Search results for: synthetic collateralized debt obligation (CDO)

Authors: Turan Çalban, Oral Laçin, Abdüsselam Kurtbaş

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The experimental production methods Chevreul’s salt being a intermediate stage product for copper recovery were investigated by dealing with the articles written on this topic. Chevreul’s salt, Cu2SO3.CuSO3.2H2O, being a mixed valence copper sulphite compound has been obtained by using different methods and reagents. Chevreul’s salt has a intense brick-red color. It is a highly stable and expensive salt. The production of Chevreul’s salt plays a key role in hiydrometallurgy. In recent years, researchs on this compound have been intensified. Silva et al. reported that this salt is thermally stable up to 200oC. Çolak et al. precipitated the Chevreul’s salt by using ammonia and sulphur dioxide. Çalban et al. obtained at the optimum conditions by passing SO2 from leach solutions with NH3-(NH4)2SO4. Yeşiryurt and Çalban investigated the optimum precipitation conditions of Chevreul’s salt from synthetic CuSO4 solutions including Na2SO3. Çalban et al. achieved the precipitation of Chevreul’s salt at the optimum conditions by passing SO2 from synthetic CuSO4 solutions. Çalban et al. examined the precipitation conditions of Chevreul’s salt using (NH4)2SO3 from synthetic aqueous CuSO4 solutions. In light of these studies, it can be said that Chevreul’s salt can be produced practically from both a leach solutions including copper and synthetic CuSO4 solutions.

Keywords: Chevreul’s salt, ammonia, copper sulpfite, sodium sülfite, optimum conditions

Procedia PDF Downloads 245

Authors: Syed Hassan Amjad

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In today’s competitive environment, in order for a company to exist, it must continually improve its Performance by reducing cost, improving quality and productivity, and easy access to market.The purpose of this thesis is to check the firm financial growth and performance and which type of factors affect the firm financial performance. This paper examines the key determinants of firm financial performance. We will differentiate between financial and non financial drivers of the firm financial performance. For the measurement of the firm financial performance there are many ways but all the measure had been taken in aggregation, such as debt, tax rate, operating expenses, earning per share and economic conditions. This study has also been done in developed countries but these researches show that foreign companies face many difficulties inimproving the firm financial performance. In findings we found that marketing expenditures and international diversification had a positive impact on firm valuation. In research also found that a firm's ownership composition, particularly the level of equity ownership by Domestic Financial Institutions and Dispersed Public Shareholders, and the leverage of the firm, tax rate and economic conditions were important factors affecting its financial performance.

Keywords: debt, tax rate, firm financial performance, operating expenses, dividend per share, economic conditions

Procedia PDF Downloads 312

Authors: Eliane Abdo, Olivier Colot

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SMEs are always considered as a national priority due to their contribution to job creation, innovation and growth. Once the start-up phase is crossed with encouraging results, the company enters the phase of growth. In order to improve its competitiveness, maintain and increase its market share, the company is in the necessity even the obligation to develop its tangible and intangible investments. SMEs are generally closed companies with special and critical financial situation, limited resources and difficulty to access the capital markets; their shareholders are always living in a conflict between their independence and their need to increase capital that leads to the entry of new shareholder. The capital structure was always considered the core of research in corporate finance; moreover, the financial crisis and its repercussions on the credit’s availability, especially for SMEs make SME financing a hot topic. On the other hand, financial theories do not provide answers to capital structure’s questions; they offer tools and mode of financing that are more accessible to larger companies. Yet, SME’s capital structure can’t be independent of their governance structure. The classic financial theory supposes independence between the investment decision and the financing decision. Thus, investment determines the volume of funding, but not the split between internal or external funds. In this context, we find interesting to study the hypothesis that SMEs respond positively to the financial theories applied to large firms and to check if they are constrained by conventional solutions used by large companies. In this context, this research focuses on the analysis of the resource’s structure of SME in parallel with their investments’ structure, in order to highlight a link between their assets and liabilities structure. We founded our conceptual model based on two main theoretical frameworks: the Pecking order theory, and the Trade Off theory taking into consideration the SME’s characteristics. Our data were generated from DIANE database. Five hypotheses were tested via a panel regression to understand the type of dependence between the financing methods of 3,244 French SMEs and the development of their investment over a period of 10 years (2007-2016). The results show dependence between equity and internal financing in case of intangible investments development. Moreover, this type of business is constraint to financial debts since the guarantees provided are not sufficient to meet the banks' requirements. However, for tangible investments development, SMEs count sequentially on internal financing, bank borrowing, and new shares issuance or hybrid financing. This is compliant to the Pecking Order Theory. We, therefore, conclude that unlisted SMEs incur more financial debts to finance their tangible investments more than their intangible. However, they always prefer internal financing as a first choice. This seems to be confirmed by the assumption that the profitability of the company is negatively related to the increase of the financial debt. Thus, the Pecking Order Theory predictions seem to be the most plausible. Consequently, SMEs primarily rely on self-financing and then go, into debt as a priority to finance their financial deficit.

