Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1813

Search results for: Sharpe ratio

1813 Financial Portfolio Optimization in Electricity Markets: Evaluation via Sharpe Ratio

Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

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1812 Analyzing the Effects of Adding Bitcoin to Portfolio

Authors: Shashwat Gangwal

Abstract:

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

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

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1811 Financial Portfolio Optimization in Turkish Electricity Market via Value at Risk

Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management, Sharpe ratio, value at risk.

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1810 Stock Portfolio Selection Using Chemical Reaction Optimization

Authors: Jin Xu, Albert Y.S. Lam, Victor O.K. Li

Abstract:

Stock portfolio selection is a classic problem in finance, and it involves deciding how to allocate an institution-s or an individual-s wealth to a number of stocks, with certain investment objectives (return and risk). In this paper, we adopt the classical Markowitz mean-variance model and consider an additional common realistic constraint, namely, the cardinality constraint. Thus, stock portfolio optimization becomes a mixed-integer quadratic programming problem and it is difficult to be solved by exact optimization algorithms. Chemical Reaction Optimization (CRO), which mimics the molecular interactions in a chemical reaction process, is a population-based metaheuristic method. Two different types of CRO, named canonical CRO and Super Molecule-based CRO (S-CRO), are proposed to solve the stock portfolio selection problem. We test both canonical CRO and S-CRO on a benchmark and compare their performance under two criteria: Markowitz efficient frontier (Pareto frontier) and Sharpe ratio. Computational experiments suggest that S-CRO is promising in handling the stock portfolio optimization problem.

Keywords: Stock portfolio selection, Markowitz model, Chemical Reaction Optimization, Sharpe ratio

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1809 A Case-Based Reasoning-Decision Tree Hybrid System for Stock Selection

Authors: Yaojun Wang, Yaoqing Wang

Abstract:

Stock selection is an important decision-making problem. Many machine learning and data mining technologies are employed to build automatic stock-selection system. A profitable stock-selection system should consider the stock’s investment value and the market timing. In this paper, we present a hybrid system including both engage for stock selection. This system uses a case-based reasoning (CBR) model to execute the stock classification, uses a decision-tree model to help with market timing and stock selection. The experiments show that the performance of this hybrid system is better than that of other techniques regarding to the classification accuracy, the average return and the Sharpe ratio.

Keywords: Case-based reasoning, decision tree, stock selection, machine learning.

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1808 Effect of Si/Al Ratio on SSZ-13 Crystallization and Its Methanol-To-Olefins Catalytic Properties

Authors: Zhiqiang Xu, Hongfang Ma, Haitao Zhang, Weixin Qian, Weiyong Ying

Abstract:

SSZ-13 materials with different Si/Al ratio were prepared by varying the composition of aluminosilicate precursor solutions upon hydrothermal treatment at 150 °C. The Si/Al ratio of the initial system was systematically changed from 12.5 to infinity in order to study the limits of Al composition in precursor solutions for constructing CHA structure. The intermediates and final products were investigated by complementary techniques such as XRD, HRTEM, FESEM, and chemical analysis. NH3-TPD was used to study the Brønsted acidity of SSZ-13 samples with different Si/Al ratios. The effect of the Si/Al ratio on the precursor species, ultimate crystal size, morphology and yield was investigated. The results revealed that Al species determine the nucleation rate and the number of nuclei, which is tied to the morphology and yield of SSZ-13. The size of SSZ-13 increased and the yield decreased as the Si/Al ratio was improved. Varying Si/Al ratio of the initial system is a facile, commercially viable method of tailoring SSZ-13 crystal size and morphology. Furthermore, SSZ-13 materials with different Si/Al ratio were tested as catalysts for the methanol to olefins (MTO) reaction at 350 °C. SSZ-13 with the Si/Al ratio of 35 shows the best MTO catalytic performance.

Keywords: Crystallization, MTO, Si/Al ratio, SSZ-13.

