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 goal of option pricing theory is to help the investors
to manage their money, enhance returns and control their financial
future by theoretically valuing their options. However, most of the
option pricing models have no analytical solution. Furthermore,
not all the numerical methods are efficient to solve these models
because they have nonsmoothing payoffs or discontinuous derivatives
at the exercise price. In this paper, we solve the American option
under jump diffusion models by using efficient time-dependent
numerical methods. several techniques are integrated to reduced
the overcome the computational complexity. Fast Fourier Transform
(FFT) algorithm is used as a matrix-vector multiplication solver,
which reduces the complexity from O(M2) into O(M logM).
Partial fraction decomposition technique is applied to rational
approximation schemes to overcome the complexity of inverting
polynomial of matrices. The proposed method is easy to implement
on serial or parallel versions. Numerical results are presented to prove
the accuracy and efficiency of the proposed method.
Abstract: The goal of option pricing theory is to help the
investors to manage their money, enhance returns and control their
financial future by theoretically valuing their options. Modeling
option pricing by Black-School models with jumps guarantees to
consider the market movement. However, only numerical methods
can solve this model. Furthermore, not all the numerical methods
are efficient to solve these models because they have nonsmoothing
payoffs or discontinuous derivatives at the exercise price. In this
paper, the exponential time differencing (ETD) method is applied
for solving partial integrodifferential equations arising in pricing
European options under Merton’s and Kou’s jump-diffusion models.
Fast Fourier Transform (FFT) algorithm is used as a matrix-vector
multiplication solver, which reduces the complexity from O(M2)
into O(M logM). A partial fraction form of Pad`e schemes is used
to overcome the complexity of inverting polynomial of matrices.
These two tools guarantee to get efficient and accurate numerical
solutions. We construct a parallel and easy to implement a version
of the numerical scheme. Numerical experiments are given to show
how fast and accurate is our scheme.
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: Gasification and carbonization are two of the most common ways for biomass utilization. Both processes are using part of the waste to be accomplished, either by incomplete combustion or for heating for both gasification and carbonization, respectively. The focus of this paper is to minimize the part of the waste that is used for heating biomass for gasification and carbonization. This will occur by combining both gasifiers and carbonization reactors in a single unit to utilize the heat in the product biogas to heating up the wastes in the carbonization reactors. Three different designs are proposed for the combined gasification/carbonization (CGC) reactor. These include a parallel combination of two gasifiers and carbonized syngas, carbonizer and combustion chamber, and one gasifier, carbonizer, and combustion chamber. They are tested numerically using ANSYS Fluent Computational Fluid Dynamics to ensure homogeneity of temperature distribution inside the carbonization part of the CGC reactor. 2D simulations are performed for the three cases after performing both mesh-size and time-step independent solutions. The carbonization part is common among the three different cases, and the difference among them is how this carbonization reactor is heated. The simulation results showed that the first design could provide only partial homogeneous temperature distribution, not across the whole reactor. This means that the produced carbonized biomass will be reduced as it will only fill a specified height of the reactor. To keep the carbonized product production high, a series combination is proposed. This series configuration resulted in a uniform temperature distribution across the whole reactor as it has only one source for heat with no temperature distribution on any surface of the carbonization section. The simulations provided a satisfactory result that either the first parallel combination of gasifier and carbonization reactor could be used with a reduced carbonized amount or a series configuration to keep the production rate high.
Abstract: Continuously differentiable radial basis functions (RBFs) are meshfree, converge faster as the dimensionality increases, and is theoretically spectrally convergent. When implemented on current single and double precision computers, such RBFs can suffer from ill-conditioning because the systems of equations needed to be solved to find the expansion coefficients are full. However, the Advanpix extended precision software package allows computer mathematics to resemble asymptotically ideal Platonic mathematics. Additionally, full systems with extended precision execute faster graphical processors units and field-programmable gate arrays because no branching is needed. Sparse equation systems are fast for iterative solvers in a very limited number of cases.
