Search results for: Internal Rate of Return

Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

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The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: Asset allocation, asset performance, sukuk, zero beta asset.

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Authors: Ayesha Aslam, F A Bhatti

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A simple impedance matching technique for inset feed grooved microstrip patch antenna based on the concept of coplanar waveguide feed line has been developed and investigated for a printed antenna at X-Band frequency of 10GHz. The proposed technique has been used in the design of Linear Grooved Microstrip patch antenna array. The characteristics of the antenna are determined in terms of Return loss, VSWR, gain, radiation pattern etc. The measured and simulated results presented are found to be in good agreement.

Keywords: Gain, Microstrip patch, return loss, VSWR, Radiation pattern, CPW Feed, Inset feed.

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Authors: Jasna Prester, Najla Podrug, Davor Filipović

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Manufacturing companies invest a significant amount of sales into material resources for production. In our sample, 58% of sales is used for manufacturing inputs, while only 24% of sales is used for salaries. This means that if a company is looking to reduce costs, the greater potential is in reduction of material costs than downsizing. This research shows that manufacturing companies in Croatia did realize material savings in last three years. It is also shown by which technologies they achieved materials cost savings. Through literature research, we found research gap as to which technologies reduce material consumption. As methodology of research four regression analyses are used to prove our findings.

Keywords: Croatia, materials savings strategies, technologies, return on sales.

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Authors: Dongjoo Kim, Chang-Sik Son, Won-Seok Kang

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Adequate sleep affects various parts of one’s overall physical and mental life. As one of the methods in determining the appropriate amount of sleep, this research presents a heart rate based sleep quality index. In order to evaluate sleep quality using the heart rate, sleep data from 280 subjects taken over one month are used. Their sleep data are categorized by a three-part heart rate range. After categorizing, some features are extracted, and the statistical significances are verified for these features. The results show that some features of this sleep quality index model have statistical significance. Thus, this heart rate based sleep quality index may be a useful discriminator of sleep.

Keywords: Sleep, sleep quality, heart rate, statistical analysis.

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Authors: Ahmed Arkoazi, Hussein Znad, Ranjeet Utikar

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The synergistic impact and optimization of gas flow rate, concentration of CO₂, and light intensity on CO₂ biofixation rate were investigated using wastewater as a medium to cultivate Chlorella vulgaris under different conditions (gas flow rate 1-8 L/min), CO₂ concentration (0.03-7%), and light intensity (150-400 µmol/m².s)). Response Surface Methodology and Box-Behnken experimental Design were applied to find optimum values for gas flow rate, CO₂ concentration, and light intensity. The optimum values of the three independent variables (gas flow rate, concentration of CO₂, and light intensity) and desirability were 7.5 L/min, 3.5%, and 400 µmol/m².s, and 0.904, respectively. The highest amount of biomass produced and CO₂ biofixation rate at optimum conditions were 5.7 g/L, 1.23 gL^-1d^-1, respectively. The synergistic effect between gas flow rate and concentration of CO₂, and between gas flow rate and light intensity was significant on the three responses, while the effect between CO₂ concentration and light intensity was less significant on CO₂ biofixation rate. The results of this study could be highly helpful when using microalgae for CO₂ biofixation in wastewater treatment.

Keywords: Synergistic impact, optimization, CO2 biofixation, airlift reactor.

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Authors: Weifeng Wang, Guoqing Huang, Xianwei Zeng

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The nearly 21-year-old Jiujiang Bridge, which is suffering from uneven line shape, constant great downwarping of the main beam and cracking of the box girder, needs reinforcement and cable adjustment. It has undergone cable adjustment for twice with incomplete data. Therefore, the initial internal force state of the Jiujiang Bridge is identified as the key for the cable adjustment project. Based on parameter identification by means of static force test data, this paper suggests determining the initial internal force state of the cable-stayed bridge according to the cable force-displacement relationship parameter identification method. That is, upon measuring the displacement and the change in cable forces for twice, one can identify the parameters concerned by means of optimization. This method is applied to the cable adjustment, replacement and reinforcement project for the Jiujiang Bridge as a guidance for the cable adjustment and reinforcement project of the bridge.

