Firm Ownership and Performance: Evidence for Croatian Listed Firms

Using data of listed Croatian firms from the Zagreb Stock Exchange we analyze the relationship between firm ownership (ownership concentration and type) and performance (ROA). Empirical research was conducted for the period 2003-2010, yielding with the total of 1,430 observations. Empirical findings based on dynamic panel analysis indicate that ownership concentration variable - CR4 is negatively related with performance, i.e. listed firms with dispersed ownership perform better than firms with concentrated ownership. Also, the research indicated that foreign controlled listed firms perform better than domestically controlled firms. Majority state owned firms perform worse than privately held firms but dummy variable for privately controlled firms was not statistically significant in the estimated panel model.

An Unified Approach to Thermodynamics of Power Yield in Thermal, Chemical and Electrochemical Systems

This paper unifies power optimization approaches in various energy converters, such as: thermal, solar, chemical, and electrochemical engines, in particular fuel cells. Thermodynamics leads to converter-s efficiency and limiting power. Efficiency equations serve to solve problems of upgrading and downgrading of resources. While optimization of steady systems applies the differential calculus and Lagrange multipliers, dynamic optimization involves variational calculus and dynamic programming. In reacting systems chemical affinity constitutes a prevailing component of an overall efficiency, thus the power is analyzed in terms of an active part of chemical affinity. The main novelty of the present paper in the energy yield context consists in showing that the generalized heat flux Q (involving the traditional heat flux q plus the product of temperature and the sum products of partial entropies and fluxes of species) plays in complex cases (solar, chemical and electrochemical) the same role as the traditional heat q in pure heat engines. The presented methodology is also applied to power limits in fuel cells as to systems which are electrochemical flow engines propelled by chemical reactions. The performance of fuel cells is determined by magnitudes and directions of participating streams and mechanism of electric current generation. Voltage lowering below the reversible voltage is a proper measure of cells imperfection. The voltage losses, called polarization, include the contributions of three main sources: activation, ohmic and concentration. Examples show power maxima in fuel cells and prove the relevance of the extension of the thermal machine theory to chemical and electrochemical systems. The main novelty of the present paper in the FC context consists in introducing an effective or reduced Gibbs free energy change between products p and reactants s which take into account the decrease of voltage and power caused by the incomplete conversion of the overall reaction.

Prediction the Limiting Drawing Ratio in Deep Drawing Process by Back Propagation Artificial Neural Network

In this paper back-propagation artificial neural network (BPANN) with Levenberg–Marquardt algorithm is employed to predict the limiting drawing ratio (LDR) of the deep drawing process. To prepare a training set for BPANN, some finite element simulations were carried out. die and punch radius, die arc radius, friction coefficient, thickness, yield strength of sheet and strain hardening exponent were used as the input data and the LDR as the specified output used in the training of neural network. As a result of the specified parameters, the program will be able to estimate the LDR for any new given condition. Comparing FEM and BPANN results, an acceptable correlation was found.

Use of GIS for the Performance Evaluation of Canal Irrigation System in Rice Wheat Cropping Zone

The research study evaluated the performance of irrigation system by using special scientific tools like Remote Sensing and GIS technology, so that proper measurements could be taken for the sustainable agriculture and water management. Different performance evaluation parameters had been calculated for the purposed data was gathered from field investigation and different government and private organizations. According to the calculations, organic matter ranges from 0.19% (low value) to 0.76% (high value). In flat irrigation system for wheat yield ranges from 3347.16 to 5260.39 kg/ha, while the total water applied to wheat crop ranges from 252.94 to 279.19 mm and WUE ranges from 13.07 to 18.37 kg/ha/mm. For rice yield ranges from 3347.47 to 5433.07 kg/ha with total water supplied to rice crop ranges from 764.71 to 978.15 mm and WUE ranges from 3.49 to 5.71 kg/ha/mm. Similarly, in raised bed system wheat yield ranges from 4569.13 to 6008.60 kg/ha, total water supplied ranges from 158.87 to 185.09 mm and WUE ranges from 27.20 to 33.54 kg/ha/mm while in rice crop, yield ranges from 5285.04 to 6716.69 kg/ha, total water supplied ranges from 600.72 to 755.06 mm and WUE ranges from 6.41 to 10.05 kg/ha/mm. Almost 51.3% water saving is observed in bed irrigation system as compared to flat system. Less water supplied to beds is more affective as its WUE value is higher than flat system where more water is supplied in both the seasons. Similarly, RWS values show that maximum water deficit while minimum area is getting adequate water supply. Greater yield is recorded in bed system as plant per square meter is more in bed system in comparison of flat system Thus, the integration of GIS tools to regularly compute performance indices could provide irrigation managers with the means for managing efficiently the irrigation system.

