Search results for: Financial bubbles

Authors: Changju Lee, Seungmo Ku, Sondo Kim, Woojin Chang

Abstract:

How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.

Keywords: Financial bubbles, detection, preferred stocks, pairs trading, future return, forecast.

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Authors: Mohammad Taghi Shervani Tabar, Seyyed Hojjat Majidi, Zahra Poursharifi

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Cavitation in pumps is known as the formation of vapor bubbles due to pressure drop and collapsing these bubbles. In some conditions, it has been observed that the formation of bubbles occurs at the pressure side of centrifugal pump blades. In this study, the formation of bubbles at the pressure side of blades has been investigated. Water is used in this study as the fluid and performance curves were depicted for different flow rates in an approximately constant speed. The results show that when a centrifugal pump works in low flow rates, a secondary flow namely recirculation starts to begin. In this condition, separation of flow increases which causes vortex formation and local pressure drop and eventually the formation of vapor bubbles starts.

Keywords: Cavitation, Centrifugal pump, Recirculation, Vapor bubble.

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Authors: Mawahib Gafare Abdalrahman Ahmed, Abdallah Belal Adam, John Ojur Dennis

Abstract:

Air bubbles have been detected in human circulation of end-stage renal disease patients who are treated by hemodialysis. The consequence of air embolism, air bubbles, is under recognized and usually overlooked in daily practice. This paper shows results of a capacitor based detection method that capable of detecting the presence of air bubbles in the blood stream in different frequencies. The method is based on a parallel plates capacitor made of platinum with an area of 1.5 cm2 and a distance between the two plates is 1cm. The dielectric material used in this capacitor is Dextran70 solution which mimics blood rheology. Simulations were carried out using RC circuit at two frequencies 30Hz and 3 kHz and results compared with experiments and theory. It is observed that by injecting air bubbles of different diameters into the device, there were significant changes in the capacitance of the capacitor. Furthermore, it is observed that the output voltage from the circuit increased with increasing air bubble diameter. These results demonstrate the feasibility of this approach in improving air bubble detection in Hemodialysis.

Keywords: Air bubbles, Hemodialysis, Capacitor, Dextran70, Air bubbles diameters.

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Authors: L. Grinis, N. Lubashevsky, Y. Ostrovski

Abstract:

In wastewater treatment processes, aeration introduces air into a liquid. In these systems, air is introduced by different devices submerged in the wastewater. Smaller bubbles result in more bubble surface area per unit of volume and higher oxygen transfer efficiency. Jet pumps are devices that use air bubbles and are widely used in wastewater treatment processes. The principle of jet pumps is their ability to transfer energy of one fluid, called primary or motive, into a secondary fluid or gas. These pumps have no moving parts and are able to work in remote areas under extreme conditions. The objective of this work is to study experimentally the characteristics of the jet pump and the size of air bubbles in the laboratory water tank. The effect of flow rate ratio on pump performance is investigated in order to have a better understanding about pump behavior under various conditions, in order to determine the efficiency of receiving air bubbles different sizes. The experiments show that we should take care when increasing the flow rate ratio while seeking to decrease bubble size in the outlet flow. This study will help improve and extend the use of the jet pump in many practical applications.

Keywords: Jet pump, air bubbles size, retention time.

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Authors: V. Nikkhah Rashidabad, M. Manteghian, M. Masoumi, S. Mousavian

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In this research, the changes in bubbles diameter and  number that may occur due to the change in heat flux of pure water  during pool boiling process. For this purpose, test equipment was  designed and developed to collect test data. The bubbles were graded  using Caliper Screen software. To calculate the growth and  nucleation rates of bubbles under different fluxes, population balance  model was employed. The results show that the increase in heat flux  from q=20 kw/m2 to q= 102 kw/m2 raised the growth and nucleation  rates of bubbles.

 

Keywords: Heat flux, bubble growth, bubble nucleation, population balance model.

