Search results for: stock exchange.

Authors: N. A. Zambri, A. Mohamed, H. Shareef, M. Z. C. Wanik

Abstract:

This paper presents the modeling and simulation of a hybrid proton exchange membrane fuel cell (PEMFC) with an energy storage system for use in a stand-alone distributed generation (DG) system. The simulation model consists of fuel cell DG, lead-acid battery, maximum power point tracking and power conditioning unit which is modeled in the MATLAB/Simulink platform. Poor loadfollowing characteristics and slow response to rapid load changes are some of the weaknesses of PEMFC because of the gas processing reaction and the fuel cell dynamics. To address the load-tracking issues in PEMFC, a hybrid PEMFC and battery storage system is considered and modelled. The model utilizes PEMFC as the main energy source whereas the battery functions as energy storage to compensate for the limitations of PEMFC.Simulation results are given to show the overall system performance under light and heavyloading conditions.

Keywords: Hybrid, Lead–Acid Battery, Maximum Power Point Tracking, Proton Exchange Membrane Fuel Cell.

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Authors: L. Edirisinghe, P. Mukherjee, H. Edirisinghe

Abstract:

Virtual Container Yard (VCY) is a modern concept that helps to reduce the empty container repositioning cost of carriers. The concept of VCY is based on container interchange between shipping lines. Although this mechanism has been theoretically accepted by the shipping community as a feasible solution, it has not yet achieved the necessary momentum among container shipping lines (CSL). This paper investigates whether there is any legal influence on this industry myopia about the VCY. It is believed that this is the first publication that focuses on the legal aspects of container exchange between carriers. Not much literature on this subject is available. This study establishes with statistical evidence that there is a phobia prevailing in the shipping industry that exchanging containers with other carriers may lead to various legal implications. The complexity of exchange is two faceted. CSLs assume that offering a container to another carrier (obviously, a competitor in terms of commercial context) or using a container offered by another carrier may lead to undue legal implications. This research reveals that this fear is reflected through four types of perceived components, namely: shipping associate; warehouse associate; network associate; and trading associate. These components carry eighteen subcomponents that comprehensively cover the entire process of a container shipment. The statistical explanation has been supported through regression analysis; INCO terms were used to illustrate the shipping process.

Keywords: Container, legal, shipping, virtual.

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Authors: Krassimir Todorov

Abstract:

The purpose of the paper is to redefine the levels of structure of corporate, business and functional strategies that were established over the past several decades, to a conceptual model, consisting of corporate, business and operations strategies, that are reinforced by functional strategies. We will propose a conceptual framework of different perspectives in the role of strategic operations as a separate strategic place and reposition the remaining functional strategies as supporting tools, existing at all three levels. The proposed model is called ‘the strategic engine’, since the mutual relationships of its ingredients are identical with main elements and working principle of the internal combustion engine. Based on theoretical essence, related to every strategic level, we will prove that the strategic engine model is useful for managers seeking to safeguard the competitive advantage of their companies. Each strategy level is researched through its basic elements. At the corporate level we examine the scope of firm’s product, the vertical and geographical coverage. At the business level, the point of interest is limited to the SWOT analysis’ basic elements. While at operations level, the key research issue relates to the scope of the following performance indicators: cost, quality, speed, flexibility and dependability. In this relationship, the paper provides a different view for the role of operations strategy within the overall strategy concept. We will prove that the theoretical essence of operations goes far beyond the scope of traditionally accepted business functions. Exploring the applications of Resource-based theory and Market-based theory within the strategic levels framework, we will prove that there is a logical consequence of the theoretical impact in corporate, business and operations strategy – at every strategic level, the validity of one theory is substituted to the level of the other. Practical application of the conceptual model is tested in automotive industry. Actually, the proposed theoretical concept is inspired by a leading global automotive group – Inchcape PLC, listed on the London Stock Exchange, and constituent of the FTSE 250 Index.

Keywords: Business strategy, corporate strategy, functional strategies, operations strategy.

