Search results for: capital accumulation

Authors: Michael Grigutsch, Peter Nyhuis

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Due to the volatile global economy, enterprises are increasingly focusing on logistics. By investing in suitable measures a company can increase their logistic performance and assert themselves over the competition. However, enterprises are also faced with the challenge of investing available capital for maximum profits. In order to be able to create an informed and quantifiably comprehensible basis for a decision, enterprises need a suitable model for logistically and monetarily evaluating measures in production. Previously, within the frame of Collaborate Research Centre 489 (SFB 489) at the Institute for Production Systems and Logistics, (IFA) a Logistic Information System was developed specifically for providing enterprises in the forging industry with support when making decisions. Based on this research, a new initiative referred to as ‘Transfer Project T7’, aims to develop a universal approach for logistically and monetarily evaluating production measures. This paper focuses on the structural measure echelon storage and their impact on the entire production system.

Keywords: Logistic Operating Curves, Transfer Functions, Production Logistics, Storages Echelon.

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Authors: Violina R. Angelova, Mariana N. Perifanova-Nemska, Galina P. Uzunova, Krasimir I. Ivanov, Huu Q. Lee

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A field study was conducted to evaluate the efficacy of the sunflower (Helianthus annuus L.) for phytoremediation of contaminated soils. The experiment was performed on an agricultural field contaminated by the Non-Ferrous-Metal Works near Plovdiv, Bulgaria. Field experiments with a randomized, complete block design with five treatments (control, compost amendments added at 20 and 40 t/daa, and vemicompost amendments added at 20 and 40 t/daa) were carried out. The accumulation of heavy metals in the sunflower plant and the quality of the sunflower oil (heavy metals and fatty acid composition) were determined. The tested organic amendments significantly influenced the uptake of Pb, Zn and Cd by the sunflower plant. The incorporation of 40 t/decare of compost and 20 t/decare of vermicompost to the soil led to an increase in the ability of the sunflower to take up and accumulate Cd, Pb and Zn. Sunflower can be subjected to the accumulators of Pb, Zn and Cd and can be successfully used for phytoremediation of contaminated soils with heavy metals. The 40 t/daa compost treatment led to a decrease in heavy metal content in sunflower oil to below the regulated limits. Oil content and fatty acids composition were affected by compost and vermicompost amendment treatments. Adding compost and vermicompost increased the oil content in the seeds. Adding organic amendments increased the content of stearic, palmitoleic and oleic acids, and reduced the content of palmitic and gadoleic acids in sunflower oil. The possibility of further industrial processing of seeds to oil and use of the obtained oil will make sunflowers economically interesting crops for farmers of phytoremediation technology.

Keywords: Heavy metals, organic amendments, phytoremediation, sunflower.

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Authors: W. Loongyai, N. Saengsawang, W. Danvilai, C. Kridtayopas, P. Sopannarath, C. Bunchasak

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Betong chicken is a slow growing and a lean strain of chicken, while the rapid growth of broiler is accompanied by increased fat. We investigated the growth performance, fat accumulations, lipid serum biochemical levels and lipoprotein lipase (LPL) gene expression of female Betong (KU line) at the age of 4 and 6 weeks. A total of 80 female Betong chickens (KU line) and 80 female broiler chickens were reared under open system (each group had 4 replicates of 20 chicks per pen). The results showed that feed intake and average daily gain (ADG) of broiler chicken were significantly higher than Betong (KU line) (P < 0.01), while feed conversion ratio (FCR) of Betong (KU line) at week 6 were significantly lower than broiler chicken (P < 0.01) at 6 weeks. At 4 and 6 weeks, two birds per replicate were randomly selected and slaughtered. Carcass weight did not significantly differ between treatments; the percentage of abdominal fat and subcutaneous fat yield was higher in the broiler (P < 0.01) at 4 and 6 week. Total cholesterol and LDL level of broiler were higher than Betong (KU line) at 4 and 6 weeks (P < 0.05). Abdominal fat samples were collected for total RNA extraction. The cDNA was amplified using primers specific for LPL gene expression and analysed using real-time PCR. The results showed that the expression of LPL gene was not different when compared between Betong (KU line) and broiler chickens at the age of 4 and 6 weeks (P > 0.05). Our results indicated that broiler chickens had high growth rate and fat accumulation when compared with Betong (KU line) chickens, whereas LPL gene expression did not differ between breeds.

Keywords: Lipoprotein lipase gene, Betong (KU line), broiler, abdominal fat, gene expression.

