Search results for: price coefficient

Authors: Hanen Khanchel, Karim Ben Kahla

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Pharmaceutical companies are facing competition. Indeed, the price differences between competing products can be such that it becomes difficult to compensate them by differences in value added. The conditions of competition are no longer homogeneous for the players involved. The price of a product is a given that puts a company and its customer face to face. However, price fixing obliges the company to consider internal factors relating to production costs and external factors such as customer attitudes, the existence of regulations and the structure of the market on which the firm evolved. In setting the selling price, the company must first take into account internal factors relating to its costs: costs of production fall into two categories, fixed costs and variable costs that depend on the quantities produced. The company cannot consider selling below what it costs the product. It, therefore, calculates the unit cost of production to which it adds the unit cost of distribution, enabling it to know the unit cost of production of the product. The company adds its margin and thus determines its selling price. The margin is used to remunerate the capital providers and to finance the activity of the company and its investments. Production costs are related to the quantities produced: large-scale production generally reduces the unit cost of production, which is an asset for companies with mass production markets. This shows that small and medium-sized companies with limited market segments need to make greater efforts to ensure their profit margins. As a result, and faced with high and low market prices for raw materials and increasing staff costs, the company must seek to optimize its production time in order to reduce loads and eliminate waste. Then, the customer pays only value added. Thus, and based on this principle we decided to create a project that deals with the problem of waste in our company, and having as objectives the reduction of production costs and improvement of performance indicators. This paper presents the implementation of the Value Stream Mapping (VSM) project in a pharmaceutical company. It is structured as follows: 1) determination of the family of products, 2) drawing of the current state, 3) drawing of the future state, 4) action plan and implementation.

Keywords: VSM, waste, production time, kaizen, cartography, improvement

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Authors: Sonali Agarwal

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The investor perception about investment avenues is affected to a great degree by the current happenings, within the country, and on the global stage. The influencing events can range from government policies, bilateral trade agreements, election agendas, to changing exchange rates, appreciation and depreciation of currency, recessions, meltdowns, bankruptcies etc. The current research attempts to discover and unravel the effect of various macroeconomic variables (crude oil price, gold price, silver price and USD exchange rate) on the Indian mutual fund industry in general and the chosen funds (Axis Gold Fund, BSL Gold Fund, Kotak Gold Fund & SBI gold fund) in particular. Cointegration tests and Vector error correction equations prove that the chosen variables have strong effect on the NAVs (net asset values) of the mutual funds. However, the greatest influence is felt from the fund’s own past and current information and it is found that when an innovation of fund’s own lagged NAVs is given, variance caused is high that changes the current NAVs markedly. The study helps to highlight the interplay of macroeconomic variables and their repercussion on mutual fund industry.

Keywords: cointegration, Granger causality, impulse response, macroeconomic variables, mutual funds, stationarity, unit root test, variance decomposition, VECM

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Authors: Austin Ikechukwu Gbasouzor, Sam Nna Omenyi, Sabuj Malli

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This study is an extension of the previous work done with ARS-680 Environmental Chamber. Drying is a complex operation that demands much energy and time. Drying is essentially important for preservation of ginger rhizome. Drying of ginger was modeled, and then the effective diffusion coefficient and activation energy where determined. For this purpose, the experiments were done at six levels of varied temperature ranging from (10, 20, 30, 40, 50, 60°C). The average effective diffusion coefficient for their studies samples for temperature range of 40°C to 70°C was 4.48 x10-10m²/s, 4.96 x10-10m²/s, and 5.31 x10-10m²/s for 0.8, 1.5 and 3m/s drying air velocity respectively. These values closely agreed with the values of effective diffusion coefficients obtained in these studies for the variously treated ginger rhizomes and test conducted.

Keywords: activation energy, diffusion coefficients, drying model, drying time, ginger rhizomes, moisture ratio, thin layer

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Authors: Cecile Edel, Sandrine Giscard D'Estaing, Elsa Labrune, Jacqueline Lornage, Mehdi Benchaib

