Search results for: specific nitrification rate

Authors: Mehmet Savsar

Abstract:

This paper presents a model for an unreliable production line, which is operated according to demand with constant work-in-process (CONWIP). A simulation model is developed based on the discrete model and several case problems are analyzed using the model. The model is utilized to optimize storage space capacities at intermediate stages and the number of kanbans at the last stage, which is used to trigger the production at the first stage. Furthermore, effects of several line parameters on production rate are analyzed using design of experiments.

Keywords: Production line simulator, Push-pull system, JIT system, Constant WIP, Machine failures.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2011

Authors: S. M. Kazerouni Sangi, Y. Gholipour

Abstract:

Steel made pipelines with different diameters are used for transmitting oil and gas which in many cases are buried in soil under the sea bed or immersed in sea water. External corrosion of pipes is an important form of deterioration due to the aggressive environment of sea water. Corrosion normally results in pits. Hence, using the finite element method, namely ABAQUS software, this paper estimates the amount of pressure capacity reduction of a pipecontaining a semi-elliptical pitting corrosion and the rate of corrosion during the pipeline life of 25 years.

Keywords: Petroleum Transmission, Pipeline, PressureCapacity, Semi-Elliptical Pitting Corrosion.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2537

Authors: Jyoti Dua

Abstract:

One image is worth more than thousand words. Images if analyzed can reveal useful information. Low level image processing deals with the extraction of specific feature from a single image. Now the question arises: What technique should be used to extract patterns of very large and detailed image database? The answer of the question is: “Image Mining”. Image Mining deals with the extraction of image data relationship, implicit knowledge, and another pattern from the collection of images or image database. It is nothing but the extension of Data Mining. In the following paper, not only we are going to scrutinize the current techniques of image mining but also present a new technique for mining images using Genetic Algorithm.

Keywords: Image Mining, Data Mining, Genetic Algorithm.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2445

Authors: Youngpo Lee, Sanghun Kim, Youngyoon Lee, Seokho Yoon

Abstract:

Due to its capability to resist jamming signals, chirp spread spectrum (CSS) technique has attracted much attention in the area of wireless communications. However, there has been little rigorous analysis for the performance of the CSS communication system in jamming environments. In this paper, we present analytic results on the performance of a CSS system by deriving symbol error rate (SER) expressions for a CSS M-ary phase shift keying (MPSK) system in the presence of broadband and tone jamming signals, respectively. The numerical results show that the empirical SER closely agrees with the analytic result.

Keywords: CSS, DM, jamming, broadband jamming, tone jamming.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1641

Authors: Mehran Yazdi, Zahra Adelpour, Batoul Bahraini, Yasaman Keshtkar Jahromi

Abstract:

In this paper we use the property of co-occurrence matrix in finding parallel lines in binary pictures for fingerprint identification. In our proposed algorithm, we reduce the noise by filtering the fingerprint images and then transfer the fingerprint images to binary images using a proper threshold. Next, we divide the binary images into some regions having parallel lines in the same direction. The lines in each region have a specific angle that can be used for comparison. This method is simple, performs the comparison step quickly and has a good resistance in the presence of the noise.

Keywords: Parallel lines detection, co-occurrence matrix, fingerprint identification.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1357

Authors: J. A. Lopez, J. E. Olguín, C. Camargo, G. A. Quijano, R. Martínez

Abstract:

An anthropometric study applied to 1,115 students of the Faculty of Chemical Sciences and Engineering of the Autonomous University of California. Thirteen individual measurements were taken in a sitting position. The results obtained allow forming a reliable anthropometric database for statistical studies and analysis and inferences of specific distributions, so the opinion of experts in occupational medicine recommendations may emit to reduce risks resulting in an alteration of the vital signs during the execution of their school activities. Another use of these analyses is to use them as a reliable reference for future deeper research, to the design of spaces, tools, utensils, workstations, with anthropometric dimensions and ergonomic characteristics suitable to use.

Keywords: Anthropometry, vital signs, students.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2571

Authors: Gamze Ozel, Selen Cakmakyapan

Abstract:

We introduce a new model called the Marshall-Olkin Rayleigh distribution which extends the Rayleigh distribution using Marshall-Olkin transformation and has increasing and decreasing shapes for the hazard rate function. Various structural properties of the new distribution are derived including explicit expressions for the moments, generating and quantile function, some entropy measures, and order statistics are presented. The model parameters are estimated by the method of maximum likelihood and the observed information matrix is determined. The potentiality of the new model is illustrated by means of a simulation study. 

