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Sample records for exchange market pressure

  1. Exchange market pressure

    NARCIS (Netherlands)

    Jager, H.; Klaassen, F.; Durlauf, S.N.; Blume, L.E.

    2010-01-01

    Currencies can be under severe pressure in the foreign exchange market, but in a fixed (or managed) exchange rate regime that is not fully visible via the change in the exchange rate. Exchange market pressure (EMP) is a concept developed to nevertheless measure the pressure in such cases. This

  2. Identifying the weights in exchange market pressure

    NARCIS (Netherlands)

    Klaassen, F.

    2011-01-01

    Exchange market pressure (EMP) measures the pressure on a currency to depreciate. It adds to the actual depreciation a weighted combination of policy instruments used to ward off depreciation, such as interest rates and foreign exchange interventions, where the weights are their effectiveness. The

  3. Exchange Market Pressure on the Croatian Kuna

    Directory of Open Access Journals (Sweden)

    Srđan Tatomir

    2009-06-01

    Full Text Available Currency crises exert strong pressure on currencies often causing costly economic adjustment. A measure of exchange market pressure (EMP gauges the severity of such tensions. Measuring EMP is important for monetary authorities that manage exchange rates. It is also relevant in academic research that studies currency crises. A precise EMP measure is therefore important and this paper reexamines the measurement of EMP on the Croatian kuna. It improves it by considering intervention data and thresholds that account for the EMP distribution. It also tests the robustness of weights. A discussion of the results demonstrates a modest improvement over the previous measure and concludes that the new EMP on the Croatian kuna should be used in future research.

  4. Estimating Exchange Market Pressure and the Degree of Exchange Market Intervention for Finland during the Floating Exchange Rate Regime

    OpenAIRE

    Pösö, Mika; Spolander, Mikko

    1997-01-01

    In this paper, we use a fairly simple monetary macro model to calculate the quarterly measures of exchange market pressure and the degree of the Bank of Finland's intervention during the time the markka was floated. Exchange market pressure measures the size of the exchange rate change that would have occurred if the central bank had unexpectedly refrained from intervening in the foreign exchange market. Intervention activity of the central bank is measured as the proportion of exchange marke...

  5. Definition-consistent measurement of exchange market pressure

    NARCIS (Netherlands)

    Klaassen, F.; Jager, H.

    2011-01-01

    Currencies can be under severe pressure, but in a managed exchange rate regime that is not fully visible via the change in the exchange rate. The literature has proposed a way to measure such exchange market pressure (EMP) indirectly, by adding interest rate changes and forex interventions to the

  6. A cross-country Exchange Market Pressure (EMP) dataset.

    Science.gov (United States)

    Desai, Mohit; Patnaik, Ila; Felman, Joshua; Shah, Ajay

    2017-06-01

    The data presented in this article are related to the research article titled - "An exchange market pressure measure for cross country analysis" (Patnaik et al. [1]). In this article, we present the dataset for Exchange Market Pressure values (EMP) for 139 countries along with their conversion factors, ρ (rho). Exchange Market Pressure, expressed in percentage change in exchange rate, measures the change in exchange rate that would have taken place had the central bank not intervened. The conversion factor ρ can interpreted as the change in exchange rate associated with $1 billion of intervention. Estimates of conversion factor ρ allow us to calculate a monthly time series of EMP for 139 countries. Additionally, the dataset contains the 68% confidence interval (high and low values) for the point estimates of ρ 's. Using the standard errors of estimates of ρ 's, we obtain one sigma intervals around mean estimates of EMP values. These values are also reported in the dataset.

  7. Interest Rate Rules, Exchange Market Pressure, and Successful Exchange Rate Management

    NARCIS (Netherlands)

    Klaassen, F.; Mavromatis, K.

    2016-01-01

    Central banks with an exchange rate objective set the interest rate in response to what they call ''pressure.'' Instead, existing interest rate rules rely on the exchange rate minus its target. To stay closer to actual policy, we introduce a rule that uses exchange market pressure (EMP), the

  8. A cross-country Exchange Market Pressure (EMP dataset

    Directory of Open Access Journals (Sweden)

    Mohit Desai

    2017-06-01

    Full Text Available The data presented in this article are related to the research article titled - “An exchange market pressure measure for cross country analysis” (Patnaik et al. [1]. In this article, we present the dataset for Exchange Market Pressure values (EMP for 139 countries along with their conversion factors, ρ (rho. Exchange Market Pressure, expressed in percentage change in exchange rate, measures the change in exchange rate that would have taken place had the central bank not intervened. The conversion factor ρ can interpreted as the change in exchange rate associated with $1 billion of intervention. Estimates of conversion factor ρ allow us to calculate a monthly time series of EMP for 139 countries. Additionally, the dataset contains the 68% confidence interval (high and low values for the point estimates of ρ’s. Using the standard errors of estimates of ρ’s, we obtain one sigma intervals around mean estimates of EMP values. These values are also reported in the dataset.

  9. Political pressures and exchange rate stability in emerging market economies

    OpenAIRE

    Ester Faia; Massimo Giuliodori; Michele Ruta

    2008-01-01

    This paper presents a political economy model of exchange rate policy. The theory is based on a common agency approach with rational expectations. Financial and exporter lobbies exert political pressures to influence the government’s choice of exchange rate policy, before shocks to the economy are realized. The model shows that political pressures affect exchange rate policy and create an over-commitment to exchange rate stability. This helps to rationalize the empirical evidence on fear of l...

  10. Measuring exchange market pressure in South Africa: an application of the Girton-Roper monetary model

    Directory of Open Access Journals (Sweden)

    Emmanuel Ziramba

    2013-02-01

    Full Text Available The monetary approach to the balance of payments is based on the assumption of a fixed exchange rate, while its approach to exchange rate determination is based on perfectly flexible exchange rate. Another monetary model called the Exchange Market Pressure model (EMP was designed to capture the properties of the managed float. This paper applies the monetary model of the EMP to the South African experience with floating exchange rate and managed float systems over the period 1970-1993. We show that the EMP model is superior to the traditional monetary approach. We do not find evidence of the impact of domestic real income on EMP. Diagnostic tests suggest that the model is well specified and the residuals pass the typical checking.

  11. Exchange Market Pressure, Stock Prices, and Commodity Prices East of the Euro

    Directory of Open Access Journals (Sweden)

    Scott W. Hegerty

    2018-03-01

    Full Text Available Aim/purpose - This paper aims to examine connections between the exchange, equity, commodity and commodity markets of a set of Central and Eastern European (CEE economies using monthly time-series data. In particular, we examine whether stock - or commodity - price changes might put pressure on these currencies to depreciate, and whether these pressures are transmitted within the region or from larger neighbors. Design/methodology/approach - This paper creates monthly indices of Ex-change Market Pressure (EMP from 1998 to 2017 using a combination of currency depreciation, reserve losses, and changes in interest-rate differentials for the Czech Republic, Hungary, Poland, and Ukraine, Bulgaria, and Romania. After examining these indices for evidence of currency 'crises', and their components for evidence of changes in currency policy, Vector Autoregressive (VAR methods such as Granger causality and impulse-response functions are used to examine connections between EMP, domestic and foreign stock returns, and changes in commodity prices in the first four countries listed. Findings - While EMP increased in 2008, and the degree of central banks' currency- -market interventions decreased afterward, this paper uncovers key differences among countries. In particular, the Czech Republic is relatively insulated from international transmissions, while Hungary is more susceptible to global spillovers and Poland is exposed to events originating elsewhere in the CEE region. Ukraine shows bidirectional causality between its EMP and stock indices, and finds that pressure on the hryvnia increases if commodity or oil prices decline. Research implications/limitations - This study adds to the relatively limited literature regarding this region, and highlights particular vulnerabilities for both individual countries and specific neighbors; further research is necessary to uncover the channels of transmission using economic modeling. Originality

  12. Market Pressure on Currencies in Crises. Shadow Exchange Rate Experience of Argentina and Switzerland 2011-2015

    Directory of Open Access Journals (Sweden)

    Marcin Gruszczyński

    2017-10-01

    Full Text Available Aim/purpose - The aim of this article is to present two cases of exchange rate controls in Switzerland and Argentina. The paper also examines the problem of presence and evaluation of shadow exchange rate in both countries. Design/methodology/approach - The shadow exchange rates are estimated using speculative pressure index concept that emphasizes the importance of not only exchange rate movements but also changes in foreign exchange reserves as well as interest rate differentials. The research sample covers Switzerland 2001-2016 and Argentina 2006-2016 (for shadow exchange rate simulation: 2011-2014 and 2011-2015, respectively. Findings - The conclusions drawn from international experience and conducted empirical analysis are positive. In both cases, shadow exchange rates were close to market rates after the removal of controls. During the restrictions periods shadow rates followed the intuition given by speculative pressure index concept (and by monetary approach, simultaneously. Research implications/limitations - The research suggests that market forces in both countries were still able to restore exchange rates to market values after the period of control. However, it is obvious that it is very difficult to prove that shadow rates were always determined by economical forces and close to their long-term equilibrium values. Originality/value/contribution - The original approach combines two important economic concepts - the idea of shadow exchange rate and the methodology of index of speculative pressure. Combined together they can help to analyze two interesting and relatively new cases of foreign exchange controls in Switzerland and Argentina. The results can be valuable for economists, researchers and politicians who support or reject the idea of controlling macroeconomic parameters in modern, open economy.

  13. Exchange market pressures during the financial crisis: A Bayesian model averaging evidence

    Czech Academy of Sciences Publication Activity Database

    Feldkircher, M.; Horváth, Roman; Rusnák, M.

    2014-01-01

    Roč. 40, č. 1 (2014), s. 21-41 ISSN 0261-5606 R&D Projects: GA ČR GA13-11983S Institutional support: RVO:67985556 Keywords : exchange rate pressure * Financial crisis Subject RIV: AH - Economics Impact factor: 2.117, year: 2014 http://library.utia.cas.cz/separaty/2015/E/horvath-0449956.pdf

  14. Market efficiency in foreign exchange markets

    Science.gov (United States)

    Oh, Gabjin; Kim, Seunghwan; Eom, Cheoljun

    2007-08-01

    We investigate the relative market efficiency in financial market data, using the approximate entropy(ApEn) method for a quantification of randomness in time series. We used the global foreign exchange market indices for 17 countries during two periods from 1984 to 1998 and from 1999 to 2004 in order to study the efficiency of various foreign exchange markets around the market crisis. We found that on average, the ApEn values for European and North American foreign exchange markets are larger than those for African and Asian ones except Japan. We also found that the ApEn for Asian markets increased significantly after the Asian currency crisis. Our results suggest that the markets with a larger liquidity such as European and North American foreign exchange markets have a higher market efficiency than those with a smaller liquidity such as the African and Asian markets except Japan.

  15. Timing Foreign Exchange Markets

    Directory of Open Access Journals (Sweden)

    Samuel W. Malone

    2016-03-01

    Full Text Available To improve short-horizon exchange rate forecasts, we employ foreign exchange market risk factors as fundamentals, and Bayesian treed Gaussian process (BTGP models to handle non-linear, time-varying relationships between these fundamentals and exchange rates. Forecasts from the BTGP model conditional on the carry and dollar factors dominate random walk forecasts on accuracy and economic criteria in the Meese-Rogoff setting. Superior market timing ability for large moves, more than directional accuracy, drives the BTGP’s success. We explain how, through a model averaging Monte Carlo scheme, the BTGP is able to simultaneously exploit smoothness and rough breaks in between-variable dynamics. Either feature in isolation is unable to consistently outperform benchmarks throughout the full span of time in our forecasting exercises. Trading strategies based on ex ante BTGP forecasts deliver the highest out-of-sample risk-adjusted returns for the median currency, as well as for both predictable, traded risk factors.

  16. Rethinking exchange market models as optimization algorithms

    Science.gov (United States)

    Luquini, Evandro; Omar, Nizam

    2018-02-01

    The exchange market model has mainly been used to study the inequality problem. Although the human society inequality problem is very important, the exchange market models dynamics until stationary state and its capability of ranking individuals is interesting in itself. This study considers the hypothesis that the exchange market model could be understood as an optimization procedure. We present herein the implications for algorithmic optimization and also the possibility of a new family of exchange market models

  17. Exchange rate variability, market activity and heterogeneity

    OpenAIRE

    Rime, Dagfinn; Sucarrat, Genaro

    2007-01-01

    We study the role played by geographic and bank-size heterogeneity in the relation between exchange rate variability and market activity. We find some support for the hypothesis that increases in short-term global interbank market activity, which can be interpreted as due to variation in information arrival, increase variability. However, our results do not suggest that local short-term activity increases variability. With respect to long-term market activity, which can be interpreted as a me...

  18. Efficiency Tests in Foreign Exchange Market

    Directory of Open Access Journals (Sweden)

    Yi Hsien Lee

    2012-01-01

    Full Text Available The main purpose of the paper is applying filter rules to examine the efficiency of foreign exchange. This paper uses three strategies of filter rules (buy long, sell short, buy long and sell short strategies to test the performance of the transaction for EUR, JPY, GBP. The findings show that people will obtain more return by taking buy long/ sell short strategies of filter rules without considering transaction cost. However, the transaction of these three foreign exchange rate (EUR, JPY, GBP will be more efficient by considering transaction cost. The results imply the foreign exchange market is efficient for the EUR, JPY and GBP.

  19. Power exchange game in the electricity market

    International Nuclear Information System (INIS)

    Pyykko, S.; Partanen, J.; Viljainen, S.; Lassila, J.; Honkapuro, S.; Tahvanainen, K.

    2006-01-01

    Since it is not economically reasonable to build parallel electricity networks, in Finland, Sweden, Norway and Denmark, electricity distribution is protected by monopoly. However, electricity production and selling have been opened up to competition by connecting the transmission networks of these countries together, and it is possible to produce electricity where it is cheapest. A common electricity power market, called Nord Pool, has been created where electricity can be bought, sold or used as an exchange product. In order to help students understand the operation of electricity markets and the use of different electricity exchange products, the Department of Electrical Engineering at Lappeenranta University developed a scheme in which the theory can be used in practice. In the scheme, students are given the responsibility to manage the electricity markets of power companies in order analyze, plan and make decisions, which are skills required on the open power markets. The paper provided an introduction to the electricity markets in Nordic countries and discussed Nord Pool and its products. Information about education at the Department of Electrical Engineering at Lappeenranta University of Technology was also presented. The paper also provided details of the power exchange scheme on the electricity markets. 6 refs., 17 figs

  20. How did China's foreign exchange reform affect the efficiency of foreign exchange market?

    Science.gov (United States)

    Ning, Ye; Wang, Yiming; Su, Chi-wei

    2017-10-01

    This study compares the market efficiency of China's onshore and offshore foreign exchange markets before and after the foreign exchange reform on August 11, 2015. We use the multifractal detrended fluctuation analysis of the onshore and offshore RMB/USD spot exchange rate series as basis. We then find that the onshore foreign exchange market before the reform has the lowest market efficiency, which increased after the reform. The offshore foreign exchange market before the reform has the highest market efficiency, which dropped after the reform. This finding implies the increased efficiency of the onshore foreign exchange market and the loss of efficiency in the offshore foreign exchange market. We also find that the offshore foreign exchange market is more efficient than the onshore market and that the gap shrank after the reform. Changes in intervention of the People's Bank of China since the reform is a possible explanation for the changes in the efficiency of the foreign exchange market.

  1. Argentina's experience with parallel exchange markets: 1981-1990

    OpenAIRE

    Steven B. Kamin

    1991-01-01

    This paper surveys the development and operation of the parallel exchange market in Argentina during the 1980s, and evaluates its impact upon macroeconomic performance and policy. The historical evolution of Argentina's exchange market policies is reviewed in order to understand the government's motives for imposing exchange controls. The parallel exchange market engendered by these controls is then analyzed, and econometric methods are used to evaluate the behavior of the parallel exchange r...

  2. Turbulent cascades in foreign exchange markets

    Science.gov (United States)

    Ghashghaie, S.; Breymann, W.; Peinke, J.; Talkner, P.; Dodge, Y.

    1996-06-01

    THE availability of high-frequency data for financial markets has made it possible to study market dynamics on timescales of less than a day1. For foreign exchange (FX) rates Müller et al.2 have shown that there is a net flow of information from long to short timescales: the behaviour of long-term traders (who watch the markets only from time to time) influences the behaviour of short-term traders (who watch the markets continuously). Motivated by this hierarchical feature, we have studied FX market dynamics in more detail, and report here an analogy between these dynamics and hydrodynamic turbulence3-8. Specifically, the relationship between the probability density of FX price changes (δx) and the time delay (δt) (Fig. la) is much the same as the relationship between the probability density of the velocity differences (δv) of two points in a turbulent flow and their spatial separation δr (Fig. 1b). Guided by this similarity we claim that there is an information cascade in FX market dynamics that corresponds to the energy cascade in hydrodynamic turbulence. On the basis of this analogy we can now rationalize the statistics of FX price differences at different time delays, which is important for, for example, option pricing. The analogy also provides a conceptual framework for understanding the short-term dynamics of speculative markets.

  3. The marketing-finance interface: A relational exchange perspective

    NARCIS (Netherlands)

    Ruyter, de J.C.; Wetzels, M.G.M.

    2000-01-01

    In marketing theory and practice the concept of relational exchanges has gained wide popularity particularly with regards to external exchange parties, such as consumers and marketing channel intermediaries. However, the concept of relational exchange could also be applied to marketing interfaces

  4. Efficiency of Foreign Exchange Markets and Measures of Turbulence

    OpenAIRE

    Jacob A. Frenkel; Michael L. Mussa

    1980-01-01

    Since the move to generalized floating in1973, exchange rates between major currencies have displayed large fluctuations. This turbulence of foreign exchange rates is an important concern of government policy and its explanation is a challenge for theories of foreign exchange market behavior. In Section I of this paper, we document the extent of turbulence in foreign exchange markets by examining (i) the magnitude of short-run variations in exchange rates relative to other measures of economi...

  5. Information Exchange, Market Transparency and Dynamic Oligopoly

    DEFF Research Database (Denmark)

    Overgaard, Per Baltzer; Møllgaard, Peter

    2005-01-01

    In the economics literature, various views on the likely (efficiency) effects of information exchange,communication between firms and market transparency present themselves. Often these views oninformation flows are highly conflicting. On the one hand, it is argued that increased...... informationdissemination improves firm planning to the benefit of society (including customers) and/or allowspotential customers to make the right decisions given their preferences. On the other hand, theliterature also suggests that increased information dissemination can have significant coordinating orcollusive......, where informational issues have played a significant role....

  6. Foreign Exchange Markets in Russia: Understanding the Reforms

    OpenAIRE

    Linda S. Goldberg

    1993-01-01

    This paper analyzes and interprets the changes that took place in Russia's exchange rate system during 1992. The multiple exchange rate regime that existed in Russia prior to July 3, 1992, created strong incentives for exporters to refrain from repatriating foreign exchange earnings, induced both importers and exporters to participate in unofficial markets for foreign exchange, and encouraged international barter transactions. Efforts to manage the exchange rate through heavy foreign exchange...

  7. What determines the exchange rate: economic factors or market sentiment?

    OpenAIRE

    Gregory P. Hopper

    1997-01-01

    Do economic factors influence exchange rates? Or does market sentiment play a bigger role? Are short-run exchange rates predictable? Greg Hopper reviews exchange-rate economics, focusing on what is predictable and what isn't. He also examines the practical implications of exchange-rate theories for currency option pricing, risk management, and portfolio selection.

  8. EFFICIENCY OF FOREIGN EXCHANGE MARKETS: A DEVELOPING COUNTRY PERSPECTIVE

    OpenAIRE

    Guneratne Banda Wickremasinghe

    2004-01-01

    This study tests weak and semi-strong form efficiency of the foreign exchange market in Sri Lanka using six bilateral foreign exchange rates during the recent float. Weak-form efficiency is examined using unit root tests while semi-strong form efficiency is tested using co- integration and Granger causality tests and variance decomposition analysis. Results indicate that the Sri Lankan foreign exchange market is consistent with the weak -form of the Efficient Market Hypothesis. However, the r...

  9. Exchange-Rate Unification with Black Market Leakages; Russia 1992

    OpenAIRE

    Linda S. Goldberg

    1993-01-01

    In 1992 Russia unified the multiple exchange rates that had applied to international transactions. This paper describes the multiple exchange rate system that existed in Russia prior to mid-1992 and undertakes a theoretical exploration of the effects of the exchange rate unification that took place in July 1992. The model developed here allows for leakages between official and black markets and permits flexibility of the exchange rates in both official and parallel currency markets. Within th...

  10. Information Exchange, Market Transparency and Dynamic Oligopoly

    DEFF Research Database (Denmark)

    Møllgaard, H. Peter; Overgaard, Per Baltzer

    Economic literature often offers conflicting views on the likely efficiency effects of information exchanges, communication between firms, and market transparency. On the one hand, it is argued that increased information dissemination improves firm planning to the benefit of society (including...... buyers) and allows potential buyers to make correct decisions given their preferences. On the other hand, economic literature also shows that increased information dissemination can raise prices through tacit or explicit collusion to the benefit of firms but at the expense of society at large....... This chapter provides a general analytical framework to reconcile these views and presents some basic conclusions for antitrust practice. In addition, the chapter reviews cases from both sides of the Atlantic where informational issues have played a significant role....

  11. Derivative Market: An Integral Part Of The Zimbabwe Stock Exchange

    OpenAIRE

    Kosmas Njanike

    2010-01-01

    The study assesses the need for a derivative market as an integral of Zimbabwe Stock Exchange. It also aims to evaluate the feasibility of establishing a derivative market as an essential element of Zimbabwe Stock Exchange. The research identifies factors that need to be addressed to facilitate such a market. Views of various fund managers, financial analysts and dealers drawn from asset management firms were used. Changes in market trends are influenced by hyper inflation and acute financial...

  12. Spanish Power Exchange Market Concepts and Operating Experience

    International Nuclear Information System (INIS)

    Gonzalez, J. J.; Gamito, C.

    2000-01-01

    On January, 1st, 1998, the Spanish Electricity Market started operations. All generators, distributors, commercialization companies, and final consumers negotiate al power exchanges either through the spot market or using bilateral contracts. The Spanish Power Exchange Market Operator (Compania Operadora del Mercado Espanol de electricidad, OMEL) is responsible for the management of the market and for the economic settlement and billing of a transactions on the Power Exchange market, and the technical operational process handled by the System Operator. This paper describes in detail the Spanish market principles and the experience gathered through the design, installation and first two years of market operation. The paper presents also the Spanish market results from January 1998 up to December 1999 indicating each specific market results and aggregate statistics. (Author)

  13. An intense Nigerian stock exchange market prediction using logistic ...

    African Journals Online (AJOL)

    This paper is a continuation of our research work on the Nigerian Stock Exchange Market (NSEM) uncertainties, In our previous work (Magaji et al, 2013) we presented the Naive Bayes and SVM-SMO algorithms as a tools for predicting the Nigerian Stock Exchange Market; subsequently we used the same transformed data ...

  14. Exchange rate rebounds after foreign exchange market interventions

    Science.gov (United States)

    Hoshikawa, Takeshi

    2017-03-01

    This study examined the rebounds in the exchange rate after foreign exchange intervention. When intervention is strongly effective, the exchange rate rebounds at next day. The effect of intervention is reduced slightly by the rebound after the intervention. The exchange rate might have been 67.12-77.47 yen to a US dollar without yen-selling/dollar-purchasing intervention of 74,691,100 million yen implemented by the Japanese government since 1991, in comparison to the actual exchange rate was 103.19 yen to the US dollar at the end of March 2014.

  15. Exchange rate risks and their impact upon the energy market

    Directory of Open Access Journals (Sweden)

    Abed Al-Zabidi

    2007-04-01

    Full Text Available The expansion of international business in Slovakia brought not only the opening of markets and expansion of enterprise possibilities but also an increase in the competition and new risks. One of such risks is also the exchange rate risk. The business that realizes a financial transaction exceeding borders of the state or derives his buying or selling prices in Slovak crowns from the foreign currency, is subjected to the exchange rate risks. The exchange rate risks are caused by volatility of exchange courses of Slovak crowns related to foreign currencies. The progress of exchange rates can considerably influence a real result of a transaction negatively; therefore it is important for enterprises to identify possible risks resulting from changes in exchange rates, so they could react accordingly.The proposed article is aimed at the explanation of basic techniques of minimizing exchange rate risks with the use of financial tools available on the financial market.

  16. Technical analysis in the foreign exchange market: a layman's guide

    OpenAIRE

    Christopher J. Neely

    1997-01-01

    Economists have traditionally been skeptical of the value of technical analysis, the use of past price behavior to guide trading decisions in asset markets. Instead, they have relied on the logic of the efficient markets hypothesis. Christopher J. Neely briefly explains the fundamentals of technical analysis and the efficient markets hypothesis as applied to the foreign exchange market, evaluates the profitability of simple trading rules, and reviews recent ideas that might justify extrapolat...

  17. The Efficient Market Hypothesis: Is It Applicable to the Foreign Exchange Market?

    OpenAIRE

    Nguyen, James

    2004-01-01

    The study analyses the applicability of the efficient market hypothesis to the foreign exchange market by testing the profitability of the filter rule on the spot market. The significance of the returns was validated by comparing them to the returns from randomly generated shuffled series via bootstrap methods. The results were surprising. For the total period (1984-2003) small filter rules could deliver significant returns indicating an inefficient foreign exchange market. However, once the ...

  18. Air Circulation and Heat Exchange Under Reduced Pressures

    Science.gov (United States)

    Rygalov, V.; Wheeler, R.; Dixon, M.; Fowler, P.; Hillhouse, L.

    2010-01-01

    Heat exchange rates decrease non-linearly with reductions in atmospheric pressure. This decrease creates risk of thermal stress (elevated leaf temperatures) for plants under reduced pressures. Forced convection (fans) significantly increases heat exchange rate under almost all pressures except below 10 kPa. Plant cultivation techniques under reduced pressures will require forced convection. The cooling curve technique is a reliable means of assessing the influence of environmental variables like pressure and gravity on gas exchange of plant. These results represent the extremes of gas exchange conditions for simple systems under variable pressures. In reality, dense plant canopies will exhibit responses in between these extremes. More research is needed to understand the dependence of forced convection on atmospheric pressure. The overall thermal balance model should include latent and radiative exchange components.

  19. Trading price jump clusters in foreign exchange markets

    Czech Academy of Sciences Publication Activity Database

    Novotný, Jan; Petrov, D.; Urga, G.

    2015-01-01

    Roč. 24, June (2015), s. 66-92 ISSN 1386-4181 Institutional support: PRVOUK-P23 Keywords : price jumps * foreign exchange markets * trading Subject RIV: AH - Economics Impact factor: 1.726, year: 2015

  20. EFFICIENCY OF FOREIGN EXCHANGE MARKETS: A DEVELOPING COUNTRY PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Guneratne B Wickremasinghe

    2005-01-01

    Full Text Available This study tests weak and semi-strong form efficiency of the foreign exchange market in Sri Lanka during the recent float using six bilateral exchange rates. Weak-form efficiency is examined using unit root tests while semi-strong form efficiency is tested using co-integration, Granger causality tests and variance decomposition analysis. Results indicate that the Sri Lankan foreign exchange market is consistent with the weak-form of the efficient market hypothesis (EMH. However, the results provide evidence against the semi-strong version of the EMH. These results have important implications for government policy makers and participants in the foreign exchange market of Sri Lanka.

  1. foreign exchange rationing and wheat markets in ethiopia1

    African Journals Online (AJOL)

    Rahel

    markets and the international market are by no means straightforward. ... domestic wheat prices closely tracked import parity prices. Then, from April 2007 to May 2008, good domestic harvests coincided with increase international wheat ... assessing the effects of rationing on real exchange rates and domestic prices of.

  2. Triangular arbitrage in the foreign exchange market

    Science.gov (United States)

    Aiba, Yukihiro; Hatano, Naomichi

    2004-12-01

    We first review our previous work, showing what is the triangular arbitrage transaction and how to quantify the triangular arbitrage opportunity. Next we explain that the correlation of the foreign exchange rates can appear without actual triangular arbitrage transaction.

  3. MULTIFRACTAL STRUCTURE OF CENTRAL AND EASTERN EUROPEAN FOREIGN EXCHANGE MARKETS

    Directory of Open Access Journals (Sweden)

    Cn#259;pun#351;an Rn#259;zvan

    2012-07-01

    Full Text Available It is well known that empirical data coming from financial markets, like stock market indices, commodities, interest rates, traded volumes and foreign exchange rates have a multifractal structure. Multifractals were introduced in the field of economics to surpass the shortcomings of classical models like the fractional Brownian motion or GARCH processes. In this paper we investigate the multifractal behavior of Central and Eastern European foreign exchange rates, namely the Czech koruna, Croatian kuna, Hungarian forint, Polish zlot, Romanian leu and Russian rouble with respect to euro from January 13, 2000 to February 29, 2012. The dynamics of exchange rates is of interest for investors and traders, monetary and fiscal authorities, economic agents or policy makers. The exchange rate movements affect the international balance of payments, trade flows, and allocation of the resources in national and international economy. The empirical results from the multifractal detrending fluctuation analysis algorithm show that the six exchange rate series analysed display significant multifractality. Moreover, generating shuffled and surrogate time series, we analyze the sources of multifractality, long-range correlations and heavy-tailed distributions, and we find that this multifractal behavior can be mainly attributed to the latter. Finally, we propose a foreign exchange market inefficiency ranking by considering the multifractality degree as a measure of inefficiency. The regulators, through policy instruments, aim to improve the informational inefficiency of the markets, to reduce the associated risks and to ensure economic stabilization. Evaluation of the degree of information efficiency of foreign exchange markets, for Central and Eastern Europe countries, is important to assess to what extent these countries are prepared for the transition towards fully monetary integration. The weak form efficiency implies that the past exchange rates cannot help to

  4. Segmentation across International Equity, Bond, and Foreign Exchange Markets

    OpenAIRE

    Cathy Ning; Stephen Sapp

    2009-01-01

    In this paper, we examine the integration of international financial markets. The integration of financial markets across countries and across asset classes is assumed to hold in most empirical studies, but has only been tested for certain countries and certain asset classes. We test for the integration of international equity, bond and foreign exchange markets. Our results indicate that the three classes of assets are segmented. Investigating potential explanations for this segmentation, we ...

  5. The Warsaw Stock Exchange: A Test of Market Efficiency

    OpenAIRE

    Barry Gordon; Libby Rittenberg

    1995-01-01

    This paper analyzes the behavior of the Warsaw Stock Exchange in light of the efficient market hypothesis (EMH) and alternative models of market inefficiency. Following a brief history of the Warsaw Stock Exchange and a discussion of EMH and the Shiller (1991) critique, the Polish stock market is examined in terms of the extent to which the assumptions of EMH are met and in terms of the actual behavior of stock prices for the period of 1 June 1993 to 27 July 1994. The analysis suggests that E...

  6. FOREIGN EXCHANGE MARKET EFFICIENCY. EMPIRICAL RESULTS FOR THE USD/EUR MARKET

    OpenAIRE

    Katarzyna Anna Czech,; Adam Waszkowski

    2012-01-01

    The aim of the paper is to verify whether the USD/EUR exchange rate market is efficient. The fundamental parity condition for testing foreign exchange market efficiency is represented by the uncovered interest-rate parity (UIP). Therefore, the UIP hypothesis verification accounts for the crucial part of the paper. The efficiency of the USD/EUR market is tested by applying the conventional UIP regression approach and orthogonality test of the forward rate forecast error. The results show that ...

  7. Impact of exchange rates on the world uranium market

    International Nuclear Information System (INIS)

    Fulton, M.E.; Combs, G.F. Jr.

    1986-01-01

    A preliminary analysis of the relationship between exchange rates and US uranium prices and product ion is presented. This analysis supplements the discussions on the broader topic of fuel prices, exchange rates and other international economic phenomena scheduled during the 1985 EPRI Fuel Supply Seminar. By varying exchange rate assumptions in the recently developed Uranium Market Model, estimates of the magnitude and timing of price and production effects were obtained. These effects do indeed appear to be large and have implications in procurement, fuel planning and commodity policy. While analysts may differ on details, the inescapable conclusion is that exchange rates matter a great deal in the uranium market. The case described is for a scenario of exchange rates with other currencies returning to their 1980 levels. A second case, an across the board weakening of the dollar by 25%, the results of which are somewhat less dramatic is also examined

  8. Stock Market Manipulation on the Hong Kong Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dionigi Gerace

    2014-10-01

    Full Text Available This study is the first to empirically examine stock market manipulation on the Hong Kong Stock Exchange. The dataset contains 40 cases of market manipulation from 1996 to 2009 that were successfully prosecuted by the Hong Kong Securities & Futures Commission. Manipulation is found to negatively impact market efficiency measures such as the bid-ask spread and volatility. Markets appear incapable of efficiently responding to the presence of manipulators and are characterised by information asymmetry. Manipulators were successfully able to raise prices and exit the market. This finding contradicts views that trade-based manipulation is entirely unprofitable and self-deterring. The victimisation of information-seeking investors and the market as a whole provides a strong rationale for all jurisdictions, including Australia, to have effective laws that prohibit manipulation and for robust enforcement of those laws to further deter market manipulation.

  9. The market microstructure of the European Climate Exchange

    OpenAIRE

    Mizrach, Bruce; Otsubo, Yoichi

    2011-01-01

    This paper analyzes the market microstructure of the European Climate Exchange, the largest EU ETS trading venue. The ECX captures 2/3 of the screen traded market in EUA and more than 90% in CER. 2009 Trading volumes total ?22 billion and are growing, with EUA transactions doubling, and CER volume up 61%. Spreads range from ?0:02 to ?0:06 for EUA and from ?0:07 to ?0:18 for CER. Market impact estimates imply that an average trade will move the EUA market by 1.08 euro centimes and the CER mark...

  10. Markets, Distribution, and Exchange after Societal Cataclysm

    Science.gov (United States)

    1988-03-01

    the governing bodies of institutions such as stock and commodity exchanges, corporations, and professional associations at the micro level. The intimate...routes of economic recovery fully, a complementary understanding of these various perspectives is required. At a more micro -level of analysis, further...Secretaire d’Administration, Ministere de l’Interieur, Direction Generale de la Protection Civile, rue de Louvain, 1, 1000 Brussels, BELGIUM 212. Servicio

  11. Inverse Statistics in the Foreign Exchange Market

    OpenAIRE

    Jensen, M. H.; Johansen, A.; Petroni, F.; Simonsen, I.

    2004-01-01

    We investigate intra-day foreign exchange (FX) time series using the inverse statistic analysis developed in [1,2]. Specifically, we study the time-averaged distributions of waiting times needed to obtain a certain increase (decrease) $\\rho$ in the price of an investment. The analysis is performed for the Deutsch mark (DM) against the $US for the full year of 1998, but similar results are obtained for the Japanese Yen against the $US. With high statistical significance, the presence of "reson...

  12. Exchange rate policy when the labour market exhibits hysteresis

    OpenAIRE

    Barry, Frank

    1994-01-01

    This paper analyzes the effects of exchange rate shocks in a small open economy whose labor market exhibits hysteresis. The model is used to highlight deficiencies in the response of the Irish authorities to exchange rate crisis of 1992/93. A secondary purpose of the paper, though, is to induce those who accept that the Irish labour market is characterised by hysteresis but who reject the argument made here that a more aggressive devaluation should have been pursued, to spell out the labour-m...

  13. The Uncovered Interest Parity in the Foreign Exchange (FX Markets

    Directory of Open Access Journals (Sweden)

    Silvio Ricardo Micheloto

    2004-12-01

    Full Text Available This work verifies the uncovered interest rates parity (UIP in the FX (foreign exchange emerging markets by using the panel cointegration technique. The data involves several developing countries that compose the EMBI+ Global Index. We compare the results of several panel estimators: OLS (ordinary list square, DOLS (dynamic OLS and FMOLS (fully modified OLS. This new panel technique can handle problems of either non-stationary series (spurious regression or small problem. This latter problem has being considered one of the main causes for distorting the UIP empirical results. By using this approach, we check the UIP in the FX (foreign exchange emerging markets. These markets are more critical because they have been subjected to changing FX regimes and speculative attacks. Our results do not corroborate the uncovered interest parity for the developing countries in the recent years. Thus, the forward premium puzzle may hold in the FX emergent markets.

  14. Persistent profitability of technical analysis on foreign exchange markets?

    OpenAIRE

    L. MENKHOFF; M. SCHLUMBERGER

    1995-01-01

    The effect of technical analyses on the performance of subsequent policies and actions in the foreign exchange markets is analysed using three cases. Results show that use of technical analyses is persistently profitable. Participants, however, tend to view short-term market risk as important and thus decide to forego some of the rules derived from technical analysis. This observation does not negate the theory on efficient learning.

  15. Application of pressurized ion exchange to separations of transplutonium elements

    International Nuclear Information System (INIS)

    Campbell, D.O.

    1980-01-01

    High-pressure ion exchange chromatography, used first for nucleic acid separations, was applied to the production of the heavier actinides, particularly the transcurium elements. Its use at the TRU plant is described. Future developments are considered briefly

  16. Trading price jump clusters in foreign exchange markets

    Czech Academy of Sciences Publication Activity Database

    Novotný, Jan; Petrov, D.; Urga, G.

    2015-01-01

    Roč. 24, June (2015), s. 66-92 ISSN 1386-4181 R&D Projects: GA ČR(CZ) GA14-27047S Institutional support: RVO:67985998 Keywords : price jumps * foreign exchange markets * trading Subject RIV: AH - Economics Impact factor: 1.726, year: 2015

  17. Volatility transmission in emerging European foreign exchange markets

    Czech Academy of Sciences Publication Activity Database

    Bubák, V.; Kočenda, Evžen; Žikeš, F.

    2011-01-01

    Roč. 35, č. 11 (2011), s. 2829-2841 ISSN 0378-4266 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign exchange markets * volatility * spillovers Subject RIV: AH - Economics Impact factor: 2.600, year: 2011

  18. The foreign exchange market interventions of the European Central Bank

    Directory of Open Access Journals (Sweden)

    M. Frenkel

    2001-09-01

    Full Text Available We analyze the effectiveness of the foreign exchange market interventionsconducted by the European Central Bank (ECB in the fall of 2000 to support the external stability of the euro. To this end, we discuss different channels through whichinterventions may influence exchange rate dynamics. We use the insights provided by the theoretical and empirical literature to evaluate the effectiveness of theintervention policy of the ECB. In addition, we present an empirical analysis in which we use intra-daily exchange rate data to examine in detail the effects of theinterventions. We find that the interventions only had a rather short-term impact on the exchange rate path and had no effects beyond the short term. Therefore, our results suggest that the intervention policy of the ECB was not effective.

  19. Air Circulation and Heat Exchange under Reduced Pressures

    Science.gov (United States)

    Rygalov, Vadim; Wheeler, Raymond; Dixon, Mike; Hillhouse, Len; Fowler, Philip

    Low pressure atmospheres were suggested for Space Greenhouses (SG) design to minimize sys-tem construction and re-supply materials, as well as system manufacturing and deployment costs. But rarified atmospheres modify heat exchange mechanisms what finally leads to alter-ations in thermal control for low pressure closed environments. Under low atmospheric pressures (e.g., lower than 25 kPa compare to 101.3 kPa for normal Earth atmosphere), convection is becoming replaced by diffusion and rate of heat exchange reduces significantly. During a period from 2001 to 2009, a series of hypobaric experiments were conducted at Space Life Sciences Lab (SLSLab) NASA's Kennedy Space Center and the Department of Space Studies, University of North Dakota. Findings from these experiments showed: -air circulation rate decreases non-linearly with lowering of total atmospheric pressure; -heat exchange slows down with pressure decrease creating risk of thermal stress (elevated leaf tem-peratures) for plants in closed environments; -low pressure-induced thermal stress could be reduced by either lowering system temperature set point or increasing forced convection rates (circulation fan power) within certain limits; Air circulation is an important constituent of controlled environments and plays crucial role in material and heat exchange. Theoretical schematics and mathematical models are developed from a series of observations. These models can be used to establish optimal control algorithms for low pressure environments, such as a space greenhouse, as well as assist in fundamental design concept developments for these or similar habitable structures.

  20. Population pressure and health risks in urban market environment: a ...

    African Journals Online (AJOL)

    Population pressure and health risks in urban market environment: a study of Bodija market, Ibadan, Nigeria. ... International Journal of Development and Management Review ... This study was directed at permanent sellers in Bodija Market, (men and women) and people who frequent the market to make purchases.

  1. A multifractal analysis of Asian foreign exchange markets

    Science.gov (United States)

    Oh, G.; Eom, C.; Havlin, S.; Jung, W.-S.; Wang, F.; Stanley, H. E.; Kim, S.

    2012-06-01

    We analyze the multifractal spectra of daily foreign exchange rates for Japan, Hong-Kong, Korea, and Thailand with respect to the United States in the period from 1991 until 2005. We find that the return time series show multifractal spectrum features for all four cases. To observe the effect of the Asian currency crisis, we also estimate the multifractal spectra of limited series before and after the crisis. We find that the Korean and Thai foreign exchange markets experienced a significant increase in multifractality compared to Hong-Kong and Japan. We also show that the multifractality is stronger related to the presence of high values of returns in the series.

  2. Multifractal Analysis of Asian Foreign Exchange Markets and Financial Crisis

    Science.gov (United States)

    Oh, Gabjin; Kwon, Okyu; Jung, Woo-Sung

    2012-02-01

    We analyze the multifractal spectra of daily foreign exchange rates for Japan, Hong-Kong, Korea, and Thailand with respect to the United States Dollar from 1991 to 2005. We find that the return time series show multifractal spectrum features for all four cases. To observe the effect of the Asian currency crisis, we also estimate the multifractal spectra of limited series before and after the crisis. We find that the Korean and Thai foreign exchange markets experienced a significant increase in multifractality compared to Hong-Kong and Japan. We also show that the multifractality is stronge related to the presence of high values of returns in the series.

  3. Performance of Exchange-traded Fund in the Nordic Market

    OpenAIRE

    Huynh, Son

    2016-01-01

    Exchange-traded Fund (ETF) is one of the newer financial derivative products, yet its growth and popularity have been expansive at a remarkable rate. As a fund, it offers a convenient way to diversify the portfolio and gain exposure to foreign markets. As a stock, it holds the simplicity of being tradable on an exchange. In recent years, ETF has gained increasing interest as the next investment tool. The performance of this financial instrument is therefore worthy of discussion. The aim of th...

  4. FOREIGN EXCHANGE MARKET EFFICIENCY. EMPIRICAL RESULTS FOR THE USD/EUR MARKET

    Directory of Open Access Journals (Sweden)

    Katarzyna Anna Czech

    2012-10-01

    Full Text Available The aim of the paper is to verify whether the USD/EUR exchange rate market is efficient. The fundamental parity condition for testing foreign exchange market efficiency is represented by the uncovered interest-rate parity (UIP. Therefore, the UIP hypothesis verification accounts for the crucial part of the paper. The efficiency of the USD/EUR market is tested by applying the conventional UIP regression approach and orthogonality test of the forward rate forecast error. The results show that it is hard to say definitely that USD/EUR foreign exchange market is inefficient. The slope coefficient in UIP regression occurs to be negative, which implies the failure of uncovered interest-rate parity. However, there are no foundations to reject the UIP hypotheses in the time of financial crisis of 21st century. Moreover, the article presents that the forward forecast error is not orthogonal to both its lagged value and the interest rate differential. Thus, the semi-strong foreign exchange market efficiency hypothesis is rejected for the USD/EUR market.

  5. Semi-strong informational efficiency in the Polish foreign exchange market

    OpenAIRE

    Luksz Goczek

    2015-01-01

    During the financial crisis a notion that the Polish exchange rate is not determined effectively was very dominant, because of a contagion effect of the global financial crisis on the Polish economy. In addition, many foreign exchange market analysts explained developments in the Polish exchange market trough a hypothesis that the Polish zloty exchange rate follows other exchange rates. This contradicts market efficiency as this would lead to profitable arbitrage possibility based on past inf...

  6. A Dealer Model of Foreign Exchange Market with Finite Assets

    Science.gov (United States)

    Hamano, Tomoya; Kanazawa, Kiyoshi; Takayasu, Hideki; Takayasu, Misako

    An agent-based model is introduced to study the finite-asset effect in foreign exchange markets. We find that the transacted price asymptotically approaches an equilibrium price, which is determined by the monetary balance between the pair of currencies. We phenomenologically derive a formula to estimate the equilibrium price, and we model its relaxation dynamics around the equilibrium price on the basis of a Langevin-like equation.

  7. Generalized Bogoliubov Polariton Model: An Application to Stock Exchange Market

    International Nuclear Information System (INIS)

    Anh, Chu Thuy; Anh, Truong Thi Ngoc; Lan, Nguyen Tri; Viet, Nguyen Ai

    2016-01-01

    A generalized Bogoliubov method for investigation non-simple and complex systems was developed. We take two branch polariton Hamiltonian model in second quantization representation and replace the energies of quasi-particles by two distribution functions of research objects. Application to stock exchange market was taken as an example, where the changing the form of return distribution functions from Boltzmann-like to Gaussian-like was studied. (paper)

  8. A Marketing Approach to Commodity Futures Exchanges : A Case Study of the Dutch Hog Industry

    NARCIS (Netherlands)

    Meulenberg, M.T.G.; Pennings, J.M.E.

    2002-01-01

    This paper proposes a marketing strategic approach to commodity futures exchanges to optimise the (hedging) services offered. First, the environment of commodity futures exchanges is examined. Second, the threats and opportunities of commodity futures exchanges are analysed. Our analysis

  9. Measuring the Effect of Exchange Rate Movements on Stock Market Returns Volatility: GARCH Model

    Directory of Open Access Journals (Sweden)

    Abdelkadir BESSEBA

    2017-06-01

    Full Text Available This paper aims to investigate the dynamic links between exchange rate fluctuations and stock market return volatility. For this purpose, we have employed a Generalized Autoregressive Conditional Heteroscedasticity model (GARCH model. Stock market returns sensitivities are found to be stronger for exchange rates, implying that exchange rate change plays an important role in determining the dynamics of the stock market returns.

  10. Exchange of pressurizer safeguarding system at Biblis nuclear power station

    International Nuclear Information System (INIS)

    Weber, D.; Hofbeck, W.

    1991-01-01

    Valves and piping of the pressurizer safeguarding system are exchanged and reset in such a way that they are suitable not only for discharging steam, but also for discharging a water-steam mixture and hot pressurized water; for the emergency measure of primary depressurization by hand (bleed) in the event of failure of the entire feedwater supply and station black-out, and in the event of operational transients with supposed failure of the reactor scram (ATWS). To achieve this, in addition to the requirements of the pressurizer discharging station, changes have to be made to the valve drive to dominate the water loads. During the 1990 inspection this exchange of the pressurizer discharging station was performed at the Biblis A unit as the first German plant. (orig.) [de

  11. The role of power exchanges for the creation of a single European electricity market: market design and market regulation

    International Nuclear Information System (INIS)

    Boisseleau, F.

    2004-01-01

    The electricity sector worldwide is undergoing a fundamental transformation of its institutional structure as a consequence of the complex interactions of political, economic and technological forces. The way the industry is organized is changing from vertically integrated monopolies to unbundled structures that favor market mechanisms. This process in Europe, known as the liberalization process, has had a wide impact on the European electricity industry. The focus of this dissertation is an analysis of the role of electricity power exchanges in the recently liberalized electricity markets of Europe. In the context of creating a competitive electricity market at a European level, the key questions considered are the functioning of these power exchanges with respect to electricity characteristics, market design and regulatory framework. In Europe, very little attention has been paid to the role of these new marketplaces and to the issue of market design in general. Hence the main purpose of this work was to analyze how these marketplaces facilitate the trading of electricity and the role they can play in the construction of a pan-European competitive electricity market. An analysis of power exchange requires taking into account the 'double-duality' of such institutions. One, power exchanges are both a market and an institution. As a market they facilitate the trading of electricity and determine an equilibrium price. As an institution power exchanges have their own objectives and constraints, and play a role in the market design of the overall electricity market. Two, the relationship between electricity power exchanges and liberalization is neither linear nor one way: liberalization encourages the birth of such marketplaces yet marketplaces are more than the results of such process, they are also a driving force of the liberalization process. This thesis is divided into three parts. The current situation in Europe and different existing theoretical approaches in

  12. Study on Return and Volatility Spillover Effects among Stock, CDS, and Foreign Exchange Markets in Korea

    Directory of Open Access Journals (Sweden)

    Taly I

    2015-09-01

    Full Text Available The key objective of this study is to investigate the return and volatility spillover effects among stock market, credit default swap (CDS market and foreign exchange market for three countries: Korea, the US and Japan. Using the trivariate VAR BEKK GARCH (1,1 model, the study finds that there are significant return and volatility spillover effects between the Korean CDS market and the Korean stock market. In addition, the return spillover effects from foreign exchange markets and the US stock market to the Korean stock market, and the volatility spillover effect from the Japanese stock market to the Korean stock market are both significant.

  13. Upward Pricing Pressure in Two-Sided Markets

    NARCIS (Netherlands)

    Affeldt, P.; Filistrucchi, L.; Klein, T.J.

    2012-01-01

    Abstract: Pricing pressure indices have recently been proposed as alternative screening devices for horizontal mergers involving differentiated products. We extend the concept of Upward Pricing Pressure (UPP) proposed by Farrell and Shapiro (2010) to two-sided markets. Examples of such markets are

  14. Upward pricing pressure in two-sided markets

    NARCIS (Netherlands)

    Affeldt, P.; Filistrucchi, L.; Klein, T.J.

    2013-01-01

    Measuring upward pricing pressure (UPP) has recently been proposed by Farrell and Shapiro (2010) as an alternative screening device for horizontal mergers. We extend the concept of UPP to two-sided markets. Examples of such markets are the newspaper market, where the demand for advertising is

  15. A strategic gaming model for health information exchange markets.

    Science.gov (United States)

    Martinez, Diego A; Feijoo, Felipe; Zayas-Castro, Jose L; Levin, Scott; Das, Tapas K

    2018-03-01

    Current market conditions create incentives for some providers to exercise control over patient data in ways that unreasonably limit its availability and use. Here we develop a game theoretic model for estimating the willingness of healthcare organizations to join a health information exchange (HIE) network and demonstrate its use in HIE policy design. We formulated the model as a bi-level integer program. A quasi-Newton method is proposed to obtain a strategy Nash equilibrium. We applied our modeling and solution technique to 1,093,177 encounters for exchanging information over a 7.5-year period in 9 hospitals located within a three-county region in Florida. Under a set of assumptions, we found that a proposed federal penalty of up to $2,000,000 has a higher impact on increasing HIE adoption than current federal monetary incentives. Medium-sized hospitals were more reticent to adopt HIE than large-sized hospitals. In the presence of collusion among multiple hospitals to not adopt HIE, neither federal incentives nor proposed penalties increase hospitals' willingness to adopt. Hospitals' apathy toward HIE adoption may threaten the value of inter-connectivity even with federal incentives in place. Competition among hospitals, coupled with volume-based payment systems, creates no incentives for smaller hospitals to exchange data with competitors. Medium-sized hospitals need targeted actions (e.g., outside technological assistance, group purchasing arrangements) to mitigate market incentives to not adopt HIE. Strategic game theoretic models help to clarify HIE adoption decisions under market conditions at play in an extremely complex technology environment.

