Search results for: ion exchange substrate

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: Bassim Bachy, Joerg Franke

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In this study, a three dimensional numerical heat transfer model has been used to simulate the laser structuring of polymer substrate material in the Three-Dimensional Molded Interconnect Device (3D MID) which is used in the advanced multifunctional applications. A finite element method (FEM) transient thermal analysis is performed using APDL (ANSYS Parametric Design Language) provided by ANSYS. In this model, the effect of surface heat source was modeled with Gaussian distribution, also the effect of the mixed boundary conditions which consist of convection and radiation heat transfers have been considered in this analysis. The model provides a full description of the temperature distribution, as well as calculates the depth and the width of the groove upon material removal at different set of laser parameters such as laser power and laser speed. This study also includes the experimental procedure to study the effect of laser parameters on the depth and width of the removal groove metal as verification to the modeled results. Good agreement between the experimental and the model results is achieved for a wide range of laser powers. It is found that the quality of the laser structure process is affected by the laser scan speed and laser power. For a high laser structured quality, it is suggested to use laser with high speed and moderate to high laser power.

Keywords: Laser Structuring, Simulation, Finite element analysis, Thermal modeling.

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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: 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: Rupinder Kaur, Parmjit S. Panesar, Ram S. Singh

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Whey is the lactose rich by-product of the dairy industry, having good amount of nutrient reservoir. Most abundant nutrients are lactose, soluble proteins, lipids and mineral salts. Disposing of whey by most of milk plants which do not have proper pre-treatment system is the major issue. As a result of which, there can be significant loss of potential food and energy source. Thus, whey has been explored as the substrate for the synthesis of different value added products such as enzymes. β-galactosidase is one of the important enzymes and has become the major focus of research due to its ability to catalyze both hydrolytic as well as transgalactosylation reaction simultaneously. The enzyme is widely used in dairy industry as it catalyzes the transformation of lactose to glucose and galactose, making it suitable for the lactose intolerant people. The enzyme is intracellular in both bacteria and yeast, whereas for molds, it has an extracellular location. The present work was carried to utilize the whey for the production of β-galactosidase enzyme using both yeast and fungal cultures. The yeast isolate Kluyveromyces marxianus WIG2 and various fungal strains have been used in the present study. Different disruption techniques have also been investigated for the extraction of the enzyme produced intracellularly from yeast cells. Among the different methods tested for the disruption of yeast cells, SDS-chloroform showed the maximum β-galactosidase activity. In case of the tested fungal cultures, Aureobasidium pullulans NCIM 1050 was observed to be the maximum extracellular enzyme producer.

Keywords: β-galactosidase, fungus, yeast, whey.

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Authors: Z. Mazrouei-Sebdani, A. Khoddami, H. Hadadzadeh, M. Zarrebini

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In this research, waterglass based aerogel powder was prepared by sol–gel process and ambient pressure drying. Inspired by limited dust releasing, aerogel powder was introduced to the PET electrospinning solution in an attempt to create required bulk and surface structure for the nanofibers to improve their hydrophobic and insulation properties. The samples evaluation was carried out by measuring density, porosity, contact angle, heat transfer, FTIR, BET, and SEM. According to the results, porous silica aerogel powder was fabricated with mean pore diameter of 24 nm and contact angle of 145.9º. The results indicated the usefulness of the aerogel powder confined into nanofibers to control surface roughness for manipulating superhydrophobic nanowebs with water contact angle of 147º. It can be due to a multi-scale surface roughness which was created by nanowebs structure itself and nanofibers surface irregularity in presence of the aerogels while a layer of fluorocarbon created low surface energy. The wettability of a solid substrate is an important property that is controlled by both the chemical composition and geometry of the surface. Also, a decreasing trend in the heat transfer was observed from 22% for the nanofibers without any aerogel powder to 8% for the nanofibers with 4% aerogel powder. The development of thermal insulating materials has become increasingly more important than ever in view of the fossil energy depletion and global warming that call for more demanding energysaving practices.

