Search results for: spawning stock biomass

Authors: Fayaz Moosavi, Saeid Moradyfard

Abstract:

One of the methods in avoiding management fraud and increasing the quality of financial information, is the notification of qualitative features of financial information, including conservatism characteristic. Although taking a conservatism approach, while boosting the quality of financial information, is able to reduce the informational risk and the cost of capital stock of commercial department, by presenting an improper image about the situation of the commercial department, raises the risk of failure in returning the main and capital interest, and consequently the cost of capital of the commercial department. In order to know if conservatism finally leads to the increase or decrease of the cost of capital or does not have any influence on it, information regarding accepted companies in Tehran stock exchange is utilized by application of pooling method from 2007 to 2012 and it included 124 companies. The results of the study revealed that there is an opposite and meaningful relationship between conditional conservatism and the cost of capital of the company. In other words, if bad and unsuitable news and signs are reflected sooner than good news in accounting profit, the cost of capital of the company increases. In addition, there is a positive and meaningful relationship between the cost of capital and lack of information asymmetry.

Keywords: conditional conservatism, lack of information asymmetry, the cost of capital, stock exchange

Procedia PDF Downloads 231

Authors: Jaroslav Frantík, Jan Najser

Abstract:

This article deals with increasing the energy efficiency of a plant in terms of optimizing the process. The European Union is striving to achieve the climate-energy package in the area increasing of energy efficiency. The goal of energy efficiency is to reduce primary energy consumption by 20% within the EU until 2020. The objective of saving energy consumption in the Czech Republic was set at 47.84 PJ (13.29 TWh). For reducing electricity consumption, it is possible to choose: a) mandatory increasing of energy efficiency, b) alternative scheme, c) combination of both actions. The Czech Republic has chosen for reducing electricity consumption using-alternative scheme. The presentation is focused on the proposal of a technological unit dealing with the gasification process of processing of biomass with an increase of power in the output. The synthesis gas after gasification of biomass is used as fuel in a cogeneration process of reciprocating internal combustion engine with the classic production of heat and electricity. Subsequently, there is an explanation of the ORC system dealing with the conversion of waste heat to electricity with the using closed cycle of the steam process with organic medium. The arising electricity is distributed to the power grid as a further energy source, or it is used for needs of the partial coverage of the technological unit. Furthermore, there is a presented schematic description of the technology with the identification of energy flows starting from the biomass treatment by drying, through its conversion to gaseous fuel, producing of electricity and utilize of thermal energy with minimizing losses. It has been found that using of ORC system increased the efficiency of the produced electricity by 7.5%.

Keywords: biomass, efficiency, gasification, ORC system

Procedia PDF Downloads 189

Authors: Gabriel A. Juma, Adiel M. Magana, Githaiga N. Michael, James G. Kairo

Abstract:

Seagrass meadows are important carbon sinks, thus understanding this role and their conservation provides opportunities for their applications in climate change mitigation and adaptation. This study aimed at understanding seagrass contribution to ecosystem carbon at Gazi Bay; by comparing carbon stocks in seagrass beds of two mangroves fringed creeks of the bay. Specifically, the objectives included assessing the distribution and abundance of seagrass in the fringed creeks, and estimating above and below-ground biomass. Results obtained would be added to the mangrove and open bay carbon in estimating total ecosystem carbon of Gazi bay. The stratified random sampling strategy was applied in this study. Transects were laid perpendicular to the waterline at intervals of 50 meters from the upper region near the mangroves to the deeper end of the creek across seagrass meadows. Along these transects, 0.25m2 square quadrats were laid at 10 m to assess distribution and composition of seagrasses in the creeks. A total of 80 plots were sampled. Above-ground biomass was sampled by harvesting all the seagrass materials within the quadrat while four sediment cores were obtained from each quarter of the quadrat and then sorted into necromass, rhizomes and roots to determine below ground biomass. Samples were cleaned and dried in the oven for 72 hours at 60˚C in the laboratory. Total biomass was determined by multiplying biomass with carbon conversion factor of 0.34. In all the statistical tests, a significant level was set at α = 0.05. Eight species of seagrass were encountered in Western creek (WC) while seven in the Eastern creek (EC). Based on importance value, the dominant species in WC were Cymodocea rotundata and Halodule uninervis while Thalassodendron ciliatum and Enhalus acoroides dominated the eastern creek. The cover of seagrass in EC was 67.97% compared to 56.45% in WC. There was a significance difference in abundance of seagrass species between the two creeks (t = 1.97, D.F = 35, p < 0.05). Similarly, there was significance differences between total seagrass biomass (t= -8.44, D.F. = 53, p < 0.05) and species composition (F(7,79) = 14.6, p < 0.05) in the two creeks. Mean seagrass in the creeks was 7.25 ± 4.2 Mg C ha-1, (range: 4.1 - 12.9 Mg C ha-1). The findings of the current study reveal variations in biomass stocks of the two creeks of Gazi bay that have varying biophysical features. It is established that habitat heterogeneity between the creeks contributes to the variation in seagrass abundance and biomass stocking. This enhances understanding of these ecosystems hence the establishment of carbon offset project in seagrass for livelihood improvement and increased conservation.

