Search results for: Financial stability
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1888

Search results for: Financial stability

358 A Soft Error Rates Evaluation Method of Combinational Logic Circuit Based on Linear Energy Transfers

Authors: Man Li, Wanting Zhou, Lei Li

Abstract:

Communication stability is the primary concern of communication satellites. Communication satellites are easily affected by particle radiation to generate single event effects (SEE), which leads to soft errors (SE) of combinational logic circuit. The existing research on soft error rates (SER) of combined logic circuit is mostly based on the assumption that the logic gates being bombarded have the same pulse width. However, in the actual radiation environment, the pulse widths of the logic gates being bombarded are different due to different linear energy transfers (LET). In order to improve the accuracy of SER evaluation model, this paper proposes a soft error rates evaluation method based on LET. In this paper, we analyze the influence of LET on the pulse width of combinational logic and establish the pulse width model based on LET. Based on this model, the error rate of test circuit ISCAS’85 is calculated. Experimental results show that this model can be used for SER evaluation.

Keywords: Communication satellite, pulse width, soft error rates, linear energy transfer, LET.

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357 Foreign Real Estate Investment and the Australian Residential Property Market: A Study on Chinese Investors

Authors: Peng Yew Wong

Abstract:

House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor.

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356 Corporate Governance Role of Audit Committees in the Banking Sector: Evidence from Libya

Authors: Abdulaziz Abdulsaleh

Abstract:

This study aims at identifying the practices that should be taken into consideration by audit committees as a tool of corporate governance in Libyan commercial banks by investigating various perceptions on this topic. The study is based on a questionnaire submitted to audit committees ‘members at Libyan commercial banks, directors of internal audit departments as well as members of board of directors at these banks in addition to a number of external auditors and academic staff from Libyan universities. The study reveals that the role of audit committees has to be shifted from traditional areas of accounting to a broader role including functions related to financial reporting, audit planning, support the independence of internal and external auditors, acting as a channel of communication between external auditors and board of directors, reviewing external audit, and evaluating internal control systems. Although the study is a starting point in developing a framework of good audit committees’ practices in Libya, it is believed that the adoption of its results can result in enhancing the corporate governance practices not only in the banking sector but also in the entire corporate sector in Libya.

Keywords: Audit committees, Corporate Governance, Commercial Banks, Libya.

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355 Protein Graph Partitioning by Mutually Maximization of cycle-distributions

Authors: Frank Emmert Streib

Abstract:

The classification of the protein structure is commonly not performed for the whole protein but for structural domains, i.e., compact functional units preserved during evolution. Hence, a first step to a protein structure classification is the separation of the protein into its domains. We approach the problem of protein domain identification by proposing a novel graph theoretical algorithm. We represent the protein structure as an undirected, unweighted and unlabeled graph which nodes correspond the secondary structure elements of the protein. This graph is call the protein graph. The domains are then identified as partitions of the graph corresponding to vertices sets obtained by the maximization of an objective function, which mutually maximizes the cycle distributions found in the partitions of the graph. Our algorithm does not utilize any other kind of information besides the cycle-distribution to find the partitions. If a partition is found, the algorithm is iteratively applied to each of the resulting subgraphs. As stop criterion, we calculate numerically a significance level which indicates the stability of the predicted partition against a random rewiring of the protein graph. Hence, our algorithm terminates automatically its iterative application. We present results for one and two domain proteins and compare our results with the manually assigned domains by the SCOP database and differences are discussed.

Keywords: Graph partitioning, unweighted graph, protein domains.

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354 Role of Technological Innovation in Improving Manufacturing Performance: A Review

Authors: Davinder Singh, Jaimal Singh Khamba, Tarun Nanda

Abstract:

MSMEs are regarded as the sunrise sector of the Indian economy in view of its large potential for growth and likely socio economic impact specifically on employment and income generation. In today’s competitive business environment, global competition forces companies to continuously seek ways of improving their products and services. The pressure on organizations to adapt to new technologies and external threats requires resourcefulness, creativity and innovation. Market has become more open, competitive and customers more demanding. Without continuous technology innovation, no organization can ever remain competitive. Innovations reflect a critical way in which organizations respond to either technological or market challenges. The need of the market is to deliver high quality products through continuous changing in features in product, improve existing products, reduce their cost, and improve employee skills, training, technology infrastructure and financial policies. Therefore, the key factor of organization’s ability to change is innovation. The study presents a detailed review of literature on the role of technology innovation in improving manufacturing performance of industries.