Keywords: Superhydrophobicity, Insulation, Sol-gel, Surface energy, Roughness.

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Authors: Sanaz Seraj, Shohre Rouhani

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Recently, graphene has gained much attention because of its unique optical, mechanical, electrical, and thermal properties. Graphene has been used as a key material in the technological applications in various areas such as sensors, drug delivery, super capacitors, transparent conductor, and solar cell. It has a superior quenching efficiency for various fluorophores. Based on these unique properties, the optical sensors with graphene materials as the energy acceptors have demonstrated great success in recent years. During quenching, the emission of a fluorophore is perturbed by a quencher which can be a substrate or biomolecule, and due to this phenomenon, fluorophore-quencher has been used for selective detection of target molecules. Among fluorescence dyes, 1,8-naphthalimide is well known for its typical intramolecular charge transfer (ICT) and photo-induced charge transfer (PET) fluorophore, strong absorption and emission in the visible region, high photo stability, and large Stokes shift. Derivatives of 1,8-naphthalimides have found applications in some areas, especially fluorescence sensors. Herein, the fluorescence quenching of graphene oxide has been carried out on a naphthalimide dye as a fluorescent probe model. The quenching ability of graphene oxide on naphthalimide dye was studied by UV-VIS and fluorescence spectroscopy. This study showed that graphene is an efficient quencher for fluorescent dyes. Therefore, it can be used as a suitable candidate sensing platform. To the best of our knowledge, studies on the quenching and absorption of naphthalimide dyes by graphene oxide are rare.

Keywords: Fluorescence, graphene oxide, naphthalimide dye, quenching.

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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: Saad M. Howladar, Mike Dennett

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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

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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

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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: A. Q. Sobia, A. Shyzleen, M. S. Hamidah, I. Azmi, S. F. A. Rafeeqi, S. Ahmad

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Reinforced Concrete (RC) structures strengthened with fiber reinforced polymer (FRP) lack in thermal resistance under elevated temperatures in the event of fire. This phenomenon led to the lining of strengthened concrete with thin high performance cementitious composites (THPCC) to protect the substrate against elevated temperature. Elevated temperature effects on THPCC, based on different cementitious materials have been studied in the past but high-alumina cement (HAC)-based THPCC have not been well characterized. This research study will focus on the THPCC based on HAC replaced by 60%, 70%, 80% and 85% of ground granulated blast furnace slag (GGBS). Samples were evaluated by the measurement of their mechanical strength (28 & 56 days of curing) after exposed to 400°C, 600°C and 28°C of room temperature for comparison and corroborated by their microstructure study. Results showed that among all mixtures, the mix containing only HAC showed the highest compressive strength after exposed to 600°C as compared to other mixtures. However, the tensile strength of THPCC made of HAC and 60% GGBS content was comparable to the THPCC with HAC only after exposed to 600°C. Field emission scanning electron microscopy (FESEM) images of THPCC accompanying Energy Dispersive X-ray (EDX) microanalysis revealed that the microstructure deteriorated considerably after exposure to elevated temperatures which led to the decrease in mechanical strength.

Keywords: Ground granulated blast furnace slag, high aluminacement, microstructure at elevated temperature and residual strength.

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Authors: Mayur Milan Kale, Indu Mehrotra

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Biochemical Oxygen Demand (BOD) is a measure of the oxygen used in bacteria mediated oxidation of organic substances in water and wastewater. Theoretically an infinite time is required for complete biochemical oxidation of organic matter, but the measurement is made over 5-days at 20 0C or 3-days at 27 0C test period with or without dilution. Researchers have worked to further reduce the time of measurement. The objective of this paper is to review advancement made in BOD measurement primarily to minimize the time and negate the measurement difficulties. Survey of literature review in four such techniques namely BOD-BARTTM, Biosensors, Ferricyanidemediated approach, luminous bacterial immobilized chip method. Basic principle, method of determination, data validation and their advantage and disadvantages have been incorporated of each of the methods. In the BOD-BARTTM method the time lag is calculated for the system to change from oxidative to reductive state. BIOSENSORS are the biological sensing element with a transducer which produces a signal proportional to the analyte concentration. Microbial species has its metabolic deficiencies. Co-immobilization of bacteria using sol-gel biosensor increases the range of substrate. In ferricyanidemediated approach, ferricyanide has been used as e-acceptor instead of oxygen. In Luminous bacterial cells-immobilized chip method, bacterial bioluminescence which is caused by lux genes was observed. Physiological responses is measured and correlated to BOD due to reduction or emission. There is a scope to further probe into the rapid estimation of BOD.

