Search results for: firm size

Authors: Suresh Sagadevan, A. Veeralakshmi

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Cadmium oxide (CdO) nanoparticles have been prepared by chemical coprecipitation method. The synthesized nanoparticles were characterized by X-ray diffraction analysis (XRD), scanning electron microscopy (SEM), transmission electron microscopy (TEM), UV analysis, and dielectric studies. The crystalline nature and particle size of the CdO nanoparticles were characterized by Powder X-ray diffraction analysis (XRD). The morphology of prepared CdO nanoparticles was studied by scanning electron microscopy. The particle size was studied using the transmission electron microscopy (TEM).The optical properties were obtained from UV-Vis absorption spectrum. The dielectric properties of CdO nanoparticles were studied in the frequency range of 50 Hz–5 MHz at different temperatures. The frequency dependence of the dielectric constant and dielectric loss is found to decrease with an increase in the frequency at different temperatures. The ac conductivity of CdO nanoparticle has been studied.

Keywords: Cadmium Oxide (CdO), XRD, SEM, Dielectric constant and Dielectric loss.

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Authors: Margaret F. Shipley

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Fuzzy logic can be used when knowledge is incomplete or when ambiguity of data exists. The purpose of this paper is to propose a proactive fuzzy set- based model for reacting to the risk inherent in investment activities relative to a complete view of portfolio management. Fuzzy rules are given where, depending on the antecedents, the portfolio size may be slightly or significantly decreased or increased. The decision maker considers acceptable bounds on the proportion of acceptable risk and return. The Fuzzy Controller model allows learning to be achieved as 1) the firing strength of each rule is measured, 2) fuzzy output allows rules to be updated, and 3) new actions are recommended as the system continues to loop. An extension is given to the fuzzy controller that evaluates potential financial loss before adjusting the portfolio. An application is presented that illustrates the algorithm and extension developed in the paper.

Keywords: Portfolio Management, Financial Market Monitoring, Fuzzy Controller, Fuzzy Logic,

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Authors: Santi Behera, M. Tripathy, J. K. Satapathy

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Power systems are operating under stressed condition due to continuous increase in demand of load. This can lead to voltage instability problem when face additional load increase or contingency. In order to avoid voltage instability suitable size of reactive power compensation at optimal location in the system is required which improves the load margin. This work aims at obtaining optimal size as well as location of compensation in the 39- bus New England system with the help of Bacteria Foraging and Genetic algorithms. To reduce the computational time the work identifies weak candidate buses in the system, and then picks only two of them to take part in the optimization. The objective function is based on a recently proposed voltage stability index which takes into account the weighted average sensitivity index is a simpler and faster approach than the conventional CPF algorithm. BFOA has been found to give better results compared to GA.

Keywords: BFOA, GA, SSVSL, WASI.

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Authors: Kong-Seng, Lai, Nor'Aini Yusof

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Organizational culture fosters innovation, and innovation is the main engine to be sustained within the uncertainty market. Like other countries, the construction industry significantly contributes to the economy, society and technology of Malaysia, yet, innovation is still considered slow compared to other industries such as manufacturing. Given the important role of an architect as the key player and the contributor of new ideas in the construction industry, there is a call to identify the issue and improve the current situation by focusing on the architectural firms. In addition, the existing studies tend to focus only on a few dimensions of organizational culture and very few studies consider whether innovation is being generated or adopted. Hence, the present research tends to fill in the gap by identifying the organizational cultures that foster or hinder innovation generation and/or innovation adoption, and propose a model of organizational culture and innovation generation and/or adoption.