  16. Predictability of Exchange Rates in Sri Lanka: A Test of the Efficient Market Hypothesis

    OpenAIRE

    Guneratne B Wickremasinghe

    2007-01-01

    This study examined the validity of the weak and semi-strong forms of the efficient market hypothesis (EMH) for the foreign exchange market of Sri Lanka. Monthly exchange rates for four currencies during the floating exchange rate regime were used in the empirical tests. Using a battery of tests, empirical results indicate that the current values of the four exchange rates can be predicted from their past values. Further, the tests of semi-strong form efficiency indicate that exchange rate pa...

  17. Topology of foreign exchange markets using hierarchical structure methods

    Science.gov (United States)

    Naylor, Michael J.; Rose, Lawrence C.; Moyle, Brendan J.

    2007-08-01

    This paper uses two physics derived hierarchical techniques, a minimal spanning tree and an ultrametric hierarchical tree, to extract a topological influence map for major currencies from the ultrametric distance matrix for 1995-2001. We find that these two techniques generate a defined and robust scale free network with meaningful taxonomy. The topology is shown to be robust with respect to method, to time horizon and is stable during market crises. This topology, appropriately used, gives a useful guide to determining the underlying economic or regional causal relationships for individual currencies and to understanding the dynamics of exchange rate price determination as part of a complex network.

  18. Cross-Market Linkages of Taiwan Index Futures Contracts Listed on the Taiwan Futures Exchange and the Singapore Exchange

    OpenAIRE

    Hung-Gay Fung; Qingfeng "Wilson" Liu; Gyoungsin "Daniel" Park

    2007-01-01

    Cointegration tests and ex ante trading rules are applied to study cross-market linkages between the Taiwan Index futures contracts listed on the Singapore Exchange and the Taiwan Stock Exchange Capitalization-weighted Stock Index futures contracts listed on the Taiwan Futures Exchange. The exchange rate-adjusted returns of the two futures series do not differ significantly in mean but in variances, and show significant mean-reverting tendencies between them. Our trading strategies are able t...

  19. Optimal Foreign Exchange Rate Intervention in Lévy Markets

    Directory of Open Access Journals (Sweden)

    Masimba Aspinas Mutakaya

    2014-01-01

    Full Text Available This paper considers an exchange rate problem in Lévy markets, where the Central Bank has to intervene. We assume that, in the absence of control, the exchange rate evolves according to Brownian motion with a jump component. The Central Bank is allowed to intervene in order to keep the exchange rate as close as possible to a prespecified target value. The interventions by the Central Bank are associated with costs. We present the situation as an impulse control problem, where the objective of the bank is to minimize the intervention costs. In particular, the paper extends the model by Huang, 2009, to incorporate a jump component. We formulate and prove an optimal verification theorem for the impulse control. We then propose an impulse control and construct a value function and then verify that they solve the quasivariational inequalities. Our results suggest that if the expected number of jumps is high the Central Bank will intervene more frequently and with large intervention amounts hence the intervention costs will be high.

  20. Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market

    OpenAIRE

    Eichengreen, Barry; Lafarguette, Romain; Mehl, Arnaud

    2016-01-01

    We analyze the impact of technology on production and trade in services, focusing on the foreign exchange market. We identify exogenous technological changes by the connection of countries to submarine fiber-optic cables used for electronic trading, but which were not laid for purposes related to the foreign exchange market. We estimate the impact of cable connections on the share of offshore foreign exchange transactions. Cable connections between local markets and matching servers in the ma...

  1. On the evolution of U.S. foreign-exchange-market intervention: thesis, theory, and institutions

    OpenAIRE

    Michael D. Bordo; Owen F. Humpage; Anna J. Schwartz

    2011-01-01

    Attitudes about foreign-exchange-market intervention in the United States evolved in tandem with views about monetary policy as policy makers grappled with the perennial problem of having more economic objectives than independent instruments with which to achieve them. This paper—the introductory chapter to our history of U.S. foreign exchange market intervention—explains this thesis and summarizes our conclusion: The Federal Reserve abandoned frequent foreign-exchange-market intervention bec...

  2. Wages and Subjective Assessments of Regional Labour Market Pressure

    OpenAIRE

    Carlsen, Fredrik; Johansen, Kåre

    2002-01-01

    We utilise a rich set of regional labour market variables to explain regional variation in Norwegian manufacturing wages. In particular, regional indicators of labour market pressure are computed from survey data in which respondents are asked to evaluate local job prospects. We find that average reported satisfaction with local job prospects and other survey-based indicators perform better in regional wage equations than traditional labour market variables, including the regional unemploymen...

  3. Estimation of pressure drop in gasket plate heat exchangers

    Directory of Open Access Journals (Sweden)

    Neagu Anisoara Arleziana

    2016-06-01

    Full Text Available In this paper, we present comparatively different methods of pressure drop calculation in the gasket plate heat exchangers (PHEs, using correlations recommended in literature on industrial data collected from a vegetable oil refinery. The goal of this study was to compare the results obtained with these correlations, in order to choose one or two for practical purpose of pumping power calculations. We concluded that pressure drop values calculated with Mulley relationship and Buonopane & Troupe correlation were close and also Bond’s equation gave results pretty close to these but the pressure drop is slightly underestimated. Kumar correlation gave results far from all the others and its application will lead to oversize. In conclusion, for further calculations we will chose either the Mulley relationship or the Buonopane & Troupe correlation.

  4. Effects and Implications for Adoption of Brokerage System in Korea's Foreign Exchange Market

    Directory of Open Access Journals (Sweden)

    Yunjong Wang

    1999-03-01

    Full Text Available Since January 1st 1999, the South Korean government has begun to establish the understructure of the foreign exchange market in order to achieve the liberalization of foreign exchange. As one of the plans, the trade of foreign exchange which was under the monopolized mediation of the capital medium of financial settlement center will be in the charge of several commercial brokers. In the developed countries, the foreign exchange & stock system and the liberalization of foreign exchange are both widely used in a flexible way. So it is predicted that the introduction of commercial foreign exchange & stock system will bring positive effect to the enhancement of the market efficiency and the function of price both in South Korean market and overseas market, the foster of competitive power of the domestic broker and the improvement of the understructure of domestic foreign exchange market. But more importantly is that the foreign exchange market must expand the scale of its participator, bring in various relevant foreign exchange products and develop the bond market which has a close relationship with the foreign exchange market for further development.

  5. μ+ charge exchange and muonium formation in low pressure gases

    International Nuclear Information System (INIS)

    Fleming, D.G.; Mikula, R.J.; Garner, D.M.

    1982-04-01

    Using the basic muon spin rotation technique, the fractions of energetic positive muons thermalizing in diamagnetic environments (fsub(μ)) or as the paramagnetic muonium atom (fsub(Mu)) have been measured in low pressure pure gases (He, Ne, Ar, Kr, Xe, H 2 , N 2 , NH 3 , and CH 4 ) as well as in several gas mixtures (Ne/Xe, Ne/Ar, Ne/NH 3 , Ne/CH 4 ). In the pure gases, the muonium fractions fsub(Mu) are generally found to be smaller than expected from analogous proton charge exchange studies, particularly in the molecular gases. This is probably due to hot atom reactions of muonium following the charge exchange regime. Comparisons with monium formation in condensed matter as well as positronium formation in gases are also presented. In the gas mixtures, the addition of only a few hundred ppm of a dopant gas, which is exothermic for muonium formation (e.g. Xe), gives rise to an fsub(Mu) characteristic of the pure dopant gas itself, demonstrating the importance of the neutralization process right down to thermal energies. In all cases, the experimental signal amplitudes are found to be strongly pressure dependent, which is interpreted in terms of the time spent by the muon as neutral muonium in the charge exchange regime: tsub(n) < 0.2 ns. This time is generally shorter in the case of molecular gases than in rare gases

  6. Why (and how) to regulate power exchanges in the EU market integration context?

    Energy Technology Data Exchange (ETDEWEB)

    Meeus, Leonardo, E-mail: leonardo.meeus@eui.e [Florence School of Regulation, Robert Schuman Centre for Advanced Studies, European University Institute, Via Boccaccio 151, Florence (Italy); Electrical Engineering Department (ESAT-ELECTA), KULeuven, Kasteelpark Arenberg 10, Heverlee (Belgium)

    2011-03-15

    The European Union (EU) market integration is leading to increasingly monopolistic electricity market infrastructures, which has opened a debate on the regulation of these so-called power exchanges. In this paper, we start by stating that there are two types of power exchanges in Europe, i.e. 'merchant' and 'cost-of-service regulated' power exchanges. We then discuss how regulation can be used to better align their incentives with the main power exchange tasks. We conclude that adopting the cost-of-service regulated model for all power exchanges in Europe could be counterproductive in the current context, but that regulation can help ensure that the benefits of the EU market integration materialize. Promising regulatory actions include tempering the reinforced market power of power exchanges, and quality-of-service regulation for the ongoing cooperation among power exchanges to organize trade across borders. - Research highlights: {yields} Market integration is leading to increasingly monopolistic electricity market infrastructures. {yields} Regulation can help tempering the market power of these so-called power exchanges in Europe. {yields} Cost-of-service regulation for all power exchanges could however be counterproductive. {yields} More promising is to subject cooperation among power exchanges to quality of service regulation.

  7. Why (and how) to regulate power exchanges in the EU market integration context?

    International Nuclear Information System (INIS)

    Meeus, Leonardo

    2011-01-01

    The European Union (EU) market integration is leading to increasingly monopolistic electricity market infrastructures, which has opened a debate on the regulation of these so-called power exchanges. In this paper, we start by stating that there are two types of power exchanges in Europe, i.e. 'merchant' and 'cost-of-service regulated' power exchanges. We then discuss how regulation can be used to better align their incentives with the main power exchange tasks. We conclude that adopting the cost-of-service regulated model for all power exchanges in Europe could be counterproductive in the current context, but that regulation can help ensure that the benefits of the EU market integration materialize. Promising regulatory actions include tempering the reinforced market power of power exchanges, and quality-of-service regulation for the ongoing cooperation among power exchanges to organize trade across borders. - Research highlights: → Market integration is leading to increasingly monopolistic electricity market infrastructures. → Regulation can help tempering the market power of these so-called power exchanges in Europe. → Cost-of-service regulation for all power exchanges could however be counterproductive. → More promising is to subject cooperation among power exchanges to quality of service regulation.

  8. Central banks should communicate their interventions in the foreign exchange market

    OpenAIRE

    Menkhoff, Lukas; Stöhr, Tobias

    2017-01-01

    Central banks frequently intervene in foreign exchange markets. Using recognized criteria this report analyzes the probability of success in a data set of 4,500 intervention episodes in 33 countries. It is important to differentiate among exchange rate regimes because each focuses on a different goal. While flexible exchange rate regimes intervene less frequently and seek to influence trends, other regimes target exchange rate stabilization by establishing a band within which the exchange rat...

  9. Pressurized fluidized-bed combustion technology exchange workshop

    Energy Technology Data Exchange (ETDEWEB)

    ,

    1980-04-01

    The pressurized fluidized-bed combustion technology exchange workshop was held June 5 and 6, 1979, at The Meadowlands Hilton Hotel, Secaucus, New Jersey. Eleven papers have been entered individually into EDB and ERA. The papers include reviews of the US DOE and EPRI programs in this area and papers by Swedish, West German, British and American organizations. The British papers concern the joint program of the USA, UK and FRG at Leatherhead. The key factor in several papers is the use of fluidized bed combustors, gas turbines, and steam turbines in combined-cycle power plants. One paper examines several combined-cycle alternatives. (LTN)

  10. Applications of pressurized cation exchange chromatography for fission yield determination

    International Nuclear Information System (INIS)

    Yan Shuheng; Lin Fa; Zhang Hongdi; Li Xueliang; Zhang Shulan

    1988-01-01

    In order to determine the fission yields of lanthanides precisely, lanthanides with carriers of 1-2 mg per element are separated from each other by means of pressurized cation exchange chromatography - αHIBA concentration gradient elution. The effect of initial loading technique, concentration gradient, flow rate, and temperature on separation were investigated in detail. Under the optimum conditions adapted according to the results given in this work, all the lanthanides can be completely separated within about 90 minutes with a recovery of more than 95% and purity higher than 99%. (author) 3 refs.; 6 figs

  11. 76 FR 6128 - Energy Exchange International, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

    Science.gov (United States)

    2011-02-03

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2730-000] Energy Exchange International, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... proceeding Energy Exchange International, LLC's application for market-based rate authority, with an...

  12. Liquidity in the foreign exchange market : Measurement, commonality, and risk premiums

    NARCIS (Netherlands)

    Mancini, Loriano; Ranaldo, Angelo; Wrampelmeyer, Jan

    2013-01-01

    We provide the first systematic study of liquidity in the foreign exchange market. We find significant variation in liquidity across exchange rates, substantial illiquidity costs, and strong commonality in liquidity across currencies and with equity and bond markets. Analyzing the impact of

  13. CHARACTERISTICS OF THE EMERGING MARKET ECONOMIES - BRICS, FROM THE PERSPECTIVE OF STOCK EXCHANGE MARKETS

    Directory of Open Access Journals (Sweden)

    Sechel Ioana-Cristina

    2014-07-01

    Full Text Available Many international investors have realized that they cannot obtain profits as large, investing in mature markets as well as investing in emerging and developing countries. They want to obtain higher yields, of course assuming the extra risk, as the risk of liquidity or volatility of exchange rates, which are significantly higher than in developed markets. Studies on the BRICS economies are countless, researchers pointing that the development of these economies and their transition towards developed economies category is virtually inevitable (Nistor, 2011. In this article we propose a smooth approach on the state of the economies of the BRICS emerging countries and the stock exchanges markets. It is interesting to observe how, according to a forecast of the International Monetary Fund, in the year 2025 world supremacy from the economic point of view will belong still to the United States, but the discrepancies between the United States economy and China's economy subside until then. The same source, however, predict that by the year 2050, China's economy will bring forward the United States of America. However, should not be lost of sight the fact that China is part of the BRICS countries, with enormous development potential. As proof of those exposed earlier, sits the performance obtained from China's economy especially in times of crisis, when the vast majority of the world's economies recorded negative economic growth. Somewhat improperly said so, we were witnessing a world economic depression. The performance of China's economy is so, noteworthy, it received even in the toughest years of global financial and economic crisis, a positive value of economic growth. This also happened, within other BRICS emerging countries economies, having many similar economic meanings. With such a potential for economic growth, the economies of BRICS countries have brought into the spot light the operational stock exchanges. The interest of investors for

  14. Efficiency of the Foreign Exchange Market of Papua New Guinea During the Recent Float

    OpenAIRE

    Guneratne Banda Wickremasinghe

    2004-01-01

    This paper examines the validity of the efficient market hypothesis (EMH) for the foreign exchange market of Papua New Guinea (PNG) using data on spot exchange rates for four major foreign currencies during the recent float. The unit root test results indicate that all the four exchange rates are random walks supporting the weak-form of the EMH. However, the Johansen multivariate cointegration test, the Granger causality test and variance decomposition analysis provide evidence that there are...

  15. Political Risk and Foreign Exchange Rates: an Efficient-Market Approach

    OpenAIRE

    Jean-Claude Cosset; Bruno Doutriaux de la Rianderie

    1985-01-01

    This paper examines the reaction of the foreign exchange market to the announcement of changes in the business environment of a country. Our results suggest that sampled political risk news conveys important information about a country's investment climate and causes its currency's exchange rate to vary. It appears, however, that the reaction of the foreign exchange market is more dramatic for unfavorable events than for favorable events. The evidence presented is also consisted with the hypo...

  16. Exchange markets for regulating power; ''Boersliche'' Regelenergiemaerkte

    Energy Technology Data Exchange (ETDEWEB)

    Moser, A. [European Energy Exchange AG, Leipzig (Germany). Abt. Produktentwicklung

    2004-07-01

    Free markets for the commodity power are an organic component of a deregulated energy industry. This applies also for the procurement of regulating power by the transmission system operators (TSO). The foundation of exchanges makes perfect sense, when the price of the commodity has an impact beyond the exchange transaction. Exchange structures can help to solve the existing problems for the minute reserve markets in Germany. (orig.)

  17. Charge Exchange Reaction in Dopant-Assisted Atmospheric Pressure Chemical Ionization and Atmospheric Pressure Photoionization.

    Science.gov (United States)

    Vaikkinen, Anu; Kauppila, Tiina J; Kostiainen, Risto

    2016-08-01

    The efficiencies of charge exchange reaction in dopant-assisted atmospheric pressure chemical ionization (DA-APCI) and dopant-assisted atmospheric pressure photoionization (DA-APPI) mass spectrometry (MS) were compared by flow injection analysis. Fourteen individual compounds and a commercial mixture of 16 polycyclic aromatic hydrocarbons were chosen as model analytes to cover a wide range of polarities, gas-phase ionization energies, and proton affinities. Chlorobenzene was used as the dopant, and methanol/water (80/20) as the solvent. In both techniques, analytes formed the same ions (radical cations, protonated molecules, and/or fragments). However, in DA-APCI, the relative efficiency of charge exchange versus proton transfer was lower than in DA-APPI. This is suggested to be because in DA-APCI both dopant and solvent clusters can be ionized, and the formed reagent ions can react with the analytes via competing charge exchange and proton transfer reactions. In DA-APPI, on the other hand, the main reagents are dopant-derived radical cations, which favor ionization of analytes via charge exchange. The efficiency of charge exchange in both DA-APPI and DA-APCI was shown to depend heavily on the solvent flow rate, with best efficiency seen at lowest flow rates studied (0.05 and 0.1 mL/min). Both DA-APCI and DA-APPI showed the radical cation of chlorobenzene at 0.05-0.1 mL/min flow rate, but at increasing flow rate, the abundance of chlorobenzene M(+.) decreased and reagent ion populations deriving from different gas-phase chemistry were recorded. The formation of these reagent ions explains the decreasing ionization efficiency and the differences in charge exchange between the techniques. Graphical Abstract ᅟ.

  18. The Financial Crisis through the Lens of Foreign Exchange Swap Markets

    OpenAIRE

    Crystal Ossolinski; Andrew Zurawski

    2010-01-01

    During the financial crisis, non-US banks relied increasingly on foreign exchange swap markets to fund their US dollar asset holdings. This caused the cost of borrowing US dollars via the swap market to rise above the measured cost of borrowing US dollars directly in money markets – an apparent deviation from the covered interest parity condition. Pricing in the Australian dollar foreign exchange swap market, and to a lesser degree the cross-currency swap market, also reflected the global s...

  19. Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency

    OpenAIRE

    Richard M. Levich

    1983-01-01

    Theoretical and empirical research completed over the last decade has dramatically increased our understanding of exchange rate behavior. The major insight to come from this decade of research is that foreign exchange is a financial asset. In an asset pricing framework, current exchange rates reflect the expected values of future exogenous variables. The purpose of this paper is to survay the empirical evidence on exchange rate behavior, market efficiency and related topics. Section 2 present...

  20. Democracy and Markets: The Case of Exchange Rates

    OpenAIRE

    John R. Freeman; Jude C. Hays; Helmut Stix

    1999-01-01

    The relationships between the workings of democratic institutions and currency markets are studied. Several competing propositions about how political (re)equilibration affects currency markets are derived and tested. The results support the view that democratic politics affects currency markets. Expectations and uncertainty about electoral outcomes and government survival affect the probability of switching between currency market equilibria. Additionally, opinion polls about chief executive...

  1. A Model for Trading the Foreign Exchange Market

    African Journals Online (AJOL)

    PROF. OLIVER OSUAGWA

    inflation rates, etc. have significant impacts on the exchange rate fluctuation. Existing foreign exchange ... Keywords: FOREX, marcov chain, model, neural network, trading robot. Introduction .... Support Vector Machine (SVM). Regression ...

  2. Is Pakistani Equity Market Integrated to the Equity Markets of Group of Eight (G8 Countries? An Empirical Analysis of Karachi Stock Exchange

    Directory of Open Access Journals (Sweden)

    Syed Muhammad Aamir Shah

    2012-09-01

    Full Text Available This study looks at the dynamic relationship between the Pakistani equity market and equity markets of Group of Eight countries (G8 which includes Canada, France, Germany, Italy, Japan, Russia, UK and USA by using weekly time series data starting from June 2004 to May 2009. Multivariate Co-integration approach by Johnson and Julius (1990 shows there exists no long-term relationship between the G8 and Pakistani equity market. Vector error correction (VECM model suggests that 100% of the lag periods disequilibrium has been corrected in the current period. Pairwise Granger Causality test shows that there exist a unidirectional causality between the equity market of Pakistan and the markets of France, Germany, Italy, Japan and United Kingdom. Impulse response analysis and variance decomposition analysis reveal that most of the shocks in Pakistani equity market are due to its own innovation and behave like exogenous. However, the markets of France, Japan, Germany and United Kingdom are exerting a little pressure on Pakistani equity markets. Therefore, by investing in Karachi Stock Exchange (KSE the fund manager of G8 countries especially Canada, Italy, Russia and USA is capable of getting the advantage of portfolio diversification.

  3. Fluctuation Dynamics of Exchange Rates on Indian Financial Market

    Science.gov (United States)

    Sarkar, A.; Barat, P.

    Here we investigate the scaling behavior and the complexity of the average daily exchange rate returns of the Indian Rupee against four foreign currencies namely US Dollar, Euro, Great Britain Pound and Japanese Yen. Our analysis revealed that the average daily exchange rate return of the Indian Rupee against the US Dollar exhibits a persistent scaling behavior and follow Levy stable distribution. On the contrary the average daily exchange rate returns of the other three foreign currencies show randomness and follow Gaussian distribution. Moreover, it is seen that the complexity of the average daily exchange rate return of the Indian Rupee against US Dollar is less than the other three exchange rate returns.

  4. Impacts of Exchange Rate Regime Choice on Macroeconomic Performance in Emerging Markets

    Directory of Open Access Journals (Sweden)

    Rüstem Yanar

    2008-12-01

    Full Text Available This paper investigates the impact of exchange rate regime choice on macroeconomic performance after Bretton Woods in emerging market countries. It is studied especially inflation, growth and financial crises. It’s found that for emerging market countries, fixed regimes are associated with lower inflation than floats. On growth effect of exchange rate regime choice is not same all period. Fixed regimes are associated with faster growth but after 1990 fixed regimes brought about slower growth. At the same time, fixed exchange rate regimes are associated with financial fragility after 1990 in emerging markets

  5. Flight to Liquidity on the Tokyo Stock Exchange during the 2008 Share Market Crashes

    OpenAIRE

    Maeda, Brooke Alexandra

    2015-01-01

    This paper explores the existence of the flight-to-liquidity phenomenon for shares which are traded on the Tokyo Stock Exchange during share market crashes. Using data from the First section of the Tokyo Stock Exchange, the existence of a flight-to-liquidity during the 2008 share market crashes is clearly documented. The Tokyo Stock Exchange differs from other major exchanges as price limit rules restrict the daily price movements of shares. It provides a unique setting to test if a flight-to...

  6. High pressure processing reaches the U.S. market

    International Nuclear Information System (INIS)

    Mermelstein, N.H.

    1997-01-01

    The first food product commercially produced by a U.S. company using high-pressure processing has had successful test market results. High-pressure processing permits food to be preserved by subjecting it to pressures in the range of 60,000-100,000 psi for a short time instead of exposing the food to heat, freezing, chemicals, or irradiation. To produce Classic Guacamole, Avomex of Keller, Texas, uses a batch isostatic press to deactivate the enzymes in the avocado and to kill bacteria, obtaining a refrigerated shelf life of over 30 days. The guacamole is then vacuum packed and processed again. The product undergoes no heat treatment and does not contain preservatives, and the high pressure does not affect its texture, color, or taste. Meanwhile, a continuous system for high-pressure processing of pumpable foods is currently being developed by Flow International of Kent, Washington, and will be used for testing and applications work at Oregon State University

  7. Underdeveloped spot markets and futures trading: The Soya Oil exchange in India

    OpenAIRE

    Bharat Ramaswami; Jatinder Bir Singh

    2006-01-01

    Abstract The limited presence of futures exchanges in developing countries where commodity markets fall short of the ideal underscore the importance of understanding the relation between spot and futures markets. The paper examines the exceptional success of the soya oil contract at the National Board of Trade (NBOT) in India. The paper asks whether the NBOT contract exhibits the fundamental features of mature futures markets in terms of its use by hedgers. If the market offers arbitrage oppo...

  8. Surfing the money tides: understanding the foreign exchange market through metaphors.

    Science.gov (United States)

    Oberlechner, Thomas; Slunecko, Thomas; Kronberger, Nicole

    2004-03-01

    This study describes metaphorical conceptualizations of the foreign exchange market held by market participants and examines how these metaphors socially construct the financial market. Findings are based on 55 semi-structured interviews with senior foreign exchange experts at banks and at financial news providers in Europe. We analysed interview transcripts by metaphor analysis, a method based on cognitive linguistics. Results indicate that market participants' understanding of financial markets revolves around seven metaphors, namely the market as a bazaar, as a machine, as gambling, as sports, as war, as a living being and as an ocean. Each of these metaphors highlights and conceals certain aspects of the foreign exchange market and entails a different set of implications on crucial market dimensions, such as the role of other market participants and market predictability. A correspondence analysis supports our assumption that metaphorical thinking corresponds with implicit assumptions about market predictability. A comparison of deliberately generated and implicitly used metaphors reveals notable differences. In particular, implicit metaphors are predominantly organic rather than mechanical. In contrast to academic models, interactive and organic metaphors, and not the machine metaphor, dominate the market accounts of participants.

  9. Regenerator heat exchanger – calculation of heat recovery efficiency and pressure loss

    DEFF Research Database (Denmark)

    Pomianowski, Michal Zbigniew; Heiselberg, Per Kvols

    Performance of heat exchangers is determined based on two main parameters: efficiency to exchange / recover heat and pressure loss due to friction between fluid and exchanger surfaces. These two parameters are contradicting each other which mean that the higher is efficiency the higher becomes...... pressure loss. The aim of the optimized design of heat exchanger is to reach the highest or the required heat efficiency and at the same time to keep pressure losses as low as possible keeping total exchanger size within acceptable size. In this report is presented analytical calculation method...... to calculate efficiency and pressure loss in the regenerator heat exchanger with a fixed matrix that will be used in the decentralized ventilation unit combined in the roof window. Moreover, this study presents sensitivity study of regenerator heat exchanger performance, taking into account, such parameters as...

  10. Influence of market factors on the pricing of exchange traded metals in the medium term

    Science.gov (United States)

    Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.

    2017-06-01

    On the basis of comparison of the influence of the stock exchange factors on the pricing of nonferrous metals for medium term with similar results for short term, it has been established that the main attention should be paid to the changes in the pricing environment on the metal market as a function of the prices of exchange traded metals. The situation on the market of energy carriers (hydrocarbons) and the European, American, and Asian stock exchanges can be based on parity and even significantly influence the variation of the metal prices. In the medium term, constructive development of metal trade should be reasonably promoted by changing the elasticity of supply with regard to prices for exchange traded metals and by applying the stock exchange factors that positively influence the pricing on commodity and stock markets.

  11. Test of Weak Form Efficiency: An Empirical Study of the Malaysian Foreign Exchange Market

    OpenAIRE

    Lim, Pei Mun

    2011-01-01

    This paper empirically tests the Efficient Market Hypothesis (EMH) in the weak sense for the Malaysian foreign exchange market. The hypothesis is tested using two ways. First is by testing the random walk hypothesis based on individual unit root test and second is by testing the profitability of simple technical trading rules. The study covers the high frequency daily data from January 1997 to December 2010 and the spot exchange rates are quoted as Malaysian Ringgit per unit of US Dollar. Due...

  12. The Nordic power exchange Nord pool and the Nordic model for a liberalised power market

    International Nuclear Information System (INIS)

    Houmoller, A. P.

    2000-01-01

    As the first countries in the world, the Nordic countries Norway, Sweden, Finland and denmark have established a common, multinational power exchange. By means of this common power exchange, these countries also have established a common power market. this is also the first - and for the time being - the only place in the world, where you can find a multinational, truly competitive power market. This Nordic model has attracted much interest from other countries in Europe, Asia, North America and South America. The presentation will explain, how the common power exchange makes it possible for the four countries and the five system operators in Scandinavia physically and financially to operate a common, multinational, competitive power market. The presentation will explain how this systems works in the Nordic countries by discussion the following items: - The non-commercial players: The Transmission System Operators and the local grid operators; - The market players: the producers, the retailers, the traders, the brokers and the end users; - The access to the grid: The point tariff system; - The fairness towards the market players and the security of supply: The balancing power and the regulating power; - The power exchange handles bottlenecks in the grid. The presentation will explain how this is done and will demonstrate how this gives the power market a bottleneck handing method which:- Is neutral and fair towards all the market players, - Ensures that all the capacity of any bottleneck is utilised during every hour of operation, - Is extremely easy to use for the Transmission System Operators - also if the bottleneck is cross-border bottleneck; - The Nord Pool spot market Elspot; - The Nord Pool futures market Eltermin; - Area prices; - How financial contracts replace physical contracts when the power market is liberalised; - The day-to-day market and the market for long-term contracts in a liberalised power market; - How to eliminate the c ounter party risk

  13. Risk management and market efficiency on the Midwest Independent System Operator electricity exchange

    Science.gov (United States)

    Jones, Kevin

    Midwest Independent Transmission System Operator, Inc. (MISO) is a non-profit regional transmission organization (RTO) that oversees electricity production and transmission across thirteen states and one Canadian province. MISO also operates an electronic exchange for buying and selling electricity for each of its five regional hubs. MISO oversees two types of markets. The forward market, which is referred to as the day-ahead (DA) market, allows market participants to place demand bids and supply offers on electricity to be delivered at a specified hour the following day. The equilibrium price, known as the locational marginal price (LMP), is determined by MISO after receiving sale offers and purchase bids from market participants. MISO also coordinates a spot market, which is known as the real-time (RT) market. Traders in the real-time market must submit bids and offers by thirty minutes prior to the hour for which the trade will be executed. After receiving purchase and sale offers for a given hour in the real time market, MISO then determines the LMP for that particular hour. The existence of the DA and RT markets allows producers and retailers to hedge against the large fluctuations that are common in electricity prices. Hedge ratios on the MISO exchange are estimated using various techniques. No hedge ratio technique examined consistently outperforms the unhedged portfolio in terms of variance reduction. Consequently, none of the hedge ratio methods in this study meet the general interpretation of FASB guidelines for a highly effective hedge. One of the major goals of deregulation is to bring about competition and increased efficiency in electricity markets. Previous research suggests that electricity exchanges may not be weak-form market efficient. A simple moving average trading rule is found to produce statistically and economically significant profits on the MISO exchange. This could call the long-term survivability of the MISO exchange into question.

  14. Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets

    DEFF Research Database (Denmark)

    Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.

    Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics...... are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when averaged over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly...... to macroeconomic news; in particular, when conditioning on the state of the economy, the equity and foreign exchange markets appear equally responsive. Finally, we also document important contemporaneous links across all markets and countries, even after controlling for the effects of macroeconomic news....

  15. Foreign Exchange Market Contagion in the Asian Crisis: A Regression-based Approach

    NARCIS (Netherlands)

    van Horen, N.; Jager, H.; Klaassen, F.J.G.M.

    2006-01-01

    This paper investigates whether, during the Asian crisis, contagion occurred from Thailand to the other crisis countries through the foreign exchange market, and, if so, determines the contribution of this contagion to the crisis. More specifically, we examine whether the effect of the exchange

  16. Price dscovery in the foreign exchange markets with dfferentially informed traders

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Mahieu, R.; Schotman, P.; Leeuwen, I.

    1999-01-01

    This paper uses Reuters exchange rate data to investigate thecontributions to the price discovery process by individual banks in theforeign exchange market. We propose multivariate time series models aswell as models in tick time to study the dynamic relations between thequotes of individual banks.

  17. The Parallel Market for Foreign Exchange in an Oil Exporting Economy; The Case of Iran, 1978-1990

    OpenAIRE

    Adnan Mazarei

    1995-01-01

    This paper provides a model for the determination of the parallel market exchange rate premium in a country where oil export earnings accrue directly to the government, and foreign exchange is centrally allocated for the importation of specific goods. Next, it studies the parallel market for foreign exchange In the Islamic Republic of Iran during the period 1978-90. The paper then examines the various time series properties of parallel market exchange rate in Iran, and the evidence of the rol...

  18. Marketing of green electrons. Solar-power stock exchanges

    International Nuclear Information System (INIS)

    Nussbaumer-Waelti, E.

    1999-01-01

    An independent power producer evaluates the current solar-power stock exchanges in Switzerland. Most stock exchanges have been created by electric utilities which want to deliver 'green' power to those of their clients asking for. A first group of solar-power stock exchanges offer to take over the produced solar power at a marginal price. Among them, some organise a competition between the potential solar-power producers, in order to press down the investment cost for the new photovoltaic plants to build. Other stock exchanges propose a periodical adaptation of the prices, especially an adaptation to the capital interest rate. For sure, the total length of the time period for which the contract is established is one of the decisive factors. Because no bank is ready to grant a credit for such an investment without having seen a long-running take-over contract for the produced power [de

  19. International portfolio flows and exchange rate volatility for emerging markets

    OpenAIRE

    Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Fabio; Spagnolo, Nicola

    2015-01-01

    This paper investigates the effects of equity and bond portfolio inflows on exchange rate volatility, using monthly bilateral data for the US vis-a-vis eight Asian developing and emerging countries (India, Indonesia, South Korea, Pakistan, Hong Kong, Thailand, the Philippines, and Taiwan) over the period 1993:01-2012:11, and estimating a time-varying transition probability Markov-switching model. We find that net equity (bond) inflows drive the exchange rate to a high (low) volatility state. ...

  20. An analysis of the efficiency of the foreign exchange market in Kenya

    OpenAIRE

    Sifunjo E. Kisaka; Wainaina Gituro; Pokhariyal Ganesh; Ngugi W. Rose

    2008-01-01

    This study examined the Efficiency Market hypothesis in its weak form using run tests, unit root tests and the Ljung-Box Q-statistics. The motivation was to determine whether foreign exchange rate returns follow a random walk. The data covered the period starting January 1994 to June 2007 for the daily closing spot price of the Kenya shillings per US dollar exchange rate. The main finding of this study is that the foreign exchange rate market is not efficient. The results showed that most of ...

  1. The electricity exchange. On the organisation and latent functions of electricity exchange trading as seen from the viewpoint of market sociology

    International Nuclear Information System (INIS)

    Giacovelli, Sebastian

    2014-01-01

    Electricity exchange trading in Germany has existed since the year 2000. Since this time, the Leipzig electricity exchange, a reference market for off-exchange electricity trading, has operated in an environment marked by both criticism and acceptance. Taking this field of controversy as a point of departure the present empirical study in market sociology undertakes to investigate the organisation and latent functions of electricity exchange trading. The ensuing analysis provides answers to questions as to how prices are formed on the electricity exchange and what officially incommunicable functions are served by price formation on exchanges.

  2. Study on drop pressure and flow distribution of double-tube heat exchanger

    International Nuclear Information System (INIS)

    Liu Junqiang; Chen Minghui; Hu Yumin; Li Rizhu; Kong Dechun; Zhang Weijie

    2007-01-01

    The parallel connection channel pressure drop characters of the double-tube bundle heat exchange were experimentally investigated in this paper in order to find out how the flow of the heat exchanger is distributed and then to optimize the structure of heat exchanger according to the flow distribution. A double-tube bundle heat exchanger was built according to the similarity criteria. The experiment system was also built to test the optimization of the heat exchanger. The experiment results reveal that the calculating model is reliable and decreasing pipe space to optimize the heat exchanger is reasonable. (authors)

  3. Market Performance and Accounting Information as the Reference of Stocks Portfolio Formation in Indonesia Stock Exchange

    OpenAIRE

    Pasaribu, Rowland Bismark Fernando

    2009-01-01

    This study aimed to a stock portfolio formed with composite of companies market (PER, PBV, ROE, EPS, PSR, and B/M, VaR) and accounting performance (ROE, and EPS) also their market capitalization in Indonesia Stock Exchange period 2003-2006. Some clarification need to achieved, such as: real difference among variabel refer to their market capitalization and influence of predictor to stock return. Hereinafter, the performance of selected portfolio were evaluated. The evaluation result conclude ...

  4. ASPECTS OF USE FRACTAL ANALYSIS IN THE EXCHANGE MARKET OF UKRAINE

    Directory of Open Access Journals (Sweden)

    K. Krytsun

    2014-06-01

    Full Text Available The paper describes testing of monofractal analysis for obtaining Herst's indicator by Mandelbrot's method on example of exchange rates in the financial market of Ukraine. The assessment shows an adequacy of the results generated by calculating the Hurst parameters for the selected data sample. The study highlights the relationship between the crisis in the market and obtained indicators. Argued the feasibility of using R / S analysis to obtain data on the foreign exchange in the financial market of Ukraine using a small sample volume. Grounded perspective of using this method in the study of the dynamics of financial time series.

  5. Estimating time-varying conditional correlations between stock and foreign exchange markets

    Science.gov (United States)

    Tastan, Hüseyin

    2006-02-01

    This study explores the dynamic interaction between stock market returns and changes in nominal exchange rates. Many financial variables are known to exhibit fat tails and autoregressive variance structure. It is well-known that unconditional covariance and correlation coefficients also vary significantly over time and multivariate generalized autoregressive model (MGARCH) is able to capture the time-varying variance-covariance matrix for stock market returns and changes in exchange rates. The model is applied to daily Euro-Dollar exchange rates and two stock market indexes from the US economy: Dow-Jones Industrial Average Index and S&P500 Index. The news impact surfaces are also drawn based on the model estimates to see the effects of idiosyncratic shocks in respective markets.

  6. Multi-Agent Market Modeling of Foreign Exchange Rates

    Science.gov (United States)

    Zimmermann, Georg; Neuneier, Ralph; Grothmann, Ralph

    A market mechanism is basically driven by a superposition of decisions of many agents optimizing their profit. The oeconomic price dynamic is a consequence of the cumulated excess demand/supply created on this micro level. The behavior analysis of a small number of agents is well understood through the game theory. In case of a large number of agents one may use the limiting case that an individual agent does not have an influence on the market, which allows the aggregation of agents by statistic methods. In contrast to this restriction, we can omit the assumption of an atomic market structure, if we model the market through a multi-agent approach. The contribution of the mathematical theory of neural networks to the market price formation is mostly seen on the econometric side: neural networks allow the fitting of high dimensional nonlinear dynamic models. Furthermore, in our opinion, there is a close relationship between economics and the modeling ability of neural networks because a neuron can be interpreted as a simple model of decision making. With this in mind, a neural network models the interaction of many decisions and, hence, can be interpreted as the price formation mechanism of a market.

  7. The study of development of welded compact plate heat exchanger for high temperature and pressure

    International Nuclear Information System (INIS)

    Park, Jae Hong; Lim, Hyug; Kim, Jung Kyu; Cho, Sung Youl; Kwon, Oh Boong

    2009-01-01

    In view of space saving, the design of more compact heat exchangers is relatively important. Also, to meet the demand for saving energy and resources today, manufacturers are trying to enhance efficiency and reduce the size and weight of heat exchangers. Over the past decade, there has been tremendous advancement in the manufacturing technology of high efficiency heat exchangers. This has allowed the use of smaller and high performance heat exchangers. Consequently, the use of smaller and high performance heat exchanger becomes popular in the design of heat exchangers. Welded compact plate heat exchanger is used in high temperature and pressure. In the design of heat exchanger, it is necessary to understand the heat transfer characteristics, so performance data are provided to help design of this type heat exchanger.

  8. Extreme-value dependence: An application to exchange rate markets

    Science.gov (United States)

    Fernandez, Viviana

    2007-04-01

    Extreme value theory (EVT) focuses on modeling the tail behavior of a loss distribution using only extreme values rather than the whole data set. For a sample of 10 countries with dirty/free float regimes, we investigate whether paired currencies exhibit a pattern of asymptotic dependence. That is, whether an extremely large appreciation or depreciation in the nominal exchange rate of one country might transmit to another. In general, after controlling for volatility clustering and inertia in returns, we do not find evidence of extreme-value dependence between paired exchange rates. However, for asymptotic-independent paired returns, we find that tail dependency of exchange rates is stronger under large appreciations than under large depreciations.

  9. Modeling and predicting historical volatility in exchange rate markets

    Science.gov (United States)

    Lahmiri, Salim

    2017-04-01

    Volatility modeling and forecasting of currency exchange rate is an important task in several business risk management tasks; including treasury risk management, derivatives pricing, and portfolio risk evaluation. The purpose of this study is to present a simple and effective approach for predicting historical volatility of currency exchange rate. The approach is based on a limited set of technical indicators as inputs to the artificial neural networks (ANN). To show the effectiveness of the proposed approach, it was applied to forecast US/Canada and US/Euro exchange rates volatilities. The forecasting results show that our simple approach outperformed the conventional GARCH and EGARCH with different distribution assumptions, and also the hybrid GARCH and EGARCH with ANN in terms of mean absolute error, mean of squared errors, and Theil's inequality coefficient. Because of the simplicity and effectiveness of the approach, it is promising for US currency volatility prediction tasks.

  10. Determinants and effectiveness of foreign exchange market intervention in Georgia

    Czech Academy of Sciences Publication Activity Database

    Loiseau-Aslanidi, Olga

    2011-01-01

    Roč. 47, č. 4 (2011), s. 75-95 ISSN 1540-496X R&D Projects: GA MŠk LC542 Grant - others:UK(CZ) GAUK 259027 Institutional research plan: CEZ:MSM0021620846 Keywords : determinants of intervention * effectiveness of intervention * foreign exchange intervention Subject RIV: AH - Economics Impact factor: 0.953, year: 2011

  11. Impact of Oil Price Shocks and Exchange Rate Volatility on Stock Market Behavior in Nigeria

    Directory of Open Access Journals (Sweden)

    Adedoyin I. Lawal

    2016-09-01

    Full Text Available The impact of exchange rate and oil prices fluctuation on the stock market has been a subject of hot debate among researchers. This study examined the impact of both the exchange rate volatility and oil price volatility on stock market volatility in Nigeria, so as to guide policy formulation based on the fact that the nation’s economy was foreign induced and mono-cultured with heavy dependence on oil. EGARCH estimation techniques were employed to examine if either the volatility in exchange rate, oil price volatility or both experts on stock market volatility in Nigeria. The result shows that share price volatility is induced by both the exchange rate volatility and oil price volatility. Thus, it is recommended that policymakers should pursue policies that tend to stabilize the exchange rate regime on the one hand, and guarantee the net oil exporting position for the economy, that market practitioners should formulate portfolio strategies in such a way that volatility in both exchange rates and oil price will be factored in time when investment decisions are being made.

  12. Financial market pressure, tacit collusion and oil price formation

    International Nuclear Information System (INIS)

    Aune, Finn Roar; Rosendahl, Knut Einar; Mohn, Klaus; Osmundsen, Petter

    2010-01-01

    We explore a hypothesis that a change in investment behaviour among international oil companies (IOC) towards the end of the 1990s had long-lived effects on OPEC strategies, and on oil price formation. Coordinated investment constraints were imposed on the IOCs through financial market pressures for improved short-term profitability in the wake of the Asian economic crisis. A partial equilibrium model for the global oil market is applied to compare the effects of these tacitly collusive capital constraints on oil supply with an alternative characterised by industrial stability. Our results suggest that even temporary economic and financial shocks may have a long-term impact on oil price formation. (author)

  13. FORWARD, FUTURE AND OPTIONS ON STOCK EXCHANGE MARKET

    Directory of Open Access Journals (Sweden)

    Ljiljana Stošić Mihajlović

    2016-07-01

    Full Text Available The main motive of the formation and use of forward contracts and futures, and options, was certainly profit. Making financial markets more efficient, in terms of expanding the range of available financial instruments and reduction in transaction costs, these financial innovations are beneficial for both investors and managers company. Primary purpose of derivatives such as forwards, futures and options is to enable control risks by investitures and primarily from inadequate price trends for all types of assets that could be subject to transactions in financial markets.

  14. Intra-day response of foreign exchange markets after the Tohoku-Oki earthquake

    Science.gov (United States)

    Nakano, Shuhei; Hirata, Yoshito; Iwayama, Koji; Aihara, Kazuyuki

    2015-02-01

    Although an economy is influenced by a natural disaster, the market response to the disaster during the first 24 hours is not clearly understood. Here we show that an earthquake quickly causes temporal changes in a foreign exchange market by examining the case of the Tohoku-Oki earthquake. Recurrence plots and statistical change point detection independently show that the United States dollar-Japanese yen market responded to the earthquake activity without delay and with the delay of about 2 minutes, respectively. These findings support that the efficient market hypothesis nearly holds now in the time scale of minutes.

  15. Evaluation of heat exchange performance for primary pressurized water cooler in HTTR

    International Nuclear Information System (INIS)

    Tochio, Daisuke; Nakagawa, Shigeaki

    2006-01-01

    In High Temperature Engineering Test Reactor (HTTR), the rated thermal power of 30 MW, the generated heat at reactor core is finally dissipated at the air-cooler by way of the heat exchangers of the primary cooling system, such as the primary pressurized water cooler (PPWC) and the intermediate heat exchanger (IHX). The heat exchangers in the primary cooling system are required the heat exchange performance to remove reactor generated heat 30 MW under the condition of reactor coolant outlet temperature 850degC/950degC. Therefore, the heat exchanges are required to satisfy the design criteria of heat exchange performance. In this report, heat exchange performance data of the rise-to-power-up test and the in-service operation for the PPWC in the main cooling system was evaluated. Moreover, the evaluated values were compared with the design values, and it is confirmed that PPWC has the required heat exchange performance in the design. (author)

  16. Evaluation of heat exchange performance for secondary pressurized water cooler in HTTR

    International Nuclear Information System (INIS)

    Tochio, Daisuke; Watanabe, Syuji; Saikusa, Akio; Oyama, Sunao; Nemoto, Takahiro; Hamamoto, Shinpei; Shinohara, Masanori; Isozaki, Minoru; Nakagawa, Shigeaki

    2006-02-01

    In High Temperature Engineering Test Reactor (HTTR), the rated thermal power of 30MW, the generated heat at reactor core is finally dissipated at the air-cooler by way of the heat exchangers of the primary cooling system, such as the intermediate heat exchanger (IHX) and the secondary pressurized water cooler (SPWC). The heat exchangers in the main cooling system are required the heat exchange performance to remove the reactor-generated-heat of 30MW under the condition of reactor coolant outlet temperature of 850degC/950degC. Therefore, the heat exchanges are required to satisfy the design criteria of heat exchange performance. In this report, heat exchange performance of the SPWC in the main cooling system was evaluated with the rise-to-power-up test and the in-service operation data. Moreover, evaluated value is compared with designed one, it is confirmed that the SPWC has required heat exchange performance. (author)

  17. Exchange Rates’ Effect on Spot and Futures Equity Index Markets: A Study on Borsa Istanbul

    Directory of Open Access Journals (Sweden)

    Ayben Koy

    2017-06-01

    Full Text Available This paper examines the linkages between the foreign exchange rates, spot equity index and equity index futures. The study aims to investi-gate whether there is difference between the spot and futures markets in the scope of relation with the foreign exchange rates’ returns and which leads the other. The relationships are examined by using the vector autoregression (VAR model, impulse-response functions, variance decomposition and Granger Causality tests. The sample of the study consists of US dollar to Turkish Lira rate (USD/TRY, Euro to Turkish Lira rate (EUR/TRY, BIST 30 Index and BIST 30 Index Futures. The data of the study includes the period between January 2011 and December 2014 with daily data range. Our results have evidence that the foreign exchange rate markets in Turkey are driven by the equity market.

  18. Correlation analysis of the Korean stock market: Revisited to consider the influence of foreign exchange rate

    Science.gov (United States)

    Jo, Sang Kyun; Kim, Min Jae; Lim, Kyuseong; Kim, Soo Yong

    2018-02-01

    We investigated the effect of foreign exchange rate in a correlation analysis of the Korean stock market using both random matrix theory and minimum spanning tree. We collected data sets which were divided into two types of stock price, the original stock price in Korean Won and the price converted into US dollars at contemporary foreign exchange rates. Comparing the random matrix theory based on the two different prices, a few particular sectors exhibited substantial differences while other sectors changed little. The particular sectors were closely related to economic circumstances and the influence of foreign financial markets during that period. The method introduced in this paper offers a way to pinpoint the effect of exchange rate on an emerging stock market.

  19. Value at risk estimation with entropy-based wavelet analysis in exchange markets

    Science.gov (United States)

    He, Kaijian; Wang, Lijun; Zou, Yingchao; Lai, Kin Keung

    2014-08-01

    In recent years, exchange markets are increasingly integrated together. Fluctuations and risks across different exchange markets exhibit co-moving and complex dynamics. In this paper we propose the entropy-based multivariate wavelet based approaches to analyze the multiscale characteristic in the multidimensional domain and improve further the Value at Risk estimation reliability. Wavelet analysis has been introduced to construct the entropy-based Multiscale Portfolio Value at Risk estimation algorithm to account for the multiscale dynamic correlation. The entropy measure has been proposed as the more effective measure with the error minimization principle to select the best basis when determining the wavelet families and the decomposition level to use. The empirical studies conducted in this paper have provided positive evidence as to the superior performance of the proposed approach, using the closely related Chinese Renminbi and European Euro exchange market.

  20. Returns Effect, Shocks and Volatility Transmission between Foreign Exchange-Stock Markets in Nigeria

    Directory of Open Access Journals (Sweden)

    Agya Atabani Adi

    2017-03-01

    Full Text Available The paper examined effect of passed return on current return, shocks spillover and volatility transmission between FX-Stock markets. Using result obtained from VAR-GARCH models, we also calculate the optimal weight and risk minimizing hedging ratio for FX-Stock markets and employed the newly developed bivariate GARCH framework Findings reveal evidence of short term predictability in both markets through time. One period lagged returns significantly impact current return in both markets, and impact was greater in FX market both VAR-GARCH and VAR-AGARCH models. There were evidence of bi-directional volatility transmission in both markets and uni-directional shocks spillover from stock to FX market in both models. VAR-AGARCH model showed evidence of leverage effect; bad news has more impact on volatility than positive news of the same magnitude. We showed that optimal polio of FX-Stock market should holds more foreign exchange to stocks in their asset polio. Our result showed evidence of effective hedging in FX-Stock markets in Nigerian. Hence, the inclusion of stocks in diversified polio of foreign exchange could improve it risks adjusted performance of hedging ratio.

