Abstract: This paper proposes strategies in level crossing (LC) sampling and reconstruction that provide alias-free high-fidelity signal reconstruction for speech signals without exponentially increasing sample number with increasing bit-depth. We introduce methods in LC sampling that reduce the sampling rate close to the Nyquist frequency even for large bit-depth. The results indicate that larger variation in the sampling intervals leads to alias-free sampling scheme; this is achieved by either reducing the bit-depth or adding a jitter to the system for high bit-depths. In conjunction with windowing, the signal is reconstructed from the LC samples using an efficient Toeplitz reconstruction algorithm.
Abstract: This paper proposes strategies in level crossing (LC) sampling and reconstruction that provide high fidelity signal reconstruction for speech signals; these strategies circumvent the problem of exponentially increasing number of samples as the bit-depth is increased and hence are highly efficient. Specifically, the results indicate that the distribution of the intervals between samples is one of the key factors in the quality of signal reconstruction; including samples with short intervals does not improve the accuracy of the signal reconstruction, whilst samples with large intervals lead to numerical instability. The proposed sampling method, termed reduced conventional level crossing (RCLC) sampling, exploits redundancy between samples to improve the efficiency of the sampling without compromising performance. A reconstruction technique is also proposed that enhances the numerical stability through linear interpolation of samples separated by large intervals. Interpolation is demonstrated to improve the accuracy of the signal reconstruction in addition to the numerical stability. We further demonstrate that the RCLC and interpolation methods can give useful levels of signal recovery even if the average sampling rate is less than the Nyquist rate.
Abstract: The rapid development of cities implies significant material inflows and outflows. The construction sector is one of the main consumers of raw materials and producers of waste. The waste from the building sector, for its quantity and potential for recovery, constitutes significant deposits requiring major efforts, by combining different actors, to achieve the circular economy's objectives. It is necessary to understand and know the current construction actors' knowledge of stocks, urban metabolism, deposits, and recovery practices in this context. This article aims to explore the role of local governments in planning strategies by facilitating a circular economy. In particular, the principal opportunities and challenges of communities for applying the principles of the circular economy in the building sector will be identified. The approach used for the study was to conduct semi-structured interviews with those responsible for circular economy projects within local administrations of some communities in France. The results show territories' involvement in the inclusion and application of the principles of the circular economy in the building sector. The main challenges encountered are numerous, hence the importance of having identified and described them so that the different actors can work to meet them.
Abstract: This paper studies the optimal investment strategies for a plan member (PM) in a defined contribution (DC) pension scheme with transaction cost, taxes on invested funds and couple risky assets (stocks) under the Ornstein-Uhlenbeck (O-U) process. The PM’s portfolio is assumed to consist of a risk-free asset and two risky assets where the two risky assets are driven by the O-U process. The Legendre transformation and dual theory is use to transform the resultant optimal control problem which is a nonlinear partial differential equation (PDE) into linear PDE and the resultant linear PDE is then solved for the explicit solutions of the optimal investment strategies for PM exhibiting constant absolute risk aversion (CARA) using change of variable technique. Furthermore, theoretical analysis is used to study the influences of some sensitive parameters on the optimal investment strategies with observations that the optimal investment strategies for the two risky assets increase with increase in the dividend and decreases with increase in tax on the invested funds, risk averse coefficient, initial fund size and the transaction cost.
Abstract: This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks.
Abstract: A key issue in stock investment is how to select representative features for stock selection. The objective of this paper is to firstly determine whether an automated stock investment system, using machine learning techniques, may be used to identify a portfolio of growth stocks that are highly likely to provide returns better than the stock market index. The second objective is to identify the technical features that best characterize whether a stock’s price is likely to go up and to identify the most important factors and their contribution to predicting the likelihood of the stock price going up. Unsupervised machine learning techniques, such as cluster analysis, were applied to the stock data to identify a cluster of stocks that was likely to go up in price – portfolio 1. Next, the principal component analysis technique was used to select stocks that were rated high on component one and component two – portfolio 2. Thirdly, a supervised machine learning technique, the logistic regression method, was used to select stocks with a high probability of their price going up – portfolio 3. The predictive models were validated with metrics such as, sensitivity (recall), specificity and overall accuracy for all models. All accuracy measures were above 70%. All portfolios outperformed the market by more than eight times. The top three stocks were selected for each of the three stock portfolios and traded in the market for one month. After one month the return for each stock portfolio was computed and compared with the stock market index returns. The returns for all three stock portfolios was 23.87% for the principal component analysis stock portfolio, 11.65% for the logistic regression portfolio and 8.88% for the K-means cluster portfolio while the stock market performance was 0.38%. This study confirms that an automated stock investment system using machine learning techniques can identify top performing stock portfolios that outperform the stock market.