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Authors: Christopher C. Ihueze, Charles C. Okpala, Christian E. Okafor, Peter O. Ogbobe

Abstract:

This paper focuses on robust design and optimization of industrial production wastes. Past literatures were reviewed to case study Clamason Industries Limited (CIL) - a leading ladder-tops manufacturer. A painstaking study of the firm-s practices at the shop floor revealed that Over-production, Waiting time, Excess inventory, and Defects are the major wastes that are impeding their progress and profitability. Design expert8 software was used to apply Taguchi robust design and response surface methodology in order to model, analyse and optimise the wastes cost in CIL. Waiting time and overproduction rank first and second in contributing to the costs of wastes in CIL. For minimal wastes cost the control factors of overproduction, waiting-time, defects and excess-inventory must be set at 0.30, 390.70, 4 and 55.70 respectively for CIL. The optimal value of cost of wastes for the months studied was 22.3679. Finally, a recommendation was made that for the company to enhance their profitability and customer satisfaction, they must adopt the Shingeo Shingo-s Single Minute Exchange of Dies (SMED), which will immediately tackle the waste of waiting by drastically reducing their setup time.

Keywords: Excess-inventory, setup time, single minute exchange of dies, optimal value, over-production, robust design.

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Authors: Felicia Magpantay, Kenzu Abdella

Abstract:

A model of a system concerning one species of demersal (inshore) fish and one of pelagic (offshore) fish undergoing fishing restricted by marine protected areas is proposed in this paper. This setup was based on the FISH-BE model applied to the Tabina fishery in Zamboanga del Sur, Philippines. The components of the model equations have been adapted from widely-accepted mechanisms in population dynamics. The model employs Gompertz-s law of growth and interaction on each type of protected and unprotected subpopulation. Exchange coefficients between protected and unprotected areas were assumed to be proportional to the relative area of the entry region. Fishing harvests were assumed to be proportional to both the number of fishers and the number of unprotected fish. An extra term was included for the pelagic population to allow for the exchange between the unprotected area and the outside environment. The systems were found to be bounded for all parameter values. The equations for the steady state were unsolvable analytically but the existence and uniqueness of non-zero steady states can be proven. Plots also show that an MPA size yielding the maximum steady state of the unprotected population can be found. All steady states were found to be globally asymptotically stable for the entire range of parameter values.

Keywords: fisheries modelling, marine protected areas, sustainablefisheries, Gompertz Law

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Authors: N. Hammid, F. Bouarab-Dahmani, T. Berkane

Abstract:

Since its appearance, the MOOC (massive open online course) is gaining more and more intention of the educational communities over the world. Apart from the current MOOCs design and purposes, the creators of MOOC focused on the importance of the connection and knowledge exchange between individuals in learning. In this paper, we present a conceptual model for massive open online blended courses where teachers over the world can collaborate and exchange their experience to get a common efficient content designed as a MOOC opened to their students to live a better learning experience. This model is based on disciplines’ concepts capitalization and the detection of the obstacles met by their students when faced with problem situations (exercises, projects, case studies, etc.). This detection is possible by analyzing the frequently of semantic errors committed by the students. The participation of teachers in the design of the course and the attendance by their students can guarantee an efficient and extensive participation (an important number of participants) in the course, the learners’ motivation and the evaluation issues, in the way that the teachers designing the course assess their students. Thus, the teachers review, together with their knowledge, offer a better assessment and efficient connections to their students.

Keywords: MOOC, Massive Open Online Courses, Online learning, E-learning, Blended learning.

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Authors: Dmitry Yu. Korulkin, Raissa A. Muzychkina

Abstract:

In review the generalized data about different methods of synthesis of biological activity acylatedhydrohyanthraquinones is presented. The basic regularity of a synthesis is analyzed. Action of temperature, pH, solubility, catalysts and other factors on a reaction product yield is revealed.

Keywords: Aminoacidic acylation, hydroxyanthraquinones, nucleophilic exchange, physiologically active substances.

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Authors: Dmitry Yu. Korulkin, Raissa A. Muzychkina

Abstract:

In review the generalized data about different methods of synthesis of biological activity aminated hydroxyanthraquinones is presented. The basic regularity of a synthesis is analyzed. Action of temperature, pH, solubility, catalysts and other factors on a reaction product yield is revealed.

Keywords: Amination, hydroxyanthraquinones, nucleophilic exchange, physiologically active substances.