  1. On the pressure drop in Plate Heat Exchangers used as desorbers in absorption chillers

    International Nuclear Information System (INIS)

    Garcia-Hernando, N.; Almendros-Ibanez, J.A.; Ruiz, G.; Vega, M. de

    2011-01-01

    The influence of the pressure drop in Plate Heat Exchangers (PHE) in the boiling temperature of LiBr-H 2 O and NH 3 -H 2 O solutions is studied. For the NH 3 -H 2 O solution, the pressure drop-temperature saturation relationship estates that high pressure drops can be allowed in the solution with negligible changes in the saturation temperature, and in the PHE performance. Besides, in the case of the LiBr-H 2 O solution, as the working pressure is usually very low, the analysis of the pressure drop must be taken as a main limiting parameter for the use of Plate Heat Exchangers as vapour generators. In this case, the pressure drop may considerably change the boiling temperature of the solution entering the heat exchanger and therefore a higher heating fluid temperature may be required. A guideline to design these systems is proposed.

  2. On the pressure drop in Plate Heat Exchangers used as desorbers in absorption chillers

    Energy Technology Data Exchange (ETDEWEB)

    Garcia-Hernando, N.; de Vega, M. [Energy System Engineering (ISE), Departamento de Ingenieria Termica y de Fluidos, Universidad Carlos III de Madrid, Avda. Universidad, 30, 28911 Leganes, Madrid (Spain); Almendros-Ibanez, J.A. [Escuela de Ingenieros Industriales de Albacete, Departamento de Mecanica Aplicada e Ingenieria de Proyectos, Universidad de Castilla La Mancha, Campus Universitario s/n, 02071 Albacete (Spain); Renewable Energy Research Institute, c/de la Investigacion s/n, 02071 Albacete (Spain); Ruiz, G. [Energy Efficiency and Renewables Department, Tecnicas Reunidas S.A., C/Arapiles No. 13, 10a, 28015 Madrid (Spain)

    2011-02-15

    The influence of the pressure drop in Plate Heat Exchangers (PHE) in the boiling temperature of LiBr-H{sub 2}O and NH{sub 3}-H{sub 2}O solutions is studied. For the NH{sub 3}-H{sub 2}O solution, the pressure drop-temperature saturation relationship estates that high pressure drops can be allowed in the solution with negligible changes in the saturation temperature, and in the PHE performance. Besides, in the case of the LiBr-H{sub 2}O solution, as the working pressure is usually very low, the analysis of the pressure drop must be taken as a main limiting parameter for the use of Plate Heat Exchangers as vapour generators. In this case, the pressure drop may considerably change the boiling temperature of the solution entering the heat exchanger and therefore a higher heating fluid temperature may be required. A guideline to design these systems is proposed. (author)

  3. FORWARD, FUTURE AND OPTIONS ON STOCK EXCHANGE MARKET

    OpenAIRE

    Ljiljana Stošić Mihajlović; Ivana Zdravković

    2016-01-01

    The main motive of the formation and use of forward contracts and futures, and options, was certainly profit. Making financial markets more efficient, in terms of expanding the range of available financial instruments and reduction in transaction costs, these financial innovations are beneficial for both investors and managers company. Primary purpose of derivatives such as forwards, futures and options is to enable control risks by investitures and primarily from inadequate price trend...

  4. Power-law behaviour evaluation from foreign exchange market data using a wavelet transform method

    Science.gov (United States)

    Wei, H. L.; Billings, S. A.

    2009-09-01

    Numerous studies in the literature have shown that the dynamics of many time series including observations in foreign exchange markets exhibit scaling behaviours. A simple new statistical approach, derived from the concept of the continuous wavelet transform correlation function (WTCF), is proposed for the evaluation of power-law properties from observed data. The new method reveals that foreign exchange rates obey power-laws and thus belong to the class of self-similarity processes.

  5. Power-law behaviour evaluation from foreign exchange market data using a wavelet transform method

    Energy Technology Data Exchange (ETDEWEB)

    Wei, H.L., E-mail: w.hualiang@sheffield.ac.u [Department of Automatic Control and Systems Engineering, the University of Sheffield, Mappin Street, Sheffield, S1 3JD (United Kingdom); Billings, S.A., E-mail: s.billings@sheffield.ac.u [Department of Automatic Control and Systems Engineering, the University of Sheffield, Mappin Street, Sheffield, S1 3JD (United Kingdom)

    2009-09-07

    Numerous studies in the literature have shown that the dynamics of many time series including observations in foreign exchange markets exhibit scaling behaviours. A simple new statistical approach, derived from the concept of the continuous wavelet transform correlation function (WTCF), is proposed for the evaluation of power-law properties from observed data. The new method reveals that foreign exchange rates obey power-laws and thus belong to the class of self-similarity processes.

  6. Foreign Exchange Exposure of A Selected Number of Swedish Multinationals : The Capital Market Approach

    OpenAIRE

    Shudzeka, Basile N; Kum, Hyceinth N.

    2007-01-01

    This research work analyses the impact of exchange rate fluctuations on firm value. It is based on a sample of 10 Swedish multinational companies selected from two market capitalization segments (Mid and Large Cap) according to the OMX index classification. A multiple linear regression model is used to explore the dependency of the log returns (continuously compounded returns) of each of the sampled companies to the percentage changes in the spot exchange rates for the SEK/U.S. Dollar and SEK...

  7. Smuggling, non-fundamental uncertainty, and parallel market exchange rate volatility

    OpenAIRE

    Richard Clay Barnett

    2003-01-01

    We explore a model where smuggling and a parallel currency market arise, owing to government restrictions that prevent agents from legally holding foreign exchange. Despite such restrictions, agents are able to diversify their savings, holding both domestic and parallel foreign cash, basing their portfolio allocation on current and prospective parallel exchange rates. We attribute movements in parallel rates to non-fundamental uncertainty. The model generates equilibria with both positive and...

  8. Power-law behaviour evaluation from foreign exchange market data using a wavelet transform method

    International Nuclear Information System (INIS)

    Wei, H.L.; Billings, S.A.

    2009-01-01

    Numerous studies in the literature have shown that the dynamics of many time series including observations in foreign exchange markets exhibit scaling behaviours. A simple new statistical approach, derived from the concept of the continuous wavelet transform correlation function (WTCF), is proposed for the evaluation of power-law properties from observed data. The new method reveals that foreign exchange rates obey power-laws and thus belong to the class of self-similarity processes.

  9. Cross-correlations between RMB exchange rate and international commodity markets

    Science.gov (United States)

    Lu, Xinsheng; Li, Jianfeng; Zhou, Ying; Qian, Yubo

    2017-11-01

    This paper employs multifractal detrended analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) to study cross-correlation behaviors between China's RMB exchange rate market and four international commodity markets, using a comprehensive set of data covering the period from 22 July 2005 to 15 March 2016. Our empirical results from MF-DFA indicate that the RMB exchange rate is the most inefficient among the 4 selected markets. The results from quantitative analysis have testified the existence of cross-correlations and the result from MF-DCCA have further confirmed a strong multifractal behavior between RMB exchange rate and international commodity markets. We also demonstrate that the recent financial crisis has significant impact on the cross-correlated behavior. Through the rolling window analysis, we find that the RMB exchange rates and international commodity prices are anti-persistent cross-correlated. The main sources of multifractality in the cross-correlations are long-range correlations between RMB exchange rate and the aggregate commodity, energy and metals index.

  10. Testing the Efficiency of the Foreign Exchange Spot Market in Iran

    OpenAIRE

    Borhan-Azad, Lida

    2006-01-01

    This dissertation aimed at testing the efficiency of the foreign exchange market of Iran in the weak and semi-strong form using data on the black market spot exchange rates between Iranian currency (i.e., Rial) and four major foreign currencies including US Dollar, German Mark/Euro, UK Pound and Japanese Yen. The weak form efficiency is examined by unit root tests including Augmented Dickey-Fuller (1979, 1981) (ADF) test and Phillips-Perron (1988) (PP) test. The results of these tests are con...

  11. Reciprocal Exchange Patterned by Market Forces Helps Explain Cooperation in a Small-Scale Society.

    Science.gov (United States)

    Jaeggi, Adrian V; Hooper, Paul L; Beheim, Bret A; Kaplan, Hillard; Gurven, Michael

    2016-08-22

    Social organisms sometimes depend on help from reciprocating partners to solve adaptive problems [1], and individual cooperation strategies should aim to offer high supply commodities at low cost to the donor in exchange for high-demand commodities with large return benefits [2, 3]. Although such market dynamics have been documented in some animals [4-7], naturalistic studies of human cooperation are often limited by focusing on single commodities [8]. We analyzed cooperation in five domains (meat sharing, produce sharing, field labor, childcare, and sick care) among 2,161 household dyads of Tsimane' horticulturalists, using Bayesian multilevel models and information-theoretic model comparison. Across domains, the best-fit models included kinship and residential proximity, exchanges in kind and across domains, measures of supply and demand and their interactions with exchange, and household-specific exchange slopes. In these best models, giving, receiving, and reciprocating were to some extent shaped by market forces, and reciprocal exchange across domains had a strong partial effect on cooperation independent of more exogenous factors like kinship and proximity. Our results support the view that reciprocal exchange can provide a reliable solution to adaptive problems [8-11]. Although individual strategies patterned by market forces may generate gains from trade in any species [3], humans' slow life history and skill-intensive foraging niche favor specialization and create interdependence [12, 13], thus stabilizing cooperation and fostering divisions of labor even in informal economies [14, 15]. Copyright © 2016 Elsevier Ltd. All rights reserved.

  12. The Evolution of Foreign Exchange Markets in the Context of Global Crisis

    Directory of Open Access Journals (Sweden)

    Mariana Trandafir

    2011-12-01

    Full Text Available The FX market is the world’s largest financial market. The global financial systeminvolves effective and efficient exchange of currencies. Corporations and investors participate in themarket for operational needs: to reduce risk by hedging currency exposures; to convert their returnsfrom international investments into domestic currencies and to make cross-border investments andraise finance outside home markets. Central banks participate in the market. This paper analyzesforeign exchange marketsactivity before and under the condition the global crisis. The method ofresearch is the comparative analysis used on the global and European level. The research is importantand actual because it reveals the changeswhich have defined a new paradigm forthe foreignexchange marketsand which contributed to the increasing of the global foreign exchange marketturnover during the global crisis. The main conclusion of the paper is that the innovativedevelopments in electronic trading technology and institutional trading arrangements are behind theevolution of the foreign exchange markets. The analysis is supported by statistical tables and uses therecent officialBank for International Settlements and European Central Bank statistic databases.

  13. Using a Potassium Acetate Solution for Cooling High Pressure Hydrogen in a Prototype Heat Exchanger

    DEFF Research Database (Denmark)

    Rothuizen, Erasmus Damgaard; Abel, M.; Rokni, Masoud

    2011-01-01

    is to be delivered at high pressure a heat exchanger was designed and constructed. The paper presents a detailed study of construction of the heat exchanger which has been tested and compared to theory to predict and verify its performance. The method presented by Nellis and Klein for laminar flow in annulus tubes...

  14. Segmentation and Time-of-Day Patterns in Foreign Exchange Markets

    OpenAIRE

    Angelo Ranaldo

    2007-01-01

    This paper sheds light on a puzzling pattern in foreign exchange markets: Domestic currencies appreciate (depreciate) systematically during foreign (domestic) working hours. These time-of-day patterns are statistically and economically highly significant. They pervasively persist across many years, even after accounting for calendar effects. This phenomenon is difficult to reconcile with the random walk and market efficiency hypothesis. Microstructural and behavioural explanations suggest tha...

  15. A FRONTIER MARKET CASE: DOES BUCHAREST STOCK EXCHANGE HAVE A LEADING DOMESTIC INDEX?

    OpenAIRE

    CORNELIA POP; DRAGOS BOZDOG; ADINA CALUGARU

    2012-01-01

    A frontier market can play a significant role in the diversification of a global portfolio. Equally important are the companies selected in order to fulfill the diversification needs. We focused on Bucharest Stock Exchange, considered a frontier market, and we analyzed its own diversification power based on the presence/ absence of a leading index that influences the price evolution of the other traded companies. This idea was suggested by the strong position of the five listed closed-end fun...

  16. Capital Market Research in Accounting: Evidence from The Tehran Stock Exchange

    OpenAIRE

    Mohammad Namazi; Amin Nazemi; Mohamat Sabri Hassan

    2009-01-01

    The major purpose of this study is to classify and analyse capital market research conducted in the Tehran Stock Exchange Market (TSEM). Similar to Namazi and Nazemi’s (2005) review of Finance Studies on the TSEM in 1991–2003, we review, classify and analyse the significant Accounting Studies related to the TSEM. Consequently, by both employing content analysis and archival methodology and considering academic accounting courses and programs established by the Ministry of Science, Researc...

  17. The marketing and economic implications of the manipulation of share prices: Nigeria stock exchange experience

    OpenAIRE

    Ajayi Ezekiel Oluwole; Omolekan Olushola Joshua

    2012-01-01

    This paper examined the marketing and economic effects of the manipulation of share prices in the Nigerian Stock Exchange. The survey research design was adopted. Data collected was analyzed using the regression analysis. Student t- test was used to test the two hypotheses formulated at 0.05 level of significance. The findings of the study revealed that capital market infractions such as fraudulent disposal of investor assets, illegal fund management and the wonder bank syndrome, others are i...

  18. The exchange rate managements in crisis-experienced emerging market economies after the 1990s

    OpenAIRE

    Taguchi, Hiroyuki

    2005-01-01

    This article examined the exchange rate managements in the crisis-experienced emerging market economies after the 1990s. First, we found that the exchange rate flexibility has increased from the pre-crisis period towards the post-crisis period under the “soft peg” regime. Second, we identified a structural change in the factors for determining a reference rate in exchange rate management from the pre-crisis period to the post-crisis period. Third, we found that East Asian countries, in their ...

  19. Which currency exchange regime for emerging markets?: Corner solutions under question

    Directory of Open Access Journals (Sweden)

    Allegret Jean-Pierre

    2007-01-01

    Full Text Available During the 90s, recurrent exchange rate crises in emerging markets have shown the extreme fragility of soft pegs, the so-called intermediate exchange rate regimes. As a result, numerous academic economists but also International institutions have promoted a new consensus: domestic authorities have to choose their exchange rate regime between only two solutions called corner solutions or extreme regimes: hard pegs or independent floating. This paper questions de relevance of this consensus. We stress the main advantages and costs of each corner solution. We conclude by stressing that intermediate regimes associated to an inflation targeting framework seem a better solution for emerging countries than corner solutions.

  20. INTERDEPENDENCE BETWEEN JAKARTA STOCK EXCHANGE AND OTHER PACIFIC-BASIN STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Noer Azam Achsani

    2011-08-01

    Full Text Available Normal 0 false false false MicrosoftInternetExplorer4 International capital markets linkages have been studied since early 90-es.  Most of these studies have mainly focused on the US and other developed markets. There were only a few researches on this topic in the emerging markets.  This paper examines the dynamic linkages among Indonesian and other Pacific-Basin stock markets using correlation analysis, Granger-causality and vector autoregressive (VAR approach. All the methods give generally similar results. Our empirical results indicate a high degree of international co-movement among the stock price indices.  The degree of integration among these markets after Asian Crisis increased substantially in compare to those before Asian Crisis. The results also show that there are close relationships among the geographically and economically closed markets such as ASEAN markets, New Zealand-Australian and also Hong Kong - South Korea.  The pattern of impulse-response functions illustrates a rapid transmission of stock market events. Shocks in the developed markets are immediately transmitted to other markets. Shocks in the emerging markets are also transmitted to other markets, but without such a big effect comparing to those in the developed markets. The Jakarta stock exchange is strongly correlated with other Pacific-Basin markets, especially with ASEAN markets, Hong Kong and Australia.   The strongest foreign effects for the JSX come from Singapore, Hong Kong and Thailand. They can explain about 5 – 8% of error variance of the Jakarta Index. In contrast, the JSX index can explain 3 - 5 % of their error variances. 

  1. Improving community health through marketing exchanges: A participatory action research study on water, sanitation, and hygiene in three Melanesian countries.

    Science.gov (United States)

    Barrington, D J; Sridharan, S; Saunders, S G; Souter, R T; Bartram, J; Shields, K F; Meo, S; Kearton, A; Hughes, R K

    2016-12-01

    Diseases related to poor water, sanitation and hygiene (WaSH) are major causes of mortality and morbidity. While pursuing marketing approaches to WaSH to improve health outcomes is often narrowly associated with monetary exchange, marketing theory recognises four broad marketing exchange archetypes: market-based, non-market-based, command-based and culturally determined. This diversity reflects the need for parameters broader than monetary exchange when improving WaSH. This study applied a participatory action research process to investigate how impoverished communities in Melanesian urban and peri-urban informal settlements attempt to meet their WaSH needs through marketing exchange. Exchanges of all four archetypes were present, often in combination. Motivations for participating in the marketing exchanges were based on social relationships alongside WaSH needs, health aspirations and financial circumstances. By leveraging these motivations and pre-existing, self-determined marketing exchanges, WaSH practitioners may be able to foster WaSH marketing exchanges consistent with local context and capabilities, in turn improving community physical, mental and social health. Copyright © 2016 Elsevier Ltd. All rights reserved.

  2. Market Returns and Weak-Form Efficiency: the case of the Ghana Stock Exchange

    OpenAIRE

    Frimpong, Joseph Magnus; Oteng-Abayie, Eric Fosu

    2007-01-01

    This paper examines the weak-form efficient market hypothesis (EMH) in the case of the Ghana Stock Exchange (GSE) an emerging market. Daily returns from the Databank Stock Index (DSI) over a 5-year period 1999-2004 were used for the exercise. Random walk (RW) and GARCH(1,1) models are used as the basis for our analysis. The GSE DSI returns series exhibit volatility clustering, an indication of inefficiency on the GSE. The weak-form efficient market (random walk) hypothesis was rejected for t...

  3. Impact of the transition to continous trading on emerging financial market's liquidity : Case study of the West Africa Regional Exchange Market (BRVM)

    OpenAIRE

    OUATTARA, Aboudou

    2016-01-01

    After 18 years of activities and take-off difficulties due to socio-economic and political environment of the WAEMU zone, the west Africa regional exchange market (BRVM)’s authorities decided to move to continuous trading. The decision was effective on 16th september 2013. This action, beyond the upgrading of this stock exchange market to international standards, aims at improving market liquidity. Two years after its implementation, it seemed interesting to question the relevancy of this dec...

  4. Stock Exchange Mergers - The new Driver in the Harmonisation of Securities Market Regulation?

    DEFF Research Database (Denmark)

    Clausen, Nis Jul

    2009-01-01

      The creation of a single European financial market has been pursued vigorously through a number of harmonisation initiatives by European lawmakers and by some of the cross-border alliances between European stock exchanges. The very ambitious plans for harmonisation in the OMX and the Euronext...

  5. Size doesn't matter!: gift exchange in experimental labor markets

    NARCIS (Netherlands)

    Brandts, J.; Gërxhani, K.; Schram, A.; Ygosse-Battisti, J.

    2009-01-01

    We study how the number of traders affects the interaction between a centralized exchange and bilateral negotiations in an experimental labor market with excess supply and incomplete contracts. In bilateral negotiations firms obtain information about employees’ performance in previous jobs. Though

  6. The study of the rate of convergence in the stock exchange market of ...

    African Journals Online (AJOL)

    The study of the rate of convergence in the stock exchange market of the ... level during the past years have created some concerns to managers and investors. ... This study used the stock price index of the Persian Gulf countries available on ...

  7. Is oil supply choked by financial market pressures?

    International Nuclear Information System (INIS)

    Osmundsen, P.; Mohn, K.; Misund, B.; Asche, F.

    2007-01-01

    Since the late 1990s, financial analysts have focused strongly on short-term profitability for benchmarking and valuation of international oil and gas companies. The increasing pressure for strict capital discipline among oil and gas companies may have reduced their willingness to invest for future reserves and production growth. The current high oil price is partly due to low exploration activity in the oil industry the last decade. We present and discuss the background for this development - based on previous academic research, industry trends and current valuation practices. An estimated econometric model of stock market valuation among oil and gas companies suggests that analysts and companies have put exaggerate weight on short-term earnings and accounting profitability. We therefore expect that the attention will shift back to long-term reserve and production growth. (author)

  8. Is oil supply choked by financial market pressures?

    International Nuclear Information System (INIS)

    Osmundsen, Petter; Mohn, Klaus; Misund, Bard; Asche, Frank

    2007-01-01

    Since the late 1990s, financial analysts have focused strongly on short-term profitability for benchmarking and valuation of international oil and gas companies. The increasing pressure for strict capital discipline among oil and gas companies may have reduced their willingness to invest for future reserves and production growth. The current high oil price is partly due to low exploration activity in the oil industry the last decade. We present and discuss the background for this development-based on previous academic research, industry trends and current valuation practices. An estimated econometric model of stock market valuation among oil and gas companies suggests that analysts and companies have put exaggerate weight on short-term earnings and accounting profitability. We therefore expect that the attention will shift back to long-term reserve and production growth

  9. Analytical and experimental analysis of a low-pressure heat exchanger suitable for passive ventilation

    DEFF Research Database (Denmark)

    Hviid, Christian Anker; Svendsen, Svend

    2011-01-01

    AbstractA core element in sustainable ventilation systems is the heat recovery system. Conventional heat recovery systems have a high pressure drop that acts as blockage to naturally driven airflow. The heat recovery system we propose here consists of two separated air-to-liquid heat exchangers...... interconnected by a liquid loop powered by a pump ideal as a component in a heat recovery system for passive ventilation systems. This paper describes the analytical framework and the experimental development of one exchanger in the liquid-loop. The exchanger was constructed from the 8mm plastic tubing...... that is commonly used in water-based floor-heating systems. The pressure loss and temperature exchange efficiency was measured. For a design airflow rate of 560L/s, the pressure loss was 0.37Pa and the efficiency was 75.6%. The experimental results agree well with the literature or numerical fluid calculations...

  10. Driving factors of interactions between the exchange rate market and the commodity market: A wavelet-based complex network perspective

    Science.gov (United States)

    Wen, Shaobo; An, Haizhong; Chen, Zhihua; Liu, Xueyong

    2017-08-01

    In traditional econometrics, a time series must be in a stationary sequence. However, it usually shows time-varying fluctuations, and it remains a challenge to execute a multiscale analysis of the data and discover the topological characteristics of conduction in different scales. Wavelet analysis and complex networks in physical statistics have special advantages in solving these problems. We select the exchange rate variable from the Chinese market and the commodity price index variable from the world market as the time series of our study. We explore the driving factors behind the behavior of the two markets and their topological characteristics in three steps. First, we use the Kalman filter to find the optimal estimation of the relationship between the two markets. Second, wavelet analysis is used to extract the scales of the relationship that are driven by different frequency wavelets. Meanwhile, we search for the actual economic variables corresponding to different frequency wavelets. Finally, a complex network is used to search for the transfer characteristics of the combination of states driven by different frequency wavelets. The results show that statistical physics have a unique advantage over traditional econometrics. The Chinese market has time-varying impacts on the world market: it has greater influence when the world economy is stable and less influence in times of turmoil. The process of forming the state combination is random. Transitions between state combinations have a clustering feature. Based on these characteristics, we can effectively reduce the information burden on investors and correctly respond to the government's policy mix.

  11. COMPETITIVE PRESSURE SYSTEMS MAPPING IN THE BRAZILIAN TRUCK MARKET

    Directory of Open Access Journals (Sweden)

    Ricardo Costa da Cruz

    2013-06-01

    Full Text Available The automotive business in Brazil achieved 10% of the industry revenue and 6% of the formal employment by 2008. The commercial vehicle segment concentrated so far eight truck makers that experienced their best market figures in 2008, the economy crisis in 2009, and an extraordinary recovery in 2010. Government tax reduction programs as well as special financing incentives were undoubtedly decisive to re-stimulate the business during the crisis. Positive Brazilian perspectives with the boom in the agricultural, oil and gas, mining and infrastructure activities plus the coming sports events call the attention of new players that are quickly implementing different business strategies to become part of the game. New emission regulations starting from 2012 also bring uncertainties, challenges and opportunities. With the growing globalization and market concentration it's critical for any industry understand and minimize the forces of competitive pressures. The main goal of this paper, therefore, is to contribute to the academy with an alternative approach of strategic and behavioral analysis of rivalry and competition different than the five forces model of Porter. Ford, Iveco, MAN, Mercedes-Benz, Scania and Volvo were assessed from 2008 to 2010 within three main performance indicators – unit sales, gross revenues and operating profits – supporting the elaboration of the competitive pressure systems mapping model of D'aveni, including a hypothetical future scenario with a new entrant and the potential impacts in the system. Main findings and results portray the asymmetrical strategic behavior of competitors and the temporary dynamic stability in the Brazilian truck industry.

  12. Study on Pressure drop for Ion Exchanger in Jordan Research and Training Reactor

    Energy Technology Data Exchange (ETDEWEB)

    Park, Ki-jung; Choi, Jungwoon; Kim, Seong-Hoon; Chi, Dae-Young; Park, Cheol [KAERI, Daejeon (Korea, Republic of)

    2016-05-15

    The Jordan Research and Training Reactor (JRTR) is currently being constructed and commissioned in the JUST (Jordan University of Science and Technology) site. The main fluid systems relevant to the JRTR have been proceeding at the Korea Atomic Energy Research Institute. In order to achieve the purpose of the pool water purification, two filters and two ion exchangers which can be to remove suspended solids and ionic impurities in the in-taken pool water have been designed. For the reliable design of this system pump, it is important to predict the pressure drop of the system equipment including the ion exchanger. In this study, the pressure drop in the ion exchanger of PWMS is predicted by using the well-known model and the results provided from manufacturing company. And, the calculated results are compared to the actual data which is measured from the ion exchanger during the PWMS commissioning. The predicted pressure drop is dominated by the resin bed as a portion of about 85% for total pressure drop. The predicted pressure drop is compared to the measured pressure drop of the ion exchanger which is installed in the JRTR, the data above 5 kg/s agree within 5% in the entire range.

  13. Testing of low pressure proton exchange membrane fuel cells

    Energy Technology Data Exchange (ETDEWEB)

    Bettoni, M; Naso, V; Lucentini, M; Rubini, L

    1998-07-01

    One of the main issues concerning PEMFC is the choice of operating pressure, for both stationary and automotive applications. This is because the air compressor may absorb a significant amount--up to 25%--of the power output of the fuel cells stack. A comparison has been made between the performance of various stacks of different dimensions, tested in the De Nora Laboratories operated at high (4 bar) and low (1.5 bar) pressures, considering power output reduced by the compressor power absorption. Differences of performance and efficiency between high and low pressure stacks have been noticed in the range of 10%. In operating at low pressure, higher efficiency is obtainable, but the maximum power of the stack is less; this means less fuel consumption, but requires a greater reacting surface and larger dimension of the stack. Consequently low pressures make the system simpler (a blower can be used instead of a compressor), and safer (there is practically no risk of breaking the membrane).

  14. Testing of a 4 K to 2 K heat exchanger with an intermediate pressure drop

    Energy Technology Data Exchange (ETDEWEB)

    Knudsen, Peter N. [Thomas Jefferson National Accelerator Facility (TJNAF), Newport News, VA (United States); Ganni, Venkatarao [Thomas Jefferson National Accelerator Facility (TJNAF), Newport News, VA (United States)

    2015-12-01

    Most large sub-atmospheric helium refrigeration systems incorporate a heat exchanger at the load, or in the distribution system, to counter-flow the sub-atmospheric return with the super-critical or liquid supply. A significant process improvement is theoretically obtainable by handling the exergy loss across the Joule-Thompson throttling valve supplying the flow to the load in a simple but different manner. As briefly outlined in previous publications, the exergy loss can be minimized by allowing the supply flow pressure to decrease to a sub-atmospheric pressure concurrent with heat exchange flow from the load. One practical implementation is to sub-divide the supply flow pressure drop between two heat exchanger sections, incorporating an intermediate pressure drop. Such a test is being performed at Jefferson Lab's Cryogenic Test Facility (CTF). This paper will briefly discuss the theory, practical implementation and test results and analysis obtained to date.

  15. Palm Oil Price, Exchange Rate, and Stock Market: A Wavelet Analysis on the Malaysian Market

    Directory of Open Access Journals (Sweden)

    Buerhan Saiti

    2014-05-01

    Full Text Available The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI based on the theory of wavelets on the basis of monthly data from the period January 1990 - December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-crosscorrelation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long as we concern between commodity price and exchange rate. It implies that there is no lead-lag relationship between commodity price and exchange rate.

  16. The foreign exchange market: return distributions, multifractality, anomalous multifractality and the Epps effect

    Science.gov (United States)

    Drożdż, Stanisław; Kwapień, Jarosław; Oświȩcimka, Paweł; Rak, Rafał

    2010-10-01

    We present a systematic study of various statistical characteristics of high-frequency returns from the foreign exchange market. This study is based on six exchange rates forming two triangles: EUR-GBP-USD and GBP-CHF-JPY. It is shown that the exchange rate return fluctuations for all of the pairs considered are well described by the non-extensive statistics in terms of q-Gaussians. There exist some small quantitative variations in the non-extensivity q-parameter values for different exchange rates (which depend also on the time scales studied), and this can be related to the importance of a given exchange rate in the world's currency trade. Temporal correlations organize the series of returns such that they develop the multifractal characteristics for all of the exchange rates, with a varying degree of symmetry of the singularity spectrum f(α), however. The most symmetric spectrum is identified for the GBP/USD. We also form time series of triangular residual returns and find that the distributions of their fluctuations develop disproportionately heavier tails as compared to small fluctuations, which excludes description in terms of q-Gaussians. The multifractal characteristics of these residual returns reveal such anomalous properties as negative singularity exponents and even negative singularity spectra. Such anomalous multifractal measures have so far been considered in the literature in connection with diffusion-limited aggregation and with turbulence. Studying the cross-correlations among different exchange rates, we found that market inefficiency on short time scales leads to the occurrence of the Epps effect on much longer time scales, but comparable to the ones for the stock market. Although the currency market is much more liquid than the stock markets and has a much greater transaction frequency, the building up of correlations takes up to several hours—a duration that does not differ much from what is observed in the stock markets. This may suggest

  17. Market Risk in Demutualised Self-Listed Stock Exchanges: An International Analysis of Selected Time-Varying Betas

    OpenAIRE

    Andrew Worthington; Helen Higgs

    2005-01-01

    This paper examines market risk in four demutualised and self-listed stock exchanges: the Australian Stock Exchange, the Deutsche Börse, the London Stock Exchange and the Singapore Stock Exchange. Daily company and MSCI index returns provide the respective asset and market portfolio data. A bivariate MA-GARCH model is used to estimate time-varying betas for each exchange from listing until 7 June 2005. While the results indicate significant beta volatility, unit root tests show the betas to b...

  18. Spot Markets Indices as Benchmarks of Formation of Future Price Trends in the Power Exchanges of Eastern Europe

    Directory of Open Access Journals (Sweden)

    Polikevych Nataliya I.

    2016-01-01

    Full Text Available The article is concerned with a theoretical generalization of the use of indices for electric power at the European spot exchanges and elaborating proposals on establishment of a similar spot index for the Ukrainian power exchange. 16 indices that are published daily by the power exchanges BSP Regional Energy Exchange, Power Exchange Central Europe, Polish Power Exchange and Opcom have been analyzed. It has been indicated that these indices are used for electricity price forecasting and monitoring the situation in the power market. The article examines the way spot indices are calculated by power exchanges, based on the value of the arithmetic average of market prices «day ahead». Imperfection of such way of calculation for price index values has been substantiated. The key characteristics of the future price index for Ukrainian spot market as benchmarks within the introduction of futures contracts for electricity have been identified.

  19. Nasal continuous positive airway pressure: does bubbling improve gas exchange?

    Science.gov (United States)

    Morley, C J; Lau, R; De Paoli, A; Davis, P G

    2005-07-01

    In a randomised crossover trial, 26 babies, treated with Hudson prong continuous positive airway pressure (CPAP) from a bubbling bottle, received vigorous, high amplitude, or slow bubbling for 30 minutes. Pulse oximetry, transcutaneous carbon dioxide, and respiratory rate were recorded. The bubbling rates had no effect on carbon dioxide, oxygenation, or respiratory rate.

  20. Experimental study of heat transfer and pressure drop characteristics of air/water and air-steam/water heat exchange in a polymer compact heat exchanger

    NARCIS (Netherlands)

    Cheng, L.; Geld, van der C.W.M.

    2005-01-01

    Experiments of heat transfer and pressure drop in a polymer compact heat exchanger made of PolyVinyliDene-Fluoride were conducted under various conditions for air/water heat exchange and air-steam/water heat exchange, respectively. The overall heat transfer coefficients of air-steam/water heat

  1. Causal relationship between the global foreign exchange market based on complex networks and entropy theory

    International Nuclear Information System (INIS)

    Cao, Guangxi; Zhang, Qi; Li, Qingchen

    2017-01-01

    Highlights: • Mutual information is used as the edge weights of nodes instead of PCC, which overcomes the shortcomings of linear correlation functions. • SGD turns into a new cluster center and gradually becomes a point connecting the Asian and European clusters during and after the US sub-prime crisis. • Liang's entropy theory, which has not been adopted before in the global foreign exchange market, is considered. - Abstract: The foreign exchange (FX) market is a typical complex dynamic system under the background of exchange rate marketization reform and is an important part of the financial market. This study aims to generate an international FX network based on complex network theory. This study employs the mutual information method to judge the nonlinear characteristics of 54 major currencies in international FX markets. Through this method, we find that the FX network possesses a small average path length and a large clustering coefficient under different thresholds and that it exhibits small-world characteristics as a whole. Results show that the relationship between FX rates is close. Volatility can quickly transfer in the whole market, and the FX volatility of influential individual states transfers at a fast pace and a large scale. The period from July 21, 2005 to March 31, 2015 is subdivided into three sub-periods (i.e., before, during, and after the US sub-prime crisis) to analyze the topology evolution of FX markets using the maximum spanning tree approach. Results show that the USD gradually lost its core position, EUR remained a stable center, and the center of the Asian cluster became unstable. Liang's entropy theory is used to analyze the causal relationship between the four large clusters of the world.

  2. General and specific statistical properties of foreign exchange markets during a financial crash

    Science.gov (United States)

    Li, Wei-Shen; Tsai, Yun-Jie; Shen, Yu-Hsien; Liaw, Sy-Sang

    2016-06-01

    We investigate minute-by-minute foreign exchange rate (FX) data of 14 currencies with different exchange-rate regimes during a financial crash, and divide these data into several stages according to their respective tendencies: depreciation stage (stage 1), fluctuating stage (stage 2), and appreciation stage (stage 3). The tail distribution of FX rate returns satisfies a power-law structure for different types of currencies. We find the absolute value of the power-law exponent is smaller in emerging markets than in developed markets, especially during the stage 1, and is greatest in pegged currencies. We also find that the correlation properties of the FX rate return series have quite disparate results among the various types of currencies. Currencies in developed markets respectively have weak persistence and anti-persistence in short and long timescales; whereas the pegged currencies and currencies in emerging markets show different degrees of anti-persistence in various timescales. Further analyses on the data in divided stages indicate that emerging markets and pegged currencies have more prominent dual fractal structures after the depreciation stage, while the developed markets do not. Hurst exponent analyses on the sign series yield similar results to that on the original return series for most currencies. The magnitude series of the returns provide some unique results during a crash. The developed market currencies have strong persistence and exhibit a weaker correlation in the depreciation and appreciation stages. In contrast, the currencies of emerging markets as well as pegged currencies fail to show such a transformation, but rather show a constant-correlation behavior in the corresponding stages of a crash. These results indicate that external shocks exert different degrees of influence during different stages of the crash in various markets.

  3. FAVAR Analysis of Foreign Investment with Capital Market Predictors: Evidence on Nigerian and Selected African Stock Exchanges

    Directory of Open Access Journals (Sweden)

    David Umoru

    2018-03-01

    Full Text Available Econometrically, we analyzed role of selected African stock exchanges in welcoming FDI inflows by estimating time-varying factor augmented vector auto-regression (FAVAR model for 2006:Q1 to 2017:Q4. Our results support FDI being massively influenced by movements in two stock market predictors namely, stock market's size, that is, total market value of stock market's listed shares calculated by multiplying a stock market’s shares listed by current market price of one share and stock market liquidity which is total value of traded shares relative to the size of the economy. By empirical inference, African stock exchanges exhibit inordinate turnover ratio and so these markets are exceedingly liquid. Particularly, transactions at stock exchange are significant indicators for foreign investors and total market value of listed shares in stock markets is linked positively with FDI inflow into Africa. The empirical finding is that viable African stock exchanges are attractive indicator of market concentration and high investment profile in Africa. The study so remarked the requisite to advance the stock exchange in order to boost funds accumulation for investment drive. Also, African governments should project and implement stock market-friendly procedures acceptable to maximize welfares of spillover effects of FDI.

  4. Ultra-low-pressure sputtering to improve exchange bias and tune linear ranges in spin valves

    Energy Technology Data Exchange (ETDEWEB)

    Tang, XiaoLi, E-mail: tangtang1227@163.com; Yu, You; Liu, Ru; Su, Hua; Zhang, HuaiWu; Zhong, ZhiYong; Jing, YuLan

    2017-05-01

    A series of CoFe/IrMn exchange bilayers was grown by DC-sputtering at different ultra-low argon pressures ranging from 0.008 to 0.1 Pa. This pressure range was one to two orders lower than the normal sputtering pressure. Results revealed that the exchange bias increased from 140 to 250 Oe in CoFe(10 nm)/IrMn (15 nm) bilayers of fixed thickness because of the improved crystalline structure and morphological uniformity of films. Since ferromagnetic /antiferromagnetic (FM/AF) bilayers are always used in linear magnetic sensors as detection layers, the varying exchange bias can successfully achieve tunable linear range in a crossed pinning spin valve. The linear range could be adjustable from −80 Oe – +80 Oe to −150 Oe – +150 Oe on the basis of giant magnetoresistance responses. Therefore, this method provides a simple method to tune the operating range of magnetic field sensors. - Highlights: • Increasing exchange bias was achieved in bilayer at ultra-low-pressure sputtering. • The low void density and smooth surface were achieved in low pressure. • Varying exchange bias achieved tunable linear range in spin valve.

  5. Analysis of Foreign Exchange Interventions by Intervention Agent with an Artificial Market Approach

    Science.gov (United States)

    Matsui, Hiroki; Tojo, Satoshi

    We propose a multi-agent system which learns intervention policies and evaluates the effect of interventions in an artificial foreign exchange market. Izumi et al. had presented a system called AGEDASI TOF to simulate artificial market, together with a support system for the government to decide foreign exchange policies. However, the system needed to fix the amount of governmental intervention prior to the simulation, and was not realistic. In addition, the interventions in the system did not affect supply and demand of currencies; thus we could not discuss the effect of intervention correctly. First, we improve the system so as to make much of the weights of influential factors. Thereafter, we introduce an intervention agent that has the role of the central bank to stabilize the market. We could show that the agent learned the effective intervention policies through the reinforcement learning, and that the exchange rate converged to a certain extent in the expected range. We could also estimate the amount of intervention, showing the efficacy of signaling. In this model, in order to investigate the aliasing of the perception of the intervention agent, we introduced a pseudo-agent who was supposed to be able to observe all the behaviors of dealer agents; with this super-agent, we discussed the adequate granularity for a market state description.

  6. Cross-correlations between crude oil and exchange markets for selected oil rich economies

    Science.gov (United States)

    Li, Jianfeng; Lu, Xinsheng; Zhou, Ying

    2016-07-01

    Using multifractal detrended cross-correlation analysis (MF-DCCA), this paper studies the cross-correlation behavior between crude oil market and five selected exchange rate markets. The dataset covers the period of January 1,1996-December 31,2014, and contains 4,633 observations for each of the series, including daily closing prices of crude oil, Australian Dollars, Canadian Dollars, Mexican Pesos, Russian Rubles, and South African Rand. Our empirical results obtained from cross-correlation statistic and cross-correlation coefficient have confirmed the existence of cross-correlations, and the MF-DCCA results have demonstrated a strong multifractality between cross-correlated crude oil market and exchange rate markets in both short term and long term. Using rolling window analysis, we have also found the persistent cross-correlations between the exchange rates and crude oil returns, and the cross-correlation scaling exponents exhibit volatility during some time periods due to its sensitivity to sudden events.

  7. Foreign exchange market microstructure and the WM/Reuters 4 pm fix

    Directory of Open Access Journals (Sweden)

    P.S. Michelberger

    2016-03-01

    Full Text Available A market fix serves as a benchmark for foreign exchange (FX execution, and is employed by many institutional investors to establish an exact reference at which execution takes place. The currently most popular FX fix is the World Market Reuters (WM/R 4 pm fix. Execution at the WM/R 4 pm fix is a service offered by FX brokers (normally banks, who deliver execution at the fix provided they obtain the trade order ahead of time. In this paper, we study the market microstructure around 4 pm. We demonstrate that market dynamics can be distinguished from other times during the day through increased volatility and size of movements. Our findings question the aggregate benefit to the client base of using the WM/R 4 pm fix in its current form.

  8. Unusual Market Activity Announcements: A Study of Price Manipulation on the Indonesian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mamduh M. Hanafi

    2010-05-01

    Full Text Available We investigate stocks involved in the Unusual Market Activity (UMA Announcements. The Indonesian Stock Exchange occasionally issues UMA announcements when it suspects that there are unusual price increases (positive UMAs or price decreases (negative UMAs, as well as unusual increases in trading volumes. We believe that UMA announcements signal a high probability that stocks are being manipulated. We find no differences in fundamentals and trading variables between stocks in the UMA announcements and those not in the UMA announcements. Any stock is vulnerable to market manipulation. Stocks in the UMA announcements do not exhibit reversal patterns, suggesting that price effect is permanent. UMAs seem to convey relevant information, which is most likely in the form of insider type of information. Keywords: emerging market; price manipulation; unusual market activity announcement.

  9. Enacting representations of markets in exchange practies in the Danish potato industry

    DEFF Research Database (Denmark)

    Esbjerg, Lars

    : The paper uses the extended case study method to integrate existing concepts and theories using empirical data from the Danish potato industry. Twenty semistructured, narrative interviews were conducted with different actors in the industry. Research findings: Analysis suggests that the representations...... various actors have constructed of the Danish market for potatoes and the different market actors share many common features, but also that there are important differences in representations between members along the marketing channel that explain why actors in the Danish potato industry have difficulties......Purpose of the paper and literature addressed: The paper explores the potential of John Shotter’s (2008) relationally-responsive version of social constructionism for studying and analysing representations of markets and how these are enacted in actual exchanges practices. Research method...

  10. Similarity, Clustering, and Scaling Analyses for the Foreign Exchange Market ---Comprehensive Analysis on States of Market Participants with High-Frequency Financial Data---

    Science.gov (United States)

    Sato, A.; Sakai, H.; Nishimura, M.; Holyst, J. A.

    This article proposes mathematical methods to quantify states of marketparticipants in the foreign exchange market (FX market) and conduct comprehensive analysis on behavior of market participants by means of high-frequency financial data. Based on econophysics tools and perspectives we study similarity measures for both rate movements and quotation activities among various currency pairs. We perform also clustering analysis on market states for observation days, and find scaling relationship between mean values of quotation activities and their standard deviations. Using these mathematical methods we can visualize states of the FX market comprehensively. Finally we conclude that states of market participants temporally vary due to both external and internal factors.

  11. Time scale defined by the fractal structure of the price fluctuations in foreign exchange markets

    Science.gov (United States)

    Kumagai, Yoshiaki

    2010-04-01

    In this contribution, a new time scale named C-fluctuation time is defined by price fluctuations observed at a given resolution. The intraday fractal structures and the relations of the three time scales: real time (physical time), tick time and C-fluctuation time, in foreign exchange markets are analyzed. The data set used is trading prices of foreign exchange rates; US dollar (USD)/Japanese yen (JPY), USD/Euro (EUR), and EUR/JPY. The accuracy of the data is one minute and data within a minute are recorded in order of transaction. The series of instantaneous velocity of C-fluctuation time flowing are exponentially distributed for small C when they are measured by real time and for tiny C when they are measured by tick time. When the market is volatile, for larger C, the series of instantaneous velocity are exponentially distributed.

  12. The impact of technological improvements on developing financial markets: The case of the Johannesburg Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehmet F. Dicle

    2013-07-01

    Full Text Available Can a significant technological improvement make an economically justifiable contribution to a financial market's development? The Johannesburg Stock Exchange (JSE incorporated the SETS system from the London Stock Exchange in 2002. It is certain that SETS is a technologically efficient trading system, and it would undoubtedly improve trading in the JSE. We test whether SETS represents a structural break by examining whether there was an increase in the JSE's liquidity, market efficiency and international integration after the introduction of SETS. While SETS is certainly a technological improvement with increased liquidity, it is not a sufficient factor to render it efficient. After the incorporation of SETS, the JSE has become more independent and it now offers better diversification opportunities for international investors.

  13. Optimal energy exchange of an industrial cogeneration in a day-ahead electricity market

    International Nuclear Information System (INIS)

    Yusta, J.M.; De Oliveira-De Jesus, P.M.; Khodr, H.M.

    2008-01-01

    This paper addresses an optimal strategy for the daily energy exchange of a 22-MW combined-cycle cogeneration plant of an industrial factory operating in a liberalized electricity market. The optimization problem is formulated as a Mixed-Integer Linear Programming Problem (MILP) that maximizes the profit from energy exchange of the cogeneration, and is subject to the technical constraints and the industrial demand profile. The integer variables are associated with export or import of electricity whereas the real variables relate to the power output of gas and steam turbines, and to the electricity purchased from or sold to the market. The proposal is applied to a real cogeneration plant in Spain where the detailed cost function of the process is obtained. The problem is solved using a large-scale commercial package and the results are discussed and compared with different predefined scheduling strategies. (author)

  14. How much diversification potential is there in a single market? Evidence from the Australian Stock Exchange

    OpenAIRE

    Yang, Libin; Rea, William; Rea, Alethea

    2015-01-01

    We present four methods of assessing the diversification potential within a stock market, two of these are based on principal component analysis. They were applied to the Australian stock exchange for the years 2000 to 2014 and all show a consistent picture. The potential for diversification declined almost monotonically in the three years prior to the 2008 financial crisis. On one of the measures the diversification potential declined even further in the 2011 European debt crisis and the Ame...

  15. TESTING FOR MARKET ANOMALIES IN DIFFERENT SECTORS OF THE JOHANNESBURG STOCK EXCHANGE

    OpenAIRE

    Mahlophe, Mpho I.; Muzindutsi, Paul-Francois

    2017-01-01

    This study compared the performance of different asset-pricing models and their ability to account for market anomalies in different sectors of the Johannesburg Stock Exchange (JSE). The total sample size of the study consisted of 156 companies categorised into six different sectors namely, resources, consumer goods, consumer services, financial, industrial and others. Various asset-pricing models such as the Capital Asset pricing Model (CAPM), the Fama and French three-factor model and the C...

  16. Market Microstructure Model: study of variations of exchange rate for Asia and Latin America

    OpenAIRE

    Lima, Antonieta; Salazar Soares , Vasco

    2008-01-01

    The paper studies the commercial relations between Europe and its principal commercial partners, such as Asia and Latin America, for the period of 1999 to 2007. The methodology appeals to the correlation analysis of the variables of the model and the autocorrelation of the exchange rate variation variable, to the Augmented DickeyFuller (1979) and Philips Perron tests (1988), and finally, to the market microstructure model suggested by Medeiros(2005). Medeiros(2005) model, when applied to the ...

  17. Kinetic models for goods exchange in a multi-agent market

    Science.gov (United States)

    Brugna, Carlo; Toscani, Giuseppe

    2018-06-01

    In this paper we introduce a system of kinetic equations describing an exchange market consisting of two populations of agents (dealers and speculators) expressing the same preferences for two goods, but applying different strategies in their exchanges. Similarly to the model proposed in Toscani et al. (2013), we describe the trading of the goods by means of some fundamental rules in price theory, in particular by using Cobb-Douglas utility functions for the exchange. The strategy of the speculators is to recover maximal utility from the trade by suitably acting on the percentage of goods which are exchanged. This microscopic description leads to a system of linear Boltzmann-type equations for the probability distributions of the goods on the two populations, in which the post-interaction variables depend from the pre-interaction ones in terms of the mean quantities of the goods present in the market. In this case, it is shown analytically that the strategy of the speculators can drive the price of the two goods towards a zone in which there is a branded utility for their group. Also, according to Toscani et al. (2013), the general system of nonlinear kinetic equations of Boltzmann type for the probability distributions of the goods on the two populations is described in details. Numerical experiments then show how the policy of speculators can modify the final price of goods in this nonlinear setting.

  18. Atmospheric pressure photo ionization hydrogen/deuterium exchange mass spectrometry--a method to differentiate isomers by mass spectrometry.

    Science.gov (United States)

    Ahmed, Arif; Kim, Sunghwan

    2013-12-01

    In this report, a method for in-source hydrogen/deuterium (H/D) exchange at atmospheric pressure is reported. The method was named atmospheric pressure photo ionization hydrogen/deuterium exchange mass spectrometry (APPI HDX MS). H/D exchange was performed by mixing samples dissolved in toluene with CH3OD solvent and analyzing the mixture using atmospheric pressure photo ionization mass spectrometry (APPI-MS). The APPI HDX spectra obtained with contact times between the analyte solution and methanol-OD (CH3OD) of atmospheric pressure. H/D exchange can be performed in any laboratory with a mass spectrometer and a commercial APPI source. Using this method, multiple H/D exchanges of aromatic hydrogen and/or H/D exchange of active hydrogen were observed. These results demonstrated that H/D exchange can be used to distinguish between isomers containing primary, secondary, and tertiary amines, as well as pyridine and pyrrole functional groups.