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1807 Prediction of Soil Exchangeable Sodium Ratio Based on Soil Sodium Adsorption Ratio

Authors: M. Siosemarde, F. Kave, E. Pazira, H. Sedghi, S. J. Ghaderi

Abstract:

Researchers have long had trouble in measurement of Exchangeable Sodium Ratio (ESR) at salt-affected soils. this parameter are often determined using laborious and time consuming laboratory tests, but it may be more appropriate and economical to develop a method which uses a more simple soil salinity index. The aim of this study was to determine the relationship between exchangeable sodium ratio (ESR) and sodium adsorption ratio (SAR) in some salt-affected soils of Khuzestan plain. To this purpose, two experimental areas (S1, S2) of Khuzestan province-IRAN were selected and four treatments with three replications by series of double rings were applied. The treatments were included 25cm, 50cm, 75cm and 100cm water application. The statistical results of the study indicated that in order to predict soil ESR based on soil SAR the linear regression model ESR=0.2048+0.0066 SAR (R2=0.53) & ESR=0.0564+0.0171 SAR (R2=0.76) can be recommended in Pilot S1 and S2 respectively.

Keywords: exchangeable sodium ratio, Khuzestan plain, saltaffectedsoils and sodium adsorption ratio.

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1806 Optimization of Biodiesel Production from Sunflower Oil Using Central Composite Design

Authors: Pascal Mwenge, Jefrey Pilusa, Tumisang Seodigeng

Abstract:

The current study investigated the effect of catalyst ratio and methanol to oil ratio on biodiesel production by using central composite design. Biodiesel was produced by transesterification using sodium hydroxide as a homogeneous catalyst, a laboratory scale reactor consisting of flat bottom flask mounts with a reflux condenser and a heating plate was used to produce biodiesel. Key parameters, including, time, temperature and mixing rate were kept constant at 60 minutes, 60 oC and 600 RPM, respectively. From the results obtained, it was observed that the biodiesel yield depends on catalyst ratio and methanol to oil ratio. The highest yield of 50.65% was obtained at catalyst ratio of 0.5 wt.% and methanol to oil mole ratio 10.5. The analysis of variances of biodiesel yield showed the R Squared value of 0.8387. A quadratic mathematical model was developed to predict the biodiesel yield in the specified parameters ranges.

Keywords: ANOVA, biodiesel, catalyst, CCD, transesterification.

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1805 Optimization of Fin Type and Fin per Inch on Heat Transfer and Pressure Drop of an Air Cooler

Authors: A. Falavand Jozaei, A. Ghafouri

Abstract:

Operation enhancement in an air cooler depends on rate of heat transfer, and pressure drop. In this paper for a given heat duty, study of the effects of FPI (Fin Per Inch) and fin type (circular and hexagonal fins) on heat transfer, and pressure drop in an air cooler in Iran, Arvand petrochemical. A program in EES (Engineering Equations Solver) software moreover, Aspen B-JAC and HTFS+ softwares are used for this purpose to solve governing equations. At first the simulated results obtained from this program is compared to the experimental data for two cases of FPI. The effects of FPI from 3 to 15 over heat transfer (Q) to pressure drop ratio (Q/Δp ratio). This ratio is one of the main parameters in design, and simulation heat exchangers. The results show that heat transfer (Q) and pressure drop increase with increasing FPI steadily, and the Q/Δp ratio increases to FPI=12 and then decreased gradually to FPI=15, and Q/Δp ratio is maximum at FPI=12. The FPI value selection between 8 and 12 obtained as a result to optimum heat transfer to pressure drop ratio. Also by contrast, between circular and hexagonal fins results, the Q/Δp ratio of hexagonal fins more than Q/Δp ratio of circular fins for FPI between 8 and 12 (optimum FPI)

Keywords: Air cooler, circular and hexagonal fins, fin per inch, heat transfer and pressure drop.

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1804 Bowen Ratio in Western São Paulo State, Brazil

Authors: Elaine C. Barboza, Antonio J. Machado

Abstract:

This paper discusses micrometeorological aspects of the urban climate in three cities in Western São Paulo State: Presidente Prudente, Assis and Iepê. Particular attention is paid to the method used to estimate the components of the energy balance at the surface. Estimates of convective fluxes showed that the Bowen ratio was an indicator of the local climate and that its magnitude varied between 0.3 and 0.7. Maximum values for the Bowen ratio occurred earlier in Iepê (11:00 am) than in Presidente Prudente (4:00 pm). The results indicate that the Bowen ratio is modulated by the radiation balance at the surface and by different clusters of vegetation.