Keywords: Marshall-Olkin distribution, Rayleigh distribution, estimation, maximum likelihood.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1388

Authors: H. Šimović, M. Mihelja Žaja

Abstract:

This paper provides an analysis of corporate income tax (CIT) incentives in the Western Balkan countries: Slovenia, Croatia, Serbia, Montenegro, Macedonia and Albania. Western Balkan countries, as other transition and developing countries, use large number of the corporate income tax incentives (CIT) to attract foreign investments and to stimulate economic activity. The main goal of this paper is to investigate how often these countries use CIT incentives and provide review of existing tax incentives in Western Balkan countries. Paper will focus on reduced CIT rates, tax holidays, and other investment incentives which imply incentives like accelerated depreciation, tax allowances and tax credits.

Keywords: tax incentives, tax rate, tax holidays, WesternBalkan countries

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3213

Authors: Javier Rivas, Olga Gimeno, Maria Carbajo, Teresa Borralho

Abstract:

Potassium monopersulfate has been decomposed in aqueous solution in the presence of Co(II). The effect of the main operating variables has been assessed. Minimum variations in pH exert a considerable influence on the process kinetics. Thus, when no pH adjustment is considered, the actual effect of variables like initial monopersulfate and/or catalyst concentration may be hindered. As expected, temperature enhances the monopersulfate decomposition rate by following the Arrhenius law. The activation energy in the proximity of 85 kJ/mol has been obtained. Amongst the different solids tested in the monopersulfate decomposition, only the perovskite LaTi0.15Cu0.85O3 has shown a significant catalytic activity.

Keywords: Monopersulfate, Oxone®, Sulfate radicals, Watertreatment.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1770

Authors: Bala Dhandayuthapani Veerasamy

Abstract:

Parallel programming models exist as an abstraction of hardware and memory architectures. There are several parallel programming models in commonly use; they are shared memory model, thread model, message passing model, data parallel model, hybrid model, Flynn-s models, embarrassingly parallel computations model, pipelined computations model. These models are not specific to a particular type of machine or memory architecture. This paper expresses the model program for concurrent approach to data parallel model through java programming.

Keywords: Concurrent, Data Parallel, JDK, Parallel, Thread

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2097

Authors: Kumiko Inagaki

Abstract:

Japanese society is experiencing an aging population and declining birth rate along with the popularization of higher education, spread of economic globalization, rapid progress in technical innovation, changes in employment conditions, and emergence of a knowledge-based society. Against this background, interest in career education at Japanese universities has increased in recent years. This paper describes how the government has implemented career education policies in Japan, and introduces the cases of two universities that have successfully linked career education to university education in Japan.

Keywords: Career Education, Employability, Higher Education, Japanese University, University Education.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2464

Authors: Basudev Ghosh, Sailendranath Paul, Sreyasi Banerjee

Abstract:

Using quantum hydrodynamical (QHD) model the linear dispersion relation for the electron plasma waves propagating in a cylindrical waveguide filled with a dense plasma containing streaming electron, hole and stationary charged dust particles has been derived. It is shown that the effect of finite boundary and stream velocity of electrons and holes make some of the possible modes of propagation linearly unstable. The growth rate of this instability is shown to depend significantly on different plasma parameters.

Keywords: Electron Plasma wave, Quantum plasma, Quantum Hydrodynamical model.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1702

Authors: Panam. Zarfam, Mohsen. Javan Pour

Abstract:

Recently, analysis and designing of the structures based on the Reliability theory have been the center of attention. Reason of this attention is the existence of the natural and random structural parameters such as the material specification, external loads, geometric dimensions etc. By means of the Reliability theory, uncertainties resulted from the statistical nature of the structural parameters can be changed into the mathematical equations and the safety and operational considerations can be considered in the designing process. According to this theory, it is possible to study the destruction probability of not only a specific element but also the entire system. Therefore, after being assured of safety of every element, their reciprocal effects on the safety of the entire system can be investigated.

Keywords: Probability, Reliability, Statistics, Uncertainty

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1600

Authors: R.K.Tuli

Abstract:

In the present communication, we have studied different variations in the entropy measures in the different states of queueing processes. In case of steady state queuing process, it has been shown that as the arrival rate increases, the uncertainty increases whereas in the case of non-steady birth-death process, it is shown that the uncertainty varies differently. In this pattern, it first increases and attains its maximum value and then with the passage of time, it decreases and attains its minimum value.