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Authors: Mark Joseph Quinto, Roan Beronilla, Guiller Damian, Eliza Camaso, Ronaldo Alberto

Abstract:

Forest inventories are essential to assess the composition, structure and distribution of forest vegetation that can be used as baseline information for management decisions. Classical forest inventory is labor intensive and time-consuming and sometimes even dangerous. The use of Light Detection and Ranging (LiDAR) in forest inventory would improve and overcome these restrictions. This study was conducted to determine the possibility of using LiDAR derived data in extracting high accuracy forest biophysical parameters and as a non-destructive method for forest status analysis of San Manual, Pangasinan. Forest resources extraction was carried out using LAS tools, GIS, Envi and .bat scripts with the available LiDAR data. The process includes the generation of derivatives such as Digital Terrain Model (DTM), Canopy Height Model (CHM) and Canopy Cover Model (CCM) in .bat scripts followed by the generation of 17 composite bands to be used in the extraction of forest classification covers using ENVI 4.8 and GIS software. The Diameter in Breast Height (DBH), Above Ground Biomass (AGB) and Carbon Stock (CS) were estimated for each classified forest cover and Tree Count Extraction was carried out using GIS. Subsequently, field validation was conducted for accuracy assessment. Results showed that the forest of San Manuel has 73% Forest Cover, which is relatively much higher as compared to the 10% canopy cover requirement. On the extracted canopy height, 80% of the tree’s height ranges from 12 m to 17 m. CS of the three forest covers based on the AGB were: 20819.59 kg/20x20 m for closed broadleaf, 8609.82 kg/20x20 m for broadleaf plantation and 15545.57 kg/20x20m for open broadleaf. Average tree counts for the tree forest plantation was 413 trees/ha. As such, the forest of San Manuel has high percent forest cover and high CS.

Keywords: Carbon stock, forest inventory, LiDAR, tree count.

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Authors: O. Ualibek, C. Spitas, V. Inglezakis, G. Itskos

Abstract:

This study presents simulations of an aluminium melt containing an initially non-dispersed fly ash nanoparticle phase. Mixing is affected predominantly by means of forced extensional flow via either straight or slanted orifices. The sensitivity to various process parameters is determined. The simulated process is used for the production of cast fly ash-aluminium nanocomposites. The possibilities for rod and plate stock grading in the context of a continuous casting process implementation are discussed.

Keywords: Metal matrix composites, fly ash nanoparticles, aluminium 2024, agglomeration.

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Authors: Ki Hyun Kim, Jang-Hee Yoo, Kyo Il Chung

Abstract:

This paper proposes a VPN Accelerator Board (VPN-AB), a virtual private network (VPN) protocol designed for trust channel security system (TCSS). TCSS supports safety communication channel between security nodes in internet. It furnishes authentication, confidentiality, integrity, and access control to security node to transmit data packets with IPsec protocol. TCSS consists of internet key exchange block, security association block, and IPsec engine block. The internet key exchange block negotiates crypto algorithm and key used in IPsec engine block. Security Association blocks setting-up and manages security association information. IPsec engine block treats IPsec packets and consists of networking functions for communication. The IPsec engine block should be embodied by H/W and in-line mode transaction for high speed IPsec processing. Our VPN-AB is implemented with high speed security processor that supports many cryptographic algorithms and in-line mode. We evaluate a small TCSS communication environment, and measure a performance of VPN-AB in the environment. The experiment results show that VPN-AB gets a performance throughput of maximum 15.645Gbps when we set the IPsec protocol with 3DES-HMAC-MD5 tunnel mode.

Keywords: TCSS(Trust Channel Security System), VPN(VirtualPrivate Network), IPsec, SSL, Security Processor, Securitycommunication.

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Authors: Vikas Tewari, Shivendra Tewari, K. R. Pardasani

Abstract:

Calcium is a vital second messenger used in signal transduction. Calcium controls secretion, cell movement, muscular contraction, cell differentiation, ciliary beating and so on. Two theories have been used to simplify the system of reaction-diffusion equations of calcium into a single equation. One is excess buffer approximation (EBA) which assumes that mobile buffer is present in excess and cannot be saturated. The other is rapid buffer approximation (RBA), which assumes that calcium binding to buffer is rapid compared to calcium diffusion rate. In the present work, attempt has been made to develop a model for calcium diffusion under excess buffer approximation in neuron cells. This model incorporates the effect of [Na+] influx on [Ca2+] diffusion,variable calcium and sodium sources, sodium-calcium exchange protein, Sarcolemmal Calcium ATPase pump, sodium and calcium channels. The proposed mathematical model leads to a system of partial differential equations which have been solved numerically using Forward Time Centered Space (FTCS) approach. The numerical results have been used to study the relationships among different types of parameters such as buffer concentration, association rate, calcium permeability.