Keywords: Innovation adoption, innovation generation, architectural firm, organizational culture

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Authors: S. Gharbi, S. Labidi, M. Mars, M. Chelli, F. Ladeb

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The purpose of this study is to reduce radiation dose for chest CT examination by including Tube Current Modulation (TCM) to a standard CT protocol. A scan of an anthropomorphic male Alderson phantom was performed on a 128-slice scanner. The estimation of effective dose (ED) in both scans with and without mAs modulation was done via multiplication of Dose Length Product (DLP) to a conversion factor. Results were compared to those measured with a CT-Expo software. The size specific dose estimation (SSDE) values were obtained by multiplication of the volume CT dose index (CTDIvol) with a conversion size factor related to the phantom’s effective diameter. Objective assessment of image quality was performed with Signal to Noise Ratio (SNR) measurements in phantom. SPSS software was used for data analysis. Results showed including CARE Dose 4D; ED was lowered by 48.35% and 51.51% using DLP and CT-expo, respectively. In addition, ED ranges between 7.01 mSv and 6.6 mSv in case of standard protocol, while it ranges between 3.62 mSv and 3.2 mSv with TCM. Similar results are found for SSDE; dose was higher without TCM of 16.25 mGy and was lower by 48.8% including TCM. The SNR values calculated were significantly different (p=0.03<0.05). The highest one is measured on images acquired with TCM and reconstructed with Filtered back projection (FBP). In conclusion, this study proves the potential of TCM technique in SSDE and ED reduction and in conserving image quality with high diagnostic reference level for thoracic CT examinations.

Keywords: Anthropomorphic phantom, computed tomography, CT-expo, radiation dose.

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Authors: Noor Ul Ain Bhatti, M. Junaid Khan, Javed Ahmad, Murtaza Saleem, Shahid M. Ramay, Saadat A. Siddiqi

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Manganese oxide is being recently used as electrode material for rechargeable batteries. In this study, Al incorporated Mn₂O₃ compositions were synthesized to study the effect of Al doping on electrochemical performance of host material. Structural studies were carried out using X-ray diffraction analysis to confirm the phase stability and explore the lattice parameters, crystallite size, lattice strain, density and cell volume. Morphology and composition were analyzed using field emission scanning electron microscope and energy dispersive X-ray spectroscopy, respectively. Dynamic light scattering analysis was performed to observe the average particle size of the compositions. FTIR measurements exhibit the O-Al-O and O-Mn-O and Al-O bonding and with increasing the concentration of Al, the vibrational peaks of Mn-O become sharper. An enhanced electrochemical performance was observed in compositions with higher Al content.

Keywords: Mn2O3, electrode materials, energy storage and conversion, electrochemical performance.

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Authors: B. Belfuguais, S. Larbi

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The work presented in this study is related to an energy system analysis based on passive cooling system for dwellings. It consists to solar chimney energy performances determination versus geometrical and environmental considerations as the size and inlet width conditions of the chimney. Adrar site located in the southern region of Algeria is chosen for this study according to ambient temperature and solar irradiance technical data availability. Obtained results are related to the glazing temperature distributions, the chimney air flow and internal wall temperatures. The air room change per hour (ACH) parameter, the outlet air velocity and mass air flow rate are also determined. It is shown that the chimney width has a significant effect on energy performances compared to its entry size. A good agreement is observed between these results and those obtained by others from the literature.

Keywords: Solar chimney, Energy performances, Passive ventilation, Numerical simulation

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Authors: Jukka Heinonen

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Higher density reduces distances, private car dependency and thus reduces greenhouse gas emissions (GHGs). As a result, increased density has been given a central role among urban development targets. However, it is not just travel behavior that changes along with density. Rather, the consumption patterns, or overall lifestyles, change along with changing urban structure, particularly with changing housing types and consumption opportunities. Furthermore, elevated consumption of services, more frequent flying and less intra-household sharing have been shown to potentially outweigh the gains from reduced driving in more dense urban settlements. In this study, the geography of carbon footprints (CFs) in California is analyzed paying close attention to the household size differences and the resulting economies-of-scale advantages and disadvantages. A hybrid life cycle assessment (LCA) framework is employed together with consumer expenditure data to assess the CFs. According to the study, small urban households have the highest CFs in California. Their transport related emissions are significantly lower than those of the residents of less urbanized areas, but higher emissions from other consumption categories, together with the low degree of sharing of goods, overweigh the gains. Two functional units, per capita and per household, are used to analyze the CFs and to demonstrate the importance of household size. The lifestyle impacts visible through the consumption data are also discussed. The study suggests that there are still significant gaps in our understanding of the premises of low-carbon human settlements.