  19. The value of millisecond expiry options in spot foreign exchange markets

    Directory of Open Access Journals (Sweden)

    John Stevenson

    2016-12-01

    Full Text Available The spot foreign exchange marketplaces are split into two types by their respective trading rules: markets with conventional resting orders versus markets with resting that orders that include optionality. This optionality is owned by the counterparty who placed the resting order and provides the option to refuse the aggressive order matched against the resting order. This paper describes and contrasts these two types of markets. A valuation method for these very short expiry options on the later marketplace is proposed. Appropriate historical volatility metrics are defined and applied for these uniquely short expiry timescales. These historical volatility and valuation methods are used to describe some historical intraday periods, and are applied to various trading scenarios. Unique behaviors driven by the value of these options are highlighted. The benefits and risks of trading on these markets are described in light of this valuation approach. The effects of various addition constraints on the liquidity providers for these optionality matching marketplaces are introduced. Through judicious timing of order placement and appropriate constraints on the behaviors of the liquidity providers on these markets, the result is shown to be tighter spreads, greater breath and depth of liquidity, and the high fill ratios than the more conventional non-optionality matching markets.

  20. The regulating power market on the Nordic power exchange Nord Pool. An econometric analysis

    International Nuclear Information System (INIS)

    Skytte, K.

    1999-08-01

    What differentiates the structure of Nord Pool from other power exchanges around the world is the way the balance from the spot market is maintained until the actual, physical delivery takes place, via the regulating power market in Norway. This paper reveals the pattern of the prices on the regulating power market, by analysing the cost of being unable to fulfil the commitments made on the spot market. Some power producers with unpredictable fluctuations (e.g. wind) will need to buy regulation services. The disclosed pattern implies that these producers must pay a limited premium of readiness in addition to the spot price; this premium is independent of the amount of regulation. The level of the premium of readiness for down-regulation is shown to be strongly influenced by the level of the spot price. On the other hand, it is demonstrated that the premium for up-regulation is less correlated to the spot price. Furthermore, it is found that the amount of regulation affects the price of regulating power for up-regulation more strongly than it does for down-regulation. The disclosed cost of using the regulating power market is a quadratic function of the amount of regulation. This asymmetric cost may encourage bidders with fluctuating production to be more strategic in their way of bidding on the spot market. By using such strategies the extra costs (for example wind power) needed to counter unpredictable fluctuations may be limited. 12 refs

  1. Market Assessment for Residential Refrigerator-Freezer with Novel Rotating Heat Exchanger

    Energy Technology Data Exchange (ETDEWEB)

    Sikes, Karen [CSRA International, Inc., Fairfax, VA (United States); Blackburn, Julia [CSRA International, Inc., Fairfax, VA (United States); Grubbs, Tyler [CSRA International, Inc., Fairfax, VA (United States); Abdelaziz, Omar [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Momen, Ayyoub [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

    2016-02-01

    Despite a steady record of energy efficiency improvements in residential refrigerators and freezers over recent decades, these products still account for 4% of the site energy consumption for the average U.S. household. The Oak Ridge National Laboratory (ORNL) – along with partners Sandia National Laboratories (SNL) and the University of Maryland – are pursuing further efficiency improvements in this market sector by using a novel/prototype rotating heat exchanger (RHX) based on a Sandia Cooler technology as an evaporator in a residential refrigerator-freezer. The purpose of this study is to investigate the market potential of refrigerator-freezer products equipped with RHX evaporators in the United States, including projections of maximum annual market share and unit shipments and maximum direct and indirect job creation.

  2. High Efficiency Heat Exchanger for High Temperature and High Pressure Applications

    Energy Technology Data Exchange (ETDEWEB)

    Sienicki, James J. [Argonne National Lab. (ANL), Argonne, IL (United States). Nuclear Engineering Division; Lv, Qiuping [Argonne National Lab. (ANL), Argonne, IL (United States). Nuclear Engineering Division; Moisseytsev, Anton [Argonne National Lab. (ANL), Argonne, IL (United States). Nuclear Engineering Division

    2017-09-29

    CompRex, LLC (CompRex) specializes in the design and manufacture of compact heat exchangers and heat exchange reactors for high temperature and high pressure applications. CompRex’s proprietary compact technology not only increases heat exchange efficiency by at least 25 % but also reduces footprint by at least a factor of ten compared to traditional shell-and-tube solutions of the same capacity and by 15 to 20 % compared to other currently available Printed Circuit Heat Exchanger (PCHE) solutions. As a result, CompRex’s solution is especially suitable for Brayton cycle supercritical carbon dioxide (sCO2) systems given its high efficiency and significantly lower capital and operating expenses. CompRex has already successfully demonstrated its technology and ability to deliver with a pilot-scale compact heat exchanger that was under contract by the Naval Nuclear Laboratory for sCO2 power cycle development. The performance tested unit met or exceeded the thermal and hydraulic specifications with measured heat transfer between 95 to 98 % of maximum heat transfer and temperature and pressure drop values all consistent with the modeled values. CompRex’s vision is to commercialize its compact technology and become the leading provider for compact heat exchangers and heat exchange reactors for various applications including Brayton cycle sCO2 systems. One of the limitations of the sCO2 Brayton power cycle is the design and manufacturing of efficient heat exchangers at extreme operating conditions. Current diffusion-bonded heat exchangers have limitations on the channel size through which the fluid travels, resulting in excessive solid material per heat exchanger volume. CompRex’s design allows for more open area and shorter fluid proximity for increased heat transfer efficiency while sustaining the structural integrity needed for the application. CompRex is developing a novel improvement to its current heat exchanger design where fluids are directed to alternating

  3. Exchange rate movements and stock market returns in a regime-switching environment: Evidence for BRICS countries

    OpenAIRE

    Walid Chkili; Duc Khuong Nguyen

    2014-01-01

    We use a regime-switching model approach to investigate the dynamic linkages between the exchange rates and stock market returns for the BRICS countries (Brazil, Russia, India, China and South Africa). The univariate analysis indicates that stock returns

  4. Testing for Nonlinear Granger Causality in the Price-Volume Relations of Taiwan's Stock and Foreign Exchange Markets

    OpenAIRE

    Shyh-Wei Chen; Chun-Wei Chen

    2006-01-01

    This paper investigates the price-volume relationships of Taiwan's stock and foreign exchange markets. We first adopt the traditional linear Granger causality test to achieve this goal. In addition, the nonlinearity feature is also taken into account. We employ the nonlinear Granger causality test, championed by Hiemstra and Jones (1994), to detect the nonlinear relationships among stock and foreign exchange markets. The empirical results show that there do exist nonlinear price-volume relati...

  5. Exchange rates, market efficiency and purchasing power parity: Long-run tests for the Latin American currencies

    OpenAIRE

    Edgar Ortiz; Alejandra Cabello; Raúl de Jesús; Robert Johnson

    2005-01-01

    In efficient markets current prices reflect all available information. Past prices do not contain any useful information for predicting future prices or for realizing extraordinary gains. This principle, known as the weak hypothesis of informational market efficiency, has been incorporated into Purchasing Power Parity (PPP) theory to overcome its limitations in the intertemporal analysis of exchange rate adjustments to inflationary trends. Overall, recent studies dealing with exchange rates f...

  6. Effects of long-term low atmospheric pressure on gas exchange and growth of lettuce

    Science.gov (United States)

    Tang, Yongkang; Guo, Shuangsheng; Dong, Wenping; Qin, Lifeng; Ai, Weidang; Lin, Shan

    2010-09-01

    The objectives of this research were to determine photosynthesis, evapotranspiration and growth of lettuce at long-term low atmospheric pressure. Lettuce ( Lactuca sativa L . cv. Youmaicai) plants were grown at 40 kPa total pressure (8.4 kPa p) or 101 kPa total pressure (20.9 kPa p) from seed to harvest for 35 days. Germination rate of lettuce seeds decreased by 7.6% at low pressure, although this was not significant. There was no significant difference in crop photosynthetic rate between hypobaria and ambient pressure during the 35-day study. The crop evapotranspiration rate was significantly lower at low pressure than that at ambient pressure from 20 to 30 days after planting (DAP), but it had no significant difference before 20 DAP or after 30 DAP. The growth cycle of lettuce plants at low pressure was delayed. At low pressure, lettuce leaves were curly at the seedling stage and this disappeared gradually as the plants grew. Ambient lettuce plants were yellow and had an epinastic growth at harvest. The shoot height, leaf number, leaf length and shoot/root ratio were lower at low pressure than those at ambient pressure, while leaf area and root growth increased. Total biomass of lettuce plants grown at two pressures had no significant difference. Ethylene production at low pressure decreased significantly by 38.8% compared with ambient pressure. There was no significant difference in microelements, nutritional phytochemicals and nitrate concentrations at the two treatments. This research shows that lettuce can be grown at long-term low pressure (40 kPa) without significant adverse effects on seed germination, gas exchange and plant growth. Furthermore, ethylene release was reduced in hypobaria.

  7. Currency co-movement and network correlation structure of foreign exchange market

    Science.gov (United States)

    Mai, Yong; Chen, Huan; Zou, Jun-Zhong; Li, Sai-Ping

    2018-02-01

    We study the correlations of exchange rate volatility in the global foreign exchange(FX) market based on complex network graphs. Correlation matrices (CM) and the theoretical information flow method (Infomap) are employed to analyze the modular structure of the global foreign exchange network. The analysis demonstrates that there exist currency modules in the network, which is consistent with the geographical nature of currencies. The European and the East Asian currency modules in the FX network are most significant. We introduce a measure of the impact of individual currency based on its partial correlations with other currencies. We further incorporate an impact elimination method to filter out the impact of core nodes and construct subnetworks after the removal of these core nodes. The result reveals that (i) the US Dollar has prominent global influence on the FX market while the Euro has great impact on European currencies; (ii) the East Asian currency module is more strongly correlated than the European currency module. The strong correlation is a result of the strong co-movement of currencies in the region. The co-movement of currencies is further used to study the formation of international monetary bloc and the result is in good agreement with the consideration based on international trade.

  8. Price volatility, trading volume, and market depth in Asian commodity futures exchanges

    Directory of Open Access Journals (Sweden)

    Tanachote Boonvorachote

    2016-01-01

    Full Text Available This paper empirically investigates the impact of trading activity including trading volume and open interest on price volatility in Asian futures exchanges. Trading volume and open interest represent market information for investors. This study uses three different definitions of volatility: (1 daily volatility measured by close-to-close returns, (2 non-trading volatility measured by close-to-open returns, and (3 trading volatility measured by open-to-close returns. The impact of trading volume and open interest on price volatility is investigated. Following Bessembinder and Seguin (1993, volume and open interest are divided into expected and unexpected components. The GARCH (1,1 model is employed using expected and unexpected components of trading activity (volume and open interest as explanatory variables. The results show a positive contemporaneous relationship between expected and unexpected trading volume and volatility, while open interest mitigates volatility. Policy makers can use these findings to suggest to investors that trading activity (volume and open interest is a proxy of market information flowing to exchanges, especially unexpected trading activity. New information flowing to exchanges can mostly be noticed in unexpected trading volumes and open interests.

  9. Foreign exchange market data analysis reveals statistical features that predict price movement acceleration.

    Science.gov (United States)

    Nacher, Jose C; Ochiai, Tomoshiro

    2012-05-01

    Increasingly accessible financial data allow researchers to infer market-dynamics-based laws and to propose models that are able to reproduce them. In recent years, several stylized facts have been uncovered. Here we perform an extensive analysis of foreign exchange data that leads to the unveiling of a statistical financial law. First, our findings show that, on average, volatility increases more when the price exceeds the highest (or lowest) value, i.e., breaks the resistance line. We call this the breaking-acceleration effect. Second, our results show that the probability P(T) to break the resistance line in the past time T follows power law in both real data and theoretically simulated data. However, the probability calculated using real data is rather lower than the one obtained using a traditional Black-Scholes (BS) model. Taken together, the present analysis characterizes a different stylized fact of financial markets and shows that the market exceeds a past (historical) extreme price fewer times than expected by the BS model (the resistance effect). However, when the market does, we predict that the average volatility at that time point will be much higher. These findings indicate that any Markovian model does not faithfully capture the market dynamics.

  10. An empirical study on market timing theory: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hadi Nasiri

    2012-09-01

    Full Text Available One of the most important issues in financing corporate is to find appropriate method to make a wise selection between getting loans and increasing the number of shares. There are different theories for making appropriate financing methods. The primary purpose of this paper is to investigate this issue based on market timing theory. The proposed model of this paper chooses selective companies from Tehran Stock Exchange. The proposed model of this paper uses regression analysis on two different models. The primary purpose of the first model given in this paper is to study the effect of market timing theory. In this part of survey, we measure the effect of the ratio of market value to book value on the sources of financing firms though increase in equities. Based on the results, we can conclude that as the ratio of market value to book value increases, firms tend to increase their equity though an increase to the number of shares. The first hypothesis of this paper is confirmed. The second model is associated with the relationship with mean ratio of market value on weighted book value and Leverage and the results of this paper do not confirm such relationship.

  11. The marketing and economic implications of the manipulation of share prices: Nigeria stock exchange experience

    Directory of Open Access Journals (Sweden)

    Ajayi Ezekiel Oluwole

    2012-12-01

    Full Text Available This paper examined the marketing and economic effects of the manipulation of share prices in the Nigerian Stock Exchange. The survey research design was adopted. Data collected was analyzed using the regression analysis. Student t- test was used to test the two hypotheses formulated at 0.05 level of significance. The findings of the study revealed that capital market infractions such as fraudulent disposal of investor assets, illegal fund management and the wonder bank syndrome, others are insider dealings, corporate accounting fraud and share price manipulations affects the capital market and the economy .The study concluded that share prices manipulation actually influences the marketing and economic values of the shares being manipulated. It was recommended that the Nigerian government must put in place strong regulatory measures and punish the entire offender that has been found guilty. It was also recommended that for the market to rebound, stockbrokers that accessed margin facility from banks should be provided with certain percentage of their contributions to the loan as cushion to help them move on with their business.

  12. Domestic Institutions and Market Pressures as Drivers of Corporate Social Responsibility

    DEFF Research Database (Denmark)

    Brown, Dana; Knudsen, Jette Steen

    2015-01-01

    structures by either ‘substituting’ or ‘mirroring’ national models of capitalism. An alternative set of explanations views company CSR programmes as determined by market pressures. We examine the role of domestic institutions and market pressure as drivers of CSR through an evaluation of the content...... of company CSR initiatives revealed in their external reporting. We conduct case studies of two large British companies (Glaxo Smith Kline and Barclays) as well as two large Danish companies (Novo Nordisk and Danske Bank). We find that market pressures rather than domestic institutions determine the content...

  13. Impact Of Volatility And Performance Of Major Stock Markets On Sarajevo Stock Exchange In 2008 – 2012 Period

    OpenAIRE

    Dzanic, Enis; Omerbegovic, Sead

    2014-01-01

    Previous research indicates that performance and volatility of small and regional stock markets can be influenced by the performance of major world exchanges such as New York, Frankfurt or Tokyo stock exchange. This research analyses weekly composite index data for SASE (Sarajevo Stock Exchange), NYSE, NIKKEI, and DAX indices, for the period from 2008 until the end of 2012. This time period contains significant events in the US and the rest of the world, including the housing bubble, and a gr...

  14. Extreme returns and the contagion effect between the foreign exchange and the stock market: Evidence from Cyprus

    NARCIS (Netherlands)

    Bekiros, S.D.; Georgoutsos, D.A.

    2008-01-01

    In this article we apply the Extreme Value Theory (EVT) in order to estimate the Value-at-Risk (VaR) and the correlation of extreme returns for two inherently unstable markets; the foreign exchange and the stock market. We also derive the corresponding VaR estimates from more 'traditional' methods

  15. Commercial exchanges in B2B Dyads. A new model of decision-making in fast changing markets

    NARCIS (Netherlands)

    Moreno Bragado, Elisa

    2003-01-01

    This dissertation presents a Model of Commercial Exchanges in B2B Dyads. This model explains how buying and selling decisions are made in industrial markets that are subject to continuous change, particularly the market for telecommunication products and services.Buying and selling decision-making

  16. M&A flows and the foreign exchange markets:practical experiences

    Directory of Open Access Journals (Sweden)

    Martijn A. Schrijvers

    2002-03-01

    Full Text Available The large cross-border Merger and Acquisition flows of the last three years were seen by financial markets as one of the factors behind movements in exchange rates. However, the extent to which an M&A-transaction actually leads to a foreignexchange transaction is dependent on the financing and transaction techniques used and is difficult to measure. In this article, we analyse which considerations underlie the decisions of corporate Treasurers regarding the financing of take-overs and the techniques to be used by forex transactions. We investigate the effect Treasurers believe M&A transactions have on exchange rates and examine whether different techniques make for different effects. The information was obtained through interviews with Treasurers of multinationals conducting large-scale M&A activities.

  17. Retrofit of heat exchanger networks with pressure recovery of process streams at sub-ambient conditions

    International Nuclear Information System (INIS)

    Onishi, Viviani C.; Ravagnani, Mauro A.S.S.; Caballero, José A.

    2015-01-01

    Highlights: • New mathematical model for heat exchanger networks retrofit with pressure recovery. • Optimal heat and work integration applied to the retrofit of sub-ambient processes. • Streams pressure manipulation is used to enhance heat integration of the system. • Compressors and turbines can act on a coupling shaft and/or as stand-alone equipment. • Use of smaller amount of cold utilities, reducing significantly the operational costs. - Abstract: This paper presents a new mathematical programming model for the retrofit of heat exchanger networks (HENs), wherein the pressure recovery of process streams is conducted to enhance heat integration. Particularly applied to cryogenic processes, HENs retrofit with combined heat and work integration is mainly aimed at reducing the use of expensive cold services. The proposed multi-stage superstructure allows the increment of the existing heat transfer area, as well as the use of new equipment for both heat exchange and pressure manipulation. The pressure recovery of streams is carried out simultaneously with the HEN design, such that the process conditions (streams pressure and temperature) are variables of optimization. The mathematical model is formulated using generalized disjunctive programming (GDP) and is optimized via mixed-integer nonlinear programming (MINLP), through the minimization of the retrofit total annualized cost, considering the turbine and compressor coupling with a helper motor. Three case studies are performed to assess the accuracy of the developed approach, including a real industrial example related to liquefied natural gas (LNG) production. The results show that the pressure recovery of streams is efficient for energy savings and, consequently, for decreasing the HEN retrofit total cost especially in sub-ambient processes

  18. Separation of 15N by isotopic exchange in NO, NO2-HNO3 system under pressure

    International Nuclear Information System (INIS)

    Axente, D.; Baldea, A.; Teaca, C.; Horga, R.; Abrudean, M.

    1998-01-01

    One of the most used method for production of 15 N with 99% at. concentration is the isotopic exchange between gaseous nitrogen oxides and HNO 3 solution 10M: ( 15 NO, 15 NO 2 ) g + H 14 NO 3,l = ( 14 NO, 14 NO 2 ) g + H 15 NO 3,l . The isotopic exchange is characterized by an elemental separation factor α=1.055 at 25 deg. C and atmospheric pressure. Recently, kinetics data pointed to the linear dependence of the exchange rate 15 N/ 14 N(R) on the nitrogen oxide pressure with a rate law R = k[HNO 3 ] 2 · [N 2 O 3 ]. In this work, the influence of the nitrogen oxide pressure on the 15 N separation efficiency was determined by the use of a laboratory equipment with a separation column pack of Helipack type, with dimensions 1.8 mm x 1.8 mm x 0.2 mm. The increase of nitrogen oxide pressure led to a better isotopic transfer between the two counter-flow phases in the column pack. The HETP (Height Equivalent to a Theoretical Plate) determined for a 3.14 ml ·cm -2 · min -1 load is equal to that obtained at atmospheric pressure for a two times lower load. The operation of the equipment for isotopic separation of 15 N at 1.8 atm instead of atmospheric pressure allows doubling the HNO 3 10 M load of the column and consequently, doubling the production rate. A better performance of the separation process at higher pressure is essential for the industrial production of 15 N isotope which is used for the production of uranium nitride in FBR type reactors. (authors)

  19. Pressure drop and heat transfer characteristics of a high-temperature printed circuit heat exchanger

    International Nuclear Information System (INIS)

    Chen, Minghui; Sun, Xiaodong; Christensen, Richard N.; Skavdahl, Isaac; Utgikar, Vivek; Sabharwall, Piyush

    2016-01-01

    Highlights: • Pressure drop and heat transfer characteristics of a high-temperature printed circuit heat exchanger have been obtained. • Comparisons of experimental data and available correlations have been performed. • New Fanning friction factor and heat transfer correlations for the test PCHE are developed. - Abstract: Printed circuit heat exchanger (PCHE) is one of the leading intermediate heat exchanger (IHX) candidates to be employed in the very-high-temperature gas-cooled reactors (VHTRs) due to its capability for high-temperature, high-pressure applications. In the current study, a reduced-scale zigzag-channel PCHE was fabricated using Alloy 617 plates for the heat exchanger core and Alloy 800H pipes for the headers. The pressure drop and heat transfer characteristics of the PCHE were investigated experimentally in a high-temperature helium test facility (HTHF) at The Ohio State University. The PCHE helium inlet temperatures and pressures were varied up to 464 °C/2.7 MPa for the cold side and 802 °C/2.7 MPa for the hot side, respectively, while the maximum helium mass flow rates on both sides of the PCHE reached 39 kg/h. The corresponding maximum channel Reynolds number was approximately 3558, covering the laminar flow and laminar-to-turbulent flow transition regimes. New pressure drop and heat transfer correlations for the current zigzag channels with rounded bends were developed based on the experimental data. Comparisons between the experimental data and the results obtained from the available PCHE and straight circular pipe correlations were conducted. Compared to the heat transfer performance in straight circular pipes, the zigzag channels provided little advantage in the laminar flow regime but significant advantage near the transition flow regime.

  20. High Pressure ZZ-Exchange NMR Reveals Key Features of Protein Folding Transition States.

    Science.gov (United States)

    Zhang, Yi; Kitazawa, Soichiro; Peran, Ivan; Stenzoski, Natalie; McCallum, Scott A; Raleigh, Daniel P; Royer, Catherine A

    2016-11-23

    Understanding protein folding mechanisms and their sequence dependence requires the determination of residue-specific apparent kinetic rate constants for the folding and unfolding reactions. Conventional two-dimensional NMR, such as HSQC experiments, can provide residue-specific information for proteins. However, folding is generally too fast for such experiments. ZZ-exchange NMR spectroscopy allows determination of folding and unfolding rates on much faster time scales, yet even this regime is not fast enough for many protein folding reactions. The application of high hydrostatic pressure slows folding by orders of magnitude due to positive activation volumes for the folding reaction. We combined high pressure perturbation with ZZ-exchange spectroscopy on two autonomously folding protein domains derived from the ribosomal protein, L9. We obtained residue-specific apparent rates at 2500 bar for the N-terminal domain of L9 (NTL9), and rates at atmospheric pressure for a mutant of the C-terminal domain (CTL9) from pressure dependent ZZ-exchange measurements. Our results revealed that NTL9 folding is almost perfectly two-state, while small deviations from two-state behavior were observed for CTL9. Both domains exhibited large positive activation volumes for folding. The volumetric properties of these domains reveal that their transition states contain most of the internal solvent excluded voids that are found in the hydrophobic cores of the respective native states. These results demonstrate that by coupling it with high pressure, ZZ-exchange can be extended to investigate a large number of protein conformational transitions.

  1. Local Scaling Properties and Market Turning Points at Prague Stock Exchange

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav

    2010-01-01

    Roč. 41, č. 6 (2010), s. 1001-1014 ISSN 0587-4254 R&D Projects: GA ČR GA402/09/0965; GA ČR GD402/09/H045 Grant - others:GA UK(CZ) 118310 Institutional research plan: CEZ:AV0Z10750506 Keywords : scaling * Hurst exponent * extreme events Subject RIV: AH - Economics Impact factor: 0.671, year: 2010 http://library.utia.cas.cz/separaty/2010/E/kristoufek-local scaling properties and market turning points at prague stock exchange.pdf

  2. The Impact of the Tobin Tax in a Heterogeneous Agent Model of the Foreign Exchange Market

    Czech Academy of Sciences Publication Activity Database

    Staněk, F.; Kukačka, Jiří

    2018-01-01

    Roč. 51, č. 4 (2018), s. 865-892 ISSN 0927-7099 R&D Projects: GA ČR(CZ) GBP402/12/G097 Grant - others:GA UK(CZ) 588912; GA MŠk(CZ) SVV260233 Institutional support: RVO:67985556 Keywords : Tobin tax * Foreign exchange market * Agent-based modeling * Walrasian auctioneer Subject RIV: AH - Economic s OBOR OECD: Applied Economic s, Econometrics Impact factor: 1.053, year: 2016 http://library.utia.cas.cz/separaty/2017/E/kukacka-0472380.pdf

  3. Market-wide price co-movement around crashes in the Tokyo Stock Exchange

    OpenAIRE

    Jun-ichi Maskawa; Joshin Murai; Koji Kuroda

    2013-01-01

    As described in this paper, we study market-wide price co-movements around crashes by analyzing a dataset of high-frequency stock returns of the constituent issues of Nikkei 225 Index listed on the Tokyo Stock Exchange for the three years during 2007--2009. Results of day-to-day principal component analysis of the time series sampled at the 1 min time interval during the continuous auction of the daytime reveal the long range up to a couple of months significant auto-correlation of the maximu...

  4. Modeling foreign exchange market activity around macroeconomic news: Hawkes-process approach

    Science.gov (United States)

    Rambaldi, Marcello; Pennesi, Paris; Lillo, Fabrizio

    2015-01-01

    We present a Hawkes-model approach to the foreign exchange market in which the high-frequency price dynamics is affected by a self-exciting mechanism and an exogenous component, generated by the pre-announced arrival of macroeconomic news. By focusing on time windows around the news announcement, we find that the model is able to capture the increase of trading activity after the news, both when the news has a sizable effect on volatility and when this effect is negligible, either because the news in not important or because the announcement is in line with the forecast by analysts. We extend the model by considering noncausal effects, due to the fact that the existence of the news (but not its content) is known by the market before the announcement.

  5. Institutional pressures and marketing ethics initiatives: the focal role of organizational identity

    NARCIS (Netherlands)

    Martin, K.D.; Johnson, J.L.; French, J.J.

    2011-01-01

    Institutional theory implies that normative societal expectations create pressures for organizations to respond acceptably to important institutional constituents. Although the role of the institutional environment on marketing has been studied, the organizational mechanisms by which firms respond

  6. Numerical study of assembly pressure effect on the performance of proton exchange membrane fuel cell

    Energy Technology Data Exchange (ETDEWEB)

    Taymaz, Imdat; Benli, Merthan [Department of Mechanical Engineering, University of Sakarya, 54187 Adapazari (Turkey)

    2010-05-15

    The performance of the fuel cell is affected by many parameters. One of these parameters is assembly pressure that changes the mechanical properties and dimensions of the fuel cell components. Its first duty, however, is to prevent gas or liquid leakage from the cell and it is important for the contact behaviors of fuel cell components. Some leakage and contact problems can occur on the low assembly pressures whereas at high pressures, components of the fuel cell, such as bipolar plates (BPP), gas diffusion layers (GDL), catalyst layers, and membranes, can be damaged. A finite element analysis (FEA) model is developed to predict the deformation effect of assembly pressure on the single channel PEM fuel cell in this study. Deformed fuel cell single channel model is imported to three-dimensional, computational fluid dynamics (CFD) model which is developed for simulating proton exchange membrane (PEM) fuel cells. Using this model, the effect of assembly pressure on fuel cell performance can be calculated. It is found that, when the assembly pressure increases, contact resistance, porosity and thickness of the gas diffusion layer (GDL) decreases. Too much assembly pressure causes GDL to destroy; therefore, the optimal assembly pressure is significant to obtain the highest performance from fuel cell. By using the results of this study, optimum fuel cell design and operating condition parameters can be predicted accordingly. (author)

  7. Investigation of the effect of pressure increasing in condensing heat-exchanger

    Science.gov (United States)

    Murmanskii, I. B.; Aronson, K. E.; Brodov, Yu M.; Galperin, L. G.; Ryabchikov, A. Yu.; Brezgin, D. V.

    2017-11-01

    The effect of pressure increase was observed in steam condensation in the intermediate coolers of multistage steam ejector. Steam pressure increase for ejector cooler amounts up to 1.5 kPa in the first ejector stage, 5 kPa in the second and 7 kPa in the third one. Pressure ratios are equal to 2.0, 1.3 and 1.1 respectively. As a rule steam velocities at the cooler inlets do not exceed 40…100 m/s and are subsonic in all regimes. The report presents a computational model that describes the effect of pressure increase in the cooler. The steam entering the heat exchanger tears the drops from the condensate film flowing down vertical tubes. At the inlet of heat exchanger the steam flow capturing condensate droplets forms a steam-water mixture in which the sound velocity is significantly reduced. If the flow rate of steam-water mixture in heat exchanger is greater than the sound velocity, there occurs a pressure shock in the wet steam. On the basis of the equations of mass, momentum and energy conservation the authors derived the expressions for calculation of steam flow dryness degree before and after the shock. The model assumes that droplet velocity is close to the velocity of the steam phase (slipping is absent); drops do not come into thermal interaction with the steam phase; liquid phase specific volume compared to the volume of steam is neglected; pressure shock is calculated taking into account the gas-dynamic flow resistance of the tube bundle. It is also assumed that the temperature of steam after the shock is equal to the saturation temperature. The calculations have shown that the rise of steam pressure and temperature in the shock results in dryness degree increase. For calculated flow parameters the velocity value before the shock is greater than the sound velocity. Thus, on the basis of generally accepted physics knowledge the computational model has been formulated for the effect of steam pressure rise in the condensing heat exchanger.

  8. Modeling pressure drop of inclined flow through a heat exchanger for aero-engine applications

    International Nuclear Information System (INIS)

    Missirlis, D.; Yakinthos, K.; Storm, P.; Goulas, A.

    2007-01-01

    In the present work further numerical predictions for the flow field through a specific type of a heat exchanger, which is planned to be used in the exhaust nozzle of aircraft engines. In order to model the flow field through the heat exchanger, a porous medium model is used based on a simple quadratic relation, which connects the pressure drop with the inlet air velocity in the external part of the heat exchanger. The aim of this work is to check the applicability of the quadratic law in a variety of velocity inlet conditions configured by different angles of attack. The check is performed with CFD and the results are compared with new available experimental data for these inlet conditions. A detailed qualitative analysis shows that although the quadratic law has been derived for a zero angle of attack, it performs very well for alternative non-zero angles. These observations are very helpful since this simple pressure drop law can be used for advanced computations where the whole system of the exhaust nozzle together with the heat exchangers can be modeled within a holistic approach

  9. Experimental Results For Hydrocarbon Refrigerant Vaporization In Brazed Plate Heat Exchangers at High Pressure

    OpenAIRE

    Desideri, Adriano; Schmidt Ommen, Torben; Wronski, Jorrit; Quoilin, Sylvain; Lemort, Vincent; Haglind, Fredrik

    2016-01-01

    In this contribution, the experimental heat transfer coefficient  and the pressure drop measured during HFC refrigerants vaporization inside small brazed plate heat exchanger (PHE) at typical evaporation temperature for organic Rankine cycle systems for low thermal energy quality applications are presented. Scientific work focusing on the heat transfer in PHEs has been carried out since the late 19th century. More recent publications have been focusing on vaporization and condensation of ref...

  10. Municipal and Treasury Bond Market Segments Development at Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Cornelia POP

    2012-02-01

    Full Text Available The current paper reviews the developments that took place, starting with November 2001, inside the Romanian Municipal and Treasury bond market segments at the Bucharest Stock Exchange. The development of a debt market has as a main objective to encourage the central, regional and local governments to consider bond finance as an important way for regional and local project investments; it could enhance the quality and the efficiency of financed projects and encourage long term financial planning. The relatively modest profile of the Romanian public bond sector at Bucharest Stock Exchange can be explained by the late introduction of the T-bonds (7 years after the bond sector was launched. Lacking the benchmark the T-bonds could offer, it was only natural for investors to avoid the (Municipal bond sector. The development of the domestic public bond sector is expected to continue in the years to come, mainly if through bond financing the central/regional and local authorities will support investment projects that will trigger and/or generate economic development.

  11. Dividend policy as a signaling mechanism under different market conditions: Evidence from the Casablanca Stock Exchange

    DEFF Research Database (Denmark)

    Farooq, Omar; Saoud, Siham; Agnaou, Samir

    2012-01-01

    Does the signaling value of dividend policy depend on market conditions? Do investors respond to dividend policy differently in different periods? This study answers these questions by using a sample of firms from the Casablanca Stock Exchange during the period between 2003 and 2007. We find a si...... growth period. One of the reasons for our results may be that investors pay lesser attention to the signaling value of dividends during the periods when they are earning higher returns on their investments.......Does the signaling value of dividend policy depend on market conditions? Do investors respond to dividend policy differently in different periods? This study answers these questions by using a sample of firms from the Casablanca Stock Exchange during the period between 2003 and 2007. We find...... a significantly negative relationship between dividend payout ratio and stock price volatility during the stable growth period. We also show a significantly positive relationship between dividend payout ratio and stock returns during the same period. However, this relationship turns insignificant during the high...

  12. Basis of the tubesheet heat exchanger design rules used in the French pressure vessel code

    International Nuclear Information System (INIS)

    Osweiller, F.

    1990-01-01

    For about 40 years most tubesheet heat exchangers have been designed according to the standards of TEMA. Partly due to their simplicity, these rules do not assure a safe heat-exchangers design in all cases. This is the main reason why new tubesheet design rules were developed in 1981 in France for the French pressure vessel code CODAP. For fixed tubesheet heat exchangers the new rules account for the elastic rotational restraint of the shell and channel at the outer edge of the tubesheet. For floating-head and U- tube exchangers an approach was selected with some modifications. In both cases the tubesheet is replaced by an equivalent solid plate with adequate effective elastic constants, and the tube bundle is simulated by an elastic foundation. The elastic restraint at the edge of the tubesheet due the shell and channel is accounted for in different ways in the two types of heat exchangers. The purpose of the paper is to present the main basis of these rules and to compare them to TEMA rules

  13. How Local Market Pressures Shape Leadership Practices: Evidence from Chile

    Science.gov (United States)

    Carrasco, Alejandro; Fromm, Germán

    2016-01-01

    Chile is well known worldwide for its extensive use of market-driven mechanisms in education. Using a case study strategy in three schools, this paper shows that "universal" voucher system and mixed provision (co-existence of subsidised private and state-funded schools) policies are reshaping school management practices. The paper draws…

  14. Power exchanges in the German market: an initial assessment; Bourses d'electricite sur le marche Allemand - premieres evaluations

    Energy Technology Data Exchange (ETDEWEB)

    Dinko, Raytchev [Universite de Montesquieu Bordeaux-4, Lab. d' Analyse et de Recherche en Economie-Economie et Finance Internationales LAREefi, 33 (France)

    2002-11-01

    The emergence of power exchanges is one of the key phenomena accompanying the liberation of the electricity industry. Apart from the Nordic countries, this is a recent event, especially for the countries of continental Europe. In this study, we will be focusing on the German electricity market for several reasons. Firstly, Germany has the largest market for electrical power in Europe. As the electricity sector is in the process of opening up to competition, this country is one of the 'good pupils' in the field of electrical deregulation. Next, it is a good idea to draw up an initial overview of the German experience following the launch on 27.11.2001 of an organised market in France (the PowerNext exchange). Currently, there are three exchanges able to negotiate contracts in the German hub: the Amsterdam Power Exchange (APX), the European Energy (EEX) and the Leipzig Power Exchange (LPX). The exchanges were created between May 1999 (APX) and August 2000 (EEX). They are in a situation of direct competition in the German market. This competition is particularly keen since the three players are well aware of the challenge at stake: becoming the leading exchange for the German market and (possibly) in a future integrated European market. The announcement of a merger between LPX and EEX in 2002 (published on 26.10.2001 on the sites of both exchanges) underlines the importance of these strategic issues. The purpose of this work is to carry out an assessment of the three exchanges during their first months in existence. Using an econometric analysis, we offer conclusions concerning the capacity of these exchanges to supply a reference price. The opportunities for arbitration are also examined. Despite the difficulties of the market launches, the exchanges have successfully maintained a certain degree of coherence in their prices and may now sit back a little and plan their expansion. It is difficult at this stage to see who the eventual 'winner' will

  15. Commodity Market Inefficiencies and Inflationary Pressures - India’s Economic Policy Dilemma

    Directory of Open Access Journals (Sweden)

    Pankaj Kumar GUPTA

    2012-11-01

    Full Text Available With the current pace of growth, India would emerge as a major player in the international market in terms of commodity consumption, production and trade. Going by trade volume and also the possibly as an identifiable influence on the price making process on the essential commodities, the futures and spot markets have shown major variations. Increased volatility in asset prices has been a major reason behind the integration of domestic financial markets with the international financial sector accentuating the demand for the trading in the derivative market. Though organized commodity trading has been in from the nineteenth century in India, the commodity derivative markets in the new form with nationwide electronic trading and access have opened the gates for speculators, hedgers and other market participants to capitalize on the development. The robust growth of the commodity markets can be observed in terms of number of commodities trade volumes and growing number of both the market participants and the commodity exchanges. Liquidity booms reflected by loose monetary policy are responsible for major surge in commodity prices globally in addition to direct tangible impacts of oil prices especially in developing countries with heavy oil imports like India. Futures markets are created to fulfill genuine desires economic functions of hedging and price discovery. But, enormous futures trading observed on the commodity exchanges have raised a host of issues like inflation guided by the fuelling principle implying the direct relationship between volatility and inflation. Huge price volatility in futures segment on the commodity exchanges has therefore raised concerns relating to the market efficiencies, infrastructure and knowledge and also their consequential impact on cash markets. The demand and supply side of the commodity price mechanism is traditionally governed by numerous factors including the climatic conditions, availability of critical

  16. Dynamic relationship between Japanese Yen exchange rates and market anxiety: A new perspective based on MF-DCCA

    Science.gov (United States)

    Lu, Xinsheng; Sun, Xinxin; Ge, Jintian

    2017-05-01

    This paper investigates the dynamic relationship between Japanese Yen exchange rates and market anxiety during the period from January 5, 1998 to April 18, 2016. A quantitative technique of multifractal detrended cross-correlation analysis (MF-DCCA) is used to explore the multifractal features of the cross-correlations between USD/JPY, AUD/JPY exchange rates and the market anxiety gauge VIX. The investigation shows that the causal relationship between Japanese Yen exchange rates and VIX are bidirectional in general, and the cross-correlations between the two sets of time series are multifractal. Strong evidence suggests that the cross-correlation exponents tend to exhibit different volatility patterns in response to diverse external shocks such as financial distress and widening in interest rate spread, suggesting that the cross-correlated behavior between Japanese Yen exchange rates and VIX are susceptible to economic uncertainties and risks. In addition, the performances of two market anxiety gauges, the VIX and the TED spread, are compared and the sources of multifractality are also traced. Thus, this paper contributes to the literature by shedding light on the unique driving forces of the Yen exchange rate fluctuations in the international foreign exchange market.

  17. The machine in the market: Computers and the infrastructure of price at the New York Stock Exchange, 1965-1975.

    Science.gov (United States)

    Kennedy, Devin

    2017-12-01

    This article traces the development and expansion of early computer systems for managing and disseminating 'real-time' market data at the most influential stock market in the United States, the New York Stock Exchange (NYSE). It follows electronic media at the NYSE over a roughly ten-year period, from the time of the deployment of a computer called the Market Data System (MDS) through debates surrounding the National Market System and the passage of the 1975 Securities Acts Amendments. Building on research at the archives of the NYSE and the Securities and Exchange Commission (SEC), this history emphasizes the regulatory and managerial contexts in which market data became computerized. The SEC viewed market automation as both necessary for the viability of the securities industry and a mechanism for expanding regulatory oversight over the venues of stock trading. Moving from the MDS to later technical projects in the late 1960s and early 1970s, this article charts the changing meaning of electronic governance in a market increasingly conceptualized as a technical object. Adding to recent work in the social studies of finance and financial technologies, this history sites early NYSE computerization programs within managerial efforts to consolidate control over the clerical labor of financial markets, and in contests between regulatory and market institutions. It concludes by exploring the differing forms of electronic governance activated in these efforts to bring computers into the market.

  18. Design of Plant Gas Exchange Experiments in a Variable Pressure Growth Chamber

    Science.gov (United States)

    Corey, Kenneth A.

    1996-01-01

    Sustainable human presence in extreme environments such as lunar and martian bases will require bioregenerative components to human life support systems where plants are used for generation of oxygen, food, and water. Reduced atmospheric pressures will be used to minimize mass and engineering requirements. Few studies have assessed the metabolic and developmental responses of plants to reduced pressure and varied oxygen atmospheres. The first tests of hypobaric pressures on plant gas exchange and biomass production at the Johnson Space Center will be initiated in January 1996 in the Variable Pressure Growth Chamber (VPGC), a large, closed plant growth chamber rated for 10.2 psi. Experiments were designed and protocols detailed for two complete growouts each of lettuce and wheat to generate a general database for human life support requirements and to answer questions about plant growth processes in reduced pressure and varied oxygen environments. The central objective of crop growth studies in the VPGC is to determine the influence of reduced pressure and reduced oxygen on the rates of photosynthesis, dark respiration, evapotranspiration and biomass production of lettuce and wheat. Due to the constraint of one experimental unit, internal controls, called pressure transients, will be used to evaluate rates of CO2 uptake, O2 evolution, and H2O generation. Pressure transients will give interpretive power to the results of repeated growouts at both reduced and ambient pressures. Other experiments involve the generation of response functions to partial pressures of O2 and CO2 and to light intensity. Protocol for determining and calculating rates of gas exchange have been detailed. In order to build these databases and implement the necessary treatment combinations in short time periods, specific requirements for gas injections and removals have been defined. A set of system capability checks will include determination of leakage rates conducted prior to the actual crop

  19. The electricity exchange. On the organisation and latent functions of electricity exchange trading as seen from the viewpoint of market sociology; Die Stromboerse. Ueber Form und latente Funktionen des boerslichen Stromhandels aus marktsoziologischer Sicht

    Energy Technology Data Exchange (ETDEWEB)

    Giacovelli, Sebastian

    2014-07-01

    Electricity exchange trading in Germany has existed since the year 2000. Since this time, the Leipzig electricity exchange, a reference market for off-exchange electricity trading, has operated in an environment marked by both criticism and acceptance. Taking this field of controversy as a point of departure the present empirical study in market sociology undertakes to investigate the organisation and latent functions of electricity exchange trading. The ensuing analysis provides answers to questions as to how prices are formed on the electricity exchange and what officially incommunicable functions are served by price formation on exchanges.

  20. THE PLACE OF BUCHAREST STOCK EXCHANGE AMONGST THE CAPITAL MARKETS FROM CENTRAL AND EASTERN EUROPE

    OpenAIRE

    Iulia-Oana Stefan

    2015-01-01

    This study performs a thorough comparative analysis over the last five years on the activity of Bucharest Stock Exchange compared to that of the major stock exchanges in Central and Eastern Europe, respectively, the Bulgarian Stock Exchange, the Bratislava Stock Exchange, the CEESEG Budapest Stock Exchange, the CEESEG Ljubljana Stock Exchange, the CEESEG Prague Stock Exchange and the Warsaw Stock Exchange. Thus, through a correlated interpretation of both the evolution of the main stock marke...

  1. Mixture Of Probabilistic Factor Analyzers For Market Risk Measurement: Empirical Evidence From The Tunisian Foreign Exchange Market

    Directory of Open Access Journals (Sweden)

    Mohamed Nidhal Mosbahi

    2017-05-01

    Full Text Available In this paper, we propose a new approach for Basel-Compliant Value-at-Risk (VaR estimation in financial portfolio risk management, which combines Gaussian Mixture Models with probabilistic factor analysis models. This new mixed specification provides an alternative, compact, model to handle co-movements, heterogeneity and intra-frame correlations in financial data. This results in a model which concurrently performs clustering and dimensionality reduction, and can be considered as a reduced dimension mixture of probabilistic factor analyzers. For maximum likelihood estimation we have used an iterative approach based on the Alternating Expectation Conditional Maximization (AECM algorithm. Using a set of historical data in a rolling time window, from the Tunisian foreign exchange market, the model structure as well as its parameters are determined and estimated. Then, the fitted model combined with a modified Monte-Carlo simulation algorithm was used to predict the VaR. Through a Backtesting analysis, we found that this new specification exhibits a good fit to the data compared to other competing approaches, improves the accuracy of VaR prediction, possesses more flexibility, and can avoid serious violations when a financial crisis occurs.

  2. Dynamic communities in multichannel data: an application to the foreign exchange market during the 2007-2008 credit crisis.

    Science.gov (United States)

    Fenn, Daniel J; Porter, Mason A; McDonald, Mark; Williams, Stacy; Johnson, Neil F; Jones, Nick S

    2009-09-01

    We study the cluster dynamics of multichannel (multivariate) time series by representing their correlations as time-dependent networks and investigating the evolution of network communities. We employ a node-centric approach that allows us to track the effects of the community evolution on the functional roles of individual nodes without having to track entire communities. As an example, we consider a foreign exchange market network in which each node represents an exchange rate and each edge represents a time-dependent correlation between the rates. We study the period 2005-2008, which includes the recent credit and liquidity crisis. Using community detection, we find that exchange rates that are strongly attached to their community are persistently grouped with the same set of rates, whereas exchange rates that are important for the transfer of information tend to be positioned on the edges of communities. Our analysis successfully uncovers major trading changes that occurred in the market during the credit crisis.

  3. Dynamic communities in multichannel data: An application to the foreign exchange market during the 2007-2008 credit crisis

    Science.gov (United States)

    Fenn, Daniel J.; Porter, Mason A.; McDonald, Mark; Williams, Stacy; Johnson, Neil F.; Jones, Nick S.

    2009-09-01

    We study the cluster dynamics of multichannel (multivariate) time series by representing their correlations as time-dependent networks and investigating the evolution of network communities. We employ a node-centric approach that allows us to track the effects of the community evolution on the functional roles of individual nodes without having to track entire communities. As an example, we consider a foreign exchange market network in which each node represents an exchange rate and each edge represents a time-dependent correlation between the rates. We study the period 2005-2008, which includes the recent credit and liquidity crisis. Using community detection, we find that exchange rates that are strongly attached to their community are persistently grouped with the same set of rates, whereas exchange rates that are important for the transfer of information tend to be positioned on the edges of communities. Our analysis successfully uncovers major trading changes that occurred in the market during the credit crisis.

  4. High Temperature Heat Exchanger Design and Fabrication for Systems with Large Pressure Differentials

    Energy Technology Data Exchange (ETDEWEB)

    Chordia, Lalit [Thar Energy, LLC, Pittsburgh, PA (United States); Portnoff, Marc A. [Thar Energy, LLC, Pittsburgh, PA (United States); Green, Ed [Thar Energy, LLC, Pittsburgh, PA (United States)

    2017-03-31

    The project’s main purpose was to design, build and test a compact heat exchanger for supercritical carbon dioxide (sCO2) power cycle recuperators. The compact recuperator is required to operate at high temperature and high pressure differentials, 169 bar (~2,500 psi), between streams of sCO2. Additional project tasks included building a hot air-to-sCO2 Heater heat exchanger (HX) and design, build and operate a test loop to characterize the recuperator and heater heat exchangers. A novel counter-current microtube recuperator was built to meet the high temperature high differential pressure criteria and tested. The compact HX design also incorporated a number of features that optimize material use, improved reliability and reduced cost. The air-to-sCO2 Heater HX utilized a cross flow, counter-current, micro-tubular design. This compact HX design was incorporated into the test loop and exceeded design expectations. The test loop design to characterize the prototype Brayton power cycle HXs was assembled, commissioned and operated during the program. Both the prototype recuperator and Heater HXs were characterized. Measured results for the recuperator confirmed the predictions of the heat transfer models developed during the project. Heater HX data analysis is ongoing.

  5. Pressure Pump Power Control in the Primary Circuit of the Heat Exchange System

    Directory of Open Access Journals (Sweden)

    Shilin Aleksandr

    2017-01-01

    Full Text Available In this paper we consider the problem of speed in hot water systems where highly efficient plate heat exchanger is used. Especially marked the problem which is connected with long transition drive of constant speed exceeding the time of the heat exchanger accumulative tank emptying more than twice. As a regulating element in the heat exchange system there was proposed to use asynchronous electric drive of pressure pump in the primary circuit of the heat exchanger. For correct use of such electric drive we solved the problem of control object mathematical model synthesis, which has non-linear properties, in particular, the transfer coefficient of the circuit can vary in more than 6 times. At the same time there was revealed the dependence of the transfer coefficient on the motor speed, which must be considered in the controller synthesis. In conclusion we suggested the solutions of regulators synthesis tasks with customizable settings for speed and switchable structure between relay λ and PI regulators.

  6. Heterogeneously catalyzed deuterium separation processes: Hydrogen-water exchange studies at elevated temperatures and pressures

    International Nuclear Information System (INIS)

    Halliday, J.D.; Rolston, J.H.; Au, J.C.; Den Hartog, J.; Tremblay, R.R.

    1985-01-01

    New processes for the separation of hydrogen isotopes are required to produce heavy water for CANDU nuclear reactors and to extract tritium formed in the moderator during reactor operation. Wetproofed platinum catalysts capable of promoting rapid exchange of isotopes between countercurrent flows of hydrogen and liquid water in packed columns have been developed at CRNL over the past 15 years. These catalysts provide a catalystic surface for the gas phase exchange reaction H/sub 2/O/sub (v)/ + HD/sub (g)/ ↔ HDO/sub (v)/ + H/sub 2(g)/ as well as a large liquid surface for the liquid phase isotope transfer reaction HDO/sub (v)/ + H/sub 2/O/sub (iota)/↔HDO/sub (iota)/+H/sub 2/O/sub (v)/. Any economic stand-alone heavy water separation process, based on bithermal hydrogen-water exchange over wetproofed platinum catalysts, requires rapid overall exchange of isotopes between two phases at two temperatures. Catalysts developed for cold tower operation at 25-60 0 C are now being tested in a laboratory scale stainless steel trickle bed reactor for performance and stability at simulated hot tower conditions, 150 0 C and 2.0 MPa pressure. Catalytically active layers containing platinum supported on carbon or crystalline silica and wetproofed with Teflon have been prepared on ceramic spheres and stainless steel screening and tested in both random and ordered bed columns

  7. Proceedings of the 3rd international conference on heat exchangers, boilers and pressure vessels (HEB-97). Vol.1 (Research Papers)

    International Nuclear Information System (INIS)

    1997-04-01

    This conference was held on 5-6 Apr 1997 in Alexandria. the specialists discussed heat exchangers, boilers and pressure vessels. more than 200 papers were presented in the meetings. it contains of data, figures and tables

  8. Proceedings of the 3rd international conference on heat exchangers, boilers and pressure vessels (HEB-97). Vol.1 (Research Papers)

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-04-01

    This conference was held on 5-6 Apr 1997 in Alexandria. the specialists discussed heat exchangers, boilers and pressure vessels. more than 200 papers were presented in the meetings. it contains of data, figures and tables.

