Search results for: liquidity position

Authors: Wangshi Yong, Wei Shi, Jing Zou, Qiang Li, Yilin Tian

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With the advancement of the reform of China’s housing security system, the impact is becoming increasingly profound. This paper explores the relationship between the housing security system and household entrepreneurship on the 2017 China Household Finance Survey (CHFS) and conducts a large number of robustness checks, including PSM and IV estimation. The results show that the assistance of the housing security system will significantly promote family entrepreneurship, increasing the probability of entrepreneurship by 2%. Its internal mechanism is mainly achieved by relaxing liquidity constraints and increasing household social capital. However, the risk preference effect has not existed. Heterogeneity analysis shows that the positive impact of the housing security system on family entrepreneurship is mainly reflected in areas with high housing prices and incomes, as well as households with long-term security and social or commercial insurance. Meanwhile, it also verifies that the positive externalities of the housing security system will also positively affect active entrepreneurial motivation, entrepreneurial intensity, and entrepreneurial innovation.

Keywords: the housing security system, household entrepreneurship, social capital, liquidity constraints, risk preference

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Authors: Zijian Zhang, Yangyang Dong

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Synchronization is of great importance to ensure the multi-arm robot to complete the task. Therefore, a synchronous controller is designed to coordinate task space motion of the multi-arm in the paper. The position error, the synchronous position error, and the coupling position error are all considered in the controller. Besides, an adaptive control method is used to adjust parameters of the controller to improve the effectiveness of coordinated control performance. Simulation in the Matlab shows the effectiveness of the method. At last, a robot experiment platform with two 7-DOF (Degree of Freedom) robot arms has been established and the synchronous controller simplified to control dual-arm robot has been validated on the experimental set-up. Experiment results show the position error decreased 10% and the corresponding frequency is also greatly improved.

Keywords: synchronous control, space robot, task space control, multi-arm robot

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Authors: M. Cizmesija, N. Erjavec, V. Bahovec

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While the European Union (EU) harmonized methodology is a benchmark of worldwide used business survey (BS) methodology, the choice of variables that are components of the confidence indicators, as the leading indicators, is not strictly determined and unique. Therefore, the aim of this paper is to investigate and to quantify the relationship between all business survey variables in manufacturing industry and industrial production as a reference macroeconomic series in Croatia. The assumption is that there are variables in the business survey, that are not components of Industrial Confidence Indicator (ICI) and which can accurately (and sometimes better then ICI) predict changes in Croatian industrial production. Empirical analyses are conducted using quarterly data of BS variables in manufacturing industry and Croatian industrial production over the period from the first quarter 2005 to the first quarter 2013. Research results confirmed the assumption: three BS variables which is not components of ICI (competitive position, demand and liquidity) are the best leading indicator then ICI, in forecasting changes in Croatian industrial production instantaneously, with one, two or three quarter ahead.

Keywords: balance, business survey, confidence indicators, industrial production, forecasting

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Authors: Kanhaiya Singh

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Indian corporate sector has been raising resources through various international financial instruments important among them are Global depository receipts (GDRs) and American Depository Receipts (ADRs). The purpose of raising resources through such instruments is multifold such as lower cost of capital, increased visibility of the company, liberal tax environment, increased trading liquidity etc. One of the significant reason is also the value addition of the company in terms of market capitalization. Obviously, the stocks of such companies are cross listed, one in India and other at the International stock exchange. The sensitivity and movements of stock prices on one stock exchange as compared to other may have an impact on the price movement of the particular scrip. If there is any relationship exists is an issue of study. Having this in view this study is an attempt to identify the extent of impact of price movement of the scrip on one stock exchange on account of change in the prices on the counter stock exchange. Also there is an attempt to find out the difference between pre and post cross listed domestic firm. The study also analyses the impact of exchange rate movements on stock prices.

Keywords: ADR, GDR, cross listing, liquidity, exchange rate

Procedia PDF Downloads 357

Authors: P. Adibi, M. R. Ansari, S. Jafari, B. Habibpour, E. Salimi

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In this paper, the effects of gas and liquid superficial inlet velocities and for the first time the effect of liquid holdup on slug initiation position are studied experimentally. Empirical correlations are also presented based on the obtained results. The tests are conducted for three liquid holdups in a long horizontal channel with dimensions of 5cmx10cm and 36m length. Usl and Usg rated as to 0.11m/s to 0.56m/s and 1.88m/s to 13m/s, respectively. The obtained results show that as αl=0.25, slug initiation position is increasing monotonically with Usl and Usg. During αl=0.50, slug initiation position is almost constant. For αl=0.75, slug initiation position is decreasing monotonically with Usl and Usg. In the case of equal void fraction of phases, generated slugs are weakly (low pressure). However, for the unequal void fraction of phases strong slugs (high pressure) are formed.

