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

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.

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.

The Effect of Polypropylene Fiber in the Stabilization of Expansive Soils

Expansive soils are often encountered in many parts of the world, especially in arid and semi-arid fields. Such kind of soils, generally including active clay minerals in low water content, enlarge in volume by absorbing the water through the surface and cause a great harm to the light structures such as channel coating, roads and airports. The expansive soils were encountered on the path of Apa-Hotamış conveyance channel belonging to the State Hydraulic Works in the region of Konya. In the research done in this area, it is predicted that the soil has a swollen nature and the soil should be filled with proper granular equipments by digging the ground to 50-60 cm. In this study, for purpose of helping the other research to be done in the same area, it is thought that instead of replacing swollen soil with the granular soil, by stabilizing it with polypropylene fiber and using it its original place decreases effect of swelling percent, in this way the cost will be decreased. Therefore, laboratory tests were conducted to study the effects of polypropylene fiber on swelling characteristics of expansive soil. Test results indicated that inclusion of fiber reduced swell percent of expansive soil. As the fiber content increased, the unconfined compressive strength was increased. Finally, it can be said that stabilization of expansive soils with polypropylene fiber is an effective method.

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.

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.

MEAL Project: Modifying Eating Attitudes and Actions through Learning

The main objective of MEAL is to develop a pedagogical tool aimed to help teachers and nutritionists (students and professionals) to acquire, train, promote and deliver to children basic nutritional education and healthy eating behaviours competencies. MEAL is focused on eating behaviours and not only in nutritional literacy, and will use new technologies like Information and Communication Technologies (ICTs) and serious games (SG) platforms to consolidate the nutritional competences and habits.

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.

Hybrid Pulse Width Modulation Techniques for the Reduction of Switching Losses and Voltage Harmonics in Cascaded Multilevel Inverters

These days, the industrial trend is moving away from heavy and bulky passive components to power converter systems that use more and more semiconductor elements. Also, it is difficult to connect the traditional converters to the high and medium voltage. For these reasons, a new family of multilevel inverters has appeared as a solution for working with higher voltage levels. Different modulation topologies like Sinusoidal Pulse Width Modulation (SPWM), Selective Harmonic Elimination Pulse Width Modulation (SHE-PWM) are available for multilevel inverters. In this work, different hybrid modulation techniques which are combination of fundamental frequency modulation and multilevel sinusoidal-modulation are compared. The main characteristic of these modulations are reduction of switching losses with good harmonic performance and balanced power loss dissipation among the device. The proposed hybrid modulation schemes are developed and simulated in Matlab/Simulink for cascaded H-bridge inverter. The results validate the applicability of the proposed schemes for cascaded multilevel inverter.

Extending the Quantum Entropy to Multidimensional Signal Processing

This paper treats different aspects of entropy measure in classical information theory and statistical quantum mechanics, it presents the possibility of extending the definition of Von Neumann entropy to image and array processing. In the first part, we generalize the quantum entropy using singular values of arbitrary rectangular matrices to measure the randomness and the quality of denoising operation, this new definition of entropy can be implemented to compare the performance analysis of filtering methods. In the second part, we apply the concept of pure state in quantum formalism to generalize the maximum entropy method for narrowband and farfield source localization problem. Several computer simulation results are illustrated to demonstrate the effectiveness of the proposed techniques.

Useful Lifetime Prediction of Chevron Rubber Spring for Railway Vehicle

Useful lifetime evaluation of chevron rubber spring was very important in design procedure to assure the safety and reliability. It is, therefore, necessary to establish a suitable criterion for the replacement period of chevron rubber spring. In this study, we performed characteristic analysis and useful lifetime prediction of chevron rubber spring. Rubber material coefficient was obtained by curve fittings of uniaxial tension equibiaxial tension and pure shear test. Computer simulation was executed to predict and evaluate the load capacity and stiffness for chevron rubber spring. In order to useful lifetime prediction of rubber material, we carried out the compression set with heat aging test in an oven at the temperature ranging from 50°C to 100°C during a period 180 days. By using the Arrhenius plot, several useful lifetime prediction equations for rubber material was proposed.

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.

Sensory Acceptability of Novel Sorrel/Roselle (Hibiscus sabdariffa L.)

