Search results for: panel data

Authors: Ismail Cengiz, Faruk Elaldi

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Within the scope of the study presented in this paper, load carrying capacity and buckling behavior of a stiffened aluminum panel designed by adopting current ‘buckle-resistant’ design application and ‘Post –Buckling’ design approach were investigated experimentally and numerically. The test specimen that is stabilized by Z-type stiffeners and manufactured from aluminum 2024 T3 Clad material was test under compression load. Buckling behavior was observed by means of 3 – dimensional digital image correlation (DIC) and strain gauge pairs. The experimental study was followed by developing an efficient and reliable finite element model whose ability to predict behavior of the stiffened panel used for compression test is verified by compering experimental and numerical results in terms of load – shortening curve, strain-load curves and buckling mode shapes. While finite element model was being constructed, non-linear behaviors associated with material and geometry was considered. Finally, applicability of aluminum stiffened panel in airframe design against to composite structures was evaluated thorough the concept of ‘Structural Efficiency’. This study reveals that considerable amount of weight saving could be gained if the concept of ‘post-buckling design’ is preferred to the already conventionally used ‘buckle resistant design’ concept in aircraft industry without scarifying any of structural integrity under load spectrum.

Keywords: post-buckling, stiffened panel, non-linear finite element method, aluminum, structural efficiency

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Authors: Ayodele Ajayi, John Ajayi

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This paper investigates the effect of corporate governance with a view to determining the relationship between board size and bank performance. Data for the study were obtained from the audited financial statements of five sampled banks listed on the Nigerian Stock Exchange. Panel data technique was adopted and analysis was carried out with the use of multiple regression and pooled ordinary least square. Results from the study show that the larger the board size, the greater the profit implying that corporate governance is positively correlated with bank performance.

Keywords: corporate governance, banks performance, board size, pooled data

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Authors: Yasser A. Khalifa, Michael J. Tait, A. M. Asce, Wael W. El-Dakhakhni, M. Asce

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The quasi-static resistance functions for orthogonal corrugated core sandwich panels were determined experimentally. According to the American and Canadian codes for blast resistant designs of buildings UFC 3-340-02, ASCE/SEI 59-11, and CSA/ S850-12 the dynamic behavior is related to the static behavior under uniform loading. The target was to design a lightweight, relatively cheap, and quick sandwich panel to be employed as a sacrificial cladding for important buildings. For that an available corrugated cold formed steel sheet profile in North America was used as a core for the sandwich panel, in addition to using a quick, relatively low cost fabrication technique in the construction process. Six orthogonal corrugated core sandwich panels were tested and the influence of core sheet gauge on the behavior of the sandwich panels was explored using two different gauges. Failure modes, yield forces, ultimate forces, and corresponding deformations were determined and discussed.

Keywords: cold formed steel, lightweight structure, sandwich panel, sacrificial cladding, uniform loading

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Authors: Chen Wang, Jared Evans, Yan Asmann

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With the quick evolvement of next-generation sequencing techniques, whole-exome or exome-panel data have become a cost-effective way for detection of small exonic mutations, but there has been a growing desire to accurately detect copy number variations (CNVs) as well. In order to address this research and clinical needs, we developed a sequencing coverage pattern-based method not only for copy number detections, data integrity checks, CNV calling, and visualization reports. The developed methodologies include complete automation to increase usability, genome content-coverage bias correction, CNV segmentation, data quality reports, and publication quality images. Automatic identification and removal of poor quality outlier samples were made automatically. Multiple experimental batches were routinely detected and further reduced for a clean subset of samples before analysis. Algorithm improvements were also made to improve somatic CNV detection as well as germline CNV detection in trio family. Additionally, a set of utilities was included to facilitate users for producing CNV plots in focused genes of interest. We demonstrate the somatic CNV enhancements by accurately detecting CNVs in whole exome-wide data from the cancer genome atlas cancer samples and a lymphoma case study with paired tumor and normal samples. We also showed our efficient reuses of existing exome sequencing data, for improved germline CNV calling in a family of the trio from the phase-III study of 1000 Genome to detect CNVs with various modes of inheritance. The performance of the developed method is evaluated by comparing CNV calling results with results from other orthogonal copy number platforms. Through our case studies, reuses of exome sequencing data for calling CNVs have several noticeable functionalities, including a better quality control for exome sequencing data, improved joint analysis with single nucleotide variant calls, and novel genomic discovery of under-utilized existing whole exome and custom exome panel data.