Keywords: Cable-stayed bridge, cable force-displacement, parameter identification, internal force state

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Authors: Lan Sun, Subhrendu Rath

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This is a comprehensive large-sample study of Australian earnings management. Using a sample of 4,844 firm-year observations across nine Australia industries from 2000 to 2006, we find substantial corporate earnings management activity across several Australian industries. We document strong evidence of size and return on assets being primary determinants of earnings management in Australia. The effects of size and return on assets are also found to be dominant in both income-increasing and incomedecreasing earnings manipulation. We also document that that periphery sector firms are more likely to involve larger magnitude of earnings management than firms in the core sector.

Keywords: Earnings management, discretionary accruals, income-increasing/decreasing manipulation, dual economy sector

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Authors: N. Deepika, P. A. L. Narayana

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Linear stability analysis of double diffusive convection in a horizontal porous layer saturated with fluid is examined by considering the effects of viscous dissipation, concentration based internal heat source and vertical throughflow. The basic steady state solution for Governing equations is derived. Linear stability analysis has been implemented numerically by using shooting and Runge-kutta methods. Critical thermal Rayleigh number Rac is obtained for various values of solutal Rayleigh number Sa, vertical Peclet number Pe, Gebhart number Ge, Lewis number Le and measure of concentration based internal heat source γ. It is observed that Ge has destabilizing effect for upward throughflow and stabilizing effect for downward throughflow. And γ has considerable destabilizing effect for upward throughflow and insignificant destabilizing effect for downward throughflow.

Keywords: Porous medium, concentration based internal heat source, vertical throughflow, viscous dissipation.

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Authors: Abdurahman H. Nour, Rosli M. Yunus, Azhary. H. Nour

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The mechanism of microwave heating is essentially that of dielectric heating. After exposing the emulsion to the microwave Electromagnetic (EM) field, molecular rotation and ionic conduction due to the penetration of (EM) into the emulsion are responsible for the internal heating. To determine the capability of microwave technology in demulsification of crude oil emulsions, microwave demulsification method was applied in a 50-50 % and 20- 80 % water-in-oil emulsions with microwave exposure time varied from 20-180 sec. Transient temperature profiles of water-in-oil emulsions inside a cylindrical container were measured. The temperature rise at a given location was almost horizontal (linear). The average rates of temperature increase of 50-50 % and 20-80 % water-in-oil emulsions are 0.351 and 0.437 oC/sec, respectively. The rate of temperature increase of emulsions decreased at higher temperature due to decreasing dielectric loss of water. These results indicate that microwave demulsification of water-in-oil emulsions does not require chemical additions. Microwave has the potential to be used as an alternative way in the demulsification process.

Keywords: Demulsification, temperature profile, emulsion.Microwave heating, dielectric, volume rate.

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Authors: A. S. Adelokun, O. O. Gambo, A. A. Adegboye

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This study estimates the private cost of Humanities and Education programs in public universities in Osun state, Nigeria, as well as the private monetary returns to Humanities and Education programs in public universities in the state. It also estimates the private rates of return to Humanities and Education programmes in public universities in Osun state; with the view of providing information on the relative profitability of investments in Humanities and Education programs in public universities in Osun state. The study adopted a descriptive survey research design. The population for the study consisted of all Humanities and Education students from public universities in Osun State and all Humanities and Education graduates who are workers in Osun state establishments. The sample was made up of 600 students and 120 workers. The students were selected through simple random sampling technique from the two public universities in the state while the workers were purposively selected from Osun state establishments. These workers were graduates of Humanities and Education programs. The selected programs included Bachelor of Arts (B.A.) in English, Bachelor of Education (B.Ed.) in English, B.A. in Religious Studies, B.Ed. in Religious Studies, B.A. in Yoruba and B.Ed. in Yoruba. Two research instruments were used, namely: Private Costs of University Education Questionnaire (PCUEQ) and Age Education Earnings of Workers Questionnaire (AEEWQ). The data were analyzed using compounding and discount cash flow techniques. The results showed that the private costs of Humanities and Education programs in public universities in Osun state were N855,935.59 and N694,269.34 respectively. The private monetary returns to Humanities and Education programs in public universities in the State were N9,052,859.28 and N9,052,859.28, respectively. The private rates of return to Humanities and Education programmes in public universities in Osun state were 27.36% and 34.40% respectively. The study concluded that it was more profitable to invest in Education programs than in Humanities programs at public universities in Osun state, Nigeria.