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Authors: Emilija Miletic, Milos Krstic, Maxim Piz, Michael Methfessel

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In this work we present a solution for DAGC (Digital Automatic Gain Control) in WLAN receivers compatible to IEEE 802.11a/g standard. Those standards define communication in 5/2.4 GHz band using Orthogonal Frequency Division Multiplexing OFDM modulation scheme. WLAN Transceiver that we have used enables gain control over Low Noise Amplifier (LNA) and a Variable Gain Amplifier (VGA). The control over those signals is performed in our digital baseband processor using dedicated hardware block DAGC. DAGC in this process is used to automatically control the VGA and LNA in order to achieve better signal-to-noise ratio, decrease FER (Frame Error Rate) and hold the average power of the baseband signal close to the desired set point. DAGC function in baseband processor is done in few steps: measuring power levels of baseband samples of an RF signal,accumulating the differences between the measured power level and actual gain setting, adjusting a gain factor of the accumulation, and applying the adjusted gain factor the baseband values. Based on the measurement results of RSSI signal dependence to input power we have concluded that this digital AGC can be implemented applying the simple linearization of the RSSI. This solution is very simple but also effective and reduces complexity and power consumption of the DAGC. This DAGC is implemented and tested both in FPGA and in ASIC as a part of our WLAN baseband processor. Finally, we have integrated this circuit in a compact WLAN PCMCIA board based on MAC and baseband ASIC chips designed from us.

Keywords: WLAN, AGC, RSSI, baseband processor

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Authors: Z. Khoshnood, R. Khoshnood

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The aim of present study was to monitor the presence of Trichodina sp. in Rainbow trout, Oncorhynchus mykiss collected from various fish farms in the western provinces of Iran during January, 2013- January, 2014. Out of 675 sampled fish 335, (49.16%) were infested with Trichodina. The highest prevalence was observed in the spring and winter followed by autumn and summer. In general, the intensity of infection was low except in cases where outbreaks of Trichodiniasis endangered the survival of fish in some ponds. In light infestation Trichodina is usually present on gills, fins and skin of apparently healthy fish. Clinical signs of Trichodiniasis only appear on fish with heavy infections and cases of moderate ones that are usually exposed to one or more stress factors including, rough handling during transportation from ponds, overcrowdness, malnutrition, high of free ammonia and low of oxygen concentration. Clinical signs of Trichodiniasis in sampled fish were sluggish movement, loss of appetite, black coloration, necrosis and ulcer on different parts of the body, detached scales and excessive accumulation of mucous in gill pouches. The most obvious histopathological changes in diseased fish were sloughing of the epidermal layer, aggregation of leucocytes and melanine-carrying cells (between the dermis and hypodermis) and proliferative changes including hyperplasia and hypertrophy of the epithelial lining cells of gill filaments which resulted in fusion of secondary lamellae. Control of Trichodiniasis, has been achieved by formalin bath treatment at a concentration of 250 ppm for one hour.

Keywords: Gill, Histopathology, Rainbow trout, Trichodina.

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Authors: Ebere U. Okolo, Eunice C. Okpalaojiego, Chimaobi V. Okolo

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Some investors prefer to keep their money in the bank rather than invest in Small and Medium Enterprise (SME) due to the high cost of running small and medium scale enterprise in Enugu State. This cost primarily concerns multiple-taxation, enormous tax burdens, levies and charges. This study examines the effect of multiple-taxation on the investments in SMEs. The study used survey design with SME population of 80. Questionnaire was used to collect data. Simple percentages/frequencies were used to analyze the data and the research hypotheses were tested with ANOVA. It was found that multiple taxation has negative effect on SMEs investment. Furthermore, the relationship between SMEs investment and its ability to pay tax is significant. The researcher recommends that government should develop a tax policy that considers the enhancement of SMEs’ capital allowance when imposing taxes. Government should also consider a tax policy that encourages investment in SMEs by consolidating all taxes in one slot and latter disseminate to various government purses rather than having many closely related but different taxes at the same time.

Keywords: Investments, multiple taxation, small and medium enterprises.

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Authors: Sabry A. El Azazy

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Tourism plays an essential role in supporting the National Economy. Egypt was ranked as one of the most attractive touristic destinations worldwide. Tourism as a service sector affects political events and unstable conditions. Within the revolution of January 25th, 2011, tourism became below standards, and the archeological heritage sites were subject to threat. Because of the political tension and social instability, Egypt's tourism sector has drastically dropped. Currently, Egypt is working on overcoming the crisis caused by political unrest. However, it is expected to take a long time to get back to where it was, especially in terms of regaining the confidence of travelers in the country's ability to guarantee and maintain security and stability. Recently, many great projects have been done, such as; New Administrative Cairo Capital, New Suez Canal logistic project, New City of Al Alamin, New Grand Egyptian Museum, as well as other great projects that reflect positively on the tourism industry and archaeological heritage development in Egypt.

Keywords: Archaeology, archaeological heritage, attractions, national economy, political events, touristic destinations, tourism industry.

