Search results for: Rates of return

Authors: Pieter C. M. Cornelis

Abstract:

(European) theme parks invest approximately 10 percent of their yearly turnover into new rides and park improvements. Without these investments these parks assume not to be a very competitive and appealing daytrip for their target audiences. However, the impact of investments in attracting new visitors is not well-known and seems to differ dramatically between parks. This paper presents a case study from the Netherlands in which a small amusement park applied a suggested, not yet proven, investment method. The results of the investment are discussed in (a) the form of return on investment and (b) the success of the predictions with regard to this investment. Suggestions for future research are presented.

Keywords: Entertainment industry, innovation, investments, theme parks.

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Authors: M. Gomaa, A. J. Alimin, K. A. Kamarudin

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Nowadays, the focus on renewable energy and alternative fuels has increased due to increasing oil prices, environment pollution, and also concern on preserving the nature. Biodiesel has been known as an attractive alternative fuel although biodiesel produced from edible oil is very expensive than conventional diesel. Therefore, the uses of biodiesel produced from non-edible oils are much better option. Currently Jatropha biodiesel (JBD) is receiving attention as an alternative fuel for diesel engine. Biodiesel is non-toxic, biodegradable, high lubricant ability, highly renewable, and its use therefore produces real reduction in petroleum consumption and carbon dioxide (CO2) emissions. Although biodiesel has many advantages, but it still has several properties need to improve, such as lower calorific value, lower effective engine power, higher emission of nitrogen oxides (NOX) and greater sensitivity to low temperature. Exhaust gas recirculation (EGR) is effective technique to reduce NOX emission from diesel engines because it enables lower flame temperature and oxygen concentration in the combustion chamber. Some studies succeeded to reduce the NOX emission from biodiesel by EGR but they observed increasing soot emission. The aim of this study was to investigate the engine performance and soot emission by using blended Jatropha biodiesel with different EGR rates. A CI engine that is water-cooled, turbocharged, using indirect injection system was used for the investigation. Soot emission, NOX, CO2, carbon monoxide (CO) were recorded and various engine performance parameters were also evaluated.

Keywords: EGR, Jatropha biodiesel, NOX, Soot emission.

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Authors: V.Rezaie, M.Khanmohammady

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An original DEA model is to evaluate each DMU optimistically, but the interval DEA Model proposed in this paper has been formulated to obtain an efficiency interval consisting of Evaluations from both the optimistic and the pessimistic view points. DMUs are improved so that their lower bounds become so large as to attain the maximum Value one. The points obtained by this method are called ideal points. Ideal PPS is calculated by ideal of efficiency DMUs. The purpose of this paper is to rank DMUs by this ideal PPS. Finally we extend the efficiency interval of a DMU under variable RTS technology.

Keywords: Data envelopment analysis (DEA), Decision makingunit (DMU), Interval DEA, Ideal points, Ideal PPS, Return to scale(RTS).

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Authors: D. S. Zhuravkova, A. G. Temnikov, O. S. Belova, L. L. Chernensky, T. K. Gerastenok, I. Y. Kalugina, N. Y. Lysov, A.V. Orlov

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Investigation of the discharges from the artificial charged water aerosol clouds in presence of the arrays of the model hydrometeors could help to receive the new data about the peculiarities of the return stroke formation between the thundercloud and the ground when the large volumes of the hail particles participate in the lightning discharge initiation and propagation stimulation. Artificial charged water aerosol clouds of the negative or positive polarity with the potential up to one million volts have been used. Hail has been simulated by the group of the conductive model hydrometeors of the different form. Parameters of the impulse current of the main stage of the discharge between the artificial positively and negatively charged water aerosol clouds and the ground in presence of the model hydrometeors array and of its corresponding electromagnetic radiation have been determined. It was established that the parameters of the array of the model hydrometeors influence on the parameters of the main stage of the discharge between the artificial thundercloud cell and the ground. The maximal values of the main stage current impulse parameters and the electromagnetic radiation registered by the plate antennas have been found for the array of the model hydrometeors of the cylinder revolution form for the negatively charged aerosol cloud and for the array of the hydrometeors of the plate rhombus form for the positively charged aerosol cloud, correspondingly. It was found that parameters of the main stage of the discharge between the artificial charged water aerosol cloud and the ground in presence of the model hydrometeor array of the different considered forms depend on the polarity of the artificial charged aerosol cloud. In average, for all forms of the investigated model hydrometeors arrays, the values of the amplitude and the current rise of the main stage impulse current and the amplitude of the corresponding electromagnetic radiation for the artificial charged aerosol cloud of the positive polarity were in 1.1-1.9 times higher than for the charged aerosol cloud of the negative polarity. Thus, the received results could indicate to the possible more important role of the big volumes of the large hail arrays in the thundercloud on the parameters of the return stroke for the positive lightning.

