Equity Risk Premiums and Risk Free Rates in Modelling and Prediction of Financial Markets

This paper presents an adaptive framework for modelling financial markets using equity risk premiums, risk free rates and volatilities. The recorded economic factors are initially used to train four adaptive filters for a certain limited period of time in the past. Once the systems are trained, the adjusted coefficients are used for modelling and prediction of an important financial market index. Two different approaches based on least mean squares (LMS) and recursive least squares (RLS) algorithms are investigated. Performance analysis of each method in terms of the mean squared error (MSE) is presented and the results are discussed. Computer simulations carried out using recorded data show MSEs of 4% and 3.4% for the next month prediction using LMS and RLS adaptive algorithms, respectively. In terms of twelve months prediction, RLS method shows a better tendency estimation compared to the LMS algorithm.

The Neglected Elements of Implementing Strategic Succession Management in Public Organizations

Regardless of the extent to which succession management is implemented in the private sector, it is still overlooked in the public sector. Traditional succession management is evolving providing a better alignment between business strategies and HR strategies. Succession management brings sustainable effectiveness for succession programs through career path development, knowledge and skill transfer, job retention, as well as high-potential candidates’ empowerment for upcoming vacancies. By way of a systematic literature review, we bring into focus strategic succession management in public organizations and discuss best ways of implementation. 

Existence of Nano-Organic Carbon Particles below the Size Range of 10 nm in the Indoor Air Environment

Indoor air environment is a big concern in the last few decades in the developing countries, with increased focus on monitoring the air quality. In this work, an experimental study has been conducted to establish the existence of carbon nanoparticles below the size range of 10 nm in the non-sooting zone of a LPG/air partially premixed flame. Mainly, four optical techniques, UV absorption spectroscopy, fluorescence spectroscopy, dynamic light scattering and TEM have been used to characterize and measure the size of carbon nanoparticles in the sampled materials collected from the inner surface of the flame front. The existence of the carbon nanoparticles in the sampled material has been confirmed with the typical nature of the absorption and fluorescence spectra already reported in the literature. The band gap energy shows that the particles are made up of three to six aromatic rings. The size measurement by DLS technique also shows that the particles below the size range of 10 nm. The results of DLS are also corroborated by the TEM image of the same material. 

Nickel Electroplating in Post Supercritical CO2 Mixed Watts Bath under Different Agitations

The process of post-supercritical CO2 electroplating uses the electrolyte solution after being mixed with supercritical CO2 and released to atmospheric pressure. It utilizes the microbubbles that form when oversaturated CO2 in the electrolyte returns to gaseous state, which gives the similar effect of pulsed electroplating. Under atmospheric pressure, the CO2 bubbles gradually diffuse. Therefore, the introduction of ultrasound and/or other agitation can potentially excite the CO2 microbubbles to achieve an electroplated surface of even higher quality. In this study, during the electroplating process, three different modes of agitation: magnetic stirrer agitation, ultrasonic agitation and a combined mode (magnetic + ultrasonic) were applied, respectively, in order to obtain an optimal surface morphology and mechanical properties for the electroplated Ni coating. It is found that the combined agitation mode at a current density of 40 A/dm2 achieved the smallest grain size, lower surface roughness, and produced an electroplated Ni layer that achieved hardness of 320 HV, much higher when compared with conventional method, which were usually in the range of 160 to 300 HV. However, at the same time, the electroplating with combined agitation developed a higher internal stress of 320 MPa due to the lower current efficiency of the process and finer grain in the coating. Moreover, a new control methodology for tailoring the coating’s mechanical property through its thickness was demonstrated by the timely introduction of ultrasonic agitation during the electroplating process with post supercritical CO2 mixed electrolyte.