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Authors: Charlotte C. Shagol, Tongmin Sa

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One of the major pollutants in the environment is arsenic (As). Due to the toxic effects of As to all organisms, its remediation is necessary. Conventional technologies used in the remediation of As contaminated soils are expensive and may even compromise the structure of the soil. An attractive alternative is phytoremediation, which is the use of plants which can take up the contaminant in their tissues. Plant growth promoting bacteria (PGPB) has been known to enhance growth of plants through several mechanisms such as phytohormone production, phosphate solubilization, siderophore production and 1-aminocyclopropane-1- carboxylate (ACC) deaminase production, which is an essential trait that aids plants especially under stress conditions such as As stress. Twenty one bacteria were isolated from As-contaminated soils in the vicinity of the Janghang Smelter in Chungnam Province, South Korea. These exhibited high tolerance to either arsenite (As III) or arsenate (As V) or both. Most of these isolates possess several plant growth promoting traits which can be potentially exploited to increase phytoremediation efficiency. Among the identified isolates is Pseudomonas sp. JS1215, which produces ACC deaminase, indole acetic acid (IAA), and siderophore. It also has the ability to solubilize phosphate. Inoculation of JS1215 significantly enhanced root and shoot length and biomass accumulation of maize under normal conditions. In the presence of As, particularly in lower As level, inoculation of JS1215 slightly increased root length and biomass. Ethylene increased with increasing As concentration, but was reduced by JS1215 inoculation. JS1215 can be a potential bioinoculant for increasing phytoremediation efficiency.

Keywords: As-tolerant bacteria, plant growth promoting bacteria, As stress, phytoremediation.

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Authors: Zhang Bian, Zhao Jijun

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The urban layout of Xi’an city (the capital Chang’an in the Tang dynasty) was shaped by feudal etiquette, but this dominant factor was replaced by modern city planning during the period of the Republic of China. This makes Xi’an a representative case to explore the transformation process of Chinese cities in the early 20^th century. By analyzing the contrast and connection between the historical texts of city planning and the realistic construction activities recorded by the maps and images, this paper reviews the transformation process of the urban space of Xi’an in the early 20^th century and divides it into four phases according to important events that significantly impacted planning and construction activities. Based on this, the entire transformation of Xi’an’s city planning and practices can be characterized by three aspects: 1) the dominant force of the city plan and construction changed with the establishment of modern city administrations; 2) the layout of the city was continuously broadened to meet the demand of modern economy and city life; and, 3) the ritual space was transformed into practical space for commercial and recreational activities.

Keywords: City space, early 20th century, transformation, Xi’an city.

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Authors: Kho Mei Ye, Hamzah Abdul Rahman

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The purpose of this study is to identify the underlying causes of late payment from the contractors- perspective in the Malaysian construction industry and to recommend effective solutions to mitigate late payment problems. The target groups of respondents in this study were Grades G3, G5, G6 and G7 contractors with specialization in building works and civil engineering works registered with the Construction Industry Development Board (CIDB) in Malaysia. Results from this study were analyzed with Statistical Package for the Social Science (SPSS 15.0). From this study, it was found that respondents have highest ranked five significant variables out of a total of forty-one variables which can caused late payment problems: a) cash flow problems due to deficiencies in client-s management capacity (mean = 3.96); b) client-s ineffective utilization of funds (mean = 3.88); c) scarcity of capital to finance the project (mean = 3.81); d) clients failure to generate income from bank when sales of houses do not hit the targeted amount (mean=3.72); and e) poor cash flow because of lack of proper process implementation, delay in releasing of the retention monies to contractor and delay in the evaluation and certification of interim and final payment (mean = 3.66).

Keywords: Underlying causes, late payment, constructionindustry, Malaysia.

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Authors: Muhammad Naveed, Yang Caixia

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The need for national space legislation is pivotal, particularly in light of the fact that in recent years space activities have grown immensely both in volume and diversity. Countries are progressively developing capabilities in space exploration and scientific discoveries, market their capabilities to manufacture satellites, provide launch services from their facilities and are looking to privatize and commercialize their space resources. Today, nations are also seeking to comprehend the technological and financial potential of the private sector and are considering to share their financial burdens with them and to limit their exposures to risks, but they are lagging behind in legal framework in this regard. In the perspective of these emerging developments, it is therefore, felt that national space legislation should be enacted with the goal of building and implementing a vibrant and transparent legal framework at the national level to hasten investments and to ensure growth in this capital intensive - highly yield strategic sector. This study looks at (I) the international legal framework that governs space activities; (II) motivation behind making national space laws; and (III) the need for national space legislation. The paper concludes with some recommendations with regards to the conceivable future direction for national space legislation, in particular space empowered sub-areas for countries.

Keywords: International conventions, national legislation, space faring nation, space law.

