Search results for: return period.
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1445

Search results for: return period.

1415 Underpricing of IPOs during Hot and Cold Market Periods on the South African Stock Exchange (JSE)

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

Abstract:

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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1414 Coupling Phenomenon between the Lightning and High Voltage Networks

Authors: Dib Djalel, Haddouche Ali, Chellali Benachiba

Abstract:

When a lightning strike falls near an overhead power line, the intense electromagnetic field radiated by the current of the lightning return stroke coupled with power lines and there induced transient overvoltages, which can cause a back-flashover in electrical network. The indirect lightning represents a major danger owing to the fact that it is more frequent than that which results from the direct strikes. In this paper we present an analysis of the electromagnetic coupling between an external electromagnetic field generated by the lightning and an electrical overhead lines, so we give an important and original contribution: We are based on our experimental measurements which we carried in the high voltage laboratories of EPFL in Switzerland during the last trimester of 2005, on the recent works of other authors and with our mathematical improvement a new particular analytical expression of the electromagnetic field generated by the lightning return stroke was developed and presented in this paper. The results obtained by this new electromagnetic field formulation were compared with experimental results and give a reasonable approach.

Keywords: Lightning, overhead lines, electromagneticcoupling, return stroke, models, induced overvoltages.

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1413 A Fuzzy Control System for Reducing Urban Stormwater Runoff by a Stormwater Storage Tank

Authors: Pingping Zhang, Yanpeng Cai, Jianlong Wang

Abstract:

Stormwater storage tank (SST) is a popular low impact development technology for reducing stormwater runoff in the construction of sponge city. At present, it is difficult to perform the automatic control of SST for reducing peak flow. In this paper, fuzzy control was introduced into the peak control of SST to improve the efficiency of reducing stormwater runoff. Firstly, the design of SST was investigated. A catchment area and a return period were assumed, a SST model was manufactured, and then the storage capacity of the SST was verified. Secondly, the control parameters of the SST based on reducing stormwater runoff were analyzed, and a schematic diagram of real-time control (RTC) system based on peak control SST was established. Finally, fuzzy control system of a double input (flow and water level) and double output (inlet and outlet valve) was designed. The results showed that 1) under the different return periods (one year, three years, five years), the SST had the effect of delayed peak control and storage by increasing the detention time, 2) rainfall, pipeline flow, the influent time and the water level in the SST could be used as RTC parameters, and 3) the response curves of flow velocity and water level fluctuated very little and reached equilibrium in a short time. The combination of online monitoring and fuzzy control was feasible to control the SST automatically. This paper provides a theoretical reference for reducing stormwater runoff and improving the operation efficiency of SST.

Keywords: Stormwater runoff, stormwater storage tank, real-time control, fuzzy control.

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1412 Profitability and Budgeting of Kenaf Cultivation and Fiber Production in Kelantan Districts

Authors: Hamdon A. Abdelrhman

Abstract:

The purpose of the analysis is estimation of viability and profitability of kenaf plant farming in Kelantan State. The monetary information was gathered through interviewing kenaf growers as well group discussion. In addition, the production statistics were collected from Kenaf factory administrative group. The monetary data were analyzed using the Precision financial Calculator. For kenaf production per hectare three scenarios of productivity were adopted, they were 15, 12 and ten; the research results exposed that, when kenaf productivity was 15 ton and the agronomist received financial supports from kenaf administration, the margin profit reached up to 37% which is almost dual profitability that is expected without government support. The financial analysis explains that, the adopted scenarios of the productivity are feasible when Benefit Cost Ratio (BCR) was used as financial indicator. Nonetheless, the kenaf productivity of 15 ton is the superlative viable among the others and payback period is 5 years which equals to middle period time to return the invested amount back. The study concluded that for the farmer to increase the productivity of kenaf per hectare the well farming practices as well as continuously farmers financial support are highly needed.

Keywords: Margin profit, farming practices, financial analysis, kenaf cultivation.

