Abstract: A warrant is a financial contract that confers the right but not the obligation, to buy or sell a security at a certain price before expiration. The standard procedure to value equity warrants using call option pricing models such as the Black–Scholes model had been proven to contain many flaws, such as the assumption of constant interest rate and constant volatility. In fact, existing alternative models were found focusing more on demonstrating techniques for pricing, rather than empirical testing. Therefore, a mathematical model for pricing and analyzing equity warrants which comprises stochastic interest rate and stochastic volatility is essential to incorporate the dynamic relationships between the identified variables and illustrate the real market. Here, the aim is to develop dynamic pricing formulations for hybrid equity warrants by incorporating stochastic interest rates from the Cox-Ingersoll-Ross (CIR) model, along with stochastic volatility from the Heston model. The development of the model involves the derivations of stochastic differential equations that govern the model dynamics. The resulting equations which involve Cauchy problem and heat equations are then solved using partial differential equation approaches. The analytical pricing formulas obtained in this study comply with the form of analytical expressions embedded in the Black-Scholes model and other existing pricing models for equity warrants. This facilitates the practicality of this proposed formula for comparison purposes and further empirical study.
Abstract: The use of advanced methods has been increasing day by day in the maritime sector, which is one of the sectors least affected by the COVID-19 pandemic. It is aimed to minimize accidents, especially by using advanced methods in the investigation of marine accidents. This research aimed to conduct an exploratory statistical analysis of particular ship accidents in the Transport Safety Investigation Center of Turkey database. 46 ship accidents, which occurred between 2010-2018, have been selected from the database. In addition to the availability of a reliable and comprehensive database, taking advantage of the robust statistical models for investigation is critical to improving the safety of ships. Thus, descriptive analysis has been used in the research to identify causes and conditional factors related to different types of ship accidents. The research outcomes underline the fact that environmental factors and day and night ratio have great influence on ship safety.
Abstract: Fuzzy Logic, an advanced method to support decision-making, is used by various scientists in many disciplines. Fuzzy programming is a product of fuzzy logic, fuzzy rules, and implication. In marine science, fuzzy programming for ships is dramatically increasing together with autonomous ship studies. In this paper, a program to support the decision-making process for ship navigation has been designed. The program is produced in fuzzy logic and rules, by taking the marine accidents and expert opinions into account. After the program was designed, the program was tested by 46 ship accidents reported by the Transportation Safety Investigation Center of Turkey. Wind speed, sea condition, visibility, day/night ratio have been used as input data. They have been converted into a risk factor within the Fuzzy Logic Designer application and fuzzy rules set by marine experts. Finally, the expert's meteorological risk factor for each accident is compared with the program's risk factor, and the error rate was calculated. The main objective of this study is to improve the navigational safety of ships, by using the advance decision support model. According to the study result, fuzzy programming is a robust model that supports safe navigation.
Abstract: If a person can monitor his/her heart rate regularly then he/she can detect heart disease early and thus he/she can enjoy longer life span. Therefore, this disease should be taken seriously. Hence, many health care devices and monitoring systems are being designed to keep track of the heart disease. This work reports a design and simulation processes of an Arduino microcontroller based heart rate measurement and monitoring system in Proteus environment. Clipping sensors were utilized to sense the heart rate of an individual from the finger tips. It is a digital device and uses mainly infrared (IR) transmitter (mainly IR LED) and receiver (mainly IR photo-transistor or IR photo-detector). When the heart pumps the blood and circulates it among the blood vessels of the body, the changed blood pressure is detected by the transmitter and then reflected back to the receiver accordingly. The reflected signals are then processed inside the microcontroller through a software written assembly language and appropriate heart rate (HR) is determined by it in beats per minute (bpm) from the detected signal for a duration of 10 seconds and display the same in bpm on the LCD screen in digital format. The designed system was simulated on several persons with varying ages, for example, infants, adult persons and active athletes. Simulation results were found very satisfactory.
Abstract: Current collection quality is one of the limiting factors when increasing trains movement speed in the rail sector. With the movement speed growth, the impact forces on the current collector from the rolling stock and the aerodynamic influence increase, which leads to the spread in the contact pressure values, separation of the current collector head from the contact wire, contact arcing and excessive wear of the contact elements. The upcoming trend in resolving this issue is the use of the automatic control systems providing stabilization of the contact pressure value. The present paper considers the features of the contemporary automatic control systems of the current collector’s pressure; their major disadvantages have been stated. A scheme of current collector pressure automatic control has been proposed, distinguished by a proactive influence on undesirable effects. A mathematical model of contact strips wearing has been presented, obtained in accordance with the provisions of the central composition rotatable design program. The analysis of the obtained dependencies has been carried out. The procedures for determining the optimal current collector pressure on the contact wire and the pressure control principle in the pneumatic drive have been described.