Low Energy Technology for Leachate Valorisation

Landfills present long-term threats to soil, air, groundwater and surface water due to the formation of greenhouse gases (methane gas and carbon dioxide) and leachate from decomposing garbage. The composition of leachate differs from site to site and also within the landfill. The leachates alter with time (from weeks to years) since the landfilled waste is biologically highly active and their composition varies. Mainly, the composition of the leachate depends on factors such as characteristics of the waste, the moisture content, climatic conditions, degree of compaction and the age of the landfill. Therefore, the leachate composition cannot be generalized and the traditional treatment models should be adapted in each case. Although leachate composition is highly variable, what different leachates have in common is hazardous constituents and their potential eco-toxicological effects on human health and on terrestrial ecosystems. Since leachate has distinct compositions, each landfill or dumping site would represent a different type of risk on its environment. Nevertheless, leachates consist always of high organic concentration, conductivity, heavy metals and ammonia nitrogen. Leachate could affect the current and future quality of water bodies due to uncontrolled infiltrations. Therefore, control and treatment of leachate is one of the biggest issues in urban solid waste treatment plants and landfills design and management. This work presents a treatment model that will be carried out "in-situ" using a cost-effective novel technology that combines solar evaporation/condensation plus forward osmosis. The plant is powered by renewable energies (solar energy, biomass and residual heat), which will minimize the carbon footprint of the process. The final effluent quality is very high, allowing reuse (preferred) or discharge into watercourses. In the particular case of this work, the final effluents will be reused for cleaning and gardening purposes. A minority semi-solid residual stream is also generated in the process. Due to its special composition (rich in metals and inorganic elements), this stream will be valorized in ceramic industries to improve the final products characteristics.

A Case Study of Clinicians’ Perceptions of Enterprise Content Management at Tygerberg Hospital

Healthcare is a human right. The sensitivity of health issues has necessitated the introduction of Enterprise Content Management (ECM) at district hospitals in the Western Cape Province of South Africa. The objective is understanding clinicians’ perception of ECM at their workplace. It is a descriptive case study design of constructivist paradigm. It employed a phenomenological data analysis method using a pattern matching deductive based analytical procedure. Purposive and s4nowball sampling techniques were applied in selecting participants. Clinicians expressed concerns and frustrations using ECM such as, non-integration with other hospital systems. Inadequate access points to ECM. Incorrect labelling of notes and bar-coding causes more time wasted in finding information. System features and/or functions (such as search and edit) are not possible. Hospital management and clinicians are not constantly interacting and discussing. Information turnaround time is unacceptably lengthy. Resolving these problems would involve a positive working relationship between hospital management and clinicians. In addition, prioritising the problems faced by clinicians in relation to relevance can ensure problem-solving in order to meet clinicians’ expectations and hospitals’ objective. Clinicians’ perception should invoke attention from hospital management with regards technology use. The study’s results can be generalised across clinician groupings exposed to ECM at various district hospitals because of professional and hospital homogeneity.

Achievements of Healthcare Services Vis-À-Vis the Millennium Development Goals Targets: Evidence from Pakistan

This study investigates the impact of public healthcare facilities and socio-economic circumstances on the status of child health in Pakistan. The complete analysis is carried out in correspondence with fourth and sixth millennium development goals. Further, the health variables chosen are also inherited from targeted indicators of the mentioned goals (MDGs). Trends in the Human Opportunity Index (HOI) for both health inequalities and coverage are analyzed using the Pakistan Social and Living Standards Measurement (PLSM) data set for 2001-02 to 2012-13 at the national and provincial level. To reveal the relative importance of each circumstance in achieving the targeted values for child health, Shorrocks decomposition is applied on HOI. The annual point average growth rate of HOI is used to simulate the time period for the achievement of target set by MDGs and universal access also. The results indicate an improvement in HOI for a reduction in child mortality rates from 52.1% in 2001-02 to 67.3% in 2012-13, which confirms the availability of healthcare opportunities to a larger segment of society. Similarly, immunization against measles and other diseases such as Diphtheria, Polio, Bacillus Calmette-Guerin (BCG), and Hepatitis has also registered an improvement from 51.6% to 69.9% during the period of study at the national level. On a positive note, no gender disparity has been found for child health indicators and that health outcome is mostly affected by the parental and geographical features and availability of health infrastructure. However, the study finds that this achievement has been uneven across provinces. Pakistan is not only lagging behind in achieving its health goals, disappointingly with the current rate of health care provision, but it will take many additional years to achieve its targets.

