Search results for: economic effects

Authors: Gheorghe Romanescu, IonuŃ V. Jora, Cristian Constantin Stoleriu

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The influence of human activities produced by dams along the river beds is minor, but the location of accumulation of water directly influences the hydrological regime. The most important effect of the influence of damming on the way water flows decreases the frequency of floods. The water rate controls the water flow of the dams. These natural reservoirs become dysfunctional and, as a result, a new distribution of flow in the downstream sector, where maximum flow is, brings about, in this case, higher values. In addition to fishing, middle and lower courses of rivers located by accumulation also have a role in mitigating flood waves, thus providing flood protection. The Vaslui also ensures a good part of the needs of the town water supply. The most important lake is Solesti, close to the Vaslui River, opened in 1974. A hydrological regime of accumulation is related to an anthropogenic and natural drainage system. The design conditions and their manoeuvres drain or fill the water courses.

Keywords: Hydraulic works, hydrological regime, average flow, repeat flow.

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Authors: Isa Nakhai Kamal Abadi, Esmaeel Saberi, Ehsan Mirjafari

Abstract:

While financial institutions have faced difficulties over the years for a multitude of reasons, the major cause of serious banking problems continues to be directly related to lax credit standards for borrowers and counterparties, poor portfolio risk management, or a lack of attention to changes in economic or other circumstances that can lead to a deterioration in the credit standing of a bank's counterparties. Credit risk is most simply defined as the potential that a bank borrower or counterparty will fail to meet its obligations in accordance with agreed terms. The goal of credit risk management is to maximize a bank's risk-adjusted rate of return by maintaining credit risk exposure within acceptable parameters. Banks need to manage the credit risk inherent in the entire portfolio as well as the risk in individual credits or transactions. Banks should also consider the relationships between credit risk and other risks. The effective management of credit risk is a critical component of a comprehensive approach to risk management and essential to the long-term success of any banking organization. In this research we also study the relationship between credit risk indices and borrower-s timely payback in Karafarin bank.

Keywords: Financial Ratios; Spearman Test; Bank OperationsRisk

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Authors: Claude Alavoine

Abstract:

While in practice negotiation is always a mix of cooperation and competition, these two elements correspond to different approaches of the relationship and also different orientations in term of strategy, techniques, tactics and arguments employed by the negotiators with related effects and in the end leading to different outcomes. The levels of honesty, trust and therefore cooperation are influenced not only by the uncertainty of the situation, the objectives, stakes or power but also by the orientation given from the very beginning of the relationship. When negotiation is reduced to a confrontation of power, participants rely on coercive measures, using different kinds of threats or make false promises and bluff in order to establish a more acceptable balance of power. Most of the negotiators have a tendency to complain about the unethical aspects of the tactics used by their counterparts while, as the same time, they are mostly unaware of the sources of influence of their own vision and practices. In this article, our intention is to clarify these sources and try to understand what can lead negotiators to unethical practices.

Keywords: competition, cooperation, ethics, negotiation, power

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Authors: M. Celeska, K. Najdenkoski, V. Dimchev, V. Stoilkov

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Accurate determination of wind turbine performance is necessary for economic operation of a wind farm. At present, the procedure to carry out the power performance verification of wind turbines is based on a standard of the International Electrotechnical Commission (IEC). In this paper, nonparametric statistical inference is applied to designing a simple, inexpensive method of verifying the power performance of a wind turbine. A statistical test is explained, examined, and the adequacy is tested over real data. The methods use the information that is collected by the SCADA system (Supervisory Control and Data Acquisition) from the sensors embedded in the wind turbines in order to carry out the power performance verification of a wind farm. The study has used data on the monthly output of wind farm in the Republic of Macedonia, and the time measuring interval was from January 1, 2016, to December 31, 2016. At the end, it is concluded whether the power performance of a wind turbine differed significantly from what would be expected. The results of the implementation of the proposed methods showed that the power performance of the specific wind farm under assessment was acceptable.

Keywords: Canonical correlation analysis, power curve, power performance, wind energy.