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Authors: Robert I. Nigmatulin, Raisa Kh. Bolotnova, Nailya K. Vakhitova, Andrey S. Topolnikov, Svetlana I. Konovalova, Nikolai A. Makhota

Abstract:

The theoretical investigation is carried out to describe the effect of increase of pressure waves amplitude in clean and bubbly liquid. The goal of the work is to capture the regime of multiple magnification of acoustic and shock waves in the liquid, which enables to get appropriate conditions to enlarge collapses of micro-bubbles. The influence of boundary conditions and frequency of the governing acoustic field is studied for the case of the cylindrical acoustic resonator. It has been observed the formation of standing waves with large amplitude at resonant frequencies. The interaction of the compression wave with gas and vapor bubbles is investigated for the convergent channel. It is shown theoretically that the chemical reactions, which occur inside gas bubbles, provide additional impulse to the wave, that affect strongly on the collapses of the vapor bubbles

Keywords: acoustics, cavitation, detonation, shock waves

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Authors: S. Levitsky

Abstract:

Acoustic properties of polymeric liquids are high sensitive to free gas traces in the form of fine bubbles. Their presence is typical for such liquids because of chemical reactions, small wettability of solid boundaries, trapping of air in technological operations, etc. Liquid temperature influences essentially its rheological properties, which may have an impact on the bubble pulsations and sound propagation in the system. The target of the paper is modeling of the liquid temperature effect on single bubble dynamics and sound dispersion and attenuation in polymeric solution with spherical gas bubbles. The basic sources of attenuation (heat exchange between gas in microbubbles and surrounding liquid, rheological and acoustic losses) are taken into account. It is supposed that in the studied temperature range the interface mass transfer has a minor effect on bubble dynamics. The results of the study indicate that temperature raise yields enhancement of bubble pulsations and increase in sound attenuation in the near-resonance range and may have a strong impact on sound dispersion in the liquid-bubble mixture at frequencies close to the resonance frequency of bubbles.

Keywords: Sound propagation, gas bubbles, temperature effect, polymeric liquid.

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Authors: V. Nikkhah Rashidabad, M. Manteghian, M. Masoumi, S. Mousavian, D. Ashouri

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In this research, the capability of neural networks in  modeling and learning complicated and nonlinear relations has been  used to develop a model for the prediction of changes in the diameter  of bubbles in pool boiling distilled water. The input parameters used  in the development of this network include element temperature, heat  flux, and retention time of bubbles. The test data obtained from the  experiment of the pool boiling of distilled water, and the  measurement of the bubbles form on the cylindrical element. The  model was developed based on training algorithm, which is  typologically of back-propagation type. Considering the correlation  coefficient obtained from this model is 0.9633. This shows that this  model can be trusted for the simulation and modeling of the size of  bubble and thermal transfer of boiling.

Keywords: Bubble Diameter, Heat Flux, Neural Network, Training Algorithm.

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Authors: N. Masoudnia, M. Fatahi

Abstract:

An experimental study of saturated pool boiling on a single artificial nucleation site without and with the application of an electric field on the boiling surface has been conducted. N-pentane is boiling on a copper surface and is recorded with a high speed camera providing high quality pictures and movies. The accuracy of the visualization allowed establishing an experimental bubble growth law from a large number of experiments. This law shows that the evaporation rate is decreasing during the bubble growth, and underlines the importance of liquid motion induced by the preceding bubble. Bubble rise is therefore studied: once detached, bubbles accelerate vertically until reaching a maximum velocity in good agreement with a correlation from literature. The bubbles then turn to another direction. The effect of applying an electric field on the boiling surface in finally studied. In addition to changes of the bubble shape, changes are also shown in the liquid plume and the convective structures above the surface. Lower maximum rising velocities were measured in the presence of electric fields, especially with a negative polarity.

Keywords: Single bubbles, electric field, boiling, effect.

