Search results for: investment–cash flow sensitivity

Authors: Appasaheb Raul

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Numerical analysis of a plate fin heat exchanger accounting for the effect of fluid flow maldistribution on the inlet header configuration of the heat exchanger is investigated. It is found that the flow maldistribution is very significant in normal to the flow direction. Various inlet configuration has been studied for various Reynolds Number. By the study, a modified header configuration is proposed and simulated. The two-dimensional parameters are used to evaluate the flow non-uniformity in the header, global flow maldistribution parameter (Sg), and Velocity Ratio (θ). A series of velocity vectors and streamline graphs at different cross-section are achieved and studied qualitatively with experimental results in the literature. The numerical result indicates that the flow maldistribution is serious in the conventional header while in the improved configuration less maldistribution occurs. The flow maldistribution parameter (Sg) and velocity ratio (θ) is reduced in improved configuration. The vortex decreases compared to that of the conventional configuration so the energy and pressure loss is reduced. The improved header can effectively enhance the efficiency of plate fin heat exchanger and uniformity of flow distribution.

Keywords: global flow maldistribution parameter, Sg, velocity ratio, plate fin heat exchanger, fluent 14.5

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Authors: Jagna Mucha, Anna Kańciak

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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: Ibrahim Can, Fatih Tosunoğlu

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The flow duration curve (FDC) is an informative method that represents the flow regime’s properties for a river basin. Therefore, the FDC is widely used for water resource projects such as hydropower, water supply, irrigation and water quality management. The primary purpose of this study is to obtain synthetic daily flow duration curves for Çoruh Basin, Turkey. For this aim, we firstly developed univariate auto-regressive moving average (ARMA) models for daily flows of 9 stations located in Çoruh basin and then these models were used to generate 100 synthetic flow series each having same size as historical series. Secondly, flow duration curves of each synthetic series were drawn and the flow values exceeded 10, 50 and 95 % of the time and 95% confidence limit of these flows were calculated. As a result, flood, mean and low flows potential of Çoruh basin will comprehensively be represented.

Keywords: ARMA models, Çoruh basin, flow duration curve, Turkey

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Authors: Ahmed I. Raheem

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In this thesis, stratified and stratified wavy flow regimes have been investigated numerically for the oil (1.57 mPa s viscosity and 780 kg/m3 density) and water twophase flow in small and large horizontal steel pipes with a diameter between 0.0254 to 0.508 m by ANSYS Fluent software. Volume of fluid (VOF) with two phases flows using two equations family models (Realizable k-

Keywords: CFD, two-phase flow, pressure gradient, volume of fluid, large diameter, horizontal pipe, oil-water stratified and stratified wavy flow

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Authors: Grace Rachid, Mutasem El Fadel, Mahmoud Al Hindi, Ibrahim Jamali, Daniel Abdel Nour

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This study examines the feasibility of indirect solar desalination in oil producing countries in the Middle East and North Africa (MENA) region. It relies on value engineering (VE) and cost-benefit with sensitivity analyses to identify optimal coupling configurations of desalination and solar energy technologies. A comparative return on investment was assessed as a function of water costs for varied plant capacities (25,000 to 75,000 m3/day), project lifetimes (15 to 25 years), and discount rates (5 to 15%) taking into consideration water and energy subsidies, land cost as well as environmental externalities in the form of carbon credit related to greenhouse gas (GHG) emissions reduction. The results showed reverse osmosis (RO) coupled with photovoltaic technologies (PVs) as the most promising configuration, robust across different prices for Brent oil, discount rates, as well as different project lifetimes. Environmental externalities and subsidies analysis revealed that a 16% reduction in existing subsidy on water tariffs would ensure economic viability. Additionally, while land costs affect investment attractiveness, the viability of RO coupled with PV remains possible for a land purchase cost < $ 80/m2 or a lease rate < $1/m2/yr. Beyond those rates, further subsidy lifting is required.

Keywords: solar energy, desalination, value engineering, CBA, carbon credit, subsidies

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Authors: Gaosheng Ju

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Our empirical evidence supports a model of consumption planning behaviors with the following two characteristics. First, households formulate a rational consumption target based on their desired target, displaying a diminishing sensitivity to the discrepancy between them. Second, the established target is a reference point for their planned consumption. The diminishing sensitivity leads to opposite reactions in higher and lower quantiles of both consumption targets and consumption growth to changes in economic conditions. This phenomenon accounts for the perplexingly low correlation between consumption and other macroeconomic variables. Furthermore, the opposing movements of consumption targets offer new insights into consumption-based asset pricing.