Keywords: Carbon footprint, life cycle assessment, consumption, lifestyle, household size, economies-of-scale.

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Authors: A. S. Kipcak, P. Gurses, K. Kunt, E. Moroydor Derun, S. Piskin

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There are many kinds of metal borates found not only in nature but also synthesized in the laboratory such as magnesium borates. Due to its excellent properties, as remarkable ceramic materials, they have also application areas in anti-wear and friction reducing additives as well as electro-conductive treating agents. The synthesis of magnesium borate powders can be fulfilled simply with two different methods, hydrothermal and thermal synthesis. Microwave assisted method, also another way of producing magnesium borate, can be classified into thermal synthesis because of using the principles of solid state synthesis. It also contributes producing particles with small size and high purity in nano-size material synthesize. In this study the production of magnesium borates, are aimed using MgCl2.6H2O and H3BO3. The identification of both starting materials and products were made by the equipments of, X-Ray Diffraction (XRD) and Fourier Transform Infrared Spectroscopy (FT-IR). After several synthesis steps magnesium borates were synthesized and characterized by XRD and FT-IR, as well.

Keywords: FT-IR, magnesium borates, microwave method, XRD.

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Authors: Mikhail V. Khachaturyan

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The article analyzes problems of improving the management systems of the ownership risks in the conditions of the transformation of the Russian economy. Among the main sources of threats business owners should highlight is the inefficiency of the implementation of business models and interaction with hired managers. In this context, it is particularly important to analyze the relationship of business models and ownership risks. The analysis of this problem appears to be relevant for a number of reasons: Firstly, the increased risk appetite of the owner directly affects the business model and the composition of his holdings; secondly, owners with significant stakes in the company are factors in the formation of particular types of risks for owners, for which relations have a significant influence on a firm's competitiveness and ultimately determines its survival; and thirdly, inefficient system of management ownership of risk is one of the main causes of mass bankruptcies, which significantly affects the stable operation of the economy as a whole. The separation of the processes of possession, disposal and use in modern organizations is the cause of not only problems in the process of interaction between the owner and managers in managing the organization as a whole, but also the asymmetric information about the kinds and forms of the main risks. Managers tend to avoid risky projects, inhibit the diversification of the organization's assets, while owners can insist on the development of such projects, with the aim not only of creating new values for themselves and consumers, but also increasing the value of the company as a result of increasing capital. In terms of separating ownership and management, evaluation of projects by the ratio of risk-yield requires preservation of the influence of the owner on the process of development and making management decisions. It is obvious that without a clearly structured system of participation of the owner in managing the risks of their business, further development is hopeless. In modern conditions of forming a risk management system, owners are compelled to compromise between the desire to increase the organization's ability to produce new value, and, consequently, increase its cost due to the implementation of risky projects and the need to tolerate the cost of lost opportunities of risk diversification. Improving the effectiveness of the management of ownership risks may also contribute to the revitalization of creditors on implementation claims to inefficient owners, which ultimately will contribute to the efficiency models of ownership control to exclude variants of insolvency. It is obvious that in modern conditions, the success of the model of the ownership of risk management and audit is largely determined by the ability and willingness of the owner to find a compromise between potential opportunities for expanding the firm's ability to create new value through risk and maintaining the current level of new value creation and an acceptable level of risk through the use of models of diversification.

Keywords: Risk management, ownership risks, economic transformation, Russian economy, management systems.

