Search results for: Gases exchange

Authors: G. Gradinaru, S. Olteanu

Abstract:

The quality improvements of the environmental elements could increase the recreational opportunities in a certain area (destination). The technique of the need for recreation focuses on choosing certain destinations for recreational purposes. The basic exchange taken into consideration is the one between the satisfaction gained after staying in that area and the value expressed in money and time allocated. The number of tourists in the respective area, the duration of staying and the money spent including transportation provide information on how individuals rank the place or certain aspects of the area (such as the quality of the environmental elements). For the statistical analysis of the environmental benefits offered by an area through the need of recreation technique, the following stages are suggested: - characterization of the reference area based on the statistical variables considered; - estimation of the environmental benefit through comparing the reference area with other similar areas (having the same environmental characteristics), from the perspective of the statistical variables considered. The model compared in recreation technique faced with a series of difficulties which refers to the reference area and correct transformation of time in money.

Keywords: Comparison in recreation technique, the quality of the environmental elements, statistical analysis model.

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Authors: M. Feliciano, F. Maia, A. Gonçalves

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Olive oil production sector plays an important role in Portuguese economy. It had a major growth over the last decade, increasing its weight in the overall national exports. International market penetration for Mediterranean traditional products is increasingly more demanding, especially in the Northern European markets, where consumers are looking for more sustainable products. Trying to support this growing demand this study addresses olive oil production under the environmental and eco-efficiency perspectives. The analysis considers two consecutive product life cycle stages: olive trees farming; and olive oil extraction in mills. Addressing olive farming, data collection covered two different organizations: a middle-size farm (~12ha) (F1) and a large-size farm (~100ha) (F2). Results from both farms show that olive collection activities are responsible for the largest amounts of Green House Gases (GHG) emissions. In this activities, estimate for the Carbon Footprint per olive was higher in F2 (188g CO₂e/kg_olive) than in F1 (148g CO₂e/kg_olive). Considering olive oil extraction, two different mills were considered: one using a two-phase system (2P) and other with a three-phase system (3P). Results from the study of two mills show that there is a much higher use of water in 3P. Energy intensity (EI) is similar in both mills. When evaluating the GHG generated, two conditions are evaluated: a biomass neutral condition resulting on a carbon footprint higher in 3P (184g CO₂e/L_{olive oil}) than in 2P (92g CO₂e/L_{olive oil}); and a non-neutral biomass condition in which 2P increase its carbon footprint to 273g CO₂e/L_{olive oil}. When addressing the carbon footprint of possible combinations among studied subsystems, results suggest that olive harvesting is the major source for GHG.

Keywords: Carbon footprint, environmental indicators, farming subsystem, industrial subsystem, olive oil.

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Authors: Tina Vuko, Marija Maretić, Marko Čular

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The aim of this study is to analyze the role and effectiveness of internal mechanism (audit committee) of corporate governance on credit institutions performance in Croatia. Based on research objective, sample of 78 credit institutions listed on Zagreb Stock Exchange, from 2007 to 2012, has been collected and efficiency index of audit committee (EIAC) has been created. Based on the sample and created EIAC, conclusions are as follows: audit committees of credit institutions have medium efficiency, based on EIAC measurement; there is a significant difference in audit committee effectiveness, in observed period; there is no positive relationship between audit committee effectiveness and credit institution performance; there is a significant difference between level of audit committee effectiveness and audit firm type. Future research should contain increased number of elements in EIAC creation and increased sample, for all obligators who need to establish audit committee.

Keywords: Corporate Governance, Audit Committee, Financial Institutions, Efficiency Index of Audit Committee.