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Introduction: The use of incubator equipped with time-lapse technology in Artificial Reproductive Technology (ART) allows a continuous surveillance. With morphocinetic parameters, algorithms are available to predict the potential outcome of an embryo. However, the different proposed time-lapse algorithms do not take account the missing data, and then some embryos could not be classified. The aim of this work is to construct a predictive model even in the case of missing data. Materials and methods: Patients: A retrospective study was performed, in biology laboratory of reproduction at the hospital ‘Femme Mère Enfant’ (Lyon, France) between 1 May 2013 and 30 April 2015. Embryos (n= 557) obtained from couples (n=108) were cultured in a time-lapse incubator (Embryoscope®, Vitrolife, Goteborg, Sweden). Time-lapse incubator: The morphocinetic parameters obtained during the three first days of embryo life were used to build the predictive model. Predictive model: A quadratic regression was performed between the number of cells and time. N = a. T² + b. T + c. N: number of cells at T time (T in hours). The regression coefficients were calculated with Excel software (Microsoft, Redmond, WA, USA), a program with Visual Basic for Application (VBA) (Microsoft) was written for this purpose. The quadratic equation was used to find a value that allows to predict the blastocyst formation: the synthetize value. The area under the curve (AUC) obtained from the ROC curve was used to appreciate the performance of the regression coefficients and the synthetize value. A cut-off value has been calculated for each regression coefficient and for the synthetize value to obtain two groups where the difference of blastocyst formation rate according to the cut-off values was maximal. The data were analyzed with SPSS (IBM, Il, Chicago, USA). Results: Among the 557 embryos, 79.7% had reached the blastocyst stage. The synthetize value corresponds to the value calculated with time value equal to 99, the highest AUC was then obtained. The AUC for regression coefficient ‘a’ was 0.648 (p < 0.001), 0.363 (p < 0.001) for the regression coefficient ‘b’, 0.633 (p < 0.001) for the regression coefficient ‘c’, and 0.659 (p < 0.001) for the synthetize value. The results are presented as follow: blastocyst formation rate under cut-off value versus blastocyst rate formation above cut-off value. For the regression coefficient ‘a’ the optimum cut-off value was -1.14.10-3 (61.3% versus 84.3%, p < 0.001), 0.26 for the regression coefficient ‘b’ (83.9% versus 63.1%, p < 0.001), -4.4 for the regression coefficient ‘c’ (62.2% versus 83.1%, p < 0.001) and 8.89 for the synthetize value (58.6% versus 85.0%, p < 0.001). Conclusion: This quadratic regression allows to predict the outcome of an embryo even in case of missing data. Three regression coefficients and a synthetize value could represent the identity card of an embryo. ‘a’ regression coefficient represents the acceleration of cells division, ‘b’ regression coefficient represents the speed of cell division. We could hypothesize that ‘c’ regression coefficient could represent the intrinsic potential of an embryo. This intrinsic potential could be dependent from oocyte originating the embryo. These hypotheses should be confirmed by studies analyzing relationship between regression coefficients and ART parameters.

Keywords: ART procedure, blastocyst formation, time-lapse incubator, quadratic model

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Authors: Hamza Shams, Sajid Saleem, Bilal A. Siddiqui

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This paper investigates the coefficient of friction at nano-levels of commercially available superhydrophobic/oleophobic coatings when applied over 316L SS. 316L Stainless Steel or Marine Stainless Steel has been selected for its widespread uses in structures, marine and biomedical applications. The coatings were investigated in harsh sand-storm and sea water environments. The particle size of the sand during the procedure was carefully selected to simulate sand-storm conditions. Sand speed during the procedure was carefully modulated to simulate actual wind speed during a sand-storm. Sample preparation was carried out using prescribed methodology by the coating manufacturer. The coating’s adhesion and thickness was verified before and after the experiment with the use of Scanning Electron Microscopy (SEM). The value for nano-level coefficient of friction has been determined using Lateral Force Microscopy (LFM). The analysis has been used to formulate a value of friction coefficient which in turn is associative of the amount of wear the coating can bear before the exposure of the base substrate to the harsh environment. The analysis aims to validate the coefficient of friction value as marketed by the coating manufacturers and more importantly test the coating in real-life applications to justify its use. It is expected that the coating would resist exposure to the harsh environment for a considerable amount of time. Further, it would prevent the sample from getting corroded in the process.

Keywords: 316L SS, scanning electron microscopy, lateral force microscopy, marine stainless steel, oleophobic coating, superhydrophobic coating

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Authors: K. K. Saijaand, K. Prabhakaran Nair

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This study aims to determine change in optimal lo-cations of dual trailing-edge flaps for various thrust coefficient to solidity (Ct /σ) ratios of helicopter to achieve minimum hub vibration levels, with low penalty in terms of required trailing-edge flap control power. Polynomial response functions are used to approximate hub vibration and flap power objective functions. Single objective and multi-objective optimization is carried with the objective of minimizing hub vibration and flap power. The optimization results shows that the inboard flap location at low Ct/σ ratio move farther from the baseline value and at high Ct/σ ratio move towards the root of the blade for minimizing hub vibration.

Keywords: helicopter rotor, trailing-edge flap, thrust coefficient to solidity (Ct /σ) ratio, optimization