Keywords: Excess buffer approximation, Na+ influx, sodium calcium exchange protein, sarcolemmal calcium atpase pump, forward time centred space.

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Authors: Thanaa Abdel Moghny, Mohamed Keshawy, Mahmoud Fathy, Abdul-Raheim M. Abdul-Raheim, Khalid I. Kabel, Ahmed F. El-Kafrawy, Mahmoud Ahmed Mousa, Ahmed E. Awadallah

Abstract:

Ecological pollution is of great concern for human health and the environment. Numerous organic and inorganic pollutants usually discharged into the water caused carcinogenic or toxic effect for human and different life form. In this respect, this work aims to treat water contaminated by organic and inorganic waste using sorbent based on polystyrene. Therefore, two different series of adsorbent material were prepared; the first one included the preparation of polymeric sorbent from the reaction of styrene acrylate ester and alkyl acrylate. The second series involved syntheses of composite ion exchange resins of waste polystyrene and   amorphous carbon thin film (WPS/ACTF) by solvent evaporation using micro emulsion polymerization. The produced ACTF/WPS nanocomposite was sulfonated to produce cation exchange resins ACTF/WPSS nanocomposite. The sorbents of the first series were characterized using FTIR, ¹H NMR, and gel permeation chromatography. The thermal properties of the cross-linked sorbents were investigated using thermogravimetric analysis, and the morphology was characterized by scanning electron microscope (SEM). The removal of organic pollutant was determined through absorption tests in a various organic solvent. The chemical and crystalline structure of nanocomposite of second series has been proven by studies of FTIR spectrum, X-rays, thermal analysis, SEM and TEM analysis to study morphology of resins and ACTF that assembled with polystyrene chain. It is found that the composite resins ACTF/WPSS are thermally stable and show higher chemical stability than ion exchange WPSS resins. The composite resin was evaluated for calcium hardness removal. The result is evident that the ACTF/WPSS composite has more prominent inorganic pollutant removal than WPSS resin. So, we recommend the using of nanocomposite resin as new potential applications for water treatment process.

Keywords: Nanocomposite, sorbent materials, waste water, waste polystyrene.

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Authors: A. Alshebani, Y. Swesi, S. Mrayed, F. Altaher

Abstract:

This paper present some preliminary work on the preparation and physicochemical caracterization of nanocomposite MFI-alumina structures based on alumina hollow fibres. The fibers are manufactured by a wet spinning process. α-alumina particles were dispersed in a solution of polysulfone in NMP. The resulting slurry is pressed through the annular gap of a spinneret into a precipitation bath. The resulting green fibres are sintered. The mechanical strength of the alumina hollow fibres is determined by a three-point-bending test while the pore size is characterized by bubble-point testing. The bending strength is in the range of 110 MPa while the average pore size is 450 nm for an internal diameter of 1 mm and external diameter of 1.7 mm. To characterize the MFI membranes various techniques were used for physicochemical characterization of MFI–ceramic hollow fibres membranes: The nitrogen adsorption, X-ray diffractometry, scanning electron microscopy combined with X emission microanalysis. Scanning Electron Microscopy (SEM) and Energy Dispersive Microanalysis by the X-ray were used to observe the morphology of the hollow fibre membranes (thickness, infiltration into the carrier, defects, homogeneity). No surface film, has been obtained, as observed by SEM and EDX analysis and confirmed by high temperature variation of N2 and CO2 gas permeances before cation exchange. Local analysis and characterise (SEM and EDX) and overall (by ICP elemental analysis) were conducted on two samples exchanged to determine the quantity and distribution of the cation of cesium on the cross section fibre of the zeolite between the cavities.