Keywords: seagrass, above-ground, below-ground, creeks, Gazi bay

Procedia PDF Downloads 105

Authors: Venkateswara R. Naira, Debasish Das, Soumen K. Maiti

Abstract:

Achieving high cell densities of microalgae under obligatory light-limiting and high light conditions of diurnal (low-high-low variations of daylight intensity) sunlight are further limited by CO₂ supply and dissolved oxygen (DO) accumulation in large-scale photobioreactors. High DO levels cause low growth due to photoinhibition and/or photorespiration. Hence, scalable elevated CO₂ levels (% in air) and their effect on DO accumulation in a 10 L cylindrical membrane photobioreactor (a vertical tubular type) are studied in the present study. The CO₂ elevation strategies; biomass-based, pH control based (types II & I) and diurnal light based, were explored to study the growth of Chlorella sp. FC2 IITG under single-sided LED lighting in the laboratory, mimicking diurnal sunlight. All the experiments were conducted in fed-batch mode by maintaining N and P sources at least 50% of initial concentrations of the optimized BG-11 medium. It was observed that biomass-based (2% - 1st day, 2.5% - 2nd day and 3% - thereafter) and well-known pH control based, type-I (5.8 pH throughout) strategies were found lethal for FC2 growth. In both strategies, the highest peak DO accumulation of 150% air saturation was resulted due to high photosynthetic activity caused by higher CO₂ levels. In the pH control based type-I strategy, automatically resulted CO₂ levels for pH control were recorded so high (beyond the inhibition range, 5%). However, pH control based type-II strategy (5.8 – 2 days, 6.3 – 3 days, 6.7 – thereafter) showed final biomass titer up to 4.45 ± 0.05 g L⁻¹ with peak DO of 122% air saturation; high CO₂ levels beyond 5% (in air) were recorded thereafter. Thus, it became sustainable for obtaining high biomass. Finally, a diurnal light based (2% - low light, 2.5 % - medium light and 3% - high light) strategy was applied on the basis of increasing/decreasing photosynthesis due to increase/decrease in diurnal light intensity. It has resulted in maximum final biomass titer of 5.33 ± 0.12 g L⁻¹, with total biomass productivity of 0.59 ± 0.01 g L⁻¹ day⁻¹. The values are remarkably higher than constant 2% CO₂ level (final biomass titer: 4.26 ± 0.09 g L⁻¹; biomass productivity: 0.27 ± 0.005 g L⁻¹ day⁻¹). However, 135% air saturation of peak DO was observed. Thus, the diurnal light based elevation should be further improved by using CO₂ enriched N₂ instead of air. To the best of knowledge, the light-based CO₂ elevation strategy is not reported elsewhere.

Keywords: Chlorella sp., CO₂ elevation strategy, dissolved oxygen accumulation, diurnal light based CO₂ elevation, high cell density, microalgae, scale-up

Procedia PDF Downloads 98

Authors: Mateusz Meserszmit, Mariusz Chrabąszcz, Adriana Trojanowska-Olichwer, Zygmunt Kącki

Abstract:

Semi-natural meadows are valuable communities from the point of view of biodiversity, but their survival is strongly related to human activity. Unfortunately, the current status of preservation of extensively used meadows in Europe is frequently assessed as “unfavorable”. This is due to agricultural activity, in particular the lack of appropriate conservation procedures such as the cutting of meadows or livestock grazing. However, for more effective protective measures, the preservation of the biological diversity of meadows requires an interdisciplinary approach from both scientists and practitioners from many fields. Our research aimed to present the possibility of conservation of semi-natural meadows using cut biomass for the production of bioenergy – biogas, taking into consideration the botanical characteristics of the studied habitat and the chemical properties of biomass. A field study was conducted in Poland, within an area covered by the European Union's nature conservation programme. The samples were collected on four dates (May 24th, July 1st, July 23rd, and September 1st) from a study site established within a Molinion meadow. The biomass collected at the earliest date mostly consisted of plants with flowers in bud or fully open flowers. At the later harvest dates, most plants were at the fruiting or seed shed stage. An earlier stage of plant growth contributed to a lower biomass yield, which also resulted in a lower methane yield per hectare. The methane yield per hectare was at the end of May 482 m3 CH4 ha-1, at the beginning of July 867 m3 CH4 ha-1, at the end of July 759 m3 CH4 ha-1 and at the beginning of September 730 m3 CH4 ha-1. The biomass harvested in May demonstrated a significantly higher content of the elements: N, P, and K, but a lower Ca content compared to later harvested biomass, which may affect the biogas production process. The use of hay as a source of renewable energy can become an important element of conservation adapted for this type of habitat.

Keywords: nature conservation, biomass, bioenergy, grassland

Procedia PDF Downloads 83

Authors: Hosein Hamisheh Bahar, Mohammad Hossein Fazel Zarandi, Akbar Esfahanipour

Abstract:

In this paper, a hybrid expert system is developed by using fuzzy genetic network programming with reinforcement learning (GNP-RL). In this system, the frame-based structure of the system uses the trading rules extracted by GNP. These rules are extracted by using technical indices of the stock prices in the training time period. For developing this system, we applied fuzzy node transition and decision making in both processing and judgment nodes of GNP-RL. Consequently, using these method not only did increase the accuracy of node transition and decision making in GNP's nodes, but also extended the GNP's binary signals to ternary trading signals. In the other words, in our proposed Fuzzy GNP-RL model, a No Trade signal is added to conventional Buy or Sell signals. Finally, the obtained rules are used in a frame-based system implemented in Kappa-PC software. This developed trading system has been used to generate trading signals for ten companies listed in Tehran Stock Exchange (TSE). The simulation results in the testing time period shows that the developed system has more favorable performance in comparison with the Buy and Hold strategy.

Keywords: fuzzy genetic network programming, hybrid expert system, technical trading signal, Tehran stock exchange

Procedia PDF Downloads 300

Authors: Martin Lisý, Marek Baláš, Michal Špiláček, Zdeněk Skála

Abstract:

This paper deals with the issue of biomass and sorted municipal waste gasification and cogeneration using hot air turbo set. It brings description of designed pilot plant with electrical output 80 kWe. The generated gas is burned in secondary combustion chamber located beyond the gas generator. Flue gas flows through the heat exchanger where the compressed air is heated and consequently brought to a micro turbine. Except description, this paper brings our basic experiences from operating of pilot plant (operating parameters, contributions, problems during operating, etc.). The principal advantage of the given cycle is the fact that there is no contact between the generated gas and the turbine. So there is no need for costly and complicated gas cleaning which is the main source of operating problems in direct use in combustion engines because the content of impurities in the gas causes operation problems to the units due to clogging and tarring of working surfaces of engines and turbines, which may lead as far as serious damage to the equipment under operation. Another merit is the compact container package making installation of the facility easier or making it relatively more mobile. We imagine, this solution of cogeneration from biomass or waste can be suitable for small industrial or communal applications, for low output cogeneration.