Keywords: capital structure, investments, life cycle, pecking order theory, trade off theory

Procedia PDF Downloads 83

Authors: Tomokazu Shirai, Akihiko Kondo

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Technologies of metabolic engineering or synthetic biology are essential for effective microbial bioproduction. It is especially important to develop an in silico tool for designing a metabolic pathway producing an unnatural and valuable chemical such as fossil materials of fuel or plastics. We here demonstrated two in silico tools for designing novel metabolic pathways: BioProV and HyMeP. Furthermore, we succeeded in creating an artificial metabolic pathway by enzyme engineering.

Keywords: bioinformatics, metabolic engineering, synthetic biology, genome scale model

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Authors: Susana Almeida

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The right to adequate food is a human right protected under several international human rights treaties of universal or regional application. In addition, this social right is – as we intend to demonstrate – guaranteed under the Portuguese Constitution. Therefore, in order to assure the protection of this right, the Portuguese State must not only abstain from interfering with this human right (negative obligation) but also take action to secure the human right to adequate food (positive obligation). In this context, the Portuguese State has developed several governmental policies, such as taxing sugary drinks, setting the maximum amount of salt in the bread or creating the National Program for the Promotion of Healthy Food. Nevertheless, we intend to demonstrate that special attention should be given to advertising, as advertisements have an extreme influence on the consumers' decisions and hence on the food decisions. In this paper, besides explaining the cross construction of the human right to adequate food, we aim to examine the Advertising Portuguese Code and to study the several provisions that could be held by the Portuguese consumer to challenge some advertisements due to the violation of the right to health and the right to adequate food. Moreover, having in mind the influence of advertising on the food decisions and the serious problems that unhealthy food may bring (e.g., child obesity), one should ask if this legal framework should not be reviewed in order to lay out some restrictions on advertising, namely setting advices like in alcohol advertisements.

Keywords: advertising code, consumer law, right to adequate food, social human right

Procedia PDF Downloads 141

Authors: Flackson Tshuma, James Bennett, Pieter Andreas Swanepoel, Johan Labuschagne, Stephan van der Westhuizen, Francis Rayns

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Amongst other things, tillage and synthetic agrochemicals can be effective methods of seedbed preparation and pest control. Nonetheless, frequent and intensive tillage and excessive application of synthetic agrochemicals, such as herbicides and insecticides, can reduce soil microbial enzyme activity. A decline in soil microbial enzyme activity can negatively affect nutrient cycling and crop productivity. In this study, the effects of four tillage treatments; continuous mouldboard plough; shallow tine-tillage to a depth of about 75 mm; no-tillage; and tillage rotation (involving shallow tine-tillage once every four years in rotation with three years of no-tillage), and two rates of synthetic agrochemicals (standard: with regular application of synthetic agrochemicals; and reduced: fewer synthetic agrochemicals in combination with bio-chemicals/ or bio-stimulants) on soil microbial enzyme activity were investigated between 2018 and 2020 in a typical Mediterranean climate zone in South Africa. Four different bio-stimulants applied contained: Trichoderma asperellum, fulvic acid, silicic acid, and Nereocystis luetkeana extracts, respectively. The study was laid out as a complete randomised block design with four replicated blocks. Each block had 14 plots, and each plot measured 50 m x 6 m. The study aimed to assess the combined impact of tillage practices and reduced rates of synthetic agrochemical application on soil microbial enzyme activity in a dryland cropping system. It was hypothesised that the application of bio-stimulants in combination with minimum soil disturbance will lead to a greater increase in microbial enzyme activity than the effect of applying either in isolation. Six soil cores were randomly and aseptically collected from each plot for microbial enzyme activity analysis from the 0-150 mm layer of a field trial under a dryland crop rotation system in the Swartland region. The activities of four microbial enzymes, β-glucosidase, acid phosphatase, alkaline phosphatase and urease, were assessed. The enzymes are essential for the cycling of glucose, phosphorus, and nitrogen, respectively. Microbial enzyme activity generally increased with a reduction of both tillage intensity and synthetic agrochemical application. The use of the mouldboard plough led to the least (P<0.05) microbial enzyme activity relative to the reduced tillage treatments, whereas the system with bio-stimulants (reduced synthetic agrochemicals) led to the highest (P<0.05) microbial enzyme activity relative to the standard systems. The application of bio-stimulants in combination with reduced tillage, particularly no-tillage, could be beneficial for enzyme activity in a dryland farming system.

Keywords: bio-stimulants, soil microbial enzymes, synthetic agrochemicals, tillage

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Authors: Haneef Ur Rehman, Afsheen Aman, Abdul Hameed Baloch, Shah Ali Ul Qader

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Pectinase is a heterogeneous group of enzymes that catalyze the hydrolysis of pectin substances and widely has been used in food and textile industries. In current study, pectinase from B. licheniformis KIBGE-IB21 was immobilized within different polymers (calcium alginate beads, polyacrylamide gel and agar-agar matrix) to enhance its catalytic properties. Polyacrylamide gel was found to be most promising one and gave maximum (89%) immobilization yield. While less immobilization yield was observed in case of calcium alginate beads that only retained 46 % activity. The reaction time for maximum pectinolytic activity was increased from 5.0 to 10 minutes after immobilization. The temperature of pectinase for maximum enzyme activity was increased from 45 °C to 50 °C and 55 °C when it was immobilized within agar-agar and calcium alginate beads, respectively. The optimum pH of pectinase didn’t alter when it was immobilized within polyacrylamide gel and calcium alginate beads, but in case of agar-agar it was changed from pH 10 to pH 9.0. Thermal stability of pectinase was improved after immobilization and immobilized pectinase showed higher toleration against different temperatures as compared to free enzyme. It can be concluded that the entrapment is a simple, single step and promising procedure to immobilized pectinase within different synthetic and non-synthetic polymers and enhanced its catalytic properties.