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Authors: Amit Das

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Background and significance of the study: Generally investors and market forecasters use financial statement for investigation while it awakens contribute to investing. The main vicinity of financial accounting and reporting practices recommends a few basic financial performance indicators, namely, return on capital employed, return on assets and earnings per share, which is associated considerably with share prices. It is principally true in case of Indian pharmaceutical companies also. Share investing is intriguing a financial risk in addition to investors look for those financial evaluations which have noteworthy shock on share price. A crucial intention of financial statement analysis and reporting is to offer information which is helpful predominantly to exterior clients in creating credit as well as investment choices. Sound financial performance attracts the investors automatically and it will increase the share price of the respective companies. Keeping in view of this, this research work investigates the impact of financial performance indicators on share price of pharmaceutical companies in India which is listed in the Bombay Stock Exchange. Methodology: This research work is based on secondary data collected from moneycontrol database on September 28, 2015 of top 101 pharmaceutical companies in India. Since this study selects four financial performance indicators purposively and availability in the database, that is, earnings per share, return on capital employed, return on assets and net profits as independent variables and one dependent variable, share price of 101 pharmaceutical companies. While analysing the data, correlation statistics, multiple regression technique and appropriate test of significance have been used. Major findings: Correlation statistics show that four financial performance indicators of 101 pharmaceutical companies are associated positively and negatively with its share price and it is very much significant that more than 80 companies’ financial performances are related positively. Multiple correlation test results indicate that financial performance indicators are highly related with share prices of the selected pharmaceutical companies. Furthermore, multiple regression test results illustrate that when financial performances are good, share prices have been increased steadily in the Bombay stock exchange and all results are statistically significant. It is more important to note that sensitivity indices were changed slightly through financial performance indicators of selected pharmaceutical companies in India. Concluding statements: The share prices of pharmaceutical companies depend on the sound financial performances. It is very clear that share prices are changed with the movement of two important financial performance indicators, that is, earnings per share and return on assets. Since 101 pharmaceutical companies are listed in the Bombay stock exchange and Sensex are changed with this, it is obvious that Government of India has to take important decisions regarding production and exports of pharmaceutical products so that financial performance of all the pharmaceutical companies are improved and its share price are increased positively.

Keywords: financial performance indicators, share prices, pharmaceutical companies, India

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Authors: Wakayama Shunya, Okubo Kazuya, Fujii Toru, Sakata Daisuke, Kado Noriyuki, Furutachi Hiroshi

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The purpose of this study is to propose an effective method to improve frictional coefficient of modified shoe rubber soles with added glass fibers onto the icy and snowy road surfaces in order to prevent slip-and-fall accidents by the users. Added fibers in the rubber were uniformly tilted to the perpendicular direction of the frictional surface, where tilting angle was -60, -30, +30, +60, 90 degrees and 0 for usual specimen, respectively. It was found that horizontal arraignment was effective to improve the frictional coefficient when glass fibers were embedded in the shoe rubber, while the standing in normal direction of the embedded glass fibers on the shoe surface was also effective to do that once after they were exposed from the shoe rubber with its abrasion. These improvements were explained by the increase of stiffness against the shear deformation of the rubber at the critical frictional state and the enlargement of resistance force for extracting exposed fibers from the ice and snow, respectively. Current study suggested that effective arraignments in the tilting angle of the added fibers should be applied in designing rubber shoe soles to keep the safeties for uses in regions of cold climates.

Keywords: frictional coefficient, shoe soles, icy and snowy road, glass fibers, tilting angle

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Authors: Hafdaoui Hichem, Mehadjebia Cherifa, Benatia Djamel

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In this paper, we propose a new method for Bulk detection of an acoustic microwave signal during the propagation of acoustic microwaves in a piezoelectric substrate (Lithium Niobate LiNbO3). We have used the classification by probabilistic neural network (PNN) as a means of numerical analysis in which we classify all the values of the real part and the imaginary part of the coefficient attenuation with the acoustic velocity in order to build a model from which we note the Bulk waves easily. These singularities inform us of presence of Bulk waves in piezoelectric materials. By which we obtain accurate values for each of the coefficient attenuation and acoustic velocity for Bulk waves. This study will be very interesting in modeling and realization of acoustic microwaves devices (ultrasound) based on the propagation of acoustic microwaves.

Keywords: piezoelectric material, probabilistic neural network (PNN), classification, acoustic microwaves, bulk waves, the attenuation coefficient

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Authors: Periklis Brakatsoulas

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Recent empirical research shows a growing interest in investment decision-making under market anomalies that contradict the rational paradigm. Momentum is undoubtedly one of the most robust anomalies in the empirical asset pricing research and remains surprisingly lucrative ever since first documented. Although predominantly phenomena identified across equities, momentum premia are now evident across various asset classes. Yet few many attempts are made so far to provide traders a diversified portfolio of strategies across different assets and markets. Moreover, literature focuses on patterns from past returns rather than mechanisms to signal future price directions prior to momentum runs. The aim of this paper is to develop a diversified portfolio approach to price distortion signals using daily position data on stocks, credit derivatives, and bonds. An algorithm allocates assets periodically, and new investment tactics take over upon price momentum signals and across different ranking groups. We focus on momentum life cycles, trend reversals, and price acceleration signals. The main effort here concentrates on the density, time span and maturity of momentum phenomena to identify consistent patterns over time and measure the predictive power of buy-sell signals generated by these anomalies. To tackle this, we propose a two-stage modelling process. First, we generate forecasts on core macroeconomic drivers. Secondly, satellite models generate market risk forecasts using the core driver projections generated at the first stage as input. Moreover, using a combination of the ARFIMA and FIGARCH models, we examine the dependence of consecutive observations across time and portfolio assets since long memory behavior in volatilities of one market appears to trigger persistent volatility patterns across other markets. We believe that this is the first work that employs evidence of volatility transmissions among derivatives, equities, and bonds to identify momentum life cycle patterns.