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

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

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

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Authors: T. Utarasakul

Abstract:

Khao Yai National Park is the First National Park in Thailand and approximately 800,000 tourists visited Khao Yai yearly. This study aimed to identify the perception of tourists in Khao Yai National Park according to the implementation of eco-friendly cleansers along their leisure in the campsites. Due to tourist’s activities in the park were affected on quality of environment; especially on water resource. Therefore, eco-friendly cleansers were used in campsites for tourists and restaurants during high tourist season. The results indicated positive effects of environmental friendly cleansers on water quality in Lam Ta Khong River, as well as the tourist’s perception on eco-friendly cleansers.

Keywords: Eco-friendly cleansers, Campsite, Khao Yai National Park.

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Authors: Yu-Chin Kuo, Szu-Wei Yang, Hsin-Hung Kuo

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A Reading Comprehend (RC) Platform has been constructed and developed to facilitate children-s English reading comprehension. Like a learning bridge, the RC Platform focuses on the integration of rich media and picture-book texts. The study is to examine the effects of the project within the RC Platform for children. Two classes of fourth graders were selected from a public elementary school in an urban area of central Taiwan. The findings taken from the survey showed that the students demonstrated high interest in the RC Platform. The students benefited greatly and enjoyed reading via the technology-enhanced project within the RC Platform. This Platform is a good reading bridge to enrich students- learning experiences and enhance their performance in English reading comprehension.

Keywords: English Teaching, Multimedia-based Learning, Learning Platform, Reading Comprehension, Technology EnhancedLearning.

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Authors: Firouz Parvizian Ganje, Emad Hezbkhah, Behbood Maashkar

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Climate change could lead to changes in cultural environments and landscapes as we know them.Climate change presents an immediate and significant threat to our natural and built environments and to the ways of life which co-exist with these environments. In most traditional buildings, the harmony of texture with nature and environment has been ever considered; so houses and cities have been mixed with their natural environment so astonishingly and the selection and usage of materials have been in such a way that they have provided the utmost conformity with the environment, as the result the created areas have a unique beauty and attraction.The extent to which climate change contributes to destruction procedure on Iran-s historic buildings.is a subject of current discussion. Cities, towns and built-up areas also have their own characteristics that might make them particularly vulnerable to climate change.

Keywords: Climate Change, historic buildings, Iran

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Authors: Mohamed A. Tantawy, Nourelhoda A. Hussein, Moataz A. Mahrous

Abstract:

New planning and city design theories are continuously debated and optimized for seeking efficiency and adequacy in economic and life quality aspects. Here, we examine the children-city relationship, to reflect on how modern and traditional cities affect the social climate. We adopt children as a proper caliber for urbanism, as for their very young age, they are independent and attached to family. Their fragility offers a chance to gauge how various urban settings directly affect their feeling of safety, containment, and their perception of belonging for home territory. The importance of street play for the child development process is discussed thoroughly. The authority they have on their play (when and what to play) pushes us to our conclusion. A mediocre built environment characterized by spontaneity and human-scale semi-private urban spaces, is irreplaceable by a perfectly designed far away playgrounds. Street play has a huge role in empowering children for a gradual engagement with grown-ups’ urban flow.

Keywords: Child's psychology, social activity, street play, urban fabric.

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Authors: A. Jameel, G. A. Harmain, Y. Anand, J. H. Masoodi, F. A. Najar

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The present study investigates the effect of inclusions on the shape and size of crack tip plastic zones in engineering materials subjected to static loads by employing the element free Galerkin method (EFGM). The modeling of the discontinuities produced by cracks and inclusions becomes independent of the grid chosen for analysis. The standard displacement approximation is modified by adding additional enrichment functions, which introduce the effects of different discontinuities into the formulation. The level set method has been used to represent different discontinuities present in the domain. The effect of inclusions on the extent of crack tip plastic zones is investigated by solving some numerical problems by the EFGM.

Keywords: EFGM, stress intensity factors, crack tip plastic zones, inclusions.

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Authors: Yongsei Lee, Hyunsu Park, Youngseob Yu, Heechan Yoo, Sungin Yoo

Abstract:

A horizontal anaerobic digester was developed and tested in pilot scale for Korean food waste with high water contents (>80%). The hydrogen sulfide in the biogas was removed by a biological desulfurization equipment integrated in the horizontal digester. A mixer of the horizontal digester was designed to easily remove the sediment in the bottom and scum layers on surface in the digester. Experimental result for 120 days of operation of the pilot plant showed a high removal efficiency of 81.2% for organic substance and high stability during the whole operation period were acquired. Also food waste was treated at high organic loading rates over 4 kg•VS/m3∙day and a methane gas production rate of 0.62 m3/kg•VSremoved was accomplished. The biological desulfurization equipment inside the horizontal digester was proven to be an economic and effective method to reduce the biogas desulfurization cost by removing hydrogen sulfide more than 90% without external desulfurization equipments.

