Abstract: Financial innovations can be regarded as the cause
and the effect of the evolution of the financial system. Most of
financial innovations are created by various financial institutions for
their own purposes and needs. However, due to their diversity,
financial innovations can be also applied by various business entities
(other than financial institutions).
This paper focuses on the potential application of financial
innovations by non-financial companies. It is assumed that financial
innovations may be effectively applied in all fields of corporate
financial decisions integrating financial management with the risk
management process. Appropriate application of financial
innovations may enhance the development of the company and
increase its value by improving its financial situation and reducing
the level of risk. On the other hand, misused financial innovations
may become the source of extra risk for the company threatening its
further operation.
The main objective of the paper is to identify the major types of
financial innovations offered to non-financial companies by the
banking system in Poland. It also aims at identifying the main factors
determining the creation of financial innovations in the banking
system in Poland and indicating future directions of their
development.
This paper consists of conceptual and empirical part. Conceptual
part based on theoretical study is focused on the determinants of the
process of financial innovations and their application by the nonfinancial
companies. Theoretical study is followed by the empirical
research based on the analysis of the actual offer of the 20 biggest
banks operating in Poland with regard to financial innovations
offered to SMEs and large corporations. These innovations are
classified according to the main functions of the integrated financial
management, such as financing, investment, working capital
management and risk management.
Empirical study has proved that the biggest banks operating in the
Polish market offer to their business customers many types and
classes of financial innovations. This offer appears vast and adequate
to the needs and purposes of the Polish non-financial companies. It
was observed that financial innovations pertained to financing
decisions dominate in the banks’ offer. However, due to high
diversification of the offered financial innovations, business
customers may effectively apply them in all fields and areas of
integrated financial management. It should be underlined, that the
banks’ offer is highly dispersed, which may limit the implementation
of financial innovations in the corporate finance. It would be also
recommended for the banks operating in the Polish market to
intensify the education campaign aiming at increasing knowledge
about financial innovations among business customers.
Abstract: Cadmium (II) (Cd) is one of the major toxic elemental
pollutants, which is hazardous for humans, animals and plants. γ-
Polyglutamic acid (γ-PGA) is an extracellular biopolymer produced
by several species of Bacillus which has been reported to be an
effective biosorbent for metal ions. The effect of γ-PGA on growth of
rice grown under laboratory conditions was investigated. Rice seeds
were germinated and then grown at 30±1°C on filter paper soaked
with Cd solution and γ-PGA for 7 days. The result showed that Cd
significantly inhibited the growth of roots, shoots by reducing root,
and shoot lengths. Fresh and dry weights also decreased compared
with control; however, the addition of 500 mg·L-1 γ-PGA alleviated
rice seedlings from the adverse effects of Cd. The analysis of
physiological traits revealed that Cd caused a decrease in the total
chlorophyll and soluble protein contents and amylase activities in all
treatments. The Cd content in seedling tissues increased for the Cd
250 μM treatment (P
Abstract: Twin steel plates-concrete composite shear walls are
composed of a pair of steel plate layers and a concrete layer
sandwiched between them, which have the characteristics of both
reinforced concrete shear walls and steel plate shear walls. Twin steel
plates-composite shear walls contain very high ultimsate bearing
capacity and ductility, which have great potential to be applied in the
super high-rise buildings and special structures. In this paper, we
analyzed the basic characteristics and stress mechanism of the twin
steel plates-composite shear walls. Specifically, we analyzed the
effects of the steel plate thickness, wall thickness and concrete
strength on the bearing capacity of the twin steel plates-composite
shear walls. The analysis results indicate that: (1) the initial shear
stiffness and ultimate shear-carrying capacity is not significantly
affected by the thickness of concrete wall but by the class of concrete,
(2) both factors significantly impact the shear distribution of the
shear walls in ultimate shear-carrying capacity. The technique of twin
steel plates-composite shear walls has been successfully applied in
the construction of an 88-meter Huge Statue of Buddha located in
Hunan Province, China. The analysis results and engineering
experiences showed that the twin steel plates-composite shear walls
have great potential for future research and applications.