Keywords: forecasting, long memory, momentum, returns

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Authors: Sadia Siddiqa, Z. Khan, M. A. Hossain

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In this article, the effect of thermal radiation on mixed convection boundary layer flow of a viscous fluid along a highly heated vertical flat plate is considered with varying density and volumetric expansion coefficient. The density of the fluid is assumed to vary exponentially with temperature, however; volumetric expansion coefficient depends linearly on temperature. Boundary layer equations are transformed into convenient form by introducing primitive variable formulations. Solutions of transformed system of equations are obtained numerically through implicit finite difference method along with Gaussian elimination technique. Results are discussed in view of various parameters, like thermal radiation parameter, volumetric expansion parameter and density variation parameter on the wall shear stress and heat transfer rate. It is concluded from the present investigation that increase in volumetric expansion parameter decreases wall shear stress and enhances heat transfer rate.

Keywords: thermal radiation, mixed convection, variable density, variable volumetric expansion coefficient

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Authors: A. Nazilah

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Floods are classified among sudden onset phenomenon and the highest natural disasters happen in Malaysia. Floods have a negative impact on mental health. Measuring the psychopathology symptoms among flood victims is an important step for intervention and treatment. However, there is a gap of a valid, reliable and an efficient instrument to measure flood victims' mental health, especially in Malaysia. This study aims to replicate the earlier studies of developing e-Psychological Instrument for Flood Victims (e-PIFV). The e-PIFV is a digital self-report inventory that has 84 items with 4 dimension scales namely stress, anxiety, depression, and trauma. Two replicated studies have been done to validate the instrument using expert judgment method. Results showed that content coefficient validity for each sub-scale of the instrument ranging from moderate to very strong validity. In study I, coefficient values of stress was 0.7, anxiety was 0.9, depression was 1.0, trauma was 0.6 and overall was 0.8. In study II, the coefficient values for two subscales and overall scale were increased. The coefficient value of stress was 0.8, anxiety was 0.9, depression was 1.0, trauma was 0.8 and overall was 0.9. This study supports the theoretical framework and provides practical implication in the field of clinical psychology and flood management.

Keywords: developing e-psychological instrument, content validity, instrument, mental health management, flood victims, psychopathology, validity

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Authors: Yessi Nirwana Kurniadi, Nira Yunita Permata

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Coastline is vulnerable to coastal erosion which damage infrastructure and buildings. Floating breakwaters are applied in order to minimize material cost but still can reduce wave height. In this paper, we investigated floating breakwater anchored by piles based on experimental study in the laboratory with model scale 1:8. Two type of floating model were tested with several combination wave height, wave period and surface water elevation to determined transmission coefficient. This experimental study proved that floating breakwater with piles can prevent wave height up to 27 cm. The physical model shows that ratio of depth to wave length is less than 0.6 and ratio of model width to wave length is less than 0.3. It is confirmed that if those ratio are less than those value, the transmission coefficient is 0.5. The result also showed that the first type model of floating breakwater can reduce wave height by 60.4 % while the second one can reduce up to 55.56 %.

Keywords: floating breakwater, experimental study, pile, transimission coefficient

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Authors: Prama Mukhopadhyay

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Starting from transport to food, today’s world platform economy and digital markets have taken over almost every sphere of consumers’ lives. Sellers and buyers are getting connected through platforms, which is acting as an intermediary. It has made consumer’s life easier in terms of time, price, choice and other factors. Having said that, there are several concerns regarding platforms. There are competition law concerns like unfair pricing, deep discounting by the platforms which affect the consumer welfare. Apart from that, the biggest problem is lack of transparency with respect to the business models, how it operates, price calculation, etc. In most of the cases, consumers are unaware of how their personal data are being used. In most of the cases, they are unaware of how algorithm uses their personal data to determine the price of the product or even to show the relevant products using their previous searches. Using personal or non-personal data without consumer’s consent is a huge legal concern. In addition to this, another major issue lies with the question of liability. If a dispute arises, who will be responsible? The seller or the platform? For example, if someone ordered food through a food delivery app and the food was bad, in this situation who will be liable: the restaurant or the food delivery platform? In this paper, the researcher tries to examine the legal concern related to platform economy from the consumer protection and consumer welfare perspectives. The paper analyses the cases from different jurisdictions and approach taken by the judiciaries. The author compares the existing legislation of EU, US and other Asian Countries and tries to highlight the best practices.

Keywords: competition, consumer, data, platform

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Authors: G. Ravi Kiran, G. Radhakrishnamacharya

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In this paper, the dispersion of a solute in the peristaltic flow of a Jeffrey fluid in the presence of both homogeneous and heterogeneous chemical reactions has been discussed. The average effective dispersion coefficient has been found using Taylor's limiting condition under long wavelength approximation. It is observed that the average dispersion coefficient increases with amplitude ratio which implies that dispersion is more in the presence of peristalsis. The average effective dispersion coefficient increases with Jeffrey parameter in the cases of both homogeneous and combined homogeneous and heterogeneous chemical reactions. Further, dispersion decreases with a phase difference, homogeneous reaction rate parameters, and heterogeneous reaction rate parameter.