Keywords: consumption planning, reference point, diminishing sensitivity, quantile regression, asset pricing puzzles

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Authors: Jaber Masoud Alyami, Abdelsalam H. Alsrkhi

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Characterizing and modeling multi-phase flow is a complicated scientific and technical phenomenon represented by a variety of interrelated elements. Yet, the introduction of dimensionless numbers used to grasp gas-liquid flow is a significant step in controlling and improving the multi-phase flow area. SL (Slippage number), for instance is a strong dimensionless number defined as a the ratio of the difference in gravitational forces between slip and no-slip conditions to the inertial force of the gas. The fact that plotting SL versus Frm provides a single acceptable curve for all of the data provided proves that SL may be used to realize the behavior of gas-liquid flow. This paper creates a numerical link between SL and Froud mixing number using vertical gas-liquid flow and then utilizes that relationship to validate its reliability in practice. An improved correlation in drift flux model generated from the experimental data and its rationality has been verified. The method in this paper is to approach for predicting the void fraction in bubbly flow through SL/Frm relation and the limitations of this method, as well as areas for development, are stated.

Keywords: multiphase flow, gas-liquid flow, slippage, void farction

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Authors: Farid Habibi Tanha, Hawati Janor, Mojtaba Jahanbazi

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

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

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

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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

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Authors: Pouneh Soleimaninejadian, Chengyu Yang

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In this paper, we use data on Household Income and Expenditure survey of Statistics Centre of Iran, conducted from 2005-2014, to calculate several inequality measures and to estimate the effects of Iran’s targeted subsidy reform act on consumption and income inequality. We first calculate Gini coefficients for income and consumption in order to study the relation between the two and also the effects of subsidy reform. Results show that consumption inequality has not been always mirroring changes in income inequality. However, both Gini coefficients indicate that subsidy reform caused improvement in inequality. Then we calculate Generalized Entropy Index based on consumption and income for years before and after the Subsidy Reform Act of 2010 in order to have a closer look into the changes in internal structure of inequality after subsidy reforms. We find that the improvement in income inequality is mostly caused by the decrease in inequality of lower income individuals. At the same time consumption inequality has been decreased as a result of more equal consumption in both lower and higher income groups. Moreover, the increase in Engle coefficient after the subsidy reform shows that a bigger portion of income is allocated to consumption on food which is a sign of lower living standard in general. This increase in Engle coefficient is due to rise in inflation rate and relative increase in price of food which partially is another consequence of subsidy reform. We have conducted some experiments on effect of subsidy payments and possible effects of change on distribution pattern and amount of cash subsidy payments on income inequality. Result of the effect of cash payments on income inequality shows that it leads to a definite decrease in income inequality and had a bigger share in improvement of rural areas compared to those of urban households. We also examine the possible effect of constant payments on the increasing income inequality for years after 2011. We conclude that reduction in value of payments as a result of inflation plays an important role regardless of the fact that there may be other reasons. We finally experiment with alternative allocations of transfers while keeping the total amount of cash transfers constant or make it smaller through eliminating three higher deciles from the cash payment program, the result shows that income equality would be improved significantly.

Keywords: consumption inequality, generalized entropy index, income inequality, Irans subsidy reform

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Authors: Afia Naheed, Manmohan Singh, David Lucy

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This work is based on a mathematical as well as statistical study of an SEIJTR deterministic model for the interpretation of transmission of severe acute respiratory syndrome (SARS). Based on the SARS epidemic in 2003, the parameters are estimated using Runge-Kutta (Dormand-Prince pairs) and least squares methods. Possible graphical and numerical techniques are used to validate the estimates. Then effect of the model parameters on the dynamics of the disease is examined using sensitivity and uncertainty analysis. Sensitivity and uncertainty analytical techniques are used in order to analyze the affect of the uncertainty in the obtained parameter estimates and to determine which parameters have the largest impact on controlling the disease dynamics.

