Search results for: Cutting stock

Authors: Brownhilder N. Neneh, A. Van Aardt Smit

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Underpricing is one anomaly in initial public offerings (IPO) literature that has been widely observed across different stock markets with different trends emerging over different time periods. This study seeks to determine how IPOs on the JSE performed on the first day, first week and first month over the period of 1996-2011. Underpricing trends are documented for both hot and cold market periods in terms of four main sectors (cyclical, defensive, growth stock and interest rate sensitive stocks). Using a sample of 360 listed companies on the JSE, the empirical findings established that IPOs on the JSE are significantly underpriced with an average market adjusted first day return of 62.9%. It is also established that hot market IPOs on the JSE are more underpriced than the cold market IPOs. Also observed is the fact that as the offer price per share increases above the median price for any given period, the level of underpricing decreases substantially. While significant differences exist in the level of underpricing of IPOs in the four different sectors in the hot and cold market periods, interest rates sensitive stocks showed a different trend from the other sectors and thus require further investigation to uncover this pattern.

Keywords: Underpricing, hot and cold markets, South Africa, JSE.

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Authors: Ali Faal Ghayoumi, Mahmoud Dehghan Nayeri, Manouchehre Ansari, Taha Raeesi

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This study aims to investigate empirically the valuerelevance of accounting information to domestic investors in Tehran stock exchange from 1999 to 2006. During the present research impacts of two factors, including positive vs. negative earnings and the firm size are considered as well. The authors used earnings per share and annual change of earnings per share as the income statement indices, and book value of equity per share as the balance sheet index. Return and Price models through regression analysis are deployed in order to test the research hypothesis. Results depicted that accounting information is value-relevance to domestic investors in Tehran Stock Exchange according to both studied models. However, income statement information has more value-relevance than the balance sheet information. Furthermore, positive vs. negative earnings and firm size seems to have significant impact on valuerelevance of accounting information.

Keywords: Value-Relevance of Accounting Information, Iranianstock exchange, Return Model, Price Model

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Authors: Panagiotis Kyratsis, Dr. Ing. Nikolaos Bilalis, Dr. Ing. Aristomenis Antoniadis

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Twist drills are geometrical complex tools and thus various researchers have adopted different mathematical and experimental approaches for their simulation. The present paper acknowledges the increasing use of modern CAD systems and using the API (Application Programming Interface) of a CAD system, drilling simulations are carried out. The developed DRILL3D software routine, creates parametrically controlled tool geometries and using different cutting conditions, achieves the generation of solid models for all the relevant data involved (drilling tool, cut workpiece, undeformed chip). The final data derived, consist a platform for further direct simulations regarding the determination of cutting forces, tool wear, drilling optimizations etc.

Keywords: Drilling, CAD based simulation, 3D-modelling.

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Authors: Hoai Nam Huynh, Edouard Rivière-Lorphèvre, Olivier Verlinden

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Manufacturing technologies are becoming continuously more diversified over the years. The increasing use of robots for various applications such as assembling, painting, welding has also affected the field of machining. Machining robots can deal with larger workspaces than conventional machine-tools at a lower cost and thus represent a very promising alternative for machining applications. Furthermore, their inherent structure ensures them a great flexibility of motion to reach any location on the workpiece with the desired orientation. Nevertheless, machining robots suffer from a lack of stiffness at their joints restricting their use to applications involving low cutting forces especially finishing operations. Vibratory instabilities may also happen while machining and deteriorate the precision leading to scrap parts. Some researchers are therefore concerned with the identification of optimal parameters in robotic machining. This paper continues the development of a virtual robotic machining simulator in order to find optimized cutting parameters in terms of depth of cut or feed per tooth for example. The simulation environment combines an in-house milling routine (DyStaMill) achieving the computation of cutting forces and material removal with an in-house multibody library (EasyDyn) which is used to build a dynamic model of a 3-DOF planar robot with flexible links. The position of the robot end-effector submitted to milling forces is controlled through an inverse kinematics scheme while controlling the position of its joints separately. Each joint is actuated through a servomotor for which the transfer function has been computed in order to tune the corresponding controller. The output results feature the evolution of the cutting forces when the robot structure is deformable or not and the tracking errors of the end-effector. Illustrations of the resulting machined surfaces are also presented. The consideration of the links flexibility has highlighted an increase of the cutting forces magnitude. This proof of concept will aim to enrich the database of results in robotic machining for potential improvements in production.

