Financial Innovations for Companies Offered by Banks: Polish Experience

Financial innovations can be regarded as the cause and the effect of the evolution of the financial system. Most of financial innovations are created by various financial institutions for their own purposes and needs. However, due to their diversity, financial innovations can be also applied by various business entities (other than financial institutions). This paper focuses on the potential application of financial innovations by non-financial companies. It is assumed that financial innovations may be effectively applied in all fields of corporate financial decisions integrating financial management with the risk management process. Appropriate application of financial innovations may enhance the development of the company and increase its value by improving its financial situation and reducing the level of risk. On the other hand, misused financial innovations may become the source of extra risk for the company threatening its further operation. The main objective of the paper is to identify the major types of financial innovations offered to non-financial companies by the banking system in Poland. It also aims at identifying the main factors determining the creation of financial innovations in the banking system in Poland and indicating future directions of their development. This paper consists of conceptual and empirical part. Conceptual part based on theoretical study is focused on the determinants of the process of financial innovations and their application by the nonfinancial companies. Theoretical study is followed by the empirical research based on the analysis of the actual offer of the 20 biggest banks operating in Poland with regard to financial innovations offered to SMEs and large corporations. These innovations are classified according to the main functions of the integrated financial management, such as financing, investment, working capital management and risk management. Empirical study has proved that the biggest banks operating in the Polish market offer to their business customers many types and classes of financial innovations. This offer appears vast and adequate to the needs and purposes of the Polish non-financial companies. It was observed that financial innovations pertained to financing decisions dominate in the banks’ offer. However, due to high diversification of the offered financial innovations, business customers may effectively apply them in all fields and areas of integrated financial management. It should be underlined, that the banks’ offer is highly dispersed, which may limit the implementation of financial innovations in the corporate finance. It would be also recommended for the banks operating in the Polish market to intensify the education campaign aiming at increasing knowledge about financial innovations among business customers.

Potential of γ-Polyglutamic Acid for Cadmium Toxicity Alleviation in Rice

Cadmium (II) (Cd) is one of the major toxic elemental pollutants, which is hazardous for humans, animals and plants. γ- Polyglutamic acid (γ-PGA) is an extracellular biopolymer produced by several species of Bacillus which has been reported to be an effective biosorbent for metal ions. The effect of γ-PGA on growth of rice grown under laboratory conditions was investigated. Rice seeds were germinated and then grown at 30±1°C on filter paper soaked with Cd solution and γ-PGA for 7 days. The result showed that Cd significantly inhibited the growth of roots, shoots by reducing root, and shoot lengths. Fresh and dry weights also decreased compared with control; however, the addition of 500 mg·L-1 γ-PGA alleviated rice seedlings from the adverse effects of Cd. The analysis of physiological traits revealed that Cd caused a decrease in the total chlorophyll and soluble protein contents and amylase activities in all treatments. The Cd content in seedling tissues increased for the Cd 250 μM treatment (P

Application Research on Large Profiled Statues of Steel-Concrete Composite Shear Wall

Twin steel plates-concrete composite shear walls are composed of a pair of steel plate layers and a concrete layer sandwiched between them, which have the characteristics of both reinforced concrete shear walls and steel plate shear walls. Twin steel plates-composite shear walls contain very high ultimsate bearing capacity and ductility, which have great potential to be applied in the super high-rise buildings and special structures. In this paper, we analyzed the basic characteristics and stress mechanism of the twin steel plates-composite shear walls. Specifically, we analyzed the effects of the steel plate thickness, wall thickness and concrete strength on the bearing capacity of the twin steel plates-composite shear walls. The analysis results indicate that: (1) the initial shear stiffness and ultimate shear-carrying capacity is not significantly affected by the thickness of concrete wall but by the class of concrete, (2) both factors significantly impact the shear distribution of the shear walls in ultimate shear-carrying capacity. The technique of twin steel plates-composite shear walls has been successfully applied in the construction of an 88-meter Huge Statue of Buddha located in Hunan Province, China. The analysis results and engineering experiences showed that the twin steel plates-composite shear walls have great potential for future research and applications.