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Authors: Daurenbek Kuleimenov

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Urban life is characterized by rapid changes and high influence of market institutions on livelihood strategies of households to get sustainability, especially in countries of former Soviet Union challenged transformation of economy to the market type. Moving from socialistic worldviews to capitalistic ones which as usual regulated by free markets has been enough big challenge for households in urban area, which have to face with adaptation to new systems. Influence of market institutions on everyday life and planning system of households can destroy traditional household dispositions of the sustainable managing of a family budget. New changes of economy system can lead to splitting up large social networks and appearing new risky livelihood strategies of households. Urban households from Astana that is the capital city of Kazakhstan were interviewed within international research project “Livelihoods Strategies of Private Households in Central Asia. A Rural-Urban Comparison in Kazakhstan and Kyrgyzstan”, which enables to explore urgent issues of livelihood strategies of urban households in current Kazakhstan under influence of the spreading of market institutions from the micro level research focus of their everyday life.

Keywords: Market institutions, Sustainability, Transformation economy, Urban households.

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Authors: Edikan E. Akpanibah Obinichi C. Mandah Imoleayo S. Asiwaju

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In this paper, we studied the effect of supplementary premium on the optimal portfolio policy in a defined contribution (DC) pension scheme with refund of premium clauses. This refund clause allows death members’ next of kin to withdraw their relative’s accumulated wealth during the accumulation period. The supplementary premium is to help sustain the scheme and is assumed to be stochastic. We considered cases when the remaining wealth is equally distributed and when it is not equally distributed among the remaining members. Next, we considered investments in cash and equity to help increase the remaining accumulated funds to meet up with the retirement needs of the remaining members and composed the problem as a continuous time mean-variance stochastic optimal control problem using the actuarial symbol and established an optimization problem from the extended Hamilton Jacobi Bellman equations. The optimal portfolio policy, the corresponding optimal fund size for the two assets and also the efficient frontier of the pension members for the two cases was obtained. Furthermore, the numerical simulations of the optimal portfolio policies with time were presented and the effect of the supplementary premium on the optimal portfolio policy was discussed and observed that the supplementary premium decreases the optimal portfolio policy of the risky asset (equity). Secondly we observed a disparity between the optimal policies for the two cases.

Keywords: Defined contribution pension scheme, extended Hamilton Jacobi Bellman equations, optimal portfolio policies, refund of premium clauses, supplementary premium.

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Authors: R. S. A. Nesbitt, J. Macione, A. Debroy, S. P. Kotha

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Bones are dynamic and responsive organs, they regulate their strength and mass according to the loads which they are subjected. Because, the Wnt/β-catenin pathway has profound effects on the regulation of bone mass, we hypothesized that mechanical loading of bone cells stimulates Wnt/β-catenin signaling, which results in the generation of new bone mass. Mechanical loading triggers the secretion of the Wnt molecule, which after binding to transmembrane proteins, causes GSK-3β (Glycogen synthase kinase 3 beta) to cease the phosphorylation of β-catenin. β-catenin accumulation in the cytoplasm, followed by its transport into the nucleus, binding to transcription factors (TCF/LEF) that initiate transcription of genes related to bone formation. To test this hypothesis, we used TOPGAL (Tcf Optimal Promoter β-galactosidase) mice in an experiment in which cyclic loads were applied to the forearm. TOPGAL mice are reporters for cells effected by the Wnt/β-catenin signaling pathway. TOPGAL mice are genetically engineered mice in which transcriptional activation of β- catenin, results in the production of an enzyme, β-galactosidase. The presence of this enzyme allows us to localize transcriptional activation of β-catenin to individual cells, thereby, allowing us to quantify the effects that mechanical loading has on the Wnt/β-catenin pathway and new bone formation. The ulnae of loaded TOPGAL mice were excised and transverse slices along different parts of the ulnar shaft were assayed for the presence of β-galactosidase. Our results indicate that loading increases β-catenin transcriptional activity in regions where this pathway is already primed (i.e. where basal activity is already higher) in a load magnitude dependent manner. Further experiments are needed to determine the temporal and spatial activation of this signaling in relation to bone formation.

Keywords: Bone Resorption and Formation, Mechanical Loading of Bone, Wnt Signaling Pathway & β-catenin.

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Authors: Bello Nurudeen Akinsola

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The study analyzed the risk and returns of commercial-property in Southwestern Nigeria and selected stocksmarket investment between 2000 and 2009; compared the inflation hedging characteristics and diversification potentials of investing in commercial-property and selected stock- market investment. Primary data were collected on characteristics, rental and capital values of commercial- properties from their property managers through the use of questionnaire. Secondary data on stock prices and dividends on banking, insurance and conglomerates sectors were sourced from the Nigerian Stock Exchange (2000-2009). The result showed that average return on all the selected stock- investments was higher than that of commercial-property. As regards risk, commercial-property indicated lower risk, compared to stocks. Also the stock-investment had better inflation hedging capacity than commercial-properties; combination of both had diversification potentials. The study concluded that stock-market investment offered attractive higher return than commercial-property although with higher risk and there could be diversification benefits in combining commercial-property with stock- investment.

