Abstract: Food as perishable goods represents a specific and
sensitive part in the supply chain theory, since changing physical or
chemical characteristics considerably influence the approach to stock
management. The most delicate phase of this process is
transportation, where it becomes difficult to ensure the stable
conditions which limit deterioration, since the value of the
deterioration rate could be easily influenced by the mode of
transportation. The fuzzy definition of variables allows one to take
these variations into account. Furthermore, an appropriate choice of
the defuzzification method permits one to adapt results to real
conditions as far as possible. In this article those methods which take
into account the relationship between the deterioration rate of
perishable goods and transportation by ship will be applied with the
aim of (a) minimizing the total cost function, defined as the sum of
the ordering cost, holding cost, disposing cost and transportation
costs, and (b) improving the supply chain sustainability by reducing
environmental impact and waste disposal costs.
Abstract: This study examines the credibility of the signaling as
explanation for IPO initial underpricing. Findings reveal the initial
underpricing and the long-term underperformance of IPOs in Taiwan.
However, we only find weak support for signaling as explanation of
IPO underpricing.
Abstract: The continuous decline of petroleum and natural gas
reserves and non linear rise of oil price has brought about a
realisation of the need for a change in our perpetual dependence on
the fossil fuel. A day to day increased consumption of crude and
petroleum products has made a considerable impact on our foreign
exchange reserves. Hence, an alternate resource for the conversion of
energy (both liquid and gas) is essential for the substitution of
conventional fuels. Biomass is the alternate solution for the present
scenario. Biomass can be converted into both liquid as well as
gaseous fuels and other feedstocks for the industries.
Abstract: In this study, we are interested in a species of the
family of Asteraceae (Tagetes erecta). This family is considered as a
source of antimicrobial extracts with strong capacity. The extraction
of the flavonoids is carried out by the method of liquid/liquid with the
use of successive solvents. Afterwards, we evaluated the biological
activity of the flavonoids on five pathogenic bacterial stocks such as
Escherichia coli, Bacillus subtilis, Klebsiella pneumoniae,
Pseudomonas aeruginosa and Staphylococcus aureus and two stocks
of yeasts to knowing Candida albicans) and Saccharomyces
cerevisiae, by employing the method of the aromatogramme starting
from a solid disc. The result of the antimicrobial activity shows an
action and a variable degree of sensitivity according to bacterial
stocks tested. It will be noted that the flavonoids have an inhibiting
effect on E. coli, B. subtilis, K. pneumoniae and S. aureus. But a
resistance with respect to the extract by P. aeruginosa, C. albicans
and S. cerevisiae is to be mentioned.
Abstract: Accounting policies are a set of solutions compliant
with legal regulations that an entity selects and adopts, and which
guarantee a proper quality of financial statements. Those solutions
may differ depending on whether the entity adopts national or
international accounting standards.
The aim of this article is to present accounting principles (policies)
in Polish and international legal regulations and their adoption in
selected Polish companies listed on the Warsaw Stock Exchange. The
research method adopted in this work is the analysis and evaluation
of legal conditions in Polish companies.
Abstract: Essential oils are expensive phytochemicals produced
and extracted from specific species belonging to particular families in
the plant kingdom. In the United Arab Emirates country (UAE), is
located in the arid region of the world, nine species, from the
Lamiaceae family, having the capability to produce therapeutic grade
essential oils. These species include; Mentha spicata, Ocimum
forskolei, Salvia macrosiphon, Salvia aegyptiaca, Salvia macilenta,
Salvia spinosa, Teucrium polium, Teucrium stocksianum and Zataria
multiflora. Although, such potential species are indigenous to the
UAE, however, there are almost no studies available to investigate
the chemical composition and the quality of the extracted essential
oils under the UAE climatological conditions. Therefore, great
attention has to be given to such valuable natural resources, through
conducting highly supported research projects, tailored to the UAE
conditions, and investigating different extraction techniques,
including the application of the latest available technologies, such as
superficial fluid CO2. This is crucially needed; in order to accomplish
the greatest possibilities in the medicinal field, specifically in the
discovery of new therapeutic chemotypes, as well as, to achieve the
sustainability of this natural resource in the country.