Keywords: Physicochemical characterization of MFI, Ceramic hollow fibre, CO2, Ion-exchange.

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Authors: Nguyen Viet Tan

Abstract:

The Bahnar is one of 11 indigenous groups living in the Central Highlands of Vietnam. It is one among the four most popular groups in this area, including the Mnong who speak the same language of Mon Khmer family, while both groups of the Jrai and the Rhade belong to the Malayo-Polynesian language family. These groups once captured fertile plateaus, left their cultural and artistic heritage which affected the remaining small groups. Despite the difference in ethnic origins, these groups seem to share similar beliefs, customs and related folk arts after a very long time living beside each other. However, through an in-depth study, this paper points out the fact that the decorative patterns used by the Bahnar are different from the other ethnic groups, especially in color. Based on historical materials from the local museums and some studies in 1980s when all of the ethnic groups in this area had still lived in self-sufficient condition, this paper characterizes the traditional color scheme used by the Bahnar and identifies the difference in decorative motifs of this group compared to the others by pointing out they do not use green in their usual decorative patterns. Moreover, combined with some field surveys recently, through comparative analysis, it also discovers stylistic variations of these patterns in the process of cultural exchange with the other ethnic groups, both in and out of the region, in modern living conditions. This study helps to preserve and promote the traditional values and cultural identity of the Bahnar people in the Central Highlands of Vietnam, avoiding the fusion of styles among groups during the cultural exchange.

Keywords: Bahnar ethic group, decorative patterns, the central highland of Vietnam, traditional color scheme.

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Authors: Liang-Chien Lee, Chih-Hsiang Chang, Ying-Shu Tseng

Abstract:

Comparing with prior studies mainly focused on the effect of a certain event (it may be the initial announcement of bad news or the repeated announcements of identical bad news) on stock price, the aim of this study is to explore how investors react to subsequent bad news with identical content. Empirical results show that as a result of behavioral pitfalls, investors underreact to the initial announcement of the bad news (i.e., unknown bad news) and overreact to the repeated announcements of the identical bad news (i.e., known bad news).

Keywords: Subsequent bad news, Behavioral finance, Investors’ misreaction, Behavioral pitfalls.

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Authors: C. Recommandé, J.C. Blind, A. Clavel, R. Gourichon, V. Le Gal

Abstract:

Simulations are developed in this paper with usual DSGE model equations. The model is based on simplified version of Smets-Wouters equations in use at European Central Bank which implies 10 macro-economic variables: consumption, investment, wages, inflation, capital stock, interest rates, production, capital accumulation, labour and credit rate, and allows take into consideration the banking system. Throughout the simulations, this model will be used to evaluate the impact of rate shocks recounting the actions of the European Central Bank during 2008.

Keywords: CC-LM, Central Bank, DSGE, Liquidity Shock, Non-standard Intervention.

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Authors: Miguel A. Gómez , Enrique Hilario , Francisco J. Alvarez , Elena Gastiasoro , Antonia Alvarez, Juan L. Larrabe

Abstract:

Total liquid ventilation can support gas exchange in animal models of lung injury. Clinical application awaits further technical improvements and performance verification. Our aim was to develop a liquid ventilator, able to deliver accurate tidal volumes, and a computerized system for measuring lung mechanics. The computer-assisted, piston-driven respirator controlled ventilatory parameters that were displayed and modified on a real-time basis. Pressure and temperature transducers along with a lineal displacement controller provided the necessary signals to calculate lung mechanics. Ten newborn lambs (<6 days old) with respiratory failure induced by lung lavage, were monitored using the system. Electromechanical, hydraulic and data acquisition/analysis components of the ventilator were developed and tested in animals with respiratory failure. All pulmonary signals were collected synchronized in time, displayed in real-time, and archived on digital media. The total mean error (due to transducers, A/D conversion, amplifiers, etc.) was less than 5% compared to calibrated signals. Improvements in gas exchange and lung mechanics were observed during liquid ventilation, without impairment of cardiovascular profiles. The total liquid ventilator maintained accurate control of tidal volumes and the sequencing of inspiration/expiration. The computerized system demonstrated its ability to monitor in vivo lung mechanics, providing valuable data for early decision-making.