Abstract: The Lar Igneous Suite (LIS), east of Iran, is part of post collisional alkaline magmatism related to Late Cretaceous- mid Eocene Sistan suture zone. The suite consists of a wide variety of igneous rocks, from volcanic to intrusive and hypabissal rocks such as tuffs, trachyte, monzonite, syenites and lamprophyres. Syenitic rocks which mainly occur in a giant ring dike and stocks, are shoshonitic to potassic-ultrapotassic (K2O/Na2O > 2 wt.%; MgO > 3 wt.%; K2O > 3 wt.%) in composition and are also associated with Cu-Mo mineralization. In this study, chemical composition of biotites within the Lar syenites (LS) is determined by electron microprobe analysis. The results show that LS biotites are Ti-Mg-biotites (phlogopite) which contain relatively high Ti and Mg, and low Fe concentrations. The Mg/(Fe2++ Mg) ratio in these biotites range between 0.56 and 0.73 that represent their transitionally chemical evolution. TiO2 content in these biotites is high and in the range of 3.0-5.4 wt.%. These chemical characteristics indicate that the LS biotites are primary and have been crystallized directly from magma. The investigations also demonstrate that the LS biotites have crystallized from a magma of orogenic nature. Temperature and pressure are the most significant factors controlling Mg and Ti content in the LS biotites, respectively. The results show that the LS biotites crystallized at temperatures (T) between 800 to 842 °C and pressures (P) between 0.99 to 1.44 kbar. These conditions are indicative of a crystallization depth of 3.26-4.74 km.
Abstract: Low-pressure powder injection molding is an emerging technology for cost-effectively producing complex shape metallic parts with the proper dimensional tolerances, either in high or in low production volumes. In this study, the molding properties of cobalt-chrome-based feedstocks were evaluated for use in a low-pressure powder injection molding process. The rheological properties of feedstock formulations were obtained by mixing metallic powder with a proprietary wax-based binder system. Rheological parameters such as reference viscosity, shear rate sensitivity index, and activation energy for viscous flow, were extracted from the viscosity profiles and introduced into the Weir model to calculate the moldability index. Feedstocks were experimentally injected into a spiral mold cavity to validate the injection performance calculated with the model.
Abstract: Water hammer is a hydraulic transient problem which is commonly encountered in the penstocks of hydropower plants. The numerical model was developed to estimate the transient behavior of pressure waves in pipe systems. The computational algorithm was proposed to model the water hammer phenomenon in a pipe system with pump shutdown at midstream and sudden valve closure at downstream. To predict the pressure head and flow velocity as a function of time as a result of rapidly closing a valve and pump shutdown, two boundary conditions at the ends considering pump operation and valve control can be implemented as specified equations of the pressure head and flow velocity based on the characteristics method. It was shown that the effects of transient flow make it determine the needs for protection devices, such as surge tanks, surge relief valves, or air valves, at various points in the system against overpressure and low pressure. It produced reasonably good performance with the results of the proposed transient model for pipeline systems. The proposed numerical model can be used as an efficient tool for the safety assessment of hydropower plants due to water hammer.