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Authors: Esther T. Akinlabi, Stephen A. Akinlabi

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This paper reports on the effects of heat treatment on 3CR12 and AISI 316 stainless steel grades. Heat treatment was conducted on the steel grades and cooled using two different media; air and water in order to study the effect of each medium on the evolving properties of the samples. The heat treated samples were characterized through the evolving microstructure and hardness. It was found that there was a significant grain size reduction in both the heat treated stainless steel specimens compared to the parent materials. The finer grain sizes were achieved as a result of impediment to growth of one phase by the other. The Vickers microhardness values of the heat treated samples were higher compared to the parent materials due to the fact that each of the steel grades had a proportion of martensitic structures in their microstructures thereby improving the integrity of the material.

Keywords: Austenite, Ferrite, Grain size, Hardness, Martensite, Microstructure and stainless steel.

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Authors: A. Karimzad Ghavidel, M. Zadshakouyan

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Laser cutting is a very common production method for cutting 2D polymeric parts. Developing of polymer composites with nano-fibers makes important their other properties like laser workability. The aim of this research is investigation of the influence different laser cutting conditions on the dimensional accuracy of parts and holes from poly methyl methacrylate (PMMA)/carbon nanotubes (CNTs) material. Experiments were carried out by considering of CNTs (in four level 0,0.5, 1 and 1.5% wt.%), laser power (60, 80, and 100 watt) and cutting speed 20, 30, and 40 mm/s as input variable factors. The results reveal that CNTs adding improves the laser workability of PMMA and the increasing of power has a significant effect on the part and hole size. The findings also show cutting speed is effective parameter on the size accuracy. Eventually, the statistical analysis of results was done, and calculated mathematical equations by the regression are presented for determining relation between input and output factor.

Keywords: Dimensional accuracy-PMMA-CNTs-laser cutting.

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Authors: Helene Martin, Solmaz Boroomandi Barati, Jean-Charles Pinoli, Stephane Valette, Yann Gavet

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In the present work we developed an image processing algorithm to measure water droplets characteristics during dropwise condensation on pillared surfaces. The main problem in this process is the similarity between shape and size of water droplets and the pillars. The developed method divides droplets into four main groups based on their size and applies the corresponding algorithm to segment each group. These algorithms generate binary images of droplets based on both their geometrical and intensity properties. The information related to droplets evolution during time including mean radius and drops number per unit area are then extracted from the binary images. The developed image processing algorithm is verified using manual detection and applied to two different sets of images corresponding to two kinds of pillared surfaces.

Keywords: Dropwise condensation, textured surface, image processing, watershed.

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Authors: Zulkufly Ramly

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This paper attempts to investigate the effect of corporate governance and shareholder monitoring mechanisms on cost of debt of Malaysian listed firms. We assess the quality of corporate governance using comprehensive corporate governance index, which consists of 139 items in six broad categories. We classify shareholder monitoring mechanisms into concentrated ownership, family, insider and government ownerships. Using panel sample from 2003 to 2007, regression results show that high corporate governance quality and concentrated ownership lower firm cost of debt. Debt issuers consider board structure and procedures, board compensation practices, accountability and audit, transparency and social and environmental activities as integral components of a good corporate governance framework.

Keywords: Corporate governance index, cost of debt, ownership structure, Malaysia.

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Authors: Haode Huo, Jingjing He, Rui Kang, Xuefei Guan

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This paper presents a study of Lamb wave damage diagnosis of composite delamination using instantaneous phase data. Numerical experiments are performed using the finite element method. Different sizes of delamination damages are modeled using finite element package ABAQUS. Lamb wave excitation and responses data are obtained using a pitch-catch configuration. Empirical mode decomposition is employed to extract the intrinsic mode functions (IMF). Hilbert–Huang Transform is applied to each of the resulting IMFs to obtain the instantaneous phase information. The baseline data for healthy plates are also generated using the same procedure. The size of delamination is correlated with the instantaneous phase change for damage diagnosis. It is observed that the unwrapped instantaneous phase of shows a consistent behavior with the increasing delamination size.