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Authors: Joel V. Madison, Hans E. Kimmel

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Saturated two-phase fluid flows are often subject to pressure induced oscillations. Due to compressibility the vapor bubbles act as a spring with an asymmetric non-linear characteristic. The volume of the vapor bubbles increases or decreases differently if the pressure fluctuations are compressing or expanding; consequently, compressing pressure fluctuations in a two-phase pipe flow cause less displacement in the direction of the pipe flow than expanding pressure fluctuations. The displacement depends on the ratio of liquid to vapor, the ratio of pressure fluctuations over average pressure and on the exciting frequency of the pressure fluctuations. In addition, pressure fluctuations in saturated vapor bubbles cause condensation and evaporation within the bubbles and change periodically the ratio between liquid to vapor, and influence the dynamical parameters for the oscillation. The oscillations are conforming to an isenthalpic process at constant enthalpy with no heat transfer and no exchange of work. The paper describes the governing non-linear equation for twophase fluid oscillations with condensation and evaporation, and presents steady state approximate solutions for free and for pressure induced oscillations. Resonance criteria and stability are discussed.

Keywords: condensation, evaporation, non-linear oscillations, pressure induced, two-phase flow

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Authors: Khalid. M. O. Elmabrok, M. L. Burby, G. G. Nasr

Abstract:

Flow instability during gas lift operation is caused by three major phenomena – the density wave oscillation, the casing heading pressure and the flow perturbation within the two-phase flow region. This paper focuses on the causes and the effect of flow instability during gas lift operation and suggests ways to control it in order to maximise productivity during gas lift operations. A laboratory-scale two-phase flow system to study the effects of flow perturbation was designed and built. The apparatus is comprised of a 2 m long by 66 mm ID transparent PVC pipe with air injection point situated at 0.1 m above the base of the pipe. This is the point where stabilised bubbles were visibly clear after injection. Air is injected into the water filled transparent pipe at different flow rates and pressures. The behavior of the different sizes of the bubbles generated within the two-phase region was captured using a digital camera and the images were analysed using the advanced image processing package. It was observed that the average maximum bubbles sizes increased with the increase in the length of the vertical pipe column from 29.72 to 47 mm. The increase in air injection pressure from 0.5 to 3 bars increased the bubble sizes from 29.72 mm to 44.17 mm and then decreasing when the pressure reaches 4 bars. It was observed that at higher bubble velocity of 6.7 m/s, larger diameter bubbles coalesce and burst due to high agitation and collision with each other. This collapse of the bubbles causes pressure drop and reverse flow within two phase flow and is the main cause of the flow instability phenomena.

Keywords: Gas lift instability, bubble forming, bubble collapsing, image processing.

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Authors: Mahdi Asghari

Abstract:

The cavitation phenomenon is the formation and production of micro-bubbles and eventually the bursting of the micro-bubbles inside the liquid fluid, which results in localized high pressure and temperature, causing physical and chemical fluid changes. This pressure and temperature are predicted to be 2000 atmospheres and 5000 °C, respectively. As a result of small bubbles bursting from this process, temperature and pressure increase momentarily and locally, so that the intensity and magnitude of these temperatures and pressures provide the energy needed to break the molecular bonds of heavy compounds such as fuel oil. In this paper, we study the theory of cavitation and the methods of cavitation production by acoustic and hydrodynamic methods and the necessary mechanical equipment and reactors for industrial application of the hydrodynamic cavitation method to break down the molecular bonds of the fuel oil and convert it into useful and economical products.

Keywords: Cavitation, hydrodynamic cavitation, cavitation reactor, fuel oil.