Keywords: Competitive, Manufacturing performance, MSMEs, Technological Innovation.

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353 Comparative Productivity Analysis of Median Scale Battery Cage and Deep Litter Housing Chicken Egg Production in Rivers State, Nigeria

Authors: D. I. Ekine, C. C. Akpanibah

Abstract:

This paper analyses the productivity of median scale battery cage and deep litter chicken egg producers in Rivers State, Nigeria. 90 battery cage and 90 deep litter farmers giving a total of 180 farmers were sampled through a multistage sampling procedure. Mean productivity was higher for the battery cage than the deep litter farmers at 2.65 and 2.33 respectively. Productivity of battery cage farmers were positively influenced by age, extension contacts, experience and feed quantity while the productivity of deep litter farmers was positively influenced by age, extension contacts, household size, experience and labour. The major constraints identified by both categories are high cost of feed, high price of day-old chick, inadequate finance, lack of credit and high cost of drug/vaccination. Furthermore, the work recommends that government should assist chicken egg farmers through subsidies of input resources and put policies to make financial institutions give out loans at low interest rate to the farmers. The farmers should abide by the recommended number of birds per unit area while stocking.

Keywords: Productivity, battery cage, deep litter, median scale, egg production.

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352 Money Laundering and Financing of Terrorism

Authors: C. Mallada Fernández

Abstract:

Economic development and globalization of international markets have created a favourable atmosphere for the emergence of new forms of crime such as money laundering or financing of terrorism, which may contribute to destabilized and damage economic systems. In particular, money laundering have acquired great importance since the 11S attacks, what has caused on the one hand, the establishment and development of preventive measures and, on the other hand, a progressive hardening of penal measures. Since then, the regulations imposed to fight against money laundering have been viewed as key components also in the fight against terrorist financing. Terrorism, at the beginning, was a “national” crime connected with internal problems of the State (for instance the RAF in Germany or ETA in Spain) but in the last 20 years has started to be an international problem that is connected with the defence and security of the States. Therefore, the new strategic concept for the defense and security of NATO has a comprehensive list of security threats to the Alliance, such as terrorism, international instability, money laundering or attacks on cyberspace, among others. With this new concept, money laundering and terrorism has become a priority in the national defense.

In this work we will analyze the methods to combat these new threats to the national security. We will study the preventive legislations to combat money laundering and financing of terrorism, the UIF that exchange information between States, and the hawala-Banking.

Keywords: Control of financial flows, money laundering, terrorism, financing of terrorism.

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351 Off-Line Detection of “Pannon Wheat” Milling Fractions by Near-Infrared Spectroscopic Methods

Authors: E. Izsó, M. Bartalné-Berceli, Sz. Gergely, A. Salgó

Abstract:

The aim of this investigation is to elaborate nearinfrared methods for testing and recognition of chemical components and quality in “Pannon wheat” allied (i.e. true to variety or variety identified) milling fractions as well as to develop spectroscopic methods following the milling processes and evaluate the stability of the milling technology by different types of milling products and according to sampling times, respectively. These wheat categories produced under industrial conditions where samples were collected versus sampling time and maximum or minimum yields. The changes of the main chemical components (such as starch, protein, lipid) and physical properties of fractions (particle size) were analysed by dispersive spectrophotometers using visible (VIS) and near-infrared (NIR) regions of the electromagnetic radiation. Close correlation were obtained between the data of spectroscopic measurement techniques processed by various chemometric methods (e.g. principal component analysis [PCA], cluster analysis [CA]) and operation condition of milling technology. It is obvious that NIR methods are able to detect the deviation of the yield parameters and differences of the sampling times by a wide variety of fractions, respectively. NIR technology can be used in the sensitive monitoring of milling technology.

Keywords: Allied wheat fractions, CA, milling process, nearinfrared spectroscopy, PCA.