Keywords: Rates of return, private cost, investment, education.

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Authors: Seok Hong Min, Woo Young Jung, Tae Kwon Ha

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Superplastic deformation and high temperature load relaxation behavior of coarse-grained iron aluminides with the composition of Fe-28 at.% Al have been investigated. A series of load relaxation and tensile tests were conducted at temperatures ranging from 600 to 850oC. The flow curves obtained from load relaxation tests were found to have a sigmoidal shape and to exhibit stress vs. strain rate data in a very wide strain rate range from 10-7/s to 10-2/s. Tensile tests have been conducted at various initial strain rates ranging from 3×10-5/s to 1×10-2/s. Maximum elongation of ~500 % was obtained at the initial strain rate of 3×10-5/s and the maximum strain rate sensitivity was found to be 0.68 at 850oC in binary Fe-28Al alloy. Microstructure observation through the optical microscopy (OM) and the electron back-scattered diffraction (EBSD) technique has been carried out on the deformed specimens and it has revealed the evidences for grain boundary migration and grain refinement to occur during superplastic deformation, suggesting the dynamic recrystallization mechanism. The addition of Cr by the amount of 5 at.% appeared to deteriorate the superplasticity of the binary iron aluminide. By applying the internal variable theory of structural superplasticity, the addition of Cr has been revealed to lower the contribution of the frictional resistance to dislocation glide during high temperature deformation of the Fe3Al alloy.

Keywords: Iron aluminide (Fe3Al), large grain size, structural superplasticity, dynamic recrystallization, chromium (Cr).

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Authors: I. Erins, J. Erina

Abstract:

The aim of this article is to assess the existing business models used by the banks operating in the CEE countries in the time period from 2006 till 2011. In order to obtain research results, the authors performed qualitative analysis of the scientific literature on bank business models, which have been grouped into clusters that consist of such components as: 1) capital and reserves; 2) assets; 3) deposits, and 4) loans. In their turn, bank business models have been developed based on the types of core activities of the banks, and have been divided into four groups: Wholesale, Investment, Retail and Universal Banks. Descriptive statistics have been used to analyse the models, determining mean, minimal and maximal values of constituent cluster components, as well as standard deviation. The analysis of the data is based on such bank variable indices as Return on Assets (ROA) and Return on Equity (ROE).

Keywords: Banks, Business model, CEE, ROA, ROE.

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Authors: H. Zarei, M. H. Fazel Zarandi, M. Karbasian

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A Decision Support System/Expert System for stock portfolio selection presented where at first step, both technical and fundamental data used to estimate technical and fundamental return and risk (1st phase); Then, the estimated values are aggregated with the investor preferences (2nd phase) to produce convenient stock portfolio. In the 1st phase, there are two expert systems, each of which is responsible for technical or fundamental estimation. In the technical expert system, for each stock, twenty seven candidates are identified and with using rough sets-based clustering method (RC) the effective variables have been selected. Next, for each stock two fuzzy rulebases are developed with fuzzy C-Mean method and Takai-Sugeno- Kang (TSK) approach; one for return estimation and the other for risk. Thereafter, the parameters of the rule-bases are tuned with backpropagation method. In parallel, for fundamental expert systems, fuzzy rule-bases have been identified in the form of “IF-THEN" rules through brainstorming with the stock market experts and the input data have been derived from financial statements; as a result two fuzzy rule-bases have been generated for all the stocks, one for return and the other for risk. In the 2nd phase, user preferences represented by four criteria and are obtained by questionnaire. Using an expert system, four estimated values of return and risk have been aggregated with the respective values of user preference. At last, a fuzzy rule base having four rules, treats these values and produce a ranking score for each stock which will lead to a satisfactory portfolio for the user. The stocks of six manufacturing companies and the period of 2003-2006 selected for data gathering.