Keywords: Delamination, lamb wave, finite element method, EMD, instantaneous phase.

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Authors: Paul Okonkwo, Howard Smith

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A study to estimate the size of the cabin and major aircraft components as well as detect and avoid interference between internally placed components and the external surface, during the conceptual design synthesis and optimisation to explore the design space of a BWB, was conducted. Sizing of components follows the Bradley cabin sizing and rubber engine scaling procedures to size the cabin and engine respectively. The interference detection and avoidance algorithm relies on the ability of the Class Shape Transform parameterisation technique to generate polynomial functions of the surfaces of a BWB aircraft configuration from the sizes of the cabin and internal objects using few variables. Interference detection is essential in packaging of non-conventional configuration like the BWB because of the non-uniform airfoil-shaped sections and resultant varying internal space. The unique configuration increases the need for a methodology to prevent objects from being placed in locations that do not sufficiently enclose them within the geometry.

Keywords: Packaging, Optimisation, BWB, Parameterisation, Aircraft Conceptual Design.

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Authors: Safak Baykal

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The purpose of this study is analyzing the relationship between trust and social capital of people with using Social Network Analysis. In this study, two aspects of social capital will be focused: Bonding, homophilous social capital (BoSC), and Bridging, heterophilous social capital (BrSC). These two aspects diverge each other regarding to the social theories. The other concept of the study is Trust (Tr), namely interpersonal trust, willing to ascribe good intentions to and have confidence in the words and actions of other people. In this study, the sample group, 61 people, was selected from a private firm from the defense industry. The relation between BoSC/BrSC and Tr is shown by using Social Network Analysis (SNA) and statistical analysis with Likert type-questionnaire. The results of the analysis show the Cronbach’s alpha value is 0.756 and social capital values (BoSC/BrSC) is not correlated with Tr values of the people.

Keywords: Social capital, interpersonal trust, social network analysis (SNA).

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Authors: S. Rawangwong, J. Chatthong, W. Boonchouytan

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The objective of the research was to study of foot anthropometry of children aged 7-12 years in the South of Thailand Thirty-three dimensions were measured on 305 male and 295 female subjects with 3 age ranges (7-12 years old). The instrumentation consists of four types of anthropometer, digital vernier caliper, digital height gauge and measuring tape. The mean values and standard deviations of average age, height, and weight of the male subjects were 9.52(±1.70) years, 137.80(±11.55) cm, and 37.57(±11.65) kg. Female average age, height, and weight subjects were 9.53(±1.70) years, 137.88(±11.55) cm, and 34.90(±11.57) kg respectively. The comparison of the 33 comparison measured anthropometric. Between male and female subjects were sexual differences in size on women in almost all areas of significance (p<0.05). The comparison of size and proportion elementary school students 11-12 years old men in Southern of Thailand with Thai boys aged 11-12 years of industrial standards at stage 4 year A.D. 2000-2001 Number nine ratio. Concluded that students male in Southern of Thailand has a size different from the proportions of research Industrial Standards. Ministry of Industry, Phase 4, when every year from A.D. 2000-2001 ratio was significantly (p<0.05).All of the feet studied were classified into 4 categories according to the ratios of diagonal foot breadth to the maximum foot length and heel breadth to the foot breadth. They were short but thick, small but long, small, and large. The numbers of the males feet classified in these categories were 86, 64, 40, and 115 persons or 28.20, 20.98, 13.11, and 37.70% respectively. For the female feet, the same values were 46, 59, 81, and 109 persons or 15.59, 20.00, 27.46, and 36.95% respectively.