Keywords: BOD, Four methods, Rapid estimation

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Authors: V. Radenkovs, D. Klava, K. Juhnevica

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The present study addresses problems and solutions related to new functional food production. Wheat (Triticum aestivum L) bran obtained from industrial mill company “Dobeles dzirnavieks”, was used to investigate them as raw material like nutrients for Bifidobacterium lactis Bb-12. Enzymatic hydrolysis of wheat bran starch was carried out by α-amylase from Bacillus amyloliquefaciens (Sigma Aldrich). The Viscozyme L purchased from (Sigma Aldrich) were used for reducing released sugar. Bifidibacterium lactis Bb-12 purchased from (Probio-Tec® CHR Hansen) was cultivated in enzymatically hydrolysed wheat bran mash. All procedures ensured the number of active Bifidobacterium lactis Bb-12 in the final product reached 105 CFUg-1. After enzymatic and bacterial fermentations sample were freeze dried for analysis of chemical compounds. All experiments were performed at Faculty of Food Technology of Latvia University of Agriculture in January- March 2013. The obtained results show that both types of wheat bran (enzymatically treated and non-treated) influenced the fermentative activity and number of Bifidibacterium lactis Bb-12 viable in wheat bran mash. Amount of acidity strongly increase during the wheat bran mash fermentation. The main objective of this work was to create low-energy functional enzymatically and bacterially treated food from wheat bran using enzymatic hydrolysis of carbohydrates and following cultivation of Bifidobacterium lactis Bb-12.

Keywords: Viscozyme L, α-amylase, Bifidobacterium lactis, fermented wheat bran.

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Authors: R. Bansal, A. Jain, M. Kumar, R. S. Meena

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Present wireless communication demands compact and intelligent devices with multitasking capabilities at affordable cost. The focus in the presented paper is on a dual band antenna for wireless communication with the capability of operating at two frequency bands with same structure. Two resonance frequencies are observed with the second operation band at 4.2GHz approximately three times the first resonance frequency at 1.5GHz. Structure is simple loop of microstrip line with characteristic impedance 50 ohms. The proposed antenna is designed using defective ground structure (DGS) and shows the nearly one third reductions in size as compared to without DGS. This antenna was simulated on electromagnetic (EM) simulation software and fabricated using microwave integrated circuit technique on RT-Duroid dielectric substrate (ε_r= 2.22) of thickness (H=15 mils). The designed antenna was tested on automatic network analyzer and shows the good agreement with simulated results. The proposed structure is modeled into an equivalent electrical circuit and simulated on circuit simulator. Subsequently, theoretical analysis was carried out and simulated. The simulated, measured, equivalent circuit response, and theoretical results shows good resemblance. The bands of operation draw many potential applications in today’s wireless communication.

Keywords: Defective Ground plane, Dual band, Loop Antenna, Microstrip antenna, Resonance frequency.