Keywords: Entropy, Birth-death process, M/G/1 system, G/M/1system, Steady state, Non-steady state

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1601

Authors: Radostina Popova

Abstract:

The paper presents an analysis of the innovation performance of small and medium-sized furniture enterprises in Bulgaria, accounting for over 97% of the companies in the sector. It contains advanced features of innovation in enterprises, specific features of the furniture industry in Bulgaria and analysis of the results of studies on the topic. The results from studies of three successive periods - 2006-2008; 2008-2010; 2010-2012, during which were studied 594 small and medium-sized furniture enterprises. There are commonly used in the EU definitions and indicators (European Commission, OECD, Oslo Manual), which allows for the comparability of results.

Keywords: Innovation activity, competitiveness of innovation, furniture enterprises in Bulgaria.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1319

Authors: M.Zadshakouyan, E.Abdi Sobbouhi, H.Jafarzadeh

Abstract:

In this study, the precision heading process of spur gears has been investigated by means of numerical analysis. The effect of some parameters such as teeth number and module on the forming force and material flow were presented. The simulation works were performed rigid-plastic finite element method using DEFORM 3D software. In order to validate the estimated numerical results, they were compared with those obtained experimentally during heading of spur gear using lead as a model material. Results showed that the optimum number of gear teeth is between 10 to 20, that is because of being the specific pressure in its minimum value.

Keywords: Heading, spur gear, numerical analysis, experiments.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1954

Authors: Y. Galerkin, L. Marenina

Abstract:

Stator elements «Vane diffuser + crossover + return channel» of stages with different specific speed were investigated by CFD calculations. The regime parameter was introduced to present efficiency and loss coefficient performance of all elements together. Flow structure demonstrated advantages and disadvantages of design. Flow separation in crossovers was eliminated by its shape modification. Efficiency increased visibly. Calculated CFD performances are in acceptable correlation with predicted ones by engineering design method. The information obtained is useful for design method better calibration.

Keywords: Vane diffuser, return channel, crossover, efficiency, loss coefficient, inlet flow angle.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2190

Authors: Antoine Karam, Lotfi Khiari, Bruno Breton, Alfred Jaouich

Abstract:

Anthropogenic sources of zinc (Zn), including industrial emissions and effluents, Zn–rich fertilizer materials and pesticides containing Zn, can contribute to increasing the concentration of soluble Zn at levels toxic to plants in acid sandy soils. The application of municipal sewage sludge or biosolids (MBS) which contain metal immobilizing agents on coarse-textured soils could improve the metal sorption capacity of the low-CEC soils. The purpose of this experiment was to evaluate the sorption of Zn in surface samples (0-15 cm) of six Quebec (Canada) soils amended with MBS (pH 6.9) from Val d’Or (Quebec, Canada). Soil samples amended with increasing amounts (0 to 20%) of MBS were equilibrated with various amounts of Zn as ZnCl₂ in 0.01 M CaCl₂ for 48 hours at room temperature. Sorbed Zn was calculated from the difference between the initial and final Zn concentration in solution. Zn sorption data conformed to the linear form of Freundlich equation. The amount of sorbed Zn increased considerably with increasing MBS rate. Analysis of variance revealed a highly significant effect (p ≤ 0.001) of soil texture and MBS rate on the amount of sorbed Zn. The average values of the Zn-sorption capacity of MBS-amended coarse-textured soils were lower than those of MBS-amended fine textured soils. The two sandy soils (86-99% sand) amended with MBS retained 2- to 5-fold Zn than those without MBS (control). Significant Pearson correlation coefficients between the Zn sorption isotherm parameter, i.e. the Freundlich sorption isotherm (K_F), and commonly measured physical and chemical entities were obtained. Among all the soil properties measured, soil pH gave the best significant correlation coefficients (p ≤ 0.001) for soils receiving 0, 5 and 10% MBS. Furthermore, K_F values were positively correlated with soil clay content, exchangeable basic cations (Ca, Mg or K), CEC and clay content to CEC ratio. From these results, it can be concluded that (i) municipal biosolids provide sorption sites that have a strong affinity for Zn, (ii) both soil texture, especially clay content, and soil pH are the main factors controlling anthropogenic Zn sorption in the municipal biosolids-amended soils, and (iii) the effect of municipal biosolids on Zn sorption will be more pronounced for a sandy soil than for a clay soil.

Keywords: Metal, recycling, sewage sludge, trace element.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1763

Authors: Astghik Z. Pepoyan, Elya S. Pepoyan

Abstract:

The Zung self-depression scale and Beck Anxiety Inventory were used to study the depression and anxiety levels of Armenian Crohn's disease patients, as well as to reveal the relation between emotional status and placebo effect of these patients. Despite of registered high levels of depression and anxiety, the high placebo rate during investigations was described. The importance of use of psychotherapies for optimal outcomes during treatments of Crohn's disease is obvious.