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Authors: D. Mowla, N. Rasti, P. Keshavarz

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Reduction of fossil fuels sources, increasing of pollution gases emission, and global warming effects increase the demand of renewable fuels. One of the main candidates of alternative fuels is biodiesel. Biodiesel limits greenhouse gas effects due to the closed CO₂ cycle. Biodiesel has more biodegradability, lower combustion emissions such as CO, SO_x, HC, PM and lower toxicity than petro diesel. However, biodiesel has high production cost due to high price of plant oils as raw material. So, the utilization of waste cooking oils (WCOs) as feedstock, due to their low price and disposal problems reduce biodiesel production cost. In this study, production of biodiesel by transesterification of methanol and WCO using modified sodic potassic (SP) clinoptilolite zeolite and sodic potassic calcic (SPC) clinoptilolite zeolite as heterogeneous catalysts have been investigated. These natural clinoptilolite zeolites were modified by KOH solution to increase the site activity. The optimum biodiesel yields for SP clinoptilolite and SPC clinoptilolite were 95.8% and 94.8%, respectively. Produced biodiesel were analyzed and compared with petro diesel and ASTM limits. The properties of produced biodiesel confirm well with ASTM limits. The density, kinematic viscosity, cetane index, flash point, cloud point, and pour point of produced biodiesel were all higher than petro diesel but its acid value was lower than petro diesel. Finally, the reusability and regeneration of catalysts were investigated. The results indicated that the spent zeolites cannot be reused directly for the transesterification, but they can be regenerated easily and can obtain high activity.

Keywords: Biodiesel, renewable fuel, transesterification, waste cooking oil.

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Authors: S. Tunmee, P. Wongpanya, I. Toda, X. L. Zhou, Y. Nakaya, N. Konkhunthot, S. Arakawa, H. Saitoh

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The hydrogenated amorphous carbon films (α-C:H) were deposited on p-type Si (100) substrates at different thicknesses by radio frequency plasma enhanced chemical vapor deposition technique (rf-PECVD). Raman spectra display asymmetric diamond-like carbon (DLC) peaks, representative of the α-C:H films. The decrease of intensity ID/IG ratios revealed the sp3 content arise at different thicknesses of the α-C:H films. In terms of mechanical properties, the high hardness and elastic modulus values showed the elastic and plastic deformation behaviors related to sp3 content in amorphous carbon films. Electrochemical properties showed that the α-C:H films exhibited excellent corrosion resistance in air-saturated 3.5 wt.% NaCl solution for pH 2 at room temperature. Thickness increasing affected the small sp2 clusters in matrix, restricting the velocity transfer and exchange of electrons. The deposited α-C:H films exhibited excellent mechanical properties and corrosion resistance.

Keywords: Thickness, Mechanical properties, Electrochemical corrosion properties, α-C:H film.

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Authors: R. Ziaie Moayed, H. Keshavarz Hedayati

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Over recent years, due to increased population and increased waste production, groundwater protection has become more important, therefore, designing engineered barrier systems such as landfill liners to prevent the entry of leachate into groundwater should be done with greater accuracy. These measures generally involve the application of low permeability soils such as clays. Bentonite is a natural clay with low permeability which makes it a suitable soil for using in liners. Also zeolite with high cation exchange capacity can help to reduce of hazardous materials risk. Bentonite expands when wet, absorbing as much as several times its dry mass in water. This property may effect on some structural properties of soil such as shear strength. In present study, shear strength parameters are determined by both leachates polluted and not polluted bentonite-amended zeolite soil with mixing rates (B/Z) of 5%-10% and 20% with unconfined compression test to obtain the differences. It is shown that leachate presence causes reduction in resistance in general.

Keywords: Bentonite, zeolite, leachate, shear strength parameters, unconfined compression tests.

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Authors: Gomaa N. Abdel-Rahman, Nadia R. A. Nassar, Yehia A. Heikal, Mahmoud A. M. Abou-Donia, Mohamed M. Naguib, Mohamed Fadel

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Cane molasses is used as a raw material for the production of baker’s yeast (Saccharomyces cerevisiae) in Egypt. The high levels of heavy metals in molasses cause a critical problem during fermentation and cause various kinds of technological difficulties (yield and quality of yeast become lower). The aim of the present study was to determine heavy metal concentrations (cadmium, nickel, lead, and copper) in crude and treated molasses obtained from the storage tanks of the baker’s yeast factory through four seasons. Also, the effect of crude molasses treatment by different methods (at laboratory scale) on heavy metals reduction and its comparison with factory treated molasses were conducted. The molasses samples obtained at autumn season had the highest values of all the studied heavy metals. The molasses treated by cation exchange resin then sulfuric acid had the lowest concentrations of heavy metals compared with other treatments.