Keywords: liquid holdup, long horizontal channel, slug initiation position, superficial inlet velocity

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Authors: Roselyn Zaman, Mobarak Hossain

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A new mathematical model is developed to study crack breathing behavior considering effect of angular position of unbalanced force at different crack locations. Crack breathing behavior has been determined using effectual bending angle by studying the transient change of the crack area. Different crack breathing behavior of the unbalanced shaft has been observed for different combination of angular position of unbalanced force with crack location except crack locations 0.3L and 0.8335L, where L is the total length of the shaft, where unbalanced shaft behave completely like the balanced shaft. Based on different combination of angular position of unbalanced force with crack location, the stiffness of unbalanced shaft can be divided into three regions. An unbalanced shaft is overall stiffer than a balanced shaft when angular position of unbalance force is between 90° to 270° and crack located between 0.3L and 0.8335L, and it is overall flexible when the crack located in outside this crack region. On the other hand, it is overall flexible when angular position of unbalanced force is between 0° to 90° or 270° to 360° and crack located in middle region and it is overall stiffer for outside this crack region.

Keywords: cracked shaft, crack location, shaft stiffness, unbalanced force, and unbalanced force orientation

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Authors: S. Y. Park, S. M. Lee, S. H. Lee, K. M. Lim

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In this research analyzed the effects that phase formation reaction change in the grey cast iron makes on characteristics of microstructures, liquidity, and mechanical properties through cooling curve when adding rare earth elements (R.E). This research was analyzed with comparison between the case of not adding the rare earth elements (R.E) into the grey cast iron with the standard composition (as 3.3%C-2.1%Si-0.7%Mn-0.1%S) and the case of adding 0.3% rare earth elements (R.E). The thermal analysis parameters have been drawn through eutectic temperature theoretically calculated, recalescence temperature, and undercooling temperature measured from start of eutectic reaction to end of solidification in the cooling curve obtained by thermal analysis to analyze formation behavior of graphite, and the effects by addition of rare earth elements on this have been reviewed. When adding rare earth elements (R.E), the cause of liquidity slowdown was analyzed trough the solidification starting temperature and change of solidification ending temperature. The strength and hardness have been measured to evaluate the mechanical properties, and the sound tensile strength has been evaluated through quality coefficient after measuring relative hardness and normality degree of tensile strength by calculating theoretical tensile strength and theoretical hardness. The change of Pearlite Inter-lamellar Spacing of matrix microstructure and eutectic cell count of macrostructure was measured to analyze the effects of the rare earth elements on the sound tensile strength. The change of eutectic cell count has been clarified through activation of the eutectic reaction, and the cause of pearlite inter-lamellar spacing clarified through eutectoid reaction temperature.

Keywords: cooling curve, element, grey cast iron, thermal analysis, rare earth element

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Authors: Jenn-Yih Chen, Bean-Yin Lee, Yuan-Chuan Hsu, Jui-Cheng Lin, Kuang-Chyi Lee

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In this paper, a sliding mode control method based on the passivity approach is proposed to control the position of surface-mounted permanent magnet synchronous motors (PMSMs). Firstly, the dynamics of a PMSM was proved to be strictly passive. The position controller with an adaptive law was used to estimate the load torque to eliminate the chattering effects associated with the conventional sliding mode controller. The stability analysis of the overall position control system was carried out by adopting the passivity theorem instead of Lyapunov-type arguments. Finally, experimental results were provided to show that the good position tracking can be obtained, and exhibit robustness in the variations of the motor parameters and load torque disturbances.

Keywords: adaptive law, passivity theorem, permanent magnet synchronous motor, sliding mode control

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Authors: Loke Kean Koay, Mani Maran Ratnam

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A mechanically-resonant torsional spring scanner was developed in a recent study. Various methods were developed to improve the angular displacement of the scanner while maintaining the scanner frequency. However, the effects of rotor magnet radial position on scanner characteristics were not well investigated. In this study, the relationships between the magnet position and the scanner characteristics such as natural frequency, angular displacement and stress level were studied. A finite element model was created and an average deviation of 3.18% was found between the simulation and experimental results, qualifying the simulation results as a guide for further investigations. Three magnet positions on the transverse oscillating suspended plate were investigated by finite element analysis (FEA) and one of the positions were selected as the design position. The magnet position with the longest distance from the twist axis of the mirror was selected since it attains minimum stress level while exceeding the minimum critical flicker frequency and delivering the targeted angular displacement to the scanner.