Keywords: Ergonomics, foot anthropometry, male and female, primary school children

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Authors: Chiara Verbano, Maria Crema, Karen Venturini

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The company-s ability to draw on a range of external sources to meet their needs for innovation, has been termed 'open innovation' (OI). Very few empirical analyses have been conducted on Small and Medium Enterprises (SMEs) to the extent that they describe and understand the characteristics and implications of this new paradigm. The study's objective is to identify and characterize different modes of OI, (considering innovation process phases and the variety and breadth of the collaboration), determinants, barriers and motivations in SMEs. Therefore a survey was carried out among Italian manufacturing firms and a database of 105 companies was obtained. With regard to data elaboration, a factorial and cluster analysis has been conducted and three different OI modes have emerged: selective low open, unselective open upstream, and mid- partners integrated open. The different behaviours of the three clusters in terms of determinants factors, performance, firm-s technology intensity, barriers and motivations have been analyzed and discussed.

Keywords: Open innovation, R&D management, SMEs.

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Authors: Xiangbin Zhu

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Advances in computing applications in recent years have prompted the demand for more flexible scheduling models for QoS demand. Moreover, in practical applications, partly violated temporal constraints can be tolerated if the violation meets certain distribution. So we need extend the traditional Liu and Lanland model to adapt to these circumstances. There are two extensions, which are the (m, k)-firm model and Window-Constrained model. This paper researches on weakly hard real-time constraints and their combination to support QoS. The fact that a practical application can tolerate some violations of temporal constraint under certain distribution is employed to support adaptive QoS on the open real-time system. The experiment results show these approaches are effective compared to traditional scheduling algorithms.

Keywords: Weakly Hard Real-Time, Real-Time, Scheduling, Quality of Service.

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Authors: Asep Bayu Dani Nandiyanto, Asep Suhendi, Yutaka Kisakibaru, Takashi Ogi, Kikuo Okuyama

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An ordered porous antimony-doped tin oxide (ATO) film was successfully prepared using a simple coating process with colloidal templates. The facile production was effective when a combination of 16-nm ATO (as a model of an inorganic nanoparticle) and polystyrene (PS) spheres (as a model of the template) weresimply coated to produce a composite ATO/PS film. Heat treatment was then used to remove the PS and produce the porous film. The porous film with a spherical pore shape and a highly ordered porous structure could be obtained. A potential way for the control of pore size could be also achieved by changing initial template size. The theoretical explanation and mechanism of porous formation were also added, which would be important for the scaling-up prediction and estimation.

Keywords: Porous structure film; ATO particle; Ultra-low refractive index; vertical drop method; Low-density material;

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Authors: Erika Yamaguchi, Sirawadee Arunyanrt, Shunichi Ohmori, Kazuho Yoshimoto

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In this paper, we suggest a simulation tool to make a decision of monthly production planning for maximizing a profit of Specialty store retailer of Private label Apparel (SPA) firms. Most of SPA firms are fabless and make outsourcing deals for productions with factories of their subcontractors. Every month, SPA firms make a booking for production lines and manpower in the factories. The booking is conducted a few months in advance based on a demand prediction and a monthly production planning at that time. However, the demand prediction is updated month by month, and the monthly production planning would change to meet the latest demand prediction. Then, SPA firms have to change the capacities initially booked within a certain range to suit to the monthly production planning. The booking system is called “capacity-booking”. These days, though it is an issue for SPA firms to make precise monthly production planning, many firms are still conducting the production planning by empirical rules. In addition, it is also a challenge for SPA firms to match their products and factories with considering their demand predictabilities and regulation abilities. In this paper, we suggest a model for considering these two issues. An objective is to maximize a total profit of certain periods, which is sales minus costs of production, inventory, and capacity-booking penalty. To make a better monthly production planning at SPA firms, these points should be considered: demand predictabilities by random trends, previous and next month’s production planning of the target month, and regulation abilities of the capacity-booking. To decide matching products and factories for outsourcing, it is important to consider seasonality, volume, and predictability of each product, production possibility, size, and regulation ability of each factory. SPA firms have to consider these constructions and decide orders with several factories per one product. We modeled these issues as a linear programming. To validate the model, an example of several computational experiments with a SPA firm is presented. We suppose four typical product groups: basic, seasonal (Spring / Summer), seasonal (Fall / Winter), and spot product. As a result of the experiments, a monthly production planning was provided. In the planning, demand predictabilities from random trend are reduced by producing products which are different product types. Moreover, priorities to produce are given to high-margin products. In conclusion, we developed a simulation tool to make a decision of monthly production planning which is useful when the production planning is set every month. We considered the features of capacity-booking, and matching of products and factories which have different features and conditions.

