Search results for: mixed financing

Authors: Ebert Brea

Abstract:

We propose a novel direct search algorithm for identifying at least a local minimum of mixed integer nonlinear unconstrained optimization problems. The Mixed Integer Randomized Pattern Search Algorithm (MIRPSA), so-called by the author, is based on a randomized pattern search, which is modified by the MIRPSA for finding at least a local minimum of our problem. The MIRPSA has two main operations over the randomized pattern search: moving operation and shrinking operation. Each operation is carried out by the algorithm when a set of conditions is held. The convergence properties of the MIRPSA is analyzed using a Markov chain approach, which is represented by an infinite countable set of state space λ, where each state d(q) is defined by a measure of the qth randomized pattern search Hq, for all q in N. According to the algorithm, when a moving operation is carried out on the qth randomized pattern search Hq, the MIRPSA holds its state. Meanwhile, if the MIRPSA carries out a shrinking operation over the qth randomized pattern search Hq, the algorithm will visit the next state, this is, a shrinking operation at the qth state causes a changing of the qth state into (q+1)th state. It is worthwhile pointing out that the MIRPSA never goes back to any visited states because the MIRPSA only visits any qth by shrinking operations. In this article, we describe the MIRPSA for mixed integer nonlinear unconstrained optimization problems for doing a deep study of its convergence properties using Markov chain viewpoint. We herein include a low dimension case for showing more details of the MIRPSA, when the algorithm is used for identifying the minimum of a mixed integer quadratic function. Besides, numerical examples are also shown in order to measure the performance of the MIRPSA.

Keywords: direct search, mixed integer optimization, random search, convergence, Markov chain

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Authors: Chun-Ying Lee, Mei-Wen Wu, Li-Yi Cheng, Chiang-Ho Cheng

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This research studies the electroplating of zinc coating in the zinc chloride bath mixed with supercritical CO2. The sodium fluoride (NaF) was used as the bath additive to change the structure and property of the coating, and therefore the roughness and corrosion resistance of the zinc coating was investigated. The surface characterization was performed using optical microscope (OM), X-ray diffractometer (XRD), and α-step profilometer. Moreover, the potentiodynamic polarization measurement in 3% NaCl solution was employed in the corrosion resistance evaluation. Because of the emulsification of the electrolyte mixed in Sc-CO2, the electroplated zinc produced the coating with smoother surface, smaller grain, better throwing power and higher corrosion resistance. The main role played by the NaF was to reduce the coating’s roughness and grain size. In other words, the CO2 mixed with the electrolyte under the supercritical condition performed the similar function as brighter and leveler in zinc electroplating to enhance the throwing power and corrosion resistance of the coating.

Keywords: supercritical CO2, zinc-electroplating, sodium fluoride, electroplating

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Authors: Areej R. Banjar, Abraham G. Campbell

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The use of Mixed Reality (MR) in teaching and training is growing popular and can improve students’ ability to perform technical procedures. This short paper outlines the creation of an interactive educational MR 3D application that aims to improve the quality of instruction for dentistry students. This application is called MRImplantology and aims to teach the fundamentals and preoperative planning of dental implant placement. MRImplantology uses cone-beam computed tomography (CBCT) images as the source for 3D dental models that dentistry students will be able to freely manipulate within a 3D MR world to aid their learning process.

Keywords: augmented reality, education, dentistry, cone-beam computed tomography CBCT, head mounted display HMD, mixed reality

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Authors: Sakshi Gupta, Seema Joshi

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Thiosemicarbazones (TSCs) have garnered significant attention in coordination chemistry due to their versatile coordination modes and pharmacological properties. Mixed ligand complexes of TSCs represent a promising area of research, offering enhanced antimicrobial activities compared to their parent compounds. This review provides an overview of the synthesis, characterization, and antimicrobial properties of mixed ligand complexes incorporating thiosemicarbazones. The synthesis of mixed ligand complexes typically involves the reaction of a metal salt with TSC ligands and additional ligands, such as nitrogen- or oxygen-based ligands. Various transition metals, including copper, nickel, and cobalt, have been employed to form mixed ligand complexes with TSCs. Characterization techniques such as spectroscopy, X-ray crystallography, and elemental analysis are commonly utilized to confirm the structures of these complexes. One of the key advantages of mixed ligand complexes is their enhanced antimicrobial activity compared to pure TSC compounds. The synergistic effect between the TSC ligands and additional ligands contributes to increased efficacy, possibly through improved metal-ligand interactions or enhanced membrane permeability. Furthermore, mixed ligand complexes offer the potential for selective targeting of microbial species while minimizing toxicity to mammalian cells. This selectivity arises from the specific interactions between the metal center, TSC ligands, and biological targets within microbial cells. Such targeted antimicrobial activity is crucial for developing effective treatments with minimal side effects. Moreover, the versatility of mixed ligand complexes allows for the design of tailored antimicrobial agents with optimized properties. By varying the metal ion, TSC ligands, and additional ligands, researchers can fine-tune the physicochemical properties and biological activities of these complexes. This tunability opens avenues for the development of novel antimicrobial agents with improved efficacy and reduced resistance. In conclusion, mixed ligand complexes of thiosemicarbazones represent a promising class of compounds with potent antimicrobial activities. Further research in this field holds great potential for the development of novel therapeutic agents to combat microbial infections effectively.