Heat Transfer Dependent Vortex Shedding of Thermo-Viscous Shear-Thinning Fluids

Non-Newtonian fluid properties can change the flow behaviour significantly, its prediction is more difficult when thermal effects come into play. Hence, the focal point of this work is the wake flow behind a heated circular cylinder in the laminar vortex shedding regime for thermo-viscous shear thinning fluids. In the case of isothermal flows of Newtonian fluids the vortex shedding regime is characterised by a distinct Reynolds number and an associated Strouhal number. In the case of thermo-viscous shear thinning fluids the flow regime can significantly change in dependence of the temperature of the viscous wall of the cylinder. The Reynolds number alters locally and, consequentially, the Strouhal number globally. In the present CFD study the temperature dependence of the Reynolds and Strouhal number is investigated for the flow of a Carreau fluid around a heated cylinder. The temperature dependence of the fluid viscosity has been modelled by applying the standard Williams-Landel-Ferry (WLF) equation. In the present simulation campaign thermal boundary conditions have been varied over a wide range in order to derive a relation between dimensionless heat transfer, Reynolds and Strouhal number. Together with the shear thinning due to the high shear rates close to the cylinder wall this leads to a significant decrease of viscosity of three orders of magnitude in the nearfield of the cylinder and a reduction of two orders of magnitude in the wake field. Yet the shear thinning effect is able to change the flow topology: a complex K´arm´an vortex street occurs, also revealing distinct characteristic frequencies associated with the dominant and sub-dominant vortices. Heating up the cylinder wall leads to a delayed flow separation and narrower wake flow, giving lesser space for the sequence of counter-rotating vortices. This spatial limitation does not only reduce the amplitude of the oscillating wake flow it also shifts the dominant frequency to higher frequencies, furthermore it damps higher harmonics. Eventually the locally heated wake flow smears out. Eventually, the CFD simulation results of the systematically varied thermal flow parameter study have been used to describe a relation for the main characteristic order parameters.

Towards Bridging the Gap between the ESP Classroom and the Workplace: Content and Language Needs Analysis in English for an Administrative Studies Course

Croatia has made large steps forward in the development of higher education over the past 10 years. Purposes and objectives of the tertiary education system are focused on the personal development of young people so that they obtain competences for employment on a flexible labour market. The most frequent tensions between the tertiary institutions and employers are complaints that the current tertiary education system still supplies students with an abundance of theoretical knowledge and not enough practical skills. Polytechnics and schools of professional higher education should deliver professional education and training that will satisfy the needs of their local communities. The 21st century sets demand on undergraduates as well as their lecturers to strive for the highest standards. The skills students acquire during their studies should serve the needs of their future professional careers. In this context, teaching English for Specific Purposes (ESP) presents an enormous challenge for teachers. They have to cope with teaching the language in classes with a large number of students, limitations of time, inadequate equipment and teaching material; most frequently, this leads to focusing on specialist vocabulary neglecting the development of skills and competences required for future employment. Globalization has transformed the labour market and set new standards a perspective employee should meet. When knowledge of languages is considered, new generic skills and competences are required. Not only skillful written and oral communication is needed, but also information, media, and technology literacy, learning skills which include critical and creative thinking, collaborating and communicating, as well as social skills. The aim of this paper is to evaluate the needs of two groups of ESP first year Undergraduate Professional Administrative Study students taking ESP as a mandatory course: 47 first-year Undergraduate Professional Administrative Study students, 21 first-year employed part-time Undergraduate Professional Administrative Study students and 30 graduates with a degree in Undergraduate Professional Administrative Study with various amounts of work experience. The survey adopted a quantitative approach with the aim to determine the differences between the groups in their perception of the four language skills and different areas of law, as well as getting the insight into students' satisfaction with the current course and their motivation for studying ESP. Their perceptions will be compared to the results of the questionnaire conducted among sector professionals in order to examine how they perceive the same elements of the ESP course content and to what extent it fits into their working environment. The results of the survey indicated that there is a strong correlation between acquiring work experience and the level of importance given to particular areas of law studied in an ESP course which is in line with our initial hypothesis. In conclusion, the results of the survey should help lecturers in re-evaluating and updating their ESP course syllabi.