  9. Currency crises and the evolution of foreign exchange market: Evidence from minimum spanning tree

    Science.gov (United States)

    Jang, Wooseok; Lee, Junghoon; Chang, Woojin

    2011-02-01

    We examined the time series properties of the foreign exchange market for 1990-2008 in relation to the history of the currency crises using the minimum spanning tree (MST) approach and made several meaningful observations about the MST of currencies. First, around currency crises, the mean correlation coefficient between currencies decreased whereas the normalized tree length increased. The mean correlation coefficient dropped dramatically passing through the Asian crisis and remained at the lowered level after that. Second, the Euro and the US dollar showed a strong negative correlation after 1997, implying that the prices of the two currencies moved in opposite directions. Third, we observed that Asian countries and Latin American countries moved away from the cluster center (USA) passing through the Asian crisis and Argentine crisis, respectively.

  10. Risk-Return Trade-off in Emerging Markets:Evidence from Dhaka Stock Exchange Bangladesh

    Directory of Open Access Journals (Sweden)

    Abu T. Mollik

    2015-03-01

    Full Text Available This paper attempts to measure the risk and return relationship in Dhaka Stock Exchange (DSE. The study reports a statistically significant positive relationship between risk and return both at the individual security level and at the portfolio level, confirming the theoretical predictions and empirical findings on this issue in developed markets. Although portfolio risk and returns are found to be significantly positively related in general, some inconsistencies were revealed in the context of relative risk for high risk portfolios, suggesting the existence of some anomalies or mispricing in high risk assets. These findings have important implications for investment decisions at the DSE in that the investors may be able to create profitable investment strategies using the mispricing information.

  11. The nature of the derivative market transactions traded in the Johannesburg securities exchange

    Directory of Open Access Journals (Sweden)

    Tankiso Moloi

    2014-10-01

    Full Text Available The main objective of the study was to assess and understand the nature of derivative products traded in the Johannesburg Securities Exchange (JSE by analysing daily transactions consisting of deals and contracts concluded, as well as notional values of derivatives traded in the review period. Analysed data found that the South African derivative market continues to grow and evolve with the consistent introduction of new derivative products such as the “can do” derivatives, IDX derivatives that are now being traded at the JSE. The evolvement and growth is confirmed by the fact that the total derivative deals in the JSE has also grown by 16.6% (CAGR from 2006. The study further found that the equity index remains the largest derivative for both options and futures

  12. Thermal performance and pressure drop of spiral-tube ground heat exchangers for ground-source heat pump

    International Nuclear Information System (INIS)

    Jalaluddin; Miyara, Akio

    2015-01-01

    Thermal performance and pressure drop of the spiral-tube GHE were evaluated in this present work. A numerical simulation tool was used to carry out this research. The heat exchange rates per meter borehole depth of the spiral-tube GHE with various pitches and their pressure drops were compared with that of the U-tube GHE. Furthermore, a comparative analysis between a spiral pipe and straight pipe was performed. In comparison with the straight pipe, using the spiral pipe in the borehole increased the heat exchange rate to the ground per meter borehole depth. However, the pressure drop of water flow also increased due to increasing the length of pipe per meter borehole depth and its spiral geometry. The accuracy of the numerical model was verified for its pressure drop with some pressure drop correlations. The heat exchange rate and pressure drop of the GHEs are presented. As an example, the heat exchange rate per meter borehole depth of spiral pipe with 0.05 m pitch in the turbulent flow increased of 1.5 times. Its pressure drop also increased of 6 times. However, from the view point of energy efficiency, using the spiral pipe in the ground-source heat pump system gives a better performance than using the straight pipe. The heat exchange rate and pressure drop are important parameter in design of the ground-source heat pump (GSHP) system. - Highlights: • Thermal performance and pressure drop of spiral-tube GHE are presented. • Effects of spiral pitch on thermal performance and pressure drop are analyzed. • Using a spiral pipe increases heat exchange rate per meter borehole depth of GHE. • Pressure drop per meter borehole depth also increases in the spiral pipe.

  13. Heat transfer and pressure drop during hydrocarbon refrigerant condensation inside a brazed plate heat exchanger

    Energy Technology Data Exchange (ETDEWEB)

    Longo, Giovanni A. [University of Padova, Department of Management and Engineering, Str.lla S.Nicola 3, I-36100 Vicenza (Italy)

    2010-08-15

    This paper presents the heat transfer coefficients and pressure drop measured during HC-600a, HC-290 and HC-1270 saturated vapour condensation inside a brazed plate heat exchanger: the effects of refrigerant mass flux, saturation temperature (pressure) and fluid properties are investigated. The heat transfer coefficients show weak sensitivity to saturation temperature (pressure) and great sensitivity to refrigerant mass flux and fluid properties. A transition point between gravity controlled and forced convection condensation has been found for a refrigerant mass flux around 15-18 kg m{sup -2} s{sup -1}. In the forced convection condensation region the heat transfer coefficients show a 35-40% enhancement for a 60% increase of the refrigerant mass flux. The frictional pressure drop shows a linear dependence on the kinetic energy per unit volume of the refrigerant flow. HC-1270 shows heat transfer coefficients 5% higher than HC-600a and 10-15% higher than HC-290, together with frictional pressure drop 20-25% lower than HC-290 and 50-66% lower than HC-600a. (author)

  14. Apparatus for inspecting and repairing a pressurized-water reactor's steam generator heat exchanger tubes

    International Nuclear Information System (INIS)

    Mueller, O.; Roettger, H.; Kasti, H.; Hagen, H.G.

    1976-01-01

    Described is an apparatus provided for use with a pressurized-water reactor' steam generator having a manifold chamber enclosing the bottom side of a horizontal tube sheet having holes therethrough in which are mounted the tubes of a heat exchanger tube bundle. The manifold chamber has a manhole giving access to the tube's bottom side to permit internal inspection or repair of the tubes by registration of an end of a flexible guide conduit with the tube sheet holes and through which a flexible carrier can be guided for insertion via these holes in the tube sheet and through the tubes extending from the tube sheet's other side

  15. SCEPTIC, Pressure Drop, Flow Rate, Heat Transfer, Temperature in Reactor Heat Exchanger

    International Nuclear Information System (INIS)

    Kattchee, N.; Reynolds, W.C.

    1975-01-01

    1 - Nature of physical problem solved: SCEPTIC is a program for calculating pressure drop, flow rates, heat transfer rates, and temperature in heat exchangers such as fuel elements of typical gas or liquid cooled nuclear reactors. The effects of turbulent and heat interchange between flow passages are considered. 2 - Method of solution: The computation procedure amounts to a nodal of lumped parameter type of calculation. The axial mesh size is automatically selected to assure that a prescribed accuracy of results is obtained. 3 - Restrictions on the complexity of the problem: Maximum number of subchannels is 25, maximum number of heated surfaces is 46

  16. Using biological markets principles to examine patterns of grooming exchange in Macaca thibetana.

    Science.gov (United States)

    Balasubramaniam, K N; Berman, C M; Ogawa, H; Li, J

    2011-12-01

    Biological markets principles offer testable hypotheses to explain variation in grooming exchange patterns among nonhuman primates. They predict that when within-group contest competition (WGC) is high and dominance hierarchies steep, grooming interchange with other "commodity" behaviors (such as agonistic support) should prevail. In contrast, when WGC is low and gradients shallow, market theory predicts that grooming reciprocity should prevail. We tested these predictions in a wild, provisioned Tibetan macaque (Macaca thibetana) group across six time periods during which the group had been subjected to varying degrees of range restriction. Data on female-female aggression, grooming, and support were collected using all-occurrences and focal animal sampling techniques, and analyzed using ANCOVA methods and correlation analyses. We found that hierarchical steepness varied significantly across periods, but did not correlate with two indirect indicators of WGC (group size and range restriction) in predicted directions. Contrary to expectations, we found a negative correlation between steepness and group size, perhaps because the responses of group members to external risks (i.e. prolonged and unavoidable exposure to humans) may have overshadowed the effects of WGC. As predicted, grooming reciprocity was significant in each period and negatively correlated with steepness, even after we controlled group size, kinship, rank differences, and proximity. In contrast, there was no evidence for grooming interchange with agonistic support or for a positive relationship between interchange and steepness. We hypothesize that stressful conditions and/or the presence of stable hierarchies during each period may have led to a greater market demand for grooming than support. We suggest that future studies testing these predictions consider more direct measures of WGC and commodities in addition to support, such as feeding tolerance and access to infants. © 2011 Wiley Periodicals

  17. Effect of hydrostatic and chemical pressure on the exchange interaction in magnetic borocarbide superconductors

    Science.gov (United States)

    Michor, H.; El-Hagary, M.; Naber, L.; Bauer, E.; Hilscher, G.

    2000-03-01

    The investigation of pair-breaking effects in magnetic rare-earth nickel borocarbide superconductors reveals a considerable increase of the magnetic exchange integral Jsf by hydrostatic as well as chemical pressure. In both, Jsf is governed by the R-C distance (or lattice constant a) and is described quantitatively by a simple phenomenological model. Thereby, just two parameters Jsf0=31 meV and ΔJsf/Δa=165 meV/Å explain well the influence of chemical pressure upon the initial depression rates of Tc in solid solutions R'1-xRxNi2B2C with R=Gd, Tb, Dy, Ho and R'=Y and Lu.

  18. Do Sound Public Finances Require Fiscal Rules or Is Market Pressure Enough?

    DEFF Research Database (Denmark)

    Bergman, Michael; Hutchison, Michael M.; Hougaard Jensen, Svend E.

    This paper discusses the balance between market pressure and fiscal rules in order to keep public finances on a sustainable path. We provide empirical evidence on market assessments of sovereign default risk to economic news, announcements of national austerity programs, EU programs designed...... to support government finances, and banking fragility emanating from several countries in the euro area affected by the European sovereign debt crisis. We find that, in general, the quality of market signals is an insufficient indicator alone to accurately guide the conduct of fiscal policy, particularly...

  19. Do Sound Public Finances Require Fiscal Rules Or Is Market Pressure Enough?

    DEFF Research Database (Denmark)

    Bergman, Ulf Michael; Hutchison, Michael; Jensen, Svend E. Hougaard

    This paper discusses the balance between market pressure and fiscal rules in order to keep public finances on a sustainable path. We provide empirical evidence on market assessments of sovereign default risk to economic news, announcements of national austerity programs, EU programs designed...... to support government finances, and banking fragility emanating from several countries in the euro area affected by the European sovereign debt crisis. We find that, in general, the quality of market signals is an insufficient indicator alone to accurately guide the conduct of fiscal policy, particularly...

  20. Thermodynamic performance analysis and algorithm model of multi-pressure heat recovery steam generators (HRSG) based on heat exchangers layout

    International Nuclear Information System (INIS)

    Feng, Hongcui; Zhong, Wei; Wu, Yanling; Tong, Shuiguang

    2014-01-01

    Highlights: • A general model of multi-pressure HRSG based on heat exchangers layout is built. • The minimum temperature difference is introduced to replace pinch point analysis. • Effects of layout on dual pressure HRSG thermodynamic performances are analyzed. - Abstract: Changes of heat exchangers layout in heat recovery steam generator (HRSG) will modify the amount of waste heat recovered from flue gas; this brings forward a desire for the optimization of the design of HRSG. In this paper the model of multi-pressure HRSG is built, and an instance of a dual pressure HRSG under three different layouts of Taihu Boiler Co., Ltd. is discussed, with specified values of inlet temperature, mass flow rate, composition of flue gas and water/steam parameters as temperature, pressure etc., steam mass flow rate and heat efficiency of different heat exchangers layout of HRSG are analyzed. This analysis is based on the laws of thermodynamics and incorporated into the energy balance equations for the heat exchangers. In the conclusion, the results of the steam mass flow rate, heat efficiency obtained for three heat exchangers layout of HRSGs are compared. The results show that the optimization of heat exchangers layout of HRSGs has a great significance for waste heat recovery and energy conservation

  1. A numerical analysis on the heat transfer and pressure drop characteristics of welding type plate heat exchangers

    International Nuclear Information System (INIS)

    Jeong, Jong Yun; Kang, Yong Tae; Nam, Sang Chul

    2008-01-01

    Numerical analysis was carried out to examine the heat transfer and pressure drop characteristics of plate heat exchangers for absorption application using computational Fluid Dynamics(CFD) technique. A commercial CFD software package, FLUENT was used to predict the characteristics of heat transfer, pressure drop and flow distribution within plate heat exchangers. In this paper, a welded plate heat exchanger with the plate of chevron embossing type was numerically analyzed by controlling mass flow rate, solution concentration, and inlet temperatures. The working fluid is H 2 O/LiBr solution with the LiBr concentration of 50∼60% in mass. The numerical simulation show reasonably good agreement with the experimental results. Also, the numerical results show that plate of the chevron shape gives better results than plate of the elliptical shape from the view points of heat transfer and pressure drop. These results provide a guideline to apply the welded PHE for the solution heat exchanger of absorption systems

  2. Heat transfer and pressure drop amidst frost layer presence for the full geometry of fin-tube heat exchanger

    International Nuclear Information System (INIS)

    Kim, Sung Jool; Choi, Ho Jin; Ha, Man Yeong; Kim, Seok Ro; Bang, Seon Wook

    2010-01-01

    The present study numerically solves the flow and thermal fields in the full geometry of heat exchanger modeling with frost layer presence on the heat exchanger surface. The effects of air inlet velocity, air inlet temperature, frost layer thickness, fin pitch, fin thickness, and heat exchanger shape on the thermo-hydraulic performance of a fin-tube heat exchanger are investigated. Heat transfer rate rises with increasing air inlet velocity and temperature, and decreasing frost layer thickness and fin pitch. Pressure drop rises with increasing air inlet velocity and frost layer thickness, and decreasing fin pitch. The effect of fin thickness on heat transfer and pressure drop is negligible. Based on the present results, we derived the correlations, which express pressure drop and temperature difference between air inlet and outlet as a function of air inlet velocity and temperature, as well as frost layer thickness

  3. The Role of Implied Volatility in Forecasting Future Realized Volatility and Jumps in Foreign Exchange, Stock and Bond Markets

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper

    We study the forecasting of future realized volatility in the stock, bond, and foreign exchange markets, as well as the continuous sample path and jump components of this, from variables in the information set, including implied volatility backed out from option prices. Recent nonparametric...

  4. Estimation of a simple agent-based model of financial markets: An application to Australian stock and foreign exchange data

    Science.gov (United States)

    Alfarano, Simone; Lux, Thomas; Wagner, Friedrich

    2006-10-01

    Following Alfarano et al. [Estimation of agent-based models: the case of an asymmetric herding model, Comput. Econ. 26 (2005) 19-49; Excess volatility and herding in an artificial financial market: analytical approach and estimation, in: W. Franz, H. Ramser, M. Stadler (Eds.), Funktionsfähigkeit und Stabilität von Finanzmärkten, Mohr Siebeck, Tübingen, 2005, pp. 241-254], we consider a simple agent-based model of a highly stylized financial market. The model takes Kirman's ant process [A. Kirman, Epidemics of opinion and speculative bubbles in financial markets, in: M.P. Taylor (Ed.), Money and Financial Markets, Blackwell, Cambridge, 1991, pp. 354-368; A. Kirman, Ants, rationality, and recruitment, Q. J. Econ. 108 (1993) 137-156] of mimetic contagion as its starting point, but allows for asymmetry in the attractiveness of both groups. Embedding the contagion process into a standard asset-pricing framework, and identifying the abstract groups of the herding model as chartists and fundamentalist traders, a market with periodic bubbles and bursts is obtained. Taking stock of the availability of a closed-form solution for the stationary distribution of returns for this model, we can estimate its parameters via maximum likelihood. Expanding our earlier work, this paper presents pertinent estimates for the Australian dollar/US dollar exchange rate and the Australian stock market index. As it turns out, our model indicates dominance of fundamentalist behavior in both the stock and foreign exchange market.

  5. Investigation of the Greek Stock Exchange volatility and the impact of foreign markets from 2007 to 2012

    Directory of Open Access Journals (Sweden)

    Nikolaos Sariannidis

    2015-10-01

    Full Text Available Purpose of this paper - The current paper aims to analyze the impact of the debt crisis on the FTSE / ASE 20 index volatility. The research also examines the impact of powerful foreign capital markets on the Greek Stock Exchange market, the seasonality returns (Day-of-the-Week effect and the volatility structure. Design/methodology/approach - The analysis of data is made by employing the GARCH models, and more specifically the GJR-GARCH model. Findings - The results of the GJR-GARCH model demonstrate that the debt crisis and, therefore, its consequences increase the FTSE / ASE 20 index volatility and the Greek market does not react asymmetrically to negative information. In addition, the results indicate the importance of foreign markets in shaping the first moment of the FTSE / ASE 20 index and the presence of the Reverse Day of the Week effect. Research limitations/implications - The implication of volatility measurement is vital in determining the cost for investment, security pricing markets, hedging and other trading strategies, and also for regulatory policies conducted within financial markets. Originality/value - The paper may prove helpful to regulatory authorities, investors and financial analysts to understand the structure and behavior of volatility in a small stock exchange market under crisis.

  6. Impacts of Changes of Indoor Air Pressure and Air Exchange Rate in Vapor Intrusion Scenarios.

    Science.gov (United States)

    Shen, Rui; Suuberg, Eric M

    2016-02-01

    There has, in recent years, been increasing interest in understanding the transport processes of relevance in vapor intrusion of volatile organic compounds (VOCs) into buildings on contaminated sites. These studies have included fate and transport modeling. Most such models have simplified the prediction of indoor air contaminant vapor concentrations by employing a steady state assumption, which often results in difficulties in reconciling these results with field measurements. This paper focuses on two major factors that may be subject to significant transients in vapor intrusion situations, including the indoor air pressure and the air exchange rate in the subject building. A three-dimensional finite element model was employed with consideration of daily and seasonal variations in these factors. From the results, the variations of indoor air pressure and air exchange rate are seen to contribute to significant variations in indoor air contaminant vapor concentrations. Depending upon the assumptions regarding the variations in these parameters, the results are only sometimes consistent with the reports of several orders of magnitude in indoor air concentration variations from field studies. The results point to the need to examine more carefully the interplay of these factors in order to quantitatively understand the variations in potential indoor air exposures.

  7. An investigation on the relationship between quarterly earnings adjustment and market value in selected firms listed on TSE Exchange

    Directory of Open Access Journals (Sweden)

    Reza Tehrani

    2013-03-01

    Full Text Available Earning reports are the primary basis of investment decisions among many individuals and fund managers. Any positive/negative adjustment on quarterly financial report could influence investment strategies, which consequently make significant change on market value. In this paper, we present an empirical study on some selected firms on Tehran Stock exchange by looking the effects of quarterly earning adjustment on firm and market’s return. The proposed study selects all firms whose shares were actively and publicly traded over the period 2006-2011. The study investigates whether there is a meaningful relationship between the content of quarterly earnings report and stock price with/without the presence of control variables. The results have concluded that there are some meaningful relationships between change in earning and market value and return on firm with market value but market value seems to have no relationship with market return changes.

  8. Rb-129Xe spin-exchange rates due to binary and three-body collisions at high Xe pressures

    International Nuclear Information System (INIS)

    Cates, G.D.; Fitzgerald, R.J.; Barton, A.S.; Bogorad, P.; Gatzke, M.; Newbury, N.R.; Saam, B.

    1992-01-01

    We have studied the spin relaxation of 129 Xe nuclei due to collisions with Rb atoms at Xe pressures of 245--1817 Torr. Our results can be characterized by two parameters, the Rb- 129 Xe velocity-averaged binary spin-exchange cross section left-angle σv right-angle and a rate γ M that characterizes spin relaxation due to van der Waals molecules. Our results complement earlier studies performed at Xe pressures of about 1 Torr and N 2 pressures of 10--100 Torr. This work is useful for predicting spin-exchange rates between polarized Rb atoms and 129 Xe nuclei

  9. The mediating effect of financial performance on the relationship between intellectual capital & market share: Evidence from Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Seyed Mohamad Fahimi

    2017-11-01

    Full Text Available Intellectual capital has an important role in this knowledge based economy era. The purpose of this study is to examine the mediating effect of financial performance on the relationship between intellectual capital and market share in the listed Companies in the Tehran Stock Exchange in this study to assess the intellectual capital, the rate of value-added intellectual capital that developed by Pulic (1998 is used. The sample included 99 companies listed in the Tehran Stock Exchange, for a period of five years from 2011 to 2015. The research findings show a significant positive relationship between intellectual capital and market share. Also the results show that there is no mediating effect of financial performance in the relationship between intellectual capital and market share

  10. Between Structure and Agency: Contextualizing School Leaders' Strategic Responses to Market Pressures

    Science.gov (United States)

    Jabbar, Huriya

    2016-01-01

    School choice is expected to place pressure on schools to improve to attract and retain students. However, little research has examined how competition for students actually operates in socially embedded education markets. Economic approaches tend to emphasize individual actors' choices and agency, an undersocialized perspective, whereas…

  11. Bottom-up design of a gas futures market in East Asia: Lessons from the Dojima rice exchange

    Directory of Open Access Journals (Sweden)

    Xunpeng Shi

    2016-10-01

    Full Text Available The natural gas market in East Asia remains fragmented without a functioning benchmark price to duly reflect the dynamics of demand and supply forces in the region. A functional regional gas futures market, which is highly dependent on the presence of well-developed physical spot trading, is yet to be established. Since the intra-regional pipeline connection is largely non-existent in East Asia, it is the LNG spot cargo trading that is likely to become the basis for the regional gas futures market. This paper offers a novel approach to understanding the development of such a market by analyzing the experience of a different commodity market – the Dojima Rice Exchange (DRE – and identifying potentially transferrable lessons in the market design and the role of government regulations. Based on the case study analysis, implications for the development of natural gas trading hubs in East Asia are offered and an LNG futures exchange design is put forward.

  12. Heat Transfer and Pressure Drop Characteristics in Straight Microchannel of Printed Circuit Heat Exchangers

    Directory of Open Access Journals (Sweden)

    Jang-Won Seo

    2015-05-01

    Full Text Available Performance tests were carried out for a microchannel printed circuit heat exchanger (PCHE, which was fabricated with micro photo-etching and diffusion bonding technologies. The microchannel PCHE was tested for Reynolds numbers in the range of 100‒850 varying the hot-side inlet temperature between 40 °C–50 °C while keeping the cold-side temperature fixed at 20 °C. It was found that the average heat transfer rate and heat transfer performance of the countercurrrent configuration were 6.8% and 10%‒15% higher, respectively, than those of the parallel flow. The average heat transfer rate, heat transfer performance and pressure drop increased with increasing Reynolds number in all experiments. Increasing inlet temperature did not affect the heat transfer performance while it slightly decreased the pressure drop in the experimental range considered. Empirical correlations have been developed for the heat transfer coefficient and pressure drop factor as functions of the Reynolds number.

  13. Do we need a power exchange if there are enough power marketers ?

    OpenAIRE

    SMEERS, Yves; WEI, Jing-Yuan

    1997-01-01

    Decentralization in electricity restructuring is a growing trend that Power Marketers are ex- pected to take advantage of. We consider a market composed of Power Marketers, an Indepen- dent System Operator, generators and retailers. Power Marketers behave a` la Cournot-Nash and the ISO implements a Transmission Capacity Reservation market a` la FERC. Retailers are price taker. Generators’ behavior is only reflected in the purchase costs of the Power Marketers. Their behavior is thus not reall...

  14. The effect of surface roughness on the heat exchange and pressure-drop coefficients

    International Nuclear Information System (INIS)

    Malherbe, J.M.

    1963-02-01

    The effect of various types of roughness on the wall of an axial tube in an annular space of 15-25 mm cooled by an air-flow has been studied in the case of steady turbulence. Roughness of the type 'disrupter of the boundary layer' was set up using triangular threads of 0.2 to 0.4 mm thickness machined in the tube itself, or brass or glass wire wound on a smooth tube. Tests were also carried out using the roughness provided by regularly spaced pyramids 0.4 mm high. The results obtained showed that the heat exchange increased because of the presence of this roughness. A maximum in the heat exchange and pressure-drop coefficients was observed when the pitch equals about eight times the height of the thread. An analytical method has been developed and experiments have been carried out in which the two walls of the annular space were heated in such a way as to transmit unequal heat flows. The region considered is limited to Reynolds's numbers of between 5 X 10 3 and 5 x 10 4 and wall temperatures of under 250 deg C. (author) [fr

  15. Positive end-expiratory pressure improves gas exchange and pulmonary mechanics during partial liquid ventilation.

    Science.gov (United States)

    Kirmse, M; Fujino, Y; Hess, D; Kacmarek, R M

    1998-11-01

    Partial liquid ventilation (PLV) with perflubron (PFB) has been proposed as an adjunct to the current therapies for the acute respiratory distress syndrome (ARDS). Because PFB has been also referred to as "liquid PEEP," distributing to the most gravity-dependent regions of the lung, less attention has been paid to the amount of applied positive end-expiratory pressure (PEEP). We hypothesized that higher PEEP levels than currently applied are needed to optimize gas exchange, and that the lower inflection point (LIP) of the pressure-volume curve could be used to estimate the amount of PEEP needed when the lung is filled with PFB. Lung injury was induced in 23 sheep by repeated lung lavage with warmed saline until the PaO2/FIO2 ratio fell below 150. Five sheep were used to investigate the change of the LIP when the lung was filled with PFB in increments of 5 ml/kg/body weight to a total of 30 ml/kg/body weight. To evaluate the impact of PEEP set at LIP +1 cm H2O we randomized an additional 15 sheep to three groups with different doses (7.5 ml, 15 ml, 30 ml/kg/body weight) of PFB. In random order a PEEP of 5 cm H2O or PEEP at LIP +1 cm H2O was applied. The LIP decreased with incremental filling of PFB to a minimum at 10 ml (p PFB shifts the LIP to the left, and that setting PEEP at LIP +1 cm H2O improves gas exchange at moderate to high doses of PFB.

  16. 77 FR 68185 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-15

    ... importance and expense of the Exchange's regulatory efforts and competitive pricing pressures and to ensure... Exchange participates in a highly competitive market in which regulatory costs are continually increasing...

  17. THE EFFECTS OF SWIRL GENERATOR HAVING WINGS WITH HOLES ON HEAT TRANSFER AND PRESSURE DROP IN TUBE HEAT EXCHANGER

    Directory of Open Access Journals (Sweden)

    Zeki ARGUNHAN

    2006-02-01

    Full Text Available This paper examines the effect of turbulance creators on heat transfer and pressure drop used in concentric heat exchanger experimentaly. Heat exchanger has an inlet tube with 60 mm in diameter. The angle of swirl generators wings is 55º with each wing which has single, double, three and four holes. Swirl generators is designed to easily set to heat exchanger entrance. Air is passing through inner tube of heat exhanger as hot fluid and water is passing outer of inner tube as cool fluid.

  18. The market platforms and the operating of exchange systems of CO2 quotas

    International Nuclear Information System (INIS)

    Fremont, R.

    2005-06-01

    In the framework of the climatic change, the first carbon transactions appeared in 1999. Still 2005 they operated without an organized market system. The european market changed the situation: the market grow. This document details the six projects of market platform existing in 2005 and wonders on their success conditions. (A.L.B.)

  19. Fatigue and creep to leak tests of proton exchange membranes using pressure-loaded blisters

    Energy Technology Data Exchange (ETDEWEB)

    Li, Yongqiang; Dillard, David A.; Case, Scott W. [Department of Engineering Science and Mechanics, Virginia Polytechnic Institute and State University, Blacksburg, VA 24061-0219 (United States); Ellis, Michael W. [Department of Mechanical Engineering, Virginia Polytechnic Institute and State University, Blacksburg, VA 24061-0238 (United States); Lai, Yeh-Hung; Gittleman, Craig S.; Miller, Daniel P. [Fuel Cell Research Lab, GM R and D, General Motors Corporation, 10 Carriage Street, Honeoye Falls, NY 14472-0603 (United States)

    2009-12-01

    In this study, three commercially available proton exchange membranes (PEMs) are biaxially tested using pressure-loaded blisters to characterize their resistance to gas leakage under either static (creep) or cyclic fatigue loading. The pressurizing medium, air, is directly used for leak detection. These tests are believed to be more relevant to fuel cell applications than quasi-static uniaxial tensile-to-rupture tests because of the use of biaxial cyclic and sustained loading and the use of gas leakage as the failure criterion. They also have advantages over relative humidity cycling test, in which a bare PEM or catalyst coated membrane is clamped with gas diffusion media and flow field plates and subjected to cyclic changes in relative humidity, because of the flexibility in allowing controlled mechanical loading and accelerated testing. Nafion {sup registered} NRE-211 membranes are tested at three different temperatures and the time-temperature superposition principle is used to construct stress-lifetime master curve. Tested at 90 C, 2%RH extruded Ion Power {sup registered} N111-IP membranes have a longer lifetime than Gore trademark -Select {sup registered} 57 and Nafion {sup registered} NRE-211 membranes. (author)

  20. Structural behavior of Tl-exchanged natrolite at high pressure depending on the composition of pressure-transmitting medium

    Science.gov (United States)

    Seryotkin, Yu. V.; Bakakin, V. V.; Likhacheva, A. Yu.; Dementiev, S. N.; Rashchenko, S. V.

    2017-10-01

    The structural evolution of Tl-exchanged natrolite with idealized formula Tl2[Al2Si3O10]·2H2O, compressed in penetrating (water:ethanol 1:1) and non-penetrating (paraffin) media, was studied up to 4 GPa. The presence of Tl+ with non-bonded electron lone pairs, which can be either stereo-chemically active or passive, determines distinctive features of the high-pressure behavior of the Tl-form. The effective volume of assemblages Tl+(O,H2O) n depends on the E-pairs activity: single-sided coordination correlates with smaller volumes. At ambient conditions, there are two types of Tl positions, only one of them having a nearly single-sided coordination as a characteristic of stereo-activity of the Tl+ E pair. Upon the compression in paraffin, a phase transition occurs: a 5% volume contraction of flexible natrolite framework is accompanied by the conversion of all the Tl+ cations into stereo-chemically active state with a single-sided coordination. This effect requires the reconstruction of all the extra-framework subsystems with the inversion of the cation and H2O positions. The compression in water-containing medium leads to the increase of H2O content up to three molecules pfu through the filling of partly vacant positions. This hinders a single-sided coordination of Tl ions and preserves the configuration of their ion-molecular subsystem. It is likely that the extra-framework subsystem is responsible for the super-structure modulation.

  1. Measuring the costs of exchange rate volatility

    OpenAIRE

    Paul R. Bergin

    2004-01-01

    Many countries go to great lengths to manage their exchange rates. Probably the most prominent recent example is the European Monetary Union, where all the members abandoned their national currencies and adopted the euro. A number of developing countries maintain other kinds of regimes of managed exchange rates, even though they face potent market pressures to let their exchange rates float. One of the main motives for these arrangements stems from the extreme volatility of exchange rates. Th...

  2. Regulations for pressurized equipment in the European Single Market - construction of steam boilers, containers and pipelines

    International Nuclear Information System (INIS)

    Grassmuck, J.

    1992-01-01

    The impulses produced by the data of the standardized EC Single Market have now reached pressurized equipment in the field of EC Guidelines and European standardisation. This must be regarded as a great challenge to the interested and concerned parties. All efforts to represent the interested parties in European Committees must be made. In order to reach the goal quickly and successfully, a considerable readiness to compromise is, however, necessary. At the end of the development process, a comprehensible, standardized set of regulations will be available for pressurized equipment throughout Europe. The regulations will consist of national ones converted into European Guidelines and Standards. (orig.) [de

  3. IMPACT OF MARKET-DETERMINED EXCHANGE RATES ON RICE PRODUCTION AND IMPORT IN NIGERIA

    Directory of Open Access Journals (Sweden)

    Aliyu Aishat Ammani

    2013-10-01

    Full Text Available Rice is an economically important food security crop, cultivated in almost all of Nigeria’s 36 States. Nigeria spends more than 356 billion naira (2.24 billion US dollars annually on rice import. This paper set out to analyze the trend in rice production, productivity, import, value of import and consumption that follows the adoption of the Structural Adjustment Programme (SAP in Nigeria, with emphasis on the effects of exchange rate (ER deregulation on domestic rice production and rice imports over the period 1986-2010. Relevant time series data were collected and used. A semi-log growth rate model and 2simple linear regression models were developed and estimated. Highlights of the findings include (i accelerated rate of growth in rice production (Instantaneous Growth Rate (IGR 2.2%; Cumulative Growth Rate (CGR 2.2%; rice hectarage (IGR 3.7%; CGR 3.8%; rice importation (IGR 8.5%; CGR8.9%; expenditure on rice importation (IGR 10.6%; CGR 11.2% and rice consumption (IGR 3.4%; CGR 3.5% alongside a significant deceleration in rice yield (IGR -1.4%; CGR -201.4% (ii The observed significant increase in domestic rice production cannot be confidently attributed to ER deregulation alone because it does not lead to a decrease in rice importation into Nigeria. (iii The significant increase in domestic rice importation as observed contradicts a priori expectation that ER deregulation will lead to significant decrease in rice importation. The study concluded that free market approach alone cannot stimulate local agricultural production in countries where farmers producing under low-technology-agriculture are put in direct competition with farmers from advancedtechnology-agriculture; hence governments need to restrict importation to protect local producers.

  4. The international pressures on the energy market in Iberian America and Brazil

    International Nuclear Information System (INIS)

    Lavos Coimbra, G.

    2006-01-01

    This paper analyses Brazilian nuclear energy history, and addresses recent events, such as the international political pressures, the International Atomic Energy Agency/IAEA position, the new facts about nuclear energy in the world, the international energy market and the Iberian-America, the news about the Brazilian nuclear energy area, the best opportunities of good business in the Brazilian nuclear sector, the Brazilian Government and the Brazilian public position, in relation to International Law. (author)

  5. Probable causes of damage of heat-exchange tubes of low-pressure-exchanges of PND-3 type and repair methods

    Science.gov (United States)

    Trifonov, N. N.; Esin, S. B.; Nikolaenkova, E. K.; Sukhorukov, Yu. G.; Svyatkin, F. A.; Sintsova, T. G.; Modestov, V. S.

    2017-08-01

    The structures of low-pressure heaters (LPH), which are installed at nuclear power plants with the K-1000-60/1500 type turbine plants are considered. It was revealed that only the PND-3 type low-pressure heaters have the damages of the heat exchange tubes. For a short operation life, the number of the damaged heat-exchange tubes of PND-3 is approximately 50 pcs for Kalinin NPP and 100-150 pcs for Balakovo NPP. The low-pressure heaters were manufactured at AO Ural Plant of Chemical Machine-Building "Uralkhimmash," OAO Taganrog Boiler-Making Works "Krasny Kotelshchik," and Vitkovice Machinery Group, but the damage nature of the heat-exchange tubes is identical for all PND-3. The damages occur in the place of passage of the heat exchange tubes through the first, the second, and the third partitions over the lower tube plate (the first path of the turbine condensate). Hydraulic shocks can be one of the possible causes of the damage of the heat-exchange tubes of PND-3. The analysis of the average thermal and dynamic loads of the tube systems of PND-1-PND-4 revealed that PND-3 by the thermal power are loaded 1.4-1.6 times and by the dynamic effects are loaded 1.8-2.0 times more than the remaining LPHs. Another possible cause of damage can be the cascaded drain of the separate into PND-4 and then through the drainage heat exchange into PND-3. An additional factor can be the structure of the condensate drainage unit. The advanced system of the heating steam flow and pumping scheme of the separate drain using the existing drainage pumps of PND-3 for K-1000-60/1500 turbine plants for Balakovo and Kalinin NPPs were proposed. The considered decisions make it possible to reduce the flow rate of the heating steam condensate from PND-3 into PND-4 and the speed of the heating steam in the tube space of PND-3 and eliminate the occurrence of hydraulic shocks and damages of the heat exchanger tubes.

  6. Stock Market Integration in Africa: The Case of the Johannesburg Stock Exchange and Selected African Countries

    OpenAIRE

    Gail Ncube; Kapingura Forget Mingiri

    2015-01-01

    African stock markets are deemed to be small, segmented and illiquid. Given this back ground, the study utilises monthly data for the period 2000-2008, employing the Johansen and Julius cointegration method to determine the long-run relationship between the five selected African stock markets. Granger causality tests were also conducted to establish if there are any causal links between the stock markets in Africa. The analysis in the study indicates that African stock markets are improving i...

  7. The fractal feature and price trend in the gold future market at the Shanghai Futures Exchange (SFE)

    Science.gov (United States)

    Wu, Binghui; Duan, Tingting

    2017-05-01

    The price of gold future is affected by many factors, which include the fluctuation of gold price and the change of trading environment. Fractal analysis can help investors gain better understandings of the price fluctuation and make reasonable investment decisions in the gold future market. After analyzing gold future price from January 2th, 2014 to April 12th, 2016 at the Shanghai Futures Exchange (SFE) in China, the conclusion is drawn that the gold future market has sustainability in each trading day, with all Hurst indexes greater than 0.5. The changing features of Hurst index indicate the sustainability of gold future market is strengthened first and weakened then. As a complicatedly nonlinear system, the gold future market can be well reflected by Elman neural network, which is capable of memorizing previous prices and particularly suited for forecasting time series in comparison with other types of neural networks. After analyzing the price trend in the gold future market, the results show that the relative error between the actual value of gold future and the predictive value of Elman neural network is smaller. This model that has a better performance in data fitting and predication, can help investors analyze and foresee the price tendency in the gold future market.

  8. A study on relationship between the return of value/growth portfolio and market return: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Monireh Mashhadi Ramezanali

    2014-07-01

    Full Text Available This study examines the relationship between the returns of two value and growth portfolios and the return of market on 15 selected firms on Tehran Stock Exchange over the period 2008-2011. The study divides the firms into two groups in terms of the ratios of price on earning as well as price on book value into two groups of value and growth portfolios. Using some regression analysis, the study has determined a positive and meaningful relationship between value portfolio and market return when the market is on the upside but this relationship is not meaningful during the bear session. The results indicate that during the bull sessions, value portfolios provide better investment opportunities than growth ones do.

  9. Are The ASEAN-5 Foreign Exchange Market Efficient? Evidence From Indonesia, Thailand, Malaysia, Singapore, and Philippines: Post-Global Economic Crisis 2008

    Directory of Open Access Journals (Sweden)

    Aditya Andika Putra

    2016-07-01

    Full Text Available Normal 0 false false false IN X-NONE X-NONE This paper examines market efficiency of foreign exchange markets in South East Asia (Indonesia, Thailand, Malaysia, Singapore, and Philippines after the global crisis period 2008. The time span covered by the samples are from 2009 to 2014, with the total number of observations for spot and forward exchange rate data amounting to 1565 data points. This study uses three different approaches to examine efficiency within countries and across countries. The result of this study shows that foreign exchange markets in the ASEAN-5 countries are efficient within countries, but have not been efficient across countries, especially when the country has a bivariate relationship with Thailand's foreign exchange market. The main implication of this study is that investors in the ASEAN-5 market cannot obtain abnormal returns using technical analysis on within countries foreign exchange market. In addition, there is no significant differences for participants in the foreign exchange market whether they are using hedging or not hedging. Normal 0 false false false IN X-NONE X-NONE

  10. On the Effect of Clamping Pressure and Method on the Current Mapping of Proton Exchange Membrane Water Electrolysis

    DEFF Research Database (Denmark)

    Al Shakhshir, Saher; Zhou, Fan; Kær, Søren Knudsen

    The degradation of the electrochemical reaction of the proton exchange membrane water electrolysis (PEMWE) can be characterized using in-situ current mapping measurements (CMM). CMM is significantly affected by the amount of clamping pressure and method. In this work the current is mapped...

  11. Tubular heat exchangers, preferably for hot ashes and the like with two inlet chambers for hot ashes at different pressures

    Energy Technology Data Exchange (ETDEWEB)

    Vasiliev, B P; Borisov, N L; Semenov, M K; Ponomarev, I K; Tyryshkina, B G; Gorbatenko, I V

    1985-10-28

    The stand and the tubes are encased in a structure where the space between the stand and the structure is divided into a collector chamber and a distribution chamber. Ashes of shale are introduced at different pressures into a special inlet where equalizing takes place and the ashes will flow homogeneously through the heat exchanger.

  12. Application of Atmospheric Pressure Photoionization H/D-exchange Mass Spectrometry for Speciation of Sulfur-containing Compounds.

    Science.gov (United States)

    Acter, Thamina; Kim, Donghwi; Ahmed, Arif; Ha, Ji-Hyoung; Kim, Sunghwan

    2017-08-01

    Herein we report the observation of atmospheric pressure in-source hydrogen-deuterium exchange (HDX) of thiol group for the first time. The HDX for thiol group was optimized for positive atmospheric pressure photoionization (APPI) mass spectrometry (MS). The optimized HDX-MS was applied for 31 model compounds (thiols, thiophenes, and sulfides) to demonstrate that exchanged peaks were observed only for thiols. The optimized method has been successfully applied to the isolated fractions of sulfur-rich oil samples. The exchange of one and two thiol hydrogens with deuterium was observed in the thiol fraction; no HDX was observed in the other fractions. Thus, the results presented in this study demonstrate that the HDX-MS method using APPI ionization source can be effective for speciation of sulfur compounds. This method has the potential to be used to access corrosion problems caused by thiol-containing compounds. Graphical Abstract ᅟ.

  13. Measurement procedure for the determination of thermal exchange coefficient for subsea pipelines at elevated pressure levels

    Energy Technology Data Exchange (ETDEWEB)

    Azevedo, Luis Fernando A.; Farias, Paula S.C.; Martins, Fabio J.W.A.; Rabello, Pedro C.; Barros Junior, Julio M. [Pontificia Universidade Catolica (PUC-Rio), RJ (Brazil). Dept. de Engenharia Mecanica; Lopes Junior, Fernando M.; Silva Junior, Jose Fernando; Castro, Adriana M.; Santos, Augusto A.; Pessanha, Maikon C.R. [Technip, Rio de Janeiro, RJ (Brazil)

    2009-12-19

    The present paper describes a methodology successfully employed to determine the Thermal Exchange Coefficient - TEC - for insulated sub sea flexible lines up to a pressure level of 200 bar. In this methodology, controlled internal electrical heating was employed, together with temperature sensors installed at the inner and outer surfaces of the line. The instrumented line sample was placed in a hyperbaric chamber filled with water. Two methods were employed in parallel to determine the line TEC value. In the first method, the TEC value was determined by direct measurement of the radial heat flux by the use of heat flux sensors. The readings of these sensors, together with the inner-to-outer surface temperature difference and geometric parameters, yielded the desired TEC value. In the second method, the radial heat flux was obtained as the difference between the total energy generated by the electrical heater installed in the interior of the sample and the heat losses through the end connectors, evaluated by the readings of temperature sensors installed in covers that surrounded the end connectors. The knowledge of the cover geometry, thermal properties and the temperature readings allowed for an accurate estimate of the heat lost through the covers. Both measuring methods were backed by a detailed uncertainty analysis. A calibration procedure of the second method was performed from zero to 100 bar, the pressure range where the calibration of the heat flux sensor is valid. Beyond 100 bar and up to 200 bar, the TEC values were obtained by the second method, corrected by the calibration procedure extrapolated from the 0-100 bar range. The TEC values obtained were valid under an uncertainty level of {+-} 5%. (author)

  14. RECENT CONTRIBUTIONS OF THE STATISTICAL PHYSICS IN THE RESEARCH OF BANKING, STOCK EXCHANGE AND FOREIGN EXCHANGE MARKETS

    Directory of Open Access Journals (Sweden)

    PIRVU DANIELA

    2016-04-01

    Full Text Available This paper proposes a framework for exploring the main research approaches of the financial markets, conducted in the past years by statistical physics specialists. It, also, presents the global financial developments in the last few years, as well as a review of the most important steps in the development of the physical and mathematical modelling of the socioeconomic phenomena. In this regard, we analysed research findings published in the notable international journals. Our research demonstrated that the econophysical models developed in the past few years for the description of the financial phenomena and processes do not provide satisfactory results for the construction of complete solutions able to answer the nowadays financial challenges. We believe that research instrumentation of statistical physics has developed significantly lately and the research approaches in this field should continue and should be enhanced.

  15. Proving the Relation between Stock and Interbank Markets: The Bahrain Stock Exchange

    OpenAIRE

    Matveev, Aleksandr

    2014-01-01

    The present paper deals with further analysis of the relationship between the interbank loan rateon the one hand and the volume of investment and the amount of stocks tradable on the stock exchange on the other hand, as corroborated by calculations performed on Bahrain Stock Exchange data.

  16. Separation of hafnium from zirconium in sulfuric acid solutions using pressurized ion exchange

    International Nuclear Information System (INIS)

    Hurst, F.J.

    1981-01-01

    High-resolution pressurized ion exchange has been used successfully to study and separate hafnium and zirconium sulfate complexes by chromatographic elution from Dowex 50W-X8 (15 to 25 μm) resin with sulfuric acid solutions. Techniques were developed to continuously monitor the column effluents for zirconium and hafnium by reaction with fluorometric and colorimetric reagents. Since neither reagent was specific for either metal ion, peak patterns were initially identified by using the stable isotopes 90 Zr and 180 Hf as fingerprints of their elution position. Distribution ratios for both zirconium and hafnium decrease as the inverse fourth power of the sulfuric acid concentration below 2N and as the inverse second power at higher acid concentration. The hafnium-to-zirconium separation factor is approximately constant (approx. 8) over the 0.5 to 3N range. Under certain conditions, an unseparated fraction was observed that was not retained by the resin. The amount of this fraction which is thought to be a polymeric hydrolysis product appears to be a function of metal and sulfuric acid concentrations. Conditions are being sought to give the highest zirconium concentration and the lowest acid concentration that can be used as a feed material for commercial scale-up in the continuous annular chromatographic (CAC) unit without formation of the polymer

  17. Effects of Intervention in the Spot Currency Market on the BRL/USD Exchange Rate from 1999 to 2008: an Event Study

    Directory of Open Access Journals (Sweden)

    Roberto Meurer

    2010-07-01

    Full Text Available This study analyses interventions in the Brazilian spot foreign exchange market from 1999 to 2008 and their effects on the R$/US$ exchange rate, using an event study approach. It aims to verify if the foreign exchange interventions have any significant impact on the exchange rate behavior. The period was divided according to a MS-VAR model and analyzed with different criterions. The results indicate that prolonged foreign exchange intervention have a greater effect on the exchange rate behavior, in comparison to short time intervention episodes. The results also point to the existence of quickly dissipating effects on the rate behavior. The creation of a new criterion, based on the analysis of exchange-rate acceleration, shows that the exchange rate is mainly prone to accelerate on leaning with the wind purchase intervention episodes.

  18. Effective transfer entropy approach to information flow between exchange rates and stock markets

    International Nuclear Information System (INIS)

    Sensoy, Ahmet; Sobaci, Cihat; Sensoy, Sadri; Alali, Fatih

    2014-01-01

    We investigate the strength and direction of information flow between exchange rates and stock prices in several emerging countries by the novel concept of effective transfer entropy (an alternative non-linear causality measure) with symbolic encoding methodology. Analysis shows that before the 2008 crisis, only low level interaction exists between these two variables and exchange rates dominate stock prices in general. During crisis, strong bidirectional interaction arises. In the post-crisis period, the strong interaction continues to exist and in general stock prices dominate exchange rates

  19. Foreign Entry Modes Under Institutional Pressures: The Impact of Strategic Resource Seeking and Market Seeking Strategies

    Directory of Open Access Journals (Sweden)

    Manuel Portugal Ferreira

    2008-01-01

    Full Text Available Multinational corporations (MNCs are subject to the various dimensions of the external institutional environments. Institutional theory suggests that MNCs need to conform to the prevailing rules, norms and procedures of the locations where they operate in order to survive and grow. This means that MNCs need to develop the best possible configuration of strategy-structure for their worldwide operations. Previous research has noted that in these conditions firms may simply seek to follow a referent other. However, MNCs’ specific strategy for a focal foreign operation is likely to determine the entry mode for each host country. In certain circumstances it may be whether MNCs are pursuing a market-seeking strategy or a strategic resource seeking strategy that shapes the entry mode in face of the prevailing institutional pressures. We contribute to the understanding of entry modes into foreign markets as a reflection of a strategic choice that is bound by institutional constraints.

  20. Market Exchange Rates Or Purchasing Power Parity. Does The Choice Make A Difference To The Climate Debate?

    International Nuclear Information System (INIS)

    Manne, A.S.; Richels, R.G.; Edmonds, J.A.

    2005-01-01

    Critics of the Intergovernmental Panel on Climate Change's Special Report on Emission Scenarios claim that the use of market exchange rates (MER) rather than purchasing power parity (PPP) to measure gross domestic product (GDP) has led to a significant upward bias in projections of greenhouse gas emissions, and hence unrealistically high future temperature. Rather than revisit the debate on the choice of exchange rates, we address a much simpler question: when it comes to temperature change, how much does it matter if potential GDP is expressed in MER rather than PPP? Employing a computable general equilibrium model designed to examine a variety of issues in the climate debate, we find that there is a difference, but that it is only minor

  1. WEAK EFFICIENCY ON THE STOCK EXCHANGE MARKET: AN EMPIRICAL STUDY ON ISE

    Directory of Open Access Journals (Sweden)

    SİBEL DUMAN ATAN

    2013-06-01

    Full Text Available Markets which returns of share certificate are reflected completely whole information, describe as effective. In a weak-form efficiency market, all past price activity were reflected with current price and it isn’t obtaining an above the normal return to use with past price activity in markets. In this paper, we aim to provide the efficiency level of ISE market using fifteen minutes and session frequency data for the 03 January 2003 – 30 December 2005 period. In order to test the efficiency of ISE we use firstly ADF and KPSS unit root tests and secondly ELW fractionally integrated estimator developed by Shimotsu and Philips (2005. According to application we found that ISE is weakly efficient market.

  2. Leak detection in a high-pressure heat exchanger system in a refinery using radiotracer technique

    International Nuclear Information System (INIS)

    Samantray, J.S.; Sunil Goswami; Sharma, V.K.; Jayashree Biswal; Pant, H.J.