Process Simulation of Ethyl tert-Butyl Ether (ETBE) Production from Naphtha Cracking Wastes

The production of ethyl tert-butyl ether (ETBE) was simulated through Aspen Plus. The objective of this work was to use the simulation results to be an alternative platform for ETBE production from naphtha cracking wastes for the industry to develop. ETBE is produced from isobutylene which is one of the wastes in naphtha cracking process. The content of isobutylene in the waste is less than 30% weight. The main part of this work was to propose a process to save the environment and to increase the product value by converting a great majority of the wastes into ETBE. Various processes were considered to determine the optimal production of ETBE. The proposed process increased ETBE production yield by 100% from conventional process with the purity of 96% weight. The results showed a great promise for developing this proposed process in an industrial scale.

Adsorption Capacity of Chitosan Beads in Toxic Solutions

The efficiency of chitosan beads processed from 4 marine animal shells; white leg shrimp (Litopenaeus vannamei), mud crab (Scylla sp.), horseshoe crab (Carcinoscorpius rotundicauda), and cuttlefish bone (Sepia sp.), for the adsorption experiments of ammonia and formaldehyde were investigated. The porosities of chitosan from the shells looked like beads were distinctly examined under SEM. The original pores of those shells on the surface areas compose of evenly fine pores. The shell beads of cuttlefish bone and horseshoe crab show the larger probably even porosity, while on those white leg shrimp and mud crab contain various large and fine pores. The best adsorption at pH 9 in 18 mg/l ammonia at 2 hours yield on cuttlefish bone, horseshoe crab, mud crab and white leg shrimp with the average percent of 59.12, 51.45, 45.66 and 43.52, respectively. Within 30 minutes the formaldehyde absorbers (at pH 5 in 8 μg/ml) revealed 46.27, 26.56, and 18.04 percent capacities in cuttlefish bone, mud crab and white leg shrimp beads; while 22.44 percent in the horseshoe crab at pH 7. The adsorption capacities and the amounts of beads showed a positive correlation. The adsorption capacity relationship between pH and the gas concentrations were affected by these qualities of chitosan beads.

Anodic Growth of Highly Ordered Titanium Oxide Nanotube Arrays: Effects of Critical Anodization Factors on their Photocatalytic Activity

Highly ordered arrays of TiO2 nanotubes (TiNTs) were grown vertically on Ti foil by electrochemical anodization. We controlled the lengths of these TiNTs from 2.4 to 26.8 ¶üÇóμm while varying the water contents (1, 3, and 6 wt%) of the electrolyte in ethylene glycol in the presence of 0.5 wt% NH4F with anodization for various applied voltages (20–80 V), periods (10–240 min) and temperatures (10–30 oC). For vertically aligned TiNT arrays, not only the increase in their tube lengths, but also their geometric (wall thickness and surface roughness) and crystalline structure lead to a significant influence on photocatalytic activity. The length optimization for methylene blue (MB) photodegradation was 18 μm. Further extending the TiNT length yielded lower photocatalytic activity presumably related to the limited MB diffusion and light-penetration depth into the TiNT arrays. The results indicated that a maximum MB photodegradation rate was obtained for the discrete anatase TiO2 nanotubes with thick and rough walls.

Accelerated Microwave Extraction of Natural Product using the Cryogrinding

Team distillation assisted by microwave extraction (SDAM) considered as accelerated technique extraction is a combination of microwave heating and steam distillation, performed at atmospheric pressure. SDAM has been compared with the same technique coupled with the cryogrinding of seeds (SDAM -CG). Isolation and concentration of volatile compounds are performed by a single stage for the extraction of essential oil from Cuminum cyminum seeds. The essential oils extracted by these two methods for 5 min were quantitatively (yield) and qualitatively (aromatic profile) no similar. These methods yield an essential oil with higher amounts of more valuable oxygenated compounds, and allow substantial savings of costs, in terms of time, energy and plant material. SDAM and SDAM-CG is a green technology and appears as a good alternative for the extraction of essential oils from aromatic plants.