Abstract: This research paper presents the current practices of
teacher professional development, perceived as beneficial by teachers
themselves, in a private secondary school in Brunei Darussalam. This
is part of the findings of a larger qualitative study on teacher
empowerment, using ethnographic methods for data collection, i.e.
participant observation, interviews and document analysis. The field
work was carried out over a period of six months in 2013. An
analysis of the field data revealed multiple pathways of teacher
professional development existing in the school. The results indicate
that school leaders, the teacher community in the school, students,
and the teachers themselves were the agents in a school that
facilitated teacher empowerment. Besides contributing to the
knowledge base on teacher professional development, the results of
this study provide directions for educational policy makers in their
efforts to enhance professional development in secondary schools of
similar characteristics. For school leaders and the teacher community,
these findings offer guidelines for maximizing the opportunities for
these professional development practices, by strengthening
collegiality and by using the existing structures optimally for the
benefit of all concerned.
Abstract: In recent years, the use of the aluminum based alloys
in the industry and technology are increasing. Alloying elements in
aluminum have further been improving the strength and stiffness
properties that provide superior compared to other metals. In this
study, investigation of physical properties (microstructure,
microhardness, tensile strength, electrical conductivity and thermal
properties) in the Al-12.6wt.%Si-%2wt.Ni ternary alloy were
investigated. Al-Si-Ni alloy was prepared in vacuum atmosphere. The
samples were directionally solidified upwards with different growth
rate V (8.3−165.45 μm/s) at constant temperature gradient G (7.73
K/mm). The flake spacings (λ), microhardness (HV), ultimate tensile
strength (σ), electrical resistivity (ρ) and thermal properties (H, Cp,
Tm) of the samples were measured. Influence of the growth rate and
spacings on microhardness, ultimate tensile strength and electrical
resistivity were investigated and relationships between them were
obtained. According to results, λ values decrease with increasing V,
but HV, σ and ρ values increase with increasing V. Variations of
electrical resistivity (ρ) of solidified samples were also measured.
The enthalpy of fusion (H) and specific heat (Cp) for the alloy was
also determined by differential scanning calorimeter (DSC) from
heating trace during the transformation from liquid to solid. The
results in this work were compared with the previous similar
experimental results.
Abstract: In this article, a method is presented to effectively
estimate the deformed shape of a thick plate due to line heating. The
method uses a fifth order spline interpolation, with up to C3
continuity at specific points to compute the shape of the deformed
geometry. First and second order derivatives over a surface are the
resulting parameters of a given heating line on a plate. These
parameters are determined through experiments and/or finite element
simulations. Very accurate kriging models are fitted to real or virtual
surfaces to build-up a database of maps. Maps of first and second
order derivatives are then applied on numerical plate models to
evaluate their evolving shapes through a sequence of heating lines.
Adding an optimization process to this approach would allow
determining the trajectories of heating lines needed to shape complex
geometries, such as Francis turbine blades.
Abstract: Despite the financial crisis and ongoing need for cost
cutting, companies all around the world heavily invest in Information
Systems (IS) and underlying Information Technology (IT).
Proliferation of governance of enterprise IT helps companies manage,
or rather, governs IS as a primary business function with executive
management involved in making decision about IS and IT. The
business value of IT is raising with the involvement of the executive
management in IT decision making process and quality IT
governance mechanisms in place. In this paper the practice of
governing the enterprise IT will be investigated on a sample of the
largest 100 Croatian companies. Research questions posed here will
reveal if there are some formal IT governance mechanisms, are there
any differences in perceived role of IS and IT between CIOs (Chief
Information Officers) and CEOs (Chief Executive Officers) of the
sampled companies and what are the mechanisms to govern massive
investment in enterprise IT.