Keywords: Bowen ratio, medium-sized cities, surface energy balance, urban climate.

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1803 Microwave Plasma Dry Reforming of Methane at High CO2/CH4 Feed Ratio

Authors: Nabil Majd Alawi, Gia Hung Pham, Ahmed Barifcani

Abstract:

Dry reforming of methane that converts two greenhouses gases (CH4 and CO2) to synthesis gas (a mixture of H2 and CO) was studied in a commercial bench scale microwave (MW) plasma reactor system at atmospheric pressure. The CO2, CH4 and N2 conversions; H2, CO selectivities and yields, and syngas ratio (H2/CO) were investigated in a wide range of total feed flow rate (0.45 – 2.1 L/min), MW power (700 – 1200 watt) and CO2/CH4 molar ratio (2 – 5). At the feed flow rates of CH4, CO2 and N2 of 0.2, 0.4 and 1.5 L/min respectively, and the MWs input power of 700 W, the highest conversions of CH4 and CO2, selectivity and yield of H2, CO and H2/CO ratio of 79.35%, 44.82%, 50.12, 58.42, 39.77%, 32.89%, and 0.86, respectively, were achieved. The results of this work show that the product ratio increases slightly with the increasing total feed flow rate, but it decreases significantly with the increasing MW power and feeds CO2/CH4 ratio.

Keywords: Atmospheric pressure, methane dry reforming, microwave plasma, synthesis gas production.

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1802 A Numerical Study on Thermal Dissociation of H2S

Authors: M. Moghiman, S. M. Javadi, A. R. Moghiman, S. Baghdar Hosseini

Abstract:

The main issue in sweetening natural gas is H2S dissociation. The present study is concerned with simulating thermal dissociation of H2S in industrial natural gas carbon black furnace. The comparison of calculated results against experimental measurements shows good agreement. The results show that sulfur derived from H2S thermal dissociation peaked at φ=0.95. H2S thermal dissociation is enhanced in equivalence ratio upper than 1 and H2S oxidization is increased in equivalence ratio lower than 1. H2 concentration of H2S thermal dissociation is increased with increase of equivalence ratio up to 1. Also, H2S concentration decreased in outlet as equivalence ratio increases. H2S thermal dissociation to hydrogen and Sulfur reduces its toxic characteristics and make economical benefits.

Keywords: Equivalence ratio, H2S, natural gas furnace, thermaldissociation.

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1801 Ratio Type Estimators of the Population Mean Based on Ranked Set Sampling

Authors: Said Ali Al-Hadhrami

Abstract:

Ranked set sampling (RSS) was first suggested to increase the efficiency of the population mean. It has been shown that this method is highly beneficial to the estimation based on simple random sampling (SRS). There has been considerable development and many modifications were done on this method. When a concomitant variable is available, ratio estimation based on ranked set sampling was proposed. This ratio estimator is more efficient than that based on SRS. In this paper some ratio type estimators of the population mean based on RSS are suggested. These estimators are found to be more efficient than the estimators of similar form using simple random sample.

Keywords: Bias, Efficiency, Ranked Set Sampling, Ratio Type Estimator

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1800 Study Concerning the Energy-to-Mass Ratio in Pneumatic Muscles

Authors: Tudor Deaconescu, Andrea Deaconescu

Abstract:

The utilization of pneumatic muscles in the actuation of industrial systems is still in its early stages, hence studies on the constructive solutions which include an assessment of their functional performance with a focus on one of the most important characteristics-energy efficiency are required. A quality indicator that adequately reflects the energy efficiency of an actuator is the energy-to-mass ratio. This ratio is computed in the paper for various types and sizes of pneumatic muscles manufactured by Festo, and is subsequently compared to the similar ratios determined for two categories of pneumatic cylinders.