Keywords: pectinase, characterization immobilization, polyacrylamide, agar-agar, calcium alginate beads

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Authors: Vera Sovkova, Andrea Mickova, Matej Buzgo, Karolina Vocetkova, Eva Filova, Evzen Amler

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PCL (poly-ε-caprolactone) nanofibrous scaffolds with adhered liposomes were prepared and tested as a possible drug delivery system for various synthetic growth factors. TGFβ, bFGF, and IGF-I have been shown to increase hMSC (human mesenchymal stem cells) proliferation and to induce hMSC differentiation. Functionalized PCL nanofibers were prepared with synthetic growth factors encapsulated in liposomes adhered to them in three different concentrations. Other samples contained PCL nanofibers with adhered, free synthetic growth factors. The synthetic growth factors free medium served as a control. The interaction of liposomes with the PCL nanofibers was visualized by SEM, and the release kinetics were determined by ELISA testing. The potential of liposomes, immobilized on the biodegradable scaffolds, as a delivery system for synthetic growth factors, and as a suitable system for MSCs adhesion, proliferation and differentiation in vitro was evaluated by MTS assay, dsDNA amount determination, confocal microscopy, flow cytometry and real-time PCR. The results showed that the growth factors adhered to the PCL nanofibers stimulated cell proliferation mainly up to day 11 and that subsequently their effect was lower. By contrast, the release of the lowest concentration of growth factors from liposomes resulted in gradual proliferation of MSCs throughout the experiment. Moreover, liposomes, as well as free growth factors, stimulated type II collagen production, which was confirmed by immunohistochemical staining using monoclonal antibody against type II collagen. The results of this study indicate that growth factors enriched liposomes adhered to surface of PCL nanofibers could be useful as a drug delivery instrument for application in short timescales, be combined with nanofiber scaffolds to promote local and persistent delivery while mimicking the local microenvironment. This work was supported by project LO1508 from the Ministry of Education, Youth and Sports of the Czech Republic

Keywords: drug delivery, growth factors, hMSC, liposomes, nanofibres

Procedia PDF Downloads 259

Authors: Marouen Dghim, Mohsen Ferchichi

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The effect of synthetic jet actuation on the roll-up and the development of a wing tip vortex downstream a square-tipped rectangular wing was investigated experimentally using hotwire anemometry. The wing is equipped with a hallow cavity designed to generate a high aspect ratio synthetic jets blowing at an angles with respect to the spanwise direction. The structure of the wing tip vortex under the effect of fluidic actuation was examined at a chord Reynolds number Re_c=8×10^4. An extensive qualitative study on the effect of actuation on the spanwise pressure distribution at c⁄4 was achieved using pressure scanner measurements in order to determine the optimal actuation parameters namely, the blowing momentum coefficient, Cμ, and the non-dimensionalized actuation frequency, F^+. A qualitative study on the effect of actuation parameters on the spanwise pressure distribution showed that optimal actuation frequencies of the synthetic jet were found within the range amplified by both long and short wave instabilities where spanwise pressure coefficients exhibited a considerable decrease by up to 60%. The vortex appeared larger and more diffuse than that of the natural vortex case. Operating the synthetic jet seemed to introduce unsteadiness and turbulence into the vortex core. Based on the ‘a priori’ optimal selected parameters, results of the hotwire wake survey indicated that the actuation achieved a reduction and broadening of the axial velocity deficit. A decrease in the peak tangential velocity associated with an increase in the vortex core radius was reported as a result of the accelerated radial transport of angular momentum. Peak vorticity level near the core was also found to be largely diffused as a direct result of the increased turbulent mixing within the vortex. The wing tip vortex a exhibited a reduced strength and a diffused core as a direct result of increased turbulent mixing due to the presence of turbulent small scale vortices within its core. It is believed that the increased turbulence within the vortex due to the synthetic jet control was the main mechanism associated with the decreased strength and increased size of the wing tip vortex as it evolves downstream. A comparison with a ‘non-optimal’ case was included to demonstrate the effectiveness of selecting the appropriate control parameters. The Synthetic Jet will be operated at various actuation configurations and an extensive parametric study is projected to determine the optimal actuation parameters.

Keywords: flow control, hotwire anemometry, synthetic jet, wing tip vortex

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Authors: Arburim Iseni, Afrim Aliti, Nagri Rexhepi

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The blood feud or blood-taking is a social obligation to commit murder in order to salvage honor questioned by an earlier murder or moral humiliation. This social obligation is still preserved as a stub among Albanians when honor is violated. By the term honor are understood many things, such as honor to the family, house, guest, property, etc. Many Albanian family members are forced to stay locked up at home because of the blood killing, whereas other families abandon their houses and migrate to other places. Nonetheless, Albanians maintain close ties with their extended families, clans, and tribes and thus chances are high that the violence can beget more violence and without reconciliation of the blood these families will always be endangered. One of the reasons for the pervasiveness of the blood feud is the poor social conditions, political imbroglio and the power vacuum which comes from the corrupted and judiciary system of the state. Contrary to this, Albanian blood feud is not a phenomenon present only to the Albanians, but it also takes place in some other cultures and nations, such as: Chechens, Montenegrins, Serbians, and lately more radical one is between Amman and Israel who are at constant feud.