Keywords: Biogas, Biological desulfurization, Horizontal anaerobic digester, Korean food waste

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Authors: Azam Bayat, Aref Khalkhali, Ali Reza Mahjoub

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In this research, a type of drug supplement was synthesized by a green route. This organic biomaterial was named Nutrition Bio-Shield Superfood (NBS). Due to the destructive effects of various infectious diseases, their increasing prevalence and the lack of appropriate medication for treatment, the present study aimed to evaluate antimicrobial properties of the NBS dietary supplement. In the study of the simple effect of concentrations on the inhibitory diameter of the growth of the common bacteria involved in infectious diseases of the human body, the highest diameter of the halo was related to the concentration of 100 mg/ml and the least of them was the concentration of 12.5 mg/ml dietary supplement. In general, the NBS drug supplement increases the level of immunity in human body.

Keywords: Drug supplement, biomaterial, antimicrobial, human body.

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Authors: Akram Golestani, Mohammad Kazemeini, Farhad Khorasheh, Moslem Fattahi

Abstract:

Modeling and simulation of fixed bed three-phase catalytic reactors are considered for wet air catalytic oxidation of phenol to perform a comparative numerical analysis between tricklebed and packed-bubble column reactors. The modeling involves material balances both for the catalyst particle as well as for different fluid phases. Catalyst deactivation is also considered in a transient reactor model to investigate the effects of various parameters including reactor temperature on catalyst deactivation. The simulation results indicated that packed-bubble columns were slightly superior in performance than trickle beds. It was also found that reaction temperature was the most effective parameter in catalyst deactivation.

Keywords: Catalyst deactivation, Catalytic wet air oxidation, Trickle-bed, Wastewater.

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Authors: C. Rattanakawin, S. Vasailor

Abstract:

Acid leaching of flotation concentrate of oxide copper ore containing mainly of malachite was performed in a standard agitation tank with various parameters. The effects of solid to liquid ratio, sulfuric acid concentration, agitation speed, leaching temperature and time were examined to get proper conditions. The best conditions are 1:8 solid to liquid ratio, 10% concentration by weight, 250 rev/min, 30 ^oC and 5-min leaching time in respect. About 20% Cu grade assayed by atomic absorption technique with 98% copper recovery was obtained from these combined optimum conditions. Dissolution kinetics of the concentrate was approximated as a logarithmic function. As a result, the first-order reaction rate is suggested from this leaching study.

Keywords: Agitation leaching, dissolution kinetics, flotation concentrate, oxide copper ore, sulfuric acid.

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Authors: Laimona Sliburyte

Abstract:

The goal of this study was to disclose the core of the advertising research based on the psychological aspects by acquainting with the nature of advertising research and revealing the importance of psychological aspects of advertising during the advertising research. The growing interest in consumer response to advertisement served as an encouragement to make the analysis of psychological aspects of the advertising research, because the information obtained during the advertising research helps to answer the question how advertising really works. In the research analysis focuses on the nature of advertising research. The place of advertising research in advertisement planning process and the advertising research process are unfolded. Moreover, the importance of psychological aspects in the advertising research is being examined. The certain psychological aspects like the particularities of advertising communication process, psychological process that are active at advertising acceptance and awareness process as well as the advertising effects are analysed in more detail.

Keywords: Advertising, communication process, advertising message, advertising psychology.

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Authors: A. M. Maqableh

Abstract:

Modelling techniques for a fluid coupling taken from published literature have been extended to include the effects of the filling and emptying of the coupling with oil and the variation in losses when the coupling is partially full. In the model, the fluid flow inside the coupling is considered to have two principal velocity components; one circumferentially about the coupling axis (centrifugal head) and the other representing the secondary vortex within the coupling itself (vortex head). The calculation of liquid mass flow rate circulating between the two halves of the coupling is based on: the assumption of a linear velocity variation in the circulating vortex flow; the head differential in the fluid due to the speed difference between the two shafts; and the losses in the circulating vortex flow as a result of the impingement of the flow with the blades in the coupling and friction within the passages between the blades.