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350 Mixed Micellization Study of Adiphenine Hydrochloride with 1-Decyl-3-Methylimidazolium Chloride

Authors: Abbul B. Khan, Neeraj Dohare, Rajan Patel

Abstract:

The mixed micellization of adiphenine hydrochloride (ADP) with 1-decyl-3-methylimidazolium chloride (C10mim.Cl), was investigated at different mole fractions and temperatures by surface tension measurements. The synergistic behavior (i.e., non-ideal behavior) for binary mixtures was explained by the deviation of critical micelle concentration (cmc) from ideal critical micelle concentration (cmc*), micellar mole fraction (Xim) from ideal micellar mole fraction (Xiideal), the values of interaction parameter (β) and activity coefficients (fi) (for both mixed micelles and mixed monolayer). The excess free energy (ΔGex) for the ADP- C10mim.Cl binary mixtures explain the stability of mixed micelles in comparison to micelles of pure ADP and C10mim.Cl. Interfacial parameters, i.e., Gibbs surface excess (Гmax), minimum head group area at air/ water interface (Amin), and free energy of micellization (ΔG0m) were also evaluated for the systems.

Keywords: Adiphenine hydrochloride, Critical micelle concentration, Interaction parameter, Activity coefficient.

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349 Aggressive Driving in Young Motorists

Authors: Suneel M. Agerwala, Ashley Votta, Briana Hogan, John Yannocone, Steven Samuels, SheilaChiffriller

Abstract:

Road rage is an increasingly prevalent expression of aggression in our society. Its dangers are apparent and understanding its causes may shed light on preventative measures. This study involved a fifteen-minute survey administered to 147 undergraduate students at a North Eastern suburban university. The survey consisted of a demographics section, questions regarding financial investment in respondents- vehicles, experience driving, habits of driving, experiences witnessing role models driving, and an evaluation of road rage behavior using the Driving Vengeance Questionnaire. The study found no significant differences in driving aggression between respondents who were financially invested in their vehicle compared to those who were not, or between respondents who drove in heavy traffic hours compared to those who did not, suggesting internal factors correlate with aggressive driving habits. The study also found significant differences in driving aggression between males versus females, those with more points on their license versus fewer points, and those who witnessed parents driving aggressively very often versus rarely or never. Additional studies can investigate how witnessing parents driving aggressively is related to future driving behaviors.

Keywords: Aggression, college, driving, road rage.

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348 Family-size Biogas Plant Using Manure and Urine Mixture at Ambient Temperature in Semi-arid Regions of Northwestern China

Authors: Wenguang Ding, Yang Wu, Xia Wang, Yayu Gao

Abstract:

Biogas, a clean renewable energy, is attracting a growing concern of researchers and professionals in many fields. Based on the natural and climatic conditions in semi-arid regions of northwestern China, the present study introduces a specifically-designed family-size biogas plant (with a digester of 10m3) with manure and urine of animals and humanity as raw materials. The biogas plant is applicable to areas with altitudes of more than 2000 meters in northwestern China. In addition to the installation cost, a little operational expenditure, structure, characteristics, benefits of this small-scale biogas plant, this article introduces a wide range of specific popularization methods such as training, financial support, guided tour to the biogas plant, community-based group study and delivery of operational manuals. The feasibility of the biogas plant is explored on the basis of the availability of the raw materials. Simple operations contained in the current work increase the possibility of the wide use of this small-scale biogas plant in similar regions of the world.

Keywords: biogas, family-size biogas plant, northwestern China, popularization

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347 Analysis of Evaporation of Liquid Ammonia in a Vertical Cylindrical Storage Tank

Authors: S. Chikh, S. Boulifa

Abstract:

The present study addresses the problem of ammonia evaporation during filling of a vertical cylindrical tank and the influence of various external factors on the stability of storage by determining the conditions for minimum evaporation. Numerical simulation is carried out by solving the governing equations namely, continuity, momentum, energy, and diffusion of species. The effect of temperature of surrounding air, the filling speed of the reservoir and the temperature of the filling liquid ammonia on the evaporation rate is investigated. Results show that the temperature of the filling liquid has little effect on the liquid ammonia for a short period, which, in fact, is function of the filling speed. The evaporation rate along the free surface of the liquid is non-uniform. The inlet temperature affects the vapor ammonia temperature because of pressure increase. The temperature of the surrounding air affects the temperature of the vapor phase rather than the liquid phase. The maximum of evaporation is reached at the final step of filling. In order to minimize loss of ammonia vapors automatically causing losses in quantity of the liquid stored, it is suggested to ensure the proper insulation for the walls and roof of the reservoir and to increase the filling speed.