Keywords: Main stage of discharge, hydrometeor form, lightning parameters, negative and positive artificial charged aerosol cloud.

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Authors: Chang Liu, Zishu He

Abstract:

Adaptive echo cancellers with two-path algorithm are applied to avoid the false adaptation during the double-talk situation. In the two-path algorithm, several transfer logic solutions have been proposed to control the filter update. This paper presents an improved transfer logic solution. It improves the convergence speed of the two-path algorithm, and allows the reduction of the memory elements and computational complexity. Results of simulations show the improved performance of the proposed solution.

Keywords: Acoustic echo cancellation, Echo return lossenhancement (ERLE), Two-path algorithm, Transfer logic

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Authors: Georgi Bebrov, Rozalina Dimova

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In the field of quantum secure communication, there is no evaluation that characterizes quantum secure communication (QSC) protocols in a complete, general manner. The current paper addresses the problem concerning the lack of such an evaluation for QSC protocols by introducing an optimality evaluation, which is expressed as the average over the three main parameters of QSC protocols: efficiency, security, and practicality. For the efficiency evaluation, the common expression of this parameter is used, which incorporates all the classical and quantum resources (bits and qubits) utilized for transferring a certain amount of information (bits) in a secure manner. By using criteria approach whether or not certain criteria are met, an expression for the practicality evaluation is presented, which accounts for the complexity of the QSC practical realization. Based on the error rates that the common quantum attacks (Measurement and resend, Intercept and resend, probe attack, and entanglement swapping attack) induce, the security evaluation for a QSC protocol is proposed as the minimum function taken over the error rates of the mentioned quantum attacks. For the sake of clarity, an example is presented in order to show how the optimality is calculated.

Keywords: Quantum cryptography, quantum secure communcation, quantum secure direct communcation security, quantum secure direct communcation efficiency, quantum secure direct communcation practicality.

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Authors: N. Behidj-Benyounes, K. Benyounes, T. Dahmene, N. Chebouti, S. Gana

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Essential oils have a significant antimicrobial activity. These oils can successfully replace the antibiotics. So, the microorganisms show their inefficiencies resistant for the antibiotics. For this reason, we study the physicochemical analysis and antimicrobial activity of the essential oil of Daucus carota. The extraction is done by steam distillation of water which brought us a very significant return of 4.65%. The analysis of the essential oil is performed by GC / MS and has allowed us to identify 32 compounds in the oil of D. carota flowering tops of Bouira. Three of which are in the majority are the α-Pinene (22.3%), the carotol (21.7%) and the limonene (15.8%).

Keywords: α-Pinene, carotol, Daucus carota, limonene.

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Authors: A. El-S. Makled, M. K. Al-Tamimi

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A mathematical model to predict the performance parameters (thrusts, chamber pressures, fuel mass flow rates, mixture ratios, and regression rates during firing time) of hybrid rocket motor (HRM) is evaluated. The internal ballistic (IB) hybrid combustion model assumes that the solid fuel surface regression rate is controlled only by heat transfer (convective and radiative) from flame zone to solid fuel burning surface. A laboratory HRM is designed, manufactured, and tested for low thrust profile space missions (10-15 N) and for validating the mathematical model (computer program). The polymer material and gaseous oxidizer which are selected for this experimental work are polymethyle-methacrylate (PMMA) and polyethylene (PE) as solid fuel grain and gaseous oxygen (GO₂) as oxidizer. The variation of various operational parameters with time is determined systematically and experimentally in firing of up to 20 seconds, and an average combustion efficiency of 95% of theory is achieved, which was the goal of these experiments. The comparison between recording fire data and predicting analytical parameters shows good agreement with the error that does not exceed 4.5% during all firing time. The current mathematical (computer) code can be used as a powerful tool for HRM analytical design parameters.