Keywords: Commercial-Property, Return, Risk, Stock Market

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Authors: Lady Marianne E. Polinga, Candy C. Mercado, Camilo A. Polinga

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This study was an investigation on the suitability of Lahar/HDPE composite as a primary material for low-cost smallscale biogas digesters. While sources of raw materials for biogas are abundant in the Philippines, cost of the technology has made the widespread utilization of this resource an indefinite proposition. Aside from capital economics, another problem arises with space requirements of current digester designs. These problems may be simultaneously addressed by fabricating digesters on a smaller, household scale to reach a wider market, and to use materials that may accommodate optimization of overall design and fabrication cost without sacrificing operational efficiency. This study involved actual fabrication of the Lahar/HDPE composite at varying composition and geometry, subsequent mechanical and thermal characterization, and implementation of Statistical Analysis to find intrinsic relationships between variables. From the results, Lahar/HDPE composite was found to be feasible for use as digester material from both mechanical and economic standpoints. 

Keywords: Biogas digester, Composite, High density polyethylene, Lahar.

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Authors: S. Jaramillo, Y. Montoya, W. Agudelo, J. Bustamante

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Cardiovascular diseases (CVD) are related to affectations of the heart and blood vessels, within these are pathologies such as coronary or peripheral heart disease, caused by the narrowing of the vessel wall (atherosclerosis), which is related to the accumulation of Low-Density Lipoproteins (LDL) in the arterial walls that leads to a progressive reduction of the lumen of the vessel and alterations in blood perfusion. Currently, the main therapeutic strategy for this type of alteration is drug treatment with statins, which inhibit the enzyme 3-hydroxy-3-methyl-glutaryl-CoA reductase (HMG-CoA reductase), responsible for modulating the rate of cholesterol production and other isoprenoids in the mevalonate pathway. This enzyme induces the expression of LDL receptors in the liver, increasing their number on the surface of liver cells, reducing the plasma concentration of cholesterol. On the other hand, when the blood vessel presents stenosis, a surgical procedure with vascular implants is indicated, which are used to restore circulation in the arterial or venous bed. Among the materials used for the development of vascular implants are Dacron® and Teflon®, which perform the function of re-waterproofing the circulatory circuit, but due to their low biocompatibility, they do not have the ability to promote remodeling and tissue regeneration processes. Based on this, the present research proposes the development of a hydrolyzed collagen and polyethylene oxide electrospun membrane reinforced with medium and high-intensity statins, so that in future research it can favor tissue remodeling processes from its microarchitecture.

Keywords: atherosclerosis, medium and high-intensity statins, microarchitecture, electrospun membrane

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Authors: Okolo Chimaobi Valentine

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This paper seeks to assess the implications of bank consolidation on the performance of small and medium scale enterprises in the Nigerian economy. Multiple linear regression technique and correlation matrix test were employed to measure the extent to which small and medium scale enterprises asset size, survival and access to credit were influenced. The result showed that bank deposit (BD) and bank credit (L or BC) impacted on asset size and survival of small and medium scale enterprises. None of the variables had significant impact on SMEs access to credit. There is a shift of focus by commercial banks away from small and medium scale enterprises (small customers), which is evidenced by the significant negative influence of bank credit to both the survival and asset size of small and medium enterprises. While micro finance banks work hard at providing funds to small and medium scale entrepreneurs, their capacity to meet the needs of these entrepreneurs is constrained. CBN should make policies that will boost micro finance bank’s capital and also monitor closely the management of the banks to ensure prudent financing of small and medium scale investments.

Keywords: Bank consolidation, small and medium enterprises.

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Authors: Luciana C. Ramos, Leandro J. Sousa, Antônio Ferreira da Silva, Valéria Gomes Oliveira Falcão, Suzana T. Cunha Lima

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The commercial production of biodiesel using microalgae demands a high-energy input for harvesting biomass, making production economically unfeasible. Methods currently used involve mechanical, chemical, and biological procedures. In this work, a flocculation system is presented as a cost and energy effective process to increase biomass production of Phaeodactylum tricornutum. This diatom is the only species of the genus that present fast growth and lipid accumulation ability that are of great interest for biofuel production. The algae, selected from the Bank of Microalgae, Institute of Biology, Federal University of Bahia (Brazil), have been bred in tubular reactor with photoperiod of 12 h (clear/dark), providing luminance of about 35 μmol photons m^-2s^-1, and temperature of 22 °C. The medium used for growing cells was the Conway medium, with addition of silica. The seaweed growth curve was accompanied by cell count in Neubauer camera and by optical density in spectrophotometer, at 680 nm. The precipitation occurred at the end of the stationary phase of growth, 21 days after inoculation, using two methods: centrifugation at 5000 rpm for 5 min, and electro-flocculation at 19 EPD and 95 W. After precipitation, cells were frozen at -20 °C and, subsequently, lyophilized. Biomass obtained by electro-flocculation was approximately four times greater than the one achieved by centrifugation. The benefits of this method are that no addition of chemical flocculants is necessary and similar cultivation conditions can be used for the biodiesel production and pharmacological purposes. The results may contribute to improve biodiesel production costs using marine microalgae.