Keywords: Control, machining, multibody, robotic, simulation.

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Authors: Birol Yildiz, Abdullah Yalama, Metin Coskun

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Many studies have shown that Artificial Neural Networks (ANN) have been widely used for forecasting financial markets, because of many financial and economic variables are nonlinear, and an ANN can model flexible linear or non-linear relationship among variables. The purpose of the study was to employ an ANN models to predict the direction of the Istanbul Stock Exchange National 100 Indices (ISE National-100). As a result of this study, the model forecast the direction of the ISE National-100 to an accuracy of 74, 51%.

Keywords: Artificial Neural Networks, Istanbul StockExchange, Non-linear Modeling.

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Authors: Tero Halme, Juho Kanniainen, Markus Nordberg

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According to the existing literature, companies manage analysts’ expectations of their future earnings by issuing pessimistic earnings guidance to meet the expectations. Consequently, one could expect that markets price this pessimistic bias in advance and penalize companies more for lowering the guidance than reward for beating the guidance. In this paper we confirm this empirically. In addition we show that although guidance revisions have a statistically significant relation to stock returns, that is not the case with the actual earnings surprise. Reason for this could be that, after the annual earnings report also information on future earnings power is given at the same time.

Keywords: Management guidance, earnings guidance, pessimistic bias

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Authors: Majid Tolouei-Rad

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This paper describes a combined mathematicalgraphical approach for optimum tool path planning in order to improve machining efficiency. A methodology has been used that stabilizes machining operations by adjusting material removal rate in pocket milling operations while keeping cutting forces within limits. This increases the life of cutting tool and reduces the risk of tool breakage, machining vibration, and chatter. Case studies reveal the fact that application of this approach could result in a slight increase of machining time, however, a considerable reduction of tooling cost, machining vibration, noise and chatter can be achieved in addition to producing a better surface finish.

Keywords: CNC machines, milling, optimization, removal rate.

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Authors: Edikan E. Akpanibah, Ogunmodimu Dupe Catherine

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The relevance of geometric Brownian motion (GBM) in modelling the behaviour of stock market prices (SMP) cannot be over emphasized taking into consideration the volatility of the SMP. Consequently, there is need to investigate how GBM models are being estimated and used in financial market to predict SMP. To achieve this, the GBM estimation and its application to the SMP of some selected companies are studied. The normal and log-normal distributions were used to determine the expected value, variance and co-variance. Furthermore, the GBM model was used to predict the SMP of some selected companies over a period of time and the mean absolute percentage error (MAPE) were calculated and used to determine the accuracy of the GBM model in predicting the SMP of the four companies under consideration. It was observed that for all the four companies, their MAPE values were within the region of acceptance. Also, the MAPE values of our data were compared to an existing literature to test the accuracy of our prediction with respect to time of investment. Finally, some numerical simulations of the graphs of the SMP, expectations and variance of the four companies over a period of time were presented using MATLAB programming software.

Keywords: Stock Market, Geometric Brownian Motion, normal and log-normal distribution, mean absolute percentage error.

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Authors: S. Yessengabulov, A. Uyzbayeva

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Residential buildings fund of Kazakhstan was built in the Soviet time about 35-60 years ago without considering energy efficiency measures. Currently, most of these buildings are in a rundown condition and fail to meet the minimum of hygienic, sanitary and comfortable living requirements. The paper aims to examine the reports of recent building energy survey activities in the country and provide a possible solution for retrofitting existing housing stock built before 1989 which could be applicable for building envelope in cold climate. Methodology also includes two-dimensional modeling of possible practical solutions and further recommendations.