Abstract: In this paper it was examined the influence of margin
regulation on stock market volatility in EU 1993 – 2014. Regulating
margin requirements or haircuts for securities financing transactions
has for a long time been considered as a potential tool to limit the
build-up of leverage and dampen volatility in financial markets. The
margin requirement dictates how much investors can borrow against
these securities. Margin can be an important part of investment.
Using daily and monthly stock returns and there is no convincing
evidence that EU Regulation margin requirements have served to
dampen stock market volatility. In this paper was detected the
expected negative relation between margin requirements and the
amount of margin credit outstanding. Also, it confirmed that changes
in margin requirements by the EU regulation have tended to follow
than lead changes in market volatility. For the analysis have been
used the modified Levene statistics to test whether the standard
deviation of stock returns in the 25, 50 and 100 days preceding
margin changes is the same as that in the succeeding 25, 50 and 100
days. The analysis started in May 1993 when it was first empowered
to set the initial margin requirement and the last sample was in May
2014. To test whether margin requirements influence stock market
volatility over the long term, the sample of stock returns was divided
into 14 periods, according to the 14 changes in margin requirements.
Abstract: A computational fluid dynamics simulation is done for
non-Newtonian fluid in a baffled stirred tank. The CMC solution is
taken as non-Newtonian shear thinning fluid for simulation. The
Reynolds Average Navier Stocks equation with steady state multi
reference frame approach is used to simulate flow in the stirred tank.
The turbulent flow field is modelled using realizable k-ε turbulence
model. The simulated velocity profiles of Rushton turbine is
validated with literature data. Then, the simulated flow field of CD-6
impeller is compared with the Rushton turbine. The flow field
generated by CD-6 impeller is less in magnitude than the Rushton
turbine. The impeller global parameter, power number and flow
number, and entropy generation due to viscous dissipation rate is also
reported.
Abstract: This experimental study aims at studying the
conversion of macro-algae into bioethanol under several steps of
procedure: preparation, pre-treatment, fermentation, and distillation.
The main objective of this work was to investigate the role of buffer’s
type as a stabiliser of pH level and fermentation time on the yield of
ethanol. For this purpose, experiments were carried out on biomass
macro-algae to de-couple the pre-treatment and fermentation
processes from those associated with distillation process. β-
glucosidase was used as cellulose decomposer during hydrolysis step
and yeast was used during fermentation process. The species of
macro-algae utilised as energy feedstock was Ulva lactuca and it was
harvested from southern coast of Central of Java Island – Indonesia.
Experiments were conducted in a simple fermenter over a different
buffer: citrate buffer and acetic buffer, and over a range of
fermentation times between 5 to 20 days. The ethanol production was
found to be significantly affected by both variables. The optimum
time of fermentation was 10 days with citrate buffer; result in
0.88458% of ethanol, and the ethanol content after distillation
process was shown 0.985015%.
Abstract: The objectives of this study is to investigate the
existence of the sticky cost behavior of firms listed in the Indonesia
Stock Exchange (IDX) and to find evidence on the effects of sticky
operating expenses (SG&A expenses) on profitability of firms. For
the first objective, this study finds that the sticky cost behavior does
exist. For the second objective, this study finds that the stickier the
operating expenses the lesser future profitability of the firms. This
study concludes that sticky cost affects negatively to the performance
and, therefore, firms should include flexibility in designing the cost
structure of their firms.
Abstract: The purpose of the present work is to review some
data for the management challenges that the aquaculture industry in
Greece is currently facing. The results indicate that Greek
aquaculture fish farms apply Human Resources Management (HRM)
practices which can increase motivation, commitment and job
satisfaction of their personnel. In turn, these practices can increase
the productivity of the business. The Greek fish farms appear to
invest in research and technological innovation with a good record in
research activities and the generation of patents. Interestingly, the
results of the present work were carried out during the period of the
recent economic crisis in Greece. Several sectors of the Greek
economy were severely affected by the financial problems of the
Greek government and the Greek banks. Under the adverse
economical conditions created by the Greek economic crisis, even the
Greek aquaculture industry, which historically is considered as a
thriving national exporting business sector, experienced harsh
economic and market conditions. As a result of the global, European
and national economic crisis, consumption of fish dropped while
companies had to hold most of their stocked fish in order to regulated
the flow to the market and the price. This occurred at a time where
Banks in Greece had their own financial crisis – banking crisis -
which resulted in limited access to lending for the all business sectors
of the national economy including the Greek aquaculture industry. In
spite of these economic conditions, the Greek aquaculture industry,
after a series of mergers and acquisitions, has now stabilized
production and exhibits very good prospects for future growth.