Keywords: honor, blood feud, reconciliation, power vacuum, poor social conditions, political imbroglio

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Authors: Muhammad Saeed, Nazeer Ahmed, Mukhtar Alam, Fazli Subhan, Muhammad Adnan, Fazli Wahid, Hidayat Ullah, Rafiullah

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The present experiment evaluated different synthetic insecticides against Jassid (Amrasca devastations) on pea crop at Agriculture Research Institute Tarnab, Peshawar Khyber Pakhtunkhwa. The field was prepared to cultivate okra crop in Randomized Complete Block (RCB) Design having six treatments with four replications. Plant to plant and row to row distance was kept at 15 cm and 30 cm, respectively. Pre and post spray data were recorded randomly from the top, middle and bottom leaves of five selected plants. Five synthetic insecticides, namely Confidor (Proponil), a neonicotinoid insecticide, Chlorpyrifos (chlorinated organophosphate (OP) insecticide), Lazer (dinitroaniline) (Pendimethaline), Imidacloprid (neonicotinoids insecticide) and Thiodan (Endosulfan, organochlorine insecticide), were used against infestation of aphids, pea pod borer, stem fly, leaf minor and pea weevil. Each synthetic insecticide showed significantly more effectiveness than control (untreated plots) but was non-significant among each other. The lowest population density was recorded in the plot treated with synthetic insecticide i.e. Confidor (0.6175 liter.ha-1) (4.24 aphids plant⁻¹) which is followed by Imidacloprid (0.6175 liter.ha⁻¹) (4.64 pea pod borer plant⁻¹), Thiodan (1.729 liter.ha⁻¹) (4.78 leaf minor plant⁻¹), Lazer (2.47 liter.ha-1) (4.91 pea weevil plant⁻¹), Chlorpyrifos (1.86 liter.ha⁻¹) (5.11 stem fly plant⁻¹), respectively while the highest population was recorded from the control plot. It is concluded from the data that the residual effect decreases with time after the application of spray, which may be less dangerous to the environment and human beings and can effectively manage this dread.

Keywords: okra crop, jassids, Confidor, imidacloprid, chlorpyrifos, laser, Thiodan

Procedia PDF Downloads 47

Authors: Oguzhan Cepni, Doruk Kucuksarac, M. Hasan Yilmaz

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Changes in the global risk appetite cause co-movement in emerging market risk premiums. However, the sensitivity of the changes in risk premium to the global risk appetite may vary across emerging markets. In this study, how the global risk appetite affects Credit Default Swap (CDS) premiums in emerging markets are analyzed using Principal Component Analysis (PCA) and rolling regressions. The PCA results indicate that the first common component derived by the PCA accounts for almost 76 percent of the common variation in CDS premiums. Additionally, the explanatory power of the first factor seems to be high over the sample period. However, the sensitivity to the global risk factor tends to change over time and across countries. In this regard, fixed effects panel regressions are used to identify the macroeconomic factors driving the heterogeneity across emerging markets. The panel regression results point to the significance of government debt to GDP and international reserves to GDP in explaining sensitivity. Accordingly, countries with lower government debt and higher reserves tend to be less subject to the variations in the global risk appetite.

Keywords: credit default swaps, emerging markets, principal components analysis, sovereign risk

Procedia PDF Downloads 347

Authors: Lan Du, Yan Wang, Hui Dai

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Synthetic aperture radar (SAR) image change detection has recently become a challenging problem owing to the existence of speckle noises. In this paper, an unsupervised distribution-free change detection for SAR image based on scale-invariant feature transform (SIFT) keypoints and segmentation is proposed. Firstly, the noise-robust SIFT keypoints which reveal the blob-like structures in an image are extracted in the log-ratio image to reduce the detection range. Then, different from the traditional change detection which directly obtains the change-detection map from the difference image, segmentation is made around the extracted keypoints in the two original multitemporal SAR images to obtain accurate changed region. At last, the change-detection map is generated by comparing the two segmentations. Experimental results on the real SAR image dataset demonstrate the effectiveness of the proposed method.

Keywords: change detection, Synthetic Aperture Radar (SAR), Scale-Invariant Feature Transformation (SIFT), segmentation

Procedia PDF Downloads 354

Authors: Oguzhan Cepni, Doruk Kucuksarac, M. Hasan Yilmaz

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Risk premium of emerging markets are moving altogether depending on the momentum and shifts in the global risk appetite. However, the magnitudes of these changes in the risk premium of emerging market economies might vary. In this paper, we focus on how global risk factor affects credit default swaps (CDS) premiums of emerging markets using principal component analysis (PCA) and rolling regressions. PCA results indicate that the first common component accounts for almost 76% of common variation in CDS premiums of emerging markets. Additionally, the explanatory power of the first factor seems to be high over sample period. However, the sensitivity to the global risk factor tends to change over time and across countries. In this regard, fixed effects panel regressions are employed to identify the macroeconomic factors driving the heterogeneity across emerging markets. There are two main macroeconomic variables that affect the sensitivity; government debt to GDP and international reserves to GDP. The countries with lower government debt and higher reserves tend to be less subject to the variations in the global risk appetite.