Teacher Professional Development–Current Practices in a Secondary School in Brunei Darussalam

This research paper presents the current practices of teacher professional development, perceived as beneficial by teachers themselves, in a private secondary school in Brunei Darussalam. This is part of the findings of a larger qualitative study on teacher empowerment, using ethnographic methods for data collection, i.e. participant observation, interviews and document analysis. The field work was carried out over a period of six months in 2013. An analysis of the field data revealed multiple pathways of teacher professional development existing in the school. The results indicate that school leaders, the teacher community in the school, students, and the teachers themselves were the agents in a school that facilitated teacher empowerment. Besides contributing to the knowledge base on teacher professional development, the results of this study provide directions for educational policy makers in their efforts to enhance professional development in secondary schools of similar characteristics. For school leaders and the teacher community, these findings offer guidelines for maximizing the opportunities for these professional development practices, by strengthening collegiality and by using the existing structures optimally for the benefit of all concerned.

Cloud Effect on Power Generation of Grid Connected Small PV Systems

Photovoltaic (PV) power generation systems, mainly small scale, are rapidly being deployed in Jordan. The impact of these systems on the grid has not been studied or analyzed. These systems can cause many technical problems such as reverse power flows and voltage rises in distribution feeders, and real and reactive power transients that affect the operation of the transmission system. To fully understand and address these problems, extensive research, simulation, and case studies are required. To this end, this paper studies the cloud shadow effect on the power generation of a ground mounted PV system installed at the test field of the Renewable Energy Center at the Applied Science University.

Highly Accurate Tennis Ball Throwing Machine with Intelligent Control

The paper presents an advanced control system for tennis ball throwing machines to improve their accuracy according to the ball impact points. A further advantage of the system is the much easier calibration process involving the intelligent solution of the automatic adjustment of the stroking parameters according to the ball elasticity, the self-calibration, the use of the safety margin at very flat strokes and the possibility to placing the machine to any position of the half court. The system applies mathematical methods to determine the exact ball trajectories and special approximating processes to access all points on the aimed half court.

The Selection of the Nearest Anchor Using Received Signal Strength Indication (RSSI)

The localization information is crucial for the operation of WSN. There are principally two types of localization algorithms. The Range-based localization algorithm has strict requirements on hardware, thus is expensive to be implemented in practice. The Range-free localization algorithm reduces the hardware cost. However, it can only achieve high accuracy in ideal scenarios. In this paper, we locate unknown nodes by incorporating the advantages of these two types of methods. The proposed algorithm makes the unknown nodes select the nearest anchor using the Received Signal Strength Indicator (RSSI) and choose two other anchors which are the most accurate to achieve the estimated location. Our algorithm improves the localization accuracy compared with previous algorithms, which has been demonstrated by the simulating results.

Line Heating Forming: Methodology and Application Using Kriging and Fifth Order Spline Formulations

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.

Corporate Governance of Enterprise IT: Research Study on IT Governance Maturity

Despite the financial crisis and ongoing need for cost cutting, companies all around the world heavily invest in Information Systems (IS) and underlying Information Technology (IT). Proliferation of governance of enterprise IT helps companies manage, or rather, governs IS as a primary business function with executive management involved in making decision about IS and IT. The business value of IT is raising with the involvement of the executive management in IT decision making process and quality IT governance mechanisms in place. In this paper the practice of governing the enterprise IT will be investigated on a sample of the largest 100 Croatian companies. Research questions posed here will reveal if there are some formal IT governance mechanisms, are there any differences in perceived role of IS and IT between CIOs (Chief Information Officers) and CEOs (Chief Executive Officers) of the sampled companies and what are the mechanisms to govern massive investment in enterprise IT.

Cooperative CDD Scheme Based on Hierarchical Modulation in OFDM System

In order to achieve high data rate and increase the spectral efficiency, multiple input multiple output (MIMO) system has been proposed. However, multiple antennas are limited by size and cost. Therefore, recently developed cooperative diversity scheme, which profits the transmit diversity only with the existing hardware by constituting a virtual antenna array, can be a solution. However, most of the introduced cooperative techniques have a common fault of decreased transmission rate because the destination should receive the decodable compositions of symbols from the source and the relay. In this paper, we propose a cooperative cyclic delay diversity (CDD) scheme that use hierarchical modulation. This scheme is free from the rate loss and allows seamless cooperative communication.