Keywords: Energy audit, energy efficient buildings in Kazakhstan, retrofit, two-dimensional conduction heat transfer analysis

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Authors: E. Šarauskis, L. Masilionytė, K. Romaneckas, Z. Kriaučiūnienė, A. Jasinskas

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The introduction of sowing technologies into minimum- or no-tillage soil has a number of economical and environmental virtues, such as improving soil properties, decreasing soil erosion and degradation, and saving working time and fuel. However, the main disadvantage of these technologies is that plant residues on the soil surface reduce the quality of the planted crop seeds, thus requiring plant residues to be removed or cut. This paper presents a analysis of disc coulter parameters and an experimental investigation of cutting spring barley straw containing various amounts of moisture with different disc coulters (smooth and notched).

Keywords: Disc coulter, Spring barley residue, No-till, Straw moisture

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Authors: Amirhossein Lotfi, Huaizhong Li, Dzung Viet Dao

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Interest in natural fiber-reinforced composites (NFRC) is progressively growing both in terms of academia research and industrial applications thanks to their abundant advantages such as low cost, biodegradability, eco-friendly nature and relatively good mechanical properties. However, their widespread use is still presumed as challenging because of the specificity of their non-homogeneous structure, limited knowledge on their machinability characteristics and parameter settings, to avoid defects associated with the machining process. The present work is aimed to investigate the effect of the cutting tool geometry and material on the drilling-induced delamination, thrust force and hole quality produced when drilling a fully biodegradable flax/poly (lactic acid) composite laminate. Three drills with different geometries and material were used at different drilling conditions to evaluate the machinability of the fabricated composites. The experimental results indicated that the choice of cutting tool, in terms of material and geometry, has a noticeable influence on the cutting thrust force and subsequently drilling-induced damages. The lower value of thrust force and better hole quality was observed using high-speed steel (HSS) drill, whereas Carbide drill (with point angle of 130^o) resulted in the highest value of thrust force. Carbide drill presented higher wear resistance and stability in variation of thrust force with a number of holes drilled, while HSS drill showed the lower value of thrust force during the drilling process. Finally, within the selected cutting range, the delamination damage increased noticeably with feed rate and moderately with spindle speed.

Keywords: Natural fiber-reinforced composites, machinability, thrust force, delamination.

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Authors: Satish Kumar, Arun Kumar Gupta, Pankaj Chandna

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In the modern manufacturing systems, the use of thermal cutting techniques using oxyfuel, plasma and laser have become indispensable for the shape forming of high quality complex components; however, the conventional chip removal production techniques still have its widespread space in the manufacturing industry. Both these types of machining operations require the positioning of end effector tool at the edge where the cutting process commences. This repositioning of the cutting tool in every machining operation is repeated several times and is termed as non-productive time or airtime motion. Minimization of this non-productive machining time plays an important role in mass production with high speed machining. As, the tool moves from one region to the other by rapid movement and visits a meticulous region once in the whole operation, hence the non-productive time can be minimized by synchronizing the tool movements. In this work, this problem is being formulated as a general travelling salesman problem (TSP) and a genetic algorithm approach has been applied to solve the same. For improving the efficiency of the algorithm, the GA has been hybridized with a noble special heuristic and simulating annealing (SA). In the present work a novel heuristic in the combination of GA has been developed for synchronization of toolpath movements during repositioning of the tool. A comparative analysis of new Meta heuristic techniques with simple genetic algorithm has been performed. The proposed metaheuristic approach shows better performance than simple genetic algorithm for minimization of nonproductive toolpath length. Also, the results obtained with the help of hybrid simulated annealing genetic algorithm (HSAGA) are also found better than the results using simple genetic algorithm only.

Keywords: Non-productive time, Airtime, 2.5 D milling, Laser cutting, Metaheuristic, Genetic Algorithm, Simulated Annealing.