Keywords: infectious disease, severe acute respiratory syndrome (SARS), parameter estimation, sensitivity analysis, uncertainty analysis, Runge-Kutta methods, Levenberg-Marquardt method

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Authors: Asanga Gunawansa, Shenella Fonseka

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On-demand bonds, also known as unconditional bonds, are commonplace in the construction industry as a means of safeguarding the employer from any potential non-performance by a contractor. On-demand bonds may be obtained from commercial banks, and they serve as an undertaking by the issuing bank to honour payment on demand without questioning and/or considering any dispute between the employer and the contractor in relation to the underlying contract. Thus, whether or not a breach had occurred under the underlying contract, which triggers the demand for encashment by the employer, is not a question the bank needs to be concerned with. As a result, an unconditional bond allows the beneficiary to claim the money almost without any condition. Thus, an unconditional bond is as good as cash-in-hand. In the past, establishing fraud on the part of the employer, of which the bank had knowledge, was the only ground on which a bank could dishonour a claim made under an on-demand bond. However, recent jurisprudence in common law countries shows that courts are beginning to consider unconscionable conduct on the part of the employer in claiming under an on-demand bond as a ground that contractors could rely on the prevent the banks from honouring such claims. This has created uncertainty in connection with on-demand bonds and their liquidity. This paper analyzes recent judicial decisions in four common law jurisdictions, namely, England, Singapore, Hong Kong, and Sri Lanka, to identify the scope of using the concept of “unconscionability” as a ground for preventing unreasonable claims for encashment of on-demand bonds. The objective of this paper is to argue that on-demand bonds have lost their effectiveness as “cash-in-hand” and that this is, in fact, an advantage and not an impediment to international commerce, as the purpose of such bonds should not be to provide for illegal and unconscionable conduct by the beneficiaries.

Keywords: fraud, performance guarantees, on-demand bonds, unconscionability

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Authors: Vakhtang Charaia, Mariam Lashkhi

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Foreign direct investment (FDI) plays a vital role in global business. It provides firms with new markets and advertising channels, cheaper production facilities, admission to new technology, products, skills and financing. FDI can provide a recipient country/company with a source of new technologies, capital, practice, products, management skills, and as such can be a powerful drive for economic development. It is one of the key elements of stable economic development in many countries, especially in developing ones. Therefore the size of FDI inflow is one of the most crustal factors for economic perfection in small economy countries (like, Georgia), while most of developed ones are net exporters of FDI. Since, FDI provides firms with new markets; admission to new technologies, products and management skills; marketing channels; cheaper production facilities, and financing opportunities. It plays a significant role in Georgian economic development. Increasing FDI inflows from all over the world to Georgia in last decade was achieved with the outstanding reforms managed by the Georgian government. However, such important phenomenon as world financial crisis and Georgian-Russian war put its consequence on the over amount of FDI inflow in Georgia in the last years. It is important to mention that the biggest investor region for Georgia is EU, which is interested in Georgia not only from the economic points of view but from political. The case studies from main EU investor countries show that Georgia has a big potential of investment in different areas, such as; financial sector, energy, construction, tourism industry, transport and communications. Moreover, signing of Association Agreement between Georgia and EU will further boost all the fields of economy in Georgia in both short and long terms. It will attract more investments from different countries and especially from EU. The last, but not least important issue is the calculation of annual FDI inflow to Georgia, which it is calculated differently by different organizations, based on different methodologies, but what is more important is that all of them show significant increase of FDI in last decade, which gives a positive signal to investors and underlines necessity of further improvement of investment climate in the same direction.

Keywords: foreign direct investment (FDI), Georgia, investment development path, investment climate

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Authors: Samir Assal

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This paper considers an international sample of venture capital and private equity funds to assess the role of law, corruption and culture in setting fund manager fees in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share distributions of fees. The data highlight a role of legal conditions in shaping fees paid to fund managers. In countries with better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share distributions are more likely. These findings suggest legal conditions help to align the interests of managers and shareholders. More specifically, we examine which element of legal conditions matter most, and discover that corruption levels play a pronounced role in shaping fund manager fee contracts. We also show that cultural forces such as Hofstede’s measures of power distance and uncertainty avoidance likewise play a role in influencing fees.