Keywords: Hybrid combustion, internal ballistics, hybrid rocket motor, performance parameters.

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Authors: Zohreh Orshesh

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In this study, a 3D combustion chamber was simulated using FLUENT 6.32. Aims to obtain accurate information about the profile of the combustion in the furnace and also check the effect of oxygen enrichment on the combustion process. Oxygen enrichment is an effective way to reduce combustion pollutant. The flow rate of air to fuel ratio is varied as 1.3, 3.2 and 5.1 and the oxygen enriched flow rates are 28, 54 and 68 lit/min. Combustion simulations typically involve the solution of the turbulent flows with heat transfer, species transport and chemical reactions. It is common to use the Reynolds-averaged form of the governing equation in conjunction with a suitable turbulence model. The 3D Reynolds Averaged Navier Stokes (RANS) equations with standard k-ε turbulence model are solved together by Fluent 6.3 software. First order upwind scheme is used to model governing equations and the SIMPLE algorithm is used as pressure velocity coupling. Species mass fractions at the wall are assumed to have zero normal gradients.Results show that minimum mole fraction of CO2 happens when the flow rate ratio of air to fuel is 5.1. Additionally, in a fixed oxygen enrichment condition, increasing the air to fuel ratio will increase the temperature peak. As a result, oxygen-enrichment can reduce the CO2 emission at this kind of furnace in high air to fuel rates.

Keywords: Combustion chamber, Oxygen enrichment, Reynolds Averaged Navier- Stokes, CO2 emission

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Authors: Uğur Çakır, Erol Sahin, Kemal Çomaklı, Aysegül Çokgez Kus

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Greenhouses offer us suitable conditions which can be controlled easily for the growth of the plant and they are made by using a covering material that allows the sun light entering into the system. Covering material can be glass, fiber glass, plastic or another transparent element. This study investigates the solar energy usability rates and solar energy benefitting rates of a semi-spherical (modified arch) type greenhouse system according to different orientations and positions which exists under climatic conditions of Bayburt. In the concept of this study it is tried to determine the best direction and best sizes of a semi-spherical greenhouse to get best solar benefit from the sun. To achieve this aim a modeling study is made by using MATLAB. However, this modeling study is run for some determined shapes and greenhouses it can be used for different shaped greenhouses or buildings. The basic parameters are determined as greenhouse azimuth angle, the rate of size of long edge to short and seasonal solar energy gaining of greenhouse. The optimum azimuth angles of 400, 300, 250, 200, 150, 100, 50 m2 modified arch greenhouse are 90o, 90o, 35o, 35o, 34o, 33o and 22o while their optimum k values (ratio of length to width) are 10, 10, 10, 10, 6, 4 and 4 respectively. Positioning the buildings in order to get more solar heat energy in winter and less in summer brings out energy and money savings and increases the comfort.

Keywords: Greenhousing, solar energy, direct radiation, renewable energy.

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Authors: Kostas Metaxiotis

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Portfolio optimization is one of the most important topics in finance. This paper proposes a mean–variance–skewness (MVS) portfolio optimization model. Traditionally, the portfolio optimization problem is solved by using the mean–variance (MV) framework. In this study, we formulate the proposed model as a three-objective optimization problem, where the portfolio's expected return and skewness are maximized whereas the portfolio risk is minimized. For solving the proposed three-objective portfolio optimization model we apply an adapted version of the non-dominated sorting genetic algorithm (NSGAII). Finally, we use a real dataset from FTSE-100 for validating the proposed model.

Keywords: Evolutionary algorithms, portfolio optimization, skewness, stock selection.