Keywords: bioinformatics, computational genetics, copy number variations, data reuse, exome sequencing, next generation sequencing

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Authors: Manasse Elusma, Thung-Hong Lin, Chun-yin Lee

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The relationship between hunger and war or conflict remains to be discussed. Do wars or conflicts cause hunger and food scarcity, or is the reverse relationship is true? As the world becomes more peaceful and wealthier, some countries are still suffered from hunger and food shortage. So, eradicating hunger calls for a more comprehensive understanding of the relationship between conflict and hunger. Several studies are carried out to detect the importance of conflict or war on food security. Most of these studies, however, perform only descriptive analysis and largely use food security indicators instead of the global hunger index. Few studies have employed cross-country panel data to explicitly analyze the association between conflict and chronic hunger, including hidden hunger. Herein, this study addresses this issue and the knowledge gap. We combine global datasets to build a new panel dataset including 143 countries from 1989 to 2020. This study examines the effect of conflict on hunger with fixed effect models, and the results show that the increase of conflict frequency deteriorates hunger. Peacebuilding efforts and war prevention initiative are required to eradicate global hunger.

Keywords: armed conflict, food scarcity, hidden hunger, hunger, malnutrition

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Authors: M. V. Belubekyan, S. R. Martirosyan

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On the example of an elastic rectangular plate streamlined by a supersonic gas flow, we have investigated the phenomenon of divergence and of panel flatter of the overrunning of the gas flow at a free edge under assumption of the presence of concentrated inertial masses and moments at the free edge. We applied a new approach of finding of solution of these problems, which was developed based on the algorithm for an analytical solution finding. This algorithm is easy to use for theoretical studies for the wides circle of nonconservative problems of linear elastic stability. We have established the relation between the characteristics of natural vibrations of the plate and velocity of the streamlining gas flow, which enables one to draw some conclusions on the stability of disturbed motion of the plate depending on the parameters of the system plate-flow. Its solution shows that either the divergence or the localized divergence and the flutter instability are possible. The regions of the stability and instability in space of parameters of the problem are identified. We have investigated the dynamic behavior of the disturbed motion of the panel near the boundaries of region of the stability. The safe and dangerous boundaries of region of the stability are found. The transition through safe boundary of the region of the stability leads to the divergence or localized divergence arising in the vicinity of free edge of the rectangular plate. The transition through dangerous boundary of the region of the stability leads to the panel flutter. The deformations arising at the flutter are more dangerous to the skin of the modern aircrafts and rockets resulting to the loss of the strength and appearance of the fatigue cracks.

Keywords: stability, elastic plate, divergence, localized divergence, supersonic panels flutter

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Authors: Hossein Ramezani Ali-Akbari

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This paper presents an innovative method to control the rotational speed of a satellite solar panel during its deployment phase. A brushed DC motor has been utilized in the passive spring driven deployment mechanism to reduce the deployment speed. In order to use the DC motor as a damper, its connector terminals have been connected with an external resistance in a closed circuit. It means that, in this approach, there is no external power supply in the circuit. The working principle of this method is based on the back electromotive force (or back EMF) of the DC motor when an external torque (here the torque produced by the torsional springs) is coupled to the DC motor’s shaft. In fact, the DC motor converts to an electric generator and the current flows into the circuit and then produces the back EMF. Based on Lenz’s law, the generated current produced a torque which acts opposite to the applied external torque, and as a result, the deployment speed of the solar panel decreases. The main advantage of this method is to set an intended damping coefficient to the system via changing the external resistance. To produce the sufficient current, a gearbox has been assembled to the DC motor which magnifies the number of turns experienced by the DC motor. The coupled electro-mechanical equations of the system have been derived and solved, then, the obtained results have been presented. A full-scale prototype of the deployment mechanism has been built and tested. The potential application of brushed DC motors as a rotational speed damper has been successfully demonstrated.

Keywords: back electromotive force, brushed DC motor, rotational speed damper, satellite solar panel deployment mechanism

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Authors: Sheraz Gul

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The requirements for progressing a compound to clinical trials is well established and relies on the results from in-vitro and in-vivo animal tests to indicate that it is likely to be safe and efficacious when testing in humans. The typical data package required will include demonstrating compound safety, toxicity, bioavailability, pharmacodynamics (potential effects of the compound on body systems) and pharmacokinetics (how the compound is potentially absorbed, distributed, metabolised and eliminated after dosing in humans). If the desired criteria are met and the compound meets the clinical Candidate criteria and is deemed worthy of further development, a submission to regulatory bodies such as the US Food & Drug Administration for an exploratory Investigational New Drug Study can be made. The purpose of this study is to collect data to establish that the compound will not expose humans to unreasonable risks when used in limited, early-stage clinical studies in patients or normal volunteer subjects (Phase I). These studies are also designed to determine the metabolism and pharmacologic actions of the drug in humans, the side effects associated with increasing doses, and, if possible, to gain early evidence on their effectiveness. In order to reach the above goals, we have developed a pre-clinical high throughput Absorption, Distribution, Metabolism and Excretion–Toxicity (ADME–Toxicity) panel of assays to identify compounds that are likely to meet the Lead and Candidate compound acceptance criteria. This panel includes solubility studies in a range of biological fluids, cell viability studies in cancer and primary cell-lines, mitochondrial toxicity, off-target effects (across the kinase, protease, histone deacetylase, phosphodiesterase and GPCR protein families), CYP450 inhibition (5 different CYP450 enzymes), CYP450 induction, cardio-toxicity (hERG) and gene-toxicity. This panel of assays has been applied to multiple compound series developed in a number of projects delivering Lead and clinical Candidates and examples from these will be presented.