Keywords: managerial compensation, incentive contracts, private equity, law and finance

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Authors: Raj Nandkeolyar, Precious Sibanda

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The flow of a viscous, incompressible, and electrically conducting fluid under the influence of aligned magnetic field acting along the direction of fluid flow over an exponentially stretching sheet is investigated numerically. The nonlinear partial differential equations governing the flow model is transformed to a set of nonlinear ordinary differential equations using suitable similarity transformation and the solution is obtained using a local linearization method followed by the Chebyshev spectral collocation method. The effects of various parameters affecting the flow and heat transfer as well as the induced magnetic field are discussed using suitable graphs and tables.

Keywords: aligned magnetic field, exponentially stretching sheet, induced magnetic field, magnetohydrodynamic flow

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Authors: S. P. Sharma, Som Nath Saha

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This study investigates the effect of Global Solar Radiation (GSR) on the performance of double flow corrugated absorber solar air heater. A mathematical model of a double flow solar air heater, in which air is flowing simultaneously over and under the absorbing plate is presented and solved by developing a computer program in C++ language. The performance evaluation is studied in terms of air temperature rise, energy, effective and exergy efficiencies. The performance of double flow corrugated absorber is compared with double flow flat plate and conventional solar air heaters. It is found that double flow effectively increases the air temperature rise and efficiencies in comparison to a conventional collector. However, corrugated absorber is more superior to that of flat plate double flow solar air heater. The results show that increasing the solar radiation leads to achieve higher air temperature rise and efficiencies.

Keywords: corrugated absorber, double flow, flat plate, solar air heater

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Authors: Anton Stadler, Thorsten Ike

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In this paper, we present a video based smoke detection algorithm based on TVL1 optical flow estimation. The main part of the algorithm is an accumulating system for motion angles and upward motion speed of the flow field. We optimized the usage of TVL1 flow estimation for the detection of smoke with very low smoke density. Therefore, we use adapted flow parameters and estimate the flow field on difference images. We show in theory and in evaluation that this improves the performance of smoke detection significantly. We evaluate the smoke algorithm using videos with different smoke densities and different backgrounds. We show that smoke detection is very reliable in varying scenarios. Further we verify that our algorithm is very robust towards crowded scenes disturbance videos.

Keywords: low density, optical flow, upward smoke motion, video based smoke detection

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Authors: Masaru Sumida

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This study explored the feasibility of improving the hydraulic headbox of papermaking machines by studying the flow of wood-pulp suspensions behind a flat plate inserted in parallel and convergent channels. Pulp fiber concentrations of the wake downstream of the plate were investigated by flow visualization and optical measurements. Changes in the time-averaged and fluctuation of the fiber concentration along the flow direction were examined. In addition, the control of the flow characteristics in the two channels was investigated. The behaviors of the pulp fibers and the wake flow were found to be strongly related to the flow states in the upstream passages partitioned by the plate. The distribution of the fiber concentration was complex because of the formation of a thin water layer on the plate and the generation of Karman’s vortices at the trailing edge of the plate. Compared with the flow in the parallel channel, fluctuations in the fiber concentration decreased in the convergent channel. However, at low flow velocities, the convergent channel has a weak effect on equilibrating the time-averaged fiber concentration. This shows that a rectangular trailing edge cannot adequately disperse pulp suspensions; thus, at low flow velocities, a convergent channel is ineffective in ensuring uniform fiber concentration.

Keywords: fiber dispersion, headbox, pulp liquid, wake flow

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Authors: Anjanna Matta, P. A. L. Narayana

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An investigation has been presented to analyze the effect of internal heat source on the onset of Hadley-Prats flow in a horizontal fluid saturated porous medium. We examine a better understanding of the combined influence of the heat source and mass flow effect by using linear stability analysis. The resultant eigenvalue problem is solved by using shooting and Runga-Kutta methods for evaluate critical thermal Rayleight number with respect to various flow governing parameters. It is identified that the flow is switch from stabilizing to destabilizing as the horizontal thermal Rayleigh number is enhanced. The heat source and mass flow increases resulting a stronger destabilizing effect.

Keywords: linear stability analysis, heat source, porous medium, mass flow

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Authors: Ali Maji

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Highway development is an important factor for economic growth and development in both developed and developing countries. In Nigeria about two-third of transportation of goods and persons are done through highway network. It was this that made highway investment to enjoy position of relative high priority on the list of government expenditure programmes in Nigeria today. The paper noted that despite expansion of public investment in highway construction and maintenance of them, road traffic accident is increasing rate. This has acted as a drain of human capital which is a key to economic growth and development in Nigeria. In order to avoid this, the paper recommend introduction of Highway Safety Education (HSE) in Nigerian’s education system and investment in train transportation among other as a sure measure for curtailing highway accident.