Abstract: Customer relationship analysis is vital for retail stores, especially for supermarkets. The point of sale (POS) systems make it possible to record the daily purchasing behaviors of customers as an identification point of sale (ID-POS) database, which can be used to analyze customer behaviors of a supermarket. The customer value is an indicator based on ID-POS database for detecting the customer loyalty of a store. In general, there are many supermarkets in a city, and other nearby competitor supermarkets significantly affect the customer value of customers of a supermarket. However, it is impossible to get detailed ID-POS databases of competitor supermarkets. This study firstly focused on the customer value and distance between a customer's home and supermarkets in a city, and then constructed the models based on logistic regression analysis to analyze correlations between distance and purchasing behaviors only from a POS database of a supermarket chain. During the modeling process, there are three primary problems existed, including the incomparable problem of customer values, the multicollinearity problem among customer value and distance data, and the number of valid partial regression coefficients. The improved customer value, Huff’s gravity model, and inverse attractiveness frequency are considered to solve these problems. This paper presents three types of models based on these three methods for loyal customer classification and competitors’ influence analysis. In numerical experiments, all types of models are useful for loyal customer classification. The type of model, including all three methods, is the most superior one for evaluating the influence of the other nearby supermarkets on customers' purchasing of a supermarket chain from the viewpoint of valid partial regression coefficients and accuracy.
Abstract: The fourth industrial revolution is changing the role of education substantially and, therefore, the role of instructors and learners at all levels. Education 4.0 is an imminent response to the needs of a globalized world where humans and technology are being aligned to enable endless possibilities, among them the need for students, as digital natives, to communicate effectively in at least one language besides their mother tongue, and also the requirement of developing theirs. This is an exploratory study in which a control group (N = 21), all of the students of Spanish as a foreign language at the university level, after taking a Spanish class, responded to an online questionnaire about the engagement, atmosphere, and environment in which their course was delivered. These aspects considered in the survey were relative to the instructor’s teaching style, including: (a) active, hands-on learning; (b) flexibility for in-class activities, easily switching between small group work, individual work, and whole-class discussion; and (c) integrating technology into the classroom. Strongly believing in these principles, the instructor deliberately taught the course in a SCALE-UP room, as it could facilitate such a positive and encouraging learning environment. These aspects are trends related to Education 4.0 and have become integral to the instructor’s pedagogical stance that calls for a constructive-affective role, instead of a transmissive one. As expected, with a learning environment that (a) fosters student engagement and (b) improves student outcomes, the subjects were highly engaged, which was partially due to the learning environment. An overwhelming majority (all but one) of students agreed or strongly agreed that the atmosphere and the environment were ideal. Outcomes of this study are relevant and indicate that it is about time for teachers to build up a meaningful correlation between humans and technology. We should see the trends of Education 4.0 not as a threat but as practices that should be in the hands of critical and creative instructors whose pedagogical stance responds to the needs of the learners in the 21st century.
Abstract: Over-parameterized neural networks have attracted a
great deal of attention in recent deep learning theory research,
as they challenge the classic perspective of over-fitting when
the model has excessive parameters and have gained empirical
success in various settings. While a number of theoretical works
have been presented to demystify properties of such models, the
convergence properties of such models are still far from being
thoroughly understood. In this work, we study the convergence
properties of training two-hidden-layer partially over-parameterized
fully connected networks with the Rectified Linear Unit activation via
gradient descent. To our knowledge, this is the first theoretical work
to understand convergence properties of deep over-parameterized
networks without the equally-wide-hidden-layer assumption and
other unrealistic assumptions. We provide a probabilistic lower bound
of the widths of hidden layers and proved linear convergence rate of
gradient descent. We also conducted experiments on synthetic and
real-world datasets to validate our theory.
Abstract: The combination of world population and the third industrial revolution led to high demand for fuels. On the other hand, the decrease of global fossil 8fuels deposits and the environmental air pollution caused by these fuels has compounded the challenges the world faces due to its need for energy. Therefore, new forms of environmentally friendly and renewable fuels such as biodiesel are needed. The primary analytical techniques for methanolysis yield monitoring have been chromatography and spectroscopy, these methods have been proven reliable but are more demanding, costly and do not provide real-time monitoring. In this work, the in situ monitoring of biodiesel from sunflower oil using FTIR (Fourier Transform Infrared) has been studied; the study was performed using EasyMax Mettler Toledo reactor equipped with a DiComp (Diamond) probe. The quantitative monitoring of methanolysis was performed by building a quantitative model with multivariate calibration using iC Quant module from iC IR 7.0 software. 15 samples of known concentrations were used for the modelling which were taken in duplicate for model calibration and cross-validation, data were pre-processed using mean centering and variance scale, spectrum math square root and solvent subtraction. These pre-processing methods improved the performance indexes from 7.98 to 0.0096, 11.2 to 3.41, 6.32 to 2.72, 0.9416 to 0.9999, RMSEC, RMSECV, RMSEP and R2Cum, respectively. The R2 value of 1 (training), 0.9918 (test), 0.9946 (cross-validation) indicated the fitness of the model built. The model was tested against univariate model; small discrepancies were observed at low concentration due to unmodelled intermediates but were quite close at concentrations above 18%. The software eliminated the complexity of the Partial Least Square (PLS) chemometrics. It was concluded that the model obtained could be used to monitor methanol of sunflower oil at industrial and lab scale.