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Authors: Racholsan Raj Nirmal, B. S. V. Patnaik, R. Jayaganthan

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The deformation behaviour of additively manufactured AlSi10Mg alloy under low strains, high strain rates and elevated temperature conditions is essential to analyse and predict its response against dynamic loading such as impact and thermomechanical fatigue. The constitutive relation of Johnson-Cook is used to capture the strain rate sensitivity and thermal softening effect in AlSi10Mg alloy. Johnson-Cook failure model is widely used for exploring damage mechanics and predicting the fracture in many materials. In this present work, Johnson-Cook material and damage model parameters for additively manufactured AlSi10Mg alloy have been determined numerically from four types of uniaxial tensile test. Three different uniaxial tensile tests with dynamic strain rates (0.1, 1, 10, 50, and 100 s^-1) and elevated temperature tensile test with three different temperature conditions (450 K, 500 K and 550 K) were performed on 3D printed AlSi10Mg alloy in ABAQUS/Explicit. Hexahedral elements are used to discretize tensile specimens and fracture energy value of 43.6 kN/m was used for damage initiation. Levenberg Marquardt optimization method was used for the evaluation of Johnson-Cook model parameters. It was observed that additively manufactured AlSi10Mg alloy has shown relatively higher strain rate sensitivity and lower thermal stability as compared to the other Al alloys.

Keywords: ABAQUS, additive manufacturing, AlSi10Mg, Johnson-Cook model.

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Authors: A. H. M. Zahirul Alam, Rafiqul Islam, Sheroz Khan

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In this paper a tuning fork type structure of Ultra Wideband (UWB) antenna is proposed. The antenna offers excellent performance for UWB system, ranging from 3.7 GHz to 13.8 GHz. The antenna exhibits a 10 dB return loss bandwidth over the entire frequency band. The rectangular patch antenna is designed on FR4 substrate and fed with 50 ohms microstrip line by optimizing the width of partial ground, the width and position of the feedline to operate in UWB. The rectangular patch is then modified to tuning fork structure by maintaining UWB frequency range.

Keywords: Ultra wide band, antenna, microstrip, partial groundplane.

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Authors: Mei-Se Chien, Chien-Chiang Lee, Sin-Jie Cai

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The main purpose of this paper is to investigate thelong-run equilibrium and short-run dynamics of international housing prices when macroeconomic variables change. We apply the Pedroni’s, panel cointegration, using the unbalanced panel data analysis of 33 countries over the period from 1980Q1 to 2013Q1, to examine the relationships among house prices and macroeconomic variables. Our empirical results of panel data cointegration tests support the existence of a cointegration among these macroeconomic variables and house prices. Besides, the empirical results of panel DOLS further present that a 1% increase in economic activity, long-term interest rates, and construction costs cause house prices to respectively change 2.16%, -0.04%, and 0.22% in the long run.Furthermore, the increasing economic activity and the construction cost would cause strongerimpacts on the house prices for lower income countries than higher income countries.The results lead to the conclusion that policy of house prices growth can be regarded as economic growth for lower income countries. Finally, in America region, the coefficient of economic activity is the highest, which displays that increasing economic activity causes a faster rise in house prices there than in other regions. There are some special cases whereby the coefficients of interest rates are significantly positive in America and Asia regions.

Keywords: House prices, Macroeconomic Variables, Panel cointegration, Dynamic OLS.

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Authors: Heval Serhat Uluk, Sam M. Dakka, Kuldeep Singh, Richard Jefferson-Loveday

Abstract:

This paper will focus on the suitability of a trapped vortex combustor as a candidate for gas turbine combustor objectives to minimize pressure drop across the combustor and investigate aerodynamic performance. Non-reacting simulation of axisymmetric cavity trapped vortex combustors was run to investigate the pressure drop for various cavity aspect ratios of 0.3, 0.6 and 1 and for air mass flow rates of 14 m/s, 28 m/s and 42 m/s. A numerical study of an axisymmetric trapped vortex combustor was carried out by using two-dimensional and three-dimensional computational domains. A comparison study was conducted between Reynolds Averaged Navier Stokes (RANS) k-ε Realizable with enhanced wall treatment and RANS k-ω Shear Stress Transport (SST) models to find the most suitable turbulence model. It was found that the k-ω SST model gives relatively close results to experimental outcomes. The numerical results were validated and showed good agreement with the experimental data. Pressure drop rises with increasing air mass flow rate, and the lowest pressure drop was observed at 0.6 cavity aspect ratio for all air mass flow rates tested, which agrees with the experimental outcome. A mixing enhancement study showed that 30-degree angle air injectors provide improved fuel-air mixing.