    2014-01-01

    A radiotracer investigation was carried out in a diesel hydrotreater (DHDT) unit in a refinery for leak detection in a breech-lock heat exchanger system. The main objectives of the study were to identify the leaking heat exchanger in a system with six heat exchangers and estimate the leak rate. Bromine-82 as dibromobiphenyl was selected and used as radiotracer for the investigation. The radiotracer was instantaneously injected into the suction end of the feed pump line to the heat exchanger of the DHDT unit. The movement of the tracer was measured at strategically selected locations using NaI(Tl) scintillation detectors. Based upon the results of the radiotracer investigation, it was found that out of six heat exchangers, exchanger E-1F was leaking. (author)

  3. Exchange of Na+ and K+ between water vapor and feldspar phases at high temperature and low vapor pressure

    Science.gov (United States)

    Fournier, R.O.

    1976-01-01

    In order to determine whether gas (steam) containing a small amount of dissolved alkali chloride is effective in promoting base exchange of Na+ and K+ among alkali feldspars and coexisting brine or brine plus solid salt, experiments were carried out at 400-700??C and steam densities ranging down to less than 0.05. For bulk compositions rich in potassium, the low pressure results are close to previous high-pressure results in composition of the fluid and coexisting solid phase. However, when the bulk composition is more sodic, alkali feldspars are relatively richer in potassium at low pressure than at high pressure. This behaviour corresponds to enrichment of potassium in the gas phase relative to coexisting brine and precipitation of solid NaCl when the brine plus gas composition becomes moderately sodic. The gas phase is very effective in promoting base exchange between coexisting alkali feldspars at high temperature and low water pressure. This suggests that those igneous rocks which contain coexisting alkali feldspars out of chemical equilibrium either remained very dry during the high-temperature part of their cooling history or that the pore fluid was a gas containing very little potassium relative to sodium. ?? 1976.

  4. Thermotechnical comparison of possible operation variants for air conditioning system of mine air with high pressure heat exchanger and hydrodistributor

    OpenAIRE

    Korsun, F. O.

    2015-01-01

    Problem. There are vast losses of cold that take place during the transition of cold to deep horizons of shafts by the mine air conditioning system (MASC) with high pressure heat exchanger. Cold is transferred by the recuperative way. Vast losses of cold mean vast losses of electricity to in order to supply it. Any enterprise requires the reduction of electricity consumption. This article gives proposals on how to replace HPHE into hydrodistributor which will considerably reduce cold losses. ...

  5. Characteristics of pressure gradients in downflow condensing of nitrogen in plain, brazed aluminium, plate-fin heat exchanger passages

    International Nuclear Information System (INIS)

    Robertson, J.M.; Blundell, N.; Clarke, R.H.

    1987-01-01

    Measurements of the total two-phase gradients have been made during the downflow condensing of nitrogen in a vertical plain, plate-fin test-section. The results show that pressure recovery occurs only at very low qualities, at low mass flux the falling film is smooth and at high mass flux it is rough. A relationship between the apparent film roughness and the calculated film thickness has been established. The implications for designers of heat exchangers are discussed

  6. Study of the pressure dependence of dielectric properties of ionic crystals with the exchange-charge model

    Energy Technology Data Exchange (ETDEWEB)

    Batana, A; Faour, J

    1987-03-01

    The formalism of the exchange-charge model (ECM) is extended for studying the pressure dependence of the static dielectric constant and the volume dependence of the effective ionic charge for b.c.c. lattices. Calculated values for CsCl, CsBr, CsI, and TlBr together with the simple shell model values and experimental values are listed and discussed.

  7. DESIGN FOCUSED ORIENTATION PROCESSES FOR MANAGING INVESTMENT COMPANIES IN THE FOREIGN EXCHANGE MARKET

    Directory of Open Access Journals (Sweden)

    Анатолий Аркадьевич АНАТОЛЬЕВ

    2015-05-01

    Full Text Available This report examines the investment companies operating in the market Forex. Business process analysis showed the design direction of their activities. Dedicated two groups of projects of investment companies can position them as project-oriented organization.

  8. Patient Protection and Affordable Care Act; exchange and insurance market standards for 2015 and beyond. Final rule.

    Science.gov (United States)

    2014-05-27

    This final rule addresses various requirements applicable to health insurance issuers, Affordable Insurance Exchanges (``Exchanges''), Navigators, non-Navigator assistance personnel, and other entities under the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively referred to as the Affordable Care Act). Specifically, the rule establishes standards related to product discontinuation and renewal, quality reporting, non-discrimination standards, minimum certification standards and responsibilities of qualified health plan (QHP) issuers, the Small Business Health Options Program, and enforcement remedies in Federally-facilitated Exchanges. It also finalizes: A modification of HHS's allocation of reinsurance collections if those collections do not meet our projections; certain changes to allowable administrative expenses in the risk corridors calculation; modifications to the way we calculate the annual limit on cost sharing so that we round this parameter down to the nearest $50 increment; an approach to index the required contribution used to determine eligibility for an exemption from the shared responsibility payment under section 5000A of the Internal Revenue Code; grounds for imposing civil money penalties on persons who provide false or fraudulent information to the Exchange and on persons who improperly use or disclose information; updated standards for the consumer assistance programs; standards related to the opt-out provisions for self-funded, non-Federal governmental plans and related to the individual market provisions under the Health Insurance Portability and Accountability Act of 1996 including excepted benefits; standards regarding how enrollees may request access to non-formulary drugs under exigent circumstances; amendments to Exchange appeals standards and coverage enrollment and termination standards; and time-limited adjustments to the standards relating to the medical loss ratio

  9. The Response of Australian Stock, Foreign Exchange and Bond Markets to Foreign Asset Returns and Volatilities

    OpenAIRE

    Paul D. McNelis

    1993-01-01

    This paper is a data-analytic study of the relationships among international asset price volatilities and the time-varying correlations of asset returns in a small open economy (Australia) with international asset returns. Making use of recent developments in time-series approaches to volatility estimation, impulse response functions, variance decomposition, and Kalman filtering, I show that the Australian stock market volatility is most closely linked with volatility in the UK stock market, ...

  10. Defending against speculative attacks: A hybrid model of exchange market pressure and crises

    NARCIS (Netherlands)

    Daniels, T.R.; Jager, H.; Klaassen, F.

    2008-01-01

    While virtually all currency crisis models recognise that the fate of a currency peg depends on how tenaciously policy makers defend it, they seldom model how this is done. We incorporate themechanics of speculation and the interest rate defence against it in the model of Morris and Shin (American

  11. Spatial Analysis of Market Economy Innovations in the Former Soviet Union: The Case of Commodity Exchanges

    Science.gov (United States)

    1992-10-06

    current cooperative movement in the former Soviet Uni’n can be traced to a law adopted in November, 1986 which permitted family members residing...the labor joined the cooperative movement in 1988. Uzbekistan, the largest of the Central Asian republics, claims only one exchange in Tashkent

  12. 76 FR 49832 - Notice of Market Assessment and Public Meeting for Digital Transportation Exchange

    Science.gov (United States)

    2011-08-11

    ... including angels, venture capitalists and strategic investors to digital transportation business plans for... of the exchange, DTE will utilize strategic partnerships with industry leaders to provide an...) is evaluating the feasibility and value of a new cloud-based platform to connect citizens, businesses...

  13. Heston Model Calibration in the Brazilian Foreign Exchange (FX Options Market

    Directory of Open Access Journals (Sweden)

    Joe Akira Yoshino

    2004-06-01

    Full Text Available Despite the relatively recent advance in the derivative industry, the European FX option market uses simple models such as Black (1976 or Garman and Kohlhagen (1983. This widespread practice hides very important quantitative effects that could be better explored by using alternative pricing models such as the one that incorporates the stochastic volatility features. Understanding and calibrating this type of pricing model represents a challenge in the current state of art in financial engineering, specially in emerging markets that are characterized by strong volatilities, periodic changing regimes and in most case suffering of liquidity, specially during the crisis. In this sense, this paper shows how to implement the Hestons Model for the Brazilian FX option market. This approach uses the volatility matrix provided by a pool of domestic market players. Although the Hestons Model presents a formal analytical solution it does not require simulation-, the closed form solutions show a mathematical complexity. Thus, the main objective of this work is to implement this model in the Brazilian FX market.

  14. Expert Advisor (EA) Evaluation System Using Web-based ELECTRE Method in Foreign Exchange (Forex) Market

    Science.gov (United States)

    Satibi; Widodo, Catur Edi; Farikhin

    2018-02-01

    This research aims to optimize forex trading profit automatically using EA but its still keep considering accuracy and drawdown levels. The evaluation system will classify EA performance based on trading market sessions (Sydney, Tokyo, London and New York) to determine the right EA to be used in certain market sessions. This evaluation system is a web-based ELECTRE methods that interact in real-time with EA through web service and are able to present real-time charts performance dashboard using web socket protocol communications. Web applications are programmed using NodeJs. In the testing period, all EAs had been simulated 24 hours in all market sessions for three months, the best EA is valued by its profit, accuracy and drawdown criteria that calculated using web-based ELECTRE method. The ideas of this research are to compare the best EA on testing period with collaboration performances of each best classified EA by market sessions. This research uses three months historical data of EUR/USD as testing period and other 3 months as validation period. As a result, performance of collaboration four best EA classified by market sessions can increase profits percentage consistently in testing and validation periods and keep securing accuracy and drawdown levels.

  15. Expert Advisor (EA Evaluation System Using Web-based ELECTRE Method in Foreign Exchange (Forex Market

    Directory of Open Access Journals (Sweden)

    Satibi Satibi

    2018-01-01

    Full Text Available This research aims to optimize forex trading profit automatically using EA but its still keep considering accuracy and drawdown levels. The evaluation system will classify EA performance based on trading market sessions (Sydney, Tokyo, London and New York to determine the right EA to be used in certain market sessions. This evaluation system is a web-based ELECTRE methods that interact in real-time with EA through web service and are able to present real-time charts performance dashboard using web socket protocol communications. Web applications are programmed using NodeJs. In the testing period, all EAs had been simulated 24 hours in all market sessions for three months, the best EA is valued by its profit, accuracy and drawdown criteria that calculated using web-based ELECTRE method. The ideas of this research are to compare the best EA on testing period with collaboration performances of each best classified EA by market sessions. This research uses three months historical data of EUR/USD as testing period and other 3 months as validation period. As a result, performance of collaboration four best EA classified by market sessions can increase profits percentage consistently in testing and validation periods and keep securing accuracy and drawdown levels.

  16. Extreme value theory in emerging markets: Evidence from the Montenegrin stock exchange

    Directory of Open Access Journals (Sweden)

    Cerović Julija

    2015-01-01

    Full Text Available The concept of Value at Risk(VaR estimates the maximum loss of a financial position at a given time for a given probability. This paper considers the adequacy of the methods that are the basis of extreme value theory in the Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether the peaks-over-threshold method outperforms the block maxima method in evaluation of Value at Risk in emerging stock markets such as the Montenegrin market. The daily return of the Montenegrin stock market index MONEX20 is analyzed for the period January 2004 - February 2014. Results of the Kupiec test show that the peaks-over-threshold method is significantly better than the block maxima method, but both methods fail to pass the Christoffersen independence test and joint test due to the lack of accuracy in exception clustering when measuring Value at Risk. Although better, the peaks-over-threshold method still cannot be treated as an accurate VaR model for the Montenegrin frontier stock market.

  17. Qualification of Sub-Atmospheric Pressure Sensors for the Cryomagnet Bayonet Heat Exchangers of the Large Hadron Collider

    Science.gov (United States)

    Bager, T.; Casas-Cubillos, J.; Jeanmonod, N.

    2006-04-01

    The superconducting magnets of the Large Hadron Collider (LHC) will be cooled at 1.9 K by distributed cooling loops working with saturated two-phase superfluid helium flowing in 107 m long bayonet heat exchangers located in each magnet cold-mass cell. The temperature of the magnets could be difficult to control because of the large dynamic heat load variations. Therefore, it is foreseen to measure the heat exchangers pressure to feed the regulation loops with the corresponding saturation temperature. The required uncertainty of the sub-atmospheric saturation pressure measurement shall be of the same order of the one associated to the magnet thermometers, in pressure it translates as ±5 Pa at 1.6 kPa. The transducers shall be radiation hard as they will endure, in the worst case, doses up to 10 kGy and 1015 neutronsṡcm-2 over 10 years. The sensors under evaluation were installed underground in the dump section of the SPS accelerator with a radiation environment close to the one expected for the LHC. The monitoring equipment was installed in a remote radiation protected area. This paper presents the results of the radiation qualification campaign with emphasis on the reliability and accuracy of the pressure sensors under the test conditions.

  18. Characterization of foreign exchange market using the threshold-dealer-model

    Science.gov (United States)

    Yamada, Kenta; Takayasu, Hideki; Takayasu, Misako

    2007-08-01

    We introduce a deterministic dealer model which implements most of the empirical laws, such as fat tails in the price change distributions, autocorrelation of price change and non-Poissonian intervals. We also clarify the causality between microscopic dealers’ dynamics and macroscopic market's empirical laws.

  19. Stock Market Optimism and Cointegration among Stocks: The Case of the Prague Stock Exchange

    Czech Academy of Sciences Publication Activity Database

    Baxa, Jaromír

    2007-01-01

    Roč. 15, č. 4 (2007), s. 5-16 ISSN 0572-3043 R&D Projects: GA ČR GD402/03/H057 Institutional research plan: CEZ:AV0Z10750506 Keywords : stock market * optimism * cointegration Subject RIV: AH - Economics

  20. Can the market fix a wrong administrative decision? Massive delisting on the Prague Stock Exchange

    Czech Academy of Sciences Publication Activity Database

    Fungáčová, Zuzana

    -, č. 335 (2007), s. 1-41 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : mass privatization * stock market * delisting Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp335.pdf

  1. Who times the foreign exchange market? Corporate speculation and CEO characteristics

    NARCIS (Netherlands)

    Beber, A.; Fabbri, D.

    2010-01-01

    This paper shows that managers’ personal beliefs and individual characteristics explain a large share of the substantial time-variation of derivatives use beyond firm, industry, and market fundamentals. We construct a panel data set of foreign currency derivatives holdings and currency exposures for

  2. Who times the foreign exchange market? Corporate speculation and CEO characteristics

    NARCIS (Netherlands)

    Beber, A.; Fabbri, D.

    2011-01-01

    This paper shows that managers' personal beliefs and individual characteristics explain a large share of the substantial time-variation of derivatives use beyond firm, industry, and market fundamentals. We construct a panel data set of foreign currency derivatives holdings and currency exposures for

  3. International portfolio flows and exchange rate volatility in emerging Asian markets

    OpenAIRE

    Caporale, Guglielmo Maria; Menla Ali, Faek; Spagnolo, Fabio; Spagnolo, Nicola

    2017-01-01

    This paper investigates the effects of equity and bond portfolio inflows on exchange rate volatility using monthly bilateral data for the US vis-a-vis seven Asian developing and emerging countries (India, Indonesia, Pakistan, the Philippines, South Korea, Taiwan and Thailand) over the period 1993:01-2015:11. GARCH models and Markov switching specifications with time-varying transition probabilities are estimated in addition to a benchmark linear model. The evidence suggests that high (low) ex...

  4. Study of heat transfer and pressure drop characteristics of air heat exchanger using PCM for free cooling applications

    Directory of Open Access Journals (Sweden)

    Kalaiselvam Sivakumar

    2016-01-01

    Full Text Available Free cooling is the process of storing the cool energy available in the night ambient air and using it during the day. The heat exchanger used in this work is a modular type which is similar to the shell and tube heat exchanger. The shell side is filled with Phase Change Materials (PCM and air flow is through the tubes in the module. The modules of the heat exchanger are arranged one over other with air spacers in between each module. The air space provided in between the module in-creases the retention time of the air for better heat transfer. Transient Computational Fluid Dynamics modeling is carried out for single air passage in a modular heat exchanger. It shows that the PCM phase transition time in the module in which different shape of fins is adopted. The module with rectangular fins has 17.2 % reduction in solidification compared with the plain module. Then steady state numerical analysis is accomplished to the whole module having the fin of high heat transfer, so that pressure drop, flow and thermal characteristics across the module and the air spacers are deter-mined for various air inlet velocities of 0.4 to 1.6 m/s. To validate the computational results, experiments are carried out and the agreement was found to be good.

  5. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  6. Dynamical behaviors of inter-out-of-equilibrium state intervals in Korean futures exchange markets

    Science.gov (United States)

    Lim, Gyuchang; Kim, SooYong; Kim, Kyungsik; Lee, Dong-In; Scalas, Enrico

    2008-05-01

    A recently discovered feature of financial markets, the two-phase phenomenon, is utilized to categorize a financial time series into two phases, namely equilibrium and out-of-equilibrium states. For out-of-equilibrium states, we analyze the time intervals at which the state is revisited. The power-law distribution of inter-out-of-equilibrium state intervals is shown and we present an analogy with discrete-time heat bath dynamics, similar to random Ising systems. In the mean-field approximation, this model reduces to a one-dimensional multiplicative process. By varying global and local model parameters, the relevance between volatilities in financial markets and the interaction strengths between agents in the Ising model are investigated and discussed.

  7. Getting What You Pay For: Children's Use of Market Norms to Regulate Exchanges.

    Science.gov (United States)

    Echelbarger, Margaret; Gelman, Susan A; Kalish, Charles W

    2018-05-11

    Children are sensitive to a number of considerations influencing distributions of resources, including equality, equity, and reciprocity. We tested whether children use a specific type of reciprocity norm-market norms-in which resources are distributed differentially based strictly on amount offered in return. In two studies, 195 children 5-10 years and 60 adults distributed stickers to friends offering same or different amounts of money. Overall, participants distributed more equally when offers were the same and more unequally when offers were different. Although sensitive to why friends offered different amounts of money, children increasingly incorporated market norms into their distributions with age, as the oldest children and adults distributed more to those offering more, irrespective of the reasons provided. © 2018 Society for Research in Child Development.

  8. PRICE SUPPORTS AND EXCHANGE RATE ADJUSTMENTS; IMPLICATIONS FOR JAPANESE WHEAT AND BEEF MARKETS, 1960-83

    OpenAIRE

    Inomata, Norio

    1986-01-01

    An agricultural protection policy is very common among industrial countries. However, there are actual pro and con arguments for it because someone must bear its cost. Even in Japan, consumers themselves do not necessarily object to increasing the importation of agricultural products. It may not be easy for today's advanced industrial countries to determine the criteria for opening their agricultural markets completely since to implement this kind of policy adjustment, many difficult politica...

  9. Trading Dynamics in the Foreign Exchange Market: A Latent Factor Panel Intensity Approach

    DEFF Research Database (Denmark)

    Nolte, Ingmar; Voev, Valeri

    2011-01-01

    the influence of unobserved time effects and allows for correlation across individuals. We contribute to the literature on market microstructure and behavioral finance by providing new results on the disposition effect and on the manifestation of risk aversion on the high frequency trading level. These novel...... disposition effect. Moreover, the proposed methodology allows the investigation of the strength of these effects for different groups of investors ranging from small retail investors to professional and institutional investors....

  10. "An Asymptotic Expansion Approach to Currency Options with a Market Model of Interest Rates under Stochastic Volatility Processes of Spot Exchange Rates"

    OpenAIRE

    Akihiko Takahashi; Kohta Takehara

    2007-01-01

    This paper proposes an asymptotic expansion scheme of currency options with a libor market model of interest rates and stochastic volatility models of spot exchange rates. In particular, we derive closed-form approximation formulas for the density functions of the underlying assets and for pricing currency options based on the third order asymptotic expansion scheme; we do not model a foreign exchange rate's variance such as in Heston[1993], but its volatility that follows a general time-inho...

  11. Future sustainability forecasting by exchange markets: basic theory and an application.

    Science.gov (United States)

    Malyshkina, Nataliya; Niemeier, Deb

    2010-12-01

    Setting sustainability targets and evaluating systems progress are of great importance nowadays due to threats to the human society, to economic development and to ecosystems, posed by unsustainable human activities. This research establishes a probabilistic theoretical approach based on market expectations reflected in prices of publicly traded securities to estimate the time horizon until the appearance of new technologies related to replacement of nonrenewable resources, for example, crude oil and oil products. To assess time T when technological innovations are likely to appear, we apply advanced pricing equations, based on a stochastic discount factor to those traded securities whose future cash flows critically depend on appearance of such innovations. In a simple approximation of the proposed approach applied to replacement of crude oil and oil products, we obtain T ≈ (P(0)(oil)/C(0))·ln (Δ·P(0)(oil)/P(0)(alt)), where P(0)(oil) and P(0)(alt) are the current aggregate market capitalizations of oil and alternative-energy companies, C(0) is the annual aggregate dividends that oil companies pay to their shareholders at the present, and Δ is the fraction of the oil (oil products) replaced at time T. This formula gives T ≈ 131 years for replacement of gasoline and diesel. The proposed market-expectations approach may allow policymakers to effectively develop policies and plan for long-term changes.

  12. Separation of macro-quantities of actinide elements at Savannah River by high-pressure cation exchange

    International Nuclear Information System (INIS)

    Burney, G.A.

    1980-01-01

    Large-scale separation of actinides from fission products and from each other by pressurized cation exchange chromatography at Savannah River is reviewed. Several kilograms of 244 Cm have been separated, with each run containing as much as 150 g of 244 Cm. Dowex 50W-X8 (Dow Chemical Co.) cation resin, graded to 30-70 micron size range, is used, and separation is made by eluting with 0.05M diethylenetriamine pentaacetic acid (DTPA) at a pH of 3. The effluent from the column is continuously monitored by a BF 3 detector, a NaI detector, and a lithium-drifted germanium detector and gamma spectrometer to guide collection of product fractions. Operating the columns at 300 to 1000 psi pressure eliminates resin bed disruption caused by radiolytically produced gases, and operating at increased flow rates decreases the radiolytic degradation of the resin per unit of product processed. A portion of the hot canyon of a production radiochemical separation plant was converted from a remote crane-operated facility to a master-slave manipulator-operated facility for separation and purification of actinide elements by pressurized cation exchange. It also contains an evaporator, furnaces, a calorimeter, and several precipitators and associated tanks. Actinide processing from target dissolution to packaging of purified product is planned in this facility

  13. Qualification of Sub-atmospheric Pressure Sensors for the Cryomagnet Bayonet Heat Exchangers of the Large Hadron Collider

    CERN Document Server

    Jeanmonod, N; Casas-Cubillos, J

    2006-01-01

    The superconducting magnets of the Large Hadron Collider (LHC) will be cooled at 1.9 K by distributed cooling loops working with saturated two-phase superfluid helium flowing in 107 m long bayonet heat exchangers [1] located in each magnet cold-mass cell. The temperature of the magnets could be difficult to control because of the large dynamic heat load variations. Therefore, it is foreseen to measure the heat exchangers pressure to feed the regulation loops with the corresponding saturation temperature. The required uncertainty of the sub-atmospheric saturation pressure measurement shall be of the same order of the one associated to the magnet thermometers, in pressure it translates as ±5 Pa at 1.6 kPa. The transducers shall be radiation hard as they will endure, in the worst case, doses up to 10 kGy and 10**15 neutrons·cm**-2 over 10 years. The sensors under evaluation were installed underground in the dump section of the SPS accelerator with a radiation environment close to the one expected for the L...

  14. Supercritical fluid chromatography coupled with in-source atmospheric pressure ionization hydrogen/deuterium exchange mass spectrometry for compound speciation.

    Science.gov (United States)

    Cho, Yunju; Choi, Man-Ho; Kim, Byungjoo; Kim, Sunghwan

    2016-04-29

    An experimental setup for the speciation of compounds by hydrogen/deuterium exchange (HDX) with atmospheric pressure ionization while performing chromatographic separation is presented. The proposed experimental setup combines the high performance supercritical fluid chromatography (SFC) system that can be readily used as an inlet for mass spectrometry (MS) and atmospheric pressure photo ionization (APPI) or atmospheric pressure chemical ionization (APCI) HDX. This combination overcomes the limitation of an approach using conventional liquid chromatography (LC) by minimizing the amount of deuterium solvents used for separation. In the SFC separation, supercritical CO2 was used as a major component of the mobile phase, and methanol was used as a minor co-solvent. By using deuterated methanol (CH3OD), AP HDX was achieved during SFC separation. To prove the concept, thirty one nitrogen- and/or oxygen-containing standard compounds were analyzed by SFC-AP HDX MS. The compounds were successfully speciated from the obtained SFC-MS spectra. The exchange ions were observed with as low as 1% of CH3OD in the mobile phase, and separation could be performed within approximately 20min using approximately 0.24 mL of CH3OD. The results showed that SFC separation and APPI/APCI HDX could be successfully performed using the suggested method. Copyright © 2016 Elsevier B.V. All rights reserved.

  15. Pressure data for various flow channels in proton exchange membrane (PEM) fuel cell

    International Nuclear Information System (INIS)

    Cho, Son Ah; Lee, Pil Hyong; Han, Sang Seok; Hwang, Sang Soon

    2008-01-01

    Micro flow channels in flow plates of fuel cells have become much narrower and longer to improve reactant flow distribution leading to increase of pumping power. Therefore it is very important to minimize the pressure drops in the flow channel because increased pumping power reduces overall efficiency. We investigated pressure drops in a micro flow channel at the anode and cathode compared to pressure losses for cold flow in straight, bended and serpentine channels. The results show that friction factors for cold flow channels could be used for parallel and bended flow channel designs for fuel cells. Pressure drop in the serpentine flow channel is the lowest among all flow channels due to bypass flow across the gas diffusion layer under reactive flow condition, although its pressure drop is highest for a cold flow condition. So the effect of bypass flow for serpentine flow channels should be considered when designing flow channels

  16. Review of low pressure plasma processing of proton exchange membrane fuel cell electrocatalysts

    OpenAIRE

    Brault , Pascal

    2016-01-01

    Review article; International audience; The present review is describing recent advances in plasma deposition and treatment of low temperature proton exchange membrane fuel cells electrocatalysts. Interest of plasma processing for growth of platinum based, non-precious and metal free electrocatalysts is highlighted. Electrocatalysts properties are tentatively correlated to plasma parameters.

  17. Proceedings of the 4th international conference on heat exchangers boilers and pressure vessels

    International Nuclear Information System (INIS)

    1999-01-01

    The conference discusses the following issues: pollution control for thermal units in the Egyptian industry; burnup calculations for ETRR-1 and ETRR-2 reactors; environmental impacts; heat exchangers; determination of economic life of marine power plant; psa study of ETRR-2 gadolinium injection system

  18. Effect of total pressure on sulfur capture of Ca-ion exchanged coal; Kaatsu jokenka ni okeru Ca-tanjitan no datsuryu koka

    Energy Technology Data Exchange (ETDEWEB)

    Lin, S.; Benjamin, G.; Abe, H.; Harano, A.; Takarada, T. [Gunma University, Gunma (Japan). Faculty of Engineering

    1996-10-28

    In relation to coal gasification and combustion under high pressure as highly efficient coal utilization, the effect of total pressure and sintering on the SO2 capture ability of Ca-ion exchanged coal and other desulfurizing agents were studied. In experiment, specimens were filled into a small pressurized reactor to heat them under high-pressure N2 atmosphere. After the completion of combustion reaction of char at 850{degree}C, SO2, CO2 and CO gases were measured at an outlet while flowing SO2/N2. As the experimental result, all of the S content in Ca-ion exchanged coal was not absorbed by Ca content in coal during pyrolysis and combustion, resulting in discharge of 36% of the S content. Since Ca-ion exchanged coal is fast in combustion reaction, most of the S content was desulfurized by coal ash. The ash content yielded from Ca-ion exchanged coal was more excellent in SO2 capture ability than limestone even under higher pressure. In the case of CO2 partial pressure lower than equilibrium CO2 pressure for CaCO3 decomposition, the capture ability decreased with an increase in total pressure, while in higher CO2 partial pressure, it was improved. 1 ref., 7 figs., 2 tabs.

  19. Soccer and stock market risk: empirical evidence from the Istanbul Stock Exchange.

    Science.gov (United States)

    Berument, M Hakan; Ceylan, Nildag Basak

    2013-06-01

    There is an emerging but important literature on the effects of sport events such as soccer on stock market returns. After a soccer team's win, agents discount future events more favorably and increase risk tolerance. Similarly, after a loss, risk tolerance decreases. This paper directly assesses risk tolerance after a sports event by using daily data from the three major soccer teams in Turkey (Beşiktaşç Fenerbahge and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss.

  20. Similarity measure and topology evolution of foreign exchange markets using dynamic time warping method: Evidence from minimal spanning tree

    Science.gov (United States)

    Wang, Gang-Jin; Xie, Chi; Han, Feng; Sun, Bo

    2012-08-01

    In this study, we employ a dynamic time warping method to study the topology of similarity networks among 35 major currencies in international foreign exchange (FX) markets, measured by the minimal spanning tree (MST) approach, which is expected to overcome the synchronous restriction of the Pearson correlation coefficient. In the empirical process, firstly, we subdivide the analysis period from June 2005 to May 2011 into three sub-periods: before, during, and after the US sub-prime crisis. Secondly, we choose NZD (New Zealand dollar) as the numeraire and then, analyze the topology evolution of FX markets in terms of the structure changes of MSTs during the above periods. We also present the hierarchical tree associated with the MST to study the currency clusters in each sub-period. Our results confirm that USD and EUR are the predominant world currencies. But USD gradually loses the most central position while EUR acts as a stable center in the MST passing through the crisis. Furthermore, an interesting finding is that, after the crisis, SGD (Singapore dollar) becomes a new center currency for the network.

  1. Computer-aided thermohydraulic design of TEMA type E shell and tube heat exchangers for use in low pressure, liquid-to-liquid, single phase applications

    Science.gov (United States)

    Kolar, N. J.

    1985-04-01

    Classification, nomenclature, utilization and cost estimating of shell and tube heat exchangers are presented along with an historical overview of various methods currently employed in their design. A procedure for providing preliminary estimates of shell and tube heat exchanger design is developed in detail. The author formulates a computer program which employs this sizing algorithm for low pressure liquid-to-liquid heat exchanger applications. Additionally, problems encountered in the design and manufacture of shell and tube heat exchangers are described along with present methods of solution for each.

  2. A lab-based ambient pressure x-ray photoelectron spectrometer with exchangeable analysis chambers

    Energy Technology Data Exchange (ETDEWEB)

    Newberg, John T., E-mail: jnewberg@udel.edu; Arble, Chris; Goodwin, Chris; Khalifa, Yehia; Broderick, Alicia [Department of Chemistry & Biochemistry, University of Delaware, Newark, Delaware 19716 (United States); Åhlund, John [Scienta AB, Box 15120, 750 15 Uppsala (Sweden)

    2015-08-15

    Ambient pressure X-ray photoelectron spectroscopy (APXPS) is a powerful spectroscopy tool that is inherently surface sensitive, elemental, and chemical specific, with the ability to probe sample surfaces under Torr level pressures. Herein, we describe the design of a new lab-based APXPS system with the ability to swap small volume analysis chambers. Ag 3d(5/2) analyses of a silver foil were carried out at room temperature to determine the optimal sample-to-aperture distance, x-ray photoelectron spectroscopy analysis spot size, relative peak intensities, and peak full width at half maximum of three different electrostatic lens modes: acceleration, transmission, and angular. Ag 3d(5/2) peak areas, differential pumping pressures, and pump performance were assessed under varying N{sub 2}(g) analysis chamber pressures up to 20 Torr. The commissioning of this instrument allows for the investigation of molecular level interfacial processes under ambient vapor conditions in energy and environmental research.

  3. Contagion in the Brazilian interbank currency exchange market: an empirical analysis

    Directory of Open Access Journals (Sweden)

    Maria Tannuri-Pianto

    2006-06-01

    Full Text Available The risk of contagion is the possibility that the failure of a financial institution affected by an exogenous shock generates the failure of other institutions not initially affected by the shock. As pointed out by Upper and Worms (2002 and others, the domino effect in the payment system depends on the precise pattern of interbank linkages. This paper studies the occurrence of financial contagion after the exogenous failure of an institution authorized to operate in the Brazilian interbank currency market. The data contain information about all the actual transactions that occurred in this market from August 1st, 2000 to October 31st, 2002. The adopted methodology shows the occurrence of contagion propagation in several subsequent rounds after the initial failure. We quantify the number of institutions that breakdown and the financial losses of the market. There is a large increase in the number of failed institutions during the period of the presidential elections in 2002.O risco de contágio é a possibilidade de que a falência de uma instituição financeira afetada por algum choque exógeno gere a falência de outras instituições não afetadas pelo choque inicialmente. Como salienta Upper e Worms (2002 e outros, o efeito dominó no sistema de pagamentos depende do padrão das interligações bancárias. Este artigo estuda a ocorrência de contágio financeiro após a falência exógena de uma instituição autorizada a operar no mercado interbancário de câmbio no Brasil. Os dados contêm informações sobre todas as transações efetivamente realizadas no período 01/08/2000 a 31/10/2002. A metodologia adotada mostra a ocorrência da propagação do contágio após várias rodadas subseqüentes à falência inicial. O artigo quantifica o número de instituições que quebrariam e as perdas financeiras do mercado. Existe um aumento substancial no número de falências durante o período pré-eleitoral em 2002.

  4. Experimental results for hydrocarbon refrigerant vaporization in brazed plate heat exchangers at high pressure

    OpenAIRE

    Desideri, Adriano; Rhyl Kaern, Martin; Ommen Schmidt, Torben; Wronski, Jorrit; Quoilin, Sylvain; Lemort, Vincent; Haglind, Fredrik

    2016-01-01

    In recent years the interest in small capacity organic Rankine cycle (ORC) power systems for harvesting low quality waste thermal energy from industrial processes has been steadily growing. Micro ORC systems are normally equipped with brazed plate heat exchangers which allows for efficient heat transfer with a compact design. An accurate prediction of the heat transfer process characterizing these devices is required from the design phase to the development of model- based control strategies....

  5. Heat exchanger

    International Nuclear Information System (INIS)

    Dostatni, A.W.; Dostatni, Michel.

    1976-01-01

    In the main patent, a description was given of a heat exchanger with an exchange surface in preformed sheet metal designed for the high pressure and temperature service particularly encountered in nuclear pressurized water reactors and which is characterised by the fact that it is composed of at least one exchanger bundle sealed in a containment, the said bundle or bundles being composed of numerous juxtaposed individual compartments whose exchange faces are built of preformed sheet metal. The present addendun certificate concerns shapes of bundles and their positioning methods in the exchanger containment enabling its compactness to be increased [fr

  6. Beta Stability Over Bull and Bear Market on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dębski Wiesław

    2016-12-01

    Full Text Available Beta parameter is one of the commonly used measures of the investment risk of individual stock or portfolio. It plays a crucial role in modern portfolio theory particularly in management of financial investment portfolios. In the field of beta parameter, numerous studies have been conducted, especially beta properties stability in the context of the stock market cycle phases, measuring frequency of rate of return, and the length of a sample period. There are much fewer studies concerned beta parameter in the countries of Central and Eastern Europe which have undergone systemic transformation at the end of the previous century. From a scientific point of view, it is interesting to know how the beta parameter behaves in these countries.

  7. Changes in the dow effects in the romanian foreign exchange market

    Directory of Open Access Journals (Sweden)

    Razvan Stefanescu

    2010-05-01

    Full Text Available This paper explores the changes in the daily seasonality of the Romanian foreign market from January 2005 to February 2010. Our investigation employs data from the prices in the Romanian national currency, of the two main currencies used in the financial transactions: euro and US dollar. For the euro we find evidence of a Monday effect between January 2005 and June 2007, no DOW effect between July 2007 and September 2008, a Tuesday effect between October 2008 and April 2009 and a Thursday effect between May 2009 and February 2010. For the US dollar we identify only a Tuesday effect between October 2008 and April 2009. We relate these changes with the consequences of the Romania’s adhesion to the European Union and with the effects of the global crisis.

  8. Impact of unexpected events, shocking news, and rumors on foreign exchange market dynamics

    Science.gov (United States)

    McDonald, Mark; Suleman, Omer; Williams, Stacy; Howison, Sam; Johnson, Neil F.

    2008-04-01

    The dynamical response of a population of interconnected objects, when exposed to external perturbations, is of great interest to physicists working on complex systems. Here we focus on human systems, by analyzing the dynamical response of the world’s financial community to various types of unexpected events—including the 9/11 terrorist attacks as they unfolded on a minute-by-minute basis. For the unfolding events of 9/11, our results show that there was a gradual collective understanding of what was happening, rather than an immediate realization. More generally, we find that for news items which are not simple economic statements—and hence whose implications for the market are not immediately obvious—there are periods of collective discovery during which opinions seem to vary in a remarkably synchronized way.

  9. A novel thermally driven rotor-vane/pressure-exchange ejector refrigeration system with environmental benefits and energy efficiency

    International Nuclear Information System (INIS)

    Hong, W.J.; Alhussan, Khaled; Zhang Hongfang; Garris, Charles A.

    2004-01-01

    The latest results of an ongoing coordinated experimental and computational program on the design and performance of a novel supersonic rotor-vane/pressure-exchange ejector for thermally driven ejector refrigeration systems are presented. For the supersonic rotor-vane/pressure-exchange ejector, careful management of the entropy rise through the oblique shocks and boundary layers is required for obtaining an advance in ejector performance. Since the invention of this new ejector is quite recent, understanding its aerodynamics, with the consequent optimization of performance, is in the formative stage. This paper shows how the supersonic aerodynamics is managed to provide the desirable flow induction characteristics through computational study and, in parallel, experimental results including flow visualization showing actual behavior with different-shaped rotor vanes. The importance of the existence of the tail part with a long expansion ramp, the sharp leading edge such as knife-edge, the proper height of leading edges, for the overall shape of rotor vane, were observed. Also the larger spin-angle rotor vane produces better flow induction and mixing between primary flow and secondary flow

  10. Investigation of hydrogen isotope exchange reaction rate in mixed gas (H2 and D2) at pressure up to 200 MPa using Raman spectroscopy

    International Nuclear Information System (INIS)

    Tikhonov, V.V.; Yukhimchuk, A.A.; Musyayev, R.K.; Gurkin, A.I.

    2015-01-01

    Raman spectroscopy is a relevant method for obtaining objective data on isotopic exchange rate in a gaseous mix of hydrogen isotopes, since it allows one to determine a gaseous mix composition in real time without sampling. We have developed a high-pressure fiber-optic probe to be used for obtaining protium Raman spectra under pressures up to 400 MPa and we have recorded spectral line broadening induced by molecule collisions starting from ∼ 40 MPa. Using this fiber-optic probe we have performed experiments to study isotopic exchange kinetics in a gaseous mix of hydrogen isotopes (protium-deuterium) at pressures up to 200 MPa. Preliminary results show that the dependence of the average isotopic exchange rate related to pressure take unexpected values at the very beginning of the time evolution. More work is required to understand this inconsistency

  11. Investigation of hydrogen isotope exchange reaction rate in mixed gas (H{sub 2} and D{sub 2}) at pressure up to 200 MPa using Raman spectroscopy

    Energy Technology Data Exchange (ETDEWEB)

    Tikhonov, V.V.; Yukhimchuk, A.A.; Musyayev, R.K.; Gurkin, A.I. [Russian Federal Nuclear Center, All-Russian Research Institute of Experimental Physics, Sarov (Russian Federation)

    2015-03-15

    Raman spectroscopy is a relevant method for obtaining objective data on isotopic exchange rate in a gaseous mix of hydrogen isotopes, since it allows one to determine a gaseous mix composition in real time without sampling. We have developed a high-pressure fiber-optic probe to be used for obtaining protium Raman spectra under pressures up to 400 MPa and we have recorded spectral line broadening induced by molecule collisions starting from ∼ 40 MPa. Using this fiber-optic probe we have performed experiments to study isotopic exchange kinetics in a gaseous mix of hydrogen isotopes (protium-deuterium) at pressures up to 200 MPa. Preliminary results show that the dependence of the average isotopic exchange rate related to pressure take unexpected values at the very beginning of the time evolution. More work is required to understand this inconsistency.

  12. Cyclooxygenase-2-dependent prostacyclin formation and blood pressure homeostasis: targeted exchange of cyclooxygenase isoforms in mice

    DEFF Research Database (Denmark)

    Yu, Ying; Stubbe, Jane; Ibrahim, Salam

    2010-01-01

    pressure. OBJECTIVE: To elucidate the role of COX-2 in blood pressure homeostasis using COX-1>COX-2 mice, in which the COX-1 expression is controlled by COX-2 regulatory elements. METHODS AND RESULTS: COX-1>COX-2 mice developed systolic hypertension relative to wild types (WTs) on a high-salt diet (HSD...... and again the increase in formation of PGI(2) observed in WTs was suppressed in cells derived from both mutants. Intramedullary infusion of the PGI(2) receptor agonist increased urine volume and sodium excretion in mice. CONCLUSIONS: These studies suggest that dysregulated expression of the COX-2 dependent...

  13. Epidemic model for information diffusion in web forums: experiments in marketing exchange and political dialog.

    Science.gov (United States)

    Woo, Jiyoung; Chen, Hsinchun

    2016-01-01

    As social media has become more prevalent, its influence on business, politics, and society has become significant. Due to easy access and interaction between large numbers of users, information diffuses in an epidemic style on the web. Understanding the mechanisms of information diffusion through these new publication methods is important for political and marketing purposes. Among social media, web forums, where people in online communities disseminate and receive information, provide a good environment for examining information diffusion. In this paper, we model topic diffusion in web forums using the epidemiology model, the susceptible-infected-recovered (SIR) model, frequently used in previous research to analyze both disease outbreaks and knowledge diffusion. The model was evaluated on a large longitudinal dataset from the web forum of a major retail company and from a general political discussion forum. The fitting results showed that the SIR model is a plausible model to describe the diffusion process of a topic. This research shows that epidemic models can expand their application areas to topic discussion on the web, particularly social media such as web forums.

  14. Investigation of market efficiency and Financial Stability between S&P 500 and London Stock Exchange: Monthly and yearly Forecasting of Time Series Stock Returns using ARMA model

    Science.gov (United States)

    Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh

    2016-08-01

    We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. ​A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.

  15. Toward a formalization of a two traders market with information exchange

    International Nuclear Information System (INIS)

    Bagarello, F; Haven, E

    2015-01-01

    This paper shows that Hamiltonians and operators can also be put to good use even in contexts which are not purely physics based. Consider the world of finance. The work presented here models a two traders system with information exchange with the help of four fundamental operators: cash and share operators, a portfolio operator, and an operator reflecting the loss of information. An information Hamiltonian is considered and an additional Hamiltonian is presented which reflects the dynamics of selling/buying shares between traders. An important result of the paper is that when the information Hamiltonian is zero, portfolio operators commute with the Hamiltonian and this suggests that the dynamics are really due to the information. Under the assumption that the interaction and information terms in the Hamiltonian have similar strength, a perturbation scheme is considered on the interaction parameter. Contrary to intuition, the paper shows that up to a second order in the interaction parameter, a key factor in the computation of the portfolios of traders will be the initial values of the loss of information (rather than the initial conditions on the cash and shares). Finally, the paper shows that a natural outcome from the inequality of the variation of the portfolio of trader one versus the variation of the portfolio of trader two, begs for the introduction of ‘good’ and ‘bad’ information. It is shown that ‘good’ information is related to the reservoirs (where an infinite set of bosonic operators are used) which model rumors/news and external facts, whilst ‘bad’ information is associated with a set of two modes bosonic operators. (paper)

  16. Marketing.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

    There is not enough marketing of dentistry; but there certainly is too much selling of poor quality service that is being passed off as dentistry. The marketing concept makes the patient and the patients' needs the ultimate criteria of marketing efforts. Myths and good practices for effective marketing that will promote oral health are described under the traditional four "Ps" categories of "product" (best dental care), "place" (availability), "promotion" (advertising and other forms of making patients aware of available services and how to use them), and "price" (the total cost to patients of receiving care).

  17. The effect of stock market pressure on the tradeoff between corporate and shareholders’ tax benefits

    Directory of Open Access Journals (Sweden)

    Ming-Chin Chen

    2015-06-01

    Full Text Available The Taiwanese government offers firms that invest in qualified projects in emerging high-tech industries two mutually exclusive tax incentives—a corporate 5-year tax exemption or shareholder investment tax credits. This study examines whether corporate managers take shareholder tax benefits into account in their corporate tax planning. The results show that privately held firms are more likely than listed firms to choose shareholder investment tax credits and forego corporate tax benefits. Listed firms with relatively high earnings response coefficients tend to choose a corporate 5-year tax exemption, as it can enhance reported after-tax earnings. Further, in the 5-year period following their choice of a particular tax incentive, firms choosing a corporate 5-year tax exemption exhibit significantly lower earnings persistence than those choosing shareholder investment tax credits. Taken together, these results suggest that stock market pressure has a significant effect on firms’ choices between corporate and shareholder tax benefits, and that the choice of tax incentives has an effect on future earnings quality.

  18. Numerical study on turbulent heat transfer and pressure drop of nanofluid in coiled tube-in-tube heat exchangers

    International Nuclear Information System (INIS)

    Aly, Wael I.A.

    2014-01-01

    Highlights: • The performance of helically coiled tube heat exchanger using nanofluid is modeled. • The 3D turbulent flow and conjugate heat transfer of CTITHE are solved using FVM. • The effects of nanoparticle concentration and curvature ratio are investigated. • The Gnielinski correlation for Nu for turbulent flow in helical tubes can be used for water-based Al 2 O 3 nanofluid. - Abstract: A computational fluid dynamics (CFD) study has been carried out to study the heat transfer and pressure drop characteristics of water-based Al 2 O 3 nanofluid flowing inside coiled tube-in-tube heat exchangers. The 3D realizable k–ε turbulent model with enhanced wall treatment was used. Temperature dependent thermophysical properties of nanofluid and water were used and heat exchangers were analyzed considering conjugate heat transfer from hot fluid in the inner-coiled tube to cold fluid in the annulus region. The overall performance of the tested heat exchangers was assessed based on the thermo-hydrodynamic performance index. Design parameters were in the range of; nanoparticles volume concentrations 0.5%, 1.0% and 2.0%, coil diameters 0.18, 0.24 and 0.30 m, inner tube and annulus sides flow rates from 2 to 5 LPM and 10 to 25 LPM, respectively. Nanofluid flows inside inner tube side or annular side. The results obtained showed a different behavior depending on the parameter selected for the comparison with the base fluid. Moreover, when compared at the same Re or Dn, the heat transfer coefficient increases by increasing the coil diameter and nanoparticles volume concentration. Also, the friction factor increases with the increase in curvature ratio and pressure drop penalty is negligible with increasing the nanoparticles volume concentration. Conventional correlations for predicting average heat transfer and friction factor in turbulent flow regime such as Gnielinski correlation and Mishra and Gupta correlation, respectively, for helical tubes are also valid for

  19. Free Parties and Teknivals: Gift-Exchange and Participation on the Margins of the Market and the State

    Directory of Open Access Journals (Sweden)

    Anne Petiau

    2015-06-01

    festive practices at the margins of the market and the state. In France, these events—especially so-called free parties—are often associated with free-access events or inversely with settings for parallel economies. And yet, these parties operate under a logic of gift-exchange, playing on its symbolic dimensions. The free party is experienced as a collective production, in the sense that the organizers of these sound systems expect an investment, an active participation from the audience, and also in that the participants, faced with the party-as-gift made by these collectives, are drawn into an obligation to contribute to the event in their own way. This participation can take the financial form of a donation, but can also be made by helping to set up or clean the event location, enlivening the festive space through spectacular street-theater, and also simply by dancing. This organization through gift-exchange is thus directly connected to the kind of participatory experience sought by the audience. The party-as-gift also prompts other collectives to offer their own festive gifts in turn; this entails a degree of emulation between sound systems. They acquire prestige and renown within this social world according to their capacity to provide both music and parties as gifts. A reading in terms of the gift makes it possible to capture how the pleasures of giving and spontaneity can coexist with economic interests and prestige. 

  20. Next Generation Microchannel Heat Exchangers

    CERN Document Server

    Ohadi, Michael; Dessiatoun, Serguei; Cetegen, Edvin

    2013-01-01

    In Next Generation Microchannel Heat Exchangers, the authors’ focus on the new generation highly efficient heat exchangers and presentation of novel data and technical expertise not available in the open literature.  Next generation micro channels offer record high heat transfer coefficients with pressure drops much less than conventional micro channel heat exchangers. These inherent features promise fast penetration into many mew markets, including high heat flux cooling of electronics, waste heat recovery and energy efficiency enhancement applications, alternative energy systems, as well as applications in mass exchangers and chemical reactor systems. The combination of up to the minute research findings and technical know-how make this book very timely as the search for high performance heat and mass exchangers that can cut costs in materials consumption intensifies.

  1. Investigating the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farzinfar

    2013-01-01

    Full Text Available This research investigates the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market. In this study, all required data are collected from aware shareholders and provide a sampling of 130 questionnaires, the data collected over the period 2010-2011 using test methods such as computer software, data analysis and statistical methods to answer research questions. According to research result through questionnaires and tests, there is a significant relationship between stock returns and the auditor's opinion, in fact, for aware shareholders of the company the auditor’s opinion has a special message. This message is based on the results of study hypothesis in comparison with previous research with regard to changes in the questionnaire and provides assumptions that are more detailed. The first finding is that unqualified audit report has a positive impact on stock returns of companies with a medium to low degree. Adverse audit report has a negative impact on stock returns of companies with medium to high degree. Disclaimer of audit report has a negative impact on stock returns of companies with medium to high degree. Finally, qualifying paragraphs, which modified the items of income statement items have more impact in comparison with qualifying paragraphs which modified the Balance Sheet items.

  2. Pressure-assisted cold denaturation of hen egg white lysozyme: the influence of co-solvents probed by hydrogen exchange nuclear magnetic resonance.

    Science.gov (United States)

    Vogtt, K; Winter, R

    2005-08-01

    COSY proton nuclear magnetic resonance was used to measure the exchange rates of amide protons of hen egg white lysozyme (HEWL) in the pressure-assisted cold-denatured state and in the heat-denatured state. After dissolving lysozyme in deuterium oxide buffer, labile protons exchange for deuterons in such a way that exposed protons are substituted rapidly, whereas "protected" protons within structured parts of the protein are substituted slowly. The exchange rates k obs were determined for HEWL under heat treatment (80 degrees C) and under high pressure conditions at low temperature (3.75 kbar, -13 degrees C). Moreover, the influence of co-solvents (sorbitol, urea) on the exchange rate was examined under pressure-assisted cold denaturation conditions, and the corresponding protection factors, P, were determined. The exchange kinetics upon heat treatment was found to be a two-step process with initial slow exchange followed by a fast one, showing residual protection in the slow-exchange state and P-factors in the random-coil-like range for the final temperature-denatured state. Addition of sorbitol (500 mM) led to an increase of P-factors for the pressure-assisted cold denatured state, but not for the heat-denatured state. The presence of 2 M urea resulted in a drastic decrease of the P-factors of the pressure-assisted cold denatured state. For both types of co-solvents, the effect they exert appears to be cooperative, i.e., no particular regions within the protein can be identified with significantly diverse changes of P-factors.