Brazilian Constitution and the Fundamental Right to Sanitation

The right to basic sanitation, was elevated to the category of fundamental right by the Constitution of 1988 to protect the ecologically balanced environment, ensuring social rights to health and adequate housing and put the dignity of the human person as the foundation of the Brazilian Democratic State. Before their essentiality to humans, this article seeks to understand why universal access to basic sanitation is a goal so difficult to achieve in Brazil. Therefore, this research uses the deductive and analytical method. Given the nature of the research literature, research techniques were centered in specialized books on the subject, journals, theses and dissertations, laws, relevant law case and raising social indicators relating to the theme. The relevance of the topic stems, among other things, the fact that sanitation services are essential for a dignified life, i.e., everyone is entitled to the maintenance of the necessary existence conditions are satisfied. However, the effectiveness of this right is undermined in society, since Brazil has huge deficit in sanitation services, denying thus a worthy life to most of the population. Thus, it can be seen that the provision of water and sewage services in Brazil is still characterized by a large imbalance, since the municipalities with lower population index have greater disability in the sanitation service. The truth is that the precariousness of water and sewage services in Brazil is still very concentrated in the North and Northeast regions, limiting the effective implementation of the Law 11.445/2007 in the country. Therefore, there is urgent need for a positive service by the State in the provision of sanitation services in order to prevent and control disease, improve quality of life and productivity of individuals, besides preventing contamination of water resources. More than just social and economic necessity, there is a government duty to implement such services. In this sense, given the current scenario, to achieve universal access to basic sanitation imposes many hurdles. These are mainly in the field of properly formulated and implemented public policies, i.e., it requires an excellent institutional organization, management services, strategic planning, social control, in order to provide answers to complex challenges.

Effect of Calving Season on the Economic and Production Efficiency of Dairy Production Breeds

The objective of this study was to evaluate the effects of calving season on the production and economic efficiency of dairy farms in Egypt. Our study was performed at dairy production farms in the Alexandria, Behera, and Kafr El-Sheikh provinces of Egypt from summer 2010 to winter 2013. The randomly selected dairy farms had herds consisting of Baladi, Holstein-Friesian, or cross-bred (Baladi × Holstein-Friesian) cows. The data were collected from production records and responses to a structured questionnaire. The average total return differed significantly (P < 0.05) between the different cattle breeds and calving seasons. The average total return was highest for the Holstein- Friesian cows that calved in the winter (29106.42 EGP/cow/year), and it was lowest for Baladi cows that calved in the summer (12489.79 EGP/cow/year). Differences in total returns between the cows that calved in the winter or summer or between the foreign and native breeds, as well as variations in calf prices, might have contributed to the differences in milk yield. The average net profit per cow differed significantly (P < 0.05) between the cattle breeds and calving seasons. The average net profit values for the Baladi cows that calved in the winter or summer were 2413 and 2994.96 EGP/cow/year, respectively, and those for the Holstein- Friesian cows were 10744.17 and 7860.56 EGP/cow/year, respectively, whereas those for the cross-bred cows were 10174.86 and 7571.33 EGP/cow/year, respectively. The variations in net profit might have resulted from variation in the availability or price of feed materials, milk prices, or sales volumes. Our results show that the breed and calving season of dairy cows significantly affected the economic efficiency of dairy farms in Egypt. The cows that calved in the winter produced more milk than those that calved in the summer, which may have been the result of seasonal influences, such as temperature, humidity, management practices, and the type of feed or green fodder available.