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Authors: A. Samraj, S. Sayeed, J. E. Raja., J. Hossen, A. Rahman

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Monitoring the tool flank wear without affecting the throughput is considered as the prudent method in production technology. The examination has to be done without affecting the machining process. In this paper we proposed a novel work that is used to determine tool flank wear by observing the sound signals emitted during the turning process. The work-piece material we used here is steel and aluminum and the cutting insert was carbide material. Two different cutting speeds were used in this work. The feed rate and the cutting depth were constant whereas the flank wear was a variable. The emitted sound signal of a fresh tool (0 mm flank wear) a slightly worn tool (0.2 -0.25 mm flank wear) and a severely worn tool (0.4mm and above flank wear) during turning process were recorded separately using a high sensitive microphone. Analysis using Singular Value Decomposition was done on these sound signals to extract the feature sound components. Observation of the results showed that an increase in tool flank wear correlates with an increase in the values of SVD features produced out of the sound signals for both the materials. Hence it can be concluded that wear monitoring of tool flank during turning process using SVD features with the Fuzzy C means classification on the emitted sound signal is a potential and relatively simple method.

Keywords: Fuzzy c means, Microphone, Singular ValueDecomposition, Tool Flank Wear.

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Authors: A. Vaidya-Soocheta, K. M. Wong-Hon-Lang

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Craft and fashion have always been interlinked. The combination of both often gives stunning results. The present study introduces ‘Paper Cutting Craft Techniques’ like the Japanese –Kirigami, Mexican –PapelPicado, German –Scherenschnitte, Polish –Wycinankito in textiles to develop innovative and novel design structures as embellishments and ornamentation. The project studies various ways of using these paper cutting techniques to obtain interesting features and delicate design patterns on fabrics. While paper has its advantages and related uses, it is fragile rigid and thus not appropriate for clothing. Fabric is sturdy, flexible, dimensionally stable and washable. In the present study, the cut out techniques develop creative design motifs and patterns to give an inventive and unique appeal to the fabrics. The beauty and fascination of lace in garments have always given them a nostalgic charm. Laces with their intricate and delicate complexity in combination with other materials add a feminine touch to a garment and give it a romantic, mysterious appeal. Various textured and decorative effects through fabric manipulation are experimented along with the use of paper cutting craft skills as an innovative substitute for developing lace or “Broderie Anglaise” effects on textiles. A number of assorted fabric types with varied textures were selected for the study. Techniques to avoid fraying and unraveling of the design cut fabrics were introduced. Fabrics were further manipulated by use of interesting prints with embossed effects on cut outs. Fabric layering in combination with assorted techniques such as cutting of folded fabric, printing, appliqué, embroidery, crochet, braiding, weaving added a novel exclusivity to the fabrics. The fabrics developed by these innovative methods were then tailored into garments. The study thus tested the feasibility and practicability of using these fabrics by designing a collection of evening wear garments based on the theme ‘Nostalgia’. The prototypes developed were complemented by designing fashion accessories with the crafted fabrics. Prototypes of accessories add interesting features to the study. The adaptation and application of this novel technique of paper cutting craft on textiles can be an innovative start for a new trend in textile and fashion industry. The study anticipates that this technique will open new avenues in the world of fashion to incorporate its use commercially.

Keywords: Collection, fabric cutouts, nostalgia, prototypes.

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Authors: Gaurav D. Sonawane, Vikas G. Sargade

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The present investigation is a study of the effect of advanced Physical Vapor Deposition (PVD) coatings on cutting temperature residual stresses and surface roughness during Duplex Stainless Steel (DSS) 2205 turning. Austenite stabilizers like nickel, manganese, and molybdenum reduced the cost of DSS. Surface Integrity (SI) plays an important role in determining corrosion resistance and fatigue life. Resistance to various types of corrosion makes DSS suitable for applications with critical environments like Heat exchangers, Desalination plants, Seawater pipes and Marine components. However, lower thermal conductivity, poor chip control and non-uniform tool wear make DSS very difficult to machine. Cemented carbide tools (M grade) were used to turn DSS in a dry environment. AlTiN and AlTiCrN coatings were deposited using advanced PVD High Pulse Impulse Magnetron Sputtering (HiPIMS) technique. Experiments were conducted with cutting speed of 100 m/min, 140 m/min and 180 m/min. A constant feed and depth of cut of 0.18 mm/rev and 0.8 mm were used, respectively. AlTiCrN coated tools followed by AlTiN coated tools outperformed uncoated tools due to properties like lower thermal conductivity, higher adhesion strength and hardness. Residual stresses were found to be compressive for all the tools used for dry turning, increasing the fatigue life of the machined component. Higher cutting temperatures were observed for coated tools due to its lower thermal conductivity, which results in very less tool wear than uncoated tools. Surface roughness with uncoated tools was found to be three times higher than coated tools due to lower coefficient of friction of coating used.