Color Image Segmentation and Multi-Level Thresholding by Maximization of Conditional Entropy

In this work a novel approach for color image segmentation using higher order entropy as a textural feature for determination of thresholds over a two dimensional image histogram is discussed. A similar approach is applied to achieve multi-level thresholding in both grayscale and color images. The paper discusses two methods of color image segmentation using RGB space as the standard processing space. The threshold for segmentation is decided by the maximization of conditional entropy in the two dimensional histogram of the color image separated into three grayscale images of R, G and B. The features are first developed independently for the three ( R, G, B ) spaces, and combined to get different color component segmentation. By considering local maxima instead of the maximum of conditional entropy yields multiple thresholds for the same image which forms the basis for multilevel thresholding.

Simultaneous Treatment and Catalytic Gasification of Olive Mill Wastewater under Supercritical Conditions

Recently, a growing interest has emerged on the development of new and efficient energy sources, due to the inevitable extinction of the nonrenewable energy reserves. One of these alternative sources which has a great potential and sustainability to meet up the energy demand is biomass energy. This significant energy source can be utilized with various energy conversion technologies, one of which is biomass gasification in supercritical water. Water, being the most important solvent in nature, has very important characteristics as a reaction solvent under supercritical circumstances. At temperatures above its critical point (374.8oC and 22.1 MPa), water becomes more acidic and its diffusivity increases. Working with water at high temperatures increases the thermal reaction rate, which in consequence leads to a better dissolving of the organic matters and a fast reaction with oxygen. Hence, supercritical water offers a control mechanism depending on solubility, excellent transport properties based on its high diffusion ability and new reaction possibilities for hydrolysis or oxidation. In this study the gasification of a real biomass, namely olive mill wastewater (OMW), in supercritical water is investigated with the use of Pt/Al2O3 and Ni/Al2O3 catalysts. OMW is a by-product obtained during olive oil production, which has a complex nature characterized by a high content of organic compounds and polyphenols. These properties impose OMW a significant pollution potential, but at the same time, the high content of organics makes OMW a desirable biomass candidate for energy production. All of the catalytic gasification experiments were made with five different reaction temperatures (400, 450, 500, 550 and 600°C), under a constant pressure of 25 MPa. For the experiments conducted with Ni/Al2O3 catalyst, the effect of five reaction times (30, 60, 90, 120 and 150 s) was investigated. However, procuring that similar gasification efficiencies could be obtained at shorter times, the experiments were made by using different reaction times (10, 15, 20, 25 and 30 s) for the case of Pt/Al2O3 catalyst. Through these experiments, the effects of temperature, time and catalyst type on the gasification yields and treatment efficiencies were investigated.

Chlorophyll Fluorescence as Criterion for the Diagnosis Salt Stress in Wheat (Triticum aestivum) Plants

To investigate effect of salt stress on Chlorophyll fluorescence four cultivars (fong,star,chamran and kharchia) of wheat (Triticum aestivum) plants subjected to salinity levels ( control,8,12 and 16 dsm-1 ) from one week after emergence to the end of stem elongation under greenhouse condition . results showed that quantum yield of photosystem II from light adopted leaves (ΦPSII), Photochemical quenching (qP) ,quantum yield of dark adopted leaves (fv/fm) and non photochemical quenching (NPq) were affected by salt stress . Salinity levels affected photosynthetic rate. Star and fong cultivars showed minimum and maximum levels of photosynthetic rate in respectively. Minimum photosynthetic rate differences between levels of salinity were shown in Kharchia. Shoot dry matter of all cultivars decreased by increasing salinity levels. Results showed that non photochemical quenching by salinity levels attribute to the decreases in shoot dry matter.

Feedstock Effects on Selecting the Appropriate Coil Configuration for Cracking Furnaces

In the present research, steam cracking of two types of feedstocks i.e., naphtha and ethane is simulated for Pyrocrack1-1 and 2/2 coil configurations considering two key parameters of coil outlet temperature (COT) and coil capacity using a radical based kinetic model. The computer model is confirmed using the industrial data obtained from Amirkabir Petrochemical Complex. The results are in good agreement with performance data for naphtha cracking in a wide range of severity (0.4-0.7), and for ethane cracking on various conversions (50-70). It was found that Pyrocrack2-2 coil type is an appropriate choice for steam cracking of ethane at reasonable ethylene yield while resulting in much lower tube wall temperature while Pyrocrack1-1 coil type is a proper selection for liquid feedstocks i.e. naphtha. It can be used for cracking of liquid feedstocks at optimal ethylene yield whereas not exceeding the allowable maximum tube temperature.