Keywords: Aerodynamic, Computational Fluid Dynamics, Propulsion, Trapped Vortex Combustor.

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Authors: M. Raciti Castelli, S. Toniato, E. Benini

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The flow filed around a flatted-roof compound has been investigated by means of 2D and 3D numerical simulations. A constant wind velocity profile, based both on the maximum reference wind speed in the building site (peak gust speed worked out for a 50- year return period) and on the local roughness coefficient, has been simulated in order to determine the wind-induced loads on top of the roof. After determining the influence of the incoming wind directions on the induced roof loads, a 2D analysis of the most severe load condition has been performed, achieving a numerical quantification of the expected wind-induced forces on the PV panels on top of the roof.

Keywords: CFD, wind-induced loads, flow around buildings, photovoltaic system

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Authors: Abbas Ghanbari-Malidareh

Abstract:

Silicon is a beneficial element for plant growth. It helps plants to overcome multiple stresses, alleviates metal toxicity and improves nutrient imbalance. Field experiment was conducted as split-split plot arranged in a randomized complete block design with four replications. Irrigation system include continues flooding and deficit as main plots and nitrogen rates N0, N46, N92, and N138 kg/ha as sub plots and silicon rates Si0 & Si500 kg/ha as sub-subplots. Results indicate that grain yield had not significant difference between irrigation systems. Flooding irrigation had higher biological yield than deficit irrigation whereas, no significant difference in grain and straw yield. Nitrogen application increased grain, biological and straw yield. Silicon application increased grain, biological and straw yield but, decreased harvest index. Flooding irrigation had higher number of total tillers / hill than deficit irrigation, but deficit irrigation had higher number of fertile tillers / hill than flooding irrigation. Silicon increased number of filled spikelet and decreased blank spikelet. With high nitrogen application decreased 1000-grain weight. It can be concluded that if the nitrogen application was high and water supplied was available we could have silicon application until increase grain yield.

Keywords: Grain yield, Irrigation, Nitrogen, Rice, Silicon.

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Authors: R. Hashim, A. J. Bock, S. Cooper

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Absorptive capacity generally facilitates the adoption of innovation. How does this relationship change when economic return is not the sole driver of innovation uptake? We investigate whether absorptive capacity facilitates the adoption of green innovation based on a survey of 79 construction companies in Scotland. Based on the results of multiple regression analyses, we confirm that existing knowledge utilisation (EKU), knowledge building (KB) and external knowledge acquisition (EKA) are significant predictors of green process GP), green administrative (GA) and green technical innovation (GT), respectively. We discuss the implications for theories of innovation adoption and knowledge enhancement associated with environmentally-friendly practices.

Keywords: Absorptive capacity, construction industry, environmental, green innovation.

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Authors: Andrew Cummings, Rhianne Boag, Sarah Bryson, Gordon Turner

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Packages designed for transport of radioactive material must satisfy rigorous safety regulations specified by the International Atomic Energy Agency (IAEA). Higher Activity Waste (HAW) transport packages have to maintain containment of their contents during normal and accident conditions of transport (NCT and ACT). To ensure containment criteria is satisfied these packages are required to be leak-tight in all transport conditions to meet allowable activity release rates. Package design safety reports are the safety cases that provide the claims, evidence and arguments to demonstrate that packages meet the regulations and once approved by the competent authority (in the UK this is the Office for Nuclear Regulation) a licence to transport radioactive material is issued for the package(s). The standard approach to demonstrating containment in the RWM transport safety case is set out in BS EN ISO 12807. In this document a method for measuring a leak rate from the package is explained by way of a small interspace test volume situated between two O-ring seals on the underside of the package lid. The interspace volume is pressurised and a pressure drop measured. A small interspace test volume makes the method more sensitive enabling the measurement of smaller leak rates. By ascertaining the activity of the contents, identifying a releasable fraction of material and by treating that fraction of material as a gas, allowable leak rates for NCT and ACT are calculated. The adherence to basic safety principles in ISO12807 is very pessimistic and current practice in the demonstration of transport safety, which is accepted by the UK regulator. It is UK government policy that management of HAW will be through geological disposal. It is proposed that the intermediate level waste be transported to the geological disposal facility (GDF) in large cuboid packages. This poses a challenge for containment demonstration because such packages will have long seals and therefore large interspace test volumes. There is also uncertainty on the releasable fraction of material within the package ullage space. This is because the waste may be in many different forms which makes it difficult to define the fraction of material released by the waste package. Additionally because of the large interspace test volume, measuring the calculated leak rates may not be achievable. For this reason a justification for a lower releasable fraction of material is sought. This paper considers the use of aerosol processes to reduce the releasable fraction for both NCT and ACT. It reviews the basic coagulation and removal processes and applies the dynamic aerosol balance equation. The proposed solution includes only the most well understood physical processes namely; Brownian coagulation and gravitational settling. Other processes have been eliminated either on the basis that they would serve to reduce the release to the environment further (pessimistically in keeping with the essence of nuclear transport safety cases) or that they are not credible in the conditions of transport considered.