Keywords: Fluid Coupling, Mathematical Modelling, partially filled.

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Authors: Baseem Khan, Ganga Agnihotri

Abstract:

Restructuring of Electricity supply industry introduced many issues such as transmission pricing, transmission loss allocation and congestion management. Many methodologies and algorithms were proposed for addressing these issues. In this paper a power flow tracing based method is proposed which involves Matrices methodology for the transmission usage and loss allocation for generators and demands. This method provides loss allocation in a direct way because all the computation is previously done for usage allocation. The proposed method is simple and easy to implement in a large power system. Further it is less computational because it requires matrix inversion only a single time. After usage and loss allocation cooperative game theory is applied to results for finding efficient economic signals. Nucleolus and Shapely value approach is used for optimal allocation of results. Results are shown for the IEEE 6 bus system and IEEE 14 bus system.

Keywords: Modified Kirchhoff Matrix, Power flow tracing, Transmission Pricing, Transmission Loss Allocation.

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Authors: Hadj Bourdoucen, Adel Gastli

Abstract:

In this paper, an approach for finding optimized layouts for connecting PV units delivering maximum array output power is suggested. The approach is based on considering the different varying parameters of PV units that might be extracted from a general two-diode model. These are mainly, solar irradiation, reverse saturation currents, ideality factors, series and shunt resistances in addition to operating temperature. The approach has been tested on 19 possible 2×3 configurations and allowed to determine the optimized configurations as well as examine the effects of the different units- parameters on the maximum output power. Thus, using this approach, standard arrays with n×m units can be configured for maximum generated power and allows designing PV based systems having reduced surfaces to fit specific required power, as it is the case for solar cars and other mobile systems.

Keywords: Photovoltaic, PV unit, optimum configuration, maximum power, Orcad.

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Authors: Khalid Elasnaoui, Brahim Aksasse, Mohammed Ouanan

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In this paper, we are interested in the problem of finding similar images in a large database. For this purpose we propose a new algorithm based on a combination of the 2-D histogram intersection in the HSV space and statistical moments. The proposed histogram is based on a 3x3 window and not only on the intensity of the pixel. This approach overcome the drawback of the conventional 1-D histogram which is ignoring the spatial distribution of pixels in the image, while the statistical moments are used to escape the effects of the discretisation of the color space which is intrinsic to the use of histograms. We compare the performance of our new algorithm to various methods of the state of the art and we show that it has several advantages. It is fast, consumes little memory and requires no learning. To validate our results, we apply this algorithm to search for similar images in different image databases.

Keywords: 2-D histogram, Statistical moments, Indexing, Similarity distance, Histograms intersection.

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Authors: Barnabas M. Suleiman, Ifeanyi P. Onyeonoru, Egharevba E. Matthew

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This article interrogates the question of leadership in the context of the antidemocratic tendencies of Africa’s political leaders. The African continent has continued to struggle behind other continents of the world as a result of the failure of leadership to address the political and socio-economic challenges of the continent. Thus, bedevilled with the challenges of development, the African continent is in need of people-centred leadership. However, as the continent struggles to overcome its political and development predicaments, it is stuck in the dystopia of demagoguery that promises nothing but apocalyptic future for its teeming population. Thus, despite the enormous resources available in Africa, leadership failures have made progress difficult to achieve. At the centre of this leadership failure are demagogues: a set of leaders who have influence over a large number of people but take advantage of that influence to undermine democracy and good governance. Citing various examples across Africa, the article describes how demagogues, especially in democratic countries, have become the problem of the African continent in its quest to achieve democratic progress, development and peaceful progress.

Keywords: Africa, demagogue, good governance, democracy, leadership.

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Authors: Waldemiro Francisco Sorte Junior

Abstract:

The Japanese integrative approach to social systems can be observed in supply chain management as well as in the relationship between public and private sectors. Both the Lean Production System and the Developmental State Model are characterized by efforts towards the achievement of mutual goals, resulting in initiatives for capacity building which emphasize the system level. In Brazil, although organizations undertake efforts to build capabilities at the individual and organizational levels, the system level is being neglected. Fieldwork data confirmed the findings of other studies in terms of the lack of integration in supply chain management in the Brazilian automobile industry. Moreover, due to the absence of an active role of the Brazilian state in its relationship with the private sector, automakers are not fully exploiting the opportunities in the domestic and regional markets. For promoting a higher level of economic growth as well as to increase the degree of spill-over of technologies and techniques, a more integrative approach is needed.