  3. Pressure-assisted cold denaturation of hen egg white lysozyme: the influence of co-solvents probed by hydrogen exchange nuclear magnetic resonance

    Directory of Open Access Journals (Sweden)

    K. Vogtt

    2005-08-01

    Full Text Available COSY proton nuclear magnetic resonance was used to measure the exchange rates of amide protons of hen egg white lysozyme (HEWL in the pressure-assisted cold-denatured state and in the heat-denatured state. After dissolving lysozyme in deuterium oxide buffer, labile protons exchange for deuterons in such a way that exposed protons are substituted rapidly, whereas "protected" protons within structured parts of the protein are substituted slowly. The exchange rates k obs were determined for HEWL under heat treatment (80ºC and under high pressure conditions at low temperature (3.75 kbar, -13ºC. Moreover, the influence of co-solvents (sorbitol, urea on the exchange rate was examined under pressure-assisted cold denaturation conditions, and the corresponding protection factors, P, were determined. The exchange kinetics upon heat treatment was found to be a two-step process with initial slow exchange followed by a fast one, showing residual protection in the slow-exchange state and P-factors in the random-coil-like range for the final temperature-denatured state. Addition of sorbitol (500 mM led to an increase of P-factors for the pressure-assisted cold denatured state, but not for the heat-denatured state. The presence of 2 M urea resulted in a drastic decrease of the P-factors of the pressure-assisted cold denatured state. For both types of co-solvents, the effect they exert appears to be cooperative, i.e., no particular regions within the protein can be identified with significantly diverse changes of P-factors.

  4. Heat transfer and pressure drop of supercritical carbon dioxide flowing in several printed circuit heat exchanger channel patterns

    International Nuclear Information System (INIS)

    Carlson, M.; Kruizenga, A.; Anderson, M.; Corradini, M.

    2012-01-01

    Closed-loop Brayton cycles using supercritical carbon dioxide (SCO 2 ) show potential for use in high-temperature power generation applications including High Temperature Gas Reactors (HTGR) and Sodium-Cooled Fast Reactors (SFR). Compared to Rankine cycles SCO 2 Brayton cycles offer similar or improved efficiency and the potential for decreased capital costs due to a reduction in equipment size and complexity. Compact printed-circuit heat exchangers (PCHE) are being considered as part of several SCO 2 Brayton designs to further reduce equipment size with increased energy density. Several designs plan to use a gas cooler operating near the pseudo-critical point of carbon dioxide to benefit from large variations in thermophysical properties, but further work is needed to validate correlations for heat transfer and pressure-drop characteristics of SCO 2 flows in candidate PCHE channel designs for a variety of operating conditions. This paper presents work on experimental measurements of the heat transfer and pressure drop behavior of miniature channels using carbon dioxide at supercritical pressure. Results from several plate geometries tested in horizontal cooling-mode flow are presented, including a straight semi-circular channel, zigzag channel with a bend angle of 80 degrees, and a channel with a staggered array of extruded airfoil pillars modeled after a NACA 0020 airfoil with an 8.1 mm chord length facing into the flow. Heat transfer coefficients and bulk temperatures are calculated from measured local wall temperatures and local heat fluxes. The experimental results are compared to several methods for estimating the friction factor and Nusselt number of cooling-mode flows at supercritical pressures in millimeter-scale channels. (authors)

  5. Photosynthesis Decrease and Stomatal Control of Gas Exchange in Abies alba Mill. in Response to Vapor Pressure Difference.

    Science.gov (United States)

    Guehl, J M; Aussenac, G

    1987-02-01

    The responses of steady state CO(2) assimilation rate (A), transpiration rate (E), and stomatal conductance (g(s)) to changes in leaf-to-air vapor pressure difference (DeltaW) were examined on different dates in shoots from Abies alba trees growing outside. In Ecouves, a provenance representative of wet oceanic conditions in Northern France, both A and g(s) decreased when DeltaW was increased from 4.6 to 14.5 Pa KPa(-1). In Nebias, which represented the dry end of the natural range of A. alba in southern France, A and g(s) decreased only after reaching peak levels at 9.0 and 7.0 Pa KPa(-1), respectively. The representation of the data in assimilation rate (A) versus intercellular CO(2) partial pressure (C(i)) graphs allowed us to determine how stomata and mesophyll photosynthesis interacted when DeltaW was increased. Changes in A were primarily due to alterations in mesophyll photosynthesis. At high DeltaW, and especially in Ecouves when soil water deficit prevailed, A declined, while C(i) remained approximately constant, which may be interpreted as an adjustment of g(s) to changes in mesophyll photosynthesis. Such a stomatal control of gas exchange appeared as an alternative to the classical feedforward interpretation of E versus DeltaW responses with a peak rate of E. The gas exchange response to DeltaW was also characterized by considerable deviations from the optimization theory of IR Cowan and GD Farquhar (1977 Symp Soc Exp Biol 31: 471-505).

  6. Heat exchanging tube behaviour in steam generators of pressurized water reactors

    International Nuclear Information System (INIS)

    Pastor, D.; Oertel, K.

    1979-01-01

    Based on a comprehensive failure statistics, materials corrosion chemistry and thermohydraulics problems of the tubings of steam generators are considered. A historical review of failures in the tubings of steam generators in pressurized water reactors reflects the often successless measures by designers, manufacturers and operating organizations for preventing failures, especially with regard to materials selection and water regime. It is stated that laboratory tests could not give sufficient information about safe and stable operation of nuclear steam generators unless real constructive, hydrodynamic, thermodynamical and chemical conditions of operation had been taken into account. (author)

  7. Pressure drop, steam content and turbulent cross exchange in water/steam flows

    International Nuclear Information System (INIS)

    Teichel, H.

    1978-01-01

    For describing the behaviour of two-phase flows of water and steam with the help of calculating patterns, a number of empirical correlations are required. - In this article, correlations for the friction pressure drop in water/steam flows are compared, as well as for the steam mass and the volumetric steam content with each other and with the test results on simple geometries. As the mutual effect between cooling chanels plays an important part at the longitudinal flow through bar bundles, the appertaining equations are evaluated, in addition. (orig.) 891 HP [de

  8. Classical technical analysis of Latin American market indices. Correlations in Latin American Currencies (ARS, CLP, MXP) exchange rates with respect to DEM, GBP, JPY and USD

    Science.gov (United States)

    Ausloos, M.; Ivanova, K.

    2004-06-01

    The classical technical analysis methods of financial time series based on the moving average and momentum is recalled. Illustrations use the IBM share price and Latin American (Argentinian MerVal, Brazilian Bovespa and Mexican IPC) market indices. We have also searched for scaling ranges and exponents in exchange rates between Latin American currencies ($ARS$, $CLP$, $MXP$) and other major currencies $DEM$, $GBP$, $JPY$, $USD$, and $SDR$s. We have sorted out correlations and anticorrelations of such exchange rates with respect to $DEM$, $GBP$, $JPY$ and $USD$. They indicate a very complex or speculative behavior.

  9. Numerical analysis on the condensation heat transfer and pressure drop characteristics of the horizontal tubes of modular shell and tube-bundle heat exchanger

    International Nuclear Information System (INIS)

    Ko, Seung Hwan; Park, Hyung Gyu; Kim, Charn Jung; Park, Byung Kyu

    2001-01-01

    A numerical analysis of the heat and mass transfer and pressure drop characteristics in modular shell and tube bundle heat exchanger was carried out. Finite concept method based on FVM and κ-ε turbulent model were used for this analysis. Condensation heat transfer enhanced total heat transfer rate 4∼8% higher than that of dry heat exchanger. With increasing humid air inlet velocity, temperature and relative humidity, and with decreasing heat exchanger aspect ratio and cooling water velocity, total heat and mass transfer rate could be increased. Cooling water inlet velocity had little effect on total heat transfer

  10. Heat transfer and pressure drop of a gasket-sealed plate heat exchanger depending on operating conditions across hot and cold sides

    Energy Technology Data Exchange (ETDEWEB)

    Ahn, Joon [Kookmin University, Seoul (Korea, Republic of); Kim, Hyouck Ju [Korea Institute of Energy Research, Daejeon (Korea, Republic of)

    2016-05-15

    In a gas engine based cogeneration system, heat may be recovered from two parts: Jacket water and exhaust gas. The heat from the jacket water is often recovered using a plate-type heat exchanger, and is used for room heating and/or hot water supply applications. Depending on the operating conditions of an engine and heat recovery system, there may be an imbalance in the flow rate and supply pressure between the engine side and the heat-recovery side of the heat exchanger. This imbalance causes deformation of the plate, which affects heat transfer and pressure drop characteristics. In the present study, the heat transfer and pressure drop inside a heat exchanger were investigated under varying hot-side and cold-side operating conditions. Thermal efficiency of the plate heat exchanger decreases up to 30% with an operating engine load of 50%. A correction factor for the pressure drop correlation is proposed to account for the deformation caused by an imbalance between the two sides of a heat exchanger.

  11. A new method to calculate pressure drop and shell-side heat transfer coefficient in a shell-and-tube heat exchanger

    International Nuclear Information System (INIS)

    Baptista Filho, B.D.; Konuk, A.A.

    1981-01-01

    A new method to calculate pressure drop (Δp) and shell-side heat transfer coefficient (h sub(c)) in a shell-and-tube heat exchanger with segmental baffles is presented. The method is based on the solution of the equations of conservation of mass and momentum between two baffles. The calculated distributions of pressure and velocities given respectively, Δp and h sub(c). The values of Δp and h sub(c) are correlated for a given geometry whit the shell side fluid properties and flow rate. The calculated and experimental results agree very well for a U-Tube heat exchanger. (Author) [pt

  12. Retrofit of heat exchanger networks considering pressure drop and existing structure: a new targeting procedure

    International Nuclear Information System (INIS)

    PanjehShahi, M.H.; Nouzari, M.M.

    2002-01-01

    A new retrofit targeting procedure, based on pinch technology has been developed. The procedure considers existing structure and hydrodynamic system of a given network as two main constraint during targeting. The procedure uses a linear programming model to consider existing structure. The model finds a network structure that has maximum compatibility with existing structure. Furthermore, the procedure using the pressure drop equations, can consider decreasing the film coefficients of streams due to increasing network area. Good compatibility between old and new networks and non replacement of hydrodynamic equipment cause to the best use of capital in retrofit projects. The procedure has been checked by doing two case studies, in which the results compared to the established methods, and realized significant improvement

  13. The relationship between size, book-to-market equity ratio, earnings–price ratio, and return for the Tehran stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Ali Sadeghi Lafmejani

    2016-01-01

    Full Text Available This paper presents an empirical investigation to determine whether or there is any difference between the returns of two value and growth portfolios, sorted by price-to-earnings (P/E and price-to-book value (P/BV, in terms of the ratios of market sensitivity to index (β, firm size and market liquidity in listed firms in Tehran Stock Exchange (TSE over the period 2001-2008. The selected firms were collected from those with existing two-consecutive positive P/E and P/BV ratios and by excluding financial and holding firms. There were five independent variables for the proposed study of this paper including P/E, P/B, market size, market sensitivity beta (β and market liquidity. In each year, we first sort firms in non-decreasing order and setup four set of portfolios with equal firms. Therefore, the first portfolio with the lowest P/E ratio is called value portfolio and the last one with the highest P/E ratio is called growth portfolio. This process was repeated based on P/BV ratio to determine value and growth portfolios, accordingly. The study investigated the characteristics of two portfolios based on firm size, β and liquidity. The study has implemented t-student and Levin’s test to examine different hypotheses and the results have indicated mix effects of market sensitivity, firm size and market liquidity on returns of the firms in various periods.

  14. The sexual erotic market as an analytical framework for understanding erotic-affective exchanges in interracial sexually intimate and affective relationships.

    Science.gov (United States)

    Vigoya, Mara Viveros

    2015-01-01

    This paper examines the way in which erotic-affective exchanges in interracial relationships have been analysed in Latin America. It considers how race, gender and class operate within a market of values such that erotic, affective and economic status are shaped by racial, gender and class hierarchies. In this paper I analyse historical and social arrangements that embody the region's political economy of race and sex. Such a perspective allows me to address the simultaneous co-existence of socio-racial exclusion and inclusion and the repressive and productive effects of power, attraction and anxiety as aspects of lived experiences in relation to sexuality. From there, I outline an analytical framework that references an erotic or pleasure-based market in which capital and other resources are exchanged from a structural perspective stressing relationship alliances. I conclude by identifying the scope and limits of such an approach.

  15. World Copper Market Outlook: 2003-2014

    OpenAIRE

    Florela Stoian

    2015-01-01

    This paper presents synthetically the copper market outlook (demand, supply, and prices) during 2003-2014, highlighting the impact of economic crisis of 2008-2009 on the world copper market. During the crisis, the decline in demand caused increases in excess supply of metal, as the supply has followed an upward trend, contributing to the imbalances of the copper market and putting pressure on stock prices at LME London Metal Exchange.

  16. Optimization of UA of heat exchangers and BOG compressor exit pressure of LNG boil-off gas reliquefaction system using exergy analysis

    Science.gov (United States)

    Kochunni, Sarun Kumar; Ghosh, Parthasarathi; Chowdhury, Kanchan

    2015-12-01

    Boil-off gas (BOG) generation and its handling are important issues in Liquefied natural gas (LNG) value chain because of economic, environment and safety reasons. Several variants of reliquefaction systems of BOG have been proposed by researchers. Thermodynamic analyses help to configure them and size their components for improving performance. In this paper, exergy analysis of reliquefaction system based on nitrogen-driven reverse Brayton cycle is carried out through simulation using Aspen Hysys 8.6®, a process simulator and the effects of heat exchanger size with and without related pressure drop and BOG compressor exit pressure are evaluated. Nondimensionalization of parameters with respect to the BOG load allows one to scale up or down the design. The process heat exchanger (PHX) requires much higher surface area than that of BOG condenser and it helps to reduce the quantity of methane vented out to atmosphere. As pressure drop destroys exergy, optimum UA of PHX decreases for highest system performance if pressure drop is taken into account. Again, for fixed sizes of heat exchangers, as there is a range of discharge pressures of BOG compressor at which the loss of methane in vent minimizes, the designer should consider choosing the pressure at lower value.

  17. Effects of pressure, temperature and atomic exchanges on phase separation dynamics in Au/Ni(111) surface alloy: Kinetic Monte Carlo study

    Energy Technology Data Exchange (ETDEWEB)

    Zvejnieks, G. [Institute for Solid State Physics, University of Latvia, Kengaraga 8, LV-1063 Riga (Latvia); Ibenskas, A., E-mail: ibenskas@pfi.lt [Center for Physical Sciences and Technology, Semiconductor Physics Institute, Gostauto 11, LT-01108 Vilnius (Lithuania); Tornau, E.E. [Center for Physical Sciences and Technology, Semiconductor Physics Institute, Gostauto 11, LT-01108 Vilnius (Lithuania)

    2015-11-15

    Instability of the Au/Ni(111) surface alloy is studied in different CO gas pressure, p, and temperature limits using kinetic Monte Carlo simulations. We analyze the reaction front dynamics and formation of Au clusters using the model which takes into account surface adatom pair and three-body interactions, CO adsorption and desorption, catalytic carbonyl formation reaction, Au and Ni adatom diffusion and their concerted exchange. Variation of interaction parameters allows us to identify three possible reaction front propagation limits with different pressure dependencies: (i) slow channel-like flow in agreement with experimental data [1] (step flow rate, R, increases with p), (ii) intermediate regime (weak p–dependence), and (iii) fast homogeneous flow (R decreases with p). We find that only Au–Ni exchange, contrary to both Ni–CO and Au–CO exchanges, significantly reduces the number of screened Ni atoms inside the Au clusters and stimulates the occurrence of Ni-free Au clusters. The size of Au islands depends on both pressure and temperature. At a fixed temperature it decreases with pressure due to an increased step flow rate. In the high temperature limit, despite the step flow rate exponential increase with temperature, the cluster size increases due to an enhanced Au mobility. - Highlights: • Kinetic Monte Carlo study of Au–Ni surface alloy instability to CO pressure and temperature. • Three reaction front propagation regimes. • In channel-like regime, the step flow rate increases with CO pressure as in experiment. • Ni-free Au islands are obtained when Au-Ni adatom exchange mechanism is considered. • The size of Au islands decreases with pressure and increases with temperature.

  18. Effects of pressure, temperature and atomic exchanges on phase separation dynamics in Au/Ni(111) surface alloy: Kinetic Monte Carlo study

    International Nuclear Information System (INIS)

    Zvejnieks, G.; Ibenskas, A.; Tornau, E.E.

    2015-01-01

    Instability of the Au/Ni(111) surface alloy is studied in different CO gas pressure, p, and temperature limits using kinetic Monte Carlo simulations. We analyze the reaction front dynamics and formation of Au clusters using the model which takes into account surface adatom pair and three-body interactions, CO adsorption and desorption, catalytic carbonyl formation reaction, Au and Ni adatom diffusion and their concerted exchange. Variation of interaction parameters allows us to identify three possible reaction front propagation limits with different pressure dependencies: (i) slow channel-like flow in agreement with experimental data [1] (step flow rate, R, increases with p), (ii) intermediate regime (weak p–dependence), and (iii) fast homogeneous flow (R decreases with p). We find that only Au–Ni exchange, contrary to both Ni–CO and Au–CO exchanges, significantly reduces the number of screened Ni atoms inside the Au clusters and stimulates the occurrence of Ni-free Au clusters. The size of Au islands depends on both pressure and temperature. At a fixed temperature it decreases with pressure due to an increased step flow rate. In the high temperature limit, despite the step flow rate exponential increase with temperature, the cluster size increases due to an enhanced Au mobility. - Highlights: • Kinetic Monte Carlo study of Au–Ni surface alloy instability to CO pressure and temperature. • Three reaction front propagation regimes. • In channel-like regime, the step flow rate increases with CO pressure as in experiment. • Ni-free Au islands are obtained when Au-Ni adatom exchange mechanism is considered. • The size of Au islands decreases with pressure and increases with temperature

  19. Active latent heat storage with a screw heat exchanger - experimental results for heat transfer and concept for high pressure steam

    Science.gov (United States)

    Zipf, Verena; Willert, Daniel; Neuhäuser, Anton

    2016-05-01

    An innovative active latent heat storage concept was invented and developed at Fraunhofer ISE. It uses a screw heat exchanger (SHE) for the phase change during the transport of a phase change material (PCM) from a cold to a hot tank or vice versa. This separates heat transfer and storage tank in comparison to existing concepts. A test rig has been built in order to investigate the heat transfer coefficients of the SHE during melting and crystallization of the PCM. The knowledge of these characteristics is crucial in order to assess the performance of the latent heat storage in a thermal system. The test rig contains a double shafted SHE, which is heated or cooled with thermal oil. The overall heat transfer coefficient U and the convective heat transfer coefficient on the PCM side hPCM both for charging and discharging have been calculated based on the measured data. For charging, the overall heat transfer coefficient in the tested SHE was Uch = 308 W/m2K and for discharging Udis = 210 W/m2K. Based on the values for hPCM the overall heat transfer coefficients for a larger SHE with steam as heat transfer fluid and an optimized geometry were calculated with Uch = 320 W/m2K for charging and Udis = 243 W/m2K for discharging. For pressures as high as p = 100 bar, an SHE concept has been developed, which uses an organic fluid inside the flight of the SHE as working media. With this concept, the SHE can also be deployed for very high pressure, e.g. as storage in solar thermal power plants.

  20. Behavior of neutral solutes in pressurized flow driven electrochromatography using a mixed stationary phase of ODS and anion-exchange.

    Science.gov (United States)

    Kitagawa, Shinya; Tsuda, Takao

    2003-05-02

    The behavior of neutral sample solutes in pressurized flow driven electrochromatography using a mixed stationary phase, which consisted of ODS and anion-exchange (ODS-SAX), was studied. Applications of both positive and negative voltage on a column induced increases in retention factors of sample solutes. The direction of an electroosmotic flow under applications of positive and negative voltage were the same, therefore, the sign of the surface charge density under positive and negative voltage was opposite. We proposed a new equation for the relationship between applied voltage and surface charge density, and the practical electroosmotic flow conformed to this equation. Studying the electroosmotic flow using our proposed equation revealed that the applied negative voltage accelerates the protonation of the quaternary ammonium group and dissociation of the silanol group on packing materials. The retention behavior of a neutral solute was affected by the existence of the charged functional groups. We propose that this phenomenon is applicable to the control of the retention behavior of a sample solute using an electric field.

  1. A technique to simulate a tube break in a high-pressure gas/cooling water heat exchanger - HTR2008-58161

    International Nuclear Information System (INIS)

    Antwerpen, H. J. V.; Mulder, E. J.

    2008-01-01

    The gas cycles of most High Temperature Gas-Cooled Reactors (HTR's) reject heat to water at some stage. In the helium/water heat exchangers of HTR's with direct Brayton cycles, the helium is usually at a much higher pressure than the water. If the pressure boundary between the helium and the water fails inside the heat exchanger. the effect on the rest of the water system has to be established in order to do a proper system design. This can be done most efficiently by using a system simulation code, however, very few system simulation codes has the capability to do gas/liquid interface tracking as required for this problem. This study describes a calculation method with which a gas/liquid heat exchanger tube rupture can be calculated in a simulation code without interface tracking. The course of events after tube rupture is described and appropriate calculation models derived. A mathematical model for a pressure relief valve (PRV) was also created. The calculation models were implemented in the system simulation software Flownex and used to study a tube rupture on a 5000 kPa helium/water heat exchanger. The assembled calculation network solved stable and within reasonable time. The simulation provided insight into the course of events following the tube break. It was shown that the acceleration of water out of the helium cooler, by choked-flow helium, caused the main pressure pulses during the event. The maximum pressure in the water loop occurs on the opposite side of the helium cooler due to constructive interference of the initial pressure wave with itself. It was also shown that by changing only pipe lengths, the system could become prone to severe oscillations after a tube rupture event. (authors)

  2. Investigation of the pressure drop inside a rectangular channel with a built-in U-shaped tube bundle heat exchanger

    Directory of Open Access Journals (Sweden)

    Xi-yue Liu

    2017-01-01

    Full Text Available A simplified approach which utilizes an isotropic porous medium model has been widely adopted for modeling the flow through a compact heat exchanger. With respect to situations where the compact heat exchangers are partially installed inside a channel, such as the application of recuperators in an intercooled recuperative engine, the use of an isotropic porous medium model needs to be carefully assessed because the flow passing through the heat exchanger is very complicated. For this purpose, in this study the isotropic porous medium model is assessed together with specific pressure–velocity relationships for flow field modeling inside a rectangular channel with a built-in double-U-shaped tube bundle heat exchanger. Firstly, experiments were conducted using models to investigate the relationship between the pressure drop and the inlet velocity for a specific heat exchanger with different installation angles inside a rectangular channel. Secondly, a series of numerical computations were carried out using the isotropic porous medium model and the pressure–velocity relationship was then modified by introducing correction coefficients empirically. Finally, a three-dimensional (3-D direct computation was made using a computational fluid dynamics (CFD method for the comparison of detailed flow fields. The results suggest that the isotropic porous medium model is capable of making precise pressure drop predictions given the reasonable pressure–velocity relationship but is unable to precisely simulate the detailed flow features.

  3. PRESSURE OF AGEING ON REGIONAL DEVELOPMENT. CHALLENGES AND LIMITS FOR THE LABOUR MARKET

    Directory of Open Access Journals (Sweden)

    Silvia\tPISICĂ

    2015-12-01

    Full Text Available sing official statistics, the paper aims to contribute to regional perspective of labour market challenges and limits and the increasing number of elderly people participating in economic activity. Regional level is considered for analysing the social productivity of labour in terms of GDP and employment. The employment is analysed from the perspective of share and structure of elderly people on the labour market. In this respect, activity rates, ageing index and economic dependency ratio are reviewed. In order to shape the determinants of employment of elderly people, poverty measures at NUTS 2 level are figured out.

  4. An Empirical study of the Co-integration of the Indian stock market with select Stock Exchanges

    Directory of Open Access Journals (Sweden)

    Smita RAMAKRISHNA

    2017-07-01

    Full Text Available Fluctuations in the stock market can have an intense economic impact on the economy. This paper studies the inter-linkages between select stock markets. Daily closing levels of the benchmark indices are taken for a period of 15 years. The stationarity of the series has checked by applying line charts and unit-root test. Granger’s causality model and Vector Auto Regression (VAR model are performed to identify the integration among the markets chosen for study. The series was found to be stationary. Granger’s causality indicated that there is a causation effect by some of the markets uni-directionally. The results of Granger Causality test indicate a unidirectional causality from the Indian Market to Canada and China. In the reverse direction, Korea causes movements in the Indian markets

  5. Pump out the volume--The effect of tracheal and subelytral pressure pulses on convective gas exchange in a dung beetle, Circellium bacchus (Fabricus).

    Science.gov (United States)

    Duncan, Frances D; Förster, Thomas D; Hetz, Stefan K

    2010-05-01

    Many flightless beetles like the large apterous dung beetle Circellium bacchus, possess a subelytral cavity (SEC) providing an extra air space below the elytra which connects to the tracheal system (TS) via metathoracic and abdominal spiracles. By measuring subelytral and intratracheal pressure as well as body movements and gas exchange simultaneously in a flow-through setup, we investigated the contribution of convection on Circellium respiratory gas exchange. No constriction phase was observed. TS and SEC pressures were always around atmospheric values. During interburst phase open abdominal spiracles and a leaky SEC led to small CO(2)-peaks on a continuous CO(2) baseline, driven by intermittent positive tracheal pressure peaks in anti-phase with small negative subelytral pressure peaks caused by dorso-ventral tergite action. Spiracle opening was accompanied by two types of body movements. Higher frequency telescoping body movements at the beginning of opening resulted in high amplitude SEC and TS pressure peaks. High frequency tergite movements caused subelytral pressure peaks and led to a saw tooth like CO(2) release pattern in a burst. We propose that during the burst open mesothoracic spiracles increase the compliance of the subelytral cavity allowing big volumes of tracheal air being pulled out by convection. Copyright 2009 Elsevier Ltd. All rights reserved.

  6. Sexual Markets or Black Markets?

    DEFF Research Database (Denmark)

    Groes-Green, Christian

    2014-01-01

    sex with sugar-daddies, called sponsors or patrons, who provide for them in exchange for sex while male peers often become street vendors, street artists or petty criminals engaged in the so-called ‘black’ markets of theft, sale of counterfeits, and circulation of stolen goods, alcohol and drugs. As I...... show, these gendered markets are highly entangled and interdependent, and as I argue, male and female markets use many of the same technologies, sources and circuits of exchange...

  7. Scoring on the stock exchange? The effect of football matches on stock market returns : an event study

    NARCIS (Netherlands)

    Scholtens, B.; Peenstra, W.

    2009-01-01

    We analyse the effect of results of football matches on the stock market performance of football teams. We analyse 1274 matches of eight teams in the national and European competition during 2000-2004. We find that the stock market response is significant and positive for victories and negative for

  8. The marketing-finance interface towards financial services with special reference to the new services provided by futures exchanges

    NARCIS (Netherlands)

    Pennings, J.M.E.; Wetzels, M.G.M.; Meulenberg, M.T.G.

    1999-01-01

    The financial services industry is one of the fastest growing service industries. The financial services industry includes financial derivatives markets such as options and futures markets. In order to ensure survival, firms providing financial services show a rapid product innovation. However, for

  9. The Marketing-Finance Interface Towards Financial Services: with Special Reference to New Services Provided by Futures Exchanges

    NARCIS (Netherlands)

    Pennings, J.M.E.; Wetzels, M.G.M.; Meulenberg, M.T.G.

    1999-01-01

    The financial services industry is one of the fastest growing service industries. The financial services industry includes financial derivatives markets such as options and futures markets. In order to ensure survival, firms providing financial services show a rapid product innovation. However, for

  10. Local Irrigation Management Institutions Mediate Changes Driven by External Policy and Market Pressures in Nepal and Thailand

    Science.gov (United States)

    Bastakoti, Ram C.; Shivakoti, Ganesh P.; Lebel, Louis

    2010-09-01

    This article assesses the role of local institutions in managing irrigation water use. Fifty irrigation systems in each country were studied in Nepal and Thailand to compare the influence of local institutions on performance of irrigation systems amid changes in external policy and market pressures. Nepal’s new irrigation policy after the re-instatement of multiparty democracy in 1990 emphasized participatory irrigation management transferring the management responsibility from state authorities to water users. The water user associations of traditional farmer-managed irrigation systems were formally recognized by requiring registration with related state authorities. In Thailand also government policies encouraged people’s participation in irrigation management. Today water users are directly involved in management of even some large irrigation systems at the level of tertiary canals. Traditional communal irrigation systems in northern Thailand received support for system infrastructure improvement but have faced increased interference from government. In Thailand market development supported diversification in farming practices resulting in increased areas under high water-demanding commercial crops in the dry season. In contrast, the command areas of most irrigation systems in Nepal include cereal-based subsistence farming with only one-third having commercial farming. Cropping intensities are higher in Nepal than in Thailand reflecting, in part, differences in availability of land and management. In both countries local institutions play an important role in maintaining the performance of irrigation systems as external drivers and local contexts change. Local institutions have provided alternative options for irrigation water use by mediating external pressures.

  11. Steady Increase In Prices For Oral Anticancer Drugs After Market Launch Suggests A Lack Of Competitive Pressure.

    Science.gov (United States)

    Bennette, Caroline S; Richards, Catherine; Sullivan, Sean D; Ramsey, Scott D

    2016-05-01

    The cost of treating cancer has risen to unprecedented heights, putting tremendous financial pressure on patients, payers, and society. Previous studies have documented the rising prices of cancer drugs at launch, but less critical attention has been paid to the cost of these drugs after launch. We used pharmacy claims for commercially insured individuals to examine trends in postlaunch prices over time for orally administered anticancer drugs recently approved by the Food and Drug Administration (FDA). In the period 2007-13, inflation-adjusted per patient monthly drug prices increased 5 percent each year. Certain market changes also played a role, with prices rising an additional 10 percent with each supplemental indication approved by the FDA and declining 2 percent with the FDA's approval of a competitor drug. Our findings suggest that there is currently little competitive pressure in the oral anticancer drug market. Policy makers who wish to reduce the costs of anticancer drugs should consider implementing policies that affect prices not only at launch but also later. Project HOPE—The People-to-People Health Foundation, Inc.

  12. Fragility of ferromagnetic double exchange interactions and pressure tuning of magnetism in 3 d -5 d double perovskite Sr2FeOsO6

    Science.gov (United States)

    Veiga, L. S. I.; Fabbris, G.; van Veenendaal, M.; Souza-Neto, N. M.; Feng, H. L.; Yamaura, K.; Haskel, D.

    2015-06-01

    The ability to tune exchange (magnetic) interactions between 3 d transition metals in perovskite structures has proven to be a powerful route to discovery of novel properties. Here we demonstrate that the introduction of 3 d -5 d exchange pathways in double perovskites enables additional tunability, a result of the large spatial extent of 5 d wave functions. Using x-ray probes of magnetism and structure at high pressure, we show that compression of Sr2FeOsO6 drives an unexpected continuous change in the sign of Fe-Os exchange interactions and a transition from antiferromagnetic to ferrimagnetic order. We analyze the relevant electron-electron interactions, shedding light into fundamental differences with the more thoroughly studied 3 d -3 d systems.

  13. Computational investigation of heat transfer and pressure drop in a typical louver fin-and-tube heat exchanger for various louver angles and fin pitches

    Directory of Open Access Journals (Sweden)

    Okbaz Abdulkerim

    2017-01-01

    Full Text Available In this study 3-D numerical simulations on heat transfer and pressure drop characteristics for a typical louver fin-and- double-row tube heat exchanger were carried out. The heat transfer improvement and the corresponding pressure drop amounts were investigated depending on louver angles, fin pitch and Reynolds number, and reported in terms of Colburn j-factor and Fanning friction factor f. The heat transfer improvement and the corresponding pressure drop amounts were investigated depending on louver angles between 20° ≤Ө≤ 30°, louver pitch of Lp=3.8 mm and frontal velocities of U between 1.22 m/s - 3 m/s. In addition, flow visualization of detailed flow features results, such as velocity vectors, streamlines and temperature counters have been shown to understand heat transfer enhancement mechanism. The present results indicated that louver angle and fin pitch noticeably affected the thermal and hydraulic performance of heat exchanger. It has been seen that increasing louver angle, increases thermal performance while decreasing hydraulic performance associated to pressure drop for fin pitches of 3.2 mm and 2.5 mm. Fin pitch determines the flow behaviour that for fin pitch of 2 mm, increasing louver angle decreased heat transfer and pressure drop. Velocity vectors and streamlines give considerable information about the flow whether it is duct directed or louver directed. For all conditions the flow is louver directed.

  14. A numerical investigation of γ-Al2O3-water nanofluids heat transfer and pressure drop in a shell and tube heat exchanger

    Directory of Open Access Journals (Sweden)

    P. Shahmohammadi

    2016-01-01

    Full Text Available The effect of γ-Al2O3 nanoparticles on heat transfer rate, baffle spacing and pressure drop in the shell side of small shell and tube heat exchangers was investigated numerically under turbulent regime. γ-Al2O3-water nanofluids and pure water were used in the shell side and the tube side of heat exchangers, respectively. Since the properties of γ-Al2O3-water nanofluids were variable, they were defined using the user define function. The results revealed that heat transfer and pressure drop were increased with mass flow rate as well as baffle numbers. Adding nanoparticles to the based fluid did not have a significant effect on pressure drop in the shell side. The best heat transfer performance of heat exchangers was for γ-Al2O3-water 1 vol.% and higher nanoparticles concentration was not suitable. The suitable baffle spacing was 43.4% of the shell diameter, showing a good agreement with Bell-Delaware method.

  15. Exchange Options

    NARCIS (Netherlands)

    Jamshidian, F.

    2007-01-01

    The contract is described and market examples given. Essential theoretical developments are introduced and cited chronologically. The principles and techniques of hedging and unique pricing are illustrated for the two simplest nontrivial examples: the classical Black-Scholes/Merton/Margrabe exchange

  16. SPORT MARKETING

    OpenAIRE

    Omer Špirtović; Danilo Aćimović; Ahmet Međedović; Zoran Bogdanović

    2010-01-01

    Word „marketing“ comes from AngloSaxon linguistic domain and implies in a narrow sense the market. Under marketing, we consider certain process, which should create and solve relations of exchange between manufacturers on one side, and consumers on the other. Discussion about sport marketing implies its theoretical definition and generalization, and then its actual definition in sport environment. Sport marketing belongs to business function of sport organization and represents primaly an eco...

  17. Open Cloud eXchange (OCX): A Pivot for Intercloud Services Federation in Multi-provider Cloud Market Environment

    NARCIS (Netherlands)

    Demchenko, Y.; Dumitru, C.; Koining, R.; de Laat, C.; Matselyukh, T.; Filiposka, S.; de Vos, M.; Arbel, D.; Regvart, D.; Karaliotas, T.; Baumann, K.

    2015-01-01

    This paper presents results of the ongoing development of the Open Cloud eXchange (OCX) that has been proposed in the framework of the GN3plus project. Its aim is to provide cloud aware network infrastructure to power and support modern data intensive research at European universities and research

  18. Investor Reaction to Market Surprises on the Istanbul Stock Exchange Investor Reaction to Market Surprises on the Istanbul Stock Exchange = İstanbul Menkul Kıymetler Borsasında Piyasa Sürprizlerine Yatırımcı Tepkisi

    Directory of Open Access Journals (Sweden)

    Yaman Ömer ERZURUMLU

    2011-08-01

    Full Text Available This paper examines the reaction of investors to the arrival of unexpected information on the Istanbul Stock Exchange. The empirical results suggest that the investor reaction following unexpected news on the ISE100 is consistent with Overreaction Hypothesis especially after unfavorable market surprises. Interestingly such pattern does not exist for ISE30 index which includes more liquid and informationally efficient securities. A possible implication of this study for investors is that employing a semi contrarian investment strategy of buying losers in ISE100 may generate superior returns. Moreover, results are supportive of the last regulation change of Capital Market Board of Turkey which mandates more disclosure regarding the trading of less liquid stocks with lower market capitalization.

  19. Marketing and Market Research for Adult and Continuing Education.

    Science.gov (United States)

    Buckmaster, Annette

    Marketing is an essential part of conducting a continuing education program, but marketing consists of more than just promotion. According to Kotler, exchange is the central concept underlying marketing. Marketing involves understanding, planning, implementing, and controlling this exchange. The exchange situation contains all the elements of the…

  20. Heat exchanger

    International Nuclear Information System (INIS)

    Leigh, D.G.

    1976-01-01

    The arrangement described relates particularly to heat exchangers for use in fast reactor power plants, in which heat is extracted from the reactor core by primary liquid metal coolant and is then transferred to secondary liquid metal coolant by means of intermediate heat exchangers. One of the main requirements of such a system, if used in a pool type fast reactor, is that the pressure drop on the primary coolant side must be kept to a minimum consistent with the maintenance of a limited dynamic head in the pool vessel. The intermediate heat exchanger must also be compact enough to be accommodated in the reactor vessel, and the heat exchanger tubes must be available for inspection and the detection and plugging of leaks. If, however, the heat exchanger is located outside the reactor vessel, as in the case of a loop system reactor, a higher pressure drop on the primary coolant side is acceptable, and space restriction is less severe. An object of the arrangement described is to provide a method of heat exchange and a heat exchanger to meet these problems. A further object is to provide a method that ensures that excessive temperature variations are not imposed on welded tube joints by sudden changes in the primary coolant flow path. Full constructional details are given. (U.K.)

  1. The Evolution of the Exchange of Information in Direct Tax Matters: The Taxpayer’s Rights under Pressure

    OpenAIRE

    DIEPVENS, Niels; Debelva, Filip

    2015-01-01

    EU Member States are confronted with a plethora of rules regarding the international exchange of information, mostly due to the adoption of automatic exchange of information as the new standard. The authors provide an overview of the recent developments and examine the recent instruments issued by the EU, OECD and the US. Afterwards, the application and interaction between these instruments is discussed. The authors conclude by stating that the above-mentioned developments have resulted in an...

  2. Bottom-up design of a gas futures market in East Asia: Lessons from the Dojima rice exchange

    OpenAIRE

    Shi, Xunpeng; Li, Yanfei; Reshetova, Elena

    2017-01-01

    The natural gas market in East Asia remains fragmented without a functioning benchmark price to duly reflect the dynamics of demand and supply forces in the region. A functional regional gas futures market, which is highly dependent on the presence of well-developed physical spot trading, is yet to be established. Since the intra-regional pipeline connection is largely non-existent in East Asia, it is the LNG spot cargo trading that is likely to become the basis for the regional gas futures m...

  3. Open-lung protective ventilation with pressure control ventilation, high-frequency oscillation, and intratracheal pulmonary ventilation results in similar gas exchange, hemodynamics, and lung mechanics.

    Science.gov (United States)

    Sedeek, Khaled A; Takeuchi, Muneyuki; Suchodolski, Klaudiusz; Vargas, Sara O; Shimaoka, Motomu; Schnitzer, Jay J; Kacmarek, Robert M

    2003-11-01

    Pressure control ventilation (PCV), high-frequency oscillation (HFO), and intratracheal pulmonary ventilation (ITPV) may all be used to provide lung protective ventilation in acute respiratory distress syndrome, but the specific approach that is optimal remains controversial. Saline lavage was used to produce acute respiratory distress syndrome in 21 sheep randomly assigned to receive PCV, HFO, or ITPV as follows: positive end-expiratory pressure (PCV and ITPV) and mean airway pressure (HFO) were set in a pressure-decreasing manner after lung recruitment that achieved a ratio of Pao2/Fio2 > 400 mmHg. Respiratory rates were 30 breaths/min, 120 breaths/min, and 8 Hz, respectively, for PCV, ITPV, and HFO. Eucapnia was targeted with peak carinal pressure of no more than 35 cm H2O. Animals were then ventilated for 4 h. There were no differences among groups in gas exchange, lung mechanics, or hemodynamics. Tidal volume (PCV, 8.9 +/- 2.1 ml/kg; ITPV, 2.7 +/- 0.8 ml/kg; HFO, approximately 2.0 ml/kg) and peak carinal pressure (PCV, 30.6 +/- 2.6 cm H2O; ITPV, 22.3 +/- 4.8 cm H2O; HFO, approximately 24.3 cm H2O) were higher in PCV. Pilot histologic data showed greater interstitial hemorrhage and alveolar septal expansion in PCV than in HFO or ITPV. These data indicate that HFO, ITPV, and PCV when applied with an open-lung protective ventilatory strategy results in the same gas exchange, lung mechanics, and hemodynamic response, but pilot data indicate that lung injury may be greater with PCV.

  4. Effect of Disproportional Voting Rights on Firm’s Market Performance: Evidence from Chinese Firms Cross-Listed on U.S. Exchanges

    Directory of Open Access Journals (Sweden)

    Abdullah

    2017-09-01

    Full Text Available Dual-class firms face great criticism as it is believed that firms choose this structure to expropriate minority shareholders’ wealth. We compare market performance of Chinese dual-class firms with their single-class counterparts by constructing a list of Chinese firms cross-listed on U.S. exchanges. We find, contrary to the literature, that Chinese dual-class firms are outperforming in terms of market performance measured by Tobin’s Q, P/E ratio, and abnormal return in both subsequent years after the initial public offering (IPO. The reason for contrary results is that Chinese dual-class firms bond themselves to high U.S. standards from low local Chinese standards, and it is evident from the literature that when a firm bonds itself to high standards it shows a credible commitment towards minority shareholders’ rights, as well as focus on upright performance rather than investing in value-destroying projects and competes to survive in the market that imposes the high standards.

  5. Heat transfer and pressure drop characteristics of a plate heat exchanger using water based Al2O3 nanofluid for 30° and 60° chevron angles

    Science.gov (United States)

    Elias, M. M.; Saidur, R.; Ben-Mansour, R.; Hepbasli, A.; Rahim, N. A.; Jesbains, K.

    2018-04-01

    Nanofluid is a new class of engineering fluid that has good heat transfer characteristics which is essential to increase the heat transfer performance in various engineering applications such as heat exchangers and cooling of electronics. In this study, experiments were conducted to compare the heat transfer performance and pressure drop characteristics in a plate heat exchanger (PHE) for 30° and 60° chevron angles using water based Al2O3 nanofluid at the concentrations from 0 to 0.5 vol.% for different Reynolds numbers. The thermo-physical properties has been determined and presented in this paper. At 0.5 vol% concentration, the maximum heat transfer coefficient, the overall heat transfer coefficient and the heat transfer rate for 60° chevron angle have attained a higher percentage of 15.14%, 7.8% and 15.4%, respectively in comparison with the base fluid. Consequently, when the volume concentration or Reynolds number increases, the heat transfer coefficient and the overall heat transfer coefficient as well as the heat transfer rate of the PHE (Plate Heat Exchangers) increases respectively. Similarly, the pressure drop increases with the volume concentration. 60° chevron angle showed better performance in comparison with 30° chevron angle.

  6. Study of the retention of radionuclides by ion-exchange resins contained in the circuits of a Pressurized Water Reactor

    International Nuclear Information System (INIS)

    Gressier, F.

    2008-11-01

    Physico-chemical quality of fluids in nuclear power plant circuits must be maintained in order to limit contamination and dose rate especially when the shutdown takes place. Nevertheless, an optimum between diminishing liquid waste and limiting solid waste production has to be reached, but at affordable costs. Ion-exchange resins of purification circuits are used to fulfill this goal. In this work, different resin types have been characterized (exchange capacity, water and electrolyte sorption) and their selectivity towards Co 2+ , Ni 2+ , Cs + and Li + cations have been studied. We have shown that the two cation-exchange resins selectivity varies according to the nature and concentrations of their counter-ions. Moreover, flow rate (and thus hydro-kinetics) impact on species retention in a column has been characterized: the more the flow rate, the more the ionic leakage (output concentration divided by input concentration) is fast and the more the output concentration front is spread. A literature revue has enabled to put in light advantages and drawbacks of the models of interest to simulate operations of ion-exchange resins. Thus, the pure end-members mixing model associated to a non-ideality description of the resin phase based on the regular solutions model has been retained for modelling ion-exchange equilibrium. Ion-exchange kinetics has been described by mass transfer coefficients. Using the experimental results to determine model parameters, these last ones have been implemented in a speciation code CHESS, coupled with a hydrodynamic code in HYTEC. On the one hand, equilibrium experiments of ion retention have been simulated and, on the other hand, column retention tests have been modelled. Finally, selectivity variations and hydro-kinetics impacts have been simulated on some test cases so as to demonstrate the importance of taking these into account when simulating ion-exchange resins operations. (author)

  7. Differential Effects of Endotracheal Suctioning on Gas Exchanges in Patients with Acute Respiratory Failure under Pressure-Controlled and Volume-Controlled Ventilation

    Directory of Open Access Journals (Sweden)

    Xiao-Wei Liu

    2015-01-01

    Full Text Available This study was conducted to evaluate the effects of open endotracheal suctioning on gas exchange and respiratory mechanics in ARF patients under the modes of PCV or VCV. Ninety-six ARF patients were treated with open endotracheal suctioning and their variations in respiratory mechanics and gas exchange after the suctions were compared. Under PCV mode, compared with the initial level of tidal volume (VT, ARF patients showed 30.0% and 27.8% decrease at 1 min and 10 min, respectively. Furthermore, the initial respiratory system compliance (Crs decreased by 29.6% and 28.5% at 1 min and 10 min, respectively. Under VCV mode, compared with the initial level, 38.6% and 37.5% increase in peak airway pressure (PAP were found at 1 min and 10 min, respectively. Under PCV mode, the initial PaO2 increased by 6.4% and 10.2 % at 3 min and 10 min, respectively, while 18.9% and 30.6% increase of the initial PaO2 were observed under VCV mode. Summarily, endotracheal suctioning may impair gas exchange and decrease lung compliance in ARF patients receiving mechanical ventilation under both PCV and VCV modes, but endotracheal suctioning effects on gas exchange were more severe and longer-lasting under PCV mode than VCV.

  8. Effects of short-term pressure-controlled ventilation on gas exchange, airway pressures, and gas distribution in patients with acute lung injury/ARDS: comparison with volume-controlled ventilation.

    Science.gov (United States)

    Prella, Maura; Feihl, François; Domenighetti, Guido

    2002-10-01

    The potential clinical benefits of pressure-controlled ventilation (PCV) over volume-controlled ventilation (VCV) in patients with acute lung injury (ALI) or ARDS still remain debated. We compared PCV with VCV in patients with ALI/ARDS with respect to the following physiologic end points: (1) gas exchange and airway pressures, and (2) CT scan intrapulmonary gas distribution at end-expiration. Prospective, observational study. A multidisciplinary ICU in a nonuniversity, acute-care hospital. Ten patients with ALI or ARDS (9 men and 1 woman; age range, 17 to 80 years). Sequential ventilation in PCV and VCV with a constant inspiratory/expiratory ratio, tidal volume, respiratory rate, and total positive end-expiratory pressure; measurement of gas exchange and airway pressures; and achievement of CT sections at lung base, hilum, and apex for the quantitative analysis of lung densities and of aerated vs nonaerated zones. PaO(2), PaCO(2), and PaO(2)/fraction of inspired oxygen ratio levels did not differ between PCV and VCV. Peak airway pressure (Ppeak) was significantly lower in PCV compared with VCV (26 +/- 2 cm H(2)O vs 31 +/- 2 cm H(2)O; p mean +/- SEM). The surface areas of the nonaerated zones as well as the total areas at each section level were unchanged in PCV compared with VCV, except at the apex level, where there was a significantly greater nonaerated area in VCV (11 +/- 2 cm(2) vs 9 +/- 2 cm(2); p mean CT number of each lung (20 lungs from 10 patients) was similar in the two modes, as were the density values at the basal and apical levels; the hilum mean CT number was - 442 +/- 28 Hounsfield units (HU) in VCV and - 430 +/- 26 HU in PCV (p lower Ppeaks through the precise titration of the lung distending pressure, and might be applied to avoid regional overdistension by means of a more homogeneous gas distribution.

  9. A Numerical Procedure for Flow Distribution and Pressure Drops for U and Z Type Configurations Plate Heat Exchangers with Variable Coefficients

    International Nuclear Information System (INIS)

    López, R; Lecuona, A; Ventas, R; Vereda, C

    2012-01-01

    In Plate Heat Exchangers it is important to determine the flow distribution and pressure drops, because they affect directly the performance of a heat exchanger. This work proposes an incompressible, one-dimensional, steady state, discrete model allowing for variable overall momentum coefficients to determine these magnitudes. The model consists on a modified version of the Bajura and Jones model for dividing and combining flow manifolds. The numerical procedure is based on the finite differences approximation approach proposed by Datta and Majumdar. A linear overall momentum coefficient distribution is used in the dividing manifold, but the model is not limited to linear distributions. Comparisons are made with experimental, numerical and analytical data, yielding good results.

  10. Numerical study on pressure drop and heat transfer for designing sodium-to-air heat exchanger tube banks on advanced sodium-cooled fast reactor

    International Nuclear Information System (INIS)

    Kang, Hie-Chan; Eoh, Jae-Hyuk; Cha, Jae-Eun; Kim, Seong-O.

    2013-01-01

    Highlights: ► Numerical simulation for the heat flow characteristic of the sodium-to-air heat exchanger (AHX) and tube banks. ► Parallelogram tube banks showed almost similar thermal and hydraulic characteristics to the rectangular tube banks. ► Pressure drop and heat transfer of the staggered and rectangular tube banks compared with Zhukauskas’ correlation. ► AHX was modeled as porous media and suggested design guide to enhance the performance. - Abstract: A numerical study is performed to investigate the thermal and hydraulic characteristics and build up design model of the AHX (sodium-to-air heat exchanger) unit of a sodium-cooled fast reactor. Helical-coiled tube banks in the AHX are modeled as porous media and simulated heat and momentum transfer by a commercial program. Two-dimensional flow characteristic appears differently at the inlet region of the AHX annulus, and the required length of the inlet region is shorter for an inlet having a 45 degree chamber or a round shape than for one with a perpendicular corner. Pressure drop and heat transfer coefficient for rectangular, parallelogram and staggered tube banks as the main components of the AHX are evaluated and discussed. Pressure drop and heat transfer shows similar trends and underestimated values, respectively, when compared with Zhukauskas empirical correlations. The parallelogram tube bank shows similar results to the rectangular arrangement.