Sprayer Boom Active Suspension Using Intelligent Active Force Control

The control of sprayer boom undesired vibrations pose a great challenge to investigators due to various disturbances and conditions. Sprayer boom movements lead to reduce of spread efficiency and crop yield. This paper describes the design of a novel control method for an active suspension system applying proportional-integral-derivative (PID) controller with an active force control (AFC) scheme integration of an iterative learning algorithm employed to a sprayer boom. The iterative learning as an intelligent method is principally used as a method to calculate the best value of the estimated inertia of the sprayer boom needed for the AFC loop. Results show that the proposed AFC-based scheme performs much better than the standard PID control technique. Also, this shows that the system is more robust and accurate.

Cloning and Over Expression of an Aspergillus niger XP Phytase Gene (phyA) in Pichia pastoris

A. niger XP isolated from Vietnam produces very low amount of acidic phytase with optimal pH at 2.5 and 5.5. The phytase production of this strain was successfully improved through gene cloning and expression. A 1.4 - kb DNA fragment containing the coding region of the phyA gene was amplified by PCR and inserted into the expression vector pPICZαA with a signal peptide α- factor, under the control of AOX1 promoter. The recombined plasmid was transformed into the host strain P. pastoris KM71H and X33 by electroporation. Both host strains could efficiently express and secret phytase. The multicopy strains were screened for over expression of phytase. All the selected multicopy strains of P. pastoris X33 were examined for phytase activity, the maximum phytase yield of 1329 IU/ml was obtained after 4 days of incubation in medium BMM. The recombinant protein with MW of 97.4 KW showed to be the only one protein secreted in the culture broth. Multicopy transformant P. pastoris X33 supposed to be potential candidate for producing the commercial preparation of phytase.

Limit Analysis of FGM Circular Plates Subjected to Arbitrary Rotational Symmetric Loads

The limit load carrying capacity of functionally graded materials (FGM) circular plates subjected to an arbitrary rotationally symmetric loading has been computed. It is provided that the plate material behaves rigid perfectly plastic and obeys either the Square or the Tresca yield criterion. To this end the upper and lower bound principles of limit analysis are employed to determine the exact value for the limiting load. The correctness of the result are verified and finally limiting loads for two examples namely; through radius and through thickness FGM circular plates with simply supported edges are calculated, respectively and moreover, the values of critical loading factor are determined.

Aqueous Ranitidine Elimination in Photolytic Processes

The elimination of ranitidine (a pharmaceutical compound) has been carried out in the presence of UV-C radiation. After some preliminary experiments, it has been experienced the no influence of the gas nature (air or oxygen) bubbled in photolytic experiments. From simple photolysis experiments the quantum yield of this compound has been determined. Two photolytic approximation has been used, the linear source emission in parallel planes and the point source emission in spherical planes. The quantum yield obtained was in the proximity of 0.05 mol Einstein-1 regardless of the method used. Addition of free radical promoters (hydrogen peroxide) increases the ranitidine removal rate while the use of photocatalysts (TiO2) negatively affects the process.

Space-Time Variation in Rainfall and Runoff: Upper Betwa Catchment

Among all geo-hydrological relationships, rainfallrunoff relationship is of utmost importance in any hydrological investigation and water resource planning. Spatial variation, lag time involved in obtaining areal estimates for the basin as a whole can affect the parameterization in design stage as well as in planning stage. In conventional hydrological processing of data, spatial aspect is either ignored or interpolated at sub-basin level. Temporal variation when analysed for different stages can provide clues for its spatial effectiveness. The interplay of space-time variation at pixel level can provide better understanding of basin parameters. Sustenance of design structures for different return periods and their spatial auto-correlations should be studied at different geographical scales for better management and planning of water resources. In order to understand the relative effect of spatio-temporal variation in hydrological data network, a detailed geo-hydrological analysis of Betwa river catchment falling in Lower Yamuna Basin is presented in this paper. Moreover, the exact estimates about the availability of water in the Betwa river catchment, especially in the wake of recent Betwa-Ken linkage project, need thorough scientific investigation for better planning. Therefore, an attempt in this direction is made here to analyse the existing hydrological and meteorological data with the help of SPSS, GIS and MS-EXCEL software. A comparison of spatial and temporal correlations at subcatchment level in case of upper Betwa reaches has been made to demonstrate the representativeness of rain gauges. First, flows at different locations are used to derive correlation and regression coefficients. Then, long-term normal water yield estimates based on pixel-wise regression coefficients of rainfall-runoff relationship have been mapped. The areal values obtained from these maps can definitely improve upon estimates based on point-based extrapolations or areal interpolations.