Abstract: In an era where machines run and shape our world, the need for a stable, non-ending source of energy emerges. In this study, the focus was on the solar energy in Egypt as a renewable source, the most important factors that could affect the solar energy’s market share throughout its life cycle production were analyzed and filtered, the relationships between them were derived before structuring a Bayesian network. Also, forecasted models were built for multiple factors to predict the states in Egypt by 2035, based on historical data and patterns, to be used as the nodes’ states in the network. 37 factors were found to might have an impact on the use of solar energy and then were deducted to 12 factors that were chosen to be the most effective to the solar energy’s life cycle in Egypt, based on surveying experts and data analysis, some of the factors were found to be recurring in multiple stages. The presented Bayesian network could be used later for scenario and decision analysis of using solar energy in Egypt, as a stable renewable source for generating any type of energy needed.
Abstract: The sensory stimuli from the urban environment are often distinguished as subtle structures that derive from experiencing the city. The experience of the urban environment is also related to the social relationships and memories that complete the 'urban eyescapes' and the way individuals can recall them. Despite the fact that the consideration of urban sensory stimuli is part of urban design, currently the account of visual experience in urban studies is hard to be identified. This article explores ways of recording how the senses mediate one's engagement with the urban environment. This study involves an experiment in the urban environment of the Copenhagen city centre, with 20 subjects performing a walking task. The aim of the experiment is to categorize the visual 'Bold Headlined Stimuli’ (BHS) of the examined environment, using eye-tracking techniques. The analysis allows us to identify the Headlining Stimuli Process, (HSP) in the select urban environment. HSP is significantly mediated by body mobility and perceptual memories and has shown how urban stimuli influence the intelligibility and the recalling patterns of the urban characteristics. The results have yielded a 'Bold Headline list' of stimuli related to: the spatial characteristics of higher preference; the stimuli that are relevant to livability; and the spatial dimensions easier to recall. The data of BHS will be used in cross-disciplinary city analysis. In the future, these results could be useful in urban design, to provide information on how urban space affects the human activities.
Abstract: This work deals with the experimental study of the mechanical behavior, by shear tests (fracture shear), elements of concrete beams reinforced with fibers in chips. These fibers come from the machining waste of the steel parts. The shear tests are carried out on prismatic specimens of dimensions 10 x 20 x 120 cm3. The fibers are characterized by mechanical resistance and tearing. The optimal composition of the concrete was determined by the workability test. Two fiber contents are selected for this study (W = 0.6% and W = 0.8%) and a BT control concrete (W = 0%) of the same composition as the matrix is developed to serve as a reference with a sand-to-gravel ratio (S/G) of concrete matrix equal to 1. The comparison of the different results obtained shows that the chips fibers confer a significant ductility to the material after cracking of the concrete. Also, the fibers used limit diagonal cracks in shear and improve strength and rigidity.
Abstract: In the past few decades, international research on the country of origin of products has garnered significant interest, particularly in investigating the effects of consumers’ evaluation and perception. As globalization and market competition rise, international firms are seeking ways to control their labour costs and minimise taxes. Many products are outsourced and manufactured in countries with cheap labour. Consequently, the proliferation of ‘bi-national’ products has increased, raising important questions related to consumers’ perception. Moreover, the rapid growth in emerging markets, especially in Asia, has made these countries attractive options for international brands. Therefore, studying the country of origin allows firms and researchers to understand how customers perceive such information regarding the country of manufacture and the country of the brand. This study aims to investigate the influence of the country of manufacture (COM) and country of brand (COB) on Thai consumers’ perception of the brand. In addition, it embraces a different perspective on brand experience as a moderating factor. A sample of 403 Thai respondents was collected through face-to-face survey questionnaires in central Bangkok. This research employs an experiment using a factorial design to test the hypotheses. SPSS statistics software was adopted to analyse and validate the reliability of the testing of the constructs and model hypotheses. The results of this research show that the respondents positively respond to the COB more than the COM, and brand experience plays a moderating role in this research. This research provides a significant contribution to the existing literature and managerial practicality by using multi-dimensional information on the country and analyses the relationships between these dimensions.
