Abstract: 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.
Abstract: 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
Abstract: In recent years, the use of the aluminum based alloys
in the industry and technology are increasing. Alloying elements in
aluminum have further been improving the strength and stiffness
properties that provide superior compared to other metals. In this
study, investigation of physical properties (microstructure,
microhardness, tensile strength, electrical conductivity and thermal
properties) in the Al-12.6wt.%Si-%2wt.Ni ternary alloy were
investigated. Al-Si-Ni alloy was prepared in vacuum atmosphere. The
samples were directionally solidified upwards with different growth
rate V (8.3−165.45 μm/s) at constant temperature gradient G (7.73
K/mm). The flake spacings (λ), microhardness (HV), ultimate tensile
strength (σ), electrical resistivity (ρ) and thermal properties (H, Cp,
Tm) of the samples were measured. Influence of the growth rate and
spacings on microhardness, ultimate tensile strength and electrical
resistivity were investigated and relationships between them were
obtained. According to results, λ values decrease with increasing V,
but HV, σ and ρ values increase with increasing V. Variations of
electrical resistivity (ρ) of solidified samples were also measured.
The enthalpy of fusion (H) and specific heat (Cp) for the alloy was
also determined by differential scanning calorimeter (DSC) from
heating trace during the transformation from liquid to solid. The
results in this work were compared with the previous similar
experimental results.
Abstract: 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.
Abstract: 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.
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.
Abstract: 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.
Abstract: 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.
Abstract: In this study, electric field distribution analyses for
three pylon models are carried out by a Finite Element Method
(FEM) based software. Analyses are performed in both stationary and
time domains to observe instantaneous values along with the
effective ones. Considering the results of the study, different line
geometries is considerably affecting the magnitude and distribution
of electric field although the line voltages are the same. Furthermore,
it is observed that maximum values of instantaneous electric field
obtained in time domain analysis are quite higher than the effective
ones in stationary mode. In consequence, electric field distribution
analyses should be individually made for each different line model
and the limit exposure values or distances to residential buildings
should be defined according to the results obtained.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: As smartphones are equipped with various sensors,
there have been many studies focused on using these sensors to create
valuable applications. Human activity recognition is one such
application motivated by various welfare applications, such as the
support for the elderly, measurement of calorie consumption, lifestyle
and exercise patterns analyses, and so on. One of the challenges one
faces when using smartphone sensors for activity recognition is that
the number of sensors should be minimized to save battery power. In
this paper, we show that a fairly accurate classifier can be built that
can distinguish ten different activities by using only a single sensor
data, i.e., the smartphone accelerometer data. The approach that we
adopt to deal with this twelve-class problem uses various methods.
The features used for classifying these activities include not only the
magnitude of acceleration vector at each time point, but also the
maximum, the minimum, and the standard deviation of vector
magnitude within a time window. The experiments compared the
performance of four kinds of basic multi-class classifiers and the
performance of four kinds of ensemble learning methods based on
three kinds of basic multi-class classifiers. The results show that
while the method with the highest accuracy is ECOC based on
Random forest.
Abstract: 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.
Abstract: The aim of this study is to investigate the relationship
between expectation, satisfaction and loyalty of South Korean
tourists visiting Turkey. In the research, a questionnaire was used as a
data collecting tool. The questionnaires are filled by South Korean
tourists coming to Turkey through package tours and individual. The
survey was conducted in 2014 in Nevsehir (Cappadocia Region) and
Istanbul. Tourist guides and agency staff have helped the
implementation of surveys. The survey questions are composed of 4
parts, which are “demographic characteristics of tourists”, “travel
behavior characteristics”, “perception of expectations on destination
attributes” and “perception of destination loyalty”. 5-point Likert
type scale including 28 destination attributes was used to measure the
expectations of South Korean tourists coming to Turkey. Questions
were directed to the tourists to measure the destination loyalty. The
questions relating to destination loyalty are “Talking about Turkey to
others”, “Recommendation Turkey to others” and “Tourists’
intentions to revisit Turkey”. The basic hypothesis of the research is
that there is a statistically significant relationship among
expectations, satisfactions and destination loyalty of South Korean
tourists coming to Turkey. The results indicated that the expectation
had a significant effect on overall satisfaction. In addition it was seen
that between overall satisfaction of tourists and destination loyalty
had a significant relationship. Based on findings, some suggestions
for tour operators and travel agencies were made.