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Authors: Y. J. Chen, T. M. Yue, Z. N. Guo

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This paper reports the effects of laser energy on the characteristics of bubbles generated in the weld zone and the formation of new chemical bonds at the Polyethylene Terephthalate (PET)/Ti joint interface in laser joining of PET to Ti. The samples were produced by using different laser energies ranging from 1.5 J – 6 J in steps of 1.5 J, while all other joining parameters remained unchanged. The types of chemical bonding at the joint interface were analysed by the x-ray photoelectron spectroscopy (XPS) depth-profiling method. The results show that the characteristics of the bubbles and the thickness of the chemically bonded interface, which contains the laser generated bonds of Ti–C and Ti–O, increase markedly with increasing laser energy input. The tensile failure load of the joint depends on the combined effect of the amount and distribution of the bubbles formed and the chemical bonding intensity of the joint interface.

Keywords: Laser direct joining, Ti/PET interface, laser energy, XPS depth profiling, chemical bond, tensile failure load.

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Authors: Ashraf Khalil, Salam Abdallah, Khalil Al-hilo, Ebere Iroadu

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Financial literacy is one of the key factors needed in making informed financial decisions. As businesses continue to be more profit driven, more financial and economic intrigues arise that continue to put individuals at the risk of spending more and more without considering the short term and long term effects. We conducted a study to assess financial literacy and financial decision making among Emiratis. Our results show that financial literacy is lacking among Emiratis. Also, almost half of respondents owe loans to other peoples and 1/5 of them have bank loans. We expect that the outcome of this research will be useful for designing educational programs and policies to promote financial planning and security among Emiratis. We also posit that deeper and more informed understanding of this problem is a precursor for developing effective financial education programs with the aim of improving financial decision- making among Emiratis.

Keywords: Financial literacy, loans, financial planning, Emiratis.

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Authors: Barbora Chmelíková

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Financial literacy is a widely discussed topic on the national and international level by governments, organizations and academia. For this reason, this study analyses financial knowledge, financial behavior, and financial attitudes of students of finance. The aim of the paper is to determine whether the financial literacy of university students studying finance differs from the level of financial literacy in selected OECD countries. The research was conducted at Masaryk University in the Czech Republic. The empirical study comprises questions related to several aspects of financial literacy, such as financial knowledge, personal finance behavior, or decisionmaking. The results indicate that improvement in financial literacy of university students is still required, even though their major is finance related.

Keywords: Financial literacy, financial behavior, personal finance management, university students.

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Authors: Weiling Li, Wenqi Zhong, Baosheng Jin, Rui Xiao, Yong Lu, Tingting He

Abstract:

Experiments were performed in a three-phase bubble column to study variations of bubble rise velocities. The dynamic gas disengagement (DGD) technique and the fast response pressure transducers were utilized to investigate the bubble rise in the column. The superficial gas velocity of large bubbles and small bubbles, the rise velocities of larger and small bubble fractions were studied considering the effect of particle sizes. The results show that the superficial gas velocity associated with large bubbles linearly increase as superficial gas velocity increasing. Particle size has little effect on the both large and small bubble superficial gas velocities. The rise velocities of larger bubble fractions are larger than that of small bubble fractions, and it had different tendency at low and high superficial gas velocities when changing the particle sizes. The rise velocities of small bubble fractions increased and then had a decrease tendency when the particle size became greater.

Keywords: Bubble rise velocity, gas–liquid–solid, particle size effect, three–phase bubble column.

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Authors: Zhenkun Wang, Simon S. Gao

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Using a scoring system, this paper provides a comparative assessment of the quality of data between XBRL formatted financial reports and non-XBRL financial reports. It shows a major improvement in the quality of data of XBRL formatted financial reports. Although XBRL formatted financial reports do not show much advantage in the quality at the beginning, XBRL financial reports lately display a large improvement in the quality of data in almost all aspects. With the improved XBRL web data managing, presentation and analysis applications, XBRL formatted financial reports have a much better accessibility, are more accurate and better in timeliness.