Keywords: Molasses, baker’s yeast, heavy metals, treatment.

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Authors: A. Iqbal, N. Khalid, S. Rafiq

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The interrelationship between international stock markets has been a key study area among the financial market researchers for international portfolio management and risk measurement. The characteristics of security returns and their dynamics play a vital role in the financial market theory. This study is an attempt to find out the dynamic linkages among the equity market of USA and emerging markets of Pakistan and India using daily data covering the period of January 2003–December 2009. The study utilizes Johansen (Journal of Economic Dynamics and Control, 12, 1988) and Johansen and Juselius (Oxford Bulletin of Economics and Statistics, 52, 1990) cointegration procedure for long run relationship and Granger-causality tests based on Toda and Yamamoto (Journal of Econometrics, 66, 1995) methodology. No cointegration was found among stock markets of USA, Pakistan and India, while Granger-causality test showed the evidence of unidirectional causality running from New York stock exchange to Bombay and Karachi stock exchanges.

Keywords: Causality, Cointegration, India, Pakistan, Stock Markets, US.

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Authors: Ren Jian-min, Wu Si-wei, Jin Wei

Abstract:

CTMA-bentonite and BTEA-Bentonite prepared by Na-bentonite cation exchanged with cetyltrimethylammonium(CTMA) and benzyltriethylammonium (BTEA). Products were characterized by XRD and IR techniques.The d001 spacing value of CTMA-bentonite and BTEA-bentonite are 7.54Å and 3.50Å larger than that of Na-bentonite at 100% cation exchange capacity, respectively. The IR spectrum showed that the intensities of OH stretching and bending vibrations of the two organoclays decreased greatly comparing to untreated Na-bentonite. Batch experiments were carried out at 303 K, 318 K and 333 K to obtain the sorption isotherms of Crystal violet onto the two organoclays. The results show that the sorption isothermal data could be well described by Freundlich model. The dynamical data for the two organoclays fit well with pseudo-second-order kinetic model. The adsorption capacity of CTMA-bentonite was found higher than that of BTEA-Bentonite. Thermodynamic parameters such as changes in the free energy (ΔG°), the enthalpy (ΔH°) and the entropy (ΔS°) were also evaluated. The overall adsorption process of Crystal violet onto the two organoclays were spontaneous, endothermic physisorption. The CTMA-bentonite and BTEA-Bentonite could be employed as low-cost alternatives to activated carbon in wastewater treatment for the removal of color which comes from textile dyes.

Keywords: Characterization, Adsorption, Crystal violet, Bentonite, BTEA, CTMA

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Authors: Tatyana T. Tabakova, Elitsa N. Kolentsova, Dimitar Y. Dimitrov, Krasimir I. Ivanov, Yordanka G. Karakirova, Petya Cv. Petrova, Georgi V. Avdeev

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The catalytic oxidation of CO and volatile organic compounds (VOCs) is considered as one of the most efficient ways to reduce harmful emissions from various chemical industries. The effectiveness of gold-based catalysts for many reactions of environmental significance was proven during the past three decades. The aim of this work was to combine the favorable features of Au and Cu-Ce mixed oxides in the design of new catalytic materials of improved efficiency and economic viability for removal of air pollutants in waste gases from formaldehyde production. Supported oxides of copper and cerium with Cu: Ce molar ratio 2:1 and 1:5 were prepared by wet impregnation of g-alumina. Gold (2 wt.%) catalysts were synthesized by a deposition-precipitation method. Catalysts characterization was carried out by texture measurements, powder X-ray diffraction, temperature programmed reduction and electron paramagnetic resonance spectroscopy. The catalytic activity in the oxidation of CO, CH₃OH and (CH₃)₂O was measured using continuous flow equipment with fixed bed reactor. Both Cu-Ce/alumina samples demonstrated similar catalytic behavior. The addition of gold caused significant enhancement of CO and methanol oxidation activity (100 % degree of CO and CH₃OH conversion at about 60 and 140 ^oC, respectively). The composition of Cu-Ce mixed oxides affected the performance of gold-based samples considerably. Gold catalyst on Cu-Ce/γ-Al₂O₃ 1:5 exhibited higher activity for CO and CH₃OH oxidation in comparison with Au on Cu-Ce/γ-Al₂O₃ 2:1. The better performance of Au/Cu-Ce 1:5 was related to the availability of highly dispersed gold particles and copper oxide clusters in close contact with ceria.