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1411 Classification of Extreme Ground-Level Ozone Based on Generalized Extreme Value Model for Air Monitoring Station

Authors: Siti Aisyah Zakaria, Nor Azrita Mohd Amin, Noor Fadhilah Ahmad Radi, Nasrul Hamidin

Abstract:

Higher ground-level ozone (GLO) concentration adversely affects human health, vegetations as well as activities in the ecosystem. In Malaysia, most of the analysis on GLO concentration are carried out using the average value of GLO concentration, which refers to the centre of distribution to make a prediction or estimation. However, analysis which focuses on the higher value or extreme value in GLO concentration is rarely explored. Hence, the objective of this study is to classify the tail behaviour of GLO using generalized extreme value (GEV) distribution estimation the return level using the corresponding modelling (Gumbel, Weibull, and Frechet) of GEV distribution. The results show that Weibull distribution which is also known as short tail distribution and considered as having less extreme behaviour is the best-fitted distribution for four selected air monitoring stations in Peninsular Malaysia, namely Larkin, Pelabuhan Kelang, Shah Alam, and Tanjung Malim; while Gumbel distribution which is considered as a medium tail distribution is the best-fitted distribution for Nilai station. The return level of GLO concentration in Shah Alam station is comparatively higher than other stations. Overall, return levels increase with increasing return periods but the increment depends on the type of the tail of GEV distribution’s tail. We conduct this study by using maximum likelihood estimation (MLE) method to estimate the parameters at four selected stations in Peninsular Malaysia. Next, the validation for the fitted block maxima series to GEV distribution is performed using probability plot, quantile plot and likelihood ratio test. Profile likelihood confidence interval is tested to verify the type of GEV distribution. These results are important as a guide for early notification on future extreme ozone events.

Keywords: Extreme value theory, generalized extreme value distribution, ground-level ozone, return level.

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1410 Factors Influencing Bank Profitability of Czech Banks and Their International Parent Companies

Authors: Libena Cernohorska

Abstract:

The goal of this paper is to specify factors influencing the profitability of selected banks. Next, a model will be created to help establish variables that have a demonstrable influence on the development of the selected banks' profitability ratios. Czech banks and their international parent companies were selected for analyzing profitability. Banks categorized as large banks (according to the Czech National Bank's system, which ranks banks according to balance sheet total) were selected to represent the Czech banks. Two ratios, the return on assets ratio (ROA) and the return on equity ratio (ROE) are used to assess bank profitability. Six endogenous and four external indicators were selected from among other factors that influence bank profitability. The data analyzed were for 2001–2013. First, correlation analysis, which was supposed to eliminate correlated values, was conducted. A large number of correlated values were established on the basis of this analysis. The strongly correlated values were omitted. Despite this, the subsequent regression analysis of profitability for the individual banks that were selected did not confirm that the selected variables influenced their profitability. The studied factors' influence on bank profitability was demonstrated only for Ceskoslovenska Obchodni Banka and Société Générale using regression analysis. For Československa Obchodni Banka, it was demonstrated that inflation level and the amount of the central bank's interest rate influenced the return on assets ratio and that capital adequacy and market concentration influenced the return on equity ratio for Société Générale.

Keywords: Banks, profitability, regression analysis, ROA, ROE.

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1409 An Active Solar Energy System to Supply Heating Demands of the Teaching Staff Dormitory of Islamic Azad University Ramhormoz Branch

Authors: M. Talebzadegan, S. Bina, I. Riazi

Abstract:

The purpose of this paper is to present an active solar energy system to supply heating demands of the teaching staff dormitory of the Islamic Azad University of Ramhormoz. The design takes into account the solar radiations and climate data of Ramhormoz town and is based on the daily warm water consumption for health demands of 450 residents of the dormitory, which is equal to 27000 lit of 50-C° water, and building heating requirements with an area of 3500 m² well-protected by heatproof materials. First, heating demands of the building were calculated, then a hybrid system made up of solar and fossil energies was developed and finally, the design was economically evaluated. Since there is only roof space for using 110 flat solar water heaters, the calculations were made to hybridize solar water heating system with heat pumping system in which solar energy contributes 67% of the heat generated. According to calculations, the net present value “N.P.V.” of revenue stream exceeds “N.P.V.” of cash paid off in this project over three years, which makes economically quite promising. The return of investment and payback period of the project is 4 years. Also, the internal rate of return (IRR) of the project was 25%, which exceeds bank rate of interest in Iran and emphasizes the desirability of the project.