Abstract: In order to achieve high data rate and increase the
spectral efficiency, multiple input multiple output (MIMO) system has
been proposed. However, multiple antennas are limited by size and
cost. Therefore, recently developed cooperative diversity scheme,
which profits the transmit diversity only with the existing hardware by
constituting a virtual antenna array, can be a solution. However, most
of the introduced cooperative techniques have a common fault of
decreased transmission rate because the destination should receive the
decodable compositions of symbols from the source and the relay. In
this paper, we propose a cooperative cyclic delay diversity (CDD)
scheme that use hierarchical modulation. This scheme is free from the
rate loss and allows seamless cooperative communication.
Abstract: The right to basic sanitation, was elevated to the
category of fundamental right by the Constitution of 1988 to protect
the ecologically balanced environment, ensuring social rights to
health and adequate housing and put the dignity of the human person
as the foundation of the Brazilian Democratic State. Before their
essentiality to humans, this article seeks to understand why universal
access to basic sanitation is a goal so difficult to achieve in Brazil.
Therefore, this research uses the deductive and analytical method.
Given the nature of the research literature, research techniques were
centered in specialized books on the subject, journals, theses and
dissertations, laws, relevant law case and raising social indicators
relating to the theme. The relevance of the topic stems, among other
things, the fact that sanitation services are essential for a dignified
life, i.e., everyone is entitled to the maintenance of the necessary
existence conditions are satisfied. However, the effectiveness of this
right is undermined in society, since Brazil has huge deficit in
sanitation services, denying thus a worthy life to most of the
population. Thus, it can be seen that the provision of water and
sewage services in Brazil is still characterized by a large imbalance,
since the municipalities with lower population index have greater
disability in the sanitation service. The truth is that the precariousness
of water and sewage services in Brazil is still very concentrated in the
North and Northeast regions, limiting the effective implementation of
the Law 11.445/2007 in the country. Therefore, there is urgent need
for a positive service by the State in the provision of sanitation
services in order to prevent and control disease, improve quality of
life and productivity of individuals, besides preventing contamination
of water resources. More than just social and economic necessity,
there is a government duty to implement such services. In this sense,
given the current scenario, to achieve universal access to basic
sanitation imposes many hurdles. These are mainly in the field of
properly formulated and implemented public policies, i.e., it requires
an excellent institutional organization, management services,
strategic planning, social control, in order to provide answers to
complex challenges.
Abstract: The objective of this study was to evaluate the
effects of calving season on the production and economic efficiency
of dairy farms in Egypt. Our study was performed at dairy
production farms in the Alexandria, Behera, and Kafr El-Sheikh
provinces of Egypt from summer 2010 to winter 2013. The
randomly selected dairy farms had herds consisting of Baladi,
Holstein-Friesian, or cross-bred (Baladi × Holstein-Friesian) cows.
The data were collected from production records and responses to a
structured questionnaire. The average total return differed
significantly (P < 0.05) between the different cattle breeds and
calving seasons. The average total return was highest for the
Holstein- Friesian cows that calved in the winter (29106.42
EGP/cow/year), and it was lowest for Baladi cows that calved in the
summer (12489.79 EGP/cow/year). Differences in total returns
between the cows that calved in the winter or summer or between
the foreign and native breeds, as well as variations in calf prices,
might have contributed to the differences in milk yield. The average
net profit per cow differed significantly (P < 0.05) between the cattle
breeds and calving seasons. The average net profit values for the
Baladi cows that calved in the winter or summer were 2413 and
2994.96 EGP/cow/year, respectively, and those for the Holstein-
Friesian cows were 10744.17 and 7860.56 EGP/cow/year,
respectively, whereas those for the cross-bred cows were 10174.86
and 7571.33 EGP/cow/year, respectively. The variations in net profit
might have resulted from variation in the availability or price of feed
materials, milk prices, or sales volumes. Our results show that the
breed and calving season of dairy cows significantly affected the
economic efficiency of dairy farms in Egypt. The cows that calved
in the winter produced more milk than those that calved in the
summer, which may have been the result of seasonal influences,
such as temperature, humidity, management practices, and the type
of feed or green fodder available.