Keywords: biomass, combustion, gasification, microcogeneration

Procedia PDF Downloads 305

Authors: Martin Lisý, Marek Baláš, Michal Špiláček, Zdeněk Skála

Abstract:

This paper deals with the issue of biomass and sorted municipal waste gasification and cogeneration using hot-air turbo-set. It brings description of designed pilot plant with electrical output 80 kWe. The generated gas is burned in secondary combustion chamber located beyond the gas generator. Flue gas flows through the heat exchanger where the compressed air is heated and consequently brought to a micro turbine. Except description, this paper brings our basic experiences from operating of pilot plant (operating parameters, contributions, problems during operating, etc.). The principal advantage of the given cycle is the fact that there is no contact between the generated gas and the turbine. So there is no need for costly and complicated gas cleaning which is the main source of operating problems in direct use in combustion engines because the content of impurities in the gas causes operation problems to the units due to clogging and tarring of working surfaces of engines and turbines, which may lead as far as serious damage to the equipment under operation. Another merit is the compact container package making installation of the facility easier or making it relatively more mobile. We imagine, this solution of cogeneration from biomass or waste can be suitable for small industrial or communal applications, for low output cogeneration.

Keywords: biomass, combustion, gasification, microcogeneration

Procedia PDF Downloads 461

Authors: Andi Ismanto

Abstract:

Indonesia is the largest palm oil producer in the world. The increasing number of palm oil extensification in Indonesia started on 2000-2011. Based on preliminary figures from the Directorate General of Plantation, palm oil area in Indonesia until 2011 is about 8.91 million hectares.On 2011 production of palm oil CPO reaches 22.51 million tons. In the other hands, the increasing palm oil production has impact to environment. The Empty Bunch of Palm Oil (EBPO)waste was increased to 20 million tons in 2009. Utilization of waste EBPO currently only used as an organic fertilizer for plants. But, it was not a good solution, because TKKS that used as organic compost has high content of carbon and hydrogen compound. The EBPO waste has potential used as fuel by gasification because it has short time of decomposition. So, the process will be more efficient in time. Utilization of urban wastehas been created using an incinerator used as a source of electrical energy for household.Usually, waste burning process by incinerator is using diesel fuel and kerosene. It is certainly less effective and not environment friendly, considering the waste incineration process using Incinerator tools are continuously. Considering biomass is a renewable source of energy and the world's energy system must be switch from an energy based on fossil resources into the energy based on renewable resources, the "Gurza Incinerator": Design Build Powerful Biomass Incinerator Empty Bunch of Palm Oil (EBPO) as Elecrical Biomass Base Development, a renewable future technology. The tools is using EBPO waste as source of burning to burn garbage inside the Incinerator hopper. EBPO waste will be processed by means of gasification. Gasification isa process to produce gases that can be used as fuel for electrical power. Hopefully, this technology could be a renewable future energy and also as starting point of electrical biomass base development.

Keywords: incinerator, biomass, empty bunch palm oil, electrical energy

Procedia PDF Downloads 440

Authors: Suraj Mehrotra

Abstract:

The stock market is a volatile, bustling marketplace that is a cornerstone of economics. It defines whether companies are successful or in spiral. A thorough understanding of it is important - many companies have whole divisions dedicated to analysis of both their stock and of rivaling companies. Linking the world of finance and artificial intelligence (AI), especially the stock market, has been a relatively recent development. Predicting how stocks will do considering all external factors and previous data has always been a human task. With the help of AI, however, machine learning models can help us make more complete predictions in financial trends. Taking a look at the stock market specifically, predicting the open, closing, high, and low prices for the next day is very hard to do. Machine learning makes this task a lot easier. A model that builds upon itself that takes in external factors as weights can predict trends far into the future. When used effectively, new doors can be opened up in the business and finance world, and companies can make better and more complete decisions. This paper explores the various techniques used in the prediction of stock prices, from traditional statistical methods to deep learning and neural networks based approaches, among other methods. It provides a detailed analysis of the techniques and also explores the challenges in predictive analysis. For the accuracy of the testing set, taking a look at four different models - linear regression, neural network, decision tree, and naïve Bayes - on the different stocks, Apple, Google, Tesla, Amazon, United Healthcare, Exxon Mobil, J.P. Morgan & Chase, and Johnson & Johnson, the naïve Bayes model and linear regression models worked best. For the testing set, the naïve Bayes model had the highest accuracy along with the linear regression model, followed by the neural network model and then the decision tree model. The training set had similar results except for the fact that the decision tree model was perfect with complete accuracy in its predictions, which makes sense. This means that the decision tree model likely overfitted the training set when used for the testing set.