Keywords: torsional scanner, design optimization, computer-aided design, magnet position variation

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Authors: Hashim Bashir

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The Vortex generated at the edges of the wing of an Aircraft are called the Wing Tip Vortex. The Wing Tip Vortices are associated with induced drag. The induced drag is responsible for nearly 50% of aircraft total drag and can be reduced through modifications to the wing tip. Some models displace wingtips vortices outwards diminishing the induced drag. Concerning agricultural aircrafts, wing tip vortex position is really important, while spreading products over a plantation. In this work, theoretical calculations were made in order to study the influence in aerodynamic characteristics and vortex position, over Sudanese agricultural aircraft, by the following types of wing tips: delta tip, winglet and down curved. The down curved tip was better for total drag reduction, but not good referring to vortex position. The delta tip gave moderate improvement on aerodynamic characteristic and on vortex position. The winglet had a better vortex position and lift increment, but caused an undesirable result referring to the wing root bending moment. However, winglet showed better development potential for agricultural aircraft.

Keywords: wing tip device, wing tip vortice, agricultural aircaft, winglet

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Authors: Nicodemus M. J. Mbwambo, Yu-Shan Sun, Murali Sitaraman, Joan Krone

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This paper presents a generic data abstraction that captures a navigable tree position. The mathematical modeling of the abstraction encapsulates the current tree position, which can be used to navigate and modify the tree. The encapsulation of the tree position in the data abstraction specification avoids the use of explicit references and aliasing, thereby simplifying verification of (imperative) client code that uses the data abstraction. To ease the tasks of such specification and verification, a general tree theory, rich with mathematical notations and results, has been developed. The paper contains an example to illustrate automated verification ramifications. With sufficient tree theory development, automated proving seems plausible even in the absence of a special-purpose tree solver.

Keywords: automation, data abstraction, maps, specification, tree, verification

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Authors: YingWei Tan, XueFeng Ding

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Attention-based voice activity detection models have gained significant attention in recent years due to their fast training speed and ability to capture a wide contextual range. The inclusion of multi-head style and position embedding in the attention architecture are crucial. Having multiple attention heads allows for differential focus on different parts of the sequence, while position embedding provides guidance for modeling dependencies between elements at various positions in the input sequence. In this work, we propose an approach by considering each head as a node, enabling the application of graph neural networks (GNN) to identify correlations among the different nodes. In addition, we adopt an implementation named rotary position embedding (RoPE), which encodes absolute positional information into the input sequence by a rotation matrix, and naturally incorporates explicit relative position information into a self-attention module. We evaluate the effectiveness of our method on a synthetic dataset, and the results demonstrate its superiority over the baseline CRNN in scenarios with low signal-to-noise ratio and noise, while also exhibiting robustness across different noise types. In summary, our proposed framework effectively combines the strengths of CNN and RNN (LSTM), and further enhances detection performance through the integration of graph neural networks and rotary position embedding.

Keywords: voice activity detection, CRNN, graph neural networks, rotary position embedding

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Authors: Rahou Mohamed , Sebaa Fethi, Cheikh Abdelmadjid

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Manufacturing tolerancing is intended to determine the intermediate geometrical and dimensional states of the part during its manufacturing process. These manufacturing dimensions also serve to satisfy not only the functional requirements given in the definition drawing but also the manufacturing constraints, for example geometrical defects of the machine, vibration, and the wear of the cutting tool. The choice of positioning has an important influence on the cost and quality of manufacture. To avoid this problem, a two-step approach have been developed. The first step is dedicated to the determination of the optimum position. As for the second step, a study was carried out for the tightening effect on the tolerance interval.