Keywords: Crohn's disease, emotional disorders, placebo, psychotherapy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2467

Authors: V. Vassiliou, M. Charalambides, M. Menicou

Abstract:

Fish-feed is a major cost component of operating expenses for any aquaculture farm. Due to soaring prices of fish-feed ingredients, the need for better feeding schedule management has become imperative. On such factor that influences the utilization rate of fish-feed are sea currents. Up to now, practical monitoring of fishfeed loss due to sea currents is not exercised. This paper gives a description of an economic methodology that aims at quantifying the amount of fish-feed lost due to sea currents and draws on data from a Mediterranean aquaculture farm to formulate the associated model.

Keywords: Aquaculture, economic model, fish-feed loss, sea currents.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1825

Authors: Christhu Raj, Rajeev Sukumaran

Abstract:

In this research article of modeling Underwater Wireless Sensor Network Simulators, we provide a comprehensive overview of the various currently available simulators used in UWSN modeling. In this work, we compare their working environment, software platform, simulation language, key features, limitations and corresponding applications. Based on extensive experimentation and performance analysis, we provide their efficiency for specific applications. We have also provided guidelines for developing protocols in different layers of the protocol stack, and finally these parameters are also compared and tabulated. This analysis is significant for researchers and designers to find the right simulator for their research activities.

Keywords: Underwater Wireless Sensor networks (UWSN), SUNSET, NS2, OPNET, WOSS, DESERT, RECORDS, Aqua- Sim, Aqua- Net Mate.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3111

Authors: Keonwoo Kim, Dowon Hong

Abstract:

Electronic voting (E-voting) using an internet has been recently performed in some nations and regions. There is no spatial restriction which a voter directly has to visit the polling place, but an e-voting using an internet has to go together the computer in which the internet connection is possible. Also, this voting requires an access code for the e-voting through the beforehand report of a voter. To minimize these disadvantages, we propose a method in which a voter, who has the wireless certificate issued in advance, uses its own cellular phone for an e-voting without the special registration for a vote. Our proposal allows a voter to cast his vote in a simple and convenient way without the limit of time and location, thereby increasing the voting rate, and also ensuring confidentiality and anonymity.

Keywords: Voting, mobile terminal, confidentiality, anonymity.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2770

Authors: Kanda Wongwailikhit

Abstract:

Copper (I) oxide microparticles with the morphology of cubic and hollow sphere were synthesized with the assistance of surfactant as the shape controller. Both particles were then subjected to study the catalytic activity and observed the results of shape effects of catalysts on rate of catalytic reaction. The decolorizing reaction of crystal violet and sodium hydroxide was chosen and measured the decreasing of reactant with respect to times using spectrophotometer. The result revealed that morphology of crystal had no effect on the catalytic activity for crystal violet reaction but contributed to total surface area predominantly.

Keywords: Copper (I) oxide, Catalytic activity, Crystal violet.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2057

Authors: Edward Guillén, Stephanne Rodríguez, Jhordany Rodríguez

Abstract:

Throughput enhancement can be achieved with two main approaches. The first one is by the increase of transmission rate and the second one is reducing the control traffic. This paper focuses on how the throughput can be enhanced by increasing Maximum Transmission Unit -MTU. Transmission of larger packets can cause a throughput improvement by reducing IP overhead. Analysis results are obtained by a mathematical model and simulation tools with a main focus on wireless channels.

Keywords: 802.11, Maximum Transfer Unit, throughput enhancement, wireless networks.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3576

Authors: Young-Seok Choi

Abstract:

We propose two affine projection algorithms (APA) with variable regularization parameter. The proposed algorithms dynamically update the regularization parameter that is fixed in the conventional regularized APA (R-APA) using a gradient descent based approach. By introducing the normalized gradient, the proposed algorithms give birth to an efficient and a robust update scheme for the regularization parameter. Through experiments we demonstrate that the proposed algorithms outperform conventional R-APA in terms of the convergence rate and the misadjustment error.

Keywords: Affine projection, regularization, gradient descent, system identification.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1612

Authors: Nael Hirzalla

Abstract:

The legality of some countries or agencies’ acts to spy on personal phone calls of the public became a hot topic to many social groups’ talks. It is believed that this act is considered an invasion to someone’s privacy. Such act may be justified if it is singling out specific cases but to spy without limits is very unacceptable. This paper discusses the needs for not only a simple and light weight technique to secure mobile voice calls but also a technique that is independent from any encryption standard or library. It then presents and tests one encrypting algorithm that is based of Frequency scrambling technique to show fair and delay-free process that can be used to protect phone calls from such spying acts.