Keywords: machine learning, testing set, artificial intelligence, stock analysis

Procedia PDF Downloads 58

Authors: W. Ketren, J. Wannapeera, Z. Heishun, A. Ryuichi, K. Toshiteru, M. Kouichi, O. Hideaki

Abstract:

Degradative solvent extraction is the method developed for biomass upgrading by dewatering and fractionation of biomass under the mild condition. However, the conversion mechanism of the degradative solvent extraction method has not been fully understood so far. The rice straw was treated in 1-methylnaphthalene (1-MN) at a different solvent-treatment temperature varied from 250 to 350 ^oC with the residence time for 60 min. The liquid membrane-Fourier Transform Infrared Spectroscopy (FTIR) technique is applied to study the processing mechanism in-depth without separation of the solvent. It has been found that the strength of the oxygen-hydrogen stretching  (3600-3100 cm^-1) decreased slightly with increasing temperature in the range of 300-350 ^oC. The decrease of the hydroxyl group in the solvent soluble suggested dehydration reaction taking place between 300 and 350 ^oC. FTIR spectra in the carbonyl stretching region (1800-1600 cm^-1) revealed the presence of esters groups, carboxylic acid and ketonic groups in the solvent-soluble of biomass. The carboxylic acid increased in the range of 200 to 250 ^oC and then decreased. The prevailing of aromatic groups showed that the aromatization took place during extraction at above 250 ^oC. From 300 to 350 ^oC, the carbonyl functional groups in the solvent-soluble noticeably decreased. The removal of the carboxylic acid and the decrease of esters into the form of carbon dioxide indicated that the decarboxylation reaction occurred during the extraction process.

Keywords: biomass waste, degradative solvent extraction, mechanism, upgrading

Procedia PDF Downloads 255

Authors: Nini Johana Marin Rodriguez

Abstract:

This paper applies DCC, EWMA and OGARCH models to compare the dynamic correlations between exchange rates, oil prices, exchange rates and stock markets to examine the time-varying conditional correlations to the daily oil prices and index returns in relation to the US dollar/local currency for developed (Canada and Mexico) and emerging Latin American markets (Brazil, Chile, Colombia and Peru). Changes in correlation interactions are indicative of structural changes in market linkages with implications to contagion and interdependence. For each pair of stock price-exchange rate and oil price-US dollar/local currency, empirical evidence confirms of a strengthening negative correlation in the last decade. Methodologies suggest only two events have significatively impact in the countries analyzed: global financial crisis and Europe crisis, both events are associated with shifts of correlations to stronger negative level for most of the pairs analyzed. While, the first event has a shifting effect on mainly emerging members, the latter affects developed members. The identification of these relationships provides benefits in risk diversification and inflation targeting.

Keywords: crude oil, dynamic conditional correlation, exchange rates, interdependence, stock prices

Procedia PDF Downloads 279

Authors: Asiye Aydilek, Harun Aydilek

Abstract:

We investigate the costs of various suboptimal allocations in housing, consumption, bond and stock holdings of a retiree in a setting with recursive utility, considering the extensive empirical evidence that investors make suboptimal decisions in different ways. We find that suboptimal stock holdings impose only modest costs on the retiree. This may have a merit in explaining the limited stock investment in the data. The cost of suboptimal bond holdings is higher than that of stocks, but still small. This may partially explain why many more people hold bonds compared to stocks. We find that positive deviations from the optimal level are less costly relative to the negative ones in suboptimal housing allocations. This may help us to clarify why the elderly are over consuming housing, as seen in the housing data. The cost of suboptimal consumption is quite high and the highest of all. Our paper suggests that, in terms of welfare, the decisions of how much of liquid wealth to use for consumption and for saving are more important than the decision about the composition of liquid savings. Suboptimal stock holdings are twice more costly in power utility and suboptimal bond holdings are twenty times more costly in recursive utility. Recursive utility is superior to power utility in terms of rationalizing many people's preference for bonds instead of stocks in investment.

Keywords: housing, recursive utility, retirement, suboptimal decisions, welfare cost

Procedia PDF Downloads 292

Authors: Kaoutar Abbahaddou, Mohammed Salah Chiadmi

Abstract:

The need to find a relevant way to predict the next-day price of a stock index is a real concern for many financial stakeholders and researchers. We have known across years the proliferation of several methods. Nevertheless, among all these methods, the most controversial one is a machine learning algorithm that claims to be reliable, namely neural networks. Thus, the purpose of this article is to study the prediction power of neural networks in the particular case of Islamic finance as it is an under-looked area. In this article, we will first briefly present a review of the literature regarding neural networks and Islamic finance. Next, we present the architecture and principles of artificial neural networks most commonly used in finance. Then, we will show its empirical application on two Islamic stock indexes. The accuracy rate would be used to measure the performance of the algorithm in predicting the right price the next day. As a result, we can conclude that artificial neural networks are a reliable method to predict the next-day price for Islamic indices as it is claimed for conventional ones.

Keywords: Islamic finance, stock price prediction, artificial neural networks, machine learning

Procedia PDF Downloads 192

Authors: M. S. Mahmoud, Samah A. Mohamed, Neama A. Sobhy

Abstract:

For color removal from wastewater containing organic contaminants, biological treatment systems have been widely used such as physical and chemical methods of flocculation, coagulation. Fungal decolorization of dye containing wastewater is one of important goal in industrial wastewater treatment. This work was aimed to characterize Aspergillus niger strain for dye removal from aqueous solution and from raw textile wastewater. Batch experiments were studied for removal of color using fungal isolate biomass under different conditions. Environmental conditions like pH, contact time, adsorbent dose and initial dye concentration were studied. Influence of the pH on the removal of azo dye by Aspergillus niger was carried out between pH 1.0 and pH 11.0. The optimum pH for red dye decolonization was 9.0. Results showed the decolorization of dye was decreased with the increase of its initial dye concentration. The adsorption data was analyzed based on the models of equilibrium isotherm (Freundlich model and Langmuir model). During the adsorption isotherm studies; dye removal was better fitted to Freundlich model. The isolated fungal biomass was characterized according to its surface area both pre and post the decolorization process by Scanning Electron Microscope (SEM) analysis. Results indicate that the isolated fungal biomass showed higher affinity for dye in decolorization process.