Keywords: Solar energy, heat demand, renewable, pollution.

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1408 Time and Wavelength Division Multiplexing Passive Optical Network Comparative Analysis: Modulation Formats and Channel Spacings

Authors: A. Fayad, Q. Alqhazaly, T. Cinkler

Abstract:

In light of the substantial increase in end-user requirements and the incessant need of network operators to upgrade the capabilities of access networks, in this paper, the performance of the different modulation formats on eight-channels Time and Wavelength Division Multiplexing Passive Optical Network (TWDM-PON) transmission system has been examined and compared. Limitations and features of modulation formats have been determined to outline the most suitable design to enhance the data rate and transmission reach to obtain the best performance of the network. The considered modulation formats are On-Off Keying Non-Return-to-Zero (NRZ-OOK), Carrier Suppressed Return to Zero (CSRZ), Duo Binary (DB), Modified Duo Binary (MODB), Quadrature Phase Shift Keying (QPSK), and Differential Quadrature Phase Shift Keying (DQPSK). The performance has been analyzed by varying transmission distances and bit rates under different channel spacing. Furthermore, the system is evaluated in terms of minimum Bit Error Rate (BER) and Quality factor (Qf) without applying any dispersion compensation technique, or any optical amplifier. Optisystem software was used for simulation purposes.

Keywords: Bit Error Rate, BER, Carrier Suppressed Return to Zero, CSRZ, Duo Binary, DB, Differential Quadrature Phase Shift Keying, DQPSK, Modified Duo Binary, MODB, On-Off Keying Non-Return-to-Zero, NRZ-OOK, Quality factor, Qf, Time and Wavelength Division Multiplexing Passive Optical Network, TWDM-PON.

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1407 Modelling Extreme Temperature in Malaysia Using Generalized Extreme Value Distribution

Authors: Husna Hasan, Norfatin Salam, Mohd Bakri Adam

Abstract:

Extreme temperature of several stations in Malaysia is modelled by fitting the monthly maximum to the Generalized Extreme Value (GEV) distribution. The Mann-Kendall (MK) test suggests a non-stationary model. Two models are considered for stations with trend and the Likelihood Ratio test is used to determine the best-fitting model. Results show that half of the stations favour a model which is linear for the location parameters. The return level is the level of events (maximum temperature) which is expected to be exceeded once, on average, in a given number of years, is obtained.

Keywords: Extreme temperature, extreme value, return level.

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1406 Mean-Variance Optimization of Portfolios with Return of Premium Clauses in a DC Pension Plan with Multiple Contributors under Constant Elasticity of Variance Model

Authors: Bright O. Osu, Edikan E. Akpanibah, Chidinma Olunkwa

Abstract:

In this paper, mean-variance optimization of portfolios with the return of premium clauses in a defined contribution (DC) pension plan with multiple contributors under constant elasticity of variance (CEV) model is studied. The return clauses which permit death members to claim their accumulated wealth are considered, the remaining wealth is not equally distributed by the remaining members as in literature. We assume that before investment, the surplus which includes funds of members who died after retirement adds to the total wealth. Next, we consider investments in a risk-free asset and a risky asset to meet up the expected returns of the remaining members and obtain an optimized problem with the help of extended Hamilton Jacobi Bellman equation. We obtained the optimal investment strategies for the two assets and the efficient frontier of the members by using a stochastic optimal control technique. Furthermore, we studied the effect of the various parameters of the optimal investment strategies and the effect of the risk-averse level on the efficient frontier. We observed that the optimal investment strategy is the same as in literature, secondly, we observed that the surplus decreases the proportion of the wealth invested in the risky asset.

Keywords: DC pension fund, Hamilton Jacobi Bellman equation, optimal investment strategies, stochastic optimal control technique, return of premiums clauses, mean-variance utility.