Keywords: peristalsis, dispersion, chemical reaction, Jeffrey fluid, asymmetric channel

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Authors: Mingjiang Dai, Qian Shi, Fang Hu, Songsheng Lin, Huijun Hou, Chunbei Wei

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A diamond-like carbon (DLC) is considered as a promising protective film since its high hardness and excellent tribological properties. However, DLC films are very sensitive to the environmental condition, its friction coefficient could dramatic change in high humidity, therefore, limited their further application in aerospace, the watch industry, and micro/nano-electromechanical systems. Therefore, most studies focus on the low friction coefficient of DLC films at a high humid environment. However, this is out of satisfied in practical application. An important thing was ignored is that the DLC coated components are usually used in the diversed environment, which means its friction coefficient may evidently change in different humid condition. As a result, the invalidation of DLC coated components or even sometimes disaster occurred. For example, DLC coated minisize gears were used in the watch industry, and the customer may frequently transform their locations with different weather and humidity even in one day. If friction coefficient is not stable in dry and high moisture conditions, the watch will be inaccurate. Thus, it is necessary to investigate the stable tribological behavior of DLC films in various environments. In this study, a-C:H:Si films were deposited by multi-function magnetron sputtering system, containing one ion source device and a pair of SiC dual mid-frequent targets and two direct current Ti/C targets. Hydrogenated carbon layers were manufactured by sputtering the graphite target in argon and methane gasses. The silicon was doped in DLC coatings by sputtering silicon carbide targets and the doping content were adjusted by mid-frequent sputtering current. The microstructure of the film was characterized by Raman spectrometry, X-ray photoelectron spectroscopy, and transmission electron microscopy while its friction behavior under different humidity conditions was studied using a ball-on-disc tribometer. The a-C:H films with Si content from 0 to 17at.% were obtained and the influence of Si content on the structure and tribological properties under the relative humidity of 50% and 85% were investigated. Results show that the a-C:H:Si film has typical diamond-like characteristics, in which Si mainly existed in the form of Si, SiC, and SiO2. As expected, the friction coefficient of a-C:H films can be effectively changed after Si doping, from 0.302 to 0.176 in RH 50%. The further test shows that the friction coefficient value of a-C:H:Si film in RH 85% is first increase and then decrease as a function of Si content. We found that the a-C:H:Si films with a Si content of 3.75 at.% show a stable friction coefficient of 0.13 in different humidity environment. It is suggestion that the sp3/sp2 ratio of a-C:H films with 3.75 at.% Si was higher than others, which tend to form the silica-gel-like sacrificial layers during friction tests. Therefore, the films deliver stable low friction coefficient under controlled RH value of 50 and 85%.

Keywords: diamond-like carbon, Si doping, moisture environment, table low friction coefficient

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Authors: Mohammad Farooq Wani

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Tribological studies on nano-sized ß-silicon nitride+5% BN were carried out in dry air at high temperatures to clarify the lack of consensus in the bibliographic data concerning the Tribological behavior of Si3N4 ceramics and effect of doped hexagonal boron nitride on coefficient of friction and wear coefficient at different loads and elevated temperatures. The composites were prepared via high energy mechanical milling and subsequent spark plasma sintering using Y2O3 and Al2O3 as sintering additives. After sintering, the average crystalline size of Si3N4 was observed to be 50 nm. Tribological tests were performed with temperature and Friction coefficients 0.16 to 1.183 and 0.54 to 0.71 were observed for Nano-sized ß-silicon nitride+5% BN composite under normal load of 10N-70 N and over high temperature range of 350 ºC-550 ºC respectively. Specific wear coefficients from 1.33x 10-4 mm3N-1m-1 to 4.42x 10-4 mm3N-1m-1 were observed for Nano-sized Si3N4 + 5% BN composite against Si3N4 ball as tribo-pair counterpart over high temperature range of 350 ºC-550 ºC while as under normal load of 10N to70N Specific wear coefficients of 6.91x 10-4 mm3N-1m-1 to 1.70x 10-4 were observed. The addition of BN to the Si3N4 composite resulted in a slight reduction of the friction coefficient and lower values of wear coefficient.