Keywords: emerging markets, principal component analysis, credit default swaps, sovereign risk

Procedia PDF Downloads 345

Authors: Olivier Mesly

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This article examines the likelihood of deception on the part of borrowers wishing to obtain credit from institutional or private lenders. In our first study, we identify five explanatory variables that account for nearly forty percent of the propensity to act deceitfully: a poor credit history, debt, risky behavior, and to a much lesser degree, irrational behavior and disconnection from the bundle of needs, goals, and preferences. For the second study, we remodeled the initial questionnaire to adapt it to the needs of institutional bankers and borrowers, especially those that engage in money on-line peer-to-peer lending, a growing business fueled by the COVID pandemic. We find that the three key psychological variables that help to indirectly predict the likelihood of deceitful behaviors and possible default on loan reimbursement, i.e., risky behaviors, ir-rationality, and dis-connection, interact with each other to form a loop. This study presents two benefits: first, we provide evidence that it is to some degree possible to tighten control over lending practices. Second, we offer a pragmatic tool: a questionnaire, that lenders can use or adapt to gauge potential borrowers’ deceit, notably by combining their results with standard hard-data measures of risk.

Keywords: bundle of needs, default, debt, deception, risk, peer-to-peer lending

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Authors: Rehan Siddiqui, Brendan Quine

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The Radiance Enhancement (RE) and integrated absorption technique is applied to develop a synthetic model to determine the enhancement in radiance due to cloud scene and Shortwave upwelling Radiances (SHupR) by O2, H2O, CO2 and CH4. This new model is used to estimate the magnitude variation for RE and SHupR over spectral range of 900 nm to 1700 nm by varying surface altitude, mixing ratios and surface reflectivity. In this work, we employ satellite real observation of space orbiting Argus 1000 especially for O2, H2O, CO2 and CH4 together with synthetic model by using line by line GENSPECT radiative transfer model. All the radiative transfer simulations have been performed by varying over a different range of percentages of water vapor contents and carbon dioxide with the fixed concentration oxygen and methane. We calculate and compare both the synthetic and real measured observed data set of different week per pass of Argus flight. Results are found to be comparable for both approaches, after allowing for the differences with the real and synthetic technique. The methodology based on RE and SHupR of the space spectral data can be promising for the instant and reliable classification of the cloud scenes.

Keywords: radiance enhancement, radiative transfer, shortwave upwelling radiative flux, cloud reflectivity, greenhouse gases

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Authors: Abdul-Nasser El-Kassar, Walid Elgammal, Hisham Jawhar

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This paper studies the determinants of the dividends payout ratio. The factors affecting the dividends payout ratio are to be identified. The study focuses only on the cement and construction industry within the MENA region in an attempt to isolate any incoherent behavior. The factors under consideration are: sales growth, ROE, ROA, ROS, debt to equity ratio, firm size, and free cash flow. Data were collected from official stock exchange markets in addition to annual reports. The study considered all firms that paid dividend in each of the three consecutive years starting from 2010 till 2012. Out of the 123 listed firms that work in cement and construction industry in MENA region, only 19 paid dividends in the three consecutive years 2010-12. Our sample consists of the 19 firms (57 observations) which are selected according to purposive sampling. Moreover, the study uses the homogeneous subcategory within the purposive sampling since only similar firms in the construction industry had been examined. The outcome of the study provides a vital insight into the determinants of dividends payout ratio of companies in MENA region. The results showed that the dividend payout ratio has a strong and positive relationship with return on assets and strong but negative relationship with return on equity. On the other hand, the results detected weak relationships between dividend payout ratio and sale growth, debt to equity ratio, firm size, and free cash flow. The study suggests that board of directors tend to compensate shareholders and minimize the agency cost by distributing a high portion of profits in form of dividends whenever return on equity decreases. Also, when the performance of the firm improves, and hence return on assets increases, boards of directors are more generous in distributing profits.

Keywords: dividends payout ratio, profitability firm size, free cashflow, debt to equity ratio

Procedia PDF Downloads 327

Authors: Pan Long, Bi Dongjie, Li Xifeng, Xie Yongle

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The near-field synthetic aperture radar (SAR) imaging is an advanced nondestructive testing and evaluation (NDT&E) technique. This paper investigates the complex-valued signal processing related to the near-field SAR imaging system, where the measurement data turns out to be noncircular and improper, meaning that the complex-valued data is correlated to its complex conjugate. Furthermore, we discover that the degree of impropriety of the measurement data and that of the target image can be highly correlated in near-field SAR imaging. Based on these observations, A modified generalized sparse Bayesian learning algorithm is proposed, taking impropriety and noncircularity into account. Numerical results show that the proposed algorithm provides performance gain, with the help of noncircular assumption on the signals.