Keywords: metal complex, thiosemicarbazones, mixed ligand, selective targeting, antimicrobial activity

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Authors: Ladaporn Pithuk

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This study aims to investigate the marketing mixed factors that affecting on expectations about commercial transactions through social networks. The research method will using quantitative research, data was collected by questionnaires to person have experience access to trading over the internet for 400 sample by purposive sampling method. Data was analyzed by descriptive statistic including percentage, mean, standard deviation and using quality function deployment for hypothesis testing. Finding the most significant interrelationship between marketing mixed factors and commercial transactions expectations through social networks are product and place the relationship of five ties product and place (location) is involved in almost all will make the site a model that meets the needs of the user visit. In terms of price, the promotion, privacy, personalization and providing a process technical. This will make operations more efficient, reduce confusion, duplication, delays in data transmission, including the creation of different elements in products and services.

Keywords: commercial transactions expectations, marketing mixed factors, social networks, consumer behavior

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Authors: Melissa James Maceachern

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

Keywords: accessibility, participation, financing, government

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Authors: Chaitanya Varma, Arpan Mehar

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The present study demonstrates the procedure to analyse speed data collected on various four-lane divided sections in India. Field data for the study was collected at different straight and curved sections on rural highways with the help of radar speed gun and video camera. The data collected at the sections were analysed and parameters pertain to speed distributions were estimated. The different statistical distribution was analysed on vehicle type speed data and for mixed traffic speed data. It was found that vehicle type speed data was either follows the normal distribution or Log-normal distribution, whereas the mixed traffic speed data follows more than one type of statistical distribution. The most common fit observed on mixed traffic speed data were Beta distribution and Weibull distribution. The separate operating speed model based on traffic and roadway geometric parameters were proposed in the present study. The operating speed model with traffic parameters and curve geometry parameters were established. Two different operating speed models were proposed with variables 1/R and Ln(R) and were found to be realistic with a different range of curve radius. The models developed in the present study are simple and realistic and can be used for forecasting operating speed on four-lane highways.

Keywords: highway, mixed traffic flow, modeling, operating speed

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Authors: Arian Ebneyamini, Hoda Azimi, Jules Thibaults, F. Handan Tezel

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In this study, a modification of Hennepe model for pervaporation separation of butanol from aqueous solutions using Polydimethylsiloxane (PDMS) mixed matrix membranes has been introduced and validated by experimental data. The model was compared to the original Hennepe model and few other models which are applicable for membrane gas separation processes such as Maxwell, Lewis Nielson and Pal. Theoretical modifications for non-ideal interface morphology have been offered to predict the permeability in case of interface void, interface rigidification and pore-blockage. The model was in a good agreement with experimental data.

Keywords: butanol, PDMS, modeling, pervaporation, mixed matrix membranes

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Authors: Hector Valverde Martínez

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In this text, the application possibilities of developments in MR are explored as an element within the museographic space that affects the visitor-museum relationship to satisfy the needs of knowledge and recreation that visitors have to improve the experience. The emphasis points out the way in which it is thinking from the digital to understand the possibilities in the design of museum experiences, and are analyzed the strategies used inside and outside the museum space are exemplified from the use of MR and their impact on the visitors' experience to reach different levels of depth of knowledge in an exhibition; the exploration of limits in the creation of atmospheres that allow visitors to feel immersed in a completely different reality from the one they live to better understand the topics addressed in the exhibition, and strategies that are used to encourage museum audiences to actively participate and extend the experience of the museum beyond its walls.