Keywords: Aerosol processes, Brownian coagulation, gravitational settling, transport regulations.

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Authors: Mingde Du, Dong Han

Abstract:

A low profile, dual polarized, slot coupled patch antenna is designed and developed in this paper. The antenna has a measured bandwidth of 17.2% for return loss > 15 dB and pair ports isolation >23 dB. The gain of the antenna is over 10 dBi and the half power beam widths (HPBW) of the antenna are 80±3^o in the horizontal plane and 39±2^o in the vertical plane. The cross polarization discrimination (XPD) is less than 20 dB in HPBW. Within the operating band, the performances of good impedance match, high ports isolation, low cross polarization, and stable radiation patterns are achieved.

Keywords: Dual polarized, patch antenna, slot coupled, base station antenna.

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Authors: Birgül Şakar

Abstract:

This study1 holds for the formation of international financial crisis and political factors for economic crisis in Turkey, are evaluated in chronological order. The international arena and relevant studies conducted in Turkey work in the literature are assessed. The main purpose of the study is to hold the linkage between the crises and political stability in Turkey in details, and to examine the position of Turkey in this regard. The introduction part follows the literature survey on the models explaining causes and results of the crises, the second part of the study. In the third part, the formations of the world financial crises are studied. The fourth part, financial crisis in Turkey in 1994, 2000, 2001 and 2008 are reviewed and their political reasons are analyzed. In the last part of the study the results and recommendations are held. Political administrations have laid the grounds for an economic crisis in Turkey. In this study, the emergence of an economic crisis in Turkey and the developments after the crisis are chronologically examined and an explanation is offered as to the cause and effect relationship between the political administration and economic equilibrium in the country. Economic crises can be characterized as follows: high prices of consumables, high interest rates, current account deficits, budget deficits, structural defects in government finance, rising inflation and fixed currency applications, rising government debt, declining savings rates and increased dependency on foreign capital stock. Entering into the conditions of crisis during a time when the exchange value of the country-s national currency was rising, speculative finance movements and shrinking of foreign currency reserves happened due to expectations for devaluation and because of foreign investors- resistance to financing national debt, and a financial risk occurs. During the February 2001 crisis and immediately following, devaluation and reduction of value occurred in Turkey-s stock market. While changing over to the system of floating exchange rates in the midst of this crisis, the effects of the crisis on the real economy are discussed in this study. Administered politics include financial reforms, such as the rearrangement of banking systems. These reforms followed with the provision of foreign financial support. There have been winners and losers in the imbalance of income distribution, which has recently become more evident in Turkey-s fragile economy.

Keywords: Economics, marketing crisis, financial reforms, political economy

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Authors: M. M. Sharma, Swati Gupta, Deepak Bhatnagar, R. P. Yadav

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This paper presents the theoretical investigation of a slotted patch antenna. The main objective of proposed work is to obtain a large bandwidth antenna with reduced size. The antenna has a compact size of 21.1mm x 20.25mm x 8.5mm. Two designs with minor variation are studied which provide wide impedance bandwidths of 24.056% and 25.63% respectively with the use of parasitic elements when excited by a probe feed. The advantages of this configuration are its compact size and the wide range of frequencies covered. A parametric study is also conducted to investigate the characteristics of the antenna under different conditions. The measured return loss and radiation pattern indicate the suitability of this design for WLAN applications, namely, Wi- Max, 802.11a/b/g and ISM bands.

