in a simulation study. Overall, the main contribution of this study is to provide an optimal investment decision making framework for supplier development, taking into account multiple delivery statuses as well as multiple projects.

Keywords: decision making, empirical bayesian, portfolio optimization, supplier development, supply chain management

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Authors: Mohammad Talha, Abdullah Sallehhuddin Abdullah Salim, Abdul Aziz Abdul Jalil, Norzarina Md Yatim

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The significant contribution of institutional investors across the globe in socially responsible investment (SRI) is well-documented in the literature. Nevertheless, how the SRI behavior of pressure-resistant, pressure-sensitive and pressure-indeterminate institutional investors remain unexplored extensively. This study examines the moderating effect of institutional investors towards socially responsible investment behavior in the context of emerging economies. This study involved 229 institutional investors in Malaysia. A total of 1,145 questionnaires were distributed. Out of these, 308 (130 pressure sensitive institutional investors and 178 pressure resistant institutional investors), representing a usable rate of 26.9 per cent, were found fit for data analysis. Utilizing multi-group analysis via AMOS, this study found evidence for the presence of moderating effect by a type of institutional investor topology in socially responsible investment behavior. At intentional level, it established that type of institutional investor was a significant moderator in the relationship between subjective norms, and caring ethical climate with intention among pressure-resistant institutional investors, as well as between perceived behavioral controls with intention among pressure-sensitive institutional investors. At the behavioral level, the results evidenced that there was only a significant moderating effect between intention and socially responsible investment behavior among pressure-resistant institutional investors. The outcomes are expected to benefit policy makers, regulators, and market participants in order to leap forward SRI growth in developing economies. Nevertheless, the outcomes are limited to a few factors, and it is believed that future studies shall address those limitations.

Keywords: socially responsible investment, behavior, pressure sensitive investors, pressure insensitive investors, Institutional Investment Malaysia

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Authors: Yehia Manawi, Viktor Kochkodan, Muataz Hussien

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In this paper, the effect of adding Arabic Gum (AG) and carbon nanotubes functionalized with dodecylamine (CNT-DDA) to the casting solutions of polysulfone (PS) was investigated. The aim of adding AG and CNT-DDA was to enhance the properties of ultrafiltration membranes such as hydrophilicity, porosity and selectivity. Different CNT-DDA loadings (0.1-3.0 wt.%) in 2 wt.% AG were added to PS/dimethylacetamide (DMAc) casting solutions to prepare PS membranes using phase inversion technique. The surface morphology, hydrophilicity and selectivity of the cast PS/AG/CNT-DDA membranes were analyzed using scanning electron microscopy and contact angle measurements. The selectivity of the fabricated membranes was also tested by filtration of BSA solutions (1 ppm) and found to show quite high removal efficiency. The effect of adding AG and CNT-DDA to PS membranes was found to increase the hydrophilicity, porosity and hence the permeate flux of the fabricated membranes.

Keywords: Arabic gum, hydrophilicity, polysulfone membrane, ultrafiltration

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Authors: Abdulmajeed Abdullah Alqarni

