Abstract: The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.
Abstract: Pricing financial contracts on several underlying assets
received more and more interest as a demand for complex derivatives.
The option pricing under asset price involving jump diffusion
processes leads to the partial integral differential equation (PIDEs),
which is an extension of the Black-Scholes PDE with a new integral
term. The aim of this paper is to show how basket option prices
in the jump diffusion models, mainly on the Merton model, can
be computed using RBF based approximation methods. For a test
problem, the RBF-PU method is applied for numerical solution
of partial integral differential equation arising from the two-asset
European vanilla put options. The numerical result shows the
accuracy and efficiency of the presented method.
Abstract: The growing speed of innovation in related industries requires the automotive industry to adapt and increase release frequencies of new vehicle derivatives which implies a significant reduction of investments per vehicle and ramp-up times. Emerging markets in various parts of the world augment the currently dominating established main automotive markets. Local content requirements such as import tariffs on final products impede the accessibility of these micro markets, which is why in the future market exploitation will not be driven by pure sales activities anymore but rather by setting up local assembly units. The aim of this paper is to provide an overview of the concept of decentralized assembly and to discuss and critically assess some currently researched and crucial approaches in production technology. In order to determine the scope in which complementary mobile assembly can be profitable for manufacturers, a general cost model is set up and each cost driver is assessed with respect to varying levels of decentralization. One main result of the paper is that the presented approaches offer huge cost-saving potentials and are thus critical for future production strategies. Nevertheless, they still need to be further exploited in order for decentralized assembly to be profitable for companies. The optimal level of decentralization must, however, be specifically determined in each case and cannot be defined in general.
Abstract: Enzymatic modification of rice flour can produce highly functional derivatives use in food industries. This study aimed to evaluate the physical properties and resistant starch content of rice flour residues hydrolyzed by α-amylase. Rice flour hydrolyzed by α-amylase (60 and 300 u/g) for 1, 24 and 48 hours were investigated. Increasing enzyme concentration and hydrolysis time resulted in decreased rice flour residue’s lightness (L*) but increased redness (a*) and yellowness (b*) of rice flour residues. The resistant starch content and peak viscosity increased when hydrolysis time increased. Pasting temperature, trough viscosity, breakdown, final viscosity, setback and peak time of the hydrolyzed flours were not significantly different (p>0.05). The morphology of native flour was smooth without observable pores and polygonal with sharp angles and edges. However, after hydrolysis, granules with a slightly rough and porous surface were observed and a rough and porous surface was increased with increasing hydrolyzed time. The X-ray diffraction patterns of native flour showed A-type configuration, which hydrolyzed flour showed almost 0% crystallinity indicated that both amorphous and crystalline structures of starch were simultaneously hydrolyzed by α-amylase.
Abstract: This paper presents a nonlinear differential model,
for a three-bladed horizontal axis wind turbine (HAWT) suited
for control applications. It is based on a 8-dofs, lumped
parameters structural dynamics coupled with a quasi-steady sectional
aerodynamics. In particular, using the Euler-Lagrange Equation
(Energetic Variation approach), the authors derive, and successively
validate, such model. For the derivation of the aerodynamic model,
the Greenbergs theory, an extension of the theory proposed by
Theodorsen to the case of thin airfoils undergoing pulsating flows,
is used. Specifically, in this work, the authors restricted that theory
under the hypothesis of low perturbation reduced frequency k,
which causes the lift deficiency function C(k) to be real and equal
to 1. Furthermore, the expressions of the aerodynamic loads are
obtained using the quasi-steady strip theory (Hodges and Ormiston),
as a function of the chordwise and normal components of relative
velocity between flow and airfoil Ut, Up, their derivatives, and
section angular velocity ε˙. For the validation of the proposed model,
the authors carried out open and closed-loop simulations of a 5
MW HAWT, characterized by radius R =61.5 m and by mean chord
c = 3 m, with a nominal angular velocity Ωn = 1.266rad/sec.