Keywords: CO and VOCs oxidation, copper oxide, ceria, gold catalysts.

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Authors: Nariman O. Kandil, Ehab K. Abou-Elkheir, Amr M. Kotb

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Effective IT governance guarantees the strategic alignment of IT and business goals, risk mitigation control, and better IT and business performance. This study seeks to examine empirically the extent of IT governance implementation within the firms listed on the Egyptian Stock Exchange (EGX30) and its determinants. Accordingly, 18 semi-structured interviews, face to face, phone, and video-conferencing, using various tools (e.g., WebEx, Zoom, and Microsoft Teams) were undertaken at the interviewees’ offices in Egypt between the end of November 2019 and the end of August 2020. Results suggest that there are variances in the extent of IT Governance (ITG) implementation within the firms listed on the EGX30, mainly caused by the industry type and internal and external triggers. The results also suggest that the organization size, the type of auditor, the criticality of the industry, the effective processes & key performance indicators (KPIs), and the information intensity expertise of the chief information officers (CIOs) have a significant impact on ITG implementation within the firms.

Keywords: Effective IT governance, Egyptian Market, information security, risk controls.

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Authors: B. A. Lawal, A. G. Ojanuga, P. A. Tsado, A. Mohammed

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This work assessed some properties of three pedons on a toposequence in Ijah-Gbagyi district in Niger State, Nigeria. The pedons were designated as JG1, JG2 and JG3 representing the upper, middle and lower slopes respectively. The surface soil was characterized by dark yellowish brown (10YR3/4) color at the JG1 and JG2 and very dark grayish brown (10YR3/2) color at JG3. Sand dominated the mineral fraction and its content in the surface horizon decreased down the slope, whereas silt content increased down the slope due to sorting by geological and pedogenic processes. Although organic carbon (OC), total nitrogen (TN) and available phosphorus (P) were rated high, TN and available P decreased down the slope. High cation exchange capacity (CEC) was an indication that the soils have high potential for plant nutrients retention. The pedons were classified as Typic Haplustepts/ Haplic Cambisols (Eutric), Plinthic Petraquepts/ Petric Plinthosols (Abruptic) and Typic Endoaquepts/ Endogleyic Cambisols (Endoclayic).

Keywords: Ecological region, landscape positions, soil characterization, soil classification.

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Authors: Krasimir I. Ivanov, Elitsa N. Kolentsova, Dimitar Y. Dimitrov, Georgi V. Avdeev, Tatyana T. Tabakova

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In recent research copper and manganese systems were found to be the most active in CO and organic compounds oxidation among the base catalysts. The mixed copper manganese oxide has been widely studied in oxidation reactions because of their higher activity at low temperatures in comparison with single oxide catalysts. The results showed that the formation of spinel CuxMn3−xO4 in the oxidized catalyst is responsible for the activity even at room temperature. That is why the most of the investigations are focused on the hopcalite catalyst (CuMn2O4) as the best coppermanganese catalyst. Now it’s known that this is true only for CO oxidation, but not for mixture of CO and VOCs. The purpose of this study is to investigate the alumina supported copper-manganese catalysts with different Cu/Mn molar ratio in terms of oxidation of CO, methanol and dimethyl ether. The catalysts were prepared by impregnation of γ-Al2O3 with copper and manganese nitrates and the catalytic activity measurements were carried out in two stage continuous flow equipment with an adiabatic reactor for simultaneous oxidation of all compounds under the conditions closest possible to the industrial. Gas mixtures on the input and output of the reactor were analyzed with a gas chromatograph, equipped with FID and TCD detectors. The texture characteristics were determined by low-temperature (- 196oС) nitrogen adsorption in a Quantachrome Instruments NOVA 1200e (USA) specific surface area & pore analyzer. Thermal, XRD and TPR analyses were performed. It was established that the active component of the mixed Cu- Mn/γ–alumina catalysts strongly depends on the Cu/Mn molar ratio. Highly active alumina supported Cu-Mn catalysts for CO, methanol and DME oxidation were synthesized. While the hopcalite is the best catalyst for CO oxidation, the best compromise for simultaneous oxidation of all components is the catalyst with Cu/Mn molar ratio 1:5.