Structure-Activity Relationship of Gold Catalysts on Alumina Supported Cu-Ce Oxides for CO and Volatile Organic Compound Oxidation

The catalytic oxidation of CO and volatile organic compounds (VOCs) is considered as one of the most efficient ways to reduce harmful emissions from various chemical industries. The effectiveness of gold-based catalysts for many reactions of environmental significance was proven during the past three decades. The aim of this work was to combine the favorable features of Au and Cu-Ce mixed oxides in the design of new catalytic materials of improved efficiency and economic viability for removal of air pollutants in waste gases from formaldehyde production. Supported oxides of copper and cerium with Cu: Ce molar ratio 2:1 and 1:5 were prepared by wet impregnation of g-alumina. Gold (2 wt.%) catalysts were synthesized by a deposition-precipitation method. Catalysts characterization was carried out by texture measurements, powder X-ray diffraction, temperature programmed reduction and electron paramagnetic resonance spectroscopy. The catalytic activity in the oxidation of CO, CH3OH and (CH3)2O was measured using continuous flow equipment with fixed bed reactor. Both Cu-Ce/alumina samples demonstrated similar catalytic behavior. The addition of gold caused significant enhancement of CO and methanol oxidation activity (100 % degree of CO and CH3OH conversion at about 60 and 140 oC, respectively). The composition of Cu-Ce mixed oxides affected the performance of gold-based samples considerably. Gold catalyst on Cu-Ce/γ-Al2O3 1:5 exhibited higher activity for CO and CH3OH oxidation in comparison with Au on Cu-Ce/γ-Al2O3 2:1. The better performance of Au/Cu-Ce 1:5 was related to the availability of highly dispersed gold particles and copper oxide clusters in close contact with ceria.

Investigation of Green Dye-Sensitized Solar Cells Based on Natural Dyes

Natural dyes, extracted from black carrot and bramble, were utilized as photosensitizers to prepare dye-sensitized solar cells (DSSCs). Spectrophotometric studies of the natural dyes in solution and on a titanium dioxide substrate were carried out in order to assess changes in the status of the dyes. The results show that the bathochromic shift is seen on the photo-electrode substrate. The chemical binding of the natural dyes at the surface photo-electrode were increased by the chelating effect of the Ti(IV) ions. The cyclic voltammetry results showed that all extracts are suitable to be performed in DSSCs. Finally, photochemical performance and stability of DSSCs based on natural dyes were studied. The DSSCs sensitized by black carrot extract have been reported to achieve up to Jsc=1.17 mAcm-2, Voc= 0.55 V, FF= 0.52, η=0.34%, whereas Bramble extract can obtain up to Jsc=2.24 mAcm-2, Voc= 0.54 V, FF= 0.57, η=0.71%. The power conversion efficiency was obtained from the mixed dyes in DSSCs. The power conversion efficiency of dye-sensitized solar cells using mixed Black carrot and Bramble dye is the average of the their efficiency in single DSSCs.

Summing ANFIS PID Control of Passenger Seat Vibrations in Active Quarter Car Model

In this paper, passenger seat vibration control of an active quarter car model under random road excitations is considered. The designed ANFIS and Summing ANFIS PID controllers are assembled in primary suspension system of quarter car model. Simulation work is performed in time and frequency domain to obtain passenger seat acceleration and displacement responses. Simulation results show that Summing ANFIS PID based controller is highly suitable to suppress the road induced vibrations in quarter car model to achieve desired passenger ride comfort and safety compared to ANFIS and passive system.