Abstract: The use of hormonal contraceptive drugs is widely used in different age groups, mainly due to easy acquisition and due to a large number of prescriptions. Besides, several studies point to the high cardiovascular risk concerning the use of hormonal contraceptives. In this study, we evaluated 620 Brazilian women to demonstrate the correlation between the hormonal contraceptives uses with the increase of the predisposition of risk for cardiovascular diseases. Our data demonstrated that concomitant use of contraceptives showed a significant reduction activated partial thromboplastin time and prothrombin time similar to hypercoagulability clinical conditions. Besides, as a compensation mechanism, there was an increase in the Fibrinogen levels. We also verified a significant increase at the total cholesterol and platelet aggregation up to 10%. Therefore, it was evidenced through this study that the use of hormonal contraceptives may increase cardiovascular risk. Besides, our data represents an alert since, in Brazil, the primary contraceptive hormone prescribed in public health units consists of second-generation drugs, which are the ones that most present associations with cardiovascular risk.
Abstract: Specific learning disability (SLD) in higher education has been partially explored in Greece so far. Moreover, opinions on professional perspectives for university students with SLD, is scarcely encountered in Greek research. The perceptions of the hidden character of SLD along with the university policy towards it and professional perspectives that result from this policy have been examined in the present research. This study has applied the paradigm of a Greek Tertiary Pedagogical Education Department (Early Childhood Education). Via mixed methods, data have been collected from different groups of people in the Pedagogical Department: students with SLD and without SLD, academic staff and administration staff, all of which offer the opportunity for triangulation of the findings. Qualitative methods include ten interviews with students with SLD and 15 interviews with academic staff and 60 hours of observation of the students with SLD. Quantitative methods include 165 questionnaires completed by third and fourth-year students and five questionnaires completed by the administration staff. Thematic analyses of the interviews’ data and descriptive statistics on the questionnaires’ data have been applied for the processing of the results. The use of medical terms to define and understand SLD was common in the student cohort, regardless of them having an SLD diagnosis. However, this medical model approach is far more dominant in the group of students without SLD who, by majority, hold misconceptions on a definitional level. The academic staff group seems to be leaning towards a social approach concerning SLD. According to them, diagnoses may lead to social exclusion. The Pedagogical Department generally endorses the principles of inclusion and complies with the provision of oral exams for students with SLD. Nevertheless, in practice, there seems to be a lack of regular academic support for these students. When such support does exist, it is only through individual initiatives. With regards to their prospective profession, students with SLD can utilize their personal experience, as well as their empathy; these appear to be unique weapons in their hands –in comparison with other educators− when it comes to teaching students in the future. In the Department of Pedagogy, provision towards SLD results sporadic, however the vision of an inclusive department does exist. Based on their studies and their experience, pedagogy students with SLD claim that they have an experiential internalized advantage for their future career as educators.
Abstract: Fourier Transform Infrared (FT-IR) spectroscopy coupled with chemometrics was used to distinguish between butter samples and non-butter samples. Further, quantification of the content of margarine in adulterated butter samples was investigated. Fingerprinting region (1400-800 cm–1) was used to develop unsupervised pattern recognition (Principal Component Analysis, PCA), supervised modeling (Soft Independent Modelling by Class Analogy, SIMCA), classification (Partial Least Squares Discriminant Analysis, PLS-DA) and regression (Partial Least Squares Regression, PLS-R) models. PCA of the fingerprinting region shows a clustering of the two sample types. All samples were classified in their rightful class by SIMCA approach; however, nine adulterated samples (between 1% and 30% w/w of margarine) were classified as belonging both at the butter class and at the non-butter one. In the two-class PLS-DA model’s (R2 = 0.73, RMSEP, Root Mean Square Error of Prediction = 0.26% w/w) sensitivity was 71.4% and Positive Predictive Value (PPV) 100%. Its threshold was calculated at 7% w/w of margarine in adulterated butter samples. Finally, PLS-R model (R2 = 0.84, RMSEP = 16.54%) was developed. PLS-DA was a suitable classification tool and PLS-R a proper quantification approach. Results demonstrate that FT-IR spectroscopy combined with PLS-R can be used as a rapid, simple and safe method to identify pure butter samples from adulterated ones and to determine the grade of adulteration of margarine in butter samples.