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This paper is devoted a study of the current frameworks applicable to foreign investments at the levels of domestic and international law, with a particular focus on the legitimate balance to be achieved between the rights of the host state and the legal protections owed to foreign investors. At the wider level of analysis, the paper attempts to map and critically examine the relationship between foreign investment and economic development. In doing so, the paper offers a study in how current discourses and practices on investment law can reconcile the competing interests of developing and developed countries. The study draws on the growing economic imperative for developing nations to create a favorable investment climate capable of attracting private foreign investment. It notes that that over the past decades, an abundance of legal standards that establish substantive and procedural protections for legal forms of foreign investments in the host countries have evolved and crystalized. The study then goes on to offer a substantive analysis of legal reforms at the domestic level in countries such as Saudi Arabia before going on to provide an in- depth and substantive examination of the most important instruments developed at the levels of international law: bilateral investment agreements and double taxation agreements. As to its methods, the study draws on case studies and from data assessing the link between double taxation and economic development. Drawing from the extant literature and doctrinal research, and international and comparative jurisprudence, the paper excavates and critically examines contemporary definitions and norms of international investment law, many of which have been given concrete form and specificity in an ever-expanding number of bilateral and multilateral investment treaties. By reconsidering the wider challenges of conflicts of law and jurisdiction, and the competing aims of the modern investment law regime, the study reflects on how bilateral investment treaties might succeed in achieving the dual aims of rights protection and economic sovereignty. Through its examination of the double taxation phenomena, the study goes on to identify key practical challenges raised by the implementation of bilateral treaties whilst also assessing the sufficiency of the domestic and international legal solutions that are proposed in response. In its final analysis, the study aims to contribute to existing scholarship by assessing contemporary legal and economic barriers to the free flow of investment with due regard for the legitimate concerns and diversity of developing nations. It does by situating its analysis of the domestic enforcement of international investment instrument in its wider historical and normative context. By focusing on the economic and legal dimensions of foreign investment, the paper also aims to offer an interdisciplinary and holistic perspective on contemporary issues and developments in investment law while offering practical reform proposals that can be used to be achieve a more equitable balance between the rights and interests of states and private entities in an increasingly trans nationalized sphere of investment regulation and treaty arbitration.

Keywords: foreign investment, bilateral investment treaties, international tax law, double taxation treaties

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Authors: G. Erkomaishvili, M. Kobalava, T. Lazariashvili, N. Damenia

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Current state of foreign direct investment (FDI) in Georgia is analyzed and evaluated in the paper, the existing legislative background for regulating investments and stimulating policies to attract investments are shown. It is noted that in developing countries encouragement of investment activity, support and implementation are of the most important tasks, implying a consistent investment policy, investor-friendly tax regime and the legal system, reducing administrative barriers and restrictions, fare competitive conditions and business development infrastructure. The work deals with the determining factor of FDIs and the main directions of stimulation, as well as prospective industries where new investments are needed. Contributing and hindering factors and stimulating measures are analyzed. As a result of the research, the direct and indirect factors attracting FDI have been identified. Facilitating factors to FDI inflow are as follows: simplicity of starting business, geopolitical location, low taxes, access to credit, ease of ownership registration, natural resources, low burden of regulations, low level of corruption and low crime rates. Hindering factors to FDI inflow are as follows: small market, lack of policy for attracting investments, low qualification of the workforce (despite the large number of unemployed people it is difficult to find workers with necessary special skills and qualifications), high interest rates, instability of national currency exchange rate, presence of conflict zones within the country and so forth.

Keywords: foreign direct investment, investor, investment attracting marketing policies, reinvestment

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Authors: Azad Hussain, Andrew Cobley

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The demand for lightweight parts with high mechanical strength(s) and integrity, in sectors such as the aerospace and automotive is ever increasing, motivated by the need for weight reduction in order to increase fuel efficiency with components usually manufactured using a high grade primary metal or alloy. For components manufactured using the squeeze casting process, this alloy is usually A356 aluminium (Al), it is one of the most versatile Al alloys; and is used extensively in castings for demanding environments. The A356 castings provide good strength to weight ratio making it an attractive option for components where strength has to be maintained, with the added advantage of weight reduction. In addition, the versatility in castabilitiy, weldability and corrosion resistance are other attributes that provide for the A356 cast alloy to be used in a large array of industrial applications. Conversely, it is rare to use remelted Al in these cases, due the nature of the applications of components in demanding environments, were material properties must be defined to meet certain specifications for example a known strength or ductility. However the use of remelted Al, especially primary grade Al such as A356, would offer significant cost and energy savings for manufacturers using primary alloys, provided that remelted aluminium can offer similar benefits in terms of material microstructure and mechanical properties. This study presents the results of the material microstructure and properties of 100% primary A356 Al and 100% remelt Al cast, manufactured via the direct squeeze cast method. The microstructures of the castings made from remelted A356 Al were then compared with the microstructures of primary A356 Al. The outcome of using remelting Al on the microstructure was examined via different analytical techniques, optical microscopy of polished and etched surfaces, and scanning electron microscopy. Microstructural analysis of the 100% remelted Al when compared with primary Al show similar α-Al phase, primary Al dendrites, particles and eutectic constituents. Mechanical testing of cast samples will elucidate further information as to the suitability of utilising 100% remelt for casting.