Keywords: accident rate, high way development, human capital, national development

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Authors: Adeniyi G. Adeogun, Bolaji F. Sule, Adebayo W. Salami, Michael O. Daramola

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Estimation of water yield and water balance in a river catchment is critical to the sustainable management of water resources at watershed level in any country. Therefore, in the present study, Soil and Water Assessment Tool (SWAT) interfaced with Geographical Information System (GIS) was applied as a tool to predict water balance and water yield of a catchment area in Nigeria. The catchment area, which was 12,992km2, is located upstream Jebba hydropower dam in North central part of Nigeria. In this study, data on the observed flow were collected and compared with simulated flow using SWAT. The correlation between the two data sets was evaluated using statistical measures, such as, Nasch-Sucliffe Efficiency (NSE) and coefficient of determination (R2). The model output shows a good agreement between the observed flow and simulated flow as indicated by NSE and R2, which were greater than 0.7 for both calibration and validation period. A total of 42,733 mm of water was predicted by the calibrated model as the water yield potential of the basin for a simulation period 1985 to 2010. This interesting performance obtained with SWAT model suggests that SWAT model could be a promising tool to predict water balance and water yield in sustainable management of water resources. In addition, SWAT could be applied to other water resources in other basins in Nigeria as a decision support tool for sustainable water management in Nigeria.

Keywords: GIS, modeling, sensitivity analysis, SWAT, water yield, watershed level

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Authors: Iqra Noor, Ihtzaz Qamar

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Pitot-tube Jet pump, single-stage pump with low flow rate and high head, consists of a radial impeller that feeds water to rotating cavity. Water then enters stationary pitot-tube collector (diffuser), which discharges to the outside. By means of ANSYS Fluent 15.0, the internal flow characteristics for Pitot-tube Jet pump with standard pitot and curved pitot are studied. Under design condition, realizable k-e turbulence model and SIMPLEC algorithm are used to calculate 3D flow field inside both pumps. The simulation results reveal that energy is imparted to the flow by impeller and inside the rotor, forced vortex type flow is observed. Total pressure decreases inside pitot-tube whereas static pressure increases. Changing pitot-tube from standard to curved shape results in minimum flow circulation inside pitot-tube and leads to a higher pump performance.

Keywords: CFD, flow circulation, high pressure pump, impeller, internal flow, pickup tube pump, rectangle channels, rotating casing, turbulence

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Authors: Dinku Seyoum Zeleke, Rong Fung Huang, Ching Min Hsu

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Comparison of flow and mixing characteristics between non-oscillating jet and transversely oscillating jet was investigated experimentally. Flow evolution process was detected by using high-speed digital camera, and jet spread width was calculated using binary edge detection techniques by using the long-exposure images. The velocity characteristics of transversely oscillating jet induced by a V-shaped fluidic oscillator were measured using single component hot-wire anemometer. The jet spread width of non-oscillating jet was much smaller than the jet exit gap because of behaving natural jet behaviors. However, the transversely oscillating jet has a larger jet spread width, which was associated with the excitation of the flow by self-induced oscillation. As a result, the flow mixing characteristics desperately improved both near-field and far-field. Therefore, this transversely oscillating jet has a better turbulence intensity, entrainment, and spreading width so that it augments flow-mixing characteristics desperately.

Keywords: flow mixing, transversely oscillating, spreading width, velocity characteristics

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Authors: Suleman Bawa, Ayiku Emmanuel Lartey