Keywords: Pneumatic cylinders, pneumatic muscles, energy-to-mass ratio, muscle stroke.

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1799 Design and Simulation of Air-Fuel Ratio Control System for Distributorless CNG Engine

Authors: Ei Ei Moe, Zaw Min Aung, Kyawt Khin

Abstract:

This paper puts forward one kind of air-fuel ratio control method with PI controller. With the help of MATLAB/SIMULINK software, the mathematical model of air-fuel ratio control system for distributorless CNG engine is constructed. The objective is to maintain cylinder-to-cylinder air-fuel ratio at a prescribed set point, determined primarily by the state of the Three- Way-Catalyst (TWC), so that the pollutants in the exhaust are removed with the highest efficiency. The concurrent control of airfuel under transient conditions could be implemented by Proportional and Integral (PI) controller. The simulation result indicates that the control methods can easily eliminate the air/fuel maldistribution and maintain the air/fuel ratio at the stochiometry within minimum engine events.

Keywords: Distributorless CNG Engine, Mathematical Modelof Air-fuel control, MATLAB/SIMULINK, PI controller

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1798 Strength of Fine Concrete Used in Textile Reinforced Concrete by Changing Water-Binder Ratio

Authors: Taekyun Kim, Jongho Park, Jinwoong Choi, Sun-Kyu Park

Abstract:

Recently, the abnormal climate phenomenon has enlarged due to the global warming. As a result, temperature variation is increasing and the term is being prolonged, frequency of high and low temperature is increasing by heat wave and severe cold. Especially for reinforced concrete structure, the corrosion of reinforcement has occurred by concrete crack due to temperature change and the durability of the structure that has decreased by concrete crack. Accordingly, the textile reinforced concrete (TRC) which does not corrode due to using textile is getting the interest and the investigation of TRC is proceeding. The study of TRC structure behavior has proceeded, but the characteristic study of the concrete used in TRC is insufficient. Therefore, characteristic of the concrete by changing mixing ratio is studied in this paper. As a result, mixing ratio with different water-binder ratio has influenced to the strength of concrete. Also, as the water-binder ratio has decreased, strength of concrete has increased.

Keywords: Concrete, mixing ratio, textile, TRC.

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1797 Some Collineations Preserving Cross-Ratio in some Moufang-Klingenberg Planes

Authors: Suleyman Ciftci, Atilla Akpinar, Basri Celik

Abstract:

In this paper we are interested in Moufang-Klingenberg planesM(A) defined over a local alternative ring A of dual numbers. We show that some collineations of M(A) preserve cross-ratio.

Keywords: Moufang-Klingenberg planes, local alternative ring, projective collineation, cross-ratio.

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1796 Ratio-Dependent Food Chain Models with Three Trophic Levels

Authors: R. Kara, M. Can

Abstract:

In this paper we study a food chain model with three trophic levels and Michaelis-Menten type ratio-dependent functional response. Distinctive feature of this model is the sensitive dependence of the dynamical behavior on the initial populations and parameters of the real world. The stability of the equilibrium points are also investigated.

Keywords: Food chain, Ratio dependent models, Three level models.

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1795 Effect of Taper Pin Ratio on Microstructure and Mechanical Property of Friction Stir Welded AZ31 Magnesium Alloy

Authors: N. H. Othman, N. Udin, M. Ishak, L. H. Shah

Abstract:

This study focuses on the effect of pin taper tool ratio on friction stir welding of magnesium alloy AZ31. Two pieces of AZ31 alloy with thickness of 6 mm were friction stir welded by using the conventional milling machine. The shoulder diameter used in this experiment is fixed at 18 mm. The taper pin ratio used are varied at 6:6, 6:5, 6:4, 6:3, 6:2 and 6:1. The rotational speeds that were used in this study were 500 rpm, 1000 rpm and 1500 rpm, respectively. The welding speeds used are 150 mm/min, 200 mm/min and 250 mm/min. Microstructure observation of welded area was studied by using optical microscope. Equiaxed grains were observed at the TMAZ and stir zone indicating fully plastic deformation. Tool pin diameter ratio 6/1 causes low heat input to the material because of small contact surface between tool surface and stirred materials compared to other tool pin diameter ratio. The grain size of stir zone increased with increasing of ratio of rotational speed to transverse speed due to higher heat input. It is observed that worm hole is produced when excessive heat input is applied. To evaluate the mechanical properties of this specimen, tensile test was used in this study. Welded specimens using taper pin ratio 6:1 shows higher tensile strength compared to other taper pin ratio up to 204 MPa. Moreover, specimens using taper pin ratio 6:1 showed better tensile strength with 500 rpm of rotational speed and 150mm/min welding speed.