Keywords: immature lamb, perfluorocarbon, pressure-limited, total liquid ventilation, ventilator; volume-controlled

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Authors: Mohammad Ali Baradaran Ghahfarokhi, Parvin Baradaran Ghahfarokhi

Abstract:

In this paper, first we introduce the stable distribution, stable process and theirs characteristics. The a -stable distribution family has received great interest in the last decade due to its success in modeling data, which are too impulsive to be accommodated by the Gaussian distribution. In the second part, we propose major applications of alpha stable distribution in telecommunication, computer science such as network delays and signal processing and financial markets. At the end, we focus on using stable distribution to estimate measure of risk in stock markets and show simulated data with statistical softwares.

Keywords: stable distribution, SaS, infinite variance, heavy tail networks, VaR.

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Authors: Haidy S. Ghali, Engy Serag, A. Samer Ezeldin

Abstract:

Copper is an essential raw material used in the construction industry. During 2021 and the first half of 2022, the global market suffered from a significant fluctuation in copper raw material prices due to the aftermath of both the COVID-19 pandemic and the Russia-Ukraine war which exposed its consumers to an unexpected financial risk. Thereto, this paper aims to develop two hybrid price prediction models using artificial neural network and long short-term memory (ANN-LSTM), by Python, that can forecast the average monthly copper prices, traded in the London Metal Exchange; the first model is a multivariate model that forecasts the copper price of the next 1-month and the second is a univariate model that predicts the copper prices of the upcoming three months. Historical data of average monthly London Metal Exchange copper prices are collected from January 2009 till July 2022 and potential external factors are identified and employed in the multivariate model. These factors lie under three main categories: energy prices, and economic indicators of the three major exporting countries of copper depending on the data availability. Before developing the LSTM models, the collected external parameters are analyzed with respect to the copper prices using correlation, and multicollinearity tests in R software; then, the parameters are further screened to select the parameters that influence the copper prices. Then, the two LSTM models are developed, and the dataset is divided into training, validation, and testing sets. The results show that the performance of the 3-month prediction model is better than the 1-month prediction model; but still, both models can act as predicting tools for diverse economic situations.

Keywords: Copper prices, prediction model, neural network, time series forecasting.

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Authors: Kostas Metaxiotis

Abstract:

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

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

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Authors: H. Wasag

Abstract:

The removal of hydrogen sulphide is required for reasons of health, odour problems, safety and corrosivity problems. The means of removing hydrogen sulphide mainly depend on its concentration and kind of medium to be purified. The paper deals with a method of hydrogen sulphide removal from the air by its catalytic oxidation to elemental sulphur with the use of Fe-EDTA complex. The possibility of obtaining fibrous filtering materials able to remove small concentrations of H2S from the air were described. The base of these materials is fibrous ion exchanger with Fe(III)- EDTA complex immobilized on their functional groups. The complex of trivalent iron converts hydrogen sulphide to elemental sulphur. Bivalent iron formed in the reaction is oxidized by the atmospheric oxygen, so complex of trivalent iron is continuously regenerated and the overall process can be accounted as pseudocatalytic. In the present paper properties of several fibrous catalysts based on ion exchangers with different chemical nature (weak acid,weak base and strong base) were described. It was shown that the main parameters affecting the process of catalytic oxidation are:concentration of hydrogen sulphide in the air, relative humidity of the purified air, the process time and the content of Fe-EDTA complex in the fibres. The data presented show that the filtering layers with anion exchange package are much more active in the catalytic processes of hydrogen sulphide removal than cation exchanger and inert materials. In the addition to the nature of the fibres relative air humidity is a critical factor determining efficiency of the material in the air purification from H2S. It was proved that the most promising carrier of the Fe-EDTA catalyst for hydrogen sulphide oxidation are Fiban A-6 and Fiban AK-22 fibres.