Keywords: Inset feed, microstrip antenna, parasitic patch, shorting wall, slot, wi-max.

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Authors: Somchai Supattarakul, Anya Khanthavit

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This study aims at providing empirical evidence on a comparison of two equity valuation models: (1) the dividend discount model (DDM) and (2) the residual income model (RIM), in estimating equity values of Thai firms during 1995-2004. Results suggest that DDM and RIM underestimate equity values of Thai firms and that RIM outperforms DDM in predicting cross-sectional stock prices. Results on regression of cross-sectional stock prices on the decomposed DDM and RIM equity values indicate that book value of equity provides the greatest incremental explanatory power, relative to other components in DDM and RIM terminal values, suggesting that book value distortions resulting from accounting procedures and choices are less severe than forecast and measurement errors in discount rates and growth rates. We also document that the incremental explanatory power of book value of equity during 1998-2004, representing the information environment under Thai Accounting Standards reformed after the 1997 economic crisis to conform to International Accounting Standards, is significantly greater than that during 1995-1996, representing the information environment under the pre-reformed Thai Accounting Standards. This implies that the book value distortions are less severe under the 1997 Reformed Thai Accounting Standards than the pre-reformed Thai Accounting Standards.

Keywords: Dividend Discount Model, Equity Valuation Model, Residual Income Model, Thai Stock Market

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Authors: Ghulam Murtaza, Kalsoom Farzana

Abstract:

The aim of this article is to narrate the utility of novel simulation approach i.e. convolution method to predict blood concentration of drug utilizing dissolution data of salbutamol sulphate microparticulate formulations with different release patterns (1:1, 1:2 and 1:3, drug:polymer). Dissolution apparatus II USP 2007 and 900 ml double distilled water stirrd at 50 rpm was employed for dissolution analysis. From dissolution data, blood drug concentration was determined, and in return predicted blood drug concentration data was used to calculate the pharmacokinetic parameters i.e. Cmax, Tmax, and AUC. Convolution is a good biwaiver technique; however its better utility needs it application in the conditions where biorelevant dissolution media are used.

Keywords: Convolution, Dissolution, Pharmacokinetics, Salbutamol sulphate

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Authors: G. Erkomaishvili, M. Kobalava, T. Lazariashvili, N. Damenia

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Current state of foreign direct investment (FDI) in Georgia is analyzed and evaluated in the paper, the existing legislative background for regulating investments and stimulating policies to attract investments are shown. It is noted that in developing countries encouragement of investment activity, support and implementation are of the most important tasks, implying a consistent investment policy, investor-friendly tax regime and the legal system, reducing administrative barriers and restrictions, fare competitive conditions and business development infrastructure. The work deals with the determining factor of FDIs and the main directions of stimulation, as well as prospective industries where new investments are needed. Contributing and hindering factors and stimulating measures are analyzed. As a result of the research, the direct and indirect factors attracting FDI have been identified. Facilitating factors to FDI inflow are as follows: simplicity of starting business, geopolitical location, low taxes, access to credit, ease of ownership registration, natural resources, low burden of regulations, low level of corruption and low crime rates. Hindering factors to FDI inflow are as follows: small market, lack of policy for attracting investments, low qualification of the workforce (despite the large number of unemployed people it is difficult to find workers with necessary special skills and qualifications), high interest rates, instability of national currency exchange rate, presence of conflict zones within the country and so forth.

Keywords: Foreign direct investment, investment attracting policies, investor, reinvestment.

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Authors: Korbi Fakhri

Abstract:

In this article, we have elaborated a study over the nature of financial intermediation in Islamic banks by comparison to those of conventional ones. We have found a striking difference between two kinds of intermediation. We tried, from another side, to study the relationship between the capital level and deficiency risk relying on econometric model, and we have obtained a positive and significant relation between the capital and the deficiency risk for the conventional banks. This means that when the capital of these banks increases, the deficiency risk increases as well. In return, since the Islamic banks are constrained to respect the Sharia Committee as well as customers’ demands that may, in certain contracts, choose to invest their capitals in projects they are interested in. These constraints have as effects to reduce the deficiency risk even when the capital increases.