Keywords: Data Quality; Financial Report; Information; XBRL

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Authors: Pil Woo Heo, Hyunse Kim

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Fish can breathe freely under water using dissolved oxygen and survive for a long time without going out of the water. A human can also survive under water using dissolved oxygens, if properly used. He needs more dissolved oxygens than the fish, so efficient separation device is required. Since the amount of oxygen contained in water is weak, a person needs a lot of surface area to breathe in water, which leads to a large-sized device. It can be applied to various fields if it is developed as a device which is advantageous to carry in small size. In this paper, we have carried out a study on the effective use of exhalations and proposed the separation characteristics of the gas containing dissolved oxygen in the state of mixed gas considering the components of exhalation. The system was configured to have a fine bubble when the gas mixture injected into the front end of the separator. While the fluid containing the fine bubbles was supplied to the separator, the dissolved gas contained in water was separated using a vacuum pump. The gas separation amount of the separating apparatus with respect to the supplied mixed gas was measured. The amounts of separation of dissolved gas were increased as the amounts of mixed gas supplied were increased.

Keywords: Small sized bubbles, synthesized exhalations, separation, hollow fiber module.

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Authors: Laura de Zwaan, Tracey West

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There is a sustained observable gender gap in financial literacy, with females consistently having lower levels than males. This research explores the knowledge and experiences of high school students in Australia aged 14 to 18 in order to understand how this gap can be improved. Using a predominantly qualitative approach, we find evidence to support impacts on financial literacy from financial socialization and socio-economic environment. We also find evidence that current teaching and assessment approaches to financial literacy may disadvantage female students. We conclude by offering recommendations to improve the way financial literacy education is delivered within the curriculum.

Keywords: Financial literacy, financial socialization, gender, maths.

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Authors: Abdel Aziz, Hadia H.

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Since the 1980s, banks and financial service institutions have been running in an endless race of innovation to cope with the advancing technology, the fierce competition, and the more sophisticated and demanding customers. In order to guide their innovation efforts, several researches were conducted to identify the success and failure factors of new financial services. These mainly included organizational factors, marketplace factors and new service development process factors. They almost all emphasized the importance of customer and market orientation as a response to the highly perceptual and intangible characteristics of financial services. However, they deemphasized the critical characteristics of high involvement of risk and close correlation with the economic conditions, a factor that heavily contributed to the Global financial Crisis of 2008. This paper reviews the success and failure factors of new financial services. It then adds new perspectives emerging from the analysis of the role of innovation in the global financial crisis.

Keywords: Financial innovation, global financial crisis, lessons learned from global financial crisis, success factors in financial innovation.

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Authors: Moez Selmi, Mariem Kacem, Mehrez Jamei, Philippe Dubujet

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Earth pressure balance (EPB) tunnel boring machines are designed for digging in different types of soil, especially clay soils. This operation requires the treatment of soil by lubricants to facilitate the procedure of excavation. A possible use of this soil is limited by the effect of treatment on the hydro-mechanical properties of the soil. This work aims to study the effect of a foaming agent on the hydro-mechanical properties of clay soil. The injection of the foam agent in the soil leads to create a soil matrix in which they are incorporated gas bubbles. The state of the foam in the soil is scalable thanks to the degradation of the gas bubbles in the soil.

Keywords: EPB, clay soils, foam agent, hydro-mechanical properties, degradation.

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Authors: Barbora Chmelíková

Abstract:

Making sound financial decisions is an essential skill which can have an impact on life of each consumer of financial products. The aim of this paper is to examine decision-making concerning financial matters and personal finance. The selected target group was university students majoring in finance related fields. The study was conducted in the Czech Republic at Masaryk University in 2015. In order to analyze financial decision-making questions related to basic finance decisions were developed to address the research objective. The results of the study suggest gaps in detecting best solutions to given financial decision-making questions among finance students. The analysis results indicate relation between financial decision-making and own experience with holding and using concrete financial products.

Keywords: Financial decision-making, financial literacy, personal finance, university students.