Abstract: In an attempt to enrich the lives of billions of people by providing proper information, security and a way of communicating with others, the need for efficient and improved satellites is constantly growing. Thus, there is an increasing demand for better error detection and correction (EDAC) schemes, which are capable of protecting the data onboard the satellites. The paper is aimed towards detecting and correcting such errors using a special algorithm called the Hamming Code, which uses the concept of parity and parity bits to prevent single-bit errors onboard a satellite in Low Earth Orbit. This paper focuses on the study of Low Earth Orbit satellites and the process of generating the Hamming Code matrix to be used for EDAC using computer programs. The most effective version of Hamming Code generated was the Hamming (16, 11, 4) version using MATLAB, and the paper compares this particular scheme with other EDAC mechanisms, including other versions of Hamming Codes and Cyclic Redundancy Check (CRC), and the limitations of this scheme. This particular version of the Hamming Code guarantees single-bit error corrections as well as double-bit error detections. Furthermore, this version of Hamming Code has proved to be fast with a checking time of 5.669 nanoseconds, that has a relatively higher code rate and lower bit overhead compared to the other versions and can detect a greater percentage of errors per length of code than other EDAC schemes with similar capabilities. In conclusion, with the proper implementation of the system, it is quite possible to ensure a relatively uncorrupted satellite storage system.
Abstract: To improve the satisfaction of residents' travel, this paper analyzes the characteristics and influencing factors of urban residents' travel behavior. First, a Multinominal Logit Model (MNL) model is built to analyze the characteristics of residents' travel behavior, reveal the influence of individual attributes, family attributes and travel characteristics on the choice of travel mode, and identify the significant factors. Then put forward suggestions for policy improvement. Finally, Support Vector Machine (SVM) and Multi-Layer Perceptron (MLP) models are introduced to evaluate the policy effect. This paper selects Futian Street in Futian District, Shenzhen City for investigation and research. The results show that gender, age, education, income, number of cars owned, travel purpose, departure time, journey time, travel distance and times all have a significant influence on residents' choice of travel mode. Based on the above results, two policy improvement suggestions are put forward from reducing public transportation and non-motor vehicle travel time, and the policy effect is evaluated. Before the evaluation, the prediction effect of MNL, SVM and MLP models was evaluated. After parameter optimization, it was found that the prediction accuracy of the three models was 72.80%, 71.42%, and 76.42%, respectively. The MLP model with the highest prediction accuracy was selected to evaluate the effect of policy improvement. The results showed that after the implementation of the policy, the proportion of public transportation in plan 1 and plan 2 increased by 14.04% and 9.86%, respectively, while the proportion of private cars decreased by 3.47% and 2.54%, respectively. The proportion of car trips decreased obviously, while the proportion of public transport trips increased. It can be considered that the measures have a positive effect on promoting green trips and improving the satisfaction of urban residents, and can provide a reference for relevant departments to formulate transportation policies.
Abstract: A Gerotor pump is composed of an external and internal gear with conjugate cycloidal profiles. From suction to delivery ports, the fluid is transported inside cavities formed by teeth and driven by the shaft. From a geometric and conceptional side it is worth to note that the internal gear has one tooth less than the external one. Simcenter Amesim v.16 includes a new submodel for modelling the hydraulic Gerotor pumps behavior (THCDGP0). This submodel considers leakages between teeth tips using Poiseuille and Couette flows contributions. From the 3D CAD model of the studied pump, the “CAD import” tool takes out the main geometrical characteristics and the submodel THCDGP0 computes the evolution of each cavity volume and their relative position according to the suction or delivery areas. This module, based on international publications, presents robust results up to 6 000 rpm for pressure greater than atmospheric level. For higher rotational speeds or lower pressures, oil aeration and cavitation effects are significant and highly drop the pump’s performance. The liquid used in hydraulic systems always contains some gas, which is dissolved in the liquid at high pressure and tends to be released in a free form (i.e. undissolved as bubbles) when pressure drops. In addition to gas release and dissolution, the liquid itself may vaporize due to cavitation. To model the relative density of the equivalent fluid, modified Henry’s law is applied in Simcenter Amesim v.16 to predict the fraction of undissolved gas or vapor. Three parietal pressure sensors have been set up upstream from the pump to estimate the sound speed in the oil. Analytical models have been compared with the experimental sound speed to estimate the occluded gas content. Simcenter Amesim v.16 model was supplied by these previous analyses marks which have successfully improved the simulations results up to 14 000 rpm. This work provides a sound foundation for designing the next Gerotor pump generation reaching high rotation range more than 25 000 rpm. This improved module results will be compared to tests on this new pump demonstrator.