Keywords: ceramics, tribology, friction and wear, solid lubrication

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Authors: Carol Anne Hargreaves

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A key issue in stock investment is how to select representative features for stock selection. The objective of this paper is to firstly determine whether an automated stock investment system, using machine learning techniques, may be used to identify a portfolio of growth stocks that are highly likely to provide returns better than the stock market index. The second objective is to identify the technical features that best characterize whether a stock’s price is likely to go up and to identify the most important factors and their contribution to predicting the likelihood of the stock price going up. Unsupervised machine learning techniques, such as cluster analysis, were applied to the stock data to identify a cluster of stocks that was likely to go up in price – portfolio 1. Next, the principal component analysis technique was used to select stocks that were rated high on component one and component two – portfolio 2. Thirdly, a supervised machine learning technique, the logistic regression method, was used to select stocks with a high probability of their price going up – portfolio 3. The predictive models were validated with metrics such as, sensitivity (recall), specificity and overall accuracy for all models. All accuracy measures were above 70%. All portfolios outperformed the market by more than eight times. The top three stocks were selected for each of the three stock portfolios and traded in the market for one month. After one month the return for each stock portfolio was computed and compared with the stock market index returns. The returns for all three stock portfolios was 23.87% for the principal component analysis stock portfolio, 11.65% for the logistic regression portfolio and 8.88% for the K-means cluster portfolio while the stock market performance was 0.38%. This study confirms that an automated stock investment system using machine learning techniques can identify top performing stock portfolios that outperform the stock market.

Keywords: machine learning, stock market trading, logistic regression, cluster analysis, factor analysis, decision trees, neural networks, automated stock investment system

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Authors: Hyu Sang Jo, Gyo Woo Lee

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In this study, the evaluation of thermal stability of the micrometer-sized silica particle reinforced epoxy composite was carried out through the measurement of thermal expansion coefficient and Young’s modulus of the specimens. For all the specimens in this study from the baseline to those containing 50 wt% silica filler, the thermal expansion coefficients and the Young’s moduli were gradually decreased down to 20% and increased up to 41%, respectively. The experimental results were compared with filler-volume-based simple empirical relations. The experimental results of thermal expansion coefficients correspond with those of Thomas’s model which is modified from the rule of mixture. However, the measured result for Young’s modulus tends to be increased slightly. The differences in increments of the moduli between experimental and numerical model data are quite large.

Keywords: thermal stability, silica-reinforced, epoxy composite, coefficient of thermal expansion, empirical model

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Authors: Cherief Houria, Fouka Mourad

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In this work, the simulation of the radiation attenuation is carried out in a photon detector consisting of different common shielding material using a Monte Carlo program called PTM. The aim of the study is to investigate the effect of atomic weight and the thickness of shielding materials on the gamma radiation attenuation ability. The linear attenuation coefficients of Aluminum (Al), Iron (Fe), and lead (Pb) elements were evaluated at photons energy of 661:7KeV that are considered to be emitted from a standard radioactive point source Cs 137. The experimental measurements have been performed for three materials to obtain these linear attenuation coefficients, using a Gamma NaI(Tl) scintillation detector. Our results have been compared with the simulation results of the linear attenuation coefficient using the XCOM database and Geant4 codes and reveal that they are well agreed with both simulation data.

Keywords: gamma photon, Monte Carlo program, radiation attenuation, shielding material, the linear attenuation coefficient

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Authors: Cinthia C. Costa, Heloisa L. Burnquist, Joaquim J. M. Guilhoto

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This study identified the impact of special agricultural safeguards (SSG) for the global market of meat and for the Brazilian economy. The tariff lines subject to SSG were selected and the period of analysis was 1995 (when the rules about the SSGs were established) to 2015 (more recent period for which there are notifications). The value of additional tariff was calculated for each of the most important tariff lines. The import volume and the price elasticities for imports were used to estimate the impacts of each additional tariff estimated on imports. Finally, the effect of Brazilian exports of meat without SSG taxes was calculated as well as its impact in the country’s economy by using an input-output matrix. The most important markets that applied SSGs were the U.S. for beef and European Union for poultry. However, the additional tariffs could be estimated in only two of the sixteen years that the U.S. applied SSGs on beef imports, suggesting that its use has been enforced when the average annual price has been higher than the trigger price level. The results indicated that the value of the bovine and poultry meat that could not be exported by Brazil due to SSGs to both markets (EU and the U.S.) was equivalent to BRL 804 million. The impact of this loss in trade was about: BRL 3.7 billion of the economy’s production value (at 2015 prices) and almost BRL 2 billion of the Brazilian Gross Domestic Product (GDP).

Keywords: beef, poultry meat, SSG tariff, input-output matrix, Brazil

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Authors: Guorong Sui, Xingwei Jia, Chenhui Yin, Xiumin Gao

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In the processing of camera-based high precision and non-contact measurement, the geometric-optical aberration is always inevitably disturbing the measuring system. Moreover, the aberration is different with the different focal length, which will increase the difficulties of the system’s calibration. Therefore, to understand the relationship between the focal length as a function of aberration properties is a very important issue to the calibration of the measuring systems. In this study, we propose a new mathematics model, which is based on the plane calibration method by Zhang Zhengyou, and establish a relationship between the focal length and aberration coefficient. By using the mathematics model and carefully modified compensation templates, the calibration precision of the system can be dramatically improved. The experiment results show that the relative error is less than 1%. It is important for optoelectronic imaging systems that apply to measure, track and position by changing the camera’s focal length.