Keywords: Frequency Scrambling, Mobile Applications, Real- Time Voice Encryption, Spying on Calls.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2557

Authors: Reginald D. Smith

Abstract:

The dynamics of User Datagram Protocol (UDP) traffic over Ethernet between two computers are analyzed using nonlinear dynamics which shows that there are two clear regimes in the data flow: free flow and saturated. The two most important variables affecting this are the packet size and packet flow rate. However, this transition is due to a transcritical bifurcation rather than phase transition in models such as in vehicle traffic or theorized large-scale computer network congestion. It is hoped this model will help lay the groundwork for further research on the dynamics of networks, especially computer networks.

Keywords: congestion, packet flow, Internet, traffic dynamics, transcritical bifurcation

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1615

Authors: Ola A. Nassr, Ali M. Abd Alridha, Rua A. Naser, Rasha S. Abbas

Abstract:

Background: Excessive and inappropriate use of antimicrobial agents among hospitalized patients remains an important patient safety and public health issue worldwide. Not only does this behavior incur unnecessary cost but it is also associated with increased morbidity and mortality. The objective of this study is to obtain an insight into the prescribing patterns of antibiotics in surgical and medical wards, to help identify a scope for improvement in service delivery. Method: A simple point prevalence survey included a convenience sample of 200 patients admitted to medical and surgical wards in a government teaching hospital in Baghdad between October 2017 and April 2018. Data were collected by a trained pharmacy intern using a standardized form. Patient’s demographics and details of the prescribed antibiotics, including dose, frequency of dosing and route of administration, were reported. Patients were included if they had been admitted at least 24 hours before the survey. Patients under 18 years of age, having a diagnosis of cancer or shock, or being admitted to the intensive care unit, were excluded. Data were checked and entered by the authors into Excel and were subjected to frequency analysis, which was carried out on anonymized data to protect patient confidentiality. Results: Overall, 88.5% of patients (n=177) received 293 antibiotics during their hospital admission, with a small variation between wards (80%-97%). The average number of antibiotics prescribed per patient was 1.65, ranging from 1.3 for medical patients to 1.95 for surgical patients. Parenteral third-generation cephalosporins were the most commonly prescribed at a rate of 54.3% (n=159) followed by nitroimidazole 29.4% (n=86), quinolones 7.5% (n=22) and macrolides 4.4% (n=13), while carbapenems and aminoglycosides were the least prescribed together accounting for only 4.4% (n=13). The intravenous route was the most common route of administration, used for 96.6% of patients (n=171). Indications were reported in only 63.8% of cases. Culture to identify pathogenic organisms was employed in only 0.5% of cases. Conclusion: Broad-spectrum antibiotics are prescribed at an alarming rate. This practice may provoke antibiotic resistance and adversely affect the patient outcome. Implementation of an antibiotic stewardship program is warranted to enhance the efficacy, safety and cost-effectiveness of antimicrobial agents.

Keywords: Acute care, antibiotic misuse, Iraq, prescribing.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 984

Authors: M. Hoxha, V. Capra, C. Buccellati, A. Sala, C. Cena, R. Fruttero, M. Bertinaria, G. E. Rovati

Abstract:

Today COXIBs are used in the treatment of arthritis and many other painful conditions in selected patients with high gastrointestinal risk and low cardiovascular (CV) risk. Previously, we have identified an unexpected mechanism of action of a traditional non-steroidal anti-inflammatory drug (NSAID) (diclofenac) and a specific inhibitor of cyclooxygenase-2 (COXIB) (lumiracoxib) demonstrating that they possess weak competitive antagonism at the thromboxane receptor (TP). We hypothesize that modifying the structure of a known COXIB so that it becomes also a more potent TP antagonist will preserve the anti-inflammatory and gastrointestinal safety typical of COXIBs and prevent the CV risk associated with long term therapy.

Keywords: Cyclooxygenase, inflammation, lumiracoxib, thromboxane A2.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2043

Authors: Thomas I. Kounitis

Abstract:

The purpose of this paper is to investigate the influence of a number of variables on the conditional mean and conditional variance of credit spread changes. The empirical analysis in this paper is conducted within the context of bivariate GARCH-in- Mean models, using the so-called BEKK parameterization. We show that credit spread changes are determined by interest-rate and equityreturn variables, which is in line with theory as provided by the structural models of default. We also identify the credit spread change volatility as an important determinant of credit spread changes, and provide evidence on the transmission of volatility between the variables under study.

Keywords: Credit spread changes, GARCH-in-Mean models, structural framework, volatility transmission.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1655