Keywords: Cutting temperatures, DSS2205, dry turning, HiPIMS, surface integrity.

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Authors: Tomasz L. Nawrocki, Danuta Szwajca

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

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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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Authors: C. Felho, J. Kundrak

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The quality of machined surfaces is an important characteristic of cutting processes and surface roughness has strong effects on the performance of sliding, moving components. The ability to forecast these values for a given process has been of great interests among researchers for a long time. Different modeling procedures and algorithms have been worked-out, and each has its own advantages and drawbacks. A new method will be introduced in this paper which will make it possible to calculate both the profile (2D) and surface (3D) parameters of theoretical roughness in the face milling of plain surfaces. This new method is based on an expediently developed CAD model, and uses a professional program for the roughness evaluation. Cutting experiments were performed on 42CrMo4 specimens in order to validate the accuracy of the model. The results have revealed that the method is able to predict surface roughness with good accuracy.

Keywords: CAD-based modeling, face milling, surface roughness, theoretical roughness.

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Authors: M. N. Islam, B. Boswell, Y. R. Ginting

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The influence of canned cycles and cutting parameters on hole quality in cryogenic drilling has been investigated experimentally and analytically. A three-level, three-parameter experiment was conducted by using the design-of-experiment methodology. The three levels of independent input parameters were the following: for canned cycles—a chip-breaking canned cycle (G73), a spot drilling canned cycle (G81), and a deep hole canned cycle (G83); for feed rates—0.2, 0.3, and 0.4 mm/rev; and for cutting speeds—60, 75, and 100 m/min. The selected work and tool materials were aluminum 6061-6T and high-speed steel (HSS), respectively. For cryogenic cooling, liquid nitrogen (LN2) was used and was applied externally. The measured output parameters were the three widely used quality characteristics of drilled holes—diameter error, circularity, and surface roughness. Pareto ANOVA was applied for analyzing the results. The findings revealed that the canned cycle has a significant effect on diameter error (contribution ratio 44.09%) and small effects on circularity and surface finish (contribution ratio 7.25% and 6.60%, respectively). The best results for the dimensional accuracy and surface roughness were achieved by G81. G73 produced the best circularity results; however, for dimensional accuracy, it was the worst level.

Keywords: Circularity, diameter error, drilling canned cycle, Pareto ANOVA, surface roughness.

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Authors: Shigeaki Sakurai, Youichi Kitahata, Ryohei Orihara

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This paper proposes a method that discovers sequential patterns corresponding to user-s interests from sequential data. This method expresses the interests as constraint patterns. The constraint patterns can define relationships among attributes of the items composing the data. The method recursively decomposes the constraint patterns into constraint subpatterns. The method evaluates the constraint subpatterns in order to efficiently discover sequential patterns satisfying the constraint patterns. Also, this paper applies the method to the sequential data composed of stock price indexes and verifies its effectiveness through comparing it with a method without using the constraint patterns.

Keywords: Sequential pattern mining, Constraint pattern, Attribute constraint, Stock price indexes

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Authors: Talal Alsulaiman, Khaldoun Khashanah

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In this paper, we provided a literature survey on the artificial stock problem (ASM). The paper began by exploring the complexity of the stock market and the needs for ASM. ASM aims to investigate the link between individual behaviors (micro level) and financial market dynamics (macro level). The variety of patterns at the macro level is a function of the AFM complexity. The financial market system is a complex system where the relationship between the micro and macro level cannot be captured analytically. Computational approaches, such as simulation, are expected to comprehend this connection. Agent-based simulation is a simulation technique commonly used to build AFMs. The paper proceeds by discussing the components of the ASM. We consider the roles of behavioral finance (BF) alongside the traditionally risk-averse assumption in the construction of agent’s attributes. Also, the influence of social networks in the developing of agents interactions is addressed. Network topologies such as a small world, distance-based, and scale-free networks may be utilized to outline economic collaborations. In addition, the primary methods for developing agents learning and adaptive abilities have been summarized. These incorporated approach such as Genetic Algorithm, Genetic Programming, Artificial neural network and Reinforcement Learning. In addition, the most common statistical properties (the stylized facts) of stock that are used for calibration and validation of ASM are discussed. Besides, we have reviewed the major related previous studies and categorize the utilized approaches as a part of these studies. Finally, research directions and potential research questions are argued. The research directions of ASM may focus on the macro level by analyzing the market dynamic or on the micro level by investigating the wealth distributions of the agents.