Keywords: complex-valued signal processing, synthetic aperture radar, 2-D radar imaging, compressive sensing, sparse Bayesian learning

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Authors: Kishor P. Kadam

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Foreign direct investment policy (FDI) is defined as an investment involving a long term relationship and reflecting a long duration interest and control of a resident entity in the home country (foreign direct investor or parent firm) in the host country. India has been one of the most translucent and open-minded FDI regimes among the emerging and developing economies. There is clear cut mentioned about the sectoral caps for foreign investment. The policy problems that have been identified by time to time surveys as acting as additional hurdles for FDI are laws, regulatory systems and government monopolies that do not have contemporary relevance. Foreign investment policies in the post-reforms period have emphasized greater encouragement and mobilization of non-debt creating private inflows for plunging reliance on debt flows. This paper will focus on how foreign direct investment policy changed from 1990-91 up to now. A time series data of 25 years is used for analysing the policy changes. It is observed that India has more liberal policy. The growth in number of Greenfield investments in India has been more impressive than the number of M&A deals whereas equity capital for incorporated bodies FDI inflows has been increased continuously 2014-15. India has made major changes in FDI Policy, and it has positive impact on economic development.

Keywords: FDI, India, economic development, government

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Authors: Hideki Igawa, Yoshinori Kitsutaka, Takashi Yokomuro, Hideo Eguchi

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In this study, the crack self-healing performance of the heavyweight concrete used in the walls of containers and structures designed to shield radioactive materials was investigated. A steam curing temperature that preserves self-healing properties and demolding strength was identified. The presented simultaneously mixing method using the expanding material and the fly ash in the process of admixture can maximize the self-curing performance. Also adding synthetic fibers in the heavyweight concrete improved the self-healing performance.

Keywords: expanding material, heavyweight concrete, self-healing performance, synthetic fiber

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Authors: Brian Tung, Yam Wing Siu, Tsun Se Cheong

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Purpose: This research aims to explore how personal and environmental factors, especially the socio-economic changes and behavioral changes fostered by the COVID-19 outbreak pandemic, affect the financial vulnerability of a specific segment of people in financial distress. Innovative research methodology of machine learning will be applied to data collected from over 300 local individuals in Hong Kong seeking counseling or similar services in recent years. Results: First, machine learning has found that too much exposure to digital services and information on digitized services may lead to adverse effects on respondents’ financial vulnerability. Second, the improvement in financial literacy level provides benefits to the financially vulnerable group, especially those respondents who have started with a lower level. Third, serious addiction to digital technology can lead to worsened debt servicing ability. Machine learning also has found a strong correlation between debt servicing situations and income-seeking behavior as well as spending behavior. In addition, if the vulnerable groups are able to make appropriate investments, they can reduce the probability of incurring financial distress. Finally, being too active in borrowing and repayment can result in a higher likelihood of over-indebtedness. Conclusion: Findings can be employed in formulating a better counseling strategy for professionals. Debt counseling services can be more preventive in nature. For example, according to the findings, with a low level of financial literacy, the respondents are prone to overspending and unable to react properly to the e-marketing promotion messages pop-up from digital services or even falling into financial/investment scams. In addition, people with low levels of financial knowledge will benefit from financial education. Therefore, financial education programs could include tech-savvy matters as special features.

Keywords: personal finance, digitization of the economy, COVID-19 pandemic, addiction to digital technology, financial vulnerability

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Authors: Hamidou Diallo, Marianne Guille

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This paper identifies leading triggers of deficient episodes in terms of GDP growth based on a sample of countries at different stages of development over 1994-2017. Using logit models, we build early warning systems (EWS), and our results show important differences between developing countries (DCs) and advanced economies (AEs). For AEs, the main predictors of the probability of entering in a GDP growth deficient episode are the deterioration of external imbalances and the vulnerability of fiscal position while DCs face different challenges that need to be considered. The key indicators for them are first, the low ability to pay their debts, and second, their belonging or not to a common currency area. We also build homogeneous pools of countries inside AEs and DCs. The evolution of the proportion of AE countries in the riskiest pool is marked first, by three distinct peaks just after the high-tech bubble burst, the global financial crisis, and the European sovereign debt crisis, and second by a very low minimum level in 2006 and 2007. In contrast, the situation of DCs is characterized first by the relative stability of this proportion and then by an upward trend from 2006, that can be explained by a more unfavorable socio-political environment leading to shortcomings in the fiscal consolidation.

Keywords: currency area, early warning system, external imbalances, fiscal vulnerability, GDP growth, public debt

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Authors: Ali Akbar Heydari

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Control charts are an important tool of statistical quality control. Thesecharts are used to detect and eliminate unwanted special causes of variation that occurred during aperiod of time. The design and operation of control charts require the determination of three design parameters: the sample size (n), the sampling interval (h), and the width coefficient of control limits (k). Thevariable parameters (VP) x-bar controlchart is the x-barchart in which all the design parameters vary between twovalues. These values are a function of the most recent process information. In fact, in the VP x-bar chart, the position of each sample point on the chart establishes the size of the next sample and the timeof its sampling. The synthetic x-barcontrol chartwhich integrates the x-bar chart and the conforming run length (CRL) chart, provides significant improvement in terms of detection power over the basic x-bar chart for all levels of mean shifts. In this paper, we introduce the syntheticVP x-bar control chart for monitoring changes in the process mean. To determine the design parameters, we used a statistical design based on the minimum out of control average run length (ARL) criteria. The optimal chart parameters of the proposed chart are obtained using the Markov chain approach. A numerical example is also done to show the performance of the proposed chart and comparing it with the other control charts. The results show that our proposed syntheticVP x-bar controlchart perform better than the synthetic x-bar controlchart for all shift parameter values. Also, the syntheticVP x-bar controlchart perform better than the VP x-bar control chart for the moderate or large shift parameter values.