The first analysis performed is the steady state solution, where
a uniform wind Vw = 11.4 m/s is considered and a collective
pitch angle θ = 0.88◦ is imposed. During this step, the authors
noticed that the proposed model is intrinsically periodic due to
the effect of the wind and of the gravitational force. In order
to reject this periodic trend in the model dynamics, the authors
propose a collective repetitive control algorithm coupled with a PD
controller. In particular, when the reference command to be tracked
and/or the disturbance to be rejected are periodic signals with a
fixed period, the repetitive control strategies can be applied due to
their high precision, simple implementation and little performance
dependency on system parameters. The functional scheme of a
repetitive controller is quite simple and, given a periodic reference
command, is composed of a control block Crc(s) usually added
to an existing feedback control system. The control block contains
and a free time-delay system eτs in a positive feedback loop, and a
low-pass filter q(s). It should be noticed that, while the time delay
term reduces the stability margin, on the other hand the low pass
filter is added to ensure stability. It is worth noting that, in this
work, the authors propose a phase shifting for the controller and
the delay system has been modified as e^(−(T−γk)), where T is the
period of the signal and γk is a phase shifting of k samples of the
same periodic signal. It should be noticed that, the phase shifting
technique is particularly useful in non-minimum phase systems, such
as flexible structures. In fact, using the phase shifting, the iterative
algorithm could reach the convergence also at high frequencies.
Notice that, in our case study, the shifting of k samples depends
both on the rotor angular velocity Ω and on the rotor azimuth
angle Ψ: we refer to this controller as a spatial repetitive controller.
The collective repetitive controller has also been coupled with a C(s) = PD(s), in order to dampen oscillations of the blades.
The performance of the spatial repetitive controller is compared
with an industrial PI controller. In particular, starting from wind
speed velocity Vw = 11.4 m/s the controller is asked to maintain the
nominal angular velocity Ωn = 1.266rad/s after an instantaneous
increase of wind speed (Vw = 15 m/s). Then, a purely periodic
external disturbance is introduced in order to stress the capabilities
of the repetitive controller. The results of the simulations show that,
contrary to a simple PI controller, the spatial repetitive-PD controller
has the capability to reject both external disturbances and periodic
trend in the model dynamics. Finally, the nominal value of the
angular velocity is reached, in accordance with results obtained with
commercial software for a turbine of the same type.
Abstract: Profit and loss sharing suggests an equitable sharing of risks and profits between the parts involved in a financial transaction. Salam is a contract in which advance payment is made for goods to be delivered at a future date. The purpose of this work is to price a new contract for profit and loss sharing based on Salam contract, using Khiyar Al Ghabn which is an agreement of choice in case of misrepresent facts.
Abstract: In Brazil, there is a diverse fauna of social bees, known by Meliponinae or native stingless bees. These bees are important for providing a differentiated product, especially regarding unique sweetness, flavor, and aroma. However, information about the volatile fraction in honey produced by stingless native bees is still lacking. The aim of this work was to characterize the volatile compound profile of monofloral honey produced by jandaíra bees (Melipona subnitida Ducke) which used chanana (Turnera ulmifolia L.), malícia (Mimosa quadrivalvis) and algaroba (Prosopis juliflora (Sw.) DC) as their floral sources; and by uruçu bees (Melipona scutellaris Latrelle), which used chanana (Turnera ulmifolia L.), malícia (Mimosa quadrivalvis) and angico (Anadenanthera colubrina) as their floral sources. The volatiles were extracted using HS-SPME-GC-MS technique. The condition for the extraction was: equilibration time of 15 minutes, extraction time of 45 min and extraction temperature of 45°C. Through the results obtained, it was observed that the floral source had a strong influence on the aroma profile of the honey under evaluation, since the chemical profiles were marked primarily by the classes of terpenes, norisoprenoids, and benzene derivatives. Furthermore, the results obtained suggest the existence of differentiator compounds and potential markers for the botanical sources evaluated, such as linalool, D-sylvestrene, rose oxide and benzenethanol. These reports represent a valuable contribution to certifying the authenticity of those honey and provides for the first time, information intended for the construction of chemical knowledge of the aroma and flavor that characterize these honey produced in Brazil.