Keywords: biomass, biosorption, dye, isotherms

Procedia PDF Downloads 280

Authors: Kopal Verma, Umesh C. Kulshrestha

Abstract:

India is a rural major country and majority of rural population is dependent on burning of biomass as fuel for domestic cooking on traditional stoves (Chullahs) and heating purposes. This results into indoor air pollution and ultimately affects health of the residents. Still, a very small fraction of rural population has been benefitted by the facilities of Liquefied Petroleum Gas (LPG) cylinders. Different regions of country follow different methods and use different type of biomass for cooking. So in order to study the differences in cooking practices and resulting indoor air pollution, this study was carried out in two rural areas of India viz. Budhwada, Madhya Pradesh and Baggi, Himachal Pradesh. Both the regions have significant differences in terms of topography, culture and daily practices. Budhwada lies in plain area and Baggi belongs to hilly terrain. The study of carbonaceous aerosols was carried out in four different houses of each village. The residents were asked to bring slight change in their practices by cooking only with biomass (BB) then with a mix of biomass and LPG (BL) and then finally only with LPG (LP). It was found that in BB, average values of organic carbon (OC) and elemental carbon (EC) were 28% and 44% lower in Budhwada than in Baggi whereas a reverse trend was found where OC and EC was respectively more by 56% and 26% with BL and by 54% and 29% with LP in Budhwada than in Baggi. Although, a significant reduction was found both in Budhwada (OC by 49% and EC by 34%) as well as in Baggi (OC by 84% and EC by 73%) when cooking was shifted from BB to LP. The OC/EC ratio was much higher for Budhwada (BB=9.9; BL=2.5; LP=6.1) than for Baggi (BB=1.7; BL=1.6; LP=1.3). The correlation in OC and EC was found to be excellent in Baggi (r²=0.93) and relatively poor in Budhwada (r²=0.65). A questionnaire filled by the residents suggested that they agree to the health benefits of using LPG over biomass burning but the challenges of supply of LPG and changing the prevailing tradition of cooking on Chullah are making it difficult for them to make this shift.

Keywords: biomass burning, elemental carbon, liquefied petroluem gas, organic carbon

Procedia PDF Downloads 162

Authors: Mohammed Aliyu, Kazunori Iwabuchi, Ibrahim Shaba Mohammed, Abubakar Sadeeq Mohammed, Solomon Musa Dauda, Zinash Delebo Osunde

Abstract:

Hydrothermal carbonization (HTC) is recognised as a low temperature and effective technique for the conversion of biomass to solid biofuel. In this study, the effect of process temperature and biomass-to-water ratio (B/W) on the fuel properties of hydrochar produced from wood shavings was investigated. HTC was conducted in an autoclave using reaction temperature of 230 °C and 260 °C for 20 minutes with B/W ratio of 0.11 to 0.43. The produced hydrochars were characterised by the mass yield (MY), higher heating value (HHV), proximate and ultimate properties. The results showed that the properties of the hydrochars improved with increasing process temperature and B/W ratio. The higher heating value (HHV) increased to 26.74 MJ/kg as the severity of the reaction was increased to the process temperature of 260 °C. Also, the atomic H/C and O/C ratios of hydrochars produced at 230 °C and 260 °C were closed to the regions of a peat and lignite on the plotted van Krevelen diagram. Hence, the produced hydrochar has a promising potential as a sustainable solid biofuel for energy application.

Keywords: wood shavings, biomass/water ratio, thermochemical conversion, hydrothermal carbonization, hydrochar

Procedia PDF Downloads 80

Authors: Fabricia G. F. S. Rossato, Ieda G. Hidalgo, Andres Susseta, Felipe Casale, Leticia H. Nakamiti

Abstract:

This research was conducted to show the useful source of biomass energy provided from forest waste and the black liquor from the pulping process. This energy source could be able to assist and improve its area environment in a sustainable way. The research will demonstrate the challenges from producing the biomass energy and the implantation of the pulp industry in the city of Três Lagoas, MS. – Brazil. Planted forest’s potential, energy production in the pulp industries and its consequence of impacts on the local region environmental was also studied and examined. The present study is classified as descriptive purposes as it exposes the characteristics of a given population and the means such as bibliographical and documentary. All the data and information collected and demonstrate in this study was carefully analyzed and provided from reliable sources such as official government agencies.

Keywords: Brazil, pulp industry, renewable energy, Três Lagoas

Procedia PDF Downloads 298

Authors: Osman Kök, İlhami̇ Tüzün, Yaşar Aluç

Abstract:

This study was conducted to explore the effect of direct current (DC) applications on the growth of microalgae Chlorella vulgaris KKU71, isolated from highly saline freshwater. Experiments were implemented based upon the cross-combinations of both the intensity and duration of electric applications, generating a full factorial design of 10V, 20V, 30V, and 5s, 30s, 60s, respectively. Growth parameters of cultures were monitored on Optical Density (OD), Cell Count (CC), Chlorophyll-a, b (Chl-a, b), and Total Carotenoids (TCar). All DC-assisted treatments stimulated the growth and thus led to higher values of growth parameters such as OD, CC, Chl-a, and TCar. Monotonically increasing with the intensity and duration of DC applications, wet and dry biomass yields of the harvested algae reached their highest level at 30V-60s in all sets of treatments. In addition, this increase between DC applications was listed as C(control)<10V<20V<30V and C<5s<30s<60s. As a result, direct current applications increased the biomass.

Keywords: Chlorella Vulgaris, direct current, growth, biomass

Procedia PDF Downloads 106

Authors: Marina Stramarkou, Sofia Papadaki, Konstantina Kyriakopoulou, Magdalini Krokida

Abstract:

Nowadays, microalgae represent the diverse branch of microorganism that is used not only in fish farming, but also in food, cosmetics, pharmaceuticals and biofuel production as they can produce a wide range of unique functional ingredients. In the present work, a remarkable microalga Chlorella vulgaris (CV) was selected as a raw material for the recovery of multifunctional extracts. First of all, the drying of raw biomass was examined with freeze-drying showing the best behavior. Ultrasonic-assisted extraction (UAE) using different solvents was applied under the specific optimized conditions. In case of raw biomass, ethanol was the suitable solvent, whereas on dried samples water performed better. The total carotenoid, β-carotene, chlorophyll and protein content in the raw materials, extracts and extraction residues was determined using UV-Vis spectrometry. The microalgae biomass and the extracts were evaluated regarding their antiradical activity using the DPPH method.