Self-Tuning Fuzzy Control of Seat Vibrations of Active Quarter Car Model

An active quarter car model with three degrees of freedom is presented for vibration reduction of passenger seat. The designed Fuzzy Logic Controller (FLC) and Self-Tuning Fuzzy Logic Controller (STFLC) are applied in seat suspension. Vibration control performance of active and passive quarter car systems are determined using simulation work. Simulation results in terms of passenger seat acceleration and displacement responses are compared for controlled and uncontrolled cases. Simulation results showed the improved results of both FLC and STFLC controllers in improving passenger ride comfort compared to uncontrolled case. Furthermore, the best performance in simulation studies is achieved by STFLC controlled suspension system compared to FLC controlled and uncontrolled cases.

Scale, Technique and Composition Effects of CO2 Emissions under Trade Liberalization of EGS: A CGE Evaluation for Argentina

Current literature about trade liberalization of environmental goods and services (EGS) raises doubts about the extent of the triple win-win situation for trade, development and the environment. However, much of this literature does not consider the possibility that this agreement carries technological transmissions, either through trade or foreign direct investment. This paper presents a computable general equilibrium model calibrated for Argentina, where there are alternative technologies (one dirty and one clean according to carbon emissions) to produce the same goods. In this context, the trade liberalization of EGS allows to increase GDP, trade, reduce unemployment and improve the households welfare. However, the capital mobility appears as the key assumption to jointly reach the environmental target, when the positive scale effect generated by the increase in trade is offset by the change in the composition of production (composition and technical effects by the use of the clean alternative technology) and of consumption (composition effect by substitution of relatively lesspolluting imported goods).

Family Functionality in Mexican Children with Congenital and Non-Congenital Deafness

A total of 100 primary caregivers (mothers, fathers, grandparents) with at least one child or grandchild with a diagnosis of congenital bilateral profound deafness were assessed in order to evaluate the functionality of families with a deaf member, who was evaluated by specialists in audiology, molecular biology, genetics and psychology. After confirmation of the clinical diagnosis, DNA from the patients and parents were analyzed in search of the 35delG deletion of the GJB2 gene to determine who possessed the mutation. All primary caregivers were provided psychological support, regardless of whether or not they had the mutation, and prior and subsequent, the family APGAR test was applied. All parents, grandparents were informed of the results of the genetic analysis during the psychological intervention. The family APGAR, after psychological and genetic counseling, showed that 14% perceived their families as functional, 62% moderately functional and 24% dysfunctional. This shows the importance of psychological support in family functionality that has a direct impact on the quality of life of these families.

Computer-Aided Teaching of Transformers for Undergraduates

In the era of technological advancement, use of computer technology has become inevitable. Hence it has become the need of the hour to integrate software methods in engineering curriculum as a part to boost pedagogy techniques. Simulations software is a great help to graduates of disciplines such as electrical engineering. Since electrical engineering deals with high voltages and heavy instruments, extra care must be taken while operating with them. The viable solution would be to have appropriate control. The appropriate control could be well designed if engineers have knowledge of kind of waveforms associated with the system. Though these waveforms can be plotted manually, but it consumes a lot of time. Hence aid of simulation helps to understand steady state of system and resulting in better performance. In this paper computer, aided teaching of transformer is carried out using MATLAB/Simulink. The test carried out on a transformer includes open circuit test and short circuit respectively. The respective parameters of transformer are then calculated using the values obtained from open circuit and short circuit test respectively using Simulink.

Profile Analysis and Experiences on the Tourism of Jalapão State Park, Tocantins, Brazil

The State Park Jalapão - PEJ proved to be one of the protected areas that has attracted tourists from all over the world with its unique scenic landscapes. Although the region already has a considerable tourist flow, to our knowledge there is a lack of continuity of studies in the region capable of drawing a plan of activities, such as the profile of the tourist and analysis of their experiences in the region, carried out from 2006-2007. Therefore, this study was proposed to know the profile and experiences of tourists visiting the park today, making a connection with the earlier study, in order to generate subsidies to trace improvement actions. We conducted interviews with tourists in the main tourism season 2015. The results show that after eight years of carrying out the first study, there were no changes, highlighting the lack of a tourism plan for the park.