Keywords: Capacity-booking, SPA, monthly production planning, linear programming.

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Authors: Abdel-Aziz M. Mohamed

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This paper presents a state-of-the-art survey of the operations research models developed for internal audit planning. Two alternative approaches have been followed in the literature for audit planning: (1) identifying the optimal audit frequency; and (2) determining the optimal audit resource allocation. The first approach identifies the elapsed time between two successive audits, which can be presented as the optimal number of audits in a given planning horizon, or the optimal number of transactions after which an audit should be performed. It also includes the optimal audit schedule. The second approach determines the optimal allocation of audit frequency among all auditable units in the firm. In our review, we discuss both the deterministic and probabilistic models developed for audit planning. In addition, game theory models are reviewed to find the optimal auditing strategy based on the interactions between the auditors and the clients.

Keywords: Operations research applications, audit frequency, audit planning, audit-staff scheduling.

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Authors: Baisa L. Gunjal, Suresh N. Mali

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Medical images require special safety and confidentiality because critical judgment is done on the information provided by medical images. Transmission of medical image via internet or mobile phones demands strong security and copyright protection in telemedicine applications. Here, highly secured and robust watermarking technique is proposed for transmission of image data via internet and mobile phones. The Region of Interest (ROI) and Non Region of Interest (RONI) of medical image are separated. Only RONI is used for watermark embedding. This technique results in exact recovery of watermark with standard medical database images of size 512x512, giving 'correlation factor' equals to 1. The correlation factor for different attacks like noise addition, filtering, rotation and compression ranges from 0.90 to 0.95. The PSNR with weighting factor 0.02 is up to 48.53 dBs. The presented scheme is non blind and embeds hospital logo of 64x64 size.

Keywords: Compression, DWT, ROI, Scrambling, Vertices

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Authors: Manu Krishnan, Phil Jacoby

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In this paper, we discuss the paradigm shift in bank capital from the “gone concern" to the “going concern" mindset. We then propose a methodology for pricing a product of this shift called Contingent Capital Notes (“CoCos"). The Merton Model can determine a price for credit risk by using the firm-s equity value as a call option on those assets. Our pricing methodology for CoCos also uses the credit spread implied by the Merton Model in a subsequent derivative form created by John Hull et al . Here, a market implied asset volatility is calculated by using observed market CDS spreads. This implied asset volatility is then used to estimate the probability of triggering a predetermined “contingency event" given the distanceto- trigger (DTT). The paper then investigates the effect of varying DTTs and recovery assumptions on the CoCo yield. We conclude with an investment rationale.

Keywords: CoCo, Contingent capital, Bank Capital, Tier1 Capital

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Authors: Y. Mohammadi, H. M. Ghasemzadeh, T. B. Talari, M. A. Ghorbani

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Concrete pavement has superior durability and longer structural life than asphalt pavement. Concrete pavement requires less maintenance compared to asphalt pavement which requires maintenance and major rehabilitation. Use of the concrete pavement has been grown over the past decade in developing countries. Fibre reinforced concrete (FRC) has been successfully used in design of concrete pavement in past decade. In this research, the effect of fibre volume fraction in modulus of rupture, load-deflection, equivalent flexural strength (fe,3) and the equivalent flexural strength ratio (Re,3) has been used in different fibre volume fraction. Crimped-type flat steel fibre of size 50 x 2.0 x 0.6 mm was used with 1.0%, 1.5% and 2.0% volume fraction. Beam specimens of size 500 x 100 x 100 mm were used for flexural as well as with JCI method for analysis flexural toughness, equivalent flexural strength. It was obtained as the 2% fibre volume fractions; reduce 45% of the concrete pavement thickness.