Consumers are demanding novel beverages that are healthier, convenient and have appealing consumer acceptance. The objectives of this study were to investigate the effects of adding grape polyphenols and the influence of presenting health claims on the sensory acceptability of wines. Fresh red sorrel calyces were fermented into wines. The total soluble solids of the pectinase-treated sorrel puree were from 4°Brix to 23.8°Brix. Polyphenol in the form of grape pomace extract was added to sorrel wines (w/v) in specified levels to give 0. 25. 50 and 75 ppm. A focus group comprising of 12 panelists was use to select the level of polyphenol to be added to sorrel wines for sensory preference The sensory attributed of the wines which were evaluated were colour, clarity, aroma, flavor, mouth-feel, sweetness, astringency and overall preference. The sorrel wine which was most preferred from focus group evaluation was presented for hedonic rating. In the first stage of hedonic testing, the sorrel wine was served chilled at 7°C for 24 h prior to sensory evaluation. Each panelist was provided with a questionnaire and was asked to rate the wines on colour, aroma, flavor, mouth-feel, sweetness, astringency and overall acceptability using a 9-point hedonic scale. In the second stage of hedonic testing, the panelist were instructed to read a health abstract on the health benefits of polyphenolic compounds and again to rate sorrel wine with added 25 ppm polyphenol. Paired t-test was used for the analysis of the influence of presenting health information on polyphenols on hedonic scoring of sorrel wines. Focus groups found that the addition of polyphenol addition had no significant effect on sensory color and aroma but affected clarity and flavor. A 25 ppm wine was liked moderately in overall acceptability. The presentation of information on the health benefit of polyphenols in sorrel wines to panelists had no significant influence on the sensory acceptance of wine. More than half of panelists would drink this wine now and then. This wine had color L 19.86±0.68, chroma 2.10±0.12, hue° 16.90 ±3.10 and alcohol content of 13.0%. The sorrel wine was liked moderately in overall acceptability with the added polyphenols.

Computer Aided Classification of Architectural Distortion in Mammograms Using Texture Features

Computer aided diagnosis systems provide vital opinion to radiologists in the detection of early signs of breast cancer from mammogram images. Architectural distortions, masses and microcalcifications are the major abnormalities. In this paper, a computer aided diagnosis system has been proposed for distinguishing abnormal mammograms with architectural distortion from normal mammogram. Four types of texture features GLCM texture, GLRLM texture, fractal texture and spectral texture features for the regions of suspicion are extracted. Support vector machine has been used as classifier in this study. The proposed system yielded an overall sensitivity of 96.47% and an accuracy of 96% for mammogram images collected from digital database for screening mammography database.

Robust Batch Process Scheduling in Pharmaceutical Industries: A Case Study

Batch production plants provide a wide range of scheduling problems. In pharmaceutical industries a batch process is usually described by a recipe, consisting of an ordering of tasks to produce the desired product. In this research work we focused on pharmaceutical production processes requiring the culture of a microorganism population (i.e. bacteria, yeasts or antibiotics). Several sources of uncertainty may influence the yield of the culture processes, including (i) low performance and quality of the cultured microorganism population or (ii) microbial contamination. For these reasons, robustness is a valuable property for the considered application context. In particular, a robust schedule will not collapse immediately when a cell of microorganisms has to be thrown away due to a microbial contamination. Indeed, a robust schedule should change locally in small proportions and the overall performance measure (i.e. makespan, lateness) should change a little if at all. In this research work we formulated a constraint programming optimization (COP) model for the robust planning of antibiotics production. We developed a discrete-time model with a multi-criteria objective, ordering the different criteria and performing a lexicographic optimization. A feasible solution of the proposed COP model is a schedule of a given set of tasks onto available resources. The schedule has to satisfy tasks precedence constraints, resource capacity constraints and time constraints. In particular time constraints model tasks duedates and resource availability time windows constraints. To improve the schedule robustness, we modeled the concept of (a, b) super-solutions, where (a, b) are input parameters of the COP model. An (a, b) super-solution is one in which if a variables (i.e. the completion times of a culture tasks) lose their values (i.e. cultures are contaminated), the solution can be repaired by assigning these variables values with a new values (i.e. the completion times of a backup culture tasks) and at most b other variables (i.e. delaying the completion of at most b other tasks). The efficiency and applicability of the proposed model is demonstrated by solving instances taken from a real-life pharmaceutical company. Computational results showed that the determined super-solutions are near-optimal.