Keywords: Artificial stock markets, agent based simulation, bounded rationality, behavioral finance, artificial neural network, interaction, scale-free networks.

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Authors: Dezie L. Warganegara, Dewi Tamara

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The objectives of this study is to investigate the existence of the sticky cost behavior of firms listed in the Indonesia Stock Exchange (IDX) and to find evidence on the effects of sticky operating expenses (SG&A expenses) on profitability of firms. For the first objective, this study finds that the sticky cost behavior does exist. For the second objective, this study finds that the stickier the operating expenses the lesser future profitability of the firms. This study concludes that sticky cost affects negatively to the performance and, therefore, firms should include flexibility in designing the cost structure of their firms.

Keywords: Operating Expenses, Profitability, SG&A, Sticky Costs, Indonesia Stock Exchange (IDX).

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Authors: S. D. El Wakil, M. Pladsen

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Fiber reinforced polymeric (FRP) composites are finding wide-spread industrial applications because of their exceptionally high specific strength and specific modulus of elasticity. Nevertheless, it is very seldom to get ready-for-use components or products made of FRP composites. Secondary processing by machining, particularly drilling, is almost always required to make holes for fastening components together to produce assemblies. That creates problems since the FRP composites are neither homogeneous nor isotropic. Some of the problems that are encountered include the subsequent damage in the region around the drilled hole and the drilling – induced delamination of the layer of ply, that occurs both at the entrance and the exit planes of the work piece. Evidently, the functionality of the work piece would be detrimentally affected. The current work was carried out with the aim of eliminating or at least minimizing the work piece damage associated with drilling of FPR composites. Each test specimen involves a woven reinforced graphite fiber/epoxy composite having a thickness of 12.5 mm (0.5 inch). A large number of test specimens were subjected to drilling operations with different combinations of feed rates and cutting speeds. The drilling induced damage was taken as the absolute value of the difference between the drilled hole diameter and the nominal one taken as a percentage of the nominal diameter. The later was determined for each combination of feed rate and cutting speed, and a matrix comprising those values was established, where the columns indicate varying feed rate while and rows indicate varying cutting speeds. Next, the analysis of variance (ANOVA) approach was employed using Minitab software, in order to obtain the combination that would improve the drilling induced damage. Experimental results show that low feed rates coupled with low cutting speeds yielded the best results.

Keywords: Drilling of Composites, dimensional accuracy of holes drilled in composites, delamination and charring, graphite-epoxy composites.

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Authors: Chih-Hsiang Chang

Abstract:

This study provides insight into the effects of investor sentiment, excess optimism, overconfidence, the disposition effect, and herding formation on momentum profits. This study contributes to the field by providing a further examination of the relationship between psychological factors and momentum profits. The empirical results show that there is no evidence of significant momentum profits in Taiwan’s stock market. Additionally, investor sentiment in Taiwan’s stock market significantly influences its momentum profits.

Keywords: Momentum profits, psychological factors, herding formation, investor sentiment.

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Authors: Yi Chao Huang, Yu Ling Liao, Chiu Shuang Lin

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A data cutting and sorting method (DCSM) is proposed to optimize the performance of data mining. DCSM reduces the calculation time by getting rid of redundant data during the data mining process. In addition, DCSM minimizes the computational units by splitting the database and by sorting data with support counts. In the process of searching for the relationship between metabolic syndrome and lifestyles with the health examination database of an electronics manufacturing company, DCSM demonstrates higher search efficiency than the traditional Apriori algorithm in tests with different support counts.