Keywords: A356, microstructure, remelt, squeeze casting

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Authors: Albert Herve Nkolo Mpoko

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The Foreign Direct Investment (FDI) landscape in Cameroon has garnered significant attention from both European and Asian nations due to perceived benefits such as capital infusion, technology transfer, and potential for economic expansion. However, it is noteworthy that South Africa's investment presence remains comparatively subdued in Cameroon, lagging behind that of Europe and Asia. Equally surprising is the limited footprint of Africa's economic powerhouse within other African economies. This study delved into four specific facets of South African investment in Cameroon. Initially, it focused on identifying South African companies operating within Cameroon. Subsequently, the analysis encompassed assessing the correlation between South African investment and poverty alleviation. Additionally, the study examined the nexus between South African investment and technological advancement, and underscored the significance of investment incentives in both countries Key findings of the research shed light on several crucial points. South Africa ought to reassess its economic engagement with Francophone Africa, particularly Cameroon. Despite existing policies aimed at fostering investment, there remains substantial ground to cover in this realm. The proliferation of South African enterprises in Cameroon holds the potential to ameliorate poverty and foster employment opportunities across both nations. The advent of South African firms in Cameroon can catalyse technological advancements within the region. Data collection involved surveying 100 executives from the respective administrations and conducting ten interviews. The gathered data underwent triangulation, wherein quantitative findings were juxtaposed with qualitative insights. In conclusion, the study underscores the underutilization of Cameroon by South Africa, emphasizing the untapped potential for mutual economic growth. Furthermore, it posits that the success of South Africa's multinational corporations abroad could serve as a pivotal pillar for sustaining its domestic economy.

Keywords: FDI, transfer of technology, South-South cooperation, mutual economic growth

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Authors: M. J. Kim, D. B. Lee

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Centrifugal casting is a metal casting method that uses forces make by centripetal acceleration to distribute molten material in mold. Centrifugal cast parts manufactured in industry contain gas pipes and water supply lines, moreover rings, turbocharger, bushings, brake drums. Turbochargers were exposed to exhaust temperatures of 900-1050°C require a material for the corrosion resistance that will withstand such high component temperatures during the entire service life of the vehicle. Hence, the study of corrosion resistance for turbocharger is important for practical application. DIN1.4091 steels were used widely. The DIN1.4091 steels whose compositions were Fe-34.4Cr-14.5Ni-2.5Mo-0.4W-0.4Mn-0.5Si-(0.009 or 0.35)S (wt.%) were centrifugally cast, and oxidized at 900°C for 50-200 h in order to find the effect of sulfur on the high-temperature oxidation of Fe-34.4Cr-14.5Ni-2.5Mo-0.4W-0.4Mn-0.5Si-(0.009 or 0.35)S (wt.%) alloys. These alloys formed oxide scales that consisted primarily of Cr₂O₃ as the major oxide and Cr₂MnO₄ as the minor one through preferential oxidation of Cr and Mn. Cr formed a thin CrOx oxide film on the surface to prevent further oxidation, and when it is added more than 20%, the sulphide decreased corrosion rate. The high affinity of Mn with S, led to the formation of scattered MnS inclusions, particularly in the 0.35S-containing cast alloy. Sulfur was harmful to the oxidation resistance because it deteriorated the scale/alloy adherence so as to accelerate the adherence and compactness of the formed scales. Acknowledgement: This research was supported by Basic Science Research Program through the National Research Foundation of Korea (NRF) funded by the Ministry of Education (2016R1A2B1013169).