Keywords: Friction stir welding, magnesium AZ31, cylindrical taper tool, taper pin ratio.

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1794 Rigid and Non-rigid Registration of Binary Objects using the Weighted Ratio Image

Authors: Panos Kotsas, Tony Dodd

Abstract:

This paper presents the application of a signal intensity independent similarity criterion for rigid and non-rigid body registration of binary objects. The criterion is defined as the weighted ratio image of two images. The ratio is computed on a voxel per voxel basis and weighting is performed by setting the raios between signal and background voxels to a standard high value. The mean squared value of the weighted ratio is computed over the union of the signal areas of the two images and it is minimized using the Chebyshev polynomial approximation.

Keywords: rigid and non-rigid body registration, binary objects

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1793 Adjusted Ratio and Regression Type Estimators for Estimation of Population Mean when some Observations are missing

Authors: Nuanpan Nangsue

Abstract:

Ratio and regression type estimators have been used by previous authors to estimate a population mean for the principal variable from samples in which both auxiliary x and principal y variable data are available. However, missing data are a common problem in statistical analyses with real data. Ratio and regression type estimators have also been used for imputing values of missing y data. In this paper, six new ratio and regression type estimators are proposed for imputing values for any missing y data and estimating a population mean for y from samples with missing x and/or y data. A simulation study has been conducted to compare the six ratio and regression type estimators with a previous estimator of Rueda. Two population sizes N = 1,000 and 5,000 have been considered with sample sizes of 10% and 30% and with correlation coefficients between population variables X and Y of 0.5 and 0.8. In the simulations, 10 and 40 percent of sample y values and 10 and 40 percent of sample x values were randomly designated as missing. The new ratio and regression type estimators give similar mean absolute percentage errors that are smaller than the Rueda estimator for all cases. The new estimators give a large reduction in errors for the case of 40% missing y values and sampling fraction of 30%.

Keywords: Auxiliary variable, missing data, ratio and regression type estimators.

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1792 Optimal Design of Airfoil with High Aspect Ratio in Unmanned Aerial Vehicles

Authors: Kyoungwoo Park, Ji-Won Han, Hyo-Jae Lim, Byeong-Sam Kim, Juhee Lee

Abstract:

Shape optimization of the airfoil with high aspect ratio of long endurance unmanned aerial vehicle (UAV) is performed by the multi-objective optimization technology coupled with computational fluid dynamics (CFD). For predicting the aerodynamic characteristics around the airfoil the high-fidelity Navier-Stokes solver is employed and SMOGA (Simple Multi-Objective Genetic Algorithm), which is developed by authors, is used for solving the multi-objective optimization problem. To obtain the optimal solutions of the design variable (i.e., sectional airfoil profile, wing taper ratio and sweep) for high performance of UAVs, both the lift and lift-to-drag ratio are maximized whereas the pitching moment should be minimized, simultaneously. It is found that the lift force and lift-to-drag ratio are linearly dependent and a unique and dominant solution are existed. However, a trade-off phenomenon is observed between the lift-to-drag ratio and pitching moment. As the result of optimization, sixty-five (65) non-dominated Pareto individuals at the cutting edge of design spaces that is decided by airfoil shapes can be obtained.

Keywords: Unmanned aerial vehicle (UAV), Airfoil, CFD, Shape optimization, Lift-to-drag ratio.