Keywords: Stock Portfolio Selection, Fuzzy Rule-Base ExpertSystems, Financial Decision Support Systems, Technical Analysis, Fundamental Analysis.

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Authors: Biplab Bag

Abstract:

In this paper, the design of a coaxial feed single layer rectangular microstrip patch antenna for IEEE802.11b application is presented. The proposed antenna is designed by using substrate FR4_epoxy having permittivity of about 4.4 and tangent loss of 0.013. The characteristics of the substrate are designed and to evaluate the performance of modeled antenna using HFSS v.11 EM simulator, from Ansoft. The proposed antenna dual resonant frequency has been achieved in the band of 1.57GHz-1.68GHz (with BW 30 MHz) and 2.25 GHz -2.55GHz (with BW 40MHz). The simulation results with frequency response, radiation pattern and return loss, VSWR, Input Impedance are presented with appropriate table and graph.

Keywords: Microstrip, Radiation Pattern, Return Loss, Tangent Loss, VSWR.

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Authors: Kailash, Rajeev Kumar Saha, Sanjeev Goyal

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Due to day by day competition in the market, the implementation of benchmarking practice is necessary for improving existing internal supply chain management performance of manufacturing industries. The continuous benchmarking practice might be helpful to increase the productivity of middle scale medium enterprises (MSMEs) by reducing the idle time during the flow of raw material/products, funds and information. The objective of this research paper is to provide an overview of benchmarking, benchmarking wheel, benchmarking tool and techniques and its importance through literature review of reputed journals. This concept of benchmarking may be fruitful in the process of gap identification and for improving the performance of internal supply chain management of Indian manufacturing industries.

Keywords: Benchmarking, benchmarking cyclic wheel, supply chain management, types of benchmarking, supply chain management.

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Authors: Sara Kamalisiahroudi, Jun Huang, Zhe Li, Jianbo Zhang

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Two types of commercial cylindrical lithium ion batteries (Panasonic 3.4 Ah NCR-18650B and Samsung 2.9 Ah INR-18650), were investigated experimentally. The capacities of these samples were individually measured using constant current-constant voltage (CC-CV) method at different ambient temperatures (-10°C, 0°C, 25°C). Their internal resistance was determined by electrochemical impedance spectroscopy (EIS) and pulse discharge methods. The cells with different configurations of parallel connection NCR-NCR, INR-INR and NCR-INR were charged/discharged at the aforementioned ambient temperatures. The results showed that the difference of internal resistance between cells much more evident at low temperatures. Furthermore, the parallel connection of NCR-NCR exhibits the most uniform temperature distribution in cells at -10°C, this feature is quite favorable for the safety of the battery pack.

Keywords: Batteries in parallel connection, internal resistance, low temperature, temperature difference, current distribution.

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Authors: Tejeet Singh, Ishavneet Singh

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The present study focused on carrying out the creep analysis in an isotropic thick-walled composite cylindrical pressure vessel composed of aluminum matrix reinforced with silicon-carbide in particulate form. The creep behavior of the composite material has been described by the threshold stress based creep law. The values of stress exponent appearing in the creep law were selected as 3, 5 and 8. The constitutive equations were developed using well known von-Mises yield criteria. Models were developed to find out the distributions of creep stress and strain rate in thick-walled composite cylindrical pressure vessels under internal pressure. In order to obtain the stress distributions in the cylinder, the equilibrium equation of the continuum mechanics and the constitutive equations are solved together. It was observed that the radial stress, tangential stress and axial stress increases along with the radial distance. The cross-over was also obtained almost at the middle region of cylindrical vessel for tangential and axial stress for different values of stress exponent. The strain rates were also decreasing in nature along the entire radius.