Exploring the Influences on Entrainment of Serpentines by Grinding and Reagents

This paper presents the influences on the entrainment of serpentines by grinding and reagents during copper–nickel sulfide flotation. The previous bench flotation tests were performed to extract the metallic values from the ore in Yunnan Mine, China and the relatively satisfied results with recoveries of 86.92% Cu, 54.92% Ni, and 74.73% Pt+Pd in the concentrate were harvested at their grades of 4.02%, 3.24% and 76.61 g/t, respectively. However, the content of MgO in the concentrate was still more than 19%. Micro-flotation tests were conducted with the objective of figuring out the influences on the entrainment of serpentines into the concentrate by particle size, flocculants or depressants and collectors, as well as visual observations in suspension by OLYMPUS camera. All the tests results pointed to the presences of both “entrapped-in” serpentines and its coating on the hydrophobic flocs resulted from strong collectors (combination of butyl xanthate, butyl ammonium dithophosphate, even after adding carboxymethyl cellulose as effective depressant. And fine grinding may escalate the entrainment of serpentines in the concentrate.

Forming Limit Analysis of DP600-800 Steels

In this work, the plastic behaviour of cold-rolled zinc coated dual-phase steel sheets DP600 and DP800 grades is firstly investigated with the help of uniaxial, hydraulic bulge and Forming Limit Curve (FLC) tests. The uniaxial tensile tests were performed in three angular orientations with respect to the rolling direction to evaluate the strain-hardening and plastic anisotropy. True stressstrain curves at large strains were determined from hydraulic bulge testing and fitted to a work-hardening equation. The limit strains are defined at both localized necking and fracture conditions according to Nakajima’s hemispherical punch procedure. Also, an elasto-plastic localization model is proposed in order to predict strain and stress based forming limit curves. The investigated dual-phase sheets showed a good formability in the biaxial stretching and drawing FLC regions. For both DP600 and DP800 sheets, the corresponding numerical predictions overestimated and underestimated the experimental limit strains in the biaxial stretching and drawing FLC regions, respectively. This can be attributed to the restricted failure necking condition adopted in the numerical model, which is not suitable to describe the tensile and shear fracture mechanisms in advanced high strength steels under equibiaxial and biaxial stretching conditions.

The Relationship between Iranian EFL Learners' Multiple Intelligences and Their Performance on Grammar Tests

The Multiple Intelligences theory characterizes human intelligence as a multifaceted entity that exists in all human beings with varying degrees. The most important contribution of this theory to the field of English Language Teaching (ELT) is its role in identifying individual differences and designing more learnercentered programs. The present study aims at investigating the relationship between different elements of multiple intelligence and grammar scores. To this end, 63 female Iranian EFL learner selected from among intermediate students participated in the study. The instruments employed were a Nelson English language test, Michigan Grammar Test, and Teele Inventory for Multiple Intelligences (TIMI). The results of Pearson Product-Moment Correlation revealed a significant positive correlation between grammatical accuracy and linguistic as well as interpersonal intelligence. The results of Stepwise Multiple Regression indicated that linguistic intelligence contributed to the prediction of grammatical accuracy.

Pressure Relief in Prosthetic Sockets through Hole Implementation Using Different Materials

Below-knee amputees commonly experience asymmetrical gait patterns. It is generally believed that ischemia is related to the formation of pressure sores due to uneven distribution of forces. Micro-vascular responses can reveal local malnutrition. Changes in local skin blood supply under various external loading conditions have been studied for a number of years. Radionuclide clearance, photo-plethysmography, trans-cutaneous oxygen tension along with other studies showed that the blood supply would be influenced by the epidermal forces, and the rate and the amount of blood supply would decrease with increased epidermal loads being shear forces or normal forces. Several cases of socket designs were investigated using Finite Element Model (FEM) and Design of Experiment (DOE) to increase flexibility and minimize the pressure at the limb/socket interface using ultra high molecular weight polyethylene (UHMWPE) and polyamide 6 (PA6) or Duraform. The pressure reliefs at designated areas where reducing thickness is involved are seen to be critical in determination of amputees’ comfort and are very important to clinical applications. Implementing a hole between the Patellar Tendon (PT) and Distal Tibia (DT) would decrease stiffness and increase prosthesis range of motion where flexibility is needed. In addition, displacement and prosthetic energy storage increased without compromising mechanical efficiency and prosthetic design integrity.