Keywords: Biomass, diatom, flocculation, microalgae.

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Authors: Nader A. Al Theeb, Zaid Abu Manneh, Ibrahim Al-Qadi

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Traveling salesman problem (TSP) is a combinatorial integer optimization problem that asks "What is the optimal route for a vehicle to traverse in order to deliver requests to a given set of customers?”. It is widely used by the package carrier companies’ distribution centers. The main goal of applying the TSP in courier organizations is to minimize the time that it takes for the courier in each trip to deliver or pick up the shipments during a day. In this article, an optimization model is constructed to create a new TSP variant to optimize the routing in a courier organization with a consideration of congestion in Amman, the capital of Jordan. Real data were collected by different methods and analyzed. Then, concert technology - CPLEX was used to solve the proposed model for some random generated data instances and for the real collected data. At the end, results have shown a great improvement in time compared with the current trip times, and an economic study was conducted afterwards to figure out the impact of using such models.

Keywords: Travel salesman problem, congestions, pick-up, integer programming, package carriers, service engineering.

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Authors: B. K. Yeoh, Z. Arsad, C. W. Hooy

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This paper tests the level of market integration between Malaysia and Singapore stock markets with the world market. Kalman Filter (KF) methodology is used on the International Capital Asset Pricing Model (ICAPM) and the pricing errors estimated within the framework of ICAPM are used as a measure of market integration or segmentation. The advantage of the KF technique is that it allows for time-varying coefficients in estimating ICAPM and hence able to capture the varying degree of market integration. Empirical results show clear evidence of varying degree of market integration for both case of Malaysia and Singapore. Furthermore, the results show that the changes in the level of market integration are found to coincide with certain economic events that have taken placed. The findings certainly provide evidence on the practicability of the KF technique to estimate stock markets integration. In the comparison between Malaysia and Singapore stock market, the result shows that the trends of the market integration indices for Malaysia and Singapore look similar through time but the magnitude is notably different with the Malaysia stock market showing greater degree of market integration. Finally, significant evidence of varying degree of market integration shows the inappropriate use of OLS in estimating the level of market integration.

Keywords: ICAPM, Kalman filter, stock market integration.

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Authors: Zhalmagambetov Yerlanbek, Assymova Dariya, Tashieva Saltanat, and Aliya Bolatkhan

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The relevance of the study of everyday life in Almaty and Kyzylorda are associated with the emergence of the modern trends in historiography and socializing areas of government reform. The relevance is due to the fact that in the early twentieth century Kyzylorda and Almaty began to develop as a city and this period has a special place in the life of the state. An interesting aspect of the everyday life of the inhabitants of the new city, which was built in the era of Stalin's Five-Year Plans, can be examined through the eyes of the Soviet people living in a specific environment, reflecting the life of the citizens. The study of industrialization of the Soviet Union and the attention paid to new developments in the first five years of everyday aspects as the impact of the modernization of the 1930s was one of the decisive factors in the lives of residents. Among these factors, we would like to highlight the medical field, which is the basis of all human life, specifically focusing on the state of medicine in Alma-Ata in the first 20-30-years of the twentieth century, and analyze the different aspects of human life, determining the quality of medical care to the population during this period.

Keywords: Alma Ata, capital, epidemic diseases, health care, Kyzylorda, the USSR, Vernyj.

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Authors: Sunday E. Ogundipe, Rafiu O. Salawu, Lawrencia O. Ogundipe

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The study examines the determinants of corporate cash holding of non-financial quoted firms in Nigeria using a sample of fifty four non-financial quoted firms listed on the Nigeria Stock Exchange for the period 1995-2009. Data were sourced from the Annual reports of the sampled firms and analyzed using Generalized Method of Moments(GMM). The study finds evidence supportive of a target adjustment model and that firms can not instantaneously adjust towards the target cash level owing to the fact that adjustment cost being costly,. Also, the result shows significant negative relationship between cash holdings and firm size, net working capital, return on asset and bank relationship and positive relationship with growth opportunities, leverage, inventories, account receivables and financial distress. Furthermore, there is no significant relationship between cash holdings and cash flow. In Nigerian setting, most of the variables that are relevant for explaining cash holdings in the Developed countries are found by this study to be relevant also in Nigeria.