Keywords: absorption, distribution, metabolism and excretion–toxicity , drug discovery, food and drug administration , pharmacodynamics

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Authors: Elnaz Entezar, Reza Ezzati

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In recent decades, trade flows, capital, workforce, technology and information have increased between international borders and the globalization has turned to an undeniable process in international economics. Meanwhile, despite the positive aspects of globalization, the critics of globalization opine that the risks and costs of globalization for developing vulnerable economies and the world's impoverished people are high and significant. In this regard, this study by using the data of KOF Economic Institute and the World Bank for 113 different countries during the period 2002-2012, by taking advantage of panel smooth transition regression, and by taking the gross domestic product as transmission variables discuss the nonlinear relationship between research variables. The results have revealed that globalization in low regime (countries with low GDP) has negative impact whereas in high regime (countries with high GDP) has a positive impact. In spite of the fact that in the early stages of growth, control of corruption has a positive impact on economic growth, after a threshold has a negative impact on economic growth.

Keywords: globalization, corruption, panel smooth transition model, economic growth, threshold, economic convergence

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Authors: Yuchao Yao

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As two of the main characteristics of Chinese demographic trends, increasing divorce rates and decreasing fertility rates both shaped the population structure in the recent decade. Figuring out to what extent can be having a child make a difference in the divorce rate of a couple will not only draw a picture of Chinese families but also bring about a new perspective to evaluate the Chinese child-breeding policies. Based on China Family Panel Studies (CFPS) Data 2010-2018, this paper provides a systematic evaluation of how children influence a couple’s marital stability through a series of empirical models. Using survival analysis and propensity score matching (PSM) model, this paper finds that the number and age of children that a couple has mattered in consolidating marital relationship, and these effects vary little over time; during the last decade, newly having children can in fact decrease the possibility of divorce for Chinese couples; the such decreasing effect is largely due to the birth of a second child. As this is an inclusive attempt to study and compare not only the effects but also the causality of children on divorce risk in the last decade, the results of this research will do a good summary of the status quo of divorce in China. Furthermore, this paper provides implications for further reforming the current marriage and child-breeding policies.

Keywords: divorce risk, fertility, China, survival analysis, propensity score matching

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Authors: Y. H. Mugahed Amran, Raizal S. M. Rashid, Farzad Hejazi, Nor Azizi Safiee, A. A. Abang Ali

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Experimental and analytical studies were accomplished to examine the structural behavior of precast foamed concrete sandwich panel (PFCSP) under vertical in-plane shear load. PFCSP full-scale specimens with total number of six were developed with varying heights to study an important parameter slenderness ratio (H/t). The production technique of PFCSP and the procedure of test setup were described. The results obtained from the experimental tests were analysed in the context of in-plane shear strength capacity, load-deflection profile, load-strain relationship, slenderness ratio, shear cracking patterns and mode of failure. Analytical study of finite element analysis was implemented and the theoretical calculations of the ultimate in-plane shear strengths using the adopted ACI318 equation for reinforced concrete wall were determined aimed at predicting the in-plane shear strength of PFCSP. The decrease in slenderness ratio from 24 to 14 showed an increase of 26.51% and 21.91% on the ultimate in-plane shear strength capacity as obtained experimentally and in FEA models, respectively. The experimental test results, FEA models data and theoretical calculation values were compared and provided a significant agreement with high degree of accuracy. Therefore, on the basis of the results obtained, PFCSP wall has the potential use as an alternative to the conventional load-bearing wall system.