Abstract: The Multiple Intelligences theory characterizes human
intelligence as a multifaceted entity that exists in all human beings
with varying degrees. The most important contribution of this theory
to the field of English Language Teaching (ELT) is its role in
identifying individual differences and designing more learnercentered
programs. The present study aims at investigating the
relationship between different elements of multiple intelligence and
grammar scores. To this end, 63 female Iranian EFL learner selected
from among intermediate students participated in the study. The
instruments employed were a Nelson English language test, Michigan
Grammar Test, and Teele Inventory for Multiple Intelligences
(TIMI). The results of Pearson Product-Moment Correlation revealed
a significant positive correlation between grammatical accuracy and
linguistic as well as interpersonal intelligence. The results of
Stepwise Multiple Regression indicated that linguistic intelligence
contributed to the prediction of grammatical accuracy.
Abstract: Below-knee amputees commonly experience
asymmetrical gait patterns. It is generally believed that ischemia is
related to the formation of pressure sores due to uneven distribution
of forces. Micro-vascular responses can reveal local malnutrition.
Changes in local skin blood supply under various external loading
conditions have been studied for a number of years. Radionuclide
clearance, photo-plethysmography, trans-cutaneous oxygen tension
along with other studies showed that the blood supply would be
influenced by the epidermal forces, and the rate and the amount of
blood supply would decrease with increased epidermal loads being
shear forces or normal forces. Several cases of socket designs were
investigated using Finite Element Model (FEM) and Design of
Experiment (DOE) to increase flexibility and minimize the pressure
at the limb/socket interface using ultra high molecular weight
polyethylene (UHMWPE) and polyamide 6 (PA6) or Duraform. The
pressure reliefs at designated areas where reducing thickness is
involved are seen to be critical in determination of amputees’ comfort
and are very important to clinical applications. Implementing a hole
between the Patellar Tendon (PT) and Distal Tibia (DT) would
decrease stiffness and increase prosthesis range of motion where
flexibility is needed. In addition, displacement and prosthetic energy
storage increased without compromising mechanical efficiency and
prosthetic design integrity.
Abstract: These days, the industrial trend is moving away from heavy and bulky passive components to power converter systems that use more and more semiconductor elements. Also, it is difficult to connect the traditional converters to the high and medium voltage. For these reasons, a new family of multilevel inverters has appeared as a solution for working with higher voltage levels. Different modulation topologies like Sinusoidal Pulse Width Modulation (SPWM), Selective Harmonic Elimination Pulse Width Modulation (SHE-PWM) are available for multilevel inverters. In this work, different hybrid modulation techniques which are combination of fundamental frequency modulation and multilevel sinusoidal-modulation are compared. The main characteristic of these modulations are reduction of switching losses with good harmonic performance and balanced power loss dissipation among the device. The proposed hybrid modulation schemes are developed and simulated in Matlab/Simulink for cascaded H-bridge inverter. The results validate the applicability of the proposed schemes for cascaded multilevel inverter.
Abstract: Useful lifetime evaluation of chevron rubber spring
was very important in design procedure to assure the safety and
reliability. It is, therefore, necessary to establish a suitable criterion
for the replacement period of chevron rubber spring. In this study, we
performed characteristic analysis and useful lifetime prediction of
chevron rubber spring. Rubber material coefficient was obtained by
curve fittings of uniaxial tension equibiaxial tension and pure shear
test. Computer simulation was executed to predict and evaluate the
load capacity and stiffness for chevron rubber spring. In order to
useful lifetime prediction of rubber material, we carried out the
compression set with heat aging test in an oven at the temperature
ranging from 50°C to 100°C during a period 180 days. By using the
Arrhenius plot, several useful lifetime prediction equations for rubber
material was proposed.