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Authors: Pei-Syuan Ruan, Ya-Chi Yu, Shao-Wen Chen, Jin-Der Lee, Jong-Rong Wang, Chunkuan Shih

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This study investigated the void fraction characteristics under low superficial gas velocity (J_g) and low superficial fluid velocity (J_f) conditions in a 3x3 rod bundle geometry. Three arrangements of conductivity probes were set to measure the void fraction at various cross-sectional regions, including rod-gap, sub-channel and rod-wall regions. The experimental tests were performed under the flow conditions of J_g = 0-0.236 m/s and J_f = 0-0.142 m/s, and the time-averaged void fractions were recorded at each flow condition. It was observed that while the superficial gas velocity increases, the small bubbles started to cluster together and become big bubbles. As the superficial fluid velocity increases, the local void fractions of the three test regions will get closer and the bubble distribution will be more uniform across the cross section.

Keywords: Conductivity probes, rod bundles, two-phase flow, void fraction.

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Authors: L. Grinis, N. Lubashevsky, Y. Ostrovski

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A jet pump is a type of pump that accelerates the flow of a secondary fluid (driven fluid) by introducing a motive fluid with high velocity into a converging-diverging nozzle. Jet pumps are also known as adductors or ejectors depending on the motivator phase. The ejector's motivator is of a gaseous nature, usually steam or air, while the educator's motivator is a liquid, usually water. Jet pumps are devices that use air bubbles and are widely used in wastewater treatment processes. In this work, we will discuss about the characteristics of the jet pump and the computational simulation of this device. To find the optimal angle and depth for the air pipe, so as to achieve the maximal air volumetric flow rate, an experimental apparatus was constructed to ascertain the best geometrical configuration for this new type of jet pump. By using 3D printing technology, a series of jet pumps was printed and tested whilst aspiring to maximize air flow rate dependent on angle and depth of the air pipe insertion. The experimental results show a major difference of up to 300% in performance between the different pumps (ratio of air flow rate to supplied power) where the optimal geometric model has an insertion angle of 60⁰ and air pipe insertion depth ending at the center of the mixing chamber. The differences between the pumps were further explained by using CFD for better understanding the reasons that affect the airflow rate. The validity of the computational simulation and the corresponding assumptions have been proved experimentally. The present research showed high degree of congruence with the results of the laboratory tests. This study demonstrates the potential of using of the jet pump in many practical applications.

Keywords: Air bubbles, CFD simulation, jet pump, practical applications.

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Authors: Afshin Ahmadi Nadooshan, Ebrahim Shirani

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Different numerical methods are employed and developed for simulating interfacial flows. A large range of applications belong to this group, e.g. two-phase flows of air bubbles in water or water drops in air. In such problems surface tension effects often play a dominant role. In this paper, various models of surface tension force for interfacial flows, the CSF, CSS, PCIL and SGIP models have been applied to simulate the motion of small air bubbles in water and the results were compared and reviewed. It has been pointed out that by using SGIP or PCIL models, we are able to simulate bubble rise and obtain results in close agreement with the experimental data.

Keywords: Volume-of-Fluid, Bubble Rising, SGIP model, CSS model, CSF model, PCIL model, interface, surface tension force.

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Authors: Jaramillo G. Maria Luisa, Turriago H. Álvaro, Thoene Ulf

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Financial inclusion has become a crucially important factor in debates on economic inequality posing challenges to the financial systems of countries around the world. Nowadays governments and banks are concerned about creating products that allow access to wide sectors of the population. The creation of banking products by the financial sector for people with low incomes tends to lead to improvements in the quality of life of vulnerable parts of the population. In countries with notable social and economic inequalities, financial inclusion is a key aspect for equitable economic growth. This study is based on the case of Colombia, which is a country with a strong record of economic growth over the past decade. Nevertheless, corruption, unemployment, and poverty contribute to uncertainty regarding the country’s future growth prospects. This study wants to explain the situation of financial exclusion and financial inclusion with respect to the Colombian case. Financial inclusion is going to be studied from the perspective of social innovation.

Keywords: Colombia, financial exclusion, financial inclusion, social innovation.