Keywords: antioxidant activity, pigments, proteins, ultrasound assisted extraction

Procedia PDF Downloads 300

Authors: Asif Iqbal

Abstract:

Working capital management has its effect on liquidity as well as on profitability of a firm. In this research we have selected a sample of 100 respondents whose firms are listed on Karachi stock exchange. We have studied the effect of different variable s of working capital management. We find that organizations throughout the world as well as in Pakistan have to give immense recognition to the working capital management as it is an effective thing from their long term perspective especially to their shareholders to have a firm confidence over the companies for investment purpose.

Keywords: working capital management, Karachi stock exchange, shareholders, capital management

Procedia PDF Downloads 539

Authors: I. R. Keke, C. S. Nwigwe, O. S. Nwanjo, A. S. Egeruoh

Abstract:

An experiment was carried out at Urban Farm and Fisheries Nigeria Ltd, Owerri Imo State South East Nigeria between February and June 2014 to induce Brood stock of Heterobranchus longifilis (mean wt 1.3kg) in concrete tanks (1.0 x 2.0 x 1.5m) in dimension using a synthetic hormone (Ovaprim) and pituitary extract from Heterobranchus longifilis. Brood stock males were selected as pituitary donors and their weights matched those of females to be injected at 1ml/kg body weight of Fish. Ovaprim, was injected at 0.5ml/kg body weight of female fish. A latency period of 12 hours was allowed after injection of the Brood stock females before stripping the egg and incubation at 23 °C. While incubating the eggs, samples were drawn and the rate of fertilization was determined. Hatching occurred within 33 hours and hatchability rate (%) was determined by counting the active hatchings. The result showed that Ovaprim injected Brood stock eggs fertilized up to 80% while the pituitary from the Heterobranchus longifilis had low fertilization and hatching success 20%. Ovaprim is imported and costly, so more effort is required to enhance the procedures for homoplastic hypophysation.

Keywords: heterobranchus longifilis, ovaprim, hypophysation, latency period, pituitary

Procedia PDF Downloads 188

Authors: Ali Moharrek, Hosein Mobli, Ali Jafari, Ahmad Tabataee Far

Abstract:

Biomass is a material generally produced by plants living on soil or water and their derivatives. The remains of agricultural and forest products contain biomass which is changeable into fuel. Besides, you can obtain biogas and ethanol from the charcoal produced from biomass through specific actions. this technology was designed for as a useful Native Fuel and Technology in Energy disasters Management Due to the sudden interruption of the flow of heat energy One of the problems confronted by mankind in the future is the limitations of fossil energy which necessitates production of new energies such as biomass. In order to produce biomass from the remains of the plants, different methods shall be applied considering factors like cost of production, production technology, area of requirement, speed of work easy utilization, ect. In this article we are focusing on designing a biomass briquetting portable machine. The speed of installation of the machine on a tractor is estimated as 80 MF 258. Screw press is used in designing this machine. The needed power for running this machine which is estimated as 17.4 kW is provided by the power axis of tractor. The pressing speed of the machine is considered to be 375 RPM Finally the physical and mechanical properties of the product were compared with utilized material which resulted in appropriate outcomes. This machine is designed for Gathering Raw materials of the ground by Head Section. During delivering the raw materials to Briquetting section, they Crushed, Milled & Pre Heated in Transmission section. This machine is a Combine Portable Tractor unit machine and can use all type of Agriculture, Forest & Livestock Animals Resides as Raw material to make Bio fuel. The Briquetting Section was manufactured and it successfully made bio fuel of Sawdust. Also this machine made a biofuel with Ethanol of sugarcane Wastes. This Machine is using P.T.O power source for Briquetting and Hydraulic Power Source for Pre Processing of Row Materials.

Keywords: biomass, briquette, screw press, sawdust, animal wastes, portable, tractors

Procedia PDF Downloads 289

Authors: Margaret K. Spoo-Chupka

Abstract:

The Metropolitan Water District of Southern California (MWDSC) manages surface water reservoirs that are a source of drinking water for more than 19 million people in Southern California. These reservoirs experience periodic planktonic cyanobacteria blooms that can impact water quality. MWDSC imports water from two sources – the Colorado River (CR) and the State Water Project (SWP). The SWP brings supplies from the Sacramento-San Joaquin Delta that are characterized as having higher nutrients than CR water. Above average precipitation in 2017 after five years of drought allowed the majority of the reservoirs to fill. Phytoplankton was analyzed during the drought and after the drought at three reservoirs: Diamond Valley Lake (DVL), which receives SWP water exclusively, Lake Skinner, which can receive a blend of SWP and CR water, and Lake Mathews, which generally receives only CR water. DVL experienced a significant increase in water elevation in 2017 due to large SWP inflows, and there were no significant changes to total phytoplankton biomass, Shannon-Wiener diversity of the phytoplankton, or cyanobacteria biomass in 2017 compared to previous drought years despite the higher nutrient loads. The biomass of cyanobacteria that could potentially impact DVL water quality (Microcystis spp., Aphanizomenon flos-aquae, Dolichospermum spp., and Limnoraphis birgei) did not differ significantly between the heavy precipitation year and drought years. Compared to the other reservoirs, DVL generally has the highest concentration of cyanobacteria due to the water supply having greater nutrients. Lake Mathews’ water levels were similar in drought and wet years due to a reliable supply of CR water and there were no significant changes in the total phytoplankton biomass, phytoplankton diversity, or cyanobacteria biomass in 2017 compared to previous drought years. The biomass of cyanobacteria that could potentially impact water quality at Lake Mathews (L. birgei and Microcystis spp.) did not differ significantly between 2017 and previous drought years. Lake Mathews generally had the lowest cyanobacteria biomass due to the water supply having lower nutrients. The CR supplied most of the water to Lake Skinner during drought years, while the SWP was the primary source during 2017. This change in water source resulted in a significant increase in phytoplankton biomass in 2017, no significant change in diversity, and a significant increase in cyanobacteria biomass. Cyanobacteria that could potentially impact water quality at Skinner included: Microcystis spp., Dolichospermum spp., and A.flos-aquae. There was no significant difference in Microcystis spp. biomass in 2017 compared to previous drought years, but biomass of Dolichospermum spp. and A.flos-aquae were significantly greater in 2017 compared to previous drought years. Dolichospermum sp. and A. flos-aquae are two cyanobacteria that are more sensitive to nutrients than Microcystis spp., which are more sensitive to temperature. Patterns in problem cyanobacteria abundance among Southern California reservoirs as a result of above-average precipitation after more than five years of drought were most closely related to nutrient loading.