Keywords: deflection curves, foamed concrete (FC), load-strain relationships, precast foamed concrete sandwich panel (PFCSP), slenderness ratio, vertical in-plane shear strength capacity

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Authors: Tae Young Jin, Jin Soo Kim

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Carbon emissions have emerged as global concerns. Intergovernmental Panel of Climate Change (IPCC) have published reports about Green House Gases (GHGs) emissions regularly. United Nations Framework Convention on Climate Change (UNFCCC) have held a conference yearly since 1995. Especially, COP21 held at December 2015 made the Paris agreement which have strong binding force differently from former COP. The Paris agreement was ratified as of 4 November 2016, they finally have legal binding. Participating countries set up their own Intended Nationally Determined Contributions (INDC), and will try to achieve this. Thus, carbon emissions must be reduced. The energy sector is one of most responsible for carbon emissions and fossil fuels particularly are. Thus, this paper attempted to examine the relationship between natural gas consumption and economic growth. To achieve this, we adopted the Cobb-Douglas production function that consists of natural gas consumption, economic growth, capital, and labor using dependent panel analysis. Data were preprocessed with Principal Component Analysis (PCA) to remove cross-sectional dependency which can disturb the panel results. After confirming the existence of time-trended component of each variable, we moved to cointegration test considering cross-sectional dependency and structural breaks to describe more realistic behavior of volatile international indicators. The cointegration test result indicates that there is long-run equilibrium relationship between selected variables. Long-run cointegrating vector and Granger causality test results show that while natural gas consumption can contribute economic growth in the short-run, adversely affect in the long-run. From these results, we made following policy implications. Since natural gas has positive economic effect in only short-run, the policy makers in developing countries must consider the gradual switching of major energy source, from natural gas to sustainable energy source. Second, the technology transfer and financing business suggested by COP must be accelerated. Acknowledgement—This work was supported by the Energy Efficiency & Resources Core Technology Program of the Korea Institute of Energy Technology Evaluation and Planning (KETEP) granted financial resource from the Ministry of Trade, Industry & Energy, Republic of Korea (No. 20152510101880) and by the National Research Foundation of Korea Grant funded by the Korean Government (NRF-205S1A3A2046684).

Keywords: developing countries, economic growth, natural gas consumption, panel data analysis

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Authors: Avishek Chanda, Nam Kyeun Kim, Debes Bhattacharyya

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The use of renewable substitutes in various semi-structural and structural applications has experienced an increase since the last few decades. Sandwich panels have been used for many decades, although research on understanding the effects of the core structures on the panels’ fire-reaction properties is limited. The current work investigates the fire-performance of a corrugated sandwich panel made from renewable, biodegradable, and sustainable material, plywood. The bench-scale fire testing apparatus, cone-calorimeter, was employed to evaluate the required fire-reaction properties of the sandwich core in a panel configuration, with three corrugated layers glued together with face-sheets under a heat irradiance of 50 kW/m². The study helped in documenting a unique heat release trend associated with the fire performance of the 3-layered corrugated sandwich panels and in understanding the structural stability of the samples in the event of a fire. Furthermore, the total peak heat release rate was observed to be around 421 kW/m², which is significantly low compared to many polymeric materials in the literature. The total smoke production was also perceived to be very limited compared to other structural materials, and the total heat release was also nominal. The time to ignition of 21.7 s further outlined the advantages of using the plywood component since polymeric composites, even with flame-retardant additives, tend to ignite faster. Overall, the corrugated plywood sandwich panels had significant fire-reaction properties and could have important structural applications. The possible use of structural panels made from bio-degradable material opens a new avenue for the use of similar structures in sandwich panel preparation.

Keywords: corrugated sandwich panel, fire-reaction properties, plywood, renewable material

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Authors: Stepan Hysek, Premysl Sedivka, Petra Gajdacova

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Currently, structural composite materials contain cellulose-based particles (wood chips, fibers) bonded with synthetic adhesives containing formaldehyde (urea-formaldehyde, melamine-formaldehyde adhesives and others). Formaldehyde is classified as a volatile substance with provable carcinogenic effects on live organisms, and an emphasis has been put on continual reduction of its content in products. One potential solution could be the development of an agglomerated material which does not contain adhesives releasing formaldehyde. A potential alternative to formaldehyde-based adhesives could be polyurethane adhesives containing no formaldehyde. Such adhesives have been increasingly used in applications where a few years ago formaldehyde-based adhesives were the only option. Advantages of polyurethane adhesive in comparison with others in the industry include the high elasticity of the joint, which is able to resist dynamic stress, and resistance to increased humidity and climatic effects. These properties predict polyurethane adhesives to be used in OSB/EPS panel production. The objective of this paper is to develop an adhesive for bonding of sandwich panels made of material based on wood and other materials, e.g. SIP) and optimization of input components in order to obtain an adhesive with required properties suitable for bonding of the given materials without involvement of formaldehyde. It was found that polyurethane recyclate as a filler is suitable modification of polyurethane adhesive and results have clearly revealed that modified adhesive can be used for OSB/EPS panel production.