Cold Hardiness in Near Isogenic Lines of Bread Wheat (Triticum Aestivum L. em. Thell.)

Low temperature (LT) is one of the most abiotic stresses causing loss of yield in wheat (T. aestivum). Four major genes in wheat (Triticum aestivum L.) with the dominant alleles designated Vrn–A1,Vrn–B1,Vrn–D1 and Vrn4, are known to have large effects on the vernalization response, but the effects on cold hardiness are ambiguous. Poor cold tolerance has restricted winter wheat production in regions of high winter stress [9]. It was known that nearly all wheat chromosomes [5] or at least 10 chromosomes of 21 chromosome pairs are important in winter hardiness [15]. The objective of present study was to clarify the role of each chromosome in cold tolerance. With this purpose we used 20 isogenic lines of wheat. In each one of these isogenic lines only a chromosome from ‘Bezostaya’ variety (a winter habit cultivar) was substituted to ‘Capple desprez’ variety. The plant materials were planted in controlled conditions with 20º C and 16 h day length in moderately cold areas of Iran at Karaj Agricultural Research Station in 2006-07 and the acclimation period was completed for about 4 weeks in a cold room with 4º C. The cold hardiness of these isogenic lines was measured by LT50 (the temperature in which 50% of the plants are killed by freezing stress).The experimental design was completely randomized block design (RCBD)with three replicates. The results showed that chromosome 5A had a major effect on freezing tolerance, and then chromosomes 1A and 4A had less effect on this trait. Further studies are essential to understanding the importance of each chromosome in controlling cold hardiness in wheat.

Matrix Based Synthesis of EXOR dominated Combinational Logic for Low Power

This paper discusses a new, systematic approach to the synthesis of a NP-hard class of non-regenerative Boolean networks, described by FON[FOFF]={mi}[{Mi}], where for every mj[Mj]∈{mi}[{Mi}], there exists another mk[Mk]∈{mi}[{Mi}], such that their Hamming distance HD(mj, mk)=HD(Mj, Mk)=O(n), (where 'n' represents the number of distinct primary inputs). The method automatically ensures exact minimization for certain important selfdual functions with 2n-1 points in its one-set. The elements meant for grouping are determined from a newly proposed weighted incidence matrix. Then the binary value corresponding to the candidate pair is correlated with the proposed binary value matrix to enable direct synthesis. We recommend algebraic factorization operations as a post processing step to enable reduction in literal count. The algorithm can be implemented in any high level language and achieves best cost optimization for the problem dealt with, irrespective of the number of inputs. For other cases, the method is iterated to subsequently reduce it to a problem of O(n-1), O(n-2),.... and then solved. In addition, it leads to optimal results for problems exhibiting higher degree of adjacency, with a different interpretation of the heuristic, and the results are comparable with other methods. In terms of literal cost, at the technology independent stage, the circuits synthesized using our algorithm enabled net savings over AOI (AND-OR-Invert) logic, AND-EXOR logic (EXOR Sum-of- Products or ESOP forms) and AND-OR-EXOR logic by 45.57%, 41.78% and 41.78% respectively for the various problems. Circuit level simulations were performed for a wide variety of case studies at 3.3V and 2.5V supply to validate the performance of the proposed method and the quality of the resulting synthesized circuits at two different voltage corners. Power estimation was carried out for a 0.35micron TSMC CMOS process technology. In comparison with AOI logic, the proposed method enabled mean savings in power by 42.46%. With respect to AND-EXOR logic, the proposed method yielded power savings to the tune of 31.88%, while in comparison with AND-OR-EXOR level networks; average power savings of 33.23% was obtained.

A Nonlinear ODE System for the Unsteady Hydrodynamic Force – A New Approach

We propose a reduced-ordermodel for the instantaneous hydrodynamic force on a cylinder. The model consists of a system of two ordinary differential equations (ODEs), which can be integrated in time to yield very accurate histories of the resultant force and its direction. In contrast to several existing models, the proposed model considers the actual (total) hydrodynamic force rather than its perpendicular or parallel projection (the lift and drag), and captures the complete force rather than the oscillatory part only. We study and provide descriptions of the relationship between the model parameters, evaluated utilizing results from numerical simulations, and the Reynolds number so that the model can be used at any arbitrary value within the considered range of 100 to 500 to provide accurate representation of the force without the need to perform timeconsuming simulations and solving the partial differential equations (PDEs) governing the flow field.