Keywords: dispersion, tolerance, manufacturing, position

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Authors: Wittawat Wasusathien, Samran Santalunai, Thanaset Thosdeekoraphat, Chanchai Thongsopa

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This paper presents breast cancer detection by observing the specific absorption rate (SAR) intensity for identification tumor location, the tumor is identified in coordinates (x,y,z) system. We examined the frequency between 4-8 GHz to look for the most appropriate frequency. Results are simulated in frequency 4-8 GHz, the model overview include normal breast with 50 mm radian, 5 mm diameter of tumor, and ultra wideband (UWB) bowtie antenna. The models are created and simulated in CST Microwave Studio. For this simulation, we changed antenna to 5 location around the breast, the tumor can be detected when an antenna is close to the tumor location, which the coordinate of maximum SAR is approximated the tumor location. For reliable, we experiment by random tumor location to 3 position in the same size of tumor and simulation the result again by varying the antenna position in 5 position again, and it also detectable the tumor position from the antenna that nearby tumor position by maximum value of SAR, which it can be detected the tumor with precision in all frequency between 4-8 GHz.

Keywords: specific absorption rate (SAR), ultra wideband (UWB), coordinates, cancer detection

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Authors: Tao Song, Hao Cheng, Guangfeng Tian, Chuang Xu

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An autonomous emergency braking system is an advanced driving assistance system that enables vehicle collision avoidance and pedestrian collision avoidance to improve vehicle safety. At present, because the pedestrian target is small, and the mobility is large, the pedestrian AEB system is faced with more technical difficulties and higher functional requirements. In this paper, a method of pedestrian target selection based on a variable width funnel is proposed. Based on the current position and predicted position of pedestrians, the relative position of vehicle and pedestrian at the time of collision is calculated, and different braking strategies are adopted according to the hazard level of pedestrian collisions. In the CNCAP standard operating conditions, comparing the method of considering only the current position of pedestrians and the method of considering pedestrian prediction position, as well as the method based on fixed width funnel and variable width funnel, the results show that, based on variable width funnel, the choice of pedestrian target will be more accurate and the opportunity of the intervention of AEB system will be more reasonable by considering the predicted position of the pedestrian target and vehicle's lateral motion.

Keywords: automatic emergency braking system, pedestrian target selection, TTC, variable width funnel

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Authors: Habtemariam Alemu

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It has been known that the performance of position and force control is highly affected by both robot dynamic and environment stiffness uncertainties. In this paper, joint space hybrid force and position control strategy with self-selecting matrix using artificial neural network compensator is proposed. The objective of the work is to improve controller robustness by applying a neural network technique in order to compensate the effect of uncertainties in the robot model. Simulation results for a 6 degree of freedom (6-DoF) manipulator and different types of environments showed the effectiveness of the suggested approach. 6-DoF Puma 560 family robot manipulator is chosen as industrial robot and its efficient dynamic model is designed using Matlab/SimMechanics library.

Keywords: robot manipulator, force/position control, artificial neural network, Matlab/Simulink

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Authors: Hamid Mohamad Hosein Zadeh Hashemi

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In this article, in order to recognize the value of aesthetics of the place of wisdom and mysticism on Islamic art-architecture, and compare it with the influence of philosophy and thought on the "modern art of architecture" of the West, it examines the position of wisdom and philosophy in art Architecture ". In this regard, one can point out the unique status of "art of architecture" in human societies, which in two cultures of the East and West, based on the ideas of Islamic wisdom and Western thought, has taken a dual path, so that even today, even from the original And the basic "art of architecture" of its primary and academic has turned away and has undergone some kind of transformation. To this end, we examine some of the "aesthetics" positions based on the "art of architecture" in the broad sense of the word, in order to reflect on the historical course of this art, and with regard to the position of Islamic thought and Western thought, each of which originated from, but based on The basis of cultures, climate, and sociology, and others, are ultimately the result of an arbitrary result, namely the achievement of the aesthetic position of wisdom and mysticism on the "Islamic-Iranian" architecture of art "and its opposition to the position of philosophy and thought On modern art of modern architecture of the West.

Keywords: aesthetics, art, philosophy, the art of Architecture, wisdom

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Authors: Kuhelee Chandel, Julia Åhlén, Stefan Seipel

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This study evaluates the accuracy of Microsoft HoloLens (Version 1) for small-scale industrial activities, comparing its measurements to ground truth data from a Kuka Robotics arm. Two experiments were conducted to assess its position-tracking capabilities, revealing that the HoloLens device is effective for measuring the position of dynamic objects with small dimensions. However, its precision is affected by the velocity of the trajectory and its position within the device's field of view. While the HoloLens device may be suitable for small-scale tasks, its limitations for more complex and demanding applications requiring high precision and accuracy must be considered. The findings can guide the use of HoloLens devices in industrial applications and contribute to the development of more effective and reliable position-tracking systems.