Keywords: adhesive, polyurethane, recyclate, SIP

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Authors: Agim Kukelii, Gevorg Sargsyan

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This study, focusing on the base regional area (county level), estimates the effect of natural disaster damages on aggregate personal income, aggregate wages, wages per worker, aggregate employment, and aggregate income transfer. The study further estimates the dynamics of personal income, employment, and wages under natural disaster shocks. Southeast Texas, located at the center of Golf Coast, is hit by meteorological and hydrological caused natural disasters yearly. On average, there are more than four natural disasters per year that cane an estimated damage average of 2.2% of real personal income. The study uses the panel data method to estimate the average effect of natural disasters on the area’s economy (personal income, wages, employment, and income transfer). It also uses Panel Vector Autoregressive (PVAR) model to study the dynamics of macroeconomic variables under natural disaster shocks. The study finds that the average effect of natural disasters is positive for personal income and income transfer and is negative for wages and employment. The PVAR and the impulse response function estimates reveal that natural disaster shocks cause a decrease in personal income, employment, and wages. However, the economy’s variables bounce back after three years. The novelty of this study rests on several aspects. First, this is the first study to investigate the effects of natural disasters on macroeconomic variables at a regional level. Second, the study uses direct measures of natural disaster damages. Third, the study estimates that the time that the local economy takes to absorb the natural disaster damages shocks is three years. This is a relatively good reaction to the local economy, therefore, adding to the “resiliency” hypothesis. The study has several implications for policymakers, businesses, and households. First, this study serves to increase the awareness of local stakeholders that natural disaster damages do worsen, macroeconomic variables, such as personal income, employment, and wages beyond the immediate damages to residential and commercial properties, physical infrastructure, and discomfort in daily lives. Second, the study estimates that these effects linger on the economy on average for three years, which would require policymakers to factor in the time area need to be on focus.

Keywords: natural disaster damages, macroeconomics effects, PVAR, panel data

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Authors: Arnold Sanda Layuk

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Fraud in the disclosure of financial statements by management shows that agency conflict is an important issue in the company. The conflict has consequences for the agency costs that must be borne and has an impact on the firm's performance. The effect of agency costs on firm performance is investigated in this study, as well as whether several variables such as corporate governance mechanisms can positively moderate the agency cost and firm performance relationship. The agency cost is measured by the asset utilization ratio and discretionary expenditure ratio. The firm's performance is represented by the return on equity. Data was collected from the manufacturing companies listed on the Indonesia Stock Exchange from 2015 to 2019, then regressed on the panel data using the panel corrected standard error model (PCSE). According to the findings, agency costs are negatively related to firm performance, which supports previous empirical research findings. It also found that the agency cost and firm performance relationship is significantly moderated by board size and ownership concentration as the representatives of corporate governance mechanisms. It suggests that corporate governance can become tools to reduce agency costs and increase firm performance as well. The empirical evidence adds to previous research on agency conflict, particularly in emerging markets. These findings are expected to supplement previous research and provide additional information to shareholders in order to control opportunistic management decisions that affect their investments and discretionary operational expenses.

Keywords: agency cost, corporate governance, asset utilization ratio, firm performance

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Authors: Azza T. Tahera, Eman M. Ahmeda, Nadia A. Khalila, Yassin M. Nissanb

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New 3-(pyridin-4-yl)-[1,2,4] triazolo [4,3-b] pyridazine derivatives 2a-i, 4a,b and 6a,b were designed, synthesized and evaluated as cytotoxic agents. All compounds were investigated for their in vitro cytotoxicity at a single dose 10-5M concentration towards 60 cancer cell lines according to USA NCI protocol. The preliminary screening results showed that the majority of tested compounds exhibited remarkable activity against SR (leukemia) cell panel. Molecular docking for all synthesized compounds was performed on the active site of c-Met kinase. The most active compounds, 2f and 4a were further evaluated at a seven dose level screening and their IC50 as a c-Met kinase inhibitors were determined in vitro.

Keywords: triazolopyridazines, pyridazines, cytotoxic activity, cell panel

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Authors: Paul Campbell, Nicholas Biddle

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There is a complex, endogenous relationship between individual circumstances, attitudes, and behaviour. This study uses longitudinal panel data to assess changes in social and political attitudes over a 7-year period. Attitudes are captured with the question 'what is the most important issue facing Australia today', collected at multiple time points in a longitudinal survey of 2200 Australians. Consistency of attitudes, and factors predicting change over time, are assessed. The consistency of responses has methodological implications for data collection, specifically how often such questions ought to be asked of a population. When change in attitude is observed, this study assesses the extent to which individual demographic characteristics, personality traits, and broader societal events predict change.