Keywords: camera calibration, aberration coefficient, vision measurement, focal length, mathematics model

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Authors: Tarah Bouaricha

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The impact of worst natural disasters is analysed in terms of insured losses which happened between 2010 and 2014 on S&P insurance index. Event study analysis is used to test whether natural disasters impact insurance index stock market price. There is no negative impact on insurance stock market price around the disasters event. To analyse the reaction of insurance stock market, normal returns (NR), abnormal returns (AR), cumulative abnormal returns (CAR), cumulative average abnormal returns (CAAR) and a parametric test on AR and on CAR are used.

Keywords: study event, natural disasters, insurance, reinsurance, stock market

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Authors: Anwar Hasan Abdullah Othman, Ahamed Kameel, Hasanuddeen Abdul Aziz

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In this study, an attempt has been made to investigate the relationship specifically the causal relation between fund unit prices of Islamic equity unit trust fund which measure by fund NAV and the selected macro-economic variables of Malaysian economy by using VECM causality test and Granger causality test. Monthly data has been used from Jan, 2006 to Dec, 2012 for all the variables. The findings of the study showed that industrial production index, political election and financial crisis are the only variables having unidirectional causal relationship with fund unit price. However, the global oil prices is having bidirectional causality with fund NAV. Thus, it is concluded that the equity unit trust fund industry in Malaysia is an inefficient market with respect to the industrial production index, global oil prices, political election and financial crisis. However, the market is approaching towards informational efficiency at least with respect to four macroeconomic variables, treasury bill rate, money supply, foreign exchange rate and corruption index.

Keywords: fund unit price, unit trust industry, Malaysia, macroeconomic variables, causality

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Authors: Li-hsing Shih, Wei-Jen Hsu

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Recently, the sale of electrical vehicles (EVs) has increased dramatically due to maturing technology development and decreasing cost. Governments of many countries have made regulations and policies in favor of EVs due to their long-term commitment to net zero carbon emissions. However, due to uncertain factors such as the future price of EVs, forecasting the future market share of EVs is a challenging subject for both the auto industry and local government. This study tries to forecast the market share of EVs using conjoint models and Monte Carlo simulation. The research is conducted in three phases. (1) A conjoint model is established to represent the customer preference structure on purchasing vehicles while five product attributes of both EV and internal combustion engine vehicles (ICEV) are selected. A questionnaire survey is conducted to collect responses from Taiwanese consumers and estimate the part-worth utility functions of all respondents. The resulting part-worth utility functions can be used to estimate the market share, assuming each respondent will purchase the product with the highest total utility. For example, attribute values of an ICEV and a competing EV are given respectively, two total utilities of the two vehicles of a respondent are calculated and then knowing his/her choice. Once the choices of all respondents are known, an estimate of market share can be obtained. (2) Among the attributes, future price is the key attribute that dominates consumers’ choice. This study adopts the assumption of a learning curve to predict the future price of EVs. Based on the learning curve method and past price data of EVs, a regression model is established and the probability distribution function of the price of EVs in 2030 is obtained. (3) Since the future price is a random variable from the results of phase 2, a Monte Carlo simulation is then conducted to simulate the choices of all respondents by using their part-worth utility functions. For instance, using one thousand generated future prices of an EV together with other forecasted attribute values of the EV and an ICEV, one thousand market shares can be obtained with a Monte Carlo simulation. The resulting probability distribution of the market share of EVs provides more information than a fixed number forecast, reflecting the uncertain nature of the future development of EVs. The research results can help the auto industry and local government make more appropriate decisions and future action plans.

Keywords: conjoint model, electrical vehicle, learning curve, Monte Carlo simulation

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Authors: Young S. Bang, Dong H. Yoon, Seung H. Yoo

Abstract:

Emergency Core Coolant Bypass (ECC Bypass) has been regarded as an important phenomenon to peak cladding temperature of large-break loss-of-coolant-accidents (LBLOCA) in nuclear power plants (NPP). A modeling scheme to address the ECC Bypass phenomena and the calculation of LBLOCA using that scheme are discussed in the present paper. A hydraulic form loss coefficient (HFLC) from the reactor vessel downcomer to the broken cold leg is predicted by the computational fluid dynamics (CFD) code with a variation of the void fraction incoming from the downcomer. The maximum, mean, and minimum values of FLC are derived from the CFD results and are incorporated into the LBLOCA calculation using a system thermal-hydraulic code, MARS-KS. As a relevant parameter addressing the ECC Bypass phenomena, the FLC to the break and its range are proposed.

Keywords: CFD analysis, ECC bypass, hydraulic form loss coefficient, system thermal-hydraulic code

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Authors: Camarena Rodriguez C. S., Portocarrero Bonifaz A., Palma Esparza R., Romero Carlos N. A.