Keywords: Evaporation, liquid ammonia, storage tank, numerical simulation.

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346 Novel Design and Analysis of a Brake Rotor

Authors: Sharath Kumar T., S.Vinodh

Abstract:

Over the course of the past century, the global automotive industry-s stance towards safety has evolved from one of contempt to one nearing reverence. A suspension system that provides safe handling and cornering capabilities can, with the help of an efficient braking system, improve safety to a large extent. The aim of this research is to propose a new automotive brake rotor design and to compare it with automotive vented disk rotor. Static structural and transient thermal analysis have been carried out on the vented disk rotor and proposed rotor designs to evaluate and compare their performance. Finite element analysis was employed for both static structural and transient thermal analysis. Structural analysis was carried out to study the stress and deformation pattern of the rotors under extreme loads. Time varying temperature load was applied on the rotors and the temperature distribution was analysed considering cooling parameters (convection and radiation). This dissertation illustrates the use of Finite Element Methods to examine models, concluding with a comparative study of the proposed rotor design and the conventional vented disk rotor for structural stability and thermal efficiency.

Keywords: Disk brakes, CAD model, rotor design, structural and thermal analysis

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345 The Long-Term Effects of Using the Energy Box on Energy Poor Households in the Private Rental Sector in the Netherlands

Authors: B. E. Weber, N. Vrielink, M. G. Rietbergen

Abstract:

This paper explores the long-term effects of the Energy Box trajectory on households in the private rental sector, specifically households experiencing energy poverty. The concept of energy poverty has been getting increasing attention among policymakers over the past few years. In the Netherlands, as far as we know, there are no national policies on alleviating energy poverty, which negatively impacts energy-poor households. The Energy Box can help households experiencing energy poverty by stimulating them to improve the energy efficiency of their home by changing their energy-saving behavior. Important long-term effects are that respondents indicate that they live in a more environmentally friendly way and that they save money on their energy bills. Households feel engaged with the concept of energy-saving and can see the benefits of changing their energy-saving behavior. Respondents perceived the Energy Box as a means to live more environmentally friendly, instead of it solely being a means to save money on energy bills. The findings show that most respondents signed up for the Energy Box are interested in energy-saving as a lifestyle choice instead of a financial choice, which would likely be the case for households experiencing energy poverty.

Keywords: Energy-saving behavior, energy poverty, poverty, private rental sector.

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344 Sustainable Development Variables to Assess Transport Infrastructure in Remote Destinations

Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

Abstract:

The assessment variables of the accessibility and the sustainability of access infrastructure for remote regions may vary significant by location and a wide range of factors may affect the decision process. In this paper, the environmental disturbance implications of transportation system to key demand and supply variables impact the economic system in remote destination are descripted. According to a systemic approach, the key sustainability variables deals with decision making process that have to be included in strategic plan for the critical transport infrastructure development and their relationship to regional socioeconomic system are presented. The application deals with the development of railway in remote destinations, where the traditional CBA not include the external cost generated by the environmental impacts that may have a range of diverse impacts on transport infrastructure and services. The analysis output provides key messages to decision and policy makers towards sustainable development of transport infrastructure, especially for remote destinations where accessibility is a key factor of regional economic development and social stability. The key conclusion could be essential useful for relevant applications in remote regions in the same latitude.

Keywords: Sustainable development in remote regions, sustainability variables, transport infrastructure, strategic planning.