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1405 Comparative Analysis of Commercial Property and Stock-Market Investments in Nigeria

Authors: Bello Nurudeen Akinsola

Abstract:

The study analyzed the risk and returns of commercial-property in Southwestern Nigeria and selected stocksmarket investment between 2000 and 2009; compared the inflation hedging characteristics and diversification potentials of investing in commercial-property and selected stock- market investment. Primary data were collected on characteristics, rental and capital values of commercial- properties from their property managers through the use of questionnaire. Secondary data on stock prices and dividends on banking, insurance and conglomerates sectors were sourced from the Nigerian Stock Exchange (2000-2009). The result showed that average return on all the selected stock- investments was higher than that of commercial-property. As regards risk, commercial-property indicated lower risk, compared to stocks. Also the stock-investment had better inflation hedging capacity than commercial-properties; combination of both had diversification potentials. The study concluded that stock-market investment offered attractive higher return than commercial-property although with higher risk and there could be diversification benefits in combining commercial-property with stock- investment.

Keywords: Commercial-Property, Return, Risk, Stock Market

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1404 An Investigation on Climate Responsive Design Strategies of Apartment Buildings in Athens of the Period 1920-1960s

Authors: E. Alexandrou, A. Chronopoulou

Abstract:

This paper thoroughly investigates residential buildings of the period 1920-1960 in Athens and evaluates their bioclimatic response and energy performance. A methodology adapted to the specific context of the city is proposed and applied in order to assess and extract results related to the climate analysis of the city of Athens, the general/architectural design and construction characteristics of the apartment buildings constructed during the period 1920-1960, the bioclimatic strategies applied on them, and the achieved thermal comfort based on questionnaires answered by their users. The results of the current study indicate that the residential architecture of that period in the city of Athens is adapted to an extent to the local climate with various climate responsive strategies. As an outcome of the analysis, the most frequently applied strategies depending on the period of construction are presented. For this reason, the examined period is divided into 3 sub – periods: 1st period, 1920s-1930s (late neoclassicism & eclecticism), 2nd period, 1930s-1940s (modernism), 3rd period, 1940s-1960s (postwar modernism).

Keywords: Athens, climatic design strategies, residential buildings, middle war and post war architecture, thermal comfort.

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1403 Using the Simple Fixed Rate Approach to Solve Economic Lot Scheduling Problem under the Basic Period Approach

Authors: Yu-Jen Chang, Yun Chen, Hei-Lam Wong

Abstract:

The Economic Lot Scheduling Problem (ELSP) is a valuable mathematical model that can support decision-makers to make scheduling decisions. The basic period approach is effective for solving the ELSP. The assumption for applying the basic period approach is that a product must use its maximum production rate to be produced. However, a product can lower its production rate to reduce the average total cost when a facility has extra idle time. The past researches discussed how a product adjusts its production rate under the common cycle approach. To the best of our knowledge, no studies have addressed how a product lowers its production rate under the basic period approach. This research is the first paper to discuss this topic. The research develops a simple fixed rate approach that adjusts the production rate of a product under the basic period approach to solve the ELSP. Our numerical example shows our approach can find a better solution than the traditional basic period approach. Our mathematical model that applies the fixed rate approach under the basic period approach can serve as a reference for other related researches.

Keywords: Economic Lot, Basic Period, Genetic Algorithm, Fixed Rate.

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1402 Investigation and Perfection of Centrifugal Compressor Stages by CFD Methods

Authors: Y. Galerkin, L. Marenina

Abstract:

Stator elements «Vane diffuser + crossover + return channel» of stages with different specific speed were investigated by CFD calculations. The regime parameter was introduced to present efficiency and loss coefficient performance of all elements together. Flow structure demonstrated advantages and disadvantages of design. Flow separation in crossovers was eliminated by its shape modification. Efficiency increased visibly. Calculated CFD performances are in acceptable correlation with predicted ones by engineering design method. The information obtained is useful for design method better calibration.

Keywords: Vane diffuser, return channel, crossover, efficiency, loss coefficient, inlet flow angle.