Keywords: Supported copper-manganese catalysts, CO and VOCs oxidation.

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Authors: Mădălina Maria Gîrbină, Cătălin Nicolae Albu, Nadia Albu

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After the accounting scandals and the financial crisis, regulators have stressed the need for more financial experts on boards. Several studies conducted in countries with developed capital markets report positive effects of board financial competencies. As each country offers a different context and specific institutional factors this paper addresses the subject in the context of Romania. The Romanian capital market offers an interesting research field because of the heterogeneity of listed firms. After analyzing board members education based on public information posted on listed companies websites and their annual reports we found a positive association between the proportion of board members holding a postgraduate degree in financial fields and market based performance measured by Tobin q. We found also that the proportion of Board members holding degrees in financial fields is higher in bigger firms and firms with more concentrated ownership.

Keywords: financial education, corporate governance, board

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Authors: U. Şendurur, B. Nazlıoğlu

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Using Turkish data, in this study it is investigated that whether a firm’s ownership structure has an impact on its stock prices after the crisis. A linear regression model is conducted on the data of non-financial firms that are trading in Istanbul Stock Exchange 100 Index (ISE 100) index. The findings show that, all explanatory variables such as inside ownership, largest ownership, concentrated ownership, foreign shareholders, family controlled and dispersed ownership are not very important to explain stock prices after the crisis. Family controlled firms and concentrated ownership is positively related to stock price, dispersed ownership, largest ownership, foreign shareholders, and inside ownership structures have negative interaction between stock prices, but because of the p value is not under the value of 0.05 this relation is not significant. In addition, the analysis shows that, the shares of firms that have inside, largest and dispersed ownership structure are outperform comparing with the other firms. Furthermore, ownership concentrated firms outperform to family controlled firms.

Keywords: Financial crisis, ISE 100 Index, Ownership structure, Stock price.

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Authors: Hanfei Tuo, Yanzhong Li

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This paper presented a novel combined cycle of air separation and natural gas liquefaction. The idea is that natural gas can be liquefied, meanwhile gaseous or liquid nitrogen and oxygen are produced in one combined cryogenic system. Cycle simulation and exergy analysis were performed to evaluate the process and thereby reveal the influence of the crucial parameter, i.e., flow rate ratio through two stages expanders β on heat transfer temperature difference, its distribution and consequent exergy loss. Composite curves for the combined hot streams (feeding natural gas and recycled nitrogen) and the cold stream showed the degree of optimization available in this process if appropriate β was designed. The results indicated that increasing β reduces temperature difference and exergy loss in heat exchange process. However, the maximum limit value of β should be confined in terms of minimum temperature difference proposed in heat exchanger design standard and heat exchanger size. The optimal βopt under different operation conditions corresponding to the required minimum temperature differences was investigated.

Keywords: combined cycle simulation, exergy analysis, natural gas liquefaction.

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Authors: Adamu Danlami Ahmed

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Inventory management is the determinant of effective and efficient work for any manager. This study looked at the relationship between inventory management and financial performance. The population of the study comprises all conglomerate quoted companies in the Nigerian Stock Exchange market as at 31^st December 2010. The scope of the study covered the period from 2010 to 2014. Descriptive, Pearson correlation and multiple regressions are used to analyze the data. It was found that inventory management is significantly related to the profitability of the company. This entails that an efficient management of the inventory cycle will enhance the profitability of the company. Also, lack of proper management of it will hinder the financial performance of organizations. Based on the results, it was recommended that a conglomerate company should try to see that inventories are kept to a minimum, as well as make sure the proper checks are maintained to make sure only needed inventories are in the store. As well as to keep track of the movement of goods, in order to avoid unnecessary delay of finished and work in progress (WIP) goods in the store and warehouse.

Keywords: Finished goods, work in progress, financial performance, inventory.