Abstract: Hardly any neat biodiesel satisfies the European EN14214 standard for compression ignition engine application. To satisfy the EN14214 standard, various additives are doped into biodiesel; however, biodiesel additives might cause other problems such as increase in the particular emission and increased specific fuel consumption. In addition, the additives could be expensive. Considering the increasing level of greenhouse gas GHG emissions and fossil fuel depletion, it is forecasted that the use of biodiesel will be higher in the near future. Hence, the negative aspects of the biodiesel additives will likely to gain much more importance and need to be replaced with better solutions. This study aims to satisfy the European standard EN14214 by blending the biodiesels derived from sustainable feedstocks. Waste Cooking Oil (WCO) and Animal Fat Oil (AFO) are two sustainable feedstocks in the EU (including the UK) for producing biodiesels. In the first stage of the study, these oils were transesterified separately and neat biodiesels (W100 & A100) were produced. Secondly, the biodiesels were blended together in various ratios: 80% WCO biodiesel and 20% AFO biodiesel (W80A20), 60% WCO biodiesel and 40% AFO biodiesel (W60A40), 50% WCO biodiesel and 50% AFO biodiesel (W50A50), 30% WCO biodiesel and 70% AFO biodiesel (W30A70), 10% WCO biodiesel and 90% AFO biodiesel (W10A90). The prepared samples were analysed using Thermo Scientific Trace 1300 Gas Chromatograph and ISQ LT Mass Spectrometer (GC-MS). The GS-MS analysis gave Fatty Acid Methyl Ester (FAME) breakdowns of the fuel samples. It was found that total saturation degree of the samples was linearly increasing (from 15% for W100 to 54% for A100) as the percentage of the AFO biodiesel was increased. Furthermore, it was found that WCO biodiesel was mainly (82%) composed of polyunsaturated FAMEs. Cetane numbers, iodine numbers, calorific values, lower heating values and the densities (at 15 oC) of the samples were estimated by using the mass percentages data of the FAMEs. Besides, kinematic viscosities (at 40 °C and 20 °C), densities (at 15 °C), heating values and flash point temperatures of the biomixture samples were measured in the lab. It was found that estimated and measured characterisation results were comparable. The current study concluded that biomixture fuel samples W60A40 and W50A50 were perfectly satisfying the European EN 14214 norms without any need of additives. Investigation on engine performance, exhaust emission and combustion characteristics will be conducted to assess the full feasibility of the proposed biomixture fuels.
Abstract: This paper explores whether stock characteristics influence the herding formation among investors in the US equity market. To extend the research scope of the existing literature, this paper further examines the role that stock risk characteristics play in the US equity market, and the way they influence investors’ decision-making. First, empirical results show that whether general stocks or high-risk stocks, there are no herding behaviors among the investors in the US equity market during the whole research period or during four great events. Moreover, stock characteristics have great influence on investors’ trading decisions. Finally, there is a bidirectional lead-lag relationship of the herding formation between high-risk stocks and low-risk stocks, but the influence of high-risk stocks on the low-risk stocks is stronger than that of low-risk stocks on the high-risk stocks.
Abstract: Citrus leaf miner (Phyllocnistis citrella Stainton) is native to Asia and one of the most serious pests of Iran’s citrus nursery stocks. In the present study, the possibility of insect mass rearing on four various citrus hosts and the effects of gamma irradiation on the pupal mortality and reproduction of this pest were studied. Trifoliate orange and grapefruit showed less infection, while the number of pupae in Valencia oranges and sweet lemons cages was so high. There was not any significant difference between weight of male and female pupae among different citrus hosts, but generally the weight of male pupae was less than females. Use of Valencia orange or sweet lemons seedlings in especial dark emergence and oviposition cages could be recommended for mass rearing of this pest. In this study, the effects of gamma radiation at doses 100 to 450 Gy on biological and reproductive parameters of the pest has been determined. The results show that mean percent of pupal mortality increased with increasing doses and reached to 28.67% at 450 Gy for male pupae and 38.367% for female pupae. Also, the mean values of this parameter were higher for irradiated female, which indicated the higher sensitivity of this sex. The gamma ray irradiation from 200 and 300 Gy caused decrease in male and female adult moth longevity, respectively. The eggs were laid by emerged females, and their hatchability was decreased by increasing gamma doses. The fecundity of females in both combinations of crosses (irradiated male × normal female and irradiated female × normal male) did not differ, but fertility of laid eggs by irradiated female × normal male affected seriously and the mean values of this parameter reached to zero at 300 Gy. The hatchability percentage of produced eggs by normal female × irradiated male at 300 Gy was 23.29% and reached to less than 2 % at 450 Gy as the highest tested dose. The results of this test show that females have more radio-sensitivity in comparison to males.