Abstract: Differences in commercial, professional and personal cultural traditions between western consultants and project sponsors in the Gulf Cooperation Council (GCC) region are potentially significant in the workplace, and this can impact on project outcomes. These cultural differences can, for example, result in conflict amongst senior managers, which can negatively impact the megaproject. New entrants to the GCC often experience ‘culture shock’ as they attempt to integrate into their unfamiliar environments. Megaprojects are unique ventures with individual project characteristics, which need to be considered when managing their associated risks. Megaproject research to date has mostly ignored the significance of the absence of cultural congruence in the GCC, which is surprising considering that there are large volumes of megaprojects in various stages of construction in the GCC. An initial step to dealing with cultural issues is to acknowledge culture as a significant risk factor (SRF). This paper seeks to understand the criticality for western consultants to address these risks. It considers the cultural barriers that exist between GCC sponsors and western consultants and examines the cultural distance between the key actors. Initial findings suggest the presence to a certain extent of ethnocentricity. Other cultural clashes arise out of a lack of appreciation of the customs, practices and traditions of ‘the Other’, such as the need for avoiding public humiliation and the hierarchal significance rankings. The concept and significance of cultural shock as part of the integration process for new arrivals are considered. Culture shock describes the state of anxiety and frustration resulting from the immersion in a culture distinctly different from one's own. There are potentially substantial project risks associated with underestimating the process of cultural integration. This paper examines two distinct but intertwined issues: the societal and professional culture differences associated with expatriate assignments. A case study examines the cultural congruences between GCC sponsors and American, British and German consultants, over a ten-year cycle. This provides indicators as to which nationalities encountered the most profound cultural issues and the nature of these. GCC megaprojects are typically intensive fast track demanding ventures, where consultant turnover is high. The study finds that building trust-filled relationships is key to successful project team integration and therefore, to successful megaproject execution. Findings indicate that both professional and social inclusion processes have steep learning curves. Traditional risk management practice is to approach any uncertainty in a structured way to mitigate the potential impact on project outcomes. This research highlights cultural risk as a significant factor in the management of GCC megaprojects. These risks arising from high staff turnover typically include loss of project knowledge, delays to the project, cost and disruption in replacing staff. This paper calls for cultural risk to be recognised as an SRF, as the first step to developing risk management strategies, and to reduce staff turnover for western consultants in GCC megaprojects.
Abstract: Wood Light frame construction is one of the most common types of construction methods for residential and light commercial building in North America and parts of Europe. The typical roof framing for wood framed building is sloped and consists of several structural members such as rafters, hips, and valleys which are connected to the ridge and ceiling joists. The common slopes for roofs are 3/12, 8/12, and 12/12. Wood framed residential roof failure is most commonly caused by wind damage in such buildings. In the recent study, one of the weaknesses of wood framed roofs is long unsupported structural member lengths, such as hips and valleys. The purpose of this research is to find the critical support location for long hips and valleys with different slopes. ForteWeb software is used to find the critical location. The analysis results demonstrating the maximum unbraced hip and valley length are from 8.5 to 10.25 ft. dependent on the slope and roof type.
Abstract: Thermoelectric technology is currently being used in many industrial applications for cooling, heating and generating electricity. This research mainly focuses on using thermoelectric to cool down high-speed computer chips at different operating conditions. A previously developed and validated three-dimensional model for optimizing and assessing the performance of cascaded thermoelectric and non-cascaded thermoelectric is used in this study to investigate the possibility of decreasing the hotspot temperature of computer chip. Additionally, a test assembly is built and tested at steady-state and transient conditions. The obtained optimum thermoelectric current at steady-state condition is used to conduct a number of pulsed tests (i.e. transient tests) with different shapes to cool the computer chips hotspots. The results of the steady-state tests showed that at hotspot heat rate of 15.58 W (5.97 W/cm2), using thermoelectric current of 4.5 A has resulted in decreasing the hotspot temperature at open circuit condition (89.3 °C) by 50.1 °C. Maximum and minimum hotspot temperatures have been affected by ON and OFF duration of the electrical current pulse. Maximum hotspot temperature was resulted by longer OFF pulse period. In addition, longer ON pulse period has generated the minimum hotspot temperature.