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Authors: S. Levitsky

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

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

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Authors: Karuppaiya Maruthai, Viruthagiri Thangavelu, Manikandan Kanagasabai

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In the present study, effect of critical medium components (a total of fifteen components) on ethanol production from waste cashew apple juice (CAJ) using yeast Saccharomyces diasticus was studied. A statistical response surface methodology (RSM) based Plackett-Burman Design (PBD) was used for the design of experiments. The design contains a total of 32 experimental trails. The effect of medium components on ethanol was studied at two different levels such as low concentration level (-) and high concentration levels (+). The dependent variables selected in this study were ethanol concentration (g/L) and cellmass concentration (g/L). Data obtained from RSM on ethanol production were subjected to analysis of variance (ANOVA). In general, initial substrate concentration significantly influenced the microbial growth and product formation. Of the medium components evaluated, CAJ concentration, yeast extract, (NH4)2SO4, and malt extract showed significant effect on ethanol fermentation. A second-order polynomial model was used to predict the experimental data and the model fitted the data with a high correlation coefficient (R2 > 0.98). Maximum ethanol (15.3 g/L) and biomass (6.4 g/L) concentrations were obtained at the optimum medium composition and at optimum condition (temperature-30°C; initial pH-6.8) after 72 h fermentation using S.diasticus.

Keywords: cashew apple juice, ethanol, fermentation, yeast, response surface methodology

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Authors: Sunday. E. Ogundipe, Abiola Idowu, Lawrencia. O. Ogundipe

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This study examines the impact of working capital management on firms- performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship between cash conversion cycle and market valuation and firm-s performance. It also shows that debt ratio is positively related to market valuation and negatively related firm-s performance. The findings confirm that there is a significant relationship between Market valuation, profitability and working capital component in line with previous studies. This mean that Nigeria firms should ensure adequate management of working capital especially cash conversion cycle components of account receivables, account payables and inventories, as efficiency working capital management is expected to contribute positively to the firms- market value.

Keywords: Cash Conversion Cycle, Firms' Performance, Market Valuation, Working Capital Management

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Authors: A. Mohammed, A. Babatunde

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This study investigated the integrated removal of heavy metals, organic matter and nitrogen from landfill leachate using a novel laboratory scale constructed wetland system. The main objectives of this study were: (i) to assess the overall effectiveness of the constructed wetland system for treating landfill leachate; (ii) to examine the interactions and impact of key leachate constituents (heavy metals, organic matter and nitrogen) on the overall removal dynamics and efficiency. The constructed wetland system consisted of four stages operated in tidal flow and anoxic conditions. Results obtained from 215 days of operation have demonstrated extraordinary heavy metals removal up to 100%. Analysis of the physico- chemical data reveal that the controlling factors for metals removal were the anoxic condition and the use of the novel media (dewatered ferric sludge which is a by-product of drinking water treatment process) as the main substrate in the constructed wetland system. Results show that the use of the ferric sludge enhanced heavy metals removal and brought more flexibility to simultaneous nitrification and denitrification which occurs within the microbial flocs. Furthermore, COD and NH₄-N were effectively removed in the system and this coincided with enhanced aeration in the 2nd and 3rd stages of the constructed wetland system. Overall, the results demonstrated that the ferric dewatered sludge constructed wetland system would be an effective solution for integrated removal of pollutants from landfill leachates.

Keywords: Constructed wetlands, ferric dewatered sludge, heavy metal, landfill leachate.

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Authors: S. Padma, Dr. R. Lakshmipathi, K. Ramash Kumar, P. Nandagopal

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The power system network is becoming more complex nowadays and it is very difficult to maintain the stability of the system. Today-s enhancement of technology makes it possible to include new energy storage devices in the electric power system. In addition, with the aid of power electronic devices, it is possible to independently exchange active and reactive power flow with the utility grid. The main purpose of this paper proposes a Proportional – Integral (PI) control based 48 – pulse Inverter based Static Synchronous Series Compensator (SSSC) with and without Superconducting Magnetic Energy Storage (SMES) used for enhancing the transient stability and regulating power flow in automatic mode. Using a test power system through the dynamic simulation in Matlab/Simulink platform validates the performance of the proposed SSSC with and without SMES system.

Keywords: Flexible AC transmission system (FACTS), PIControl, Superconducting Magnetic Energy Storage (SMES), Static Synchronous Series Compensator (SSSC).