Abstract: This paper deals with study about fractional
order impulsive Hamiltonian systems and fractional impulsive
Sturm-Liouville type problems derived from these systems. The
main purpose of this paper devotes to obtain so called Lyapunov
type inequalities for mentioned problems. Also, in view point on
applicability of obtained inequalities, some qualitative properties such
as stability, disconjugacy, nonexistence and oscillatory behaviour of
fractional Hamiltonian systems and fractional Sturm-Liouville type
problems under impulsive conditions will be derived. At the end,
we want to point out that for studying fractional order Hamiltonian
systems, we will apply recently introduced fractional Conformable
operators.
Abstract: The spreadsheet engine is exploited via a non-conventional mechanism to enable novel worksheet solver functions for computational calculus. The solver functions bypass inherent restrictions on built-in math and user defined functions by taking variable formulas as a new type of argument while retaining purity and recursion properties. The enabling mechanism permits integration of numerical algorithms into worksheet functions for solving virtually any computational problem that can be modelled by formulas and variables. Several examples are presented for computing integrals, derivatives, and systems of deferential-algebraic equations. Incorporation of the worksheet solver functions with the ubiquitous spreadsheet extend the utility of the latter as a powerful tool for computational mathematics.
Abstract: Quantitative Structure Activity Relationship (QSAR) analysis has been developed to relate antifungal activity of novel substituted 1,3,4-oxadiazole against Candida albicans and Aspergillus niger using computer assisted multiple regression analysis. The study has shown the better relationship between antifungal activities with respect to various descriptors established by multiple regression analysis. The analysis has shown statistically significant correlation with R2 values 0.932 and 0.782 against Candida albicans and Aspergillus niger respectively. These derivatives were further subjected to molecular docking studies to investigate the interactions between the target compounds and amino acid residues present in the active site of glucosamine-6-phosphate synthase. All the synthesized compounds have better docking score as compared to standard fluconazole. Our results could be used for the further design as well as development of optimal and potential antifungal agents.
Abstract: This paper presents an analytical study of Small Unmanned Aerial Vehicle (SUAV) dynamic stability derivatives. Simulating SUAV dynamics and analyzing its behavior at the earliest design stages is too important and more efficient design aspect. The approach suggested in this paper is using the wind tunnel experiment to collect the aerodynamic data and get the dynamic stability derivatives. AutoCAD Software was used to draw the case study (wildlife surveillance SUAV). The SUAV is scaled down to be 0.25% of the real SUAV dimensions and converted to a wind tunnel model. The model was tested in three different speeds for three different attitudes which are; pitch, roll and yaw. The wind tunnel results were then used to determine the case study stability derivative values, and hence it used to calculate the roots of the characteristic equation for both longitudinal and lateral motions. Finally, the characteristic equation roots were found and discussed in all possible cases.
Abstract: The problem under research is that of unpredictable modes occurring in two-stage centrifugal hydraulic pump as a result of hydraulic processes caused by vibrations of structural components. Numerical, analytical and experimental approaches are considered. A hypothesis was developed that the problem of unpredictable pressure decrease at the second stage of centrifugal pumps is caused by cavitation effects occurring upon vibration. The problem has been studied experimentally and theoretically as of today. The theoretical study was conducted numerically and analytically. Hydroelastic processes in dynamic “liquid – deformed structure” system were numerically modelled and analysed. Using ANSYS CFX program engineering analysis complex and computing capacity of a supercomputer the cavitation parameters were established to depend on vibration parameters. An influence domain of amplitudes and vibration frequencies on concentration of cavitation bubbles was formulated. The obtained numerical solution was verified using CFM program package developed in PNRPU. The package is based on a differential equation system in hyperbolic and elliptic partial derivatives. The system is solved by using one of finite-difference method options – the particle-in-cell method. The method defines the problem solution algorithm. The obtained numerical solution was verified analytically by model problem calculations with the use of known analytical solutions of in-pipe piston movement and cantilever rod end face impact. An infrastructure consisting of an experimental fast hydro-dynamic processes research installation and a supercomputer connected by a high-speed network, was created to verify the obtained numerical solutions. Physical experiments included measurement, record, processing and analysis of data for fast processes research by using National Instrument signals measurement system and Lab View software. The model chamber end face oscillated during physical experiments and, thus, loaded the hydraulic volume. The loading frequency varied from 0 to 5 kHz. The length of the operating chamber varied from 0.4 to 1.0 m. Additional loads weighed from 2 to 10 kg. The liquid column varied from 0.4 to 1 m high. Liquid pressure history was registered. The experiment showed dependence of forced system oscillation amplitude on loading frequency at various values: operating chamber geometrical dimensions, liquid column height and structure weight. Maximum pressure oscillation (in the basic variant) amplitudes were discovered at loading frequencies of approximately 1,5 kHz. These results match the analytical and numerical solutions in ANSYS and CFM.