Keywords: mixed realities, experience, visitor, museums

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Authors: Ahmed Alkarimi, Kevin Welham

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Organic mixed mode monolithic columns were fabricated from; glycidyl methacrylate-co-ethylene dimethacrylate-co-stearyl methacrylate, using glycidyl methacrylate and stearyl methacrylate as co monomers representing 30% and 70% respectively of the liquid volume with ethylene dimethacrylate crosslinker and 2,2-dimethoxy-2-phenylacetophenone as the free radical initiator. The monomers were mixed with a binary porogenic solvent, comprising propan-1-ol, and methanol (0.825 mL each). The monolith was formed by photo polymerization (365 nm) inside a borosilicate glass tube (1.5 mm ID and 3 mm OD x 50 mm length). The monolith was observed to have formed correctly by optical examination and generated reasonable backpressure, approximately 650 psi at a flow rate of 0.2 mL min⁻¹ 50:50 acetonitrile: water. The morphological properties of the monolithic columns were investigated using scanning electron microscopy images, and Brunauer-Emmett-Teller analysis, the results showed that the monolith was formed properly with 19.98 ± 0.01 mm² surface area, 0.0205 ± 0.01 cm³ g⁻¹ pore volume and 6.93 ± 0.01 nm average pore size. The polymer monolith formed was further investigated using proton nuclear magnetic resonance, and Fourier transform infrared spectroscopy. The monolithic columns were investigated using high-performance liquid chromatography to test their ability to separate different samples with a range of properties. The columns displayed both hydrophobic/hydrophilic and hydrophobic/ion exchange interactions with the compounds tested indicating that true mixed mode separations. The mixed mode monolithic columns exhibited significant separation of proteins.

Keywords: LC separation, proteins separation, monolithic column, mixed mode

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Authors: M. Babul Hasan

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Management sciences (MS), big group of companies and industries or government policies (GP) is affiliated with a huge number of decision ingredients and complicated restrictions. Every factor in MS, every product in Industries or decision in GP is not always bankable in practice. After formulating these models there arises large-scale mixed integer programming (MIP) problem. In this paper, we developed decomposition-based pricing procedure to filter the unnecessary decision ingredients from MIP where the variables in huge number will be abated and the complicacy of restrictions will be elementary. A real life numerical example has been illustrated to demonstrate the methods. We develop the computer techniques for these methods by using a mathematical programming language (AMPL).

Keywords: Lagrangian relaxation, decomposition, sub-problem, master-problem, pricing, mixed IP, AMPL

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Authors: Aneesh Babu, S. P. Anusha

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A dynamic signal control system combines traditional traffic lights with an array of sensors to intelligently control vehicle and pedestrian traffic. The present study focus on evaluating the performance of dynamic signal control systems for mixed traffic conditions. Data collected from four different approaches to a typical four-legged signalized intersection at Trivandrum city in the Kerala state of India is used for the study. Performance of three other dynamic signal control methods, namely (i) Non-sequential method (ii) Webster design for consecutive signal cycle using flow as input, and (iii) dynamic signal control using RFID delay as input, were evaluated. The evaluation of the dynamic signal control systems was carried out using a calibrated VISSIM microsimulation model. Python programming was used to integrate the dynamic signal control algorithm through the COM interface in VISSIM. The intersection delay obtained from different dynamic signal control methods was compared with the delay obtained from fixed signal control. Based on the study results, it was observed that the intersection delay was reduced significantly by using dynamic signal control methods. The dynamic signal control method using delay from RFID sensors resulted in a higher percentage reduction in delay and hence is a suitable choice for implementation under mixed traffic conditions. The developed dynamic signal control strategies can be implemented in ITS applications under mixed traffic conditions.

Keywords: dynamic signal control, intersection delay, mixed traffic conditions, RFID sensors

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Authors: Erinma Chibuzo Nwandu

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

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

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Authors: Xiaoci Li, Yonghua Huang, Hui Lin

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Optimization of the concentration of components in mixed refrigerants leads to potential improvement of either thermodynamic cycle performance or safety performance of heat pumps and refrigerators. R32+R1234yf and R125+R290 are two promising binary mixed refrigerants for the application of heat pumps working in the cold areas. The p-ρ-T data of these mixtures are one of the fundamental and necessary properties for design and evaluation of the performance of the heat pumps. Although the property data of mixtures can be predicted by the mixing models based on the pure substances incorporated in programs such as the NIST database Refprop, direct property measurement will still be helpful to reveal the true state behaviors and verify the models. Densities of the mixtures of R32+R1234yf an d R125+R290 are measured by an Anton Paar U shape oscillating tube digital densimeter DMA-4500 in the range of temperatures from 0°C to 100 °C and pressures up to 10 MPa. The accuracy of the measurement reaches 0.00005 g/cm³. The experimental data are compared with the predictions by Refprop in the corresponding range of pressure and temperature.