Keywords: drought, reservoirs, cyanobacteria, and phytoplankton ecology

Procedia PDF Downloads 250

Authors: Najlae Bendou, Jean-Jacques Lilti, Khalid Elbadraoui

Abstract:

In this paper, we examine stock market integration of emerging markets around the global financial turmoil of 2007-2008. Following Pukthuanthong and Roll (2009), we measure the integration of 46 emerging countries using the adjusted R-square from the regression of each country's daily index returns on global factors extracted from the covariance matrix computed using dollar-denominated daily index returns of 17 developed countries. Our sample surrounds the global financial crisis and ranges between 2000 and 2018. We analyze results using four cohorts of emerging countries: East Asia & Pacific and South Asia, Europe & Central Asia, Latin America & Caribbean, Middle East & Africa. We find that the level of integration of emerging countries increases at the commencement of the crisis and during the booming phase of the business cycles. It reaches a maximum point in the middle of the crisis and then tends to revert to its pre-crisis level. This pattern tends to be common among the four geographic zones investigated in this study. Finally, we investigate the determinants of stock market integration of emerging countries in our sample using panel regressions. Our results suggest that the degree of stock market integration of these countries should be put into perspective by some macro-economic factors, such as the size of the equity market, school enrollment rate, international liquidity level, stocks traded volume, tax revenue level, imports and exports volumes.

Keywords: correlations, determinants of integration, diversification, emerging markets, financial crisis, integration, markets co-movement, panel regressions, r-square, stock markets

Procedia PDF Downloads 152

Authors: Piyali Mukherjee, Jai Prakash Keshri

Abstract:

Anticipated shortages of raw materials for paper industry have forged the entry of algae as alternatives to wood pulp. Five algal species: Pithophora sp., Lyngbya sp., Hydrodictyon sp., Cladophora sp. and Rhizoclonium sp. were collected from different parts of Burdwan town, West Bengal, India. Their biomass compositional values were determined with respect to eucalyptus wood pulp. Paper characteristics were studied in terms of breaking length, tensile strength, CI index, pH, brightness, recyclability, and durability. Hydrodictyon sp., besides Rhizoclonium sp. and Cladophora sp. were established as the most suitable candidates for paper pulp formulation in terms of high cellulose, hemicelluloses contents and low lignin and silica contents. Paper from pure Hydrodictyon sp. pulp was found to have statistically significant (p < 0.05) improved breaking-length and tensile strength properties compared to that obtained from Lyngbya sp.

Keywords: algae, biomass, paper, pulp, wood

Procedia PDF Downloads 175

Authors: Akram Abi, Mohammad Hossein Sarrafzadeh

Abstract:

Because of their several advantages over chemical surfactants, biosurfactants have given rise to a growing interest in the past decades. Advantages such as lower toxicity, higher biodegradability, higher selectivity and applicable at extreme temperature and pH which enables them to be used in a variety of applications such as: enhanced oil recovery, environmental and pharmaceutical applications, etc. Bacillus subtilis produces a cyclic lipopeptide, called surfactin, which is one of the most powerful biosurfactants with ability to decrease surface tension of water from 72 mN/m to 27 mN/m. In addition to its biosurfactant character, surfactin exhibits interesting biological activities such as: inhibition of fibrin clot formation, lyses of erythrocytes and several bacterial spheroplasts, antiviral, anti-tumoral and antibacterial properties. Surfactin is an antibiotic substance and has been shown recently to possess anti-HIV activity. However, application of biosurfactants is limited by their high production cost. The cost can be reduced by optimizing biosurfactant production using cheap feed stock. Utilization of inexpensive substrates and unconventional carbon sources like urban or agro-industrial wastes is a promising strategy to decrease the production cost of biosurfactants. With suitable engineering optimization and microbiological modifications, these wastes can be used as substrates for large-scale production of biosurfactants. As an effort to fulfill this purpose, in this work we have tried to utilize olive oil as second carbon source and also yeast extract as second nitrogen source to investigate the effect on both biomass and biosurfactant production improvement in Bacillus subtilis cultures. Since the turbidity of the culture was affected by presence of the oil, optical density was compromised and no longer could be used as an index of growth and biomass concentration. Therefore, cell Dry Weight measurements with applying necessary tactics for removing oil drops to prevent interference with biomass weight were carried out to monitor biomass concentration during the growth of the bacterium. The surface tension and critical micelle dilutions (CMD-1, CMD-2) were considered as an indirect measurement of biosurfactant production. Distinctive and promising results were obtained in the cultures containing olive oil compared to cultures without it: more than two fold increase in biomass production (from 2 g/l to 5 g/l) and considerable reduction in surface tension, down to 40 mN/m at surprisingly early hours of culture time (only 5hr after inoculation). This early onset of biosurfactant production in this culture is specially interesting when compared to the conventional cultures at which this reduction in surface tension is not obtained until 30 hour of culture time. Reducing the production time is a very prominent result to be considered for large scale process development. Furthermore, these results can be used to develop strategies for utilization of agro-industrial wastes (such as olive oil mill residue, molasses, etc.) as cheap and easily accessible feed stocks to decrease the high costs of biosurfactant production.