Keywords: centrifugal casting, turbocharger, sulfur, oxidation, Fe-34.4Cr-14.5Ni alloy

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Authors: Mehari Kahsay, Krishna Murthy Kyathegowda, Temesgen Berhanu

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Aluminum matrix composites have gained focus on research and industrial use, especially those not requiring extreme loading or thermal conditions, for the last few decades. Their relatively low cost, simple processing and attractive properties are the reasons for the widespread use of aluminum matrix composites in the manufacturing of automobiles, aircraft, military, and sports goods. In this article, the microstructure, mechanical, and corrosion behaviors of the aluminum metal matrix were reviewed, focusing on the stir casting fabrication process and usage of agro/industrial waste reinforcement particles. The results portrayed that mechanical properties like tensile strength, ultimate tensile strength, hardness, percentage of elongation, impact, and fracture toughness are highly dependent on the amount, kind, and size of reinforcing particles. Additionally, uniform distribution, wettability of reinforcement particles, and the porosity level of the resulting composite also affect the mechanical and corrosion behaviors of aluminum matrix composites. The two-step stir-casting process resulted in better wetting characteristics, a lower porosity level, and a uniform distribution of particles with proper handling of process parameters. On the other hand, the inconsistent and contradicting results on corrosion behavior regarding monolithic and hybrid aluminum matrix composites need further study.

Keywords: microstructure, mechanical behavior, corrosion, aluminum matrix composite

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Authors: Balwinder Singh

Abstract:

In the current competitive environment, casting industry has several challenges such as production of intricate castings, near net shape castings, decrease lead-time from product design to production, improved casting quality and to control costs. The raw materials used to make ceramic shell play an important role in determining the overall final ceramic shell characteristics. In this work, primary slurries were formulated using various combinations of zircon flour, fused silica and aluminosilicate powders as filler, colloidal silica as binder along with wetting and antifoaming agents (Catalyst). Taguchi’s parameter design strategy has been applied to investigate the effect of primary slurry parameters on the viscosity of the slurry and primary coating of shell. The result reveals that primary coating with low viscosity slurry has produced a rough surface of the shell due to stucco penetration.

Keywords: ceramic shell, primary slurry, filler, slurry viscosity, surface roughness

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Authors: Saeid Rabiei Majd, Motahareh Alvandi, Mehrad Rabiei

Abstract:

The rapid economic and technological development of any country depends on access to cheap sources of energy. Competition for access to petroleum resources is always accompanied by numerous environmental risks. These factors have caused more attention to environmental issues and sustainable development in petroleum contracts and activities. Nowadays, a sign of developed countries is adhering to the principles and rules of international environmental law and sustainable development of commercial contracts. China has entered into play through the massive project plan, One Belt, One Road. China is becoming a new emerging power in the world. China's bilateral investment treaties have an impact on environmental rights and sustainable development through regional and international foreign direct investment. The aim of this research is to examine China's key position to promote and improve environmental principles and international law and sustainable development in the energy sector in the world through the initiative, One Belt, One Road. Based on this hypothesis, it seems that in the near future, China's investment bilateral investment treaties will become popular investment model used in global trade, especially in the field of energy and sustainable development. They will replace the European and American models. The research method is including literature review, analytical and descriptive methods.

Keywords: principles of sustainable development, oil and gas law, Chinas BITs, One Belt One Road, environmental rights

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Authors: H. K. Shivanand, A. Yogananda

Abstract:

The objective of present investigation is to study the effect of reinforcements on the wear properties of E-Glass short fibers and Flyash reinforced Al 8011 hybrid metal matrix composites. The alloy of Al 8011 reinforced with E-glass and fly ash particulates are prepared by simple stir casting method. The MMC is obtained for different composition of E-glass and flyash particulates (varying E-glass with constant fly ash and varying flyash with constant E-glass percentage). The wear results of ascast hybrid composites with different compositions of reinforcements at varying sliding speeds and different loads are discussed. The results reveals that as the percentage of reinforcement increases wear rate will decrease.