Keywords: Steady state creep, composite, cylinder, pressure.

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Authors: Kati Skarp, Keijo Varis, Juha Kettunen

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The purpose of this paper is to examine and evaluate the top-down and bottom-up leadership development programs focused on human capital that improve the performance of a company. This study reports on the external top-down leadership development program supported by a consulting company and the internal participatory action research of the bottom-up program. The sickness rate and the lost time incident failure rate decreased and the ideas produced for cost savings improved, leading to increased earnings during the top-down program. The estimated cost savings potential of the bottom-up program was 3.8 million euro based on the cost savings of meeting habits, maintenance practices and the way of working in production. The results of this study are useful for those who plan and evaluate leadership development and human capital productivity consultation programs to improve the performance of a company.

Keywords: Leadership, development, human resources, company, indicators, evaluation.

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Authors: Shrikrishan Yadav, Akhilesh Saini, Krishna Chandra Roy

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The electromagnetic spectrum is a natural resource and hence well-organized usage of the limited natural resources is the necessities for better communication. The present static frequency allocation schemes cannot accommodate demands of the rapidly increasing number of higher data rate services. Therefore, dynamic usage of the spectrum must be distinguished from the static usage to increase the availability of frequency spectrum. Cognitive radio is not a single piece of apparatus but it is a technology that can incorporate components spread across a network. It offers great promise for improving system efficiency, spectrum utilization, more effective applications, reduction in interference and reduced complexity of usage for users. Cognitive radio is aware of its environmental, internal state, and location, and autonomously adjusts its operations to achieve designed objectives. It first senses its spectral environment over a wide frequency band, and then adapts the parameters to maximize spectrum efficiency with high performance. This paper only focuses on the analysis of Bit-Error-Rate in cognitive radio by using Particle Swarm Optimization Algorithm. It is theoretically as well as practically analyzed and interpreted in the sense of advantages and drawbacks and how BER affects the efficiency and performance of the communication system.

Keywords: BER, Cognitive Radio, Environmental Parameters, PSO, Radio spectrum, Transmission Parameters

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Authors: Md. Iqbal Mahmud, Haeng Muk Cho, Seo Hyun Sang, Wang Wen Hai, Chang Heon Yi, Man Ik Hwang, Dae Hoon Kang

Abstract:

Solenoid operated electromagnetic control valve (ECV) playing an important role for car’s air conditioning control system. ECV is used in external variable displacement swash plate type compressor and controls the entire air conditioning system by means of a pulse width modulation (PWM) input signal supplying from an external source (controller). Complete form of ECV contains number of internal features like valve body, core, valve guide, plunger, guide pin, plunger spring, bellows etc. While designing the ECV; dimensions of different internal items must meet the standard requirements as it is quite challenging. In this research paper, especially the dimensioning of ECV body and its three pressure ports through which the air/refrigerant passes are considered. Here internal leakage test analysis of ECV body is being carried out from its discharge port (Pd) to crankcase port (Pc) when the guide valve is placed inside it. The experiments have made both in ordinary and digital system using different assumptions and thereafter compare the results.

Keywords: Electromagnetic control valve (ECV), Leakage, Pressure port, Valve body, Valve guide.

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Authors: Maziar Ramezani, Thomas Neitzert

Abstract:

A dent is a gross distortion of the pipe cross-section. Dent depth is defined as the maximum reduction in the diameter of the pipe compared to the original diameter. Pipeline dent finite element (FE) simulation and theoretical analysis are conducted in this paper to develop an understanding of the geometric characteristics and strain distribution in the pressurized dented pipe. Based on the results, the magnitude of the denting force increases significantly with increasing the internal pressure, and the maximum circumferential and longitudinal strains increase by increasing the internal pressure and the dent depth. The results can be used for characterizing dents and ranking their risks to the integrity of a pipeline.