Keywords: Adjustment Model , Cash holding, Determinant, Generalized Method of Moments(GMM)

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Authors: M. Gómez-Ramírez, A. Rivas-Castillo, I. Rodríguez-Pozos, R. A. Avalos-Zuñiga, N. G. Rojas-Avelizapa

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Among the diverse types of pollutants produced by anthropogenic activities, metals represent a serious threat, due to their accumulation in ecosystems and their elevated toxicity. The mine tailings of abandoned mines contain high levels of metals such as arsenic (As), zinc (Zn), copper (Cu), and lead (Pb), which do not suffer any degradation process, they are accumulated in environment. Abandoned mine tailings potentially could contaminate rivers and aquifers representing a risk for human health due to their high metal content. In an attempt to remove the metals and thereby mitigate the environmental pollution, an environmentally friendly and economical method of bioremediation has been introduced. Bioleaching has been actively studied over the last several years, and it is one of the bioremediation solutions used to treat heavy metals contained in sewage sludge, sediment and contaminated soil. Acidithiobacillus thiooxidans, an extremely acidophilic, chemolithoautotrophic, gram-negative, rod shaped microorganism, which is typically related to Cu mining operations (bioleaching), has been well studied for industrial applications. The sulfuric acid produced plays a major role in bioleaching. Specifically, Acidithiobacillus thiooxidans strain DSM 26636 has been able to leach Al, Ni, V, Fe, Mg, Si, and Ni contained in slags from coal combustion wastes. The present study reports the ability of A. thiooxidans DSM 26636 for the bioleaching of metals contained in two different mine tailing samples (MT1 and MT2). It was observed that Al, Fe, and Mn were removed in 36.3±1.7, 191.2±1.6, and 4.5±0.2 mg/kg for MT1, and in 74.5±0.3, 208.3±0.5, and 20.9±0.1 for MT2. Besides, < 1.5 mg/kg of Au and Ru were also bioleached from MT1; in MT2, bioleaching of Zn was observed at 55.7±1.3 mg/kg, besides removal of < 1.5 mg/kg was observed for As, Ir, Li, and 0.6 for Os in this residue. These results show the potential of strain DSM 26636 for the bioleaching of metals that came from different mine tailings.

Keywords: A. thiooxidans, bioleaching, metals, mine tailings.

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Authors: Pedro H. S. Messetti, Mary L. G. S. Senna, Afonso R. Aquino

Abstract:

Sustainability is a very important and heavily discussed subject, expanding through tourism as well. The study proposition was to collect data and present it to the competent bodies so they can mold their public policies to improve the conditions of the site. It was hypothesized that the lack of data is currently affecting the quality of life and the sustainable development of the site and the tourism. The research was held in Mateiros, a city in the state of Tocantins (TO)/Brasil near Palmas, its capital city. Because of the concentration of tourists during the high season and several tourist attractions being around, the research took place in Mateiros. The methodological procedure had a script of theoretical construction and investigation of the deductive scientific method parameters through a case study in the Jalapão/TO/Brazil region, using it as a tool for a questionnaire given to the competent bodies in an interview system with the UN sustainability indexes as a base. In the three sustainable development scope: environmental, social and economic, the results indicated that the data presented by the interviewed were scarce or nonexistent. It shows that more research is necessary, providing the tools for the ones responsible to propose action plans to improve the site, strengthening the tourism and making it even more sustainable.

Keywords: Jalapão/Brazil State Park, sustainable tourism, UN sustainability indexes.

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Authors: Rabeb Triki, Hassene Djemel, Mounir Baccar

Abstract:

Surface scraping is a passive heat transfer enhancement technique that is directly used in scraped surface heat exchanger (SSHE). The scraping action prevents the accumulation of the product on the inner wall, which intensifies the heat transfer and avoids the formation of dead zones. SSHEs are widely used in industry for several applications such as crystallization, sterilization, freezing, gelatinization, and many other continuous processes. They are designed to deal with products that are viscous, sticky or that contain particulate matter. This research work presents a three-dimensional numerical simulation of the coupled thermal and hydrodynamic behavior within a SSHE which includes Archimedes’ screw instead of scraper blades. The finite volume Fluent 15.0 was used to solve continuity, momentum and energy equations using multiple reference frame formulation. The process fluid investigated under this study is the pure glycerin. Different geometrical parameters were studied in the case of steady, non-isothermal, laminar flow. In particular, attention is focused on the effect of the conicity of the rotor and the pitch of Archimedes’ screw on temperature and velocity distribution and heat transfer rate. Numerical investigations show that the increase of the number of turns in the screw from five to seven turns leads to amelioration of heat transfer coefficient, and the increase of the conicity of the rotor from 0.1 to 0.15 leads to an increase in the rate of heat transfer. Further studies should investigate the effect of different operating parameters (axial and rotational Reynolds number) on the hydrodynamic and thermal behavior of the SSHE.