Keywords: Conventional bank, deficiency risk, financial intermediation, Islamic bank.

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Authors: Ruedee Niyomrath

Abstract:

Ranong province has the best kaolin, and it is the most useful of all the clay types used in ceramic making. Until recently, there has been only one community business making ceramics in Ranong province. And this business could not build the mix of body and glaze from their raw material without assistance. Considering these problems, this research is aimed to test the composition of ceramic body and glaze which suit. Kaolin from Ranong is the raw material which these search focuses on. All other raw materials use in the investigation will come from southern Thailand, kaolin and limestone from Ranong province, ball clay from Surat Thani province, white sand from Songkhla province, and feldspar from Nakhon Si Thammarat province. Results can be used to develop the efficiency of industrial production which in return will enhance the business process.

Keywords: Ceramic body and glaze, Ceramic material, Ceramic production from kaolin, Ceramic souvenirs.

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Authors: Daniel Badulescu

Abstract:

Under the difficult access to finance of SMEs, they expect that its relationship with the banks shall constitute a real help to access appropriate financing, at reasonable costs and requirements, given the possibility of mutually beneficial and long lasting relation. The literature, but also the research we have carried on, is centered on such determinants as concentration and the length of the relationship, but at the same time, there is little certainty that banks are responding positively to them. Furthermore, although the trust is considered as being a fundamental element of bank relationship – see the case house bank – SMEs find that the banks finance them looking rather on collaterals and covenants than to trust. Moreover, a positive behavior, such as prompt or advance repayments of loans, doesn-t generate any positive feedback from the banks side. All these show a deep un-satisfaction of the SMEs concerning their relationship banking.

Keywords: Banks' behavior, relationship banking, SMEs.

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Authors: Defu Zhang, Qingshan Jiang, Xin Li

Abstract:

This paper deals with the application of a well-known neural network technique, multilayer back-propagation (BP) neural network, in financial data mining. A modified neural network forecasting model is presented, and an intelligent mining system is developed. The system can forecast the buying and selling signs according to the prediction of future trends to stock market, and provide decision-making for stock investors. The simulation result of seven years to Shanghai Composite Index shows that the return achieved by this mining system is about three times as large as that achieved by the buy and hold strategy, so it is advantageous to apply neural networks to forecast financial time series, the different investors could benefit from it.

Keywords: Data mining, neural network, stock forecasting.

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Authors: Erfan Niazi, Marianne Fenech

Abstract:

Red Blood Cells (RBCs) or erythrocytes tend to form chain-like aggregates under low shear rate called rouleaux. This is a reversible process and rouleaux disaggregate in high shear rates. Therefore, RBCs aggregation occurs in the microcirculation where low shear rates are present but does not occur under normal physiological conditions in large arteries. Numerical modeling of RBCs interactions is fundamental in analytical models of a blood flow in microcirculation. Population Balance Modeling (PBM) is particularly useful for studying problems where particles agglomerate and break in a two phase flow systems to find flow characteristics. In this method, the elementary particles lose their individual identity due to continuous destructions and recreations by break-up and agglomeration. The aim of this study is to find RBCs aggregation in a dynamic situation. Simplified PBM was used previously to find the aggregation rate on a static observation of the RBCs aggregation in a drop of blood under the microscope. To find aggregation rate in a dynamic situation we propose an experimental set up testing RBCs sedimentation. In this test, RBCs interact and aggregate to form rouleaux. In this configuration, disaggregation can be neglected due to low shear stress. A high-speed camera is used to acquire video-microscopic pictures of the process. The sizes of the aggregates and velocity of sedimentation are extracted using an image processing techniques. Based on the data collection from 5 healthy human blood samples, the aggregation rate was estimated as 2.7x10³(±0.3 x10³) 1/s.

Keywords: Red blood cell, Rouleaux, microfluidics, image processing, population balance modeling.

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