Keywords: augmented reality (AR), Microsoft HoloLens, object tracking, industrial processes, manufacturing processes

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Authors: Fereshteh Darash

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Reflective tax management corresponds to the Agency Theory since it determines the motivation of managers for tax management actions and short-term and long-term consequences. Therefore, selection of tax strategy contributes to the tax and financial position of the firm in the future. The aim of the present research is to evaluate the effect of tax management components on risk-taking of firms listed in Tehran stock exchange by using regression analysis method. Results show that tax effective rate, tax risk and tax planning have no significant effect on the firm's future risk. Results suggest that stakeholders assess the effective tax rate and delay in tax payment in line with their benefits. They tend to accept the higher risk cost for reduction of tax payments and benefits of higher liquidity in current period. Hence, effective tax rate and tax risk have no significant effect on future risk of the firm. Moreover, tax planning yields no information regarding the predictability of the future profits and as a result, it has no significant effect on the future risk of the firm since specific goals of financial reporting are in priority for the stakeholders and regardless of the firm’s data analysis, they take investment decisions and they less intend to purchase the stocks in a rational manner.

Keywords: tax management, tax effective rate, tax risk, tax planning, firm risk

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Authors: Narong Anurak

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The objective of this research was to study Brand Position Communication Channel in Brand Building in Rajabhat University Affecting Decision Making of Higher Education from of qualitative research and in-depth interview with executive members Rajabhat University and also quantitative by questionnaires which are personal data of students, study of the acceptance and the finding of the information of Rajabhat University, study of pattern or Brand Position Communication Channel affecting the decision making of studying in Rajabhat University and the result of the communication in Brand Position Communication Channel. It is found that online channel and word of mount are highly important and necessary for education business since media channel is a tool and the management of marketing communication to create brand awareness, brand credibility and to achieve the high acclaim in terms of bringing out qualified graduates. Also, off-line channel can enable the institution to survive from the high competition especially in education business regarding management of the Rajabhat University. Therefore, Rajabhat University has to communicate by the various communication channel strategies for brand building for attractive student to make decision making of higher education.

Keywords: brand position, communication channel, Rajabhat University, higher education

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Authors: Abraham Finkelman

Abstract:

Computerized Surgical Guides have been proven to be a predictable way to perform dental implants, with a relatively high accuracy in comparison to a treatment plan. When using the CSG Bone supported, it allows us to make the necessary changes of the hard tissue prior to the implant placement and after the implant placement. The CSG gives us an accurate position for the drilling, and during the implant placement it allows us to alter the vertical position of the implant altering the final position of the abutment and avoiding any risk of any damage to the adjacent anatomical structures. Any Changes required to the bone level can be done prior to the fixation of the CSG using a reduction guide, which incur extra surgical fees and the need of a second surgical guide. Any changes of the bone level after the implant placement are at the risk of damaging the implant neck surface. The technique consists of a universal system that allows us to remove the excess bone around the implant sockets prior to the implant placement which then enables us to place the implant in the vertical position with accuracy as planned with the CSG. The systems consist of a hollow pin of different sizes and diameters. Depending on the implant system that we are using. Length sizes are from 6mm-16mm and a diameter of 2.6mm-4.8mm. Upon the completion of the drilling, the pin is then inserted into the implant socket-using the insertion tool. Once the insertion tool has unscrewed the pin, we can continue with the bone reduction. The bone reduction can be done using conventional methods upon the removal of all the excess bone around the pin. The insertion tool is then screwed into the pin and the pin is then removed. We now, have the new bone level at the crest of the implant socket which is our mark for the vertical position of the implant. In some cases, when we are locating the implant very close to anatomical structures, any form of deviation to the vertical position of the implant during the surgery, can cause damage to such anatomical structures, creating irreversible damages such as paresthesia or dysesthesia of the mandibular nerve. If we are planning for immediate loading and we have done our temporary restauration in base of our computerized plan, deviation in the vertical position of the implant will affect the position of the abutment, affecting the accuracy of the temporary prosthesis, extending the working time till we adapt the prosthesis to the new position.