Evidently, the firms had to cut salaries and on some occasions even
pay their staff in arrears. Nevertheless, the results presented in this
paper indicate that during the economic crisis, the surveyed fish
farms maintained their HRM practices, investing in their human
capital and technological input. In fact, human capital and
technological input are the ticket for future success of companies in
any business sector.
Abstract: The discarded clam shell waste, fossil and edible oil
as biolubricant feedstocks create environmental impacts and food
chain dilemma, thus this work aims to circumvent these issues by
using activated saltwater clam shell waste (SCSW) as solid catalyst
for conversion of Jatropha curcas oil as non-edible sources to ester
biolubricant. The characterization of solid catalyst was done by
Differential Thermal Analysis-Thermo Gravimetric Analysis (DTATGA),
X-Ray Fluorescence (XRF), X-Ray Diffraction (XRD),
Brunauer-Emmett-Teller (BET), Field Emission Scanning Electron
Microscopy (FESEM) and Fourier Transformed Infrared
Spectroscopy (FTIR) analysis. The calcined catalyst was used in the
transesterification of Jatropha oil to methyl ester as the first step, and
the second stage was involved the reaction of Jatropha methyl ester
(JME) with trimethylolpropane (TMP) based on the various process
parameters. The formated biolubricant was analyzed using the
capillary column (DB-5HT) equipped Gas Chromatography (GC).
The conversion results of Jatropha oil to ester biolubricant can be
found nearly 96.66%, and the maximum distribution composition
mainly contains 72.3% of triester (TE).
Abstract: Biological conversion of biomass to methane has
received increasing attention in recent years. Grasses have been
explored for their potential anaerobic digestion to methane. In this
review, extensive literature data have been tabulated and classified.
The influences of several parameters on the potential of these
feedstocks to produce methane are presented. Lignocellulosic
biomass represents a mostly unused source for biogas and ethanol
production. Many factors, including lignin content, crystallinity of
cellulose, and particle size, limit the digestibility of the hemicellulose
and cellulose present in the lignocellulosic biomass. Pretreatments
have used to improve the digestibility of the lignocellulosic biomass.
Each pretreatment has its own effects on cellulose, hemicellulose and
lignin, the three main components of lignocellulosic biomass. Solidstate
anaerobic digestion (SS-AD) generally occurs at solid
concentrations higher than 15%. In contrast, liquid anaerobic
digestion (AD) handles feedstocks with solid concentrations between
0.5% and 15%. Animal manure, sewage sludge, and food waste are
generally treated by liquid AD, while organic fractions of municipal
solid waste (OFMSW) and lignocellulosic biomass such as crop
residues and energy crops can be processed through SS-AD. An
increase in operating temperature can improve both the biogas yield
and the production efficiency, other practices such as using AD
digestate or leachate as an inoculant or decreasing the solid content
may increase biogas yield but have negative impact on production
efficiency. Focus is placed on substrate pretreatment in anaerobic
digestion (AD) as a means of increasing biogas yields using today’s
diversified substrate sources.
Abstract: This paper presents a regression model with
autocorrelated errors in which the inputs are social moods obtained by
analyzing the adjectives in Twitter posts using a document topic
model, where document topics are extracted using LDA. The
regression model predicts Dow Jones Industrial Average (DJIA) more
precisely than autoregressive moving-average models.