Abstract:

Adobe is a construction material that fulfills the same function as a conventional brick. Widely used since ancient times, it is present in an appreciable percentage of buildings in Latin America. Adobe is a mixture of clay and sand. The interest in the study of the properties of this material arises due to its presence in the infrastructure of hospital´s radiological services, located in places with low economic resources, for the attenuation of radiation. Some materials such as lead and concrete are the most used for shielding and are widely studied in the literature. The present study will determine the mass attenuation coefficient of Adobe. The minimum required thicknesses for the primary and secondary barriers will be estimated for the shielding of radiological facilities where conventional and dental X-rays are performed. For the experimental procedure, an X-ray source emitted direct radiation towards different thicknesses of an Adobe barrier, and a detector was placed on the other side. For this purpose, an UNFORS Xi solid state detector was used, which collected information on the difference of radiation intensity. The initial parameters of the exposure started at 45 kV; and then the tube tension was varied in increments of 5 kV, reaching a maximum of 125 kV. The X-Ray tube was positioned at a distance of 0.5 m from the surface of the Adobe bricks, and the collimation of the radiation beam was set for an area of 0.15 m x 0.15 m. Finally, mathematical methods were applied to determine the mass attenuation coefficient for different energy ranges. In conclusion, the mass attenuation coefficient for Adobe was determined and the approximate thicknesses of the most common Adobe barriers in the hospital buildings were calculated for their later application in the radiological protection.

Keywords: Adobe, attenuation coefficient, radiological protection, shielding, x-rays

Procedia PDF Downloads 133

Authors: Gabriele Iannotta

Abstract:

This paper investigates credit cycles by means of an experiment based on a Kiyotaki & Moore (1997) model with heterogeneous expectations. The aim is to examine how a credit squeeze caused by high lender-level risk perceptions affects the real prices of a collateralised asset, with a special focus on the macroeconomic implications of rising price volatility in terms of total welfare and the number of bankruptcies that occur. To do that, a learning-to-forecast experiment (LtFE) has been run where participants are asked to predict the future price of land and then rewarded based on the accuracy of their forecasts. The setting includes one lender and five borrowers in each of the twelve sessions split between six control groups (G1) and six treatment groups (G2). The only difference is that while in G1 the lender always satisfies borrowers’ loan demand (bankruptcies permitting), in G2 he/she closes the entire credit market in case three or more bankruptcies occur in the previous round. Experimental results show that negative risk-driven supply shocks amplify the volatility of collateral prices. This uncertainty worsens the agents’ ability to predict the future value of land and, as a consequence, the number of defaults increases and the total welfare deteriorates.

Keywords: Behavioural Macroeconomics, Credit Cycle, Experimental Economics, Heterogeneous Expectations, Learning-to-Forecast Experiment

Procedia PDF Downloads 107

Authors: Zhipeng Feng, Huanhuan Qi, Pingchuan Shen, Fenggang Zang, Yixiong Zhang

Abstract:

Numerical simulations of vortex-induced vibration of a three-dimensional flexible tube under uniform turbulent flow are calculated when Reynolds number is 1.35×10⁴. In order to achieve the vortex-induced vibration, the three-dimensional unsteady, viscous, incompressible Navier-Stokes equation and LES turbulence model are solved with the finite volume approach, the tube is discretized according to the finite element theory, and its dynamic equilibrium equations are solved by the Newmark method. The fluid-tube interaction is realized by utilizing the diffusion-based smooth dynamic mesh method. Considering the vortex-induced vibration system, the variety trends of lift coefficient, drag coefficient, displacement, vertex shedding frequency, phase difference angle of tube are analyzed under different frequency ratios. The nonlinear phenomena of locked-in, phase-switch are captured successfully. Meanwhile, the limit cycle and bifurcation of lift coefficient and displacement are analyzed by using trajectory, phase portrait, and Poincaré sections. The results reveal that: when drag coefficient reaches its minimum value, the transverse amplitude reaches its maximum, and the “lock-in” begins simultaneously. In the range of lock-in, amplitude decreases gradually with increasing of frequency ratio. When lift coefficient reaches its minimum value, the phase difference undergoes a suddenly change from the “out-of-phase” to the “in-phase” mode.

Keywords: vortex induced vibration, limit cycle, LES, CFD, FEM

Procedia PDF Downloads 255

Authors: R. Kishan, R. M. Sumant, S. Suhas, Arun Mahalingam

Abstract:

This paper mainly researched on influence of vortex generator on lift coefficient and drag coefficient, when vortex generator is mounted on a flat plate. Vented cylinders were used as vortex generators which intensify vortex shedding in the wake of the vented cylinder as compared to base line circular cylinder which ensures more attached flow and increases lift force of the system. Firstly vented cylinders were analyzed in commercial CFD software which is compared with baseline cylinders for different angles of attack and further variation of lift and drag forces were studied by varying Reynolds number to account for influence of turbulence and boundary layer in the flow. Later vented cylinders were mounted on a flat plate and variation of lift and drag coefficients was studied by varying angles of attack and studying the dependence of Reynolds number and dimensions of vortex generator on the coefficients. Mesh grid sensitivity is studied to check the convergence of the results obtained It was found that usage of vented cylinders as vortex generators increased lift forces with small variation in drag forces by varying angle of attack.

Keywords: CFD analysis, drag coefficient, FVM, lift coefficient, modeling, Reynolds number, simulation, vortex generators, vortex shedding

Procedia PDF Downloads 406