Keywords: agro-industrial waste, bacillus subtilis, biosurfactant, fermentation, second carbon and nitrogen source, surfactin

Procedia PDF Downloads 263

Authors: Kwabena Asare, Ezekiel N. N. Nortey, Felix O. Mettle

Abstract:

Modelling of extreme events has always been of interest in fields such as hydrology and meteorology. However, after the recent global financial crises, appropriate models for modelling of such rare events leading to these crises have become quite essential in the finance and risk management fields. This paper models the extreme values of the Ghana Stock Exchange All-Shares indices (2000-2010) by applying the Extreme Value Theory to fit a model to the tails of the daily stock returns data. A conditional approach of the EVT was preferred and hence an ARMA-GARCH model was fitted to the data to correct for the effects of autocorrelation and conditional heteroscedastic terms present in the returns series, before EVT method was applied. The Peak Over Threshold (POT) approach of the EVT, which fits a Generalized Pareto Distribution (GPD) model to excesses above a certain selected threshold, was employed. Maximum likelihood estimates of the model parameters were obtained and the model’s goodness of fit was assessed graphically using Q-Q, P-P and density plots. The findings indicate that the GPD provides an adequate fit to the data of excesses. The size of the extreme daily Ghanaian stock market movements were then computed using the Value at Risk (VaR) and Expected Shortfall (ES) risk measures at some high quantiles, based on the fitted GPD model.

Keywords: extreme value theory, expected shortfall, generalized pareto distribution, peak over threshold, value at risk

Procedia PDF Downloads 514

Authors: Elias L. Souza, Noeli Sellin, Cintia Marangoni, Ozair Souza

Abstract:

Among the different forms of reuse and recovery of agro-residual waste is the production of biofuels. The production of second-generation ethanol has been evaluated and proposed as one of the technically viable alternatives for this purpose. This research work employed the banana pseudostem as biomass. Two different chemical pre-treatment methods (acid hydrolisis with H2SO4 2% w/w and alkaline hydrolysis with NaOH 3% w/w) of dry and milled biomass (70 g/L of dry matter, ms) were assessed, and the corresponding reducing sugars yield, AR, (YAR), after enzymatic saccharification, were determined. The effect on YAR by increasing the dry matter (ms) from 70 to 100 g/L, in dry and milled biomass and also fresh, were analyzed. Changes in cellulose crystallinity and in biomass surface morphology due to the different chemical pre-treatments were analyzed by X-ray diffraction and scanning electron microscopy. The acid pre-treatment resulted in higher YAR values, whether related to the cellulose content under saccharification (RAR = 79,48) or to the biomass concentration employed (YAR/ms = 32,8%). In a comparison between alkaline and acid pre-treatments, the latter led to an increase in the cellulose content of the reaction mixture from 52,8 to 59,8%; also, to a reduction of the cellulose crystallinity index from 51,19 to 33,34% and increases in RAR (43,1%) and YAR/ms (39,5%). The increase of dry matter (ms) bran from 70 to 100 g/L in the acid pre-treatment, resulted in a decrease of average yields in RAR (43,1%) and YAR/ms (18,2%). Using the pseudostem fresh with broth removed, whether for 70 g/L concentration or 100 g/L in dry matter (ms), similarly to the alkaline pre-treatment, has led to lower average values in RAR (67,2% and 42,2%) and in YAR/ms (28,4% e 17,8%), respectively. The acid pre-treated and saccharificated biomass broth was detoxificated with different activated carbon contents (1,2 and 4% w/v), concentrated up to AR = 100 g/L and fermented by Saccharomyces cerevisiae. The yield values (YP/AR) and productivity (QP) in ethanol were determined and compared to those values obtained from the fermentation of non-concentrated/non-detoxificated broth (AR = 18 g/L) and concentrated/non-detoxificated broth (AR = 100 g/L). The highest average value for YP/AR (0,46 g/g) was obtained from the fermentation of non-concentrated broth. This value did not present a significant difference (p<0,05) when compared to the YP/RS related to the broth concentrated and detoxificated by activated carbon 1% w/v (YP/AR = 0,41 g/g). However, a higher ethanol productivity (QP = 1,44 g/L.h) was achieved through broth detoxification. This value was 75% higher than the average QP determined using concentrated and non-detoxificated broth (QP = 0,82 g/L.h), and 22% higher than the QP found in the non-concentrated broth (QP = 1,18 g/L.h).

Keywords: biofuels, biomass, saccharification, bioethanol

Procedia PDF Downloads 318

Authors: Yusuf Seedat

Abstract:

The necessity to understand global financial markets has increased following the unfortunate spread of the recent financial crisis around the world. Financial markets are considered to be complex systems consisting of highly volatile move-ments whose indexes fluctuate without any clear pattern. Analytic methods of stock prices have been proposed in which financial markets are modeled using common network analysis tools and methods. It has been found that two key components of social network analysis are relevant to modeling financial markets, allowing us to forecast accurate predictions of stock prices within the financial market. Financial markets have a number of interacting components, leading to complex behavioral patterns. This paper describes a social network approach to analyzing financial markets as a viable approach to studying the way complex stock markets function. We also look at how social network analysis techniques and metrics are used to gauge an understanding of the evolution of financial markets as well as how community detection can be used to qualify and quantify in-fluence within a network.

Keywords: network analysis, social networks, financial markets, stocks, nodes, edges, complex networks

Procedia PDF Downloads 153