Abstract: Mobile phones are one of the main tools for promoting the wellbeing of people and supporting the integration of communities on the margins such as refugees. Information and Communication Technology has the potential to contribute towards reducing isolation, loneliness, and to assist in improving interpersonal relations and fostering acculturation processes. Therefore, the use of mobile phones by refugees might contribute to their social connectedness. This paper aims to demonstrate how existing literature has shown how the use of mobile phones by refugees should engender social connectedness amongst the refugees. Data for the study are drawn from existing literature; we searched a number of electronic databases for papers published between 2010 and 2019. The main findings of the study relate to the use of mobile phones by refugees to (i) create a sense of belonging, (ii) maintain relationships, and (iii) advance the acculturation process. The analysis highlighted a gap in the research over refugees and social connectedness. In particular, further studies should consider evaluating the differences between those who have a refugee permit, those who are waiting for the refugee permit, and those whose request was denied.
Abstract: In this paper, we report the development of a portable and inexpensive infrared lightbox for improving the detection limits of paper-based phosphate devices. Commercial paper-based devices utilize the molybdenum blue protocol to detect phosphate in the environment. Although these devices are easy to use and have a long shelf life, their main deficiency is their low sensitivity based on the qualitative results obtained via a color chart. To improve the results, we constructed a compact infrared lightbox that communicates wirelessly with a smartphone. The system measures the absorbance of radiation for the molybdenum blue reaction in the infrared region of the spectrum. It consists of a lightbox illuminated by four infrared light-emitting diodes, an infrared digital camera, a Raspberry Pi microcontroller, a mini-router, and an iPhone to control the microcontroller. An iPhone application was also developed to analyze images captured by the infrared camera in order to quantify phosphate concentrations. Additionally, the app connects to an online data center to present a highly scalable worldwide system for tracking and analyzing field measurements. In this study, the detection limits for two popular commercial devices were improved by a factor of 4 for the Quantofix devices (from 1.3 ppm using visible light to 300 ppb using infrared illumination) and a factor of 6 for the Indigo units (from 9.2 ppm to 1.4 ppm) with repeatability of less than or equal to 1.2% relative standard deviation (RSD). The system also provides more granular concentration information compared to the discrete color chart used by commercial devices and it can be easily adapted for use in other applications.
Abstract: Nearly a hundred per million of the Filipino population is diagnosed with Chronic Kidney Disease (CKD). The early stage of CKD has no symptoms and can only be discovered once the patient undergoes urinalysis. Over the years, different methods were discovered and used for the quantification of the urinary albumin such as the immunochemical assays where most of these methods require large machinery that has a high cost in maintenance and resources, and a dipstick test which is yet to be proven and is still debated as a reliable method in detecting early stages of microalbuminuria. This research study involves the use of the liquid chromatography concept in microfluidic instruments with biosensor as a means of separation and detection respectively, and linear regression to quantify human urinary albumin. The researchers’ main objective was to create a miniature system that quantifies and detect patients’ urinary albumin while reducing the amount of volume used per five test samples. For this study, 30 urine samples of unknown albumin concentrations were tested using VITROS Analyzer and the microfluidic system for comparison. Based on the data shared by both methods, the actual vs. predicted regression were able to create a positive linear relationship with an R2 of 0.9995 and a linear equation of y = 1.09x + 0.07, indicating that the predicted values and actual values are approximately equal. Furthermore, the microfluidic instrument uses 75% less in total volume – sample and reagents combined, compared to the VITROS Analyzer per five test samples.
Abstract: Religion and Development relation is one of the most arguable phrases amongst politicians, philosophers, clerics, scientists, sociologists and even the public. The main objective of this research is to clarify the relations, contrasts and interactions between religion and the major types of development including social, political, economic and scientific developments, by focusing on Islam religion. A review of the literature was performed concerning religion and development relations and conflicts, by focusing on Islam religion and then the unprocessed tips of the review were characterized. Regarding clarification of the key points of the literature, three main sectors were considered in the research. The first sector of the research mainly focused on the philosophical views on religion, which were analyzed by main evaluation of three famous philosophers’ ideas: ‘Kant’, ‘Hegel’ and ‘Weber’, and then a critical discussion on Weber’s idea about Islam and development was applied. The second sector was specified to ‘Religion and Development’ and mainly discussed the role of religion in development through poverty reduction, the interconnection of religion, spirituality and social development, religious education effects on social development, and the relation of religion with political development. The third sector was specified to ‘Islam and Development’ and mainly discussed the Islamic golden age of science, major reasons of today’s backwardness (non-development) of most Islamic countries, and Quranic instructions regarding adaptability of Islam with development. The findings of the current research approved the research hypothesis as: ‘Religious instructions (included Islam) are not in conflict with development’, rather, it could have positive effects mainly on social development and it can pave the way for society to develop. Turkey was considered as a study model, as a successful developed Islamic country demonstrating the non-conflicting relation of Islam and development.
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.