Keywords: hydrogen sulphide, catalytic oxidation, odour control, ion exchange, fibrous ion exchangers, air deodorization

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Authors: Steve Fish, Chris Lambert

Abstract:

Cumbria is a geo-political county in Northwest England within which the Lake District National Park, a UNESCO World Heritage site is located. Whilst the area has a formidable reputation for natural beauty and historic assets, the innovation ecosystem is described as ‘patchy’ for a number of reasons. The county is one of the largest in England by area and is sparsely populated. This paper describes the needs, development and delivery of an SME business-support programme funded by the European Regional Development Fund, Lancaster University and the University of Cumbria. The Cumbria Innovations Platform (CUSP) Project has been designed to respond to the nuanced needs of SMEs in this locale, whilst promoting the adoption of research and innovation. CUSP utilizes a funnel method to support rural businesses with access to university innovation intervention. CUSP has been built on a three-tier model: Communicate, Collaborate and Create. The paper describes this project in detail and presents results in terms of output indicators achieved, a beneficiary telephone survey and wider economic forecasts. From a pragmatic point-of-view, the paper provides experiences and reflections of those people who are delivering and evaluating knowledge exchange. The authors discuss some of the benefits, challenges and implications for both policy makers and practitioners. Finally, the paper aims to serve as an invitation to others who may consider adopting a similar method of university-industry collaboration in their own region.

Keywords: Regional business support, rural business support, university-industry collaboration, collaborative R&D, SMEs, knowledge exchange.

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Authors: Huei-Wen Lin

Abstract:

This study explored the relationship between psychological traits, demographics and financial behavioral biases for individual investors in Taiwan stock market. By using questionnaire survey method conducted in 2010, there are 554 valid convenient samples collected to examine the determinants of three types of behavioral biases. Based on literature review, two hypothesized models are constructed and further used to evaluate the effects of big five personality traits and demographic variables on investment biases through Structural Equation Model (SEM) analysis. The results showed that investment biases of individual investors are significantly related to four personality traits as well as some demographics.

Keywords: Behavioral finance, Big Five, Disposition effect, Herding, Overconfidence, Personality traits.

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Authors: Miguel A. Gómez, Enrique Hilario, Francisco J. Alvarez, Elena Gastiasoro, Antonia Alvarez, Jose A. Casla, Jorge Arguinchona, Juan L. Larrabe

Abstract:

Total liquid ventilation can support gas exchange in animal models of lung injury. Clinical application awaits further technical improvements and performance verification. Our aim was to develop a liquid ventilator, able to deliver accurate tidal volumes, and a computerized system for measuring lung mechanics. The computer-assisted, piston-driven respirator controlled ventilatory parameters that were displayed and modified on a real-time basis. Pressure and temperature transducers along with a lineal displacement controller provided the necessary signals to calculate lung mechanics. Ten newborn lambs (<6 days old) with respiratory failure induced by lung lavage, were monitored using the system. Electromechanical, hydraulic and data acquisition/analysis components of the ventilator were developed and tested in animals with respiratory failure. All pulmonary signals were collected synchronized in time, displayed in real-time, and archived on digital media. The total mean error (due to transducers, A/D conversion, amplifiers, etc.) was less than 5% compared to calibrated signals. Improvements in gas exchange and lung mechanics were observed during liquid ventilation, without impairment of cardiovascular profiles. The total liquid ventilator maintained accurate control of tidal volumes and the sequencing of inspiration/expiration. The computerized system demonstrated its ability to monitor in vivo lung mechanics, providing valuable data for early decision-making.

Keywords: Immature lamb, perfluorocarbon, pressure-limited, total liquid ventilation, ventilator, volume-controlled.

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Authors: Tea Poklepović, Zdravka Aljinović, Mario Matković

Abstract:

Modern Portfolio Theory (MPT) according to Markowitz states that investors form mean-variance efficient portfolios which maximizes their utility. Markowitz proposed the standard deviation as a simple measure for portfolio risk and the lower semi-variance as the only risk measure of interest to rational investors. This paper uses a third volatility estimator based on intraday data and compares three efficient frontiers on the Croatian Stock Market. The results show that range-based volatility estimator outperforms both mean-variance and lower semi-variance model.

Keywords: Variance, lower semi-variance, range-based volatility.

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Authors: Zheng Miao, Dennis Fernandez

Abstract:

CRISPR research has the potential to completely transform life science, agriculture, live-stock and the health care industry. The Intellectual Property derived from its research has raised significant attention in the academic as well as the biopharmaceutical industry culminating an urgent need for strategic IP protection. We review the rudimentary concepts and key competitors of CRISPR technologies as well as the paramount strategies for intellectual property protection. Further, we elaborate on prosecution issues related to CRISPR patents as well as possible solutions to various patent laws, interferences and litigation. Finally, we address how the bioinformatics of the CRISPR technology begs an inquiry into issues of privacy and a host of ethical concerns.