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343 Effects of Gratitude Practice on Relationship Satisfaction and the Role of Perceived Superiority

Authors: Anomi Bearden, Brooke Goodyear, Alicia Khan

Abstract:

This repeated-measures experiment explored the effects of six weeks of gratitude practice on college students (N = 67) on relationship satisfaction and perceived superiority. Replicating previous research on gratitude practice, it was hypothesized that after consistent gratitude practice, participants in the experimental group (n = 32) would feel increased levels of relationship satisfaction compared to the control group (n = 35). Of particular interest was whether the level of perceived superiority would moderate the effect of gratitude practice on relationship satisfaction. The gratitude group evidenced significantly higher appreciation and marginally higher relationship satisfaction at post-test than the control group (both groups being equal at pre-test). Significant enhancements in gratitude, satisfaction, and feeling both appreciative and appreciated were found in the gratitude group, as well as significant enhancements in gratitude, satisfaction, and feeling appreciated in the control group. Appreciation for one’s partner was the only measure that improved in the gratitude group and not the control group from pre-test to post-test. Perceived superiority did not change significantly from pre-test to post-test in either group, supporting the prevalence and stability of this bias within people’s overall perceptions of their relationships.

Keywords: Gratitude, relationship satisfaction, perceived superiority, partner appreciation.

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342 Plastic Waste Utilization as Asphalt Binder Modifier in Asphalt Concrete Pavement

Authors: H. Naghawi, R. Al-Ajarmeh, R. Allouzi, A. AlKlub, K. Masarwah, A. AL-Quraini, M. Abu-Sarhan

Abstract:

The main objective of this paper is to evaluate the use of plastic waste as a low cost asphalt binder modifier. For this purpose Marshall mix design procedure was used. Marshall mix design procedure seeks to select the Optimum Binder Content (OBC) to be added to a specific aggregate blend resulting in a mixture that satisfies the desired properties of strength and durability. In order to evaluate the plastic waste modified (PWM) asphalt mixtures, the OBC for the conventional asphalt mix was first identified, and then different percentages of crushed plastic waste by weight of the identified OBC were tested. Marshall test results for the modified asphalt mixtures were analyzed to find the optimum PWM content. Finally, the static indirect tensile strength (IDT) was determined for all mixtures using the splitting tensile test. It was found that PWM content of 7.43% by weight of OBC is recommended as the optimum PWM content needed for enhancing the performance of asphalt mixtures. It enhanced stability by 42.56%, flow by 89.91% and strength by 13.54%. This would lead to a more durable pavement by improving the pavement resistance to fatigue cracking and rutting.

Keywords: Binder content modifier, Marshall test, plastic waste, polyethylene terephthalate.

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341 Contribution of Electrochemical Treatment in Treating Textile Dye Wastewater

Authors: Usha N. Murthy, Rekha H. B., Mahaveer Devoor

Abstract:

The introduction of more stringent pollution regulations, in relation to financial and social pressures for sustainable development, has pressed toward limiting the volumes of industrial and domestic effluents discharged into the environment - as well as to increase the efforts within research and development of new or more efficient wastewater treatment technologies. Considering both discharge volume and effluent composition, wastewater generated by the textile industry is rated as the most polluting among all industrial sectors. The pollution load is mainly due to spent dye baths, which are composed of unreacted dyes, dispersing agents, surfactants, salts and organics. In the present investigation, the textile dye wastewater was characterized by high color, chemical oxygen demand (COD), total dissolved solids (TDS) and pH. Electrochemical oxidation process for four plate electrodes was carried out at five different current intensities, out of which 0.14A has achieved maximum percentage removal of COD with 75% and 83% of color. The COD removal rate in kg COD/h/m2 decreases with increase in the current intensity. The energy consumption increases with increase in the current intensity. Hence, textile dye wastewater can be effectively pretreated by electrochemical oxidation method where the process limits objectionable color while leaving the COD associated with organics left for natural degradation thus causing a sustainable reduction in pollution load.

Keywords: Electrochemical treatment, COD, color.