Abstract: The aim of this study is to present the results of a retrospective survey on the foreign matter found in foods analyzed at the Adolfo Lutz Institute, from July 2001 to July 2015. All the analyses were conducted according to the official methods described on Association of Official Agricultural Chemists (AOAC) for the micro analytical procedures and Food and Drug Administration (FDA) for the macro analytical procedures. The results showed flours, cereals and derivatives such as baking and pasta products were the types of food where foreign matters were found more frequently followed by condiments and teas. Fragments of stored grains insects, its larvae, nets, excrement, dead mites and rodent excrement were the most foreign matter found in food. Besides, foreign matters that can cause a physical risk to the consumer’s health such as metal, stones, glass, wood were found but rarely. Miscellaneous (shell, sand, dirt and seeds) were also reported. There are a lot of extraneous materials that are considered unavoidable since are something inherent to the product itself, such as insect fragments in grains. In contrast, there are avoidable extraneous materials that are less tolerated because it is preventable with the Good Manufacturing Practice. The conclusion of this work is that although most extraneous materials found in food are considered unavoidable it is necessary to keep the Good Manufacturing Practice throughout the food processing as well as maintaining a constant surveillance of the production process in order to avoid accidents that may lead to occurrence of these extraneous materials in food.
Abstract: The question of legal liability over injury arising out
of the import and the introduction of GM food emerges as a crucial
issue confronting to promote GM food and its derivatives. There is a
greater possibility of commercialized GM food from the exporting
country to enter importing country where status of approval shall not
be same. This necessitates the importance of fixing a liability
mechanism to discuss the damage, if any, occurs at the level of
transboundary movement or at the market. There was a widespread consensus to develop the Cartagena
Protocol on Biosafety and to give for a dedicated regime on liability
and redress in the form of Nagoya Kuala Lumpur Supplementary
Protocol on the Liability and Redress (‘N-KL Protocol’) at the
international context. The national legal frameworks based on this
protocol are not adequately established in the prevailing food
legislations of the developing countries. The developing economy
like India is willing to import GM food and its derivatives after the
successful commercialization of Bt Cotton in 2002. As a party to the
N-KL Protocol, it is indispensable for India to formulate a legal
framework and to discuss safety, liability, and regulatory issues
surrounding GM foods in conformity to the provisions of the
Protocol. The liability mechanism is also important in the case where
the risk assessment and risk management is still in implementing
stage. Moreover, the country is facing GM infiltration issues with its
neighbors Bangladesh. As a precautionary approach, there is a need
to formulate rules and procedure of legal liability to discuss any kind
of damage occurs at transboundary trade. In this context, the
proposed work will attempt to analyze the liability regime in the
existing Food Safety and Standards Act, 2006 from the applicability
and domestic compliance and to suggest legal and policy options for
regulatory authorities.
Abstract: Anogeissus leiocarpus (Combretaceae) is well known
for its medicinal uses in African traditional medicine, for treating
many human diseases mainly skin diseases and infections. Mycetoma
disease is a fungal and/ or bacterial skininfection, mainly cause by
Madurella mycetomatis fungus. This study was carried out in vitro to
investigate the antifungal activity of Anogeissus leiocarpus leaf
extracts against the isolated pathogenic Madurella mycetomatis, by
using the NCCLS modified method compared to Ketoconazole
standard drug, and MTT assay. The bioactive fraction was subjected
to chemical analysis implementing different chromatographic
analytical methods (TLC, HPLC, and LC-MS/MS). The results
showed significance antifungal activity of A. leiocarpus leaf extracts
against the isolated pathogenic M. mycetomatis, compared to negative
and positive controls. The chloroform fraction showed the highest
antifungal activity. The chromatographic analysis of the chloroform
fraction with the highest activity showed the presence of important
bioactive compounds such as ellagic and flavellagic acids derivatives,
flavonoids and stilbenoid, which are well known for their antifungal
activity.