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1791 Model Predictive Fuzzy Control of Air-ratio for Automotive Engines

Authors: Hang-cheong Wong, Pak-kin Wong, Chi-man Vong, Zhengchao Xie, Shaojia Huang

Abstract:

Automotive engine air-ratio plays an important role of emissions and fuel consumption reduction while maintains satisfactory engine power among all of the engine control variables. In order to effectively control the air-ratio, this paper presents a model predictive fuzzy control algorithm based on online least-squares support vector machines prediction model and fuzzy logic optimizer. The proposed control algorithm was also implemented on a real car for testing and the results are highly satisfactory. Experimental results show that the proposed control algorithm can regulate the engine air-ratio to the stoichiometric value, 1.0, under external disturbance with less than 5% tolerance.

Keywords: Air-ratio, Fuzzy logic, online least-squares support vector machine, model predictive control.

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1790 Effect of Lime on the California Bearing Ratio Behaviour of Fly Ash - mine Overburden Mixes

Authors: B. Behera, M. K. Mishra

Abstract:

Typically thermal power plants are located near to surface coal mines that produce huge amount of fly ash as a waste byproduct. Disposal of fly ash causes significant economic and environmental problems. Now-a-days, research is going on for bulk utilization of fly ash. In order to increase its percentage utilization, an investigation was carried out to evaluate its potential for haul road construction. This paper presents the laboratory California bearing ratio (CBR) tests and evaluates the effect of lime on CBR behavior of fly ash - mine overburden mixes. Tests were performed with different percentages of lime (2%, 3%, 6%, and 9%). The results show that the increase in bearing ratio of fly ash-overburden mixes was achieved by lime treatment. Scanning electron microscopy (SEM) analyses were conducted on 28 days cured specimens. The SEM study showed that the bearing ratio development is related to the microstructural development.

Keywords: California bearing ratio, Fly ash, Mine overburden, Lime.

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1789 Effect of the Rise/Span Ratio of a Spherical Cap Shell on the Buckling Load

Authors: Peter N. Khakina, Mohammed I. Ali, Enchun Zhu, Huazhang Zhou, Baydaa H. Moula

Abstract:

Rise/span ratio has been mentioned as one of the reasons which contribute to the lower buckling load as compared to the Classical theory buckling load but this ratio has not been quantified in the equation. The purpose of this study was to determine a more realistic buckling load by quantifying the effect of the rise/span ratio because experiments have shown that the Classical theory overestimates the load. The buckling load equation was derived based on the theorem of work done and strain energy. Thereafter, finite element modeling and simulation using ABAQUS was done to determine the variables that determine the constant in the derived equation. The rise/span was found to be the determining factor of the constant in the buckling load equation. The derived buckling load correlates closely to the load obtained from experiments.

Keywords: Buckling, Finite element, Rise/span ratio, Sphericalcap

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1788 Empirical Analysis of Private Listed Companies- Debt Financing and Business Performance in Jiangsu Province

Authors: Chengxuan Geng, Haitao E, Yijie Jiang

Abstract:

According to the theory of capital structure, this paper uses principal component analysis and linear regression analysis to study the relationship between the debt characteristics of the private listed companies in Jiangsu Province and their business performance. The results show that the average debt ratio of the 29 private listed companies selected from the sample is lower. And it is found that for the sample whose debt ratio is lower than 80%, its debt ratio is negatively related to corporate performance, while for the sample whose debt ratio is beyond 80%, the relationship of debt financing and enterprise performance shows the different trends. The conclusions reflect the drawbacks may exist that the debt ratio is relatively low and having not take full advantage of debt governance effect of the private listed companies in Jiangsu Province.

Keywords: private listed companies, debt financing, business performance

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1787 Compromise Ratio Method for Decision Making under Fuzzy Environment using Fuzzy Distance Measure

Authors: Debashree Guha, Debjani Chakraborty

Abstract:

The aim of this paper is to adopt a compromise ratio (CR) methodology for fuzzy multi-attribute single-expert decision making proble. In this paper, the rating of each alternative has been described by linguistic terms, which can be expressed as triangular fuzzy numbers. The compromise ratio method for fuzzy multi-attribute single expert decision making has been considered here by taking the ranking index based on the concept that the chosen alternative should be as close as possible to the ideal solution and as far away as possible from the negative-ideal solution simultaneously. From logical point of view, the distance between two triangular fuzzy numbers also is a fuzzy number, not a crisp value. Therefore a fuzzy distance measure, which is itself a fuzzy number, has been used here to calculate the difference between two triangular fuzzy numbers. Now in this paper, with the help of this fuzzy distance measure, it has been shown that the compromise ratio is a fuzzy number and this eases the problem of the decision maker to take the decision. The computation principle and the procedure of the compromise ratio method have been described in detail in this paper. A comparative analysis of the compromise ratio method previously proposed [1] and the newly adopted method have been illustrated with two numerical examples.

Keywords: Compromise ratio method, Fuzzy multi-attributesingle-expert decision making, Fuzzy number, Linguistic variable

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1786 A Computational Study into the Effect of Design Parameters on Ignition Timing and Emission Characteristics of HCCI Engine in Internal Combustion Engines Fuelled with Isooctane

Authors: Fridhi Hadia, Soua Wadhah, Hidouri Ammar, Omri Ahmed

Abstract:

In order to understand the auto-ignition process in a HCCI engine better, the influence of some important parameters on the auto-ignition is investigated. The inlet temperature, the inlet pressure, and the compression ratio were varied and their influence on the ignition delays and emission characteristics were studied. The inlet temperature was changed from 400 K to 460 K (in step of 15 K), the inlet pressure from 0.9 to 3 atm, while the compression ratio varied from 15 to 23. The fuel that was investigated is isooctane. The inlet temperature, the inlet pressure, and the compression ratio appeared to decrease the ignition delays, with the inlet pressure having the least influence and the compression ratio the most. The effect of these parameters on emissions’ characteristics were also investigated. Results indicate that increasing the compression ratio results in increasing the concentration of all the species.

Keywords: Compression Ratio, intake temperature, intake pressure, HCCI engine, isooctane.

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1785 Effect of Load Ratio on Probability Distribution of Fatigue Crack Propagation Life in Magnesium Alloys

Authors: Seon Soon Choi

Abstract:

It is necessary to predict a fatigue crack propagation life for estimation of structural integrity. Because of an uncertainty and a randomness of a structural behavior, it is also required to analyze stochastic characteristics of the fatigue crack propagation life at a specified fatigue crack size. The essential purpose of this study is to find the effect of load ratio on probability distribution of the fatigue crack propagation life at a specified grown crack size and to confirm the good probability distribution in magnesium alloys under various fatigue load ratio conditions. To investigate a stochastic crack growth behavior, fatigue crack propagation experiments are performed in laboratory air under several conditions of fatigue load ratio using AZ31. By Anderson-Darling test, a goodness-of-fit test for probability distribution of the fatigue crack propagation life is performed. The effect of load ratio on variability of fatigue crack propagation life is also investigated.

Keywords: Load ratio, fatigue crack propagation life, Magnesium alloys, probability distribution.

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1784 A New Bound on the Average Information Ratio of Perfect Secret-Sharing Schemes for Access Structures Based On Bipartite Graphs of Larger Girth

Authors: Hui-Chuan Lu

Abstract:

In a perfect secret-sharing scheme, a dealer distributes a secret among a set of participants in such a way that only qualified subsets of participants can recover the secret and the joint share of the participants in any unqualified subset is statistically independent of the secret. The access structure of the scheme refers to the collection of all qualified subsets. In a graph-based access structures, each vertex of a graph G represents a participant and each edge of G represents a minimal qualified subset. The average information ratio of a perfect secret-sharing scheme realizing a given access structure is the ratio of the average length of the shares given to the participants to the length of the secret. The infimum of the average information ratio of all possible perfect secret-sharing schemes realizing an access structure is called the optimal average information ratio of that access structure. We study the optimal average information ratio of the access structures based on bipartite graphs. Based on some previous results, we give a bound on the optimal average information ratio for all bipartite graphs of girth at least six. This bound is the best possible for some classes of bipartite graphs using our approach.

Keywords: Secret-sharing scheme, average information ratio, star covering, deduction, core cluster.

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