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340 Marangoni Instability in a Fluid Layer with Insoluble Surfactant

Authors: Ainon Syazana Ab. Hamid, Seripah Awang Kechil, Ahmad Sukri Abd. Aziz

Abstract:

The Marangoni convective instability in a horizontal fluid layer with the insoluble surfactant and nondeformable free surface is investigated. The surface tension at the free surface is linearly dependent on the temperature and concentration gradients. At the bottom surface, the temperature conditions of uniform temperature and uniform heat flux are considered. By linear stability theory, the exact analytical solutions for the steady Marangoni convection are derived and the marginal curves are plotted. The effects of surfactant or elasticity number, Lewis number and Biot number on the marginal Marangoni instability are assessed. The surfactant concentration gradients and the heat transfer mechanism at the free surface have stabilizing effects while the Lewis number destabilizes fluid system. The fluid system with uniform temperature condition at the bottom boundary is more stable than the fluid layer that is subjected to uniform heat flux at the bottom boundary.

Keywords: Analytical solutions, Marangoni Instability, Nondeformable free surface, Surfactant.

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339 Stabilization of Fly Ash Slope Using Plastic Recycled Polymer and Finite Element Analysis Using Plaxis 3D

Authors: Tushar Vasant Salunkhe, Sariput M. Nawghare, Maheboobsab B. Nadaf, Sushovan Dutta, J. N. Mandal

Abstract:

The model tests were conducted in the laboratory without and with Plastic recycled polymer in fly ash steep slopes overlaying soft foundation soils like fly ash and powai soil in order to check the stability of steep slope. In this experiment, fly ash is used as a filling material and Plastic Recycled Polymers of diameter = 3mm and length = 4mm were made from waste plastic product (lower grade plastic product). The properties of fly ash and Plastic recycled polymers are determined. From the experiments, load and settlement have measured. From these data, load –settlement curves have reported. It has been observed from test results that load carrying capacity of mixture fly ash with Plastic Recycled Polymers slope is more than that of fly ash slope. The deformation of Plastic Recycled Polymers slope is slightly more than that of fly ash slope. A Finite Element Method (F.E.M.) was also evaluated using PLAXIS 3D version. The failure pattern, deformations and factor of safety are reported based on analytical programme. The results from experimental data and analytical programme are compared and reported.

Keywords: Fly ash, Plastic recycled polymer, Factor of safety, Finite element method (FEM), Bishop’s simplified method.

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338 Use of Fuzzy Logic in the Corporate Reputation Assessment: Stock Market Investors’ Perspective

Authors: Tomasz L. Nawrocki, Danuta Szwajca

Abstract:

The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: Corporate reputation, fuzzy logic, fuzzy model, stock market investors.

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337 The Martingale Options Price Valuation for European Puts Using Stochastic Differential Equation Models

Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

Abstract:

In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: Equivalent Martingale Measure, European Put Option, Girsanov Theorem, Martingales, Monte Carlo method, option price valuation, option price valuation formula.

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336 The Governance of Islamic Banks in Morocco: Meaning, Strategic Vision and Purposes Attributed to the Governance System

Authors: Lalla Nezha Lakmiti, Abdelkahar Zahid

Abstract:

Due to the setbacks on the international scene and the wave of cacophonic financial scandals affecting large international groups, the new Islamic finance industry is not immune despite its initial resistance. The purpose of this paper is to understand and analyze the meaning of the Corporate Governance (CG) concept in Moroccan Islamic banking systems with specific reference to their institutions. The research objective is to identify also the path taken and adopted by these banks recently set up in Morocco. The foundation is rooted in shari'a, in particular, no stakeholder (the shareholding approach) must be harmed, and the ethical value is reflected into these parties’ behavior. We chose a qualitative method, semi-structured interviews where six managers provided answers about their banking systems. Since these respondents held a senior position (directors) within their organizations, it is felt that they are well placed and have the necessary knowledge to provide us with information to answer the questions asked. The results identified the orientation of participating banks and assessing how governance works, while determining which party is fovoured: shareholders, stakeholders or both. This study discusses the favorable condition to the harmonization of the regulations and therefore a better integration between Islamic finance and conventional ones in the economic context of Morocco.

Keywords: Corporate governance, participating banks, stakeholders, shareholders, and interests.