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Purpose - This paper aims to examine the association between knowledge capital and multinational firms’ innovation management. We again explored the impact of transboundary investment and assimilative capacity between knowledge capital and multinational firms’ innovation management. The vital position of knowledge capital and multinational firms’ innovation management in today’s increasingly volatile environment coupled with fierce competition has been extensively acknowledged by academics and industry investment capitals. Design/methodology/approach - The theoretical association model and an empirical correlation analysis were constructed based on relevant research using data collected from 19 multinational firms in Ghana as the subject, and path analysis was constructed using SPSS 22.0 and AMOS 24.0 to test the formulated hypotheses. Findings - Varied conclusions are drawn consequential from theoretical inferences and empirical tests. For multinational firms, knowledge capital relics positively significant to multinational firms’ innovation management. Multinational firms with advanced knowledge capital likely spawn greater corporations’ innovation management. Second, transboundary investment efficiently intermediates the association between knowledge physical capital, knowledge interactive capital, and corporations’ innovation management. At the same time, this impact is insignificant between knowledge of empirical capital and corporations’ innovation management. Lastly, the impact of transboundary investment and assimilative capacity on the association between knowledge capital and corporations’ innovation management is established. We summarized the implications for managers based on our outcomes. Research limitations/implications - Multinational firms must dynamically build knowledge capital to augment corporations’ innovation management. Conversely, knowledge capital motivates multinational firms to implement transboundary investment and cultivate assimilative capacity. Accordingly, multinational firms can efficiently exploit diverse information to augment their corporate innovation management. Practical implications – This paper presents a comprehensive justification of knowledge capital and manufacturing firms’ innovation management by exploring the impact of transboundary investment and assimilative capacity within the manufacturing industry, its sequential progress, and its associated challenges. Originality/value – This paper is amongst the first to find empirical results to back knowledge capital and manufacturing firms’ innovation management by exploring the impact of transboundary investment and assimilative capacity within the manufacturing industry. Additionally, aligning knowledge as a coordinative instrument is a significant input to our discernment in this area.

Keywords: knowledge capital, transboundary investment, innovation management, assimilative capacity

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Authors: T. Padma, Jayashree S. Pillai

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Random entities are an essential component in any cryptographic application. The suitability of a number theory based novel pseudorandom sequence called Pseudorandom Partial Quotient Sequence (PPQS) generated from the continued fraction expansion of irrational numbers, in cryptographic applications, is analyzed in this paper. An approach to build the algorithm around a hard mathematical problem has been considered. The PQ sequence is tested for randomness and its suitability as a cryptographic key by performing randomness analysis, key sensitivity and key space analysis, precision analysis and evaluating the correlation properties is established.

Keywords: pseudorandom sequences, key sensitivity, correlation, security analysis, randomness analysis, sensitivity analysis

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Authors: A. Archibong-Eso, J. Shi, Y Baba, S. Alagbe, W. Yan, H. Yeung

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This study presents over 100 experiments conducted in a 25.4 mm internal diameter (ID) horizontal pipeline. Oil viscosity ranging from 3.5 Pa.s–5.0 Pa.s are used with superficial velocities of oil and water ranging from 0.06 to 0.55 m/s and 0.01 m/s to 1.0 m/s, respectively. Pressure gradient measurements and flow pattern observations are discussed. Numerical simulation of some flow conditions is performed using the commercial CFD code ANSYS Fluent® and the simulation results are compared with experimental results. Results indicate that CFD numerical simulation performed moderately well in predicting the flow configurations observed in this study while discrepancies were observed in the pressure gradient predictions.

Keywords: flow patterns, plug, pressure gradient, rivulet

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Authors: Satish Kumar, Nisha Goyal

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In the stock market, individual investors exhibit different kinds of behaviour. Traditional finance is built on the notion of 'homo economics', which states that humans always make perfectly rational choices to maximize their wealth and minimize risk. That is, traditional finance has concern for how investors should behave rather than how actual investors are behaving. Behavioural finance provides the explanation for this phenomenon. Although finance has been studied for thousands of years, behavioural finance is an emerging field that combines the behavioural or psychological aspects with conventional economic and financial theories to provide explanations on how emotions and cognitive factors influence investors’ behaviours. These emotions and cognitive factors are known as behavioural biases. Because of these biases, investors make irrational investment decisions. Besides, the emotional and cognitive factors, the social influence of media as well as friends, relatives and colleagues also affect investment decisions. Psychological factors influence individual investors’ investment decision making, but few studies have used qualitative methods to understand these factors. The aim of this study is to explore the behavioural factors or biases that affect individuals’ investment decision making. For the purpose of this exploratory study, an in-depth interview method was used because it provides much more exhaustive information and a relaxed atmosphere in which people feel more comfortable to provide information. Twenty investment advisors having a minimum 5 years’ experience in securities firms were interviewed. In this study, thematic content analysis was used to analyse interview transcripts. Thematic content analysis process involves analysis of transcripts, coding and identification of themes from data. Based on the analysis we categorized the statements of advisors into various themes. Past market returns and volatility; preference for safe returns; tendency to believe they are better than others; tendency to divide their money into different accounts/assets; tendency to hold on to loss-making assets; preference to invest in familiar securities; tendency to believe that past events were predictable; tendency to rely on the reference point; tendency to rely on other sources of information; tendency to have regret for making past decisions; tendency to have more sensitivity towards losses than gains; tendency to rely on own skills; tendency to buy rising stocks with the expectation that this rise will continue etc. are some of the major concerns showed by experts about investors. The findings of the study revealed 13 biases such as overconfidence bias, disposition effect, familiarity bias, framing effect, anchoring bias, availability bias, self-attribution bias, representativeness, mental accounting, hindsight bias, regret aversion, loss aversion and herding bias/media biases present in Indian investors. These biases have a negative connotation because they produce a distortion in the calculation of an outcome. These biases are classified under three categories such as cognitive errors, emotional biases and social interaction. The findings of this study may assist both financial service providers and researchers to understand the various psychological biases of individual investors in investment decision making. Additionally, individual investors will also be aware of the behavioural biases that will aid them to make sensible and efficient investment decisions.