Keywords: bone reduction, computer aided navigation, dental implant placement, surgical guides

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Authors: Dumasari, Pujiati Utami

Abstract:

The bargaining position is important for a craftsman in every transaction. A strong bargaining position to encourage craftsmen to gain feasible prices on souvenirs tourism products are sold in several market segments. Some social actions of craftsmen turned out to also determine the conditions bargaining. The main goal of this study is to assess the range of social action to strengthen the bargaining position of craftsmen in marketing various products of tourism souvenir. Location of the study is set intentionally in the Sub-District of Baturaden, Banyumas Regency and also the Sub-District of Purbalingga Wetan, Purbalingga Regency. Both of them are located in the Central Java Province, Indonesia. The research method is the descriptive case study. The results showed that the craftsmen not only carry out one or two type of social action. They do all of the social action: the first is rational based instrumental, the second is rational based on the values, the third is affective, and the fourth is traditional. However, craftsmen also develop other social actions namely: collective, productive and creative action. At respondents in Baturaden dominant type of social action that is instrumentally rational, productive and creative. Meanwhile, respondents in Purbalingga more dominant social action collective, productive and creative. Some social actions implemented simultaneously by the respondents. Because of this, they concluded that the rational action that modified by themselves is more easily for strengthening the bargaining position when facing the craftsmen traders collectors. Collective and rationality social action has the highest sensitivity value for strengthening the bargaining position of craftsmen.

Keywords: bargaining position, craftsmen, strengthen, social actions, marketing of tourism souvenir

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Authors: Fares Senouci, Bachir Imine

Abstract:

This document provides numerical and experimental optimization of the aerodynamic performance of a drone equipped with three types of horizontal stabilizer. To build this optimal configuration, an experimental and numerical study was conducted on three parameters: the geometry of the stabilizer (horizontal form or reverse V form), the position of the horizontal stabilizer (up or down), and the landing gear position (closed or open). The results show that up-stabilizer position with respect to the horizontal plane of the fuselage provides better aerodynamic performance, and that the landing gear increases the lift in the zone of stability, that is to say where the flow is not separated.

Keywords: aerodynamics, drag, lift, turbulence model, wind tunnel

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Authors: Johanna Schumacher, Toribio F. Otero, Victor H. Pascual

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Bending dual sensing-actuators based on electroactive polymers are faradaic motors meaning the consumed charge determines the actuator’s tip position. During actuation, consumed charges during oxidation and reduction result in different tip positions showing dynamic hysteresis effects with errors up to 25%. For a precise position control of these actuators, the characterization of the hysteresis effect due to irreversible reactions is crucial. Here, the investigation and modelling of dynamic hysteresis effects of polypyrrole-dodezylbenzenesulfonate (PPyDBS) actuators under ambient working conditions are presented. The hysteresis effect is studied for charge consumption at different frequencies and a rate-dependent hysteresis model is derived. The hysteresis model is implemented as closed loop system and is verified experimentally.

Keywords: dual sensing-actuator, electroactive polymers, hysteresis, position control

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Authors: Lopamudra D. Satpathy, Bani Chatterjee, Jitendra Mahakud

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The rapid economic growth in terms of output and investment necessitates a substantial growth of Total Factor Productivity (TFP) of firms which is an indicator of an economy’s technological change. The strong empirical relationship between financial sector development and economic growth clearly indicates that firms financing decisions do affect their levels of output via their investment decisions. Hence it establishes a linkage between the financial factors and productivity growth of the firms. To achieve the smooth and continuous economic growth over time, it is imperative to understand the financial channel that serves as one of the vital channels. The theoretical or logical argument behind this linkage is that when the internal financial capital is not sufficient enough for the investment, the firms always rely upon the external sources of finance. But due to the frictions and existence of information asymmetric behavior, it is always costlier for the firms to raise the external capital from the market, which in turn affect their investment sentiment and productivity. This kind of financial position of the firms puts heavy pressure on their productive activities. Keeping in view this theoretical background, the present study has tried to analyze the role of both external and internal financial factors (leverage, cash flow and liquidity) on the determination of total factor productivity of the firms of manufacturing industry and its sub-industries, maintaining a set of firm specific variables as control variables (size, age and disembodied technological intensity). An estimate of total factor productivity of the Indian manufacturing industry and sub-industries is computed using a semi-parametric approach, i.e., Levinsohn- Petrin method. It establishes the relationship between financial factors and productivity growth of 652 firms using a dynamic panel GMM method covering the time period between 1997-98 and 2012-13. From the econometric analyses, it has been found that the internal cash flow has a positive and significant impact on the productivity of overall manufacturing sector. The other financial factors like leverage and liquidity also play the significant role in the determination of total factor productivity of the Indian manufacturing sector. The significant role of internal cash flow on determination of firm-level productivity suggests that access to external finance is not available to Indian companies easily. Further, the negative impact of leverage on productivity could be due to the less developed bond market in India. These findings have certain implications for the policy makers to take various policy reforms to develop the external bond market and easily workout through which the financially constrained companies will be able to raise the financial capital in a cost-effective manner and would be able to influence their investments in the highly productive activities, which would help for the acceleration of economic growth.