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Authors: S. Vanker, A. Aaver, A. Roio, L. Nuut

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To be sure about the effective and less effective/ineffective approaches to course instruction, we hold the opinion that the faculty members need regular feedback from their students in order to be aware of how well or unwell their teaching styles have worked when instructing the courses. It can be confirmed without a slightest hesitation that undergraduate students’ motivated-ness can be sustained when continually improving the quality of teaching and properly sequencing the academic courses both, in the curricula and timetables. At Estonian Aviation Academy, four different forms of feedback are used: Lecture monitoring, questionnaires for all students, study information system subject monitoring and direct feedback received by the lecturer. Questionnaires for all students are arranged once during a study year and separately for the first year and senior students. The results are discussed in academic departments together with student representatives, analyzed with the teaching staff and, if needed, improvements are suggested. In addition, a monitoring system is planned where a lecturer acts in both roles – as an observer and as the lecturer. This will foster better exchange of experience and through this help to make the whole study process more interesting.

Keywords: Student support, learner motivation, feedback, undergraduate education.

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Authors: Khaireyah Kh. Al-Hamad, V. Nassehi, A. R. Khan

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Air pollution is a major environmental health problem, affecting developed and developing countries around the world. Increasing amounts of potentially harmful gases and particulate matter are being emitted into the atmosphere on a global scale, resulting in damage to human health and the environment. Petroleum-related air pollutants can have a wide variety of adverse environmental impacts. In the crude oil production sectors, there is a strong need for a thorough knowledge of gaseous emissions resulting from the flaring of associated gas of known composition on daily basis through combustion activities under several operating conditions. This can help in the control of gaseous emission from flares and thus in the protection of their immediate and distant surrounding against environmental degradation. The impacts of methane and non-methane hydrocarbons emissions from flaring activities at oil production facilities at Kuwait Oilfields have been assessed through a screening study using records of flaring operations taken at the gas and oil production sites, and by analyzing available meteorological and air quality data measured at stations located near anthropogenic sources. In the present study the Industrial Source Complex (ISCST3) Dispersion Model is used to calculate the ground level concentrations of methane and nonmethane hydrocarbons emitted due to flaring in all over Kuwait Oilfields. The simulation of real hourly air quality in and around oil production facilities in the State of Kuwait for the year 2006, inserting the respective source emission data into the ISCST3 software indicates that the levels of non-methane hydrocarbons from the flaring activities exceed the allowable ambient air standard set by Kuwait EPA. So, there is a strong need to address this acute problem to minimize the impact of methane and non-methane hydrocarbons released from flaring activities over the urban area of Kuwait.

Keywords: Kuwait Oilfields, ISCST3 model, flaring, Airpollution, Methane and Non-methane.

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Authors: J. Zamastil, V. Patkos

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Recent progress in calculation of the one-loop selfenergy of the electron bound in the Coulomb field is summarized. The relativistic multipole expansion is introduced. This expansion is based on a single assumption: except for the part of the time component of the electron four-momentum corresponding to the electron rest mass, the exchange of four-momentum between the virtual electron and photon can be treated perturbatively. For non Sstates and normalized difference n3
En −
E1 of the S-states this itself yields very accurate results after taking the method to the third order. For the ground state the perturbation treatment of the electron virtual states with very high three-momentum is to be avoided. For these states one can always rearrange the pertinent expression in such a way that free-particle approximation is allowed. Combination of the relativistic multipole expansion and free-particle approximation yields very accurate result after taking the method to the ninth order. These results are in very good agreement with the previous results obtained by the partial wave expansion and definitely exclude the possibility that the uncertainity in determination of the proton radius comes from the uncertainity in the calculation of the one-loop selfenergy.

Keywords: Hydrogen-like atoms, self-energy.

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Authors: S. Iijima, K. Nakayama, D. Kuchar, M. Kubota, H. Matsuda

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Regenerative Thermal Oxidizer (RTO) is one of the best solutions for removal of Volatile Organic Compounds (VOC) from industrial processes. In the RTO, VOC in a raw gas are usually decomposed at 950-1300 K and the combustion heat of VOC is recovered by regenerative heat exchangers charged with ceramic honeycombs. The optimization of the treatment of VOC leads to the reduction of fuel addition to VOC decomposition, the minimization of CO2 emission and operating cost as well. In the present work, the thermal efficiency of the RTO was investigated experimentally in a pilot-scale RTO unit using toluene as a typical representative of VOC. As a result, it was recognized that the radiative heat transfer was dominant in the preheating process of a raw gas when the gas flow rate was relatively low. Further, it was found that a minimum heat exchanger volume to achieve self combustion of toluene without additional heating of the RTO by fuel combustion was dependent on both the flow rate of a raw gas and the concentration of toluene. The thermal efficiency calculated from fuel consumption and the decomposed toluene ratio, was found to have a maximum value of 0.95 at a raw gas mass flow rate of 1810 kg·h-1 and honeycombs height of 1.5m.