Abstract: An ammonium based ionic liquid (methyltrioctylammonium chloride) [N8 8 8 1] [Cl] was investigated as an extraction potential solvent for volatile organic solvents (in this regard, solutes), which includes alkenes, alkanes, ketones, alkynes, aromatic hydrocarbons, tetrahydrofuran (THF), alcohols, thiophene, water and acetonitrile based on the experimental activity coefficients at infinite THF measurements were conducted by the use of gas-liquid chromatography at four different temperatures (313.15 to 343.15) K. Experimental data of activity coefficients obtained across the examined temperatures were used in order to calculate the physicochemical properties at infinite dilution such as partial molar excess enthalpy, Gibbs free energy and entropy term. Capacity and selectivity data for selected petrochemical extraction problems (heptane/thiophene, heptane/benzene, cyclohaxane/cyclohexene, hexane/toluene, hexane/hexene) were computed from activity coefficients data and compared to the literature values with other ionic liquids. Evaluation of activity coefficients at infinite dilution expands the knowledge and provides a good understanding related to the interactions between the ionic liquid and the investigated compounds.
Abstract: Insulators are one of the most significant equipment in power system. The insulators’ operation may affect the power flow, line loss and reliability. The electrical parameters that influence the performance of insulator are surface leakage current, corona and dry band arcing. Electric field stresses on the insulator surface will degrade the insulating properties and lead to puncture. Electric filed stresses can be analyzed by numerical methods and experimental evaluation. As per economic aspects, evaluation by numerical methods are best. In outdoor insulation, a hydrophobic surface can facilitate to prevent water film formation on the insulation surface, which is decisive for diminishing leakage currents and partial discharge (PD) under heavy polluted environments and harsh weather conditions. Polymer materials like silicone rubber have an outstanding hydrophobic property among general insulation materials. In this paper, electrical field intensity of 220 kV porcelain and polymer double tension insulator strings at critical regions are analyzed and compared by using Finite Element Method. Hydrophobic conditions of polymer insulator with equal and unequal water molecule conditions are verified by using finite element method.
Abstract: Laboratory trial results of mixing crumb rubber produced from discarded tires with 60/70 pen grade Kuwaiti bitumen are presented on this paper. PG grading and multiple stress creep recovery tests were conducted on Kuwaiti bitumen blended with 15% and 18% crumb rubber at temperatures ranging from 40 to 70 °C. The results from elastic recovery and non-recoverable creep presented optimum performance at 18% rubber content. The optimum rubberized-bitumen mix was next transformed into a pelletized form (PelletPave®), and was used as a partial replacement to the conventional bitumen in the manufacture of continuously graded hot mix asphalts at a number of binder contents. The trialed PelletPave® contents were at 2.5%, 3.0%, and 3.5% by mass of asphalt mix. In this investigation, it was not possible to utilize the results of standard Marshall method of mix design (i.e. volumetric, stability and flow tests) and subsequently additional assessment of mix compactability was carried out using gyratory compactor in order to determine the optimum PelletPave® and total binder contents.
Abstract: The impact of metabolic syndrome (MetS) on cognition and functions of the brain is being investigated. Iron deficiency and deficiencies of B9 (folate) as well as B12 (cobalamin) vitamins are best-known nutritional anemias. They are associated with cognitive disorders and learning difficulties. The antidepressant effects of vitamin D are known and the deficiency state affects mental functions negatively. The aim of this study is to investigate possible correlations of MetS with serum brain-derived neurotrophic factor (BDNF), iron, folate, cobalamin and vitamin D in pediatric patients. 30 children, whose age- and sex-dependent body mass index (BMI) percentiles vary between 85 and 15, 60 morbid obese children with above 99th percentiles constituted the study population. Anthropometric measurements were taken. BMI values were calculated. Age- and sex-dependent BMI percentile values were obtained using the appropriate tables prepared by the World Health Organization (WHO). Obesity classification was performed according to WHO criteria. Those with MetS were evaluated according to MetS criteria. Serum BDNF was determined by enzyme-linked immunosorbent assay. Serum folate was analyzed by an immunoassay analyzer. Serum cobalamin concentrations were measured using electrochemiluminescence immunoassay. Vitamin D status was determined by the measurement of 25-hydroxycholecalciferol [25-hydroxy vitamin D3, 25(OH)D] using high performance liquid chromatography. Statistical evaluations were performed using SPSS for Windows, version 16. The p values less than 0.05 were accepted as statistically significant. Although statistically insignificant, lower folate and cobalamin values were found in MO children compared to those observed for children with normal BMI. For iron and BDNF values, no alterations were detected among the groups. Significantly decreased vitamin D concentrations were noted in MO children with MetS in comparison with those in children with normal BMI (p ≤ 0.05). The positive correlation observed between iron and BDNF in normal-BMI group was not found in two MO groups. In THE MetS group, the partial correlation among iron, BDNF, folate, cobalamin, vitamin D controlling for waist circumference and BMI was r = -0.501; p ≤ 0.05. None was calculated in MO and normal BMI groups. In conclusion, vitamin D should also be considered during the assessment of pediatric MetS. Waist circumference and BMI should collectively be evaluated during the evaluation of MetS in children. Within this context, BDNF appears to be a key biochemical parameter during the examination of obesity degree in terms of mental functions, cognition and learning capacity. The association observed between iron and BDNF in children with normal BMI was not detected in MO groups possibly due to development of inflammation and other obesity-related pathologies. It was suggested that this finding may contribute to mental function impairments commonly observed among obese children.