Keywords: dented steel pipelines, Finite element model, Internal pressure, Strain distribution

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Authors: Saied Rasul Hosseini Baharanchi

Abstract:

This paper addresses integration issues in supply chain, and tries to investigate how different aspects of integration are linked with some product features. Integration in this study is interpreted as "internal", "upstream" (supply), and "downstream" (demand). Two features of product innovative and quality are considered. To examine the relationships between supply chain integrations – as mentioned above, and product features, this research follows the survey method in automotive industry.The results imply that supply chain upstream integration has a higher impact on product quality, comparing to internal and supply chain downstream integrations. It is also found that the influence of supply chain downstream integration on product innovation is greater than other variables. In brief, this study mainly tackles the importance of specific level of supply chain integrations and its effects on two product features.

Keywords: Supply chain upstream integration, supply chaindownstream integration, internal integration, product features

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Authors: Mike Sewell, Jagath Samarabandu, Ranga Rodrigo, Kenneth McIsaac

Abstract:

A novel method of individual level adaptive mutation rate control called the rank-scaled mutation rate for genetic algorithms is introduced. The rank-scaled mutation rate controlled genetic algorithm varies the mutation parameters based on the rank of each individual within the population. Thereby the distribution of the fitness of the papulation is taken into consideration in forming the new mutation rates. The best fit mutate at the lowest rate and the least fit mutate at the highest rate. The complexity of the algorithm is of the order of an individual adaptation scheme and is lower than that of a self-adaptation scheme. The proposed algorithm is tested on two common problems, namely, numerical optimization of a function and the traveling salesman problem. The results show that the proposed algorithm outperforms both the fixed and deterministic mutation rate schemes. It is best suited for problems with several local optimum solutions without a high demand for excessive mutation rates.

Keywords: Genetic algorithms, mutation rate control, adaptive mutation.

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Authors: Aleksandre Ergeshidze

Abstract:

The exchange rate is a pivotal pricing instrument that simultaneously impacts various components of the economy. Depreciation of nominal exchange rate is export promoting, which might be a desired export-led growth policy, and particularly critical to closing-down the widening current account imbalance. However, negative effects resulting from high dollarization and high share of imported intermediate inputs can outweigh positive effect. The aim of this research is to quantify impact of change in nominal exchange rate and test contractionary depreciation hypothesis on Georgian economy using structural and Bayesian vector autoregression. According to the acquired results, appreciation of nominal exchange rate is expected to decrease inflation, monetary policy rate, interest rate on domestic currency loans and economic growth in the medium run; however, impact on economic growth in the short run is statistically not significant.

Keywords: Bayesian vector autoregression, contractionary depreciation, dollarization, nominal exchange rate, structural vector autoregression.

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Authors: Jin Sung Kim, Hoon Huh

Abstract:

The material properties of OFHC copper film was investigated with the High-Speed Material Micro Testing Machine (HSMMTM) at the high strain rates. The rate-dependent stress-strain curves from the experiment and the Johnson−Cook curve fitting showed large discrepancies as the plastic strain increases since the constitutive model implies no rate-dependent strain hardening effect. A new constitutive model was proposed in consideration of rate-dependent strain hardening effect. The strain rate hardening term in the new constitutive model consists of the strain rate sensitivity coefficients of the yield strength and strain hardening.

Keywords: Rate dependent material properties, Dynamic constitutive model, OFHC copper film, Strain rate.

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Authors: Hussam Al-Shorman, Yosef Hasan Jbara

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A business case is a proposal for an investment initiative to satisfy business and functional requirements. The business case provides the foundation for tactical decision making and technology risk management. It helps to clarify how the organization will use its resources in the best way by providing justification for investment of resources. This paper describes how simulation was used for business case benefits and return on investment for the procurement of 8 production machines. With investment costs of about 4.7 million dollars and annual operating costs of about 1.3 million, we needed to determine if the machines would provide enough cost savings and cost avoidance. We constructed a model of the existing factory environment consisting of 8 machines and subsequently, we conducted average day simulations with light and heavy volumes to facilitate planning decisions required to be documented and substantiated in the business case.

Keywords: Investment cost, business case, return on investment, simulation.