Keywords: dynamic panel, financial factors, manufacturing sector, total factor productivity

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Authors: Khamis Al Kalbani

Abstract:

The effects of a uniform heat source position on the heat transfer flow inside an inclined square enclosure filled with different types of nanofluids having various shapes of the nanoparticles are investigated numerically following one component thermal equilibrium model. The effects of the Brownian diffusion of the nanoparticles, magnetic field intensity and orientation are taken into consideration in nanofluid modeling. The heat source is placed in the middle of a wall of the enclosure while the opposite wall of it is kept at different temperature. The other walls of the enclosure are kept insulated. The results indicate that the heat source position significantly controls the heat transfer rates of the nanofluids. The distributions of the average heat transfer rates varying the position of the heat source with respect to the geometry inclination angle are calculated for the first time. The outcomes of the present research may be helpful for designing solar thermal collectors, radiators, building insulators and advanced cooling of a nuclear system.

Keywords: heat source, inclined, square enclosure, nanofluids

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Authors: Muhammad Tahir, Mushtaq Muhammad

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Capital structure is one of the key decisions taken by the financial managers. This study aims to investigate the factors influencing capital structure decision in Oil and Gas industry of Pakistan using secondary data from published annual reports of listed Oil and Gas Companies of Pakistan. This study covers the time-period from 2008-2014. Capital structure can be affected by profitability, firm size, growth opportunities, dividend payout, liquidity, business risk, and ownership structure. Panel data technique with Ordinary least square (OLS) regression model has been used to find the impact of set of explanatory variables on the capital structure using the Stata. OLS regression results suggest that dividend payout, firm size and government ownership have the most significant impact on financial leverage. Dividend payout and government ownership are found to have significant negative association with financial leverage however firm size indicated positive relationship with financial leverage. Other variables having significant link with financial leverage includes growth opportunities, liquidity and business risk. Results reveal significant positive association between growth opportunities and financial leverage whereas liquidity and business risk are negatively correlated with financial leverage. Profitability and managerial ownership exhibited insignificant relationship with financial leverage. This study contributes to existing Managerial Finance literature with certain managerial implications. Academically, this research study describes the factors affecting capital structure decision of Oil and Gas Companies in Pakistan and adds latest empirical evidence to existing financial literature in Pakistan. Researchers have studies capital structure in Pakistan in general and industry at specific, nevertheless still there is limited literature on this issue. This study will be an attempt to fill this gap in the academic literature. This study has practical implication on both firm level and individual investor/ lenders level. Results of this study can be useful for investors/ lenders in making investment and lending decisions. Further, results of this study can be useful for financial managers to frame optimal capital structure keeping in consideration the factors that can affect capital structure decision as revealed by this study. These results will help financial managers to decide whether to issue stock or issue debt for future investment projects.

Keywords: capital structure, multicollinearity, ordinary least square (OLS), panel data

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Authors: Pongsakorn Komutpol, Pravej Serichetaphongse, Soontra Panmekiate, Atiphan Pimkhaokham

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Statement of Problem: The important parameter of esthetic assessment in anterior maxillary implant include pink esthetic of gingiva and white esthetic of restoration. While the 3 dimensional (3D) implant position are recently concerned as a key for succeeding in implant treatment. However, to our knowledge, the authors did not come across any publication that demonstrated the relations of esthetic outcome and 3D implant position. Objectives: To investigate the correlation between positional accuracy of single-tooth implant restoration (STIR) in all 3 dimensions and their esthetic outcomes. Materials and Methods: 17 patients’ data who had a STIR at central incisor with pristine contralateral tooth were included in this study. Intraoral photographs, dental models, and cone beam computed tomography (CBCT) images were retrieved. The esthetic outcome was assessed in accordance with pink esthetic score and white esthetic score (PES/WES). While the number of correct position in each dimension (mesiodistal, labiolingual, apicocoronal) of the implant were evaluated and defined as 'right' or 'wrong' according to ITI consensus conference by one investigator using CBCT data. The different mean score between right and wrong position in all dimensions was analyzed by Mann-Whitney U test with 0.05 was the significant level of the study. Results: The average score of PES/WES was 15.88 ± 1.65 which was considered as clinically acceptable. The average PES/WES score in 1, 2 and 3 right dimension of the implant position were 16.71, 15.75 and 15.17 respectively. None of the implants placed wrongly in all three dimensions. Statistically significant difference of the PES/WES score was found between the implants that placed right in 3 dimensions and 1 dimension (p = 0.041). Conclusion: This study supported the principle of 3D position of implant. The more properly implant was placed, the higher esthetic outcome was found.