Keywords: control chart, markov chain approach, statistical design, synthetic, variable parameter

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Authors: Prajwal Raj Gyawali, Aastha Dahal

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The tension between human rights and loans provided by international development banks with hidden conditions in the pretext of development is a complex issue with significant implications for the rights of citizens in borrowing countries. It is important for all parties involved, including international banks, borrowing countries, and affected communities, to consider and respect human rights in the negotiation and implementation of development projects. Yet, it is rare for human rights actors or communities to have a seat at the negotiation table when loans are finalized. In our research, we conducted negotiation simulations in law schools to examine how international loan negotiations would play out if human rights actors and communities had seats at the table. We ran the negotiation simulations in Bangladesh, Nepal and India. We found that the presence of community groups and human rights actors makes a difference in loan outcomes. While the international development loan was accepted as opposed to rejected by negotiators in three countries, the cultural values of the respective countries played a significant part in terms of the final agreement. We present the findings and their implications for the design of human rights courses in law schools as well as larger policy implications for expanding the participation of actors in international development loan negotiations.

Keywords: law, development, debt, human rights

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Authors: Diego Diaz H., Cristian Larroulet

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Although a large earthquake has clear and immediate consequences such as deaths, destruction of infrastructure and displacement (at least temporary) of part of the population, scientific research about the impact of a geological disaster in economic activity is inconclusive, especially when looking beyond the very short term. Estimating the economic impact years after a disaster strike is non-trivial since there is an unavoidable difficulty in attributing the observed effect to the disaster and not to other economic shocks. Case studies are performed that determine the impact of earthquakes in Chile, Japan, and New Zealand at a regional level by applying the synthetic control method, using the natural disaster as treatment. This consisted in constructing a counterfactual from every region in the same country that is not affected (or is slightly affected) by the earthquake. The results show that the economies of Canterbury and Tohoku achieved greater levels of GDP per capita in the years after the disaster than they would have in the absence of the disaster. For the case of Chile, however, the region of Maule experiences a decline in GDP per capita because of the earthquake. All the results are robust according to the placebo tests. Also, the results suggest that national institutional quality improve the growth process after the disaster.

Keywords: earthquake, economic growth, institutional quality, synthetic control

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Authors: German Ricci

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The research aims to analyse the symbolic power of the International Monetary Fund (IMF) in its relationship with a borrowing country, drawing upon Pierre Bourdieu’s Field Theory. This theory of power, typical of constructivist structuralism, has been minor used in international relations. Thus, selecting this perspective offers a new understanding of how the IMF's power operates and is structured. The IMF makes periodic economic reviews in which the staff evaluates the Government's performance. It also offers “last instance” loans when private external credit is not accessible. This relationship generates great expectations in financial agents because the IMF’s statements indicate the capacity of the Nation-State to meet its payment obligations (or not). Therefore, it is argued that the IMF is a legitimate actor for financial agents concerned about a government facing an economic crisis both for the effects of its immediate economic contribution through loans and the promotion of adjustment programs, helpful to guarantee the payment of the external debt. This legitimacy implies a symbolic power relationship in addition to the already known economic power relationship. Obtaining the IMF's consent implies that the government partially puts its political-economic decisions into play since the monetary policy must be agreed upon with the Fund. This has consequences at the local level. First, it implies that the debtor state must establish a daily relationship with the Fund. This everyday interaction with the Fund influences how officials and policymakers internalize the meaning of political management. On the other hand, if the Government has access to the IMF's seal of approval, the State will be again in a position to re-enter the financial market and go back into debt to face external debt. This means that private creditors increase the chances of collecting the debt and, again, grant credits. Thus, it is argued that the borrowing country submits to the relationship with the IMF in search of the latter's economic and symbolic capital. Access to this symbolic capital has objective and subjective repercussions at the national level that might tend to reproduce the relevance of the financial market and legitimizes the IMF’s intervention during economic crises. The paper has Argentina as its case study, given its historical relationship with the IMF and the relevance of the current indebtedness period, which remains largely unexplored. Argentina’s economy is characterized by recurrent financial crises, and it is the country to which the Fund has lent the most in its entire history. It surpasses more than three times the second, Egypt. In addition, Argentina is currently the country that owes the most to the Fund after receiving the largest loan ever granted by the IMF in 2018, and a new agreement in 2022. While the historical strong association with the Fund culminated in the most acute economic and social crisis in the country’s contemporary history, producing an unprecedented political and institutional crisis in 2001, Argentina still recognized the IMF as the only way out during economic crises.