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Authors: Ε. Giovanis

Abstract:

The purpose of this paper is to present two different approaches of financial distress pre-warning models appropriate for risk supervisors, investors and policy makers. We examine a sample of the financial institutions and electronic companies of Taiwan Security Exchange (TSE) market from 2002 through 2008. We present a binary logistic regression with paned data analysis. With the pooled binary logistic regression we build a model including more variables in the regression than with random effects, while the in-sample and out-sample forecasting performance is higher in random effects estimation than in pooled regression. On the other hand we estimate an Adaptive Neuro-Fuzzy Inference System (ANFIS) with Gaussian and Generalized Bell (Gbell) functions and we find that ANFIS outperforms significant Logit regressions in both in-sample and out-of-sample periods, indicating that ANFIS is a more appropriate tool for financial risk managers and for the economic policy makers in central banks and national statistical services.

Keywords: ANFIS, Binary logistic regression, Financialdistress, Panel data

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Authors: Bello Nurudeen Akinsola

Abstract:

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: Gyo Woo Lee, Man Young Kim

Abstract:

A mathematical heat transfer model for the prediction of transient heating of the slab in a direct-fired walking beam type reheating furnace has been developed by considering the nongray thermal radiation with given furnace environments. The furnace is modeled as radiating nongray medium with carbon dioxide and water with five-zoned gas temperature and the furnace wall is considered as a constant temperature lower than furnace gas one. The slabs are moving with constant velocity depending on the residence time through the non-firing, charging, preheating, heating, and final soaking zones. Radiative heat flux obtained by considering the radiative heat exchange inside the furnace as well as convective one from the surrounding hot gases are introduced as boundary condition of the transient heat conduction within the slab. After validating thermal radiation model adopted in this work, thermal fields in both model and real reheating furnace are investigated in terms of radiative heat flux in the furnace and temperature inside the slab. The results show that the slab in the furnace can be more heated with higher slab emissivity and residence time.

Keywords: Reheating Furnace, Steel Slab, Radiative Heat Transfer, WSGGM, Emissivity, Residence Time.

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Authors: Robert H¨ottger, Lukas Krawczyk, Burkhard Igel

Abstract:

This paper introduces novel approaches to partitioning and mapping in terms of model-based embedded multicore system engineering and further discusses benefits, industrial relevance and features in common with existing approaches. In order to assess and evaluate results, both approaches have been applied to a real industrial application as well as to various prototypical demonstrative applications, that have been developed and implemented for different purposes. Evaluations show, that such applications improve significantly according to performance, energy efficiency, meeting timing constraints and covering maintaining issues by using the AMALTHEA platform and the implemented approaches. Furthermore, the model-based design provides an open, expandable, platform independent and scalable exchange format between OEMs, suppliers and developers on different levels. Our proposed mechanisms provide meaningful multicore system utilization since load balancing by means of partitioning and mapping is effectively performed with regard to the modeled systems including hardware, software, operating system, scheduling, constraints, configuration and more data.

Keywords: Partitioning, mapping, distributed systems, scheduling, embedded multicore systems, model-based, system analysis.

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Authors: Dalvin D. Hill, Hector M. Castro Garcia

Abstract:

A growing number of individuals utilize wearable devices on a daily basis. The usage and functionality of these wearable devices vary from user to user. One popular usage of said devices is to track health-related activities that are typically stored on a device’s memory or uploaded to an account in the cloud; based on the current trend, the data accumulated from the wearable device are stored in a standalone location. In many of these cases, this health related datum is not a factor when considering the holistic view of a user’s health lifestyle or record. This health-related data generated from wearable and Internet of Things (IoT) devices can serve as empirical information to a medical provider, as the standalone data can add value to the holistic health record of a patient. This paper proposes a solution to incorporate the data gathered from these wearable and IoT devices, with that a patient’s Personal Health Record (PHR) stored within the confines of a Health Information Exchange (HIE).

Keywords: Electronic health record, health information exchanges, Internet of Things, personal health records, wearable devices, wearables.

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