Abstract: This paper analyses the effect of adding Bitcoin, to the portfolio (stocks, bonds, Baltic index, MXEF, gold, real estate and crude oil) of an international investor by using daily data available from 2nd of July, 2010 to 2nd of August, 2016. We conclude that adding Bitcoin to portfolio, over the course of the considered period, always yielded a higher Sharpe ratio. This means that Bitcoin’s returns offset its high volatility. This paper, recognizing the fact that Bitcoin is a relatively new asset class, gives the readers a basic idea about the working of the virtual currency, the increasing number developments in the financial industry revolving around it, its unique features and the detailed look into its continuously growing acceptance across different fronts (Banks, Merchants and Countries) globally. We also construct optimal portfolios to reflect the highly lucrative and largely unexplored opportunities associated with investment in Bitcoin.
Abstract: How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.
Abstract: The first objective of this study is to investigate the suitability of coconut frond (CF) and coconut husk (CH) as feedstocks using a laboratory-scale slow pyrolysis experimental setup. The second objective is to investigate the effect of pyrolysis temperature on the biochar yield. The properties of CF and CH feedstocks were compared. The properties of the CF and CH feedstocks were investigated using proximate and elemental analysis, lignocellulosic determination, and also thermogravimetric analysis (TGA). The CF and CH feedstocks were pyrolysed at 300, 400, 500, 600 and 700 °C for 2 hours at 10 °C/min heating rate. The proximate analysis showed that CF feedstock has 89.96 mf wt% volatile matter, 4.67 mf wt% ash content and 5.37 mf wt% fixed carbon. The lignocelluloses analysis showed that CF feedstock contained 21.46% lignin, 39.05% cellulose and 22.49% hemicelluloses. The CH feedstock contained 84.13 mf wt% volatile matter, 0.33 mf wt% ash content, 15.54 mf wt% fixed carbon, 28.22% lignin, 33.61% cellulose and 22.03% hemicelluloses. Carbon and oxygen are the major component of the CF and CH feedstock compositions. Both of CF and CH feedstocks contained very low percentage of sulfur, 0.77% and 0.33%, respectively. TGA analysis indicated that coconut wastes are easily degraded. It may be due to their high volatile content. Between the temperature ranges of 300 and 800 °C, the TGA curves showed that the weight percentage of CF feedstock is lower than CH feedstock by 0.62%-5.88%. From the D TGA curves, most of the weight loss occurred between 210 and 400 °C for both feedstocks. The maximum weight loss for both CF and CH are 0.0074 wt%/min and 0.0061 wt%/min, respectively, which occurred at 324.5 °C. The yield percentage of both CF and CH biochars decreased significantly as the pyrolysis temperature was increased. For CF biochar, the yield decreased from 49.40 wt% to 28.12 wt% as the temperature increased from 300 to 700 °C. The yield for CH biochars also decreased from 52.18 wt% to 28.72 wt%. The findings of this study indicated that both CF and CH are suitable feedstock for slow pyrolysis of biochar.
Abstract: Biomass such as corn and cassava wastes if left to decay will release significant quantities of greenhouse gases (GHG) including carbon dioxide and methane. The biomass wastes can be converted into biochar via thermochemical process such as slow pyrolysis. This approach can reduce the biomass wastes as well as preserve its carbon content. Biochar has the potential to be used as a carbon sequester and soil amendment. The aim of this study is to investigate the characteristics of the corn cob, cassava stem, and cassava rhizome in order to identify their potential as pyrolysis feedstocks for biochar production. This was achieved by using the proximate and elemental analyses as well as calorific value and lignocellulosic determination. The second objective is to investigate the effect of pyrolysis temperature on the biochar produced. A fixed bed slow pyrolysis reactor was used to pyrolyze the corn cob, cassava stem, and cassava rhizome. The pyrolysis temperatures were varied between 400 °C and 600 °C, while the heating rate and the holding time were fixed at 5 °C/min and 1 hour, respectively. Corn cob, cassava stem, and cassava rhizome were found to be suitable feedstocks for pyrolysis process because they contained a high percentage of volatile matter more than 80 mf wt.%. All the three feedstocks contained low nitrogen and sulphur content less than 1 mf wt.%. Therefore, during the pyrolysis process, the feedstocks give off very low rate of GHG such as nitrogen oxides and sulphur oxides. Independent of the types of biomass, the percentage of biochar yield is inversely proportional to the pyrolysis temperature. The highest biochar yield for each studied temperature is from slow pyrolysis of cassava rhizome as the feedstock contained the highest percentage of ash compared to the other two feedstocks. The percentage of fixed carbon in all the biochars increased as the pyrolysis temperature increased. The increment of pyrolysis temperature from 400 °C to 600 °C increased the fixed carbon of corn cob biochar, cassava stem biochar and cassava rhizome biochar by 26.35%, 10.98%, and 6.20% respectively. Irrespective of the pyrolysis temperature, all the biochars produced were found to contain more than 60 mf wt.% fixed carbon content, much higher than its feedstocks.