Keywords: attitudes, longitudinal survey analysis, personality, social values

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Authors: M. Atef Gabr, M. H. Abdel Latif, Ramadan El Gamsy

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Sandwich panels comprise a thick, light-weight plastic foam such as polyurethane (PU) sandwiched between two relatively thin faces. One or both faces may be flat, lightly profiled or fully profiled. Until recently sandwich panel construction in Egypt has been widely used in cold-storage buildings, cold trucks, prefabricated buildings and insulation in construction. Recently new techniques are used in mass production of Sandwich Materials such as Reaction Injection Molding (RIM) and Vacuum bagging technique. However, in recent times their use has increased significantly due to their widespread structural applications in building systems. Structural sandwich panels generally used in Egypt comprise polyurethane foam core and thinner (0.42 mm) and high strength about 550 MPa (yield strength) flat steel faces bonded together using separate adhesives and By RIM technique. In this paper, we will use a new technique in sandwich panel preparation by using different face sheet materials in combination with polyurethane foam to form sandwich panel structures. Previously, PU Foam core with same thin 2 faces material was used, but in this work, we use different face materials and thicknesses for the upper face sheet such as Galvanized steel sheets (G.S),Aluminum sheets (Al),Fiberglass sheets (F.G) and Aluminum-Rubber composite sheets (Al/R) with polyurethane foam core 10 mm thickness and 45 Kg/m3 Density and Galvanized steel as lower face sheet. Using Aluminum-Rubber composite sheets as face sheet is considered a hybrid composite sandwich panel which is built by Hand-Layup technique by using PU glue as adhesive. This modification increases the benefits of the face sheet that will withstand different working environments with relatively small increase in its weight and will be useful in several applications. In this work, a 3-point bending test is used assistant professor to measure the most important factor in sandwich materials that is strength to weight ratio(STW) for different combinations of sandwich structures and make a comparison to study the effect of changing the face sheet material on the mechanical behavior of PU sandwich material. Also, the density of the different prepared sandwich materials will be measured to obtain the specific bending strength.

Keywords: hybrid sandwich panel, mechanical behavior, PU foam, sandwich panel, 3-point bending, flexural strength

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Authors: Lidia Sanchis-Marco, Antonio Rubia, Pedro Serrano

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This paper studies the informational content of pricing errors in the term structure of sovereign CDS spreads. The residuals from a non-arbitrage model are employed to construct a Price discrepancy estimate, or noise measure. The noise estimate is understood as an indicator of market distress and reflects frictions such as illiquidity. Empirically, the noise measure is computed for an extensive panel of CDS spreads. Our results reveal an important fraction of systematic risk is not priced in default swap contracts. When projecting the noise measure onto a set of financial variables, the panel-data estimates show that greater price discrepancies are systematically related to a higher level of offsetting transactions of CDS contracts. This evidence suggests that arbitrage capital flows exit the marketplace during time of distress, and this consistent with a market segmentation among investors and arbitrageurs where professional arbitrageurs are particularly ineffective at bringing prices to their fundamental values during turbulent periods. Our empirical findings are robust for the most common CDS pricing models employed in the industry.

Keywords: credit default swaps, noise measure, illiquidity, capital arbitrage

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Authors: Clive L. Morley

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Gravity models and panel data modelling of tourism flows are receiving renewed attention, after decades of general neglect. Such models have quite different underpinnings from conventional demand models derived from micro-economic theory. They operate at a different level of data and with different theoretical bases. These differences have important consequences for the interpretation of the results and their policy and managerial implications. This review compares and contrasts the two model forms, clarifying the distinguishing features and the estimation requirements of each. In general, gravity models are not recommended for use to address specific management and marketing purposes.

Keywords: gravity models, micro-economics, demand models, marketing

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Authors: H. Abbasi, K. Sennah

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A Structural Insulated Panel (SIP) is a structural element contains of foam insulation core sandwiched between two oriented-strand boards (OSB), plywood boards, steel sheets or fibre cement boards. Superior insulation, exceptional strength and fast insulation are the specifications of a SIP-based structure. There are also many other benefits such as less total construction costs, speed of construction, less expensive HVAC equipment required, favourable energy-efficient mortgages comparing to wood-framed houses. This paper presents the experimental analysis on selected foam-timber SIPs to study their structural behaviour when used as walls in residential construction under lateral loading. The experimental program has also taken several stud panels in order to compare the performance of SIP with conventional wood-frame system. The results of lateral tests performed in this study established a database that can be used further to develop design tables of SIP wall subjected to lateral loading caused by wind or earthquake. A design table for walls subjected to lateral loading was developed. Experimental results proved that the tested SIPs are ‘as good as’ the conventional wood-frame system.