Keywords: mixed refrigerant, density measurement, densimeter, thermodynamic property

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Authors: Dana S. Smith, Angela Goins, Shahnaz Savani

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Using a mixed-methods approach, this study explored costs to student wellbeing generated by the social work field practicum requirement. The project was conducted by faculty at a medium-sized university in the United States. Social work educators and field practicum instructors participated in interviews. Students and former students completed surveys on the topic. The data analysis revealed emotional burdens as well as threats to student wellbeing in association with the fieldwork required for those in pursuit of a social work degree. The study includes recommendations for anti-oppressive approaches for academic programs and implications for further research.

Keywords: emotional wellbeing, field practicum, mixed-methods, social justice

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Authors: Dana S. Smith, Angela Goins, Shahnaz Savani

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Using a mixed-methods approach, this study explored costs to student wellbeing generated by the social work field practicum requirement. The project was conducted by faculty at a medium sized university in the United States. Social work educators and field practicum instructors participated in interviews. Students and former students completed surveys on the topic. The data analysis revealed emotional burdens as well as threats to student wellbeing in association with the fieldwork required for those in pursuit of a social work degree. The study includes recommendations of anti-oppressive approaches for academic programs and implications for further research.

Keywords: emotional wellbeing, field practicum, mixed-methods, social justice

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Authors: Mohamed Moustafa Mahmoud Sedky

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In line start permanent magnet synchronous motor, eccentricity is a common fault that can make it necessary to remove the motor from the production line. However, because the motor may be inaccessible, diagnosing the fault is not easy. This paper presents an FEM that identifies different models, static eccentricity, dynamic eccentricity, and mixed eccentricity, at no load and full load. The method overcomes the difficulty of applying FEMs to transient behavior. It simulates motor speed, torque and flux density distribution along the air gap for SE, DE, and ME. This paper represents the various effects of different eccentricities types on the transient performance.

Keywords: line start permanent magnet, synchronous machine, static eccentricity, dynamic eccentricity, mixed eccentricity

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Authors: Pongsawee Supanonth

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This study aims to investigate the consumer behavior and marketing mixed factor affect on consumer decision making for independent movies presented in Lido cinema. The research method will use quantitative research, data was collected by questionnaires distributed to the audience in the Lido cinema for 400 sample by accidental sampling technique. Data was analyzed by descriptive statistic including percentage, mean, standard deviation and inferential statistic including independent t-test for hypothesis testing. The results showed that marketing mixed factors affecting consumer decision-making for Independent movies presented in Lido cinema by gender as different as less than the 0.05 significance level, it was found that the kind of movie ,quality of theater ,price of ticket, facility of watching movies, staff services and promotion of Lido cinema respectively had a vital influence on their attention and response which makes the advertisement more attractive is in harmony with the research hypotheses also.

Keywords: consumer behavior, marketing mixed factor, resonance, consumer decision making, Lido cinema

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Authors: Veselin Konstantinov Hristov

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

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

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Authors: Mohammad Farid

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In this paper, we introduce and study an explicit iterative method based on hybrid extragradient method to approximate a common solution of generalized mixed equilibrium problem and fixed point problem for a nonexpansive semigroup in Hilbert space. Further, we prove that the sequence generated by the proposed iterative scheme converge strongly to the common solution of generalized mixed equilibrium problem and fixed point problem for a nonexpansive semigroup. This common solution is the unique solution of a variational inequality problem and is the optimality condition for a minimization problem. The results presented in this paper are the supplement, extension and generalization of the previously known results in this area.