Abstract: The aim of this study is to investigate the relationship
between expectation, satisfaction and loyalty of South Korean
tourists visiting Turkey. In the research, a questionnaire was used as a
data collecting tool. The questionnaires are filled by South Korean
tourists coming to Turkey through package tours and individual. The
survey was conducted in 2014 in Nevsehir (Cappadocia Region) and
Istanbul. Tourist guides and agency staff have helped the
implementation of surveys. The survey questions are composed of 4
parts, which are “demographic characteristics of tourists”, “travel
behavior characteristics”, “perception of expectations on destination
attributes” and “perception of destination loyalty”. 5-point Likert
type scale including 28 destination attributes was used to measure the
expectations of South Korean tourists coming to Turkey. Questions
were directed to the tourists to measure the destination loyalty. The
questions relating to destination loyalty are “Talking about Turkey to
others”, “Recommendation Turkey to others” and “Tourists’
intentions to revisit Turkey”. The basic hypothesis of the research is
that there is a statistically significant relationship among
expectations, satisfactions and destination loyalty of South Korean
tourists coming to Turkey. The results indicated that the expectation
had a significant effect on overall satisfaction. In addition it was seen
that between overall satisfaction of tourists and destination loyalty
had a significant relationship. Based on findings, some suggestions
for tour operators and travel agencies were made.
Abstract: Consumers are demanding novel beverages that are
healthier, convenient and have appealing consumer acceptance. The
objectives of this study were to investigate the effects of adding grape
polyphenols and the influence of presenting health claims on the
sensory acceptability of wines. Fresh red sorrel calyces were
fermented into wines. The total soluble solids of the pectinase-treated
sorrel puree were from 4°Brix to 23.8°Brix. Polyphenol in the form
of grape pomace extract was added to sorrel wines (w/v) in specified
levels to give 0. 25. 50 and 75 ppm. A focus group comprising of 12
panelists was use to select the level of polyphenol to be added to
sorrel wines for sensory preference The sensory attributed of the
wines which were evaluated were colour, clarity, aroma, flavor,
mouth-feel, sweetness, astringency and overall preference. The sorrel
wine which was most preferred from focus group evaluation was
presented for hedonic rating. In the first stage of hedonic testing, the
sorrel wine was served chilled at 7°C for 24 h prior to sensory
evaluation. Each panelist was provided with a questionnaire and was
asked to rate the wines on colour, aroma, flavor, mouth-feel,
sweetness, astringency and overall acceptability using a 9-point
hedonic scale. In the second stage of hedonic testing, the panelist
were instructed to read a health abstract on the health benefits of
polyphenolic compounds and again to rate sorrel wine with added 25
ppm polyphenol. Paired t-test was used for the analysis of the
influence of presenting health information on polyphenols on hedonic
scoring of sorrel wines. Focus groups found that the addition of
polyphenol addition had no significant effect on sensory color and
aroma but affected clarity and flavor. A 25 ppm wine was liked
moderately in overall acceptability. The presentation of information
on the health benefit of polyphenols in sorrel wines to panelists had
no significant influence on the sensory acceptance of wine. More
than half of panelists would drink this wine now and then. This wine
had color L 19.86±0.68, chroma 2.10±0.12, hue° 16.90 ±3.10 and
alcohol content of 13.0%. The sorrel wine was liked moderately in
overall acceptability with the added polyphenols.
Abstract: This work is on decision tree-based classification for
the disbursement of scholarship. Tree-based data mining
classification technique is used in other to determine the generic rule
to be used to disburse the scholarship. The system based on the
defined rules from the tree is able to determine the class (status) to
which an applicant shall belong whether Granted or Not Granted. The
applicants that fall to the class of granted denote a successful
acquirement of scholarship while those in not granted class are
unsuccessful in the scheme. An algorithm that can be used to classify
the applicants based on the rules from tree-based classification was
also developed. The tree-based classification is adopted because of its
efficiency, effectiveness, and easy to comprehend features. The
system was tested with the data of National Information Technology
Development Agency (NITDA) Abuja, a Parastatal of Federal
Ministry of Communication Technology that is mandated to develop
and regulate information technology in Nigeria. The system was
found working according to the specification. It is therefore
recommended for all scholarship disbursement organizations.