Keywords: structural insulated panel, experimental study, lateral load, design tables

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Authors: Mahmoud Hassan

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Understanding the impact of market- and non-market-based environmental policy instruments on renewable energy consumption (REC) is crucial for the design and choice of policy packages. This study aims to empirically investigate the effect of environmental policy stringency index (EPS) and its components on REC in 27 OECD countries over the period from 1990 to 2015, and then use the results to identify what the appropriate environmental policy mix should look like. By relying on the two-step system GMM estimator, we provide evidence that increasing environmental policy stringency as a whole promotes renewable energy consumption in these 27 developed economies. Moreover, policymakers are able, through the market- and non-market-based environmental policy instruments, to increase the use of renewable energy. However, not all of these instruments are effective for achieving this goal. The results indicate that R&D subsidies and trading schemes have a positive and significant impact on REC, while taxes, feed-in tariff and emission standards have not a significant effect. Furthermore, R&D subsidies are more effective than trading schemes for stimulating the use of clean energy. These findings proved to be robust across the three alternative panel techniques used.

Keywords: environmental policy stringency, renewable energy consumption, two-step system-GMM estimation, linear dynamic panel data model

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Authors: Mansa Radhakrishnan, Anwar Ali, Muhammad Rizwan Mughal

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Many universities around the world are working on modular and low budget architecture of small spacecraft to reduce the development cost of the overall system. This paper focuses on the design of a modular solar power harvesting system for a hexagonal-shaped small satellite. The designed solar power harvesting systems are composed of solar panels and power converter subsystems. The solar panel is composed of solar cells mounted on the external face of the printed circuit board (PCB), while the electronic components of power conversion are mounted on the interior side of the same PCB. The solar panel with dimensions 16.5cm × 99cm is composed of 36 solar cells (each solar cell is 4cm × 7cm) divided into four parallel banks where each bank consists of 9 solar cells. The output voltage of a single solar cell is 2.14V, and the combined output voltage of 9 series connected solar cells is around 19.3V. The output voltage of the solar panel is boosted to the satellite power distribution bus voltage level (28V) by a boost converter working on a constant voltage maximum power point tracking (MPPT) technique. The solar panel module is an eight-layer PCB having embedded coil in 4 internal layers. This coil is used to control the attitude of the spacecraft, which consumes power to generate a magnetic field and rotate the spacecraft. As power converter and distribution subsystem components are mounted on the PCB internal layer, therefore it is mandatory to do thermal analysis in order to ensure that the overall module temperature is within thermal safety limits. The main focus of the overall design is on compactness, miniaturization, and efficiency enhancement.

Keywords: small satellites, power subsystem, efficiency, MPPT

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Authors: Fangying Wang, Zhang Sanming, Ni Qian

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In recent years, more and more personalized sound absorbing materials have entered the Chinese room acoustical decoration market. The acoustic performance of three kinds of personalized sound-absorbing materials: Flame-retardant Flax Fiber Sound-absorbing Cotton, Eco-Friendly Sand Acoustic Panel and Transparent Micro-perforated Panel (Film) are tested by Reverberation Room Method. The sound absorption characteristic curves show that their performance match for or even exceed the traditional sound absorbing material. Through the application in the actual projects, these personalized sound-absorbing materials also proved their sound absorption ability and unique decorative effect.

Keywords: acoustic performance, application prospect personalized sound-absorbing materials

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Authors: Hasan Vural

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Turkey is a favorable country to produce a great variety of agricultural products because of her different geographic and climatic conditions which have been used to divide the country into four main and seven sub regions. This classification into seven regions traditionally has been used in order to data collection and publication especially related with agricultural production. Afterwards, nine agricultural regions were considered. Recently, the governmental body which is responsible of data collection and dissemination (Turkish Institute of Statistics-TIS) has used 12 classes which include 11 sub regions and Istanbul province. This study aims to evaluate these classification efforts based on the acreage of ten main crops in a ten years time period (1996-2005). The panel data grouped in 11 subregions has been evaluated by cluster and multivariate statistical methods. It was concluded that from the agricultural production point of view, it will be rather meaningful to consider three main and eight sub-agricultural regions throughout the country.

Keywords: agricultural region, factorial analysis, cluster analysis,

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Authors: Julio Silva, Lia Hasenclever, Gilson G. Silva Jr.

Abstract:

The aim of this paper is to check possible convergence in health measures (aged-standard rate of morbidity and mortality) for communicable diseases between developed and developing countries, conditional to productive structures features. Understanding the interrelations between health patterns and economic development is particularly important in the context of low- and middle-income countries, where economic development comes along with deep social inequality. Developing countries with less diversified productive structures (measured through complexity index) but high heterogeneous inter-sectorial labor productivity (using as a proxy inter-sectorial coefficient of variation of labor productivity) has on average low health levels in communicable diseases compared to developed countries with high diversified productive structures and low labor market heterogeneity. Structural heterogeneity and productive diversification may have influence on health levels even considering per capita income. We set up a panel data for 139 countries from 1995 to 2015, joining several data about the countries, as economic development, health, and health system coverage, environmental and socioeconomic aspects. This information was obtained from World Bank, International Labour Organization, Atlas of Economic Complexity, United Nation (Development Report) and Institute for Health Metrics and Evaluation Database. Econometric panel models evidence shows that the level of communicable diseases has a positive relationship with structural heterogeneity, even considering other factors as per capita income. On the other hand, the recent process of convergence in terms of communicable diseases have been motivated for other reasons not directly related to productive structure, as health system coverage and environmental aspects. These evidences suggest a joint dynamics between the unequal distribution of communicable diseases and countries' productive structure aspects. These set of evidence are quite important to public policy as meet the health aims in Millennium Development Goals. It also highlights the importance of the process of structural change as fundamental to shift the levels of health in terms of communicable diseases and can contribute to the debate between the relation of economic development and health patterns changes.