Abstract: Livestock production is one of the most important components of rural economy. Due to the urban expansion, rural areas close to expanding cities transform into urban districts during the time. However, the legislations have some restrictions related to livestock farming in such administrative units since they tend to create environmental concerns like odor problems resulted from excessive manure production. Therefore, the existing animal operations should be moved from the settlement areas. This paper was focused on determination of suitable lands for livestock production in Canakkale province of Turkey using remote sensing (RS) data and GIS techniques. To achieve the goal, Formosat 2 and Landsat 8 imageries, Aster DEM, and 1:25000 scaled soil maps, village boundaries, and village livestock inventory records were used. The study was conducted using suitability analysis which evaluates the land in terms of limitations and potentials, and suitability range was categorized as Suitable (S) and Non-Suitable (NS). Limitations included the distances from main and crossroads, water resources and settlements, while potentials were appropriate values for slope, land use capability and land use land cover status. Village-based S land distribution results were presented, and compared with livestock inventories. Results showed that approximately 44230 ha area is inappropriate because of the distance limitations for roads and etc. (NS). Moreover, according to LULC map, 71052 ha area consists of forests, olive and other orchards, and thus, may not be suitable for building such structures (NS). In comparison, it was found that there are a total of 1228 ha S lands within study area. The village-based findings indicated that, in some villages livestock production continues on NS areas. Finally, it was suggested that organized livestock zones may be constructed to serve in more than one village after the detailed analysis complemented considering also political decisions, opinion of the local people, etc.
Abstract: The seismic risk mitigation from the perspective of
the old buildings stock is truly essential in Algerian urban areas,
particularly those located in seismic prone regions, such as Annaba
city, and which the old buildings present high levels of degradation
associated with no seismic strengthening and/or rehabilitation
concerns. In this sense, the present paper approaches the issue of the
seismic vulnerability assessment of old masonry building stocks
through the adaptation of a simplified methodology developed for a
European context area similar to that of Annaba city, Algeria.
Therefore, this method is used for the first level of seismic
vulnerability assessment of the masonry buildings stock of the old
city center of Annaba. This methodology is based on a vulnerability
index that is suitable for the evaluation of damage and for the
creation of large-scale loss scenarios. Over 380 buildings were
evaluated in accordance with the referred methodology and the
results obtained were then integrated into a Geographical Information
System (GIS) tool. Such results can be used by the Annaba city
council for supporting management decisions, based on a global view
of the site under analysis, which led to more accurate and faster
decisions for the risk mitigation strategies and rehabilitation plans.
Abstract: The purpose of this study is to forecast the influences
of information and communication technology (ICT) on the structural
changes of Japanese economies. In this study, input-output (IO) and
statistical approaches are used as analysis instruments. More
specifically, this study employs Leontief IO coefficients and
constrained multivariate regression (CMR) model in order to achieve
the purpose. The periods of initial and forecast in this study are 2005
and 2015, respectively. In this study, ICT is represented by ICT capital
stocks. This study conducts two levels of analysis, namely macro and
micro. The results of macro level analysis show that the dynamics of
Japanese economies on the forecast period, relative to the initial period,
are not so high. We focus on (1) commerce, (2) business services and
office supplies, and (3) personal services sectors when conducting the
analysis of the micro level. Further, we analyze its specific IO
coefficients when doing this analysis. The results of the analysis
explain that ICT gives a strong influence on the changes of these
coefficients from initial to forecast periods.
Abstract: The continuous decline of petroleum and natural gas
reserves and non linear rise of oil price has brought about a
realisation of the need for a change in our perpetual dependence on
the fossil fuel. A day to day increased consumption of crude and
petroleum products has made a considerable impact on our foreign
exchange reserves. Hence, an alternate resource for the conversion of
energy (both liquid and gas) is essential for the substitution of
conventional fuels. Biomass is the alternate solution for the present
scenario. Biomass can be converted into both liquid as well as
gaseous fuels and other feedstocks for the industries.