Keywords: Concrete pavement, Equivalent flexural strength, Fibre, Load-deflection curves.

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Authors: Raif Parlakkaya, Ahmet Diken, Erkan Kara

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This paper examines the relationship between corporate governance rating and stock prices of 26 Turkish firms listed in Turkish stock exchange (Borsa Istanbul) by using panel data analysis over five-year period. The paper also investigates the stock performance of firms with governance rating with regards to the market portfolio (i.e. BIST 100 Index) both prior and after governance scoring began. The empirical results show that there is no relation between corporate governance rating and stock prices when using panel data for annual variation in both rating score and stock prices. Further analysis indicates surprising results that while the selected firms outperform the market significantly prior to rating, the same performance does not continue afterwards.

Keywords: Corporate governance, stock price, performance, panel data analysis.

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Authors: Jessada Monthasuwan, Charinsak Saetiaw, Chanchai Thongsopa

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This paper presents the development and design of the curved rectangular patch arrays antenna for small missile application. This design uses a 0.1mm flexible copper sheet on the front layer and back layer, and a 1.8mm PVC substrate on a middle layer. The study used a small missile model with 122mm diameter size with speed 1.1 Mach and frequency range on ISM 2.4 GHz. The design of curved antenna can be installation on a cylindrical object like a missile. So, our proposed antenna design will have a small size, lightweight, low cost and simple structure. The antenna was design and analysis by a simulation result from CST microwave studio and confirmed with a measurement result from a prototype antenna. The proposed antenna has a bandwidth covering the frequency range 2.35-2.48 GHz, the return loss below -10 dB and antenna gain 6.5 dB. The proposed antenna can be applied with a small guided missile effectively.

Keywords: Rectangular path arrays, small missile antenna.

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Authors: Z. Ghobadi, Z. Hamidi- Esfahani, M. H. Azizi

Abstract:

In the present study, the oleaginous fungus Mortierella alpina CBS 754.68 was screened for arachidonic acidproduction using inexpensive agricultural by-products as substrate. Four oilcakes were analysed to choose the best substrate among them. Sunflower oilcake was the most effective substrate for ARA production followed by soybean, colza and olive oilcakes. In the next step, seven variables including substrate particle size, moisture content, time, temperature, yeast extract supply, glucose supply and glutamate supply were surveyed and effective variables for ARA production were determined using a Plackett-Burman screening design. Analysis results showed that time (12 days), substrate particle size (1-1.4 mm) and temperature (20ºC) were the most effective variables for the highest level of ARA production respectively.

Keywords: Arachidonic acid, Mortierella alpine, Solid-statefermentation, Plackett-Burman design

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Authors: H. Barati, M. Wu, A. Kharicha, A. Ludwig

Abstract:

A transient model for nozzle clogging has been developed and successfully validated against a laboratory experiment. Key steps of clogging are considered: transport of particles by turbulent flow towards the nozzle wall; interactions between fluid flow and nozzle wall, and the adhesion of the particle on the wall; the growth of the clog layer and its interaction with the flow. The current paper is to investigate the mesh (size and type) sensitivity of the model in both two and three dimensions. It is found that the algorithm for clog growth alone excluding the flow effect is insensitive to the mesh type and size, but the calculation including flow becomes sensitive to the mesh quality. The use of 2D meshes leads to overestimation of the clog growth because the 3D nature of flow in the boundary layer cannot be properly solved by 2D calculation. 3D simulation with tetrahedron mesh can also lead to an error estimation of the clog growth. A mesh-independent result can be achieved with hexahedral mesh, or at least with triangular prism (inflation layer) for near-wall regions.

Keywords: Clogging, nozzle, numerical model, simulation.

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