A 3-Year Evaluation Study on Fine Needle Aspiration Cytology and Corresponding Histology

Background and Objectives: Incidence of thyroid carcinoma has been increasing world-wide. In the present study, we evaluated diagnostic accuracy of Fine needle aspiration (FNA) and its efficiency in early detecting neoplastic lesions of thyroid gland over a 3-year period. Methods: Data have been retrieved from pathology files in King Khalid Hospital. For each patient, age, gender, FNA, site & size of nodule and final histopathologic diagnosis were recorded. Results: Study included 490 cases where 419 of them were female and 71 male. Male to female ratio was 1:6. Mean age was 43 years for males and 38 for females. Cases with confirmed histopathology were 131. In 101/131 (77.1%), concordance was found between FNA and histology. In 30/131 (22.9%), there was discrepancy in diagnosis. Total malignant cases were 43, out of which 14 (32.5%) were true positive and 29 (67.44%) were false negative. No false positive cases could be found in our series. Conclusion: FNA could diagnose benign nodules in all cases, however, in malignant cases, ultrasound findings have to be taken into consideration to avoid missing of a microcarcinoma in the contralateral lobe.

A Settlement Strategy for Health Facilities in Emerging Countries: A Case Study in Brazil

A settlement strategy is to anticipate and respond the needs of existing and future communities through the provision of primary health care facilities in marginalized areas. Access to a health care network is important to improving healthcare coverage, often lacking, in developing countries. The study explores that a good sanitary system strategy of rural contexts brings advantages to an existing settlement: improving transport, communication, water and social facilities. The objective of this paper is to define a possible methodology to implement primary health care facilities in disadvantaged areas of emerging countries. In this research, we analyze the case study of Lauro de Freitas, a municipality in the Brazilian state of Bahia, part of the Metropolitan Region of Salvador, with an area of 57,662 km² and 194.641 inhabitants. The health localization system in Lauro de Freitas is an integrated process that involves not only geographical aspects, but also a set of factors: population density, epidemiological data, allocation of services, road networks, and more. Data were collected also using semi-structured interviews and questionnaires to the local population. Synthesized data suggest that moving away from the coast where there is the greatest concentration of population and services, a network of primary health care facilities is able to improve the living conditions of small-dispersed communities. Based on the health service needs of populations, we have developed a methodological approach that is particularly useful in rural and remote contexts in emerging countries.

Female Work Force Participation and Women Empowerment in Haryana

India is known as a country of diversity regarding the social, cultural and wide geographical variations. In the north and north-west part of the country, the strong patriarchal norms and the male dominance based social structure are the important constructs. Patriarchal social setup adversely affects the women’s social and economic wellbeing and hence in that social structure women are considered as second level citizen. Work participation rate of women has directly linked to the development of society or household. Haryana is one of the developed states of India, still being ahead in economic prosperity, much lagged behind in gender-based equality and male dominance in all dimensions of life. The position of women in the Haryana is no better than the other states of India. Haryana state has the great difference among the male-female sex ratio which is a serious concern for social science research as a demographic problem for the state. Now women are requiring for their holistic empowerment and that will take care of them for an enabling process that must lead to their economic as well as social transformation. Hence, the objective of the paper is to address the role of sex ratio, women literacy and her work participation in the process of their empowerment with special attention to the gender perspective. The study used the data from Census of India from 1991 to 2011. This paper will examine the regional disparity of sex ratio, literacy rate and female work participation and the improvement of empowerment of women in the state of Haryana. This paper will suggest the idea for focusing much intensively on the issues of women empowerment through enhancement of her education, workforce participation and social participation with people participation and holistic approach.