Abstract: Banana pseudo-stem and fruit-bunch-stem are
agricultural residues that can be used for conversion to bio-char, biooil,
and gases by using thermochemical process. The aim of this work
is to characterize banana pseudo-stem and banana fruit-bunch-stem
through proximate analysis, elemental analysis, chemical analysis,
thermo-gravimetric analysis, and heating calorific value. The ash
contents of the banana pseudo-stem and banana fruit-bunch-stem are
11.0 mf wt.% and 20.6 mf wt.%; while the carbon content of banana
pseudo-stem and fruit-bunch-stem are 37.9 mf wt.% and 35.58 mf
wt.% respectively. The molecular formulas for banana stem and
banana fruit-bunch-stem are C24H33NO26 and C19H29NO33
respectively. The measured higher heating values of banana pseudostem
and banana fruit-bunch-stem are 15.5MJ/kg and 12.7 MJ/kg
respectively. By chemical analysis, the lignin, cellulose, and
hemicellulose contents in the samples will also be presented. The
feasibility of the banana wastes to be a feedstock for thermochemical
process in comparison with other biomass will be discussed in this
paper.
Abstract: This research investigates the distribution of food
demand for animal food and the optimum amount of that food
production at minimum cost. The data consist of customer purchase
orders for the food of laying hens, price of food for laying hens, cost
per unit for the food inventory, cost related to food of laying hens in
which the food is out of stock, such as fine, overtime, urgent
purchase for material. They were collected from January, 1990 to
December, 2013 from a factory in Nakhonratchasima province. The
collected data are analyzed in order to explore the distribution of the
monthly food demand for the laying hens and to see the rate of
inventory per unit. The results are used in a stochastic linear
programming model for aggregate planning in which the optimum
production or minimum cost could be obtained. Programming
algorithms in MATLAB and tools in Linprog software are used to get
the solution. The distribution of the food demand for laying hens and
the random numbers are used in the model. The study shows that the
distribution of monthly food demand for laying has a normal
distribution, the monthly average amount (unit: 30 kg) of production
from January to December. The minimum total cost average for 12
months is Baht 62,329,181.77. Therefore, the production planning
can reduce the cost by 14.64% from real cost.
Abstract: This article presents a monitoring indicators system
that predicts whether a local government in Taiwan is heading for
fiscal distress and identifies a suitable fiscal policy that would allow
the local government to achieve fiscal balance in the long run. This
system is relevant to stockholders’ interest, simple for national audit
bodies to use, and provides an early warning of fiscal distress that
allows preventative action to be taken.
Abstract: Technical analysis comprised by various technical indicators is a holistic way of representing price movement of stocks in the market. Various forms of indicators have evolved from the primitive ones in the past decades. There have been many attempts to introduce volume as a major determinant to determine strong patterns in market forecasting. The law of demand defines the relationship between the volume and price. Most of the traders are familiar with the volume game. Including the time dimension to the law of demand provides a different visualization to the theory. While attempting the same, it was found that there are different thresholds in the market for different companies. These thresholds have a significant influence on the price. This article is an attempt in determining the thresholds for companies using the three dimensional graphs for optimizing the portfolios. It also emphasizes on the magnitude of importance of volumes as a key factor for determining of predicting strong price movements, bullish and bearish markets. It uses a comprehensive data set of major companies which form a major chunk of the Indian automotive sector and are thus used as an illustration.
Abstract: A brief review of the empirical studies on the methodology of the stock market decision support would indicate that they are at a threshold of validating the accuracy of the traditional and the fuzzy, artificial neural network and the decision trees. Many researchers have been attempting to compare these models using various data sets worldwide. However, the research community is on the way to the conclusive confidence in the emerged models. This paper attempts to use the automotive sector stock prices from National Stock Exchange (NSE), India and analyze them for the intra-sectorial support for stock market decisions. The study identifies the significant variables and their lags which affect the price of the stocks using OLS analysis and decision tree classifiers.
Abstract: Numerous amounts of metallurgical dusts and sludge containing iron as well as some other valuable elements such as Zn, Pb and C are annually produced in the steelmaking industry. These alternative iron ore resources (fines) with unsatisfying physical and metallurgical properties are difficult to recycle. However, agglomerating these fines to be further used as a feed stock for existing iron and steelmaking processes is practiced successfully at several plants but for limited extent.
In the present study, briquettes of integrated steelmaking industry waste materials (namely, BF-dust and sludge, BOF-dust and sludge) were used as feed stock to produce direct reduced iron (DRI). Physical and metallurgical properties of produced briquettes were investigated by means of TGA/DTA/QMS in combination with XRD. Swelling, softening and melting behavior were also studied using heating microscope.