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1401 The Cinema in Turkey During 1940s

Authors: Esin Berktaş

Abstract:

The cinema in Turkey during the 1940s was shaped under the Second World War conditions. The amateur film makers from different socioeconomic roots experienced movie production in those years. Having similar socioeconomic characteristics and autobiographies, each of them has a different understanding of cinema. Nevertheless, they joined in making movies which address native culture and audience. They narrated indigenous stories with native music, amateur players and simple settings. Although the martial law, censorship and economical deficiencies, they started to produce films in the Second World War. The cinematographers of the 1940s usually called as thetransition period cinematographers in Turkey, producing in the passage between the period of thetheatre playersand the period of thenational cinema. But, 1940- 1950 period of Turkish cinema should be defined not as a transition but a period of forming the professional conscioussness in cinema.

Keywords: Cinema in Turkey, censorship, propaganda, spectacle, audience.

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1400 Numerical Simulation of the Aerodynamic Loads acting on top of the SMART Centre for PV Applications

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

Abstract:

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

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

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1399 In Search of Zero Beta Assets: Evidence from the Sukuk Market

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

Abstract:

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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1398 Grooved Linear Microstrip Patch Antenna Array

Authors: Ayesha Aslam, F A Bhatti

Abstract:

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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1397 Material Saving Strategies, Technologies and Effects on Return on Sales

Authors: Jasna Prester, Najla Podrug, Davor Filipović

Abstract:

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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1396 An Empirical Analysis of Earnings Management in Australia

Authors: Lan Sun, Subhrendu Rath

Abstract:

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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1395 Private Monetary Rates of Return to Humanities and Education Programs in Public Universities in Osun State, Nigeria

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

Abstract:

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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1394 Dual Band Microstrip Patch Antenna for IEEE802.11b Application

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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1393 Developing of Thai Classical Music Ensemble in Rattanakosin Period

Authors: Pansak Vandee

Abstract:

The research titled “Developing of Thai Classical Music Ensemble in Rattanakosin Period" aimed 1) to study the history of Thai Classical Music Ensemble in Rattanakosin Period and 2) to analyze changing in each period of Rattanakosin Era. This is the historical and documentary research. The data was collected by in-depth interview those musicians, and academic music experts and field study. The focus group discussion was conducted to analyze and conclude the findings. The research found that the history of Thai Classical Music Ensemble in Rattanakosin Period derived from the Ayutthaya period. Thai classical music ensemble consisted of “Wong Pipat", “Wong Mahori", “Wong Kreang Sai". “Wong Kubmai", “Wong Krongkak", “Brass Band", and “Kan Band" which were used to ceremony, ritual, drama, performs and entertainment. Changed of the Thai music in the early Rattanakosin Period were passed from the Ayutthaya Period and the influence of the western civilization. New Band formed in Thai Music were “Orchestra" and “Contemporary Band". The role of Thai music was changed from the ceremonial rituals to entertainment. Development of the Thai music during the reign of King Rama 1 to King Rama 7, was improved from the court. But after the revolution, the musical patronage of the court was maintained by the Government. Thai Classical Music Ensemble were performed to be standard pattern.

Keywords: Development, Rattanakosin Period, Thai Classical Music Ensemble.

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1392 Investment Prediction Using Simulation

Authors: Hussam Al-Shorman, Yosef Hasan Jbara

Abstract:

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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1391 A Study on the Determinants of Earnings Response Coefficient in an Emerging Market

Authors: Bita Mashayekhi, Zeynab Lotfi Aghel

Abstract:

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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1390 Assessment of Collapse Potential of Degrading SDOF Systems

Authors: Muzaffer Borekci, Murat S. Kirçil

Abstract:

Predicting the collapse potential of a structure during earthquakes is an important issue in earthquake engineering. Many researchers proposed different methods to assess the collapse potential of structures under the effect of strong ground motions. However most of them did not consider degradation and softening effect in hysteretic behavior. In this study, collapse potential of SDOF systems caused by dynamic instability with stiffness and strength degradation has been investigated. An equation was proposed for the estimation of collapse period of SDOF system which is a limit value of period for dynamic instability. If period of the considered SDOF system is shorter than the collapse period then the relevant system exhibits dynamic instability and collapse occurs.

Keywords: Collapse, degradation, dynamic instability, seismic response.