Keywords: Regenerative Heat Exchange, Self Combustion, Toluene, Volatile Organic Compounds.

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Authors: Brownhilder N. Neneh, A. Van Aardt Smit

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Underpricing is one anomaly in initial public offerings (IPO) literature that has been widely observed across different stock markets with different trends emerging over different time periods. This study seeks to determine how IPOs on the JSE performed on the first day, first week and first month over the period of 1996-2011. Underpricing trends are documented for both hot and cold market periods in terms of four main sectors (cyclical, defensive, growth stock and interest rate sensitive stocks). Using a sample of 360 listed companies on the JSE, the empirical findings established that IPOs on the JSE are significantly underpriced with an average market adjusted first day return of 62.9%. It is also established that hot market IPOs on the JSE are more underpriced than the cold market IPOs. Also observed is the fact that as the offer price per share increases above the median price for any given period, the level of underpricing decreases substantially. While significant differences exist in the level of underpricing of IPOs in the four different sectors in the hot and cold market periods, interest rates sensitive stocks showed a different trend from the other sectors and thus require further investigation to uncover this pattern.

Keywords: Underpricing, hot and cold markets, South Africa, JSE.

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Authors: Narendra Singh Yadav, R.P.Yadav

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Mobile ad hoc network is a collection of mobile nodes communicating through wireless channels without any existing network infrastructure or centralized administration. Because of the limited transmission range of wireless network interfaces, multiple "hops" may be needed to exchange data across the network. In order to facilitate communication within the network, a routing protocol is used to discover routes between nodes. The primary goal of such an ad hoc network routing protocol is correct and efficient route establishment between a pair of nodes so that messages may be delivered in a timely manner. Route construction should be done with a minimum of overhead and bandwidth consumption. This paper examines two routing protocols for mobile ad hoc networks– the Destination Sequenced Distance Vector (DSDV), the table- driven protocol and the Ad hoc On- Demand Distance Vector routing (AODV), an On –Demand protocol and evaluates both protocols based on packet delivery fraction, normalized routing load, average delay and throughput while varying number of nodes, speed and pause time.

Keywords: AODV, DSDV, MANET, relative performance

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Authors: Chiung-ying Lee, Chia-hua Chang

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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: J. Ruenin, S. Sukprasong, R. Phatthanakun, N. Chomnawang, P. Kuntanawat

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In this paper, a simple microfluidic device for monitoring algal cell behavior is proposed. An array of algal microwells is fabricated by PDMS soft-lithography using X-ray LIGA mold, placed on a glass substrate. Two layers of replicated PDMS and substrate are attached by oxygen plasma bonding, creating a microchannel for the microfluidic system. Algal cell are loaded into the microfluidic device, which provides positive charge on the bottom surface of wells. Algal cells, which are negative charged, can be attracted to the bottom of the wells via electrostatic interaction. By varying the concentration of algal cells in the loading suspension, it is possible to obtain wells with a single cell. Liquid medium for cells monitoring are flown continuously over the wells, providing nutrient and waste exchange between the well and the main flow. This device could lead to the uncovering of the quantitative biology of the algae, which is a key to effective and extensive algal utilizations in the field of biotechnology, food industry and bioenergy research and developments.