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335 An Approach to Practical Determination of Fair Premium Rates in Crop-Hail Insurance Using Short-Term Insurance Data

Authors: Necati Içer

Abstract:

Crop-hail insurance plays a vital role in managing risks and reducing the financial consequences of hail damage on crop production. Predicting insurance premium rates with short-term data is a major challenge in numerous nations because of the unique characteristics of hailstorms. This study aims to suggest a feasible approach for establishing equitable premium rates in crop-hail insurance for nations with short-term insurance data. The primary goal of the rate-making process is to determine premium rates for high and zero loss costs of villages and enhance their credibility. To do this, a technique was created using the author's practical knowledge of crop-hail insurance. With this approach, the rate-making method was developed using a range of temporal and spatial factor combinations with both hypothetical and real data, including extreme cases. This article aims to show how to incorporate the temporal and spatial elements into determining fair premium rates using short-term insurance data. The article ends with a suggestion on the ultimate premium rates for insurance contracts.

Keywords: Crop-hail insurance, premium rate, short-term insurance data, spatial and temporal parameters.

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334 Improving Gas Separation Performance of Poly(Vinylidene Fluoride) Based Membranes Containing Ionic Liquid

Authors: S. Al-Enezi, J. Samuel, A. Al-Banna

Abstract:

Polymer based membranes are one of the low-cost technologies available for the gas separation. Three major elements required for a commercial gas separating membrane are high permeability, high selectivity, and good mechanical strength. Poly(vinylidene fluoride) (PVDF) is a commercially available fluoropolymer and a widely used membrane material in gas separation devices since it possesses remarkable thermal, chemical stability, and excellent mechanical strength. The PVDF membrane was chemically modified by soaking in different ionic liquids and dried. The thermal behavior of modified membranes was investigated by differential scanning calorimetry (DSC), and thermogravimetry (TGA), and the results clearly show the best affinity between the ionic liquid and the polymer support. The porous structure of the PVDF membranes was clearly seen in the scanning electron microscopy (SEM) images. The CO₂ permeability of blended membranes was explored in comparison with the unmodified matrix. The ionic liquid immobilized in the hydrophobic PVDF support exhibited good performance for separations of CO₂/N₂. The improved permeability of modified membrane (PVDF-IL) is attributed to the high concentration of nitrogen rich imidazolium moieties.

Keywords: PVDF, gas permeability, polymer membrane, ionic liquid.

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333 Analysis of Residual Strain and Stress Distributions in High Speed Milled Specimens using an Indentation Method

Authors: Felipe V. Díaz, Claudio A. Mammana, Armando P. M. Guidobono, Raúl E. Bolmaro

Abstract:

Through a proper analysis of residual strain and stress distributions obtained at the surface of high speed milled specimens of AA 6082–T6 aluminium alloy, the performance of an improved indentation method is evaluated. This method integrates a special device of indentation to a universal measuring machine. The mentioned device allows introducing elongated indents allowing to diminish the absolute error of measurement. It must be noted that the present method offers the great advantage of avoiding both the specific equipment and highly qualified personnel, and their inherent high costs. In this work, the cutting tool geometry and high speed parameters are selected to introduce reduced plastic damage. Through the variation of the depth of cut, the stability of the shapes adopted by the residual strain and stress distributions is evaluated. The results show that the strain and stress distributions remain unchanged, compressive and small. Moreover, these distributions reveal a similar asymmetry when the gradients corresponding to conventional and climb cutting zones are compared.

Keywords: Residual strain, residual stress, high speed milling, indentation methods, aluminium alloys.

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332 An Evaluation of the Effectiveness of Health and Safety Induction Practices in the Zambian Construction Industry

Authors: Josephine Mutwale-Ziko, Nonde Lushinga, Inonge Akakandelwa

Abstract:

The study discusses the effectiveness of health and safety induction practices on construction sites against the background of the Zambian construction industry experience. The research design included the literature review of relevant literature. Questionnaires and interviews were administered to regulatory bodies, health, and safety personnel. Observation was also employed on construction sites to assess the health and safety practices being used. Health and safety in the construction industry are not something to be ignored or overlooked. The construction industry needs to take heed of the serious consequences of inadequate health and safety induction practices. The implications of inadequate health and safety induction procedures included among others threats to profitability, corporate social responsibility and increased turnover of the workforce leading to poor productivity. Adequate health and safety practices can improve the health and wellbeing of employees, reduce financial implications on firms and encourage productivity on construction sites. Despite this, accidents are still prevalent on construction sites in Zambia. The overall result of this research denotes that the implementation of health and safety induction practices is inadequate, as indicated by the negligent and non-adherent attitude to health and safety induction aspects on the sites by most stakeholders on construction sites. Therefore, health and safety induction practices are ineffective as preventive measures for reduction of accidents on construction sites in Zambia.