Keywords: IMF, fields theory, symbolic power, Argentina, Bourdieu

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Authors: Adedoyin Akintunde Adedayo, Onilude Abiodun Anthony

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The continuous usage of synthetic antibiotics in livestock production has led to the resistance of microbial pathogens. This has prompted research to find alternative sources. This study aims to compare the growth and intestinal health of broilers fed scent leaf meal (SLM) as an alternative to synthetic antibiotics. The study used a completely randomized design (CRD) with 300 one-week-old Arbor Acres broiler chicks. The chicks were divided into six treatments with five replicates of ten birds each. The feeding trial lasted 49 days, including a one-week acclimatization period. Commercial broiler diets were used. The diets included a negative control (no leaf meal or antibiotics), a positive control (0.10% oxy-tetracycline), and four diets with different levels of SLM (0.5%, 1.0%, 1.5%, and 2.0%). The supplementation of both oxy-tetracycline and SLM improved feed intake during the finisher phase. Birds fed SLM at a 1% inclusion level showed significantly (P<0.05) improved average body weight gain (ABWG), lowered feed-to-gain ratio, and cost per kilogram of weight gain compared to other diets. The mortality (2.0%) rate was significantly higher in the negative control group. White blood cell levels varied significantly (P<0.05) in birds fed SLM-supplemented diets, and the use of 2% SLM led to an increase in liver weight. However, welfare indices were not compromised.

Keywords: Arbor Acres, phyto-biotic, synthetic antibiotic, white blood cell, liver weight

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Authors: Joseph Paul Chunga

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The investment universe is awash with a myriad of financial choices that investors have to opt for, which principally culminates into a duality between aggressive or conservative approaches. Howbeit, it is pertinent to emphasize that the investment vehicles with an aggressive approach tend to take on more risk than the latter group in an effort to generate higher future returns for their respective investors. This study examines the conditionality effect that such partiality in financing has on the High-Tech and Public Utility companies listed on the Shenzhen Stock Exchange (SSE). Specifically, it examines the significance of the relationship between capitalization ratios of Total Debt Ratio (TDR), Degree of Financial Leverage (DFL) and profitability ratios of Earnings per Share (EPS) and Returns on Equity (ROE) on the Financial Risk of the two industries. We employ a modified version of the Panel Regression Model used by Rahman (2017) to estimate the relationship. The study finds that there is a significant positive relationship between the capitalization ratios on the financial risk of Public Utility companies more than High-Tech companies and a substantial negative relationship between the profitability ratios and the financial risk of the former than the latter companies. This then spells an important insight for prospective investors with regards to the volatility of earnings of such companies.

Keywords: financial leverage, debt financing, conservative firms, aggressive firms

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Authors: Bolanle Deborah Motilewa, E.K. Rowland Worlu, Gbenga Mayowa Agboola, Marvellous Aghogho Chidinma Gberevbie

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Businesses operating in the modern business world are faced with varying challenges; amongst which is the need to ensure that they are performing their societal function of being responsible in the society in which they operate. This responsibility to society is generally termed as corporate social responsibility. For many years, the practice of corporate social responsibility (CSR) was solely philanthropic, where organizations gave ‘charity’ or ‘alms’ to society, without any link to the organization’s mission and objectives. However, there has arisen a shift in the application of CSR from an act of philanthropy to a strategy with a business model engaged in by organizations to create a win-win situation of performing their societal obligation, whilst simultaneously performing their economic obligation. In more recent times, the term has moved from CSR to creating shared value, which is simply corporate policies and practices that enhance the competitiveness of a business organization while simultaneously advancing social and economic conditions in the communities in which the company operates. Creating shared value has in more recent light found more meaning in underdeveloped countries, faced with deep societal challenges that businesses can solve whilst creating economic value. This study thus reviews literature on CSR, conceptualizing the shift to creating shared value and finally viewing its potential significance in Africa’s development.

Keywords: africapitalism, corporate social responsibility, development, shared value

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Authors: Byl Farney Cunha Junior

Abstract:

In this work the dynamic three-dimensional analysis of a 47-story building located in Goiania city when subjected to wind loads generated using both the Wind Brazilian code, NBR6123 (ABNT, 1988) and the Synthetic-Wind method is realized. To model the frames three different methodologies are used: the shear building model and both bi and three-dimensional finite element models. To start the analysis, a plane frame is initially studied to validate the shear building model and, in order to compare the results of natural frequencies and displacements at the top of the structure the same plane frame was modeled using the finite element method through the SAP2000 V10 software. The same steps were applied to an idealized 20-story spacial frame that helps in the presentation of the stiffness correction process applied to columns. Based on these models the two methods used to generate the Wind loads are presented: a discrete model proposed in the Wind Brazilian code, NBR6123 (ABNT, 1988) and the Synthetic-Wind method. The method uses the Davenport spectrum which is divided into a variety of frequencies to generate the temporal series of loads. Finally, the 47- story building was analyzed using both the three-dimensional finite element method through the SAP2000 V10 software and the shear building model. The models were loaded with Wind load generated by the Wind code NBR6123 (ABNT, 1988) and by the Synthetic-Wind method considering different wind directions. The displacements and internal forces in columns and beams were compared and a comparative study considering a situation of a full elevated reservoir is realized. As can be observed the displacements obtained by the SAP2000 V10 model are greater when loaded with NBR6123 (ABNT, 1988) wind load related to the permanent phase of the structure’s response.

Keywords: finite element method, synthetic wind, tall buildings, shear building

Procedia PDF Downloads 253