Keywords: economic development, inequality, population health, structural change

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Authors: Rihab Belguith, Fathi Abid

Abstract:

The paper develops a system-based approach to investigate the dynamic adjustment of debt structure and investment policies of the Dow-Jones index. This approach enables the assessment of relations among sales, debt, and investment opportunities by considering the simultaneous effect of the market environmental change and future growth opportunities. We integrate the firm-specific sales variance to capture the industries' conditions in the model. Empirical results were obtained through a panel data set of firms with different sectors. The analysis support that environmental change does not affect equally the different industry since operating leverage differs among industries and so the sensitivity to sales variance. Including adjusted-specific variance, we find that there is no monotonic relation between leverage, sales, and investment. The firm may choose a low debt level in response to high sales variance but high leverage to attenuate the negative relation between sales variance and the current level of investment. We further find that while the overall effect of debt maturity on leverage is unaffected by the level of growth opportunities, the shorter the maturity of debt is, the smaller the direct effect of sales variance on investment.

Keywords: dynamic panel, investment, leverage decision, sales uncertainty

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Authors: Freddy Munzhelele

Abstract:

Setting: the empirical research has shown that the life cycle theory has an impact on the firms’ financing decisions, particularly the dividend pay-outs. Accordingly, the life cycle theory posits that as a firm matures, it gets to a level and capacity where it distributes more cash as dividends. On the other hand, the young firms prioritise investment opportunities sets and their financing; thus, they pay little or no dividends. The research on firms’ financing decisions also demonstrated, among others, the adoption of trade-off and pecking order theories on the dynamics of firms capital structure. The trade-off theory talks to firms holding a favourable position regarding debt structures particularly as to the cost and benefits thereof; and pecking order is concerned with firms preferring a hierarchical order as to choosing financing sources. The case of life cycle hypothesis explaining the financial managers’ decisions as regards the firms’ capital structure dynamics appears to be an interesting link, yet this link has been neglected in corporate finance research. If this link is to be explored as an empirical research, the financial decision-making alternatives will be enhanced immensely, since no conclusive evidence has been found yet as to the dynamics of capital structure. Aim: the aim of this study is to examine the impact of life cycle theory on the capital structure dynamics trade-off and pecking order theories of firms listed in retail, industrial and mining sectors of the JSE. These sectors are among the key contributors to the GDP in the South African economy. Design and methodology: following the postpositivist research paradigm, the study is quantitative in nature and utilises secondary data obtainable from the financial statements of sampled firm for the period 2010 – 2022. The firms’ financial statements will be extracted from the IRESS database. Since the data will be in panel form, a combination of the static and dynamic panel data estimators will used to analyse data. The overall data analyses will be done using STATA program. Value add: this study directly investigates the link between the life cycle theory and the dynamics of capital structure decisions, particularly the trade-off and pecking order theories.

Keywords: life cycle theory, trade-off theory, pecking order theory, capital structure, JSE listed firms

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Authors: Jonghae Park, Daesung Kim

Abstract:

The impact of aggressive and conservative working capital‘s strategies on the value and profitability of the firms has been evaluated by applying the panel data regression analysis. The control variables used in the regression models are natural log of firm size, sales growth, and debt. We collected a panel of 13,988 companies listed on the Korea stock market covering the period 2000-2016. The major findings of this study are as follow: 1) We find a significant negative correlation between firm profitability and the number of days inventory (INV) and days accounts payable (AP). The firm’s profitability can also be improved by reducing the number of days of inventory and days accounts payable. 2) We also find a significant positive correlation between firm profitability and the number of days accounts receivable (AR) and cash ratios (CR). In other words, the cash is associated with high corporate profitability. 3) Tobin's analysis showed that only the number of days accounts receivable (AR) and cash ratios (CR) had a significant relationship. In conclusion, companies can increase profitability by reducing INV and increasing AP, but INV and AP did not affect corporate value. In particular, it is necessary to increase CA and decrease AR in order to increase Firm’s profitability and value.

Keywords: working capital, working capital management, firm value, profitability

Procedia PDF Downloads 154