Keywords: Accidents, employees, health and safety, inadequate induction.

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331 The Role of Business Process Management in Driving Digital Transformation: Insurance Company Case Study

Authors: Dalia Suša Vugec, Ana-Marija Stjepić, Darija Ivandić Vidović

Abstract:

Digital transformation is one of the latest trends on the global market. In order to maintain the competitive advantage and sustainability, increasing number of organizations are conducting digital transformation processes. Those organizations are changing their business processes and creating new business models with the help of digital technologies. In that sense, one should also observe the role of business process management (BPM) and its maturity in driving digital transformation. Therefore, the goal of this paper is to investigate the role of BPM in digital transformation process within one organization. Since experiences from practice show that organizations from financial sector could be observed as leaders in digital transformation, an insurance company has been selected to participate in the study. That company has been selected due to the high level of its BPM maturity and the fact that it has previously been through a digital transformation process. In order to fulfill the goals of the paper, several interviews, as well as questionnaires, have been conducted within the selected company. The results are presented in a form of a case study. Results indicate that digital transformation process within the observed company has been successful, with special focus on the development of digital strategy, BPM and change management. The role of BPM in the digital transformation of the observed company is further discussed in the paper.

Keywords: Business process management, case study, Croatia, digital transformation, insurance company.

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330 Design and Analysis of MEMS based Accelerometer for Automatic Detection of Railway Wheel Flat

Authors: Rajib Ul Alam Uzzal, Ion Stiharu, Waiz Ahmed

Abstract:

This paper presents the modeling of a MEMS based accelerometer in order to detect the presence of a wheel flat in the railway vehicle. A haversine wheel flat is assigned to one wheel of a 5 DOF pitch plane vehicle model, which is coupled to a 3 layer track model. Based on the simulated acceleration response obtained from the vehicle-track model, an accelerometer is designed that meets all the requirements to detect the presence of a wheel flat. The proposed accelerometer can survive in a dynamic shocking environment with acceleration up to ±150g. The parameters of the accelerometer are calculated in order to achieve the required specifications using lumped element approximation and the results are used for initial design layout. A finite element analysis code (COMSOL) is used to perform simulations of the accelerometer under various operating conditions and to determine the optimum configuration. The simulated results are found within about 2% of the calculated values, which indicates the validity of lumped element approach. The stability of the accelerometer is also determined in the desired range of operation including the condition under shock.

Keywords: MEMS accelerometer, Pitch plane vehicle, wheel flat.

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329 Mooring Analysis of Duct-Type Tidal Current Power System in Shallow Water

Authors: Chul H. Jo, Do Y. Kim, Bong K. Cho, Myeong J. Kim

Abstract:

The exhaustion of oil and the environmental pollution from the use of fossil fuel are increasing. Tidal current power (TCP) has been proposed as an alternative energy source because of its predictability and reliability. By applying a duct and single point mooring (SPM) system, a TCP device can amplify the generating power and keep its position properly. Because the generating power is proportional to cube of the current stream velocity, amplifying the current speed by applying a duct to a TCP system is an effective way to improve the efficiency of the power device. An SPM system can be applied at any water depth and is highly cost effective. Simple installation and maintenance procedures are also merits of an SPM system. In this study, we designed an SPM system for a duct-type TCP device for use in shallow water. Motions of the duct are investigated to obtain the response amplitude operator (RAO) as the magnitude of the transfer function. Parameters affecting the stability of the SPM system such as the fairlead departure angle, current velocity, and the number of clamp weights are analyzed and/or optimized. Wadam and OrcaFlex commercial software is used to design the mooring line.

Keywords: Mooring design, parametric analysis, response amplitude operator, single point mooring.

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