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Authors: K. Gabdullin, Y. Bek Ali, N. Aldabek

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This paper explores oil prices changes impact on energy policy of Kazakhstan in 2001-2009. It involves the role of oil income to the economic development, process of diversification of internal and external energy policy of Kazakhstan, and the changes in oil law towards subsoil users.

Keywords: diversification, internal energy policy, external energy policy, high oil prices, modernization

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Authors: Vahid Aryanpur , Ehsan Shafiei

Abstract:

This paper presents an environmental and technoeconomic evaluation of light duty vehicles in Iran. A comprehensive well-to-wheel (WTW) analysis is applied to compare different automotive fuel chains, conventional internal combustion engines and innovative vehicle powertrains. The study examines the competitiveness of 15 various pathways in terms of energy efficiencies, GHG emissions, and levelized cost of different energy carriers. The results indicate that electric vehicles including battery electric vehicles (BEV), fuel cell vehicles (FCV) and plug-in hybrid electric vehicles (PHEV) increase the WTW energy efficiency by 54%, 51% and 46%, respectively, compared to common internal combustion engines powered by gasoline. On the other hand, greenhouse gas (GHG) emissions per kilometer of FCV and BEV would be 48% lower than that of gasoline engines. It is concluded that BEV has the lowest total cost of energy consumption and external cost of emission, followed by internal combustion engines (ICE) fueled by CNG. Conventional internal combustion engines fueled by gasoline, on the other hand, would have the highest costs.

Keywords: Well-to-Wheel analysis, Energy Efficiency, GHG emissions, Levelized cost of energy, Alternative fuel vehicles.

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Authors: Chimaobi V. Okolo, Onyinye S. Ugwuanyi, Kenneth A. Okpala

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This study evaluated the effect of exchange rate volatility on the manufacturing sector of Nigeria. The flow and stock market theories of exchange rate determination was adopted considering macroeconomic determinants such as balance of trade, trade openness, and net international investment. Furthermore, the influence of changes in parallel exchange rate, official exchange rate and real effective exchange rate was modeled on the manufacturing sector output. Vector autoregression techniques and vector error correction mechanism were adopted to explore the macroeconomic determinants of exchange rate fluctuation in Nigeria and to examine the influence of exchange rate volatility on the manufacturing sector output in Nigeria. The exchange rate showed an unstable and volatile movement in Nigeria. Official exchange rate significantly impacted on the manufacturing sector of Nigeria and shock to previous manufacturing sector output caused 60.76% of the fluctuation in the manufacturing sector output in Nigeria. Trade balance, trade openness and net international investments did not significantly determine exchange rate in Nigeria. However, own shock accounted for about 95% of the variation of exchange rate fluctuation in the short-run and long-run. Among other macroeconomic variables, net international investment accounted for about 2.85% variation of the real effective exchange rate fluctuation in the short-run and in the long-run. Monetary authorities should maintain stability of the exchange rates through proper management so as to encourage local production and government should formulate and implement policies that will develop other sectors of the economy as this will widen the country’s revenue base, reduce our over reliance on oil sector for our foreign exchange earnings and in turn reduce the shocks on our domestic economy.

Keywords: Exchange rate volatility, exchange rate determinants, manufacturing sector, official exchange rate, parallel exchange rate, real effective exchange rate.

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Authors: Bita Mashayekhi, Zeynab Lotfi Aghel

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The determinants of Earnings Response Coefficient (ERC), including firm size, earnings growth, and earnings persistence are studied in this research. These determinants are supposed to be moderator variables that affect ERC and Return Response Coefficient. The research sample contains 82 Iranian listed companies in Tehran Stock Exchange (TSE) from 2001 to 2012. Gathered data have been processed by EVIEWS Software. Results show a significant positive relation between firm size and ERC, and also between earnings growth and ERC; however, there is no significant relation between earnings persistence and ERC. Also, the results show that ERC will be increased by firm size and earnings growth, but there is no relation between earnings persistence and ERC.

Keywords: Earnings response coefficient, return response coefficient, firm size, earnings growth, earnings persistence.

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