Abstract: On account of the concern of the fossil fuel is
depleting and its negative effects on the environment, interest in
alternative energy sources is increasing day by day. However,
considering the importance of transportation in human life, instead of
oil and its derivatives fueled vehicles with internal combustion
engines, electric vehicles which are sensitive to the environment and
working with electrical energy has begun to develop. In this study,
simulation was carried out for providing energy management and
recovering regenerative braking in fuel cell-battery hybrid electric
vehicle. The main power supply of the vehicle is fuel cell on the other
hand not only instantaneous power is supplied by the battery but also
the energy generated due to regenerative breaking is stored in the
battery. Obtained results of the simulation is analyzed and discussed.
Abstract: This paper presents a speed estimation scheme based
on second-order sliding-mode Super Twisting Algorithm (STA) and
Model Reference Adaptive System (MRAS) estimation theory for
Sensorless control of multiphase induction machine. A stator current
observer is designed based on the STA, which is utilized to take the
place of the reference voltage model of the standard MRAS
algorithm. The observer is insensitive to the variation of rotor
resistance and magnetizing inductance when the states arrive at the
sliding mode. Derivatives of rotor flux are obtained and designed as
the state of MRAS, thus eliminating the integration. Compared with
the first-order sliding-mode speed estimator, the proposed scheme
makes full use of the auxiliary sliding-mode surface, thus alleviating
the chattering behavior without increasing the complexity. Simulation
results show the robustness and effectiveness of the proposed
scheme.
Abstract: In this paper the influence of errors of function derivatives in initial time which have been obtained by experiment (uncontrollable inaccuracy) to the results of inverse problem solution was investigated. It was shown that these errors distort the inverse problem solution as a rule near the beginning of interval where the solutions are analyzed. Several methods for removing the influence of uncontrollable inaccuracy have been suggested.
Abstract: This study investigated the impact of inflectional and derivational morphemic analysis awareness on ESL secondary school students’ vocabulary learning strategy. The quasi-experimental study was conducted with 106 low proficiency secondary school students in two experimental groups (inflectional and derivational) and one control group. The students’ vocabulary acquisition was assessed through two measures: Morphemic Analysis Test and Vocabulary- Morphemic Test in the pretest and posttest before and after an intervention programme. Results of ANCOVA revealed that both the experimental groups achieved a significant score in Morphemic Analysis Test and Vocabulary-Morphemic Test. However, the inflectional group obtained a fairly higher score than the derivational group. Thus, the results indicated that ESL low proficiency secondary school students performed better on inflectional morphemic awareness as compared to derivatives. The results also showed that the awareness of inflectional morphology contributed more on the vocabulary acquisition. Importantly, learning inflectional morphology can help ESL low proficiency secondary school students to develop both morphemic awareness and vocabulary gain. Theoretically, these findings show that not all morphemes are equally useful to students for their language development. Practically, these findings indicate that morphological instruction should at least be included in remediation and instructional efforts with struggling learners across all grade levels, allowing them to focus on meaning within the word before they attempt the text in large for better comprehension. Also, by methodologically, by conducting individualized intervention and assessment this study provided fresh empirical evidence to support the existing literature on morphemic analysis awareness and vocabulary learning strategy. Thus, a major pedagogical implication of the study is that morphemic analysis awareness strategy is a definite boon for ESL secondary school students in learning English vocabulary.
Abstract: In this article, a method is presented to effectively
estimate the deformed shape of a thick plate due to line heating. The
method uses a fifth order spline interpolation, with up to C3
continuity at specific points to compute the shape of the deformed
geometry. First and second order derivatives over a surface are the
resulting parameters of a given heating line on a plate. These
parameters are determined through experiments and/or finite element
simulations. Very accurate kriging models are fitted to real or virtual
surfaces to build-up a database of maps. Maps of first and second
order derivatives are then applied on numerical plate models to
evaluate their evolving shapes through a sequence of heating lines.
Adding an optimization process to this approach would allow
determining the trajectories of heating lines needed to shape complex
geometries, such as Francis turbine blades.