Keywords: financial advisors, individual investors, investment decisions, psychological biases, qualitative thematic content analysis

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Authors: M. Bouhadef, K. Bouzelha-Hammoum, T. Guendouzen-Dabouz, A. Younsi, T. Zitoun

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The aim of this paper is to report the different experimental studies, conducted in the laboratory, dealing with the flow in the presence of an obstacle lying in a rectangular hydraulic channel. Both subcritical and supercritical regimes are considered. Generally, when considering the theoretical problem of the free-surface flow, in a fluid domain of finite depth, due to the presence of an obstacle, we suppose that the water is an inviscid fluid, which means that there is no sheared velocity profile, but constant upstream. In a hydraulic channel, it is impossible to satisfy this condition. Indeed, water is a viscous fluid and its velocity is null at the bottom. The two configurations are presented, i.e. a flow over an obstacle and a towed obstacle in a resting fluid.

Keywords: experiments, free-surface flow, hydraulic channel, subcritical regime, supercritical flow

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Authors: Ajay Kumar, Neha Gupta

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This work presents the sensitivity assessment of Gallium Nitride (GaN) material-based FinFET by dielectric modulation in the nanocavity gap for label-free biosensing applications. The significant deflection is observed in the electrical characteristics such as drain current (ID), transconductance (gm), surface potential, energy band profile, electric field, sub-threshold slope (SS), and threshold voltage (Vth) in the presence of biomolecules owing to GaN material. Further, the device sensitivity is evaluated to identify the effectiveness of the proposed biosensor and its capability to detect the biomolecules with high precision or accuracy. Higher sensitivity is observed for Gelatin (k=12) in terms of on-current (SION), threshold voltage (SVth), and switching ratio (SSR) by 104.88%, 82.12%, and 119.73%, respectively. This work is performed using a powerful tool 3D Sentaurus TCAD using a well-calibrated structure. All the results pave the way for GaN-FinFET as a viable candidate for label-free dielectric modulated biosensor applications.

Keywords: biosensor, biomolecules, FinFET, sensitivity

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Authors: Kashif Hassan, M.A. Ahanger

Abstract:

Floods have become more frequent and severe due to effects of global climate change and human alterations of the natural environment. Flood prediction/ forecasting and control is one of the greatest challenges facing the world today. The forecast of floods is achieved by the use of hydraulic models such as HEC-RAS, which are designed to simulate flow processes of the surface water. Extreme flood events in river Jhelum , lasting from a day to few are a major disaster in the State of Jammu and Kashmir, India. In the present study HEC-RAS model was applied to two different reaches of river Jhelum in order to estimate the flood levels corresponding to 25, 50 and 100 year return period flood events at important locations and to deduce flood vulnerability of important areas and structures. The flow rates for the two reaches were derived from flood-frequency analysis of 50 years of historic peak flow data. Manning's roughness coefficient n was selected using detailed analysis. Rating Curves were also generated to serve as base for determining the boundary conditions. Calibration and Validation procedures were applied in order to ensure the reliability of the model. Sensitivity analysis was also performed in order to ensure the accuracy of Manning's n in generating water surface profiles.

Keywords: flood plain, HEC-RAS, Jhelum, return period

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