Keywords: Data mining, Data cutting and sorting method, Apriori algorithm, Metabolic syndrome

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Authors: Vilma Deltuvaitė

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Comparisons of financial development across countries are central to answering many of the questions on factors leading to economic development. For this reason this study analyzes the implications of financial system’s development on country’s economic development. The aim of the article: to analyze the impact of financial system’s development on economic development. The following research methods were used: systemic, logical and comparative analysis of scientific literature, analysis of statistical data, time series model (Autoregressive Distributed Lag (ARDL) Model). The empirical results suggest about positive short and long term effect of stock market development on GDP per capita.

Keywords: Banking sector, economic development, financial system’s development, stock market, private bond market.

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Authors: Jagmohan Datt, Uma Batra

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Present investigations involve a systematic study on the machinability of austempered ductile irons (ADI) developed from four commercially viable ductile irons alloyed with different contents of 0, 0.1, 0.3 and 0.6 wt.% of Ni. The influence of Ni content, amount of retained austenite and hardness of ADI on machining behavior has been conducted systematically. Austempering heat treatment was carried out for 120 minutes at four temperatures- 270oC, 320oC, 370oC or 420oC, after austenitization at 900oC for 120 min. Milling tests were performed and machinability index, cutting forces and surface roughness measurements were used to evaluate the machinability. Higher cutting forces, lower machinability index and the poorer surface roughness of the samples austempered at lower temperatures indicated that austempering at higher temperatures resulted in better machinability. The machinability of samples austempered at 420oC, which contained higher fractions of retained austenite, was superior to that of samples austempered at lower temperatures, indicating that hardness is an important factor in assessing machinability in addition to high carbon austenite content. The ADI with 0.6% Ni, austempered at 420°C for 120 minutes, demonstrated best machinability.

Keywords: Austempering, machinability, machining index, cutting force, surface finish.

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Authors: Lorenzo Daghini, Andreas Archenti, Cornel Mihai Nicolescu

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This paper introduces a novel design for boring bar with enhanced damping capability. The principle followed in the design phase was to enhance the damping capability minimizing the loss in static stiffness through implementation of composite material interfaces. The newly designed tool has been compared to a conventional tool. The evaluation criteria were the dynamic characteristics, frequency and damping ratio, of the machining system, as well as the surface roughness of the machined workpieces. The use of composite material in the design of damped tool has been demonstrated effective. Furthermore, the autoregressive moving average (ARMA) models presented in this paper take into consideration the interaction between the elastic structure of the machine tool and the cutting process and can therefore be used to characterize the machining system in operational conditions.

Keywords: ARMA, cutting stability, damped tool, machining.

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Authors: Kamel K. Alzboon, Khalid N.Mahasneh

Abstract:

The aim of this work is to study the possible use of stone cutting sludge waste in concrete production, which would reduce both the environmental impact and the production cost .Slurry sludge was used a source of water in concrete production, which was obtained from Samara factory/Jordan, The physico-chemical and mineralogical characterization of the sludge was carried out to identify the major components and to compare it with the typical sand used to produce concrete. Samples analysis showed that 96% of slurry sludge volume is water, so it should be considered as an important source of water. Results indicated that the use of slurry sludge as water source in concrete production has insignificant effect on compression strength, while it has a sharp effect on the slump values. Using slurry sludge with a percentage of 25% of the total water content obtained successful concrete samples regarding slump and compression tests. To clarify slurry sludge, settling process can be used to remove the suspended solid. A settling period of 30 min. obtained 99% removal efficiency. The clarified water is suitable for using in concrete mixes, which reduce water consumption, conserve water recourses, increase the profit, reduce operation cost and save the environment. Additionally, the dry sludge could be used in the mix design instead of the fine materials with sizes < 160 um. This application could conserve the natural materials and solve the environmental and economical problem caused by sludge accumulation.

Keywords: Concrete, recycle, sludge, slurry waste, stone cutting waste, waste.

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Authors: Azaz Zaman, Mirazur Rahman

Abstract:

Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.

Keywords: Stock market investment, Dhaka stock exchange, capital market, Bangladesh.

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