Keywords: Algal cells, microfluidic device, X-ray LIGA, X-ray lithography, metallic mold, synchrotron light, PDMS

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Authors: Saad M. Howladar, Mike Dennett

Abstract:

The effect of exogenous application; seed priming or foliar spraying of salicylic acid (SA) on Yecora Rojo and Paragon wheat cv. under NaCl-salinity. Gas exchange parameters, growth parameters, yield and yield components were reduced in both cultivars under salinity stress with foliar spray and soaking seeds. Exogenous application of SA through foliar spraying or seed soaking showed a slight increases or decreases with the application method or between cultivars. SA foliar spraying exhibited a slight improvement over SA seed soaking in most parameters, particularly in Paragon. Although, seed soaking was less effective than foliar spraying, it was a slightly better with Yecora Rojo in some parameters. However, the low SA concentration; 0.5mM tended to improve most parameters in both cultivars. From data of the experiment, it has been concluded that the effect of SA depends on cultivar genotype and SA concentration.

Keywords: Salinity, Salicylic acid, Growth parameters, yield components, Wheat cultivars.

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Authors: Despina Galani, Anastasios Alexandridis, Antonios Stavropoulos

Abstract:

The main thrust of this paper is to assess the level of disclosure in the annual reports of non-financial Greek firms and to empirically investigate the hypothesized impact of several firm characteristics on the extent of mandatory disclosure. A disclosure checklist consisting of 100 mandatory items was developed to assess the level of disclosure in the 2009 annual reports of 43 Greek companies listed at the Athens stock exchange. The association between the level of disclosure and some firm characteristics was examined using multiple linear regression analysis. The study reveals that Greek companies on general have responded adequately to the mandatory disclosure requirements of the regulatory bodies. The findings also indicate that firm size was significant positively associated with the level of disclosure. The remaining variables such as age, profitability, liquidity, and board composition were found to be insignificant in explaining the variation of mandatory disclosures. The outcome of this study is undoubtedly of great concern to the investment community at large to assist in evaluating the extent of mandatory disclosure by Greek firms and explaining the variation of disclosure in light of firm-specific characteristics.

Keywords: Mandatory disclosure, Annual report, Disclosure index

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Authors: Ashkan Mirzay Fashami

Abstract:

This study examines the effects of auditor switch, auditee’s industry, and auditee’s location on audit fees in Australia. It uses fee data of Australian Securities Exchange 500 companies, considering all industry classifications throughout the country from 2006 until 2016. Main findings show that auditor switch does not affect audit fees. However, auditee’s industry affects audit fees. This effect occurs in information technology, financials, energy, and materials sectors among the top 500 companies. Financials, energy, and materials sectors face a fee rise, whereas information technology has a fee cut. The extent of fee changes is different among various industries, wherein the financial sector has the highest increase. Further, auditee’s location affects audit fees. Top 500 companies in Hobart, Perth, and Brisbane face a fee reduction, wherein the highest cut is in Hobart. Further analysis suggests that the Australian audit market is being increasingly concentrated in the hands of the Big Four audit firms.

Keywords: Audit fee, auditor switch, Australia, industry, location.

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Authors: Khaled M. Khader, Mamdouh I. Elimy

Abstract:

Reducing energy consumption became the major concern for all countries of the world during the recent decades. In general, power saving is currently the nominal goal of most industrial countries. It is well known that fossil fuels are the main pillar of development of world countries. Unfortunately, the increased rate of fossil fuel consumption will lead to serious problems caused by an expected depletion of fuels. Moreover, dangerous gases and vapors emission lead to severe environmental problems during fuel burning. Consequently, most engineering sectors especially the mechanical sectors are looking for improving any machine accompanied by reducing its energy consumption. Crank-Rocker planar mechanism is the most applied in mechanical systems. Besides, it is one of the most significant parts of the machines for obtaining the oscillatory motion. The transmission angle of this mechanism can be considered as an optimum value when its extreme values are equally varied around 90°. In addition, the transmission angle plays an important role in decreasing the required driving power and improving the dynamic properties of the mechanism. Hence, appropriate selection of mechanism links lengthens, which assures optimum transmission angle leads to decreasing the driving power. Moreover, mechanism's links manufactured from composite materials afford link's lightweight, which decreases the required driving torque. Furthermore, wear and corrosion problems can be treated through using composite links instead of using metal ones. This paper is dealing with improving the performance of crank-rocker mechanism using composite links due to their flexural elastic modulus values and stiffness in addition to high damping of composite materials.

Keywords: Composite material, crank-rocker mechanism, transmission angle, design techniques, power saving.

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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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