Keywords: Bioinformatics, CRISPR, biotechnology, intellectual property.

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Authors: Bassem Roushdy, Nahed Sobhy, Abdelrhim Abdelhamid, Ahmed Mahmoud

Abstract:

Most papers model Joint Replenishment Problem (JRP) as a (kT,S) where kT is a multiple value for a common review period T,and S is a predefined order up to level. In general the (T,S) policy is characterized by a long out of control period which requires a large amount of safety stock compared to the (R,Q) policy. In this paper a probabilistic model is built where an item, call it item(i), with the shortest order time between interval (T)is modeled under (R,Q) policy and its inventory is continuously reviewed, while the rest of items (j) are periodically reviewed at a definite time corresponding to item

Keywords: Inventory management, Joint replenishment, policy evaluation, stochastic process

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Authors: Ludk Benada, Jindika Sedova

Abstract:

The current situation in the eurozone raises a number of topics for discussion and to help in finding an answer to the question of whether a common currency is a more suitable means of coping with the impact of the financial crisis or whether national currencies are better suited to this. The economic situation in the EU is now considerably volatile and, due to problems with the fulfilment of the Maastricht convergence criteria, it is now being considered whether, in their further development, new member states will decide to distance themselves from the euro or will, in an attempt to overcome the crisis, speed up the adoption of the euro. The Czech Republic is one country with little interest in adopting the euro, justified by the fact that a better alternative to dealing with this crisis is an independent monetary policy and its ability to respond flexibly to the economic situation not only in Europe, but around the world. One attribute of the crisis in the Czech Republic and its mitigation is the freely floating exchange rate of the national currency. It is not only the Czech Republic that is attempting to alleviate the impact of the crisis, but also new EU member countries facing fresh questions to which theory have yet to provide wholly satisfactory answers. These questions undoubtedly include the problem of inflation targeting and the choice of appropriate instruments for achieving financial stability. The difficulty lies in the fact that these objectives may be contradictory and may require more than one means of achieving them. In this respect we may assume that membership of the euro zone might not in itself mitigate the development of the recession or protect the nation from future crises. We are of the opinion that the decisive factor in the development of any economy will continue to be the domestic economic policy and the operability of market economic mechanisms. We attempt to document this fact using selected countries as examples, these being the Czech Republic, Poland, Hungary, and Slovakia.

Keywords: Currency exchange rate, Maastricht convergence criteria, monetary union, public finances.

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Authors: Charles Chikwendu Okpala, Christopher Chukwutoo Ihueze

Abstract:

As a technique that reduces variation in a product by lessening the sensitivity of the design to sources of variation, rather than by controlling their sources, Taguchi Robust Design entails the designing of ideal goods, by developing a product that has minimal variance in its characteristics and also meets the desired exact performance. This paper examined the concept of the manufacturing approach and its application to brake pad product of an automotive parts manufacturing company. Although the firm claimed that only defects, excess inventory, and over-production were the few wastes that grossly affect their productivity and profitability, a careful study and analysis of their manufacturing processes with the application of Single Minute Exchange of Dies (SMED) tool showed that the waste of waiting is the fourth waste that bedevils the firm. The selection of the Taguchi L9 orthogonal array which is based on the four parameters and the three levels of variation for each parameter revealed that with a range of 2.17, that waiting is the major waste that the company must reduce in order to continue to be viable. Also, to enhance the company’s throughput and profitability, the wastes of over-production, excess inventory, and defects with ranges of 2.01, 1.46, and 0.82, ranking second, third, and fourth respectively must also be reduced to the barest minimum. After proposing -33.84 as the highest optimum Signal-to-Noise ratio to be maintained for the waste of waiting, the paper advocated for the adoption of all the tools and techniques of Lean Production System (LPS), and Continuous Improvement (CI), and concluded by recommending SMED in order to drastically reduce set up time which leads to unnecessary waiting.

Keywords: Taguchi Robust Design, signal to noise ratio, Single Minute Exchange of Dies, lean production system, waste.

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