Keywords: generalized mixed equilibrium problem, fixed-point problem, nonexpansive semigroup, variational inequality problem, iterative algorithms, hybrid extragradient method

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Authors: Sepehr Moradi, Mehdi Asadi Rad

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The aim of this study is to evaluate and compare carcass weight of pure and mixed races Namebar 30-day pigeons to investigate about their sex, race, and some auxiliary variables. In this paper, 68 pieces of pigeons as 34 male and female pairs with equal age are studied randomly. A natural incubation was done from each pair. All produced chickens were slaughtered at 30 days age after 12 hours hunger. Then their carcasses were weighted by a scale with one gram precision. A covariance analysis was used since there were many auxiliary variables and unequal observations. SAS software was used for statistical analysis. Mean weight of carcass in pure race (Namebar-Namebar) with 8 records, 219.5±61.3 gr and mixed races of Kabood-Namebar, Parvazy-Namebar, Tizpar-Namebar, Namebar-Kabood, Namebar-Tizpar, and Namebar-Parvazy with 8, 10, 8, 12, 12, and 10 records were 369.9±54.6, 338.3±52.7, 224.5±73.6, 142.3±67.8, 155.6±56.2, and 170.2±55 gr, respectively.. Difference carcass weight of 30-day of Namebar-Namebar race with Namebar-Kabood, Namebar-Parvazy, Namebar-Tizpar, Parvazy-Namebar and Tizpar-Namebar mixed races was not significant, and was significant in level 5% with Kabood- Namebar (P < 0.05). Effect of sex and age were also significant in 1% level (P < 0.01), but mutual effect of sex and race was not significant. The results showed that most and least weights of carcass belonged to Kabood-Namebar and Namebar-Kabood.

Keywords: squab, Namebar race, 30-day carcass weight, pigeons

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Authors: Ferry Kurniawan

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In this paper, we nowcast quarterly output growth in Indonesia by exploiting higher frequency data (monthly indicators) using a mixed-frequency factor model and exploiting both quarterly and monthly data. Nowcasting quarterly GDP in Indonesia is particularly relevant for the central bank of Indonesia which set the policy rate in the monthly Board of Governors Meeting; whereby one of the important step is the assessment of the current state of the economy. Thus, having an accurate and up-to-date quarterly GDP nowcast every time new monthly information becomes available would clearly be of interest for central bank of Indonesia, for example, as the initial assessment of the current state of the economy -including nowcast- will be used as input for longer term forecast. We consider a small scale mixed-frequency factor model to produce nowcasts. In particular, we specify variables as year-on-year growth rates thus the relation between quarterly and monthly data is expressed in year-on-year growth rates. To assess the performance of the model, we compare the nowcasts with two other approaches: autoregressive model –which is often difficult when forecasting output growth- and Mixed Data Sampling (MIDAS) regression. In particular, both mixed frequency factor model and MIDAS nowcasts are produced by exploiting the same set of monthly indicators. Hence, we compare the nowcasts performance of the two approaches directly. To preview the results, we find that by exploiting monthly indicators using mixed-frequency factor model and MIDAS regression we improve the nowcast accuracy over a benchmark simple autoregressive model that uses only quarterly frequency data. However, it is not clear whether the MIDAS or mixed-frequency factor model is better. Neither set of nowcasts encompasses the other; suggesting that both nowcasts are valuable in nowcasting GDP but neither is sufficient. By combining the two individual nowcasts, we find that the nowcast combination not only increases the accuracy - relative to individual nowcasts- but also lowers the risk of the worst performance of the individual nowcasts.

Keywords: nowcasting, mixed-frequency data, factor model, nowcasts combination

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Authors: Karan R. Chavan, Srivats Gopalan, Kumudini V. Marathe

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In the current work, the comparison of degradation of malathion by single species, Pseudomonas Stutzeri, and Activated Sludge/Mixed Microbial Culture is studied in a Membrane Bioreactor. Various parameters were considered to study the effect of single species degradation compared to degradation by activated sludge. The experimental results revealed 85-90% reduction in the COD of the Malathion containing synthetic wastewater. Complete reduction of malathion was observed within 24 hours in both the cases. The critical flux was 10 LMH for both the systems. Fouling propensity, Cake and Membrane resistances were calculated thus giving an insight regarding the working of Membrane Bioreactor-based on single species and activated sludge.