Inhibition of Pipelines Corrosion Using Natural Extracts

The present work is aimed at examining carbon steel oil pipelines corrosion using three natural extracts (Eruca Sativa, Rosell and Mango peels) that are used as inhibitors of different concentrations ranging from 0.05-0.1wt. %. Two sulphur compounds are used as corrosion mediums. Weight loss method was used for measuring the corrosion rate of the carbon steel specimens immersed in technical white oil at 100ºC at various time intervals in absence and presence of the two sulphur compounds. The corroded specimens are examined using the chemical wear test, scratch test and hardness test. The scratch test is carried out using scratch loads from 0.5 Kg to 2.0 Kg. The scratch width is obtained at various scratch load and test conditions. The Brinell hardness test is carried out and investigated for both corroded and inhibited specimens. The results showed that three natural extracts can be used as environmentally friendly corrosion inhibitors.

Criminal Law Instruments to Counter Corporate Crimes in Poland

The aim of study was to analyze the functioning the new model of criminal corporate responsibility in Poland. The need to introduce into the Polish legal system liability of corporate (collective entities) has resulted, among others, from the Polish Republic's international commitments, in particular related to membership in the European Union. The study showed that responsibility of collective entities under the Act has a criminal nature. The main question concerns the ability of the collective entity to be brought to guilt under criminal law sense. Polish criminal law knows only the responsibility of individual persons. So far, guilt as a personal feature of action, based on the ability of the offender to feel in his psyche, could be considered only in relation to the individual person, while the said Act destroyed this conviction. Guilt of collective entity must be proven under at least one of the three possible forms: the guilt in the selection or supervision and so called organizational guilt. In addition, research in article has resolved the issue how the principle of proportionality in relation to criminal measures in response of collective entities should be considered. It should be remembered that the legal subjectivity of collective entities, including their rights and freedoms, is an emanation of the rights and freedoms of individual persons which create collective entities and through these entities implement their rights and freedoms. The whole study was proved that the adopted Act largely reflects the international legal regulations but also contains the unknown and original legislative solutions.

Smart Monitoring and Control of Tap Changer Using Intelligent Electronic Device

In this paper, monitoring and control of tap changer mechanism of a transformer implementation in an Intelligent Electronic Device (IED) is discussed. It has been a custom for decades to provide a separate panel for on load tap changer control for monitoring the tap position. However, this facility cannot either record or transfer the information to remote control centers. As there is a technology shift towards the smart grid protection and control standards, the need for implementing remote control and monitoring has necessitated the implementation of this feature in numerical relays. This paper deals with the programming, settings and logic implementation which is applicable to both IEC 61850 compatible and non-compatible IEDs thereby eliminating the need for separate tap changer control equipment. The monitoring mechanism has been implemented in a 28MVA, 110 /6.9kV transformer with 16 tap position with GE make T60 IED at Ultratech cement limited Gulbarga, Karnataka and is in successful service.

The Effect of Stone Column (Nailing and Geogrid) on Stability of Expansive Clay

By enhancing the applicatıon of grounds for establishment and due to the lack of appropriate sites, engineers attempt to seek out a new method to reduce the weakness of soils. İn aspect of economic situation, various ways have been used to decrease the weak grounds. Because of the rapid development of infrastructural facilities, spreading the construction operation is an obligation. Furthermore, in various sites with the really bad soil situation, engineers have considered obvious problems. One of the most essential ways for developing the weak soils is stone column. Obviously, the method was introduced in France in 1830 to improve a native soil initially. Stone columns have an expanding range of usage in different rough foundation sites all over the world to increase the bearing capacity, to reduce the whole and differential settlements, to enhance the rate of consolidation, to stabilize slopes stability of embankments and to increase the liquefaction resistance as well. A recent procedure called installing vertical nails along the round stone columns in order to make better the performance of considered columns is offered. Moreover, thanks to the enhancing the nail diameter, number and embedment nail depth, the positive points of vertical circumferential nails increases. Based on the result of this study, load caring capacity will be develop with enhancing the length and the power of reinforcements in vertical encasement stone column (CESC). In this study, the main purpose is comparing two methods of stone columns (installed a nail surrounding the stone columns and using geogrid on clay) for enhancing the bearing capacity, decreasing the whole and various settlements.