Keywords: Integration, Lean Production System, DevelopmentalState Model, Brazilian automobile industry.

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Authors: Kyoung Hoon Kim, Chul Ho Han

Abstract:

Organic Flash Cycle (OFC) has potential of improving efficiency for recovery of low temperature heat sources mainly due to reducing temperature mismatch in the heat exchanger. In this work exergetical performance analysis of ORC is conducted for recovery of low grade heat source. Effects of system parameters such as flash evaporation temperature or heating temperature are theoretically investigated on the exergy destructions (anergies) at various components of the system as well as exergy efficiency. Results show that exergy efficiency has a peak with respect to the flash temperature, and the optimum flash temperature increases with the heating temperature. The component where the largest exergy destruction occurs varies with the flash temperature or heating temperature.

Keywords: Organic flash cycle (OFC), low grade heat source, exergy, anergy, flash temperature.

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Authors: G. Zazzaro, F.M. Pisano, G. Romano

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During last decades, worldwide researchers dedicated efforts to develop machine-based seismic Early Warning systems, aiming at reducing the huge human losses and economic damages. The elaboration time of seismic waveforms is to be reduced in order to increase the time interval available for the activation of safety measures. This paper suggests a Data Mining model able to correctly and quickly estimate dangerousness of the running seismic event. Several thousand seismic recordings of Japanese and Italian earthquakes were analyzed and a model was obtained by means of a Bayesian Network (BN), which was tested just over the first recordings of seismic events in order to reduce the decision time and the test results were very satisfactory. The model was integrated within an Early Warning System prototype able to collect and elaborate data from a seismic sensor network, estimate the dangerousness of the running earthquake and take the decision of activating the warning promptly.

Keywords: Bayesian Networks, Decision Support System, Magnitude Classification, Seismic Early Warning System

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Authors: Thanh-Phong Dao, Shyh-Chour Huang

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This study presents a quasi-zero stiffness (QZS) vibration isolator using flexure-based spring mechanisms which afford both negative and positive stiffness elements, which enable self-adjustment. The QZS property of the isolator is achieved at the equilibrium position. A nonlinear mathematical model is then developed, based on the pre-compression of the flexure-based spring mechanisms. The dynamics are further analyzed using the Harmonic Balance method. The vibration attention efficiency is illustrated using displacement transmissibility, which is then compared with the corresponding linear isolator. The effects of parameters on performance are also investigated by numerical solutions. The flexure-based spring mechanisms are subsequently designed using the concept of compliant mechanisms, with evaluation by ANSYS software, and simulations of the QZS isolator.

Keywords: Vibration isolator, quasi-zero stiffness, flexure-based spring mechanisms, compliant mechanism.

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Authors: M. D. S. Siti-Normah, S. Sabiha-Hanim, A. Noraishah

Abstract:

Agricultural residue such as oil palm fronds (OPF) is cheap, widespread and available throughout the year. Hemicelluloses extracted from OPF can be hydrolyzed to their monomers and used in production of xylooligosaccharides (XOs). The objective of the present study was to optimize the enzymatic hydrolysis process of OPF hemicellulose by varying pH, temperature, enzyme and substrate concentration for production of XOs. Hemicelluloses was extracted from OPF by using 3 M potassium hydroxide (KOH) at temperature of 40°C for 4 hrs and stirred at 400 rpm. The hemicellulose was then hydrolyzed using Trichoderma longibrachiatum xylanase at different pH, temperature, enzyme and substrate concentration. XOs were characterized based on reducing sugar determination. The optimum conditions to produced XOs from OPF hemicellulose was obtained at pH 4.6, temperature of 40°C , enzyme concentration of 2 U/mL and 2% substrate concentration. The results established the suitability of oil palm fronds as raw material for production of XOs.

Keywords: Hemicellulose, oil palm fronds, Trichoderma longibrachiatum, xylooligosaccharides.