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1389 UWB Bowtie Slot Antenna for Breast Cancer Detection

Authors: N. Seladji-Hassaine, L. Merad, S.M. Meriah, F.T. Bendimerad

Abstract:

UWB is a very attractive technology for many applications. It provides many advantages such as fine resolution and high power efficiency. Our interest in the current study is the use of UWB radar technique in microwave medical imaging systems, especially for early breast cancer detection. The Federal Communications Commission FCC allowed frequency bandwidth of 3.1 to 10.6 GHz for this purpose. In this paper we suggest an UWB Bowtie slot antenna with enhanced bandwidth. Effects of varying the geometry of the antenna on its performance and bandwidth are studied. The proposed antenna is simulated in CST Microwave Studio. Details of antenna design and simulation results such as return loss and radiation patterns are discussed in this paper. The final antenna structure exhibits good UWB characteristics and has surpassed the bandwidth requirements.

Keywords: Ultra Wide Band (UWB), microwave imaging system, Bowtie antenna, return loss, impedance bandwidth enhancement.

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1388 Comparison of Indoor and Outdoor Air Quality in Children Homes at Prenatal Period and One Year Old

Authors: S. Lakestani, B. Karakas, S. Acar Vaizoglu, B. Guciz Dogan, C. Guler, B. Sekerel, A. Taner, G. Gullu

Abstract:

Abstract–Indoor air (VOCs) samples were collected simultaneously from variety of indoors (e.g. living rooms, baby-s rooms) and outdoor environments which were voluntarily selected from the houses in which pregnant residents live throughout Ankara. This is the first comprehensive study done in Turkey starting from prenatal period and continued till the babies had one year old. VOCs levels were measured over 76 homes. Air samples were collected in Tenax TA sorbent filled tubes with active sampling method and analyzed with Thermal Desorber and Gas Chromatography/Mass spectrometry (TD-GC/MS). At the first sampling period in the baby-s rooms maximum concentration of toluene was measured about 240.77μg.m-3 and in the living rooms maximum concentration of naphthalene was 180.24μg.m-3. At the second sampling period in the baby-s rooms maximum concentration of toluene was measured about 144.97μg.m-3 and in the living rooms maximum concentration of naphthalene was 247.89μg.m-3. Concentration of TVOCs in the first period was generally higher than the second period.

Keywords: Indoor Air, Volatile Organic Compounds (VOCs), Gas Chromatography

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1387 A Search Algorithm for Solving the Economic Lot Scheduling Problem with Reworks under the Basic Period Approach

Authors: Yu-Jen Chang, Shih-Chieh Chen, Yu-Wei Kuo

Abstract:

In this study, we are interested in the economic lot scheduling problem (ELSP) that considers manufacturing of the serviceable products and remanufacturing of the reworked products. In this paper, we formulate a mathematical model for the ELSP with reworks using the basic period approach. In order to solve this problem, we propose a search algorithm to find the cyclic multiplier ki of each product that can be cyclically produced for every ki basic periods. This research also uses two heuristics to search for the optimal production sequence of all lots and the optimal time length of the basic period so as to minimize the average total cost. This research uses a numerical example to show the effectiveness of our approach.

Keywords: Economic lot, reworks, inventory, basic period.

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1386 An Optimized Virtual Scheme for Reducing Collisions in MAC Layer

Authors: M. Sivakumar, S. Saravanan

Abstract:

The main function of Medium Access Control (MAC) is to share the channel efficiently between all nodes. In the real-time scenario, there will be certain amount of wastage in bandwidth due to back-off periods. More bandwidth will be wasted in idle state if the back-off period is very high and collision may occur if the back-off period is small. So, an optimization is needed for this problem. The main objective of the work is to reduce delay due to back-off period thereby reducing collision and increasing throughput. Here a method, called the virtual back-off algorithm (VBA) is used to optimize the back-off period and thereby it increases throughput and reduces collisions. The main idea is to optimize the number of transmission for every node. A counter is introduced at each node to implement this idea. Here counter value represents the sequence number. VBA is classified into two types VBA with counter sharing (VBA-CS) and VBA with no counter sharing (VBA-NCS). These two classifications of VBA are compared for various parameters. Simulation is done in NS-2 environment. The results obtained are found to be promising. 

Keywords: VBA, sequence number, counter, back-off period.

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