Keywords: accuracy, dental implant, esthetic, 3D implant position

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Authors: Rahmoune Abdelhaq

Abstract:

Systemic risk is a key concern for central banks charged with safeguarding overall financial stability. In this work, we investigate how systemic risk is affected by the structure of the financial system. We construct banking systems that are composed of a number of banks that are connected by interbank linkages. We then vary the key parameters that define the structure of the financial system — including its level of capitalization, the degree to which banks are connected, the size of interbank exposures and the degree of concentration of the system — and analyses the influence of these parameters on the likelihood of contagious (knock-on) defaults. First, we find that the better-capitalized banks are, the more resilient is the banking system against contagious defaults and this effect is non-linear. Second, the effect of the degree of connectivity is non-monotonic, that is, initially a small increase in connectivity increases the contagion effect; but after a certain threshold value, connectivity improves the ability of a banking system to absorb shocks. Third, the size of interbank liabilities tends to increase the risk of knock-on default, even if banks hold capital against such exposures. Fourth, more concentrated banking systems are shown to be prone to larger systemic risk, all else equal. In an extension to the main analysis, we study how liquidity effects interact with banking structure to produce a greater chance of systemic breakdown. We finally consider how the risk of contagion might depend on the degree of asymmetry (tier) inherent in the structure of the banking system. A number of our results have important implications for public policy, which this paper also draws out. This paper also discusses why bank risk management is needed to get the optimal one.

Keywords: financial stability, contagion, liquidity risk, optimal risk

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Authors: Pallavi Kishore, Mariam Aslam

Abstract:

The sharp decline in oil prices that started in 2014 affected most economies in the world either positively or negatively. In some economies, particularly the oil exporting countries, the effects were felt immediately. The Gulf Cooperation Council’s (GCC henceforth) countries are oil and gas-dependent with the largest oil reserves in the world. UAE (United Arab Emirates) has been striving to diversify away from oil and expects higher non-oil growth in 2018. These two factors, falling oil prices and the economy strategizing away from oil dependence, make a compelling case to study the financial performance of various sectors in the economy. Among other sectors, the insurance sector is widely recognized as an important indicator of the health of the economy. An expanding population, surge in construction and infrastructure, increased life expectancy, greater expenditure on automobiles and other luxury goods translate to a booming insurance sector. A slow-down of the insurance sector, on the other hand, may indicate a general slow-down in the economy. Therefore, a study on the insurance sector will help understand the general nature of the current economy. This study involves calculations and comparisons of ratios pre and post the fall in oil prices in the insurance sector in the UAE. A sample of 33 companies listed on the official stock exchanges of UAE-Dubai Financial Market and Abu Dhabi Stock Exchange were collected and empirical analysis employed to study the financial performance pre and post fall in oil prices. Ratios were calculated in 5 categories: Profitability, Liquidity, Leverage, Efficiency, and Investment. The means pre- and post-fall are compared to conclude that the profitability ratios including ROSF (Return on Shareholder Funds), ROCE (Return on Capital Employed) and NPM (Net Profit Margin) have all taken a hit. Parametric tests, including paired t-test, concludes that while the fall in profitability ratios is statistically significant, the other ratios have been quite stable in the period. The efficiency, liquidity, gearing and investment ratios have not been severely affected by the fall in oil prices. This may be due to the implementation of stronger regulatory policies and is a testimony to the diversification into the non-oil economy. The regulatory authorities can use the findings of this study to ensure transparency in revealing financial information to the public and employ policies that will help further the health of the economy. The study will also help understand which areas within the sector could benefit from more regulations.

Keywords: UAE, insurance sector, ratio analysis, oil price, profitability, liquidity, gearing, investment, efficiency

Procedia PDF Downloads 220