Keywords: metal matrix composites, aluminum alloy 8011, stir casting, wear test

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Authors: Jagna Mucha, Anna Kańciak

Abstract:

The concept of good governance constitutes a wide perspective for academic discussion, because it provides a substantial theoretical background for settling many practical problems faced contemporarily by the EU. The basic assumptions of good governance have basically remained unchanged since the 90’s, when the concept was introduced by the World Bank, although the scholarly discussions reveal new facets of the said concept, when related to specific domains. The paper discusses the application of the specific elements of the concept of good governance in the field of the international investment law. Specifically, it seeks to demonstrate that the concept of good governance regulates the issue of international investments in that, among others, it requires the application of the alternative dispute resolution in order to make the investment law enforceable in the best possible way.

Keywords: dispute resolution, european union, investments, good governance

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Authors: Emrah Yaliniz, Ali Kalkanli

Abstract:

ZE41A magnesium alloy has been extensively used in aerospace industry, especially for use in rotorcraft transmission casings. Due to the improved mechanical properties, the latest generation of magnesium casting alloy EV31A-T6 (Elektron 21® specified in AMS 4429) is seen as a potential replacement for ZE41A in terms of strength. Therefore, the necessity of enhancement has been arisen for ZE41A in order to avoid fully replacement. The main element affecting the strength of ZE41A is Zirconium (Zr), which acts as a grain refiner. The specified range of Zr element for ZE41A alloy is between 0.4 wt % and 1.0 wt % (unless otherwise stated by weight percentage after this point) as stated in AMS 4439. This paper investigates the effects of Zr amount on tensile and metallurgical properties of ZE41A magnesium alloy. The Zr alloying amount for the research has been chosen as 0.5 % and 1 %, which are standard amounts in a commercial alloy (average of 0.4-0.6%) and maximum percent in the standard, separately. 1 % Zr amount has been achieved via Zirmax (66.7 Mg-33.3 Zr) master alloy addition. The ultimate tensile strength of ZE41A with 1% Zr has been increased up to about 220-225 MPa in comparison to 200 MPa given in AMS 4439. The reason for the increase in strength with the addition of Zirmax is based on the decrease in grain size, which was measured about 30 µm. Optical microscope, scanning electron microscopy (SEM) and X-ray Diffraction (XRD) were used to detect the change in the microstructural futures via alloying. The zirconium rich coring at the center of the grains was observed in addition to the grain boundary intermetallic phases and bulk Mg-rich matrix. The solidification characteristics were also identified by using the cooling curve obtained from the sand casting mold during cooling of the alloys.

Keywords: aerospace, grain refinement, magnesium, sand casting, ZE41A

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Authors: Farid Habibi Tanha, Hawati Janor, Mojtaba Jahanbazi

Abstract:

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: Edward C. W. Chan, Benny C. F. Cheung

Abstract:

In the knowledge economy, the financial indicator is not the unique instrument to gauge the performance of a company. The role of intellectual capital contributing to the company performance is increasing. To measure the company performance due to intellectual capital, the value-added intellectual capital (VAIC) model is adopted to measure the intellectual capital utilisation efficiency of the subject companies. The purpose of this study is to review the readiness of measuring intellectual capital for the Hong Kong listed companies in the property development and property investment industry by using VAIC model. This study covers the financial reports from the representative Hong Kong listed property development companies and property investment companies in the period 2014-2019. The findings from this study indicated the industry is ready for IC measurement employing VAIC framework but not yet ready for using the extended VAIC model.

Keywords: intellectual capital, intellectual capital measurement, property development, property investment, Skandia navigator, VAIC

Procedia PDF Downloads 86