Keywords: ANSYS-Fluent, hydrodynamic behavior, SSHE, thermal behavior.

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Authors: Prateep Wajeetongratana

Abstract:

This study is a descriptive-normative research. It attempted to investigate the restaurants’ firm performance in terms of the customers and restaurant personnel’s degree of satisfaction. A total of 12 restaurants in Bangkok, Thailand that offer Thai cuisine were included in this study. It involved 24 stockholders/managers, 120 subordinates and 360 customers. General Managers and restaurants’ stockholders, 10 staffs, and 30 costumers for each restaurant were chosen for random sampling. This study found that respondents are slightly satisfied with their work environment but are generally satisfied with the accessibility to transportation, to malls, convenience, safety, recreation, noise-free, and attraction; customers find the Quality of Food in most Thai Cuisines like services, prices of food, sales promotion, and capital and length of service satisfactory. Therefore, both stockholder-related and personnel-related factors which are influenced by restaurant, personnel, and customer-related factors are partially accepted whereas; customer-related factors which are influenced by restaurant, personnel and customer-related factors are rejected.

Keywords: Firm performance, Thai Cuisine, Tourism industry.

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Authors: Stephan Printz, Kristina Lahl, René Vossen, Sabina Jeschke

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Strategic investment decisions are characterized by high innovation potential and long-term effects on the competitiveness of enterprises. Due to the uncertainty and risks involved in this complex decision making process, the need arises for well-structured support activities. A method that considers cost and the long-term added value is the cost-benefit effectiveness estimation. One of those methods is the “profitability estimation focused on benefits – PEFB”-method developed at the Institute of Management Cybernetics at RWTH Aachen University. The method copes with the challenges associated with strategic investment decisions by integrating long-term non-monetary aspects whilst also mapping the chronological sequence of an investment within the organization’s target system. Thus, this method is characterized as a holistic approach for the evaluation of costs and benefits of an investment. This participation-oriented method was applied to business environments in many workshops. The results of the workshops are a library of more than 96 cost aspects, as well as 122 benefit aspects. These aspects are preprocessed and comparatively analyzed with regards to their alignment to a series of risk levels. For the first time, an accumulation and a distribution of cost and benefit aspects regarding their impact and probability of occurrence are given. The results give evidence that the PEFB-method combines precise measures of financial accounting with the incorporation of benefits. Finally, the results constitute the basics for using information technology and data science for decision support when applying within the PEFB-method.

Keywords: Cost-benefit analysis, multi-criteria decision, profitability estimation focused on benefits, risk and uncertainty analysis.

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Authors: Mohsen Mohammadi, Toshio Fujimi

Abstract:

High population and irregular urban development in Kabul city, Afghanistan's capital, are among factors that increase its vulnerability to earthquake disasters (on top of its location in a high seismic region); this can lead to widespread economic loss and casualties. This study aims to evaluate earthquake risks in Kabul's 13th district based on scientific data. The research data, which include hazard curves of Kabul, vulnerability curves, and a questionnaire survey through sampling in district 13, have been incorporated to develop risk curves. To estimate potential casualties, we used a set of M parameters in a model developed by Coburn and Spence. The results indicate that in the worst case scenario, more than 90% of district 13, which comprises mostly residential buildings, is exposed to high risk; this may lead to nearly 1000 million USD economic loss and 120 thousand casualties (equal to 25.88% of the 13th district's population) for a nighttime earthquake. To reduce risks, we present the reconstruction of the most vulnerable buildings, which are primarily adobe and masonry buildings. A comparison of risk reduction between reconstructing adobe and masonry buildings indicates that rebuilding adobe buildings would be more effective.

Keywords: Earthquake risk evaluation, Kabul, mitigation, vulnerability.

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Authors: Alhaji M. H. Conteh, Xiangbin Yan, Alfred V Gborie

Abstract:

Rice, which is the staple food in Sierra Leone, is consumed on a daily basis. It is the most imperative food crop extensively grown by farmers across all ecologies in the country. Though much attention is now given to rice grain production through the small holder commercialization programme (SHCP), however, no attention has been given in investigating the limitations faced by rice producers. This paper will contribute to attempts to overcome the development challenges caused by food insecurity. The objective of this paper is thus, to analysis the relationship between rice production and the domestic retail price of rice. The study employed a log linear model in which, the quantity of rice produced is the dependent variable, quantity of rice imported, price of imported rice and price of domestic rice as explanatory variables. Findings showed that, locally produced rice is even more expensive than the imported rice per ton, and almost all the inhabitants in the capital city which hosts about 65% of the entire population of the country favor imported rice, as it is free from stones with other impurities. On the other hand, to control price and simultaneously increase rice production, the government should purchase the rice from the farmers and then sell to private retailers.

Keywords: Domestic price of rice, Econometric model, Rice production, Sierra Leone.

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