Keywords: fouling, membrane bioreactor, mixed microbial culture, single species

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Authors: Abidemi C. Adegboye, Samuel Iweriebor

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The primary link between financial institutions and economic performance is the provision of resources by these institutions to businesses in order to drive enterprise expansion, sustainability, and development. In this study, the role of access to finance in driving innovations and productivity in Nigerian SMEs is investigated using the World Bank Enterprise Survey (ES) dataset. Innovation is defined based on the ES analysis using five compositions including product, method, organisational, use of foreign-licensed technology, and spending on R&D. The study considers finance in terms of source in meeting investment needs and in terms of access. Moreover, finance access is categorized as external and internal to a firm with each having different implications. The research methodology adopted a survey analysis based on the 2014 World Bank Enterprise Survey of 19 states in Nigeria. The survey comprised over 10,000 manufacturing and services firms, both at the small scale and medium scale levels. The logit estimation technique is used to estimate the relationships in the study. The results from the empirical analysis show that in general, access to finance drives SME innovation in Nigeria. In particular, ease of accessing bank loans and credit is shown to be the strongest positive force in driving all types of innovation among SMEs in Nigeria. In the same vein, the type of finance source for investment matters in terms of how it affects innovation: it is shown that both internal and external sources improve investment in product, process, and organisational innovation, but only external financing has effect on R&D spending and use of foreign licensed technology. Overall spending on R&D is only driven by access to external finance by the SMEs. For productivity, the results show that while structure of financing investment improves productivity, increased access to finance may actually lead to productivity decline among SMEs in Nigeria. There is a need for the financial system to evolve structures to increase fund availability to SMEs in Nigeria, especially for the purpose of innovation investment.

Keywords: access to finance, financing investment, innovation, productivity, SMEs

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Authors: Z. Sadeghi, M. R. Omidkhah, M. E. Masoomi

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The purpose of this paper is to examine gas transport behavior of mixed matrix membranes (MMMs) combined with porous particles. Main existing models are categorized in two main groups; two-phase (ideal contact) and three-phase (non-ideal contact). A new coefficient, J, was obtained to express equations for estimating effect of the particle porosity in two-phase and three-phase models. Modified models evaluates with existing models and experimental data using Matlab software. Comparison of gas permeability of proposed modified models with existing models in different MMMs shows a better prediction of gas permeability in MMMs.

Keywords: mixed matrix membrane, permeation models, porous particles, porosity

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Authors: Muhammad Shujaat Saleem, Imamuddin

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

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

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Authors: Erindi Allaj

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

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

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Authors: Arpan Kumar Nayak, Debabrata Pradhan

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A simple, single-step and one-pot hydrothermal method was employed to synthesize WO₃-SnO₂ mixed nanostructured metal oxides at 200°C in 12h. The SnO₂ nanoparticles were found to be uniformly decorated on the WO₃ nanoplates. Though it is widely known that noble metals such as Pt, Pd doping or decoration on metal oxides improve the sensing response and sensitivity, we varied the SnO₂ concentration in the WO₃-SnO₂ mixed oxide and demonstrated their performance in ammonia, ethanol and acetone sensing. The sensing performance of WO₃-(x)SnO₂ [x = 0.27, 0.54, 1.08] mixed nanostructured oxides was found to be not only superior to that of pristine oxides but also higher/better than that of reported noble metal-based sensors. The sensing properties (selectivity, limit of detection, response and recovery times) are measured as a function of operating temperature (150-350°C). In particular, the gas selectivity is found to be highly temperature-dependent with optimum performance obtained at 200°C, 300°C and 350°C for ammonia, ethanol, and acetone, respectively. The present results on cost effective WO₃-SnO₂ sensors can find potential application in human breath analysis by noninvasive detection.

Keywords: gas sensing, mixed oxides, nanoplates, ammonia, ethanol, acetone

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Authors: Ilhan Keskin, Hasan Bulent Kantarci

Abstract:

In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and non-interest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, islamic markets, non-interest bearing, rental certificates

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Authors: Roghayyeh Motallebzadeh, Shahin Hajizadeh, Mohammad Reza Ghasemi

Abstract:

Laminar mixed convection heat transfer of a nanofluid with prescribed constant heat flux on the inner wall of horizontal annular tube has been studied numerically based on two-phase mixture model in different Rayleigh numbers and Azimuth angles. Effects of applying of different volume fractions of Al2O3 nanoparticles in water as a base fluid on hydrodynamic and thermal behaviours of the fluid flow such as axial velocity, secondary flow, temperature, heat transfer coefficient and friction coefficient at the inner and outer wall region, has been investigated. Conservation equations in elliptical form has been utilized and solved in three dimensions for a steady flow. It is observed that, there is a good agreement between results in this work and previously published experimental and numerical works on mixed convection in horizontal annulus. These particles cause to increase convection heat transfer coefficient of the fluid, meanwhile there is no considerable effect on friction coefficient.

Keywords: buoyancy force, laminar mixed convection, mixture model, nano-fluid, two-phase

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