Abstract: Computer aided diagnosis systems provide vital
opinion to radiologists in the detection of early signs of breast cancer
from mammogram images. Architectural distortions, masses and
microcalcifications are the major abnormalities. In this paper, a
computer aided diagnosis system has been proposed for
distinguishing abnormal mammograms with architectural distortion
from normal mammogram. Four types of texture features GLCM
texture, GLRLM texture, fractal texture and spectral texture features
for the regions of suspicion are extracted. Support vector machine
has been used as classifier in this study. The proposed system yielded
an overall sensitivity of 96.47% and an accuracy of 96% for
mammogram images collected from digital database for screening
mammography database.
Abstract: Batch production plants provide a wide range of
scheduling problems. In pharmaceutical industries a batch process
is usually described by a recipe, consisting of an ordering of tasks
to produce the desired product. In this research work we focused
on pharmaceutical production processes requiring the culture of
a microorganism population (i.e. bacteria, yeasts or antibiotics).
Several sources of uncertainty may influence the yield of the culture
processes, including (i) low performance and quality of the cultured
microorganism population or (ii) microbial contamination. For
these reasons, robustness is a valuable property for the considered
application context. In particular, a robust schedule will not collapse
immediately when a cell of microorganisms has to be thrown away
due to a microbial contamination. Indeed, a robust schedule should
change locally in small proportions and the overall performance
measure (i.e. makespan, lateness) should change a little if at all.
In this research work we formulated a constraint programming
optimization (COP) model for the robust planning of antibiotics
production. We developed a discrete-time model with a multi-criteria
objective, ordering the different criteria and performing a
lexicographic optimization. A feasible solution of the proposed
COP model is a schedule of a given set of tasks onto available
resources. The schedule has to satisfy tasks precedence constraints,
resource capacity constraints and time constraints. In particular
time constraints model tasks duedates and resource availability
time windows constraints. To improve the schedule robustness, we
modeled the concept of (a, b) super-solutions, where (a, b) are input
parameters of the COP model. An (a, b) super-solution is one in
which if a variables (i.e. the completion times of a culture tasks)
lose their values (i.e. cultures are contaminated), the solution can be
repaired by assigning these variables values with a new values (i.e.
the completion times of a backup culture tasks) and at most b other
variables (i.e. delaying the completion of at most b other tasks).
The efficiency and applicability of the proposed model is
demonstrated by solving instances taken from a real-life
pharmaceutical company. Computational results showed that
the determined super-solutions are near-optimal.
Abstract: The nickel-manganese (Ni-Mn) alloy coating prepared
from DC electrodeposition process in sulphamate bath was studied.
The effects of process parameters, such as current density and
electrolyte composition, on the cathodic current efficiency,
microstructure, internal stress and mechanical properties were
investigated. Because of its crucial effect on the application to the
electroforming of microelectronic components, the development of
low internal stress coating with high leveling power was emphasized.
It was found that both the coating’s manganese content and the
cathodic current efficiency increased with the raise in current density.
In addition, the internal stress of the deposited coating showed
compressive nature at low current densities while changed to tensile
one at higher current densities. Moreover, the metallographic
observation, X-ray diffraction measurement, and polarization curve
measurement were conducted. It was found that the Ni-Mn coating
consisted of nano-sized columnar grains and the maximum hardness of
the coating was associated with (111) preferred orientation in the
microstructure. The grain size was refined along with the increase in
the manganese content of the coating, which accordingly, raised its
hardness and resistance to annealing softening. In summary, the
Ni-Mn coating prepared at lower current density of 1-2 A/dm2 had low
internal stress, high leveling power, and better corrosion resistance.