Abstract: There have been many reports of the destructive effects of cement on the environment in recent years. In the present research, it has been attempted to reduce the destructive effects of cement by replacing silica fume as adhesive materials instead of cement. The present study has attempted to improve the mechanical properties of cement slurry by using waste material from a glass production factory, located in Qazvin city of Iran, in which accumulation volume has become an environmental threat. The chemical analysis of the waste material indicates that this material contains about 94% of SiO2 and AL2O3 and has a close structure to silica fume. Also, the particle grain size test was performed on the mentioned waste. Then, the unconfined compressive strength test of the slurry was performed by preparing a mixture of water and adhesives with different percentages of cement and silica fume. The water to an adhesive ratio of this mixture is 1:3, and the curing process last 28 days. It was found that the sample had an unconfined compressive strength of about 300 kg/cm2 in a mixture with equal proportions of cement and silica fume. Besides, the sample had a brittle fracture in the slurry sample made of pure cement, however, the fracture in cement-silica fume slurry mixture is flexible and the structure of the specimen remains coherent after fracture. Therefore, considering the flexibility that is achieved by replacing this waste, it can be used to stabilize soils with cracking potential.
Abstract: The environmental concerns related to global warming and ozone layer depletion along with the growing worldwide demand for heating and cooling have brought an increasing attention toward ecological and efficient Heating, Ventilation, and Air Conditioning (HVAC) systems. Furthermore, since space heating accounts for a considerable part of the European primary/final energy use, it has been identified as one of the sectors with the most challenging targets in energy use reduction. Heat pumps are commonly considered as a technology able to contribute to the achievement of the targets. Current research focuses on the full load operation and seasonal performance assessment of three gas-driven absorption heat pump cycles. To do this, investigations of the gas-driven air-source ammonia-water absorption heat pump systems for small-scale space heating applications are presented. For each of the presented cycles, both full-load under various temperature conditions and seasonal performances are predicted by means of numerical simulations. It has been considered that small capacity appliances are usually equipped with fixed geometry restrictors, meaning that the solution mass flow rate is driven by the pressure difference across the associated restrictor valve. Results show that gas utilization efficiency (GUE) of the cycles varies between 1.2 and 1.7 for both full and partial loads and vapor exchange (VX) cycle is found to achieve the highest efficiency. It is noticed that, for typical space heating applications, heat pumps operate over a wide range of capacities and thermal lifts. Thus, partially, the novelty introduced in the paper is the investigation based on a seasonal performance approach, following the method prescribed in a recent European standard (EN 12309). The overall result is a modest variation in the seasonal performance for analyzed cycles, from 1.427 (single-effect) to 1.493 (vapor-exchange).
Abstract: The present investigation has been undertaken to assess the effect of viscous dissipation and axial conduction on forced convection heat transfer in the entrance region of a parallel plate channel with the porous insert attached to both walls of the channel. The flow field is unidirectional. Flow in the porous region corresponds to Darcy-Brinkman model and the clear fluid region to that of plane Poiseuille flow. The effects of the parameters Darcy number, Da, Peclet number, Pe, Brinkman number, Br and a porous fraction γp on the local heat transfer coefficient are analyzed graphically. Effects of viscous dissipation employing the Darcy model and the clear fluid compatible model have been studied.