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Authors: Sri Raman A., A.K.Ghosh

Abstract:

At very high speeds, bubbles form in the underwater vehicles because of sharp trailing edges or of places where the local pressure is lower than the vapor pressure. These bubbles are called cavities and the size of the cavities grows as the velocity increases. A properly designed cavitator can induce the formation of a single big cavity all over the vehicle. Such a vehicle travelling in the vaporous cavity is called a supercavitating vehicle and the present research work mainly focuses on the dynamic modeling of such vehicles. Cavitation of the fins is also accounted and the effect of the same on trajectory is well explained. The entire dynamics has been developed using the state space approach and emphasis is given on the effect of size and angle of attack of the cavitator. Control law has been established for the motion of the vehicle using Non-linear Dynamic Inverse (NDI) with cavitator as the control surface.

Keywords: High speed underwater vehicle, Non-Linear Dynamic Inverse (NDI), six-dof modeling, Supercavitation, Torpedo.

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Authors: Jerry Szatko, Edan L. Jorgensen, Stacia Jorgensen

Abstract:

A crucial component to the success of any financial advising relationship is for the financial professional to understand the perceptions, preferences and thought-processes carried by the financial clients they serve. Armed with this information, financial professionals are more quickly able to understand how they can tailor their approach to best match the individual preferences and needs of each personal investor. Our research explores the use of a quantitative assessment tool in the financial services industry to assist in the identification of the personal investor’s consumer behaviors, especially in terms of financial risk tolerance, as it relates to their financial decision making. Through this process, the Unitifi Consumer Insight Tool (UCIT) was created and refined to capture and categorize personal investor financial behavioral categories and the financial personality tendencies of individuals prior to the initiation of a financial advisement relationship. This paper discusses the use of this tool to place individuals in one of four behavior-based financial risk tolerance categories. Our discoveries and research were aided through administration of a web-based survey to a group of over 1,000 individuals. Our findings indicate that it is possible to use a quantitative assessment tool to assist in predicting the behavioral tendencies of personal consumers when faced with consumer financial risk and decisions.

Keywords: Behavior based advising, behavioral finance, financial advising, financial advisor tools, financial risk tolerance.

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Authors: Chiung-ying Lee, Chia-hua Chang

Abstract:

In July 1, 2007, Taiwan Stock Exchange (TWSE) on market observation post system (MOPS) adds a new "Financial reference database" for investors to do investment reference. This database as a warning to public offering companies listed on the public financial information and it original within eight targets. In this paper, this database provided by the indicators for the application of company financial crisis early warning model verify that the database provided by the indicator forecast for the financial crisis, whether or not companies have a high accuracy rate as opposed to domestic and foreign scholars have positive results. There is use of Logistic Regression Model application of the financial early warning model, in which no joined back-conditions is the first model, joined it in is the second model, has been taken occurred in the financial crisis of companies to research samples and then business took place before the financial crisis point with T-1 and T-2 sample data to do positive analysis. The results show that this database provided the debt ratio and net per share for the best forecast variables.

Keywords: Financial reference database, Financial early warning model, Logistic Regression.

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Authors: Dhahri Maher, Aouinet Hana

Abstract:

The presence of bubbles in the boundary layer introduces corrections into the log law, which must be taken into account. In this work, a logarithmic wall law was presented for bubbly two phase flows. The wall law presented in this work was based on the postulation of additional turbulent viscosity associated with bubble wakes in the boundary layer. The presented wall law contained empirical constant accounting both for shear induced turbulence interaction and for non-linearity of bubble. This constant was deduced from experimental data. The wall friction prediction achieved with the wall law was compared to the experimental data, in the case of a turbulent boundary layer developing on a vertical flat plate in the presence of millimetric bubbles. A very good agreement between experimental and numerical wall friction prediction was verified. The agreement was especially noticeable for the low void fraction when bubble induced turbulence plays a significant role.

Keywords: Bubbly flows, log law, boundary layer.

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