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Authors: A. Alhelfi, B. Sunden

Abstract:

Cavitation in cryogenic liquids is widely present in contemporary science. In the current study, we re-examine a previously validated acoustic cavitation model which was developed for a gas bubble in liquid water. Furthermore, simulations of cryogenic fluids including the thermal effect, the effect of acoustic pressure amplitude and the frequency of sound field on the bubble dynamics are presented. A gas bubble (Helium) in liquids Nitrogen, Oxygen and Hydrogen in an acoustic field at ambient pressure and low temperature is investigated numerically. The results reveal that the oscillation of the bubble in liquid Hydrogen fluctuates more than in liquids Oxygen and Nitrogen. The oscillation of the bubble in liquids Oxygen and Nitrogen is approximately similar.

Keywords: Cryogenic liquids, cavitation, rocket engineering, ultrasound.

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Authors: Nikolaos Sariannidis, Grigoris Giannarakis, Nikolaos Litinas, Nikos Kartalis

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This study investigates the relationship between 10 year bond value, Yen/U.S dollar exchange rate, non-farm payrolls (all employs) and crude oil to U.S. Dow Jones Sustainability Index. A GARCH model is used to test these relationships for the period January 1st 1999 to January 31st 2008 using monthly data. Results show that an increase of the 10 year bond and non farm payrolls (all employs) lead to an increase of the D.J.S.I returns. On the contrary the volatility of the Yen/U.S dollar exchange rates as well as the increase of crude oil returns has negative effects on the U.S D.J.S.I returns. This study aims at assisting investors to understand the influences certain macroeconomic indicators have on the companies- stock returns as reported by the D.J.S.I.

Keywords: Bond value, Corporate Social Responsibility, Crudeoil, D.J.S.I United States, Exchange rate, GARCH, Non-farmpayrolls.

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Authors: Reza Bazargan Lari, Mohammad H. Fattahi

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Natural resources management including water resources requires reliable estimations of time variant environmental parameters. Small improvements in the estimation of environmental parameters would result in grate effects on managing decisions. Noise reduction using wavelet techniques is an effective approach for preprocessing of practical data sets. Predictability enhancement of the river flow time series are assessed using fractal approaches before and after applying wavelet based preprocessing. Time series correlation and persistency, the minimum sufficient length for training the predicting model and the maximum valid length of predictions were also investigated through a fractal assessment.

Keywords: Wavelet, de-noising, predictability, time series fractal analysis, valid length, ANN.

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Authors: Amir Ikram, Qin Su, Muhammad Fiaz, Muhammad Waqas Shabbir

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Women entrepreneurship witnessed a healthy rise in the last decade or so, and the scenario in Pakistan is not different. However female leaders are facing various, cultural, career oriented, and professional challenges. The study investigates the impact of social and industry-specific challenges on female entrepreneurship; social challenges was evaluated in terms of culture, and industry-specific challenges was measured in terms of team management and career growth. Purposive sampling was employed to collect data from 75 multicultural organizations operating in the culturally diverse and historic city of Lahore, Pakistan. Cronbach’s alpha was conducted to endorse the reliability of survey questionnaire, while correlation and regression analysis were used to test hypotheses. Industry-specific challenges were found to be more significant as compared to cultural factors. The paper also highlights the importance of female entrepreneurship for emerging economies, and suggests that bringing women to mainstream professions can lead to economic success.

Keywords: Cultural challenges, emerging economy, female entrepreneurship, leadership.

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Authors: Shashwat Gangwal

Abstract:

This paper analyses the effect of adding Bitcoin, to the portfolio (stocks, bonds, Baltic index, MXEF, gold, real estate and crude oil) of an international investor by using daily data available from 2^nd of July, 2010 to 2^{nd of} August, 2016. We conclude that adding Bitcoin to portfolio, over the course of the considered period, always yielded a higher Sharpe ratio. This means that Bitcoin’s returns offset its high volatility. This paper, recognizing the fact that Bitcoin is a relatively new asset class, gives the readers a basic idea about the working of the virtual currency, the increasing number developments in the financial industry revolving around it, its unique features and the detailed look into its continuously growing acceptance across different fronts (Banks, Merchants and Countries) globally. We also construct optimal portfolios to reflect the highly lucrative and largely unexplored opportunities associated with investment in Bitcoin.

Keywords: Portfolio management, Bitcoin, optimization, Sharpe ratio.

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