  11. Grapevine species from varied native habitats exhibit differences in embolism formation/repair associated with leaf gas exchange and root pressure.

    Science.gov (United States)

    Knipfer, Thorsten; Eustis, Ashley; Brodersen, Craig; Walker, Andrew M; McElrone, Andrew J

    2015-08-01

    Drought induces xylem embolism formation, but grapevines can refill non-functional vessels to restore transport capacity. It is unknown whether vulnerability to embolism formation and ability to repair differ among grapevine species. We analysed in vivo embolism formation and repair using x-ray computed microtomography in three wild grapevine species from varied native habitats (Vitis riparia, V. arizonica, V. champinii) and related responses to measurements of leaf gas exchange and root pressure. Vulnerability to embolism formation was greatest in V. riparia, intermediate in V. arizonica and lowest in V. champinii. After re-watering, embolism repair was rapid and pronounced in V. riparia and V. arizonica, but limited or negligible in V. champinii even after numerous days. Similarly, root pressure measured after re-watering was positively correlated with drought stress severity for V. riparia and V. arizonica (species exhibiting embolism repair) but not for V. champinii. Drought-induced reductions in transpiration were greatest for V. riparia and least in V. champinii. Recovery of transpiration after re-watering was delayed for all species, but was greatest for V. champinii and most rapid in V. arizonica. These species exhibit varied responses to drought stress that involve maintenance/recovery of xylem transport capacity coordinated with root pressure and gas exchange responses. © 2014 John Wiley & Sons Ltd.

  12. Combined Effects of Ventilation Mode and Positive End-Expiratory Pressure on Mechanics, Gas Exchange and the Epithelium in Mice with Acute Lung Injury

    Science.gov (United States)

    Thammanomai, Apiradee; Hamakawa, Hiroshi; Bartolák-Suki, Erzsébet; Suki, Béla

    2013-01-01

    The accepted protocol to ventilate patients with acute lung injury is to use low tidal volume (VT) in combination with recruitment maneuvers or positive end-expiratory pressure (PEEP). However, an important aspect of mechanical ventilation has not been considered: the combined effects of PEEP and ventilation modes on the integrity of the epithelium. Additionally, it is implicitly assumed that the best PEEP-VT combination also protects the epithelium. We aimed to investigate the effects of ventilation mode and PEEP on respiratory mechanics, peak airway pressures and gas exchange as well as on lung surfactant and epithelial cell integrity in mice with acute lung injury. HCl-injured mice were ventilated at PEEPs of 3 and 6 cmH2O with conventional ventilation (CV), CV with intermittent large breaths (CVLB) to promote recruitment, and a new mode, variable ventilation, optimized for mice (VVN). Mechanics and gas exchange were measured during ventilation and surfactant protein (SP)-B, proSP-B and E-cadherin levels were determined from lavage and lung homogenate. PEEP had a significant effect on mechanics, gas exchange and the epithelium. The higher PEEP reduced lung collapse and improved mechanics and gas exchange but it also down regulated surfactant release and production and increased epithelial cell injury. While CVLB was better than CV, VVN outperformed CVLB in recruitment, reduced epithelial injury and, via a dynamic mechanotransduction, it also triggered increased release and production of surfactant. For long-term outcome, selection of optimal PEEP and ventilation mode may be based on balancing lung physiology with epithelial injury. PMID:23326543

  13. On the accuracy of van der Waals inclusive density-functional theory exchange-correlation functionals for ice at ambient and high pressures.

    Science.gov (United States)

    Santra, Biswajit; Klimes, Jirí; Tkatchenko, Alexandre; Alfè, Dario; Slater, Ben; Michaelides, Angelos; Car, Roberto; Scheffler, Matthias

    2013-10-21

    Density-functional theory (DFT) has been widely used to study water and ice for at least 20 years. However, the reliability of different DFT exchange-correlation (xc) functionals for water remains a matter of considerable debate. This is particularly true in light of the recent development of DFT based methods that account for van der Waals (vdW) dispersion forces. Here, we report a detailed study with several xc functionals (semi-local, hybrid, and vdW inclusive approaches) on ice Ih and six proton ordered phases of ice. Consistent with our previous study [B. Santra, J. Klimeš, D. Alfè, A. Tkatchenko, B. Slater, A. Michaelides, R. Car, and M. Scheffler, Phys. Rev. Lett. 107, 185701 (2011)] which showed that vdW forces become increasingly important at high pressures, we find here that all vdW inclusive methods considered improve the relative energies and transition pressures of the high-pressure ice phases compared to those obtained with semi-local or hybrid xc functionals. However, we also find that significant discrepancies between experiment and the vdW inclusive approaches remain in the cohesive properties of the various phases, causing certain phases to be absent from the phase diagram. Therefore, room for improvement in the description of water at ambient and high pressures remains and we suggest that because of the stern test the high pressure ice phases pose they should be used in future benchmark studies of simulation methods for water.

  14. Pressure drop and heat transfer in the sodium to air heat exchanger tube banks on advanced sodium-cooled fast reactor

    International Nuclear Information System (INIS)

    Kang, H.; Eoh, J.; Cha, J.; Kim, S.

    2011-01-01

    A numerical study was performed to investigate the thermal and hydraulic characteristics and build up design model of the AHX (sodium-to-air heat exchanger) unit of a sodium-cooled fast reactor. Helical-coiled tube banks in the AHX were modeled as porous media and simulated heat and momentum transfer. Two-dimensional flow characteristic appeared at the most region of AHX annulus. Pressure drop and heat transfer coefficient for rectangular, parallelogram and staggered tube banks as the main components of the AHX were evaluated and compared with Zhukauskas empirical correlations. (author)

  15. MARKETING CHANNELS

    Directory of Open Access Journals (Sweden)

    Ljiljana Stošić Mihajlović

    2014-07-01

    Full Text Available Marketing channel is a set of entities and institutions, completion of distribution and marketing activities, attend the efficient and effective networking of producers and consumers. Marketing channels include the total flows of goods, money and information taking place between the institutions in the system of marketing, establishing a connection between them. The functions of the exchange, the physical supply and service activities, inherent in the system of marketing and trade. They represent paths which products and services are moving after the production, which will ultimately end up buying and eating by the user.

  16. The effects of performance criteria including accounting, market, and economy on the quality of financial reporting: A case study on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Mahdi Hosseini

    2013-01-01

    Full Text Available This research studies the effects of performance criteria (accounting, market and economy on the quality of financial reporting in Iran. To evaluate the variable financial reporting quality, the scores given to each company are applied based on the checklist introduced by Iranian Association of Certified Public Accountants and used for the disclosure of the information of the annual financial statements of companies. The statistical population of this research consists of the companies listed on Tehran Stock Exchange over the period 2006-2011. This research, which is classified as applied research, uses the methods of multivariate regression test. The data and hypotheses of this research are analyzed and tested using correlation test and means difference test. The results of the tests conducted on 99 companies indicate that there is a significant and positive relation between the rate of return on equity and the equality of financial reporting. There is also a significant and positive relation between earnings per share and the equality of financial reporting. However, there is no relationship between QTOBIN and the equality of financial reporting. Finally, our results indicate there is a significant and positive relation between market value-added and the equality of financial reporting.

  17. A study on the relationship between capital structure and the performance of production market: A case study of firms listed on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Kobra Sadat Salek Esfahani

    2013-04-01

    Full Text Available One of the most complicated and challenging issues in today's financial managers is the relationship between the components of capital structure in terms of bonds and shares used for financing and share price of their company, and its effects on the macroeconomic variables. This research aims to study the relationship between the capital structure and performance of the production market in some firms listed on Tehran Stock Exchange (TSE. In this research, the index of capital structure is debt ratio and that of production market performance is sales growth and return of assets (ROA. The statistical sample of this research includes 128 companies, which have been active in 11 various industries and listed on TSE over the period 2005-2010. The statistical techniques used to test the hypotheses of this research include correlation coefficient and pooled least squares regression (panel data. Based on the results of our survey, there is a strong and significant relationship between debt ratio and return on assets among the companies listed on TSE and most industries especially based metals at the confidence level of 95%. In contrast, there is no strong and significant relationship between debt ratio and sales growth in the above-mentioned companies and in most industries.

  18. Emergence Corporate Financial Distressin Emerging Market: Empirical Evidence from Indonesia Stock Exchange(IDX 2004-2008

    Directory of Open Access Journals (Sweden)

    Koes Pranowo

    2011-11-01

    Full Text Available Normal 0 false false false MicrosoftInternetExplorer4 st1\\:*{behavior:url(#ieooui } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} Financial recovery is the most difficult in financial management. Therefore, this is important to study how a company in financially-distress can survive to rise up to a healthy financial condition (emergence financial distress. The research consists of 200 non financial companies which are listed on Indonesia Stock Exchange (IDX for the period of 2004-2008. This study focuses on management of working capital. How a company fulfill its current liabilities, and its sources in current assets which shall be cashed at the short term period. By using Multinomial logit, we analyzed the probability a financially-distress company rise up to emergence financial distress or stay of the status of financial distress and what are financial indicators affect to a company in the status of Non Financial Distress tend to Financial Distress. Thus, the important thing is to determine financial ratios which can be an indicator to determine of emergence financial distress. We find a positive relationship between Profit, efficiency and emergence financial distress and a negative relationship between leverage and emergence financial distress.   Keywords: Emergence Financial Distress, Indonesia Stock Exchange (IDX, Multinomial Logit JEL Classification Codes: G 3

  19. A Comprehensive Review on Measurement and Correlation Development of Capillary Pressure for Two-Phase Modeling of Proton Exchange Membrane Fuel Cells

    Directory of Open Access Journals (Sweden)

    Chao Si

    2015-01-01

    Full Text Available Water transport and the corresponding water management strategy in proton exchange membrane (PEM fuel cells are quite critical for the improvement of the cell performance. Accuracy modeling of water transport in porous electrodes strongly depends on the appropriate constitutive relationship for capillary pressure which is referred to as pc-s correlation, where pc is the capillary pressure and s is the fraction of saturation in the pores. In the present PEM fuel cell two-phase models, the Leverett-Udell pc-s correlation is widely utilized which is proposed based on fitting the experimental data for packed sands. However, the size and structure of pores for the commercial porous electrodes used in PEM fuel cells differ from those for the packed sands significantly. As a result, the Leverett-Udell correlation should be improper to characterize the two-phase transport in the porous electrodes. In the recent decade, many efforts were devoted to measuring the capillary pressure data and developing new pc-s correlations. The objective of this review is to review the most significant developments in recent years concerning the capillary pressure measurements and the developed pc-s correlations. It is expected that this review will be beneficial to develop the improved PEM fuel cell two-phase model.

  20. Marketing marketing

    NARCIS (Netherlands)

    dr. Karel Jan van Alsem

    2013-01-01

    In deze installatierede betoogt Karel Jan Alsem dat marketing een grotere strategische rol in organisaties zou moeten krijgen. Want marketing is bij uitstek de verbinding tussen klantwensen en het DNA van een organisatie. Doordat merken gemiddeld voor mensen niet heel belangrijk zijn, is goede

  1. Optimization and application of atmospheric pressure chemical and photoionization hydrogen-deuterium exchange mass spectrometry for speciation of oxygen-containing compounds.

    Science.gov (United States)

    Acter, Thamina; Kim, Donghwi; Ahmed, Arif; Jin, Jang Mi; Yim, Un Hyuk; Shim, Won Joon; Kim, Young Hwan; Kim, Sunghwan

    2016-05-01

    This paper presents a detailed investigation of the feasibility of optimized positive and negative atmospheric pressure chemical ionization (APCI) mass spectrometry (MS) and atmospheric pressure photoionization (APPI) MS coupled to hydrogen-deuterium exchange (HDX) for structural assignment of diverse oxygen-containing compounds. The important parameters for optimization of HDX MS were characterized. The optimized techniques employed in the positive and negative modes showed satisfactory HDX product ions for the model compounds when dichloromethane and toluene were employed as a co-solvent in APCI- and APPI-HDX, respectively. The evaluation of the mass spectra obtained from 38 oxygen-containing compounds demonstrated that the extent of the HDX of the ions was structure-dependent. The combination of information provided by different ionization techniques could be used for better speciation of oxygen-containing compounds. For example, (+) APPI-HDX is sensitive to compounds with alcohol, ketone, or aldehyde substituents, while (-) APPI-HDX is sensitive to compounds with carboxylic functional groups. In addition, the compounds with alcohol can be distinguished from other compounds by the presence of exchanged peaks. The combined information was applied to study chemical compositions of degraded oils. The HDX pattern, double bond equivalent (DBE) distribution, and previously reported oxidation products were combined to predict structures of the compounds produced from oxidation of oil. Overall, this study shows that APCI- and APPI-HDX MS are useful experimental techniques that can be applied for the structural analysis of oxygen-containing compounds.

  2. From Reciprocal Social Networks to Action Groups for Market Exchange: “Spontaneous Privatization” in Post-Communist Hungary

    Directory of Open Access Journals (Sweden)

    Larissa Lomnitz

    2011-12-01

    Full Text Available Following previous research on the significance that social networks have had for the economic and social survival of Latin American and Soviet state-employed middle classes, this paper explores the role of social networks (connections on the process of privatization and market liberalization of Post-Communist Hungary. Based on former academic studies and on field research conducted for several months in Budapest, we will try to show that social networks are central intermediary structures on which individuals and groups construct solutions that allow them to cope with the deficiencies resulting from the formal system. From this perspective we will explore the importance of manager’s connections in the first period of the Hungarian privatization process known as “spontaneous privatization”.

  3. Water exchange and pressure transfer between conduits and matrix and their influence on hydrodynamics of two karst aquifers with sinking streams

    Science.gov (United States)

    Bailly-Comte, Vincent; Martin, Jonathan B.; Jourde, Hervé; Screaton, Elizabeth J.; Pistre, Séverin; Langston, Abigail

    2010-05-01

    SummaryKarst aquifers are heterogeneous media where conduits usually drain water from lower permeability volumes (matrix and fractures). For more than a century, various approaches have used flood recession curves, which integrate all hydrodynamic processes in a karst aquifer, to infer physical properties of the movement and storage of groundwater. These investigations typically only consider flow to the conduits and thus have lacked quantitative observations of how pressure transfer and water exchange between matrix and conduit during flooding could influence recession curves. We present analyses of simultaneous discharge and water level time series of two distinctly different karst systems, one with low porosity and permeability matrix rocks in southern France, and one with high porosity and permeability matrix rocks in north-central Florida (USA). We apply simple mathematical models of flood recession using time series representations of recharge, storage, and discharge processes in the karst aquifer. We show that karst spring hydrographs can be interpreted according to pressure transfer between two distinct components of the aquifer, conduit and matrix porosity, which induce two distinct responses at the spring. Water exchange between conduits and matrix porosity successively control the flow regime at the spring. This exchange is governed by hydraulic head differences between conduits and matrix, head gradients within conduits, and the contrast of permeability between conduits and matrix. These observations have consequences for physical interpretations of recession curves and modeling of karst spring flows, particularly for the relative magnitudes of base flow and quick flow from karst springs. Finally, these results suggest that similar analyses of recession curves can be applied to karst aquifers with distinct physical characteristics utilizing well and spring hydrograph data, but information must be known about the hydrodynamics and physical properties of

  4. Adaptation of the pressure test for borehole heat exchangers in accordance with DIN V 4279-7; Anpassen der Druckpruefung nach DIN V 4279-7 fuer Erdwaermesonden aus Polyethylen

    Energy Technology Data Exchange (ETDEWEB)

    Rohner, E.

    2005-07-01

    The goal of this project was to develop a pressure test in accordance with DIN V 4279-7 to identify possible leakages of borehole heat exchanger systems. The presented pressure test serves predominantly as quality assurance. The test shall prevent that leaking borehole heat exchangers are put into operation. Since January 1{sup st}, 2005 the test, based on this report, is integral part of the seal of approval 'Erdwaermesonde' delivered by the Association for the Promotion of Heat Pumps in Switzerland ('Foerdergemeinschaft Waermepumpen Schweiz'). The presented methodology allows accurate and fast measurements of the tightness of borehole heat exchanger systems (test duration: about 1.5 h). A measuring apparatus was developed which allows to proceed easily with the pressure test. Pressure test and measuring apparatus have been already successfully used. (author)

  5. EXPERIMENTAL STUDY OF LOCAL HYDRODYNAMICS AND MASS EXCHANGE PROCESSES OF COOLANT IN FUEL ASSEMBLIES OF PRESSURIZED WATER REACTORS

    Directory of Open Access Journals (Sweden)

    S. M. Dmitriev

    2016-01-01

    Full Text Available The results of experimental studies of local hydrodynamics and mass exchange of coolant flow behind spacer and mixing grids of different structural versions that were developed for fuel assemblies of domestic and foreign nuclear reactors are presented in the article. In order to carry out the study the models of the following fuel assemblies have been fabricated: FA for VVER and VBER, FA-KVADRAT for PWR-reactor and FA for KLT-40C reactor. All the models have been fabricated with a full geometrical similarity with full-scale fuel assemblies. The study was carried out by simulating the flow of coolant in a core by air on an aerodynamic test rig. In order to measure local hydrodynamic characteristics of coolant flow five-channel Pitot probes were used that enable to measure the velocity vector in a point by its three components. The tracerpropane method was used for studying mass transfer processes. Flow hydrodynamics was studied by measuring cross-section velocities of coolant flow and coolant rates according to the model cells. The investigation of mass exchange processes consisted of a study of concentration distribution for tracer in experimental model, in determination of attenuation lengths of mass transfer processes behind mixing grids, in calculating of inter-cellar mass exchange coefficient. The database on coolant flow in fuel assemblies for different types of reactors had been accumulated that formed the basis of the engineering substantiation of reactor cores designs. The recommendations on choice of optimal versions of mixing grids have been taken into consideration by implementers of the JSC “OKBM Afrikantov” when creating commissioned fuel assemblies. The results of the study are used for verification of CFD-codes and CFD programs of detailed cell-by-cell calculation of reactor cores in order to decrease conservatism for substantiation of thermal-mechanical reliability.

  6. Corrosion study of heat exchanger tubes in pressurized water cooled nuclear reactors by conversion electron Moessbauer spectroscopy

    International Nuclear Information System (INIS)

    Homonnay, Z.; Kuzmann, E.; Varga, K.; Nemeth, Z.; Szabo, A.; Rado, K.; Schunk, J.; Tilky, P.; Patek, G.

    2005-01-01

    Nuclear energy production tends to return into the focus of interest because of the constantly increasing energy need of the world and the green house effect problems of the strongest competitor oil or gas based power plants. In addition to the construction of new nuclear power plants, lifetime extension of the existing ones is the most cost effective investment in the energy business. However, feasibility and safety issues become very important at this point, and corrosion of the construction materials should be carefully investigated before decision on a potential lifetime extension of a reactor. 57 Fe-Conversion Electron Moessbauer Spectroscopy (CEMS) is a sensitive tool to analyze the phase composition of corrosion products on the surface of stainless steel. The upper ∼300 nm can be investigated due to the penetration range of conversion electrons. The corrosion state of heat exchanger tubes from the four reactor units of the Paks Nuclear Power Plant, Hungary, were analyzed by several methods including CEMS. The primary circuit side of the tubes was studied on selected samples cut out from the heat exchangers during regular maintenance. Cr- and Ni-substituted magnetite, sometimes hematite, amorphous Fe-oxides/oxyhydroxides as well as the signal of bulk austenitic steel of the tubes were detected. The level of Cr- and Ni-substitution in the magnetite phase could be estimated from the Moessbauer spectra. Correlation between earlier decontamination cycles and the corrosion state of the heat exchangers was sought. In combination with other methods, a hybrid structure of the surface oxide layer of several microns was established. It is suggested that previous AP-CITROX decontamination cycles can be responsible for this structure which makes the oxide layer mobile. This mobility may be responsible for unwanted corrosion product transport into the reactor vessel by the primary coolant.

  7. On the Experimental Investigation of the Clamping Pressure Effects on the Proton Exchange Membrane Water Electrolyser Cell Performance

    DEFF Research Database (Denmark)

    Al Shakhshir, Saher; Frensch, Steffen Henrik; Kær, Søren Knudsen

    2017-01-01

    energy sources. The proton exchange membrane water electrolyser(PEMWE) is the most candidate technology to produce hydrogen from renewable energysources. PEMWE cell splits water into hydrogen and oxygen when an electric current is passedthrough it. Electrical current forces the positively charged ions...... to migrate to negatively chargedcathode, where hydrogen is reduced. Meanwhile, oxygen is produced at the anode sideelectrode and escape as a gas with the circulating water. In the recent few years, PEMWE’s R&D has inched towards; operating conditions; such asincreased operating temperature and cathode...

  8. Analysis of the effect of tube arrangement and inclination on pressure drop in an intermediate heat exchanger of liquid metal reactor

    Energy Technology Data Exchange (ETDEWEB)

    ChoiI, Seok Ki; Choi, Il Kon; Nam, Ho Yun; Choi, Jong Hyeun [Korea Atomic Energy Research Institute, Taejeon (Korea)

    2002-05-01

    An experimental study on the effect of tube arrangement and inclination on the pressure drop in the intermediate heat exchanger is performed. Measurements are made for pressure drop in the triangular and rotated triangular tue arrays whose inclined angles are 30, 45, 60, 75 and 90 degrees. The pitch to tube diameter ratio is 1.6 and the range of Reynolds number based on the free stream velocity and tube diameter is 870-64,000. The experimental results show that the magnitude of dimensionless pressure drop increases with the inclined angle and decreases significantly when the inclined angle is less than 45 degree. The previous correlations are evaluated using the experimental data. The ESDU correlation agrees well with the present data for the triangular arrays. But some discrepancies are observed for the rotated triangular arrays when the inclined angles are 45 and 30 degrees. The Idel'chik correlation generally agrees well with the measured data for the rotated triangular arrays except for inclined angle of 30 degree. The Idel'chik correlation needs modification for the triangular arrays. The modified Idel'chik correlation agrees well with the measure data within 10%. 32 refs., 59 figs., 11 tabs. (Author)

  9. Hydrogen exchange

    DEFF Research Database (Denmark)

    Jensen, Pernille Foged; Rand, Kasper Dyrberg

    2016-01-01

    Hydrogen exchange (HX) monitored by mass spectrometry (MS) is a powerful analytical method for investigation of protein conformation and dynamics. HX-MS monitors isotopic exchange of hydrogen in protein backbone amides and thus serves as a sensitive method for probing protein conformation...... and dynamics along the entire protein backbone. This chapter describes the exchange of backbone amide hydrogen which is highly quenchable as it is strongly dependent on the pH and temperature. The HX rates of backbone amide hydrogen are sensitive and very useful probes of protein conformation......, as they are distributed along the polypeptide backbone and form the fundamental hydrogen-bonding networks of basic secondary structure. The effect of pressure on HX in unstructured polypeptides (poly-dl-lysine and oxidatively unfolded ribonuclease A) and native folded proteins (lysozyme and ribonuclease A) was evaluated...

  10. Experimental study on the influence of clamping pressure on proton exchange membrane water electrolyzer (PEMWE) cell’s characteristics

    DEFF Research Database (Denmark)

    Al Shakhshir, Saher; Cui, Xiaoti; Kær, Søren Knudsen

    Energy transition can be led by more hydrogen production. Hydrogen offers a clean, sustainable, and flexible option for overcoming different obstacles that face the low-carbon economy [1]. PEMWE is one of the most promising candidate technologies to produce hydrogen from renewable energy sources...... with the circulating water. In the recent few years, PEMWE’s R&D has inched towards; operating conditions; such as increased operating temperature and cathode-anode high differential pressure operation, flow field design, stack development, and numerical modelling [2,3]. In this work the effect of clamping pressure...... on the PEMWE cell characteristics’; performance, conductivity, hydrogen and water cross-over through the membrane electrode assembly (MEA) is studied. A 50 cm2 active area PEMWE cell with double serpentine flow field channels for the anode and cathode side is used. Measurements are carried out at constant cell...

  11. Nuclear position in power generation sector - under the pressure of anti-global warming and power market reform

    International Nuclear Information System (INIS)

    Hayashi, Taizo

    2005-01-01

    The future structure surrounding fuel choice in power generation sector should be understood how to evaluate actual and potential merit and demerit both in economic and environmental aspects on nuclear power generation. That is i.e. nuclear can be understood as superior power source without GHGs and on the other hand, as unfavorable power source which might cause some critical dangers due to its hazardous radioactive nuclear waste. On this specific characteristic, this theme on fuel choice surrounding nuclear in power generation sector could be understood as a highly cultural problem as much as economic and political one. For instance, we can observe quite opposite direction with each other on nuclear power development in European countries like France and Finland on one hand and Germany and Sweden on the other hand. Looking at Asian countries, we also observe the very reality of high economic growth with rapid growth of electricity demand like China. What on earth, is it really possible without nuclear power source for such gigantic countries. I will develop my personal idea on nuclear power source based on Japanese experience towards successfully managing nuclear power technologies in the world, consisting of developing countries with growing economies and of advanced ones with rather matured nuclear technology under the pressure of environmentally restricted world order. My basic view point to discuss nuclear power problem has, conclusionally speaking, several aspects; The first one is in the relation with deregulation or liberalization of electricity market, which has been undergoing among such developed countries as OECD member countries i.e. USA, EU, Japan and other countries. Deregulation or liberalization of electricity market seems to be the inevitable process towards more matured market economy among developed countries group, and that process inevitably forces management of power companies towards more near sighted attitude if those companies are

  12. Heat exchangers

    Energy Technology Data Exchange (ETDEWEB)

    Schmidt, E L; Eisenmann, G; Hahne, E [Stuttgart Univ. (TH) (F.R. Germany). Inst. fuer Thermodynamik und Waermetechnik

    1976-04-01

    A survey is presented on publications on design, heat transfer, form factors, free convection, evaporation processes, cooling towers, condensation, annular gap, cross-flowed cylinders, axial flow through a bundle of tubes, roughnesses, convective heat transfer, loss of pressure, radiative heat transfer, finned surfaces, spiral heat exchangers, curved pipes, regeneraters, heat pipes, heat carriers, scaling, heat recovery systems, materials selection, strength calculation, control, instabilities, automation of circuits, operational problems and optimization.

  13. Paying for Market Quality

    DEFF Research Database (Denmark)

    Anand, Amber; Tanggaard, Carsten; Weaver, Daniel G.

    2009-01-01

    Many financial markets, including electronic limit order markets, assign designated liquidity providers (LPs). We study the experience of the Stockholm Stock Exchange, where listed firms contract directly with LPs. Our analysis offers insights regarding situations where designated liquidity...

  14. A Numerical Study on Using Air Cooler Heat Exchanger for Low Grade Energy Recovery from Exhaust Flue Gas in Natural Gas Pressure Reduction Stations

    Directory of Open Access Journals (Sweden)

    Mansoor Naderi

    2018-01-01

    Full Text Available Heat EXchangers (HEX that are used in City Gate Station (CGS systems are modeled numerically to recover the exhaust waste heat. It was tried to find the best viscous model to obtain results in accordance with experimental results and to change the heat exchanger design. This HEX is used for recovering heat from exhaust flue gas with a mixture of 40% water and 60% ethylene glycol as the cooling fluid. Then, the effects of sizes and numbers of fins and tube rows on recovered heat rate were investigated under various pump speeds. As the first step in solving the problem, SST k–ω and RNG k–ε suitable viscous models were chosen for these kinds of problems. Secondly, a new HEX is designed at a fixed coolant speed, pipe and fin thickness, and shell dimension because of operational constraints. Finally, the best HEX with the minimum pressure drop (minimum fin number is numerically analyzed, and the new HEX specifications were extracted.

  15. Heat transfer and pressure drop characteristics of the tube bank fin heat exchanger with fin punched with flow redistributors and curved triangular vortex generators

    Science.gov (United States)

    Liu, Song; Jin, Hua; Song, KeWei; Wang, LiangChen; Wu, Xiang; Wang, LiangBi

    2017-10-01

    The heat transfer performance of the tube bank fin heat exchanger is limited by the air-side thermal resistance. Thus, enhancing the air-side heat transfer is an effective method to improve the performance of the heat exchanger. A new fin pattern with flow redistributors and curved triangular vortex generators is experimentally studied in this paper. The effects of the flow redistributors located in front of the tube stagnation point and the curved vortex generators located around the tube on the characteristics of heat transfer and pressure drop are discussed in detail. A performance comparison is also carried out between the fins with and without flow redistributors. The experimental results show that the flow redistributors stamped out from the fin in front of the tube stagnation points can decrease the friction factor at the cost of decreasing the heat transfer performance. Whether the combination of the flow redistributors and the curved vortex generators will present a better heat transfer performance depends on the size of the curved vortex generators. As for the studied two sizes of vortex generators, the heat transfer performance is promoted by the flow redistributors for the fin with larger size of vortex generators and the performance is suppressed by the flow redistributors for the fin with smaller vortex generators.

  16. An investigation on the effects of conservatism on reducing risk of stock market investment: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Rezvan Hejazi

    2013-07-01

    Full Text Available Accounting conservatism limits managerial incentive and ability to overstate performance and hide bad news from investors, which, in turn, reduces stock price crash risk. This study examines relationship between conservatism on financial reports and risk of stock price crash. Using a sample of 54 listed firms in Tehran Stock Exchange over the period of 2006–2010 and panel logistic regression, we examine different hypotheses. The results indicate that accounting conservatism, as measured by Khan and Watts (2009 CSCORE [Khan, M., & Watts, R. L. (2009. Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2, 132-150.], reduces the likelihood of a firm experiencing stock price crashes. The finding holds after controlling other variables such as: negative skewness of firm-specific-weekly return, standard deviation of firm-specific-weekly return, the mean of firm-specific-weekly return, detrend share turnover, size, market to book value of equity ratio, total debt ratio and return on asset ratio, but we did not observe any relationship between these variables during stock price crash.

  17. Relationship Service Marketing and Investment in Financial Market of Iran

    OpenAIRE

    Mehrdad Alipour; Reza Ahmadi; Hamed Abasi Nami

    2012-01-01

    In competitive world, having expertise, knowledge and marketing experience for financial market activities, especially brokerage firms has proven inevitable. This should be accompanied by performing marketing operations along with intermediary roles and carrying on the daily transactions of shares in the Tehran stock exchange market. The current study aims investigating the level of marketing knowledge used in stock exchange market, identifying the reasons behind deficient use of the marketin...

  18. Commodity exchanges - Function and operation

    International Nuclear Information System (INIS)

    Levin, R.A.

    1991-01-01

    The author discusses the potential impacts that a futures market may have on the international trade of uranium. The discussion first centers around the New York Mercantile Exchange. The following market aspects are discussed: long-term contracting; spot market; commoditization and pricing; and advantages, disadvantages, risks, and provisions of futures market contracts

  19. Method for removing cesium from aqueous liquid, method for purifying the reactor coolant in boiling water and pressurized water reactors and a mixed ion exchanged resin bed, useful in said purification

    International Nuclear Information System (INIS)

    Otte, J.N.A.; Liebmann, D.

    1989-01-01

    The invention relates to a method for removing cesium from an aqueous liquid, and to a resin bed containing a mixture of an anion exchange resin and cation exchange resin useful in said purification. In a preferred embodiment, the present invention is a method for purifying the reactor coolant of a presurized water or boiling water reactor. Said method, which is particularly advantageously employed in purifying the reactor coolant in the primary circuit of a pressurized reactor, comprises contacting at least a portion of the reactor coolant with a strong base anion exchange resin and the strong acid cation exchange resin derived from a highly cross-linked, macroporous copolymer of a monovinylidene aromatic and a cross-linking monomer copolymerizable therewith. Although the reactor coolant can sequentially be contacted with one resin type and thereafter with the second resin type, the contact is preferably conducted using a resin bed comprising a mixture of the cation and anion exchange resins. 1 fig., refs

  20. 75 FR 32977 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Science.gov (United States)

    2010-06-10

    ... Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed... Permit Opening Transactions by Market Makers To Accommodate Closing Transactions of Other Market... International Securities Exchange, LLC (``Exchange'' or ``ISE'') filed with the Securities and Exchange...

  1. Tools of online Marketing

    OpenAIRE

    Hossain, M. S.; Rahman, M. F.

    2017-01-01

    Abstract Online marketing is the most crucial issue in the modern marketing era but there was no previous research that could identify the tools of internet marketing before this study and it was the first study on the field of online marketing tools. This research was descriptive in nature and it has attempted to identify the major tools of internet marketing from the concepts of traditional marketing tools. Worldwide network is known as Internet that can exchange information between use...

  2. Exchange rate policy

    Directory of Open Access Journals (Sweden)

    Plačkov Slađana

    2013-01-01

    Full Text Available Small oscillations of exchange rate certainly affect the loss of confidence in the currency (Serbian dinar, CSD and because of the shallow market even the smallest change in the supply and demand leads to a shift in exchange rate and brings uncertainty. Some economists suggest that the course should be linked to inflation and thus ensure predictable and stable exchange rates. Real exchange rate or slightly depressed exchange rate will encourage the competitiveness of exporters and perhaps ensure the development of new production lines which, in terms of overvalued exchange rate, had no economic justification. Fixed exchange rate will bring lower interest rates, lower risk and lower business uncertainty (uncertainty avoidance, but Serbia will also reduce foreign exchange reserves by following this trend. On the other hand, a completely free exchange rate, would lead to a (real fall of Serbian currency, which in a certain period would lead to a significant increase in exports, but the consequences for businessmen and citizens with loans pegged to the euro exchange rate, would be disastrous. We will pay special attention to the depreciation of the exchange rate, as it is generally favorable to the export competitiveness of Serbia and, on the other hand, it leads to an increase in debt servicing costs of the government as well as of the private sector. Oscillations of the dinar exchange rate, appreciation and depreciation, sometimes have disastrous consequences on the economy, investors, imports and exports. In subsequent work, we will observe the movement of the dinar exchange rate in Serbia, in the time interval 2009-2012, in order to strike a balance and maintain economic equilibrium. A movement of foreign currencies against the local currency is controlled in the foreign exchange market, so in case economic interests require, The National Bank of Serbia (NBS, on the basis of arbitrary criteria, can intervene in the market.

  3. Investigations on Ni-Co-Mn-Sn thin films: Effect of substrate temperature and Ar gas pressure on the martensitic transformations and exchange bias properties

    Energy Technology Data Exchange (ETDEWEB)

    Machavarapu, Ramudu, E-mail: macrams2@gmail.com; Jakob, Gerhard [Institut für Physik, Johannes Gutenberg-Universität Mainz, Staudinger Weg 7, D-55128 Mainz (Germany)

    2015-03-15

    We report the effect of substrate temperature (T{sub S}) and Ar gas pressure (P{sub D}) on the martensitic transformations, magnetic and exchange bias (EB) properties in Heusler type Ni-Co-Mn-Sn epitaxial thin films. Martensitic transformation temperatures and EB fields at 5 K were found to increase with increasing T{sub S}. The observed maximum EB value of 320 Oe after field cooling in the film deposited at 650 {sup ∘}C is high among the values reported for Ni-Mn-Sn thin films which is attributed to the coexistence of ferromagnetic (FM) and antiferromagnetic (AF) phases in the martensitic state. In the case of P{sub D} variation, with increase in P{sub D}, martensitic transformation temperatures were increased and a sharp transformation was observed in the film deposited at 0.06 mbar. Magnetization values at 5 K were higher for increasing P{sub D}. These observations are attributed to the compositional shift. EB effect is also present in these films. Microstructural features observed using atomic force microscopy (AFM) shows a fine twinning and reduced precipitation with increase in P{sub D}, which is also confirmed from the scanning electron microscopy (SEM) images. EB effects in both series were confirmed from the training effect. Target ageing effect has been observed in the films deposited before and after ninety days of time interval. This has been confirmed both on substrate temperature and Ar gas pressure variations.

  4. SPORT MARKETING

    Directory of Open Access Journals (Sweden)

    Omer Špirtović

    2010-03-01

    Full Text Available Word „marketing“ comes from AngloSaxon linguistic domain and implies in a narrow sense the market. Under marketing, we consider certain process, which should create and solve relations of exchange between manufacturers on one side, and consumers on the other. Discussion about sport marketing implies its theoretical definition and generalization, and then its actual definition in sport environment. Sport marketing belongs to business function of sport organization and represents primaly an economical process of connecting produktion (sport organizations with sportsmen and coaches and consumption (sport and other public. Sport marketing is the reality in sport today, and cannot be observed as fashionabless of capitalistic production. Today is almost impossible for sport organization to make business without its business part called sport marketing if it wants to survive in sport arena.

  5. An experimental study on single phase convection heat transfer and pressure drop in two brazed plate heat exchangers with different chevron shapes and hydraulic diameters

    Energy Technology Data Exchange (ETDEWEB)

    Kim, Man Bae; Park, Chang Yong [Seoul National University of Science and Technology, Seoul (Korea, Republic of)

    2017-05-15

    An experimental study on heat transfer and pressure drop characteristics was performed at single phase flow in two Brazed plate heat exchangers (BPHEs) with different geometries. The corrugation density of one of the BPHE (Type II) was two times as high as that of the other BPHE (Type I). The hydraulic diameter of the type II BPHE was 2.13 mm, which was 38 % smaller than that of the type I BPHE. Also, the cross section shape of the flow channels for the type II BPHE was different from that for conventional BPHEs due to the unusual corrugation patterns and brazing points. The experimental conditions for temperatures were varied from 4.6 °C to 49.1 °C, and for mass flow rates were changed from 0.07 kg/s to 1.24 kg/s. The measured results showed that pressure drop in the type II BPHE was about 110 % higher than that in the type I BPHE. Nu of the type II was higher than that of the type I BPHE and the enhancement became larger with the increase of Re at the ranges above 800. New correlations for fF and Nu were proposed by this study and their prediction accuracy could be improved by considering the surface enlargement factor in the correlations. The performance evaluation of the two BPHEs was performed by (j/f{sub F}1{sup /3}) which represented the ratio of heat transfer and pressure drop performance. Also, a new parameter, the capacity compactness of PHE, was proposed and it presented the PHE capacity per unit volume and unit log mean temperature difference. The comparison showed that the two BPHEs had similar values of the (j/f{sub F}1{sup /3}), whereas they had significantly different values of the capacity compactness. The capacity compactness of the type II BPHE was 1.5 times higher than that for the type I BPHE.

  6. An experimental study on single phase convection heat transfer and pressure drop in two brazed plate heat exchangers with different chevron shapes and hydraulic diameters

    International Nuclear Information System (INIS)

    Kim, Man Bae; Park, Chang Yong

    2017-01-01

    An experimental study on heat transfer and pressure drop characteristics was performed at single phase flow in two Brazed plate heat exchangers (BPHEs) with different geometries. The corrugation density of one of the BPHE (Type II) was two times as high as that of the other BPHE (Type I). The hydraulic diameter of the type II BPHE was 2.13 mm, which was 38 % smaller than that of the type I BPHE. Also, the cross section shape of the flow channels for the type II BPHE was different from that for conventional BPHEs due to the unusual corrugation patterns and brazing points. The experimental conditions for temperatures were varied from 4.6 °C to 49.1 °C, and for mass flow rates were changed from 0.07 kg/s to 1.24 kg/s. The measured results showed that pressure drop in the type II BPHE was about 110 % higher than that in the type I BPHE. Nu of the type II was higher than that of the type I BPHE and the enhancement became larger with the increase of Re at the ranges above 800. New correlations for fF and Nu were proposed by this study and their prediction accuracy could be improved by considering the surface enlargement factor in the correlations. The performance evaluation of the two BPHEs was performed by (j/f F 1 /3 ) which represented the ratio of heat transfer and pressure drop performance. Also, a new parameter, the capacity compactness of PHE, was proposed and it presented the PHE capacity per unit volume and unit log mean temperature difference. The comparison showed that the two BPHEs had similar values of the (j/f F 1 /3 ), whereas they had significantly different values of the capacity compactness. The capacity compactness of the type II BPHE was 1.5 times higher than that for the type I BPHE.

  7. Effects of induced Na+/Ca2+ exchanger overexpression on the spatial distribution of L-type Ca2+ channels and junctophilin-2 in pressure-overloaded hearts.

    Science.gov (United States)

    Ujihara, Yoshihiro; Mohri, Satoshi; Katanosaka, Yuki

    2016-11-25

    The Na + /Ca 2+ exchanger 1 (NCX1) is an essential Ca 2+ efflux system in cardiomyocytes. Although NCX1 is distributed throughout the sarcolemma, a subpopulation of NCX1 is localized to transverse (T)-tubules. There is growing evidence that T-tubule disorganization is a causal event that shifts the transition from hypertrophy to heart failure (HF). However, the detailed molecular mechanisms have not been clarified. Previously, we showed that induced NCX1 expression in pressure-overloaded hearts attenuates defective excitation-contraction coupling and HF progression. Here, we examined the effects of induced NCX1 overexpression on the spatial distribution of L-type Ca 2+ channels (LTCCs) and junctophilin-2 (JP2), a structural protein that connects the T-tubule and sarcoplasmic reticulum membrane, in pressure-overloaded hearts. Quantitative analysis showed that the regularity of NCX1 localization was significantly decreased at 8 weeks after transverse aortic constriction (TAC)-surgery; however, T-tubule organization and the regularities of LTCC and JP2 immunofluorescent signals were maintained at this time point. These observations demonstrated that release of NCX1 from the T-tubule area occurred before the onset of T-tubule disorganization and LTCC and JP2 mislocalization. Moreover, induced NCX1 overexpression at 8 weeks post-TAC not only recovered NCX1 regularity but also prevented the decrease in LTCC and JP2 regularities at 16 weeks post-TAC. These results suggested that NCX1 may play an important role in the proper spatial distribution of LTCC and JP2 in T-tubules in the context of pressure-overloading. Copyright © 2016 Elsevier Inc. All rights reserved.

  8. Structure-dependent degradation of polar compounds in weathered oils observed by atmospheric pressure photo-ionization hydrogen/deuterium exchange ultrahigh resolution mass spectrometry

    Energy Technology Data Exchange (ETDEWEB)

    Islam, Ananna; Kim, Donghwi [Kyungpook National University, Department of Chemistry, Daegu 702-701 (Korea, Republic of); Yim, Un Hyuk; Shim, Won Joon [Oil and POPs Research Group, Korea Institute of Ocean Science and Technology, KIOST, Geoje 656-834 (Korea, Republic of); Kim, Sunghwan, E-mail: sunghwank@knu.ac.kr [Kyungpook National University, Department of Chemistry, Daegu 702-701 (Korea, Republic of); Green Nano Center, Department of Chemistry, Daegu 702-701 (Korea, Republic of)

    2015-10-15

    Highlights: • We examined source crude oil and weathered oils from M/V Hebei accident. • APPI hydrogen/deuterium exchange ultrahigh mass spectrometry was applied. • N{sub 1} class compounds with 2° and/or 3° amine decrease in larger scale than pyridines. • Preferential degradation of nitrogen-containing compounds was confirmed. • Significant increase in S{sub 1}O{sub 1} compounds was observed as the weathering proceeds. - Abstract: The resin fractions of fresh mixtures of three oils spilled during the M/V Hebei Spirit oil spill, as well as weathered oils collected at weathering stages II and IV from the oil spill site were analyzed and compared by atmospheric pressure photo-ionization hydrogen/deuterium exchange mass spectrometry (HDX MS). The significantly decreased abundance of N{sup +}· and [N − H + D]{sup +} ions suggested that secondary and tertiary amine-containing compounds were preferentially degraded during the early stage of weathering. [N + H]{sup +} and [N + D]{sup +} ions previously attributed to pyridine-type compounds degraded more slowly than secondary and tertiary amine-containing compounds. The preferential degradation of nitrogen-containing compounds was confirmed by photo-degradation experiments using 15 standard compounds. In addition, significant increases of [S{sub 1}O{sub 1} + H]{sup +} and [S{sub 1}O{sub 1} + D]{sup +} ions with higher DBE values were observed from fresh oil mixtures as compared to stages II and IV samples, and that could be linked with the decrease of higher DBE compounds of the S{sub 1} class. This study presented convincing arguments and evidence demonstrating that secondary and tertiary amines were more vulnerable to photo-degradation than compounds containing pyridine, and hence, preferential degradation depending on chemical structures must be considered in the production of hazardous or toxic components.

  9. Structure-dependent degradation of polar compounds in weathered oils observed by atmospheric pressure photo-ionization hydrogen/deuterium exchange ultrahigh resolution mass spectrometry

    International Nuclear Information System (INIS)

    Islam, Ananna; Kim, Donghwi; Yim, Un Hyuk; Shim, Won Joon; Kim, Sunghwan

    2015-01-01

    Highlights: • We examined source crude oil and weathered oils from M/V Hebei accident. • APPI hydrogen/deuterium exchange ultrahigh mass spectrometry was applied. • N 1 class compounds with 2° and/or 3° amine decrease in larger scale than pyridines. • Preferential degradation of nitrogen-containing compounds was confirmed. • Significant increase in S 1 O 1 compounds was observed as the weathering proceeds. - Abstract: The resin fractions of fresh mixtures of three oils spilled during the M/V Hebei Spirit oil spill, as well as weathered oils collected at weathering stages II and IV from the oil spill site were analyzed and compared by atmospheric pressure photo-ionization hydrogen/deuterium exchange mass spectrometry (HDX MS). The significantly decreased abundance of N + · and [N − H + D] + ions suggested that secondary and tertiary amine-containing compounds were preferentially degraded during the early stage of weathering. [N + H] + and [N + D] + ions previously attributed to pyridine-type compounds degraded more slowly than secondary and tertiary amine-containing compounds. The preferential degradation of nitrogen-containing compounds was confirmed by photo-degradation experiments using 15 standard compounds. In addition, significant increases of [S 1 O 1 + H] + and [S 1 O 1 + D] + ions with higher DBE values were observed from fresh oil mixtures as compared to stages II and IV samples, and that could be linked with the decrease of higher DBE compounds of the S 1 class. This study presented convincing arguments and evidence demonstrating that secondary and tertiary amines were more vulnerable to photo-degradation than compounds containing pyridine, and hence, preferential degradation depending on chemical structures must be considered in the production of hazardous or toxic components

  10. Relationship Between Equilibrium Hydrogen Pressure and Exchange Current for the Hydrogen Electrode-Reaction at Mmni(3.9-X)Mn(0.4)A1(X)Co(0.7) Alloy Electrodes

    NARCIS (Netherlands)

    Senoh, H.; Morimoto, K.; Inoue, H.; Iwakura, C.; Notten, P.H.L.

    2000-01-01

    We present a theoretical relationship between equilibrium hydrogen pressure and exchange current for the hydrogen electrode reaction which considers the degree of hydrogen coverage at the electrode surface. Electrochemical measurements at MmNi3.9–xMn0.4AlxCo0.7 (0 x 0.8) electrodes were performed to

  11. Design and Validation of In-Source Atmospheric Pressure Photoionization Hydrogen/Deuterium Exchange Mass Spectrometry with Continuous Feeding of D2O.

    Science.gov (United States)

    Acter, Thamina; Lee, Seulgidaun; Cho, Eunji; Jung, Maeng-Joon; Kim, Sunghwan

    2018-01-01

    In this study, continuous in-source hydrogen/deuterium exchange (HDX) atmospheric pressure photoionization (APPI) mass spectrometry (MS) with continuous feeding of D 2 O was developed and validated. D 2 O was continuously fed using a capillary line placed on the center of a metal plate positioned between the UV lamp and nebulizer. The proposed system overcomes the limitations of previously reported APPI HDX-MS approaches where deuterated solvents were premixed with sample solutions before ionization. This is particularly important for APPI because solvent composition can greatly influence ionization efficiency as well as the solubility of analytes. The experimental parameters for APPI HDX-MS with continuous feeding of D 2 O were optimized, and the optimized conditions were applied for the analysis of nitrogen-, oxygen-, and sulfur-containing compounds. The developed method was also applied for the analysis of the polar fraction of a petroleum sample. Thus, the data presented in this study clearly show that the proposed HDX approach can serve as an effective analytical tool for the structural analysis of complex mixtures. Graphical abstract ᅟ.

  12. Normal pregnancy: mechanisms underlying the paradox of a ouabain-resistant state with elevated endogenous ouabain, suppressed arterial sodium calcium exchange, and low blood pressure

    Science.gov (United States)

    Jacobs, Brandiese E.; Liu, Yong; Pulina, Maria V.; Golovina, Vera A.

    2012-01-01

    Endogenous cardiotonic steroids (CTS) raise blood pressure (BP) via vascular sodium calcium exchange (NCX1.3) and transient receptor-operated channels (TRPCs). Circulating CTS are superelevated in pregnancy-induced hypertension and preeclampsia. However, their significance in normal pregnancy, where BP is low, is paradoxical. Here we test the hypothesis that vascular resistance to endogenous ouabain (EO) develops in normal pregnancy and is mediated by reduced expression of NCX1.3 and TRPCs. We determined plasma and adrenal levels of EO and the impact of exogenous ouabain in pregnancy on arterial expression of Na+ pumps, NCX1.3, TRPC3, and TRPC6 and BP. Pregnant (embryonic day 4) and nonpregnant rats received infusions of ouabain or vehicle. At 14–16 days, tissues and plasma were collected for blotting and EO assay by radioimmunoassay (RIA), liquid chromatography (LC)-RIA, and LC-multidimensional mass spectrometry (MS3). BP (−8 mmHg; P vs. nonpregnant (0.6 ± 0.08 nM; P endogenous and exogenous ouabain is mediated by suppressed NCX1.3 and reduced sensitivity of events downstream of Ca2+ entry. The mechanisms of EO resistance and the impaired fetal and placental growth due to elevated ouabain may be important in pregnancy-induced hypertension (PIH) and preeclampsia (PE). PMID:22245773

  13. Evidências empíricas: arbitragem no mercado brasileiro com fundos ETFs Empirical evidence: arbitrage with Exchange-traded Funds (ETFs on the brazilian market

    Directory of Open Access Journals (Sweden)

    Yuri Sampaio Maluf

    2013-04-01

    Full Text Available De acordo com a literatura de gestão de risco, a diversificação contribui para a mitigação do risco. Neste sentido, os fundos de índice Exchange Traded Funds (ETF, recém-introduzidos no mercado brasileiro, permitem sua fácil execução. Dentro deste contexto, o presente artigo investiga a eficiência do processo de valuation das cotas do fundo iShare Ibovespa com relação ao seu valor justo. Para isto, primeiramente é empregada uma análise das séries temporais de alta frequência do ETF e Ibovespa, seguido de simulações de estratégias que contemplem ágios/deságios entre as séries dos ativos, sem e com custos de transação. A fim de evitar efeitos de Data-Snooping nos resultados das operações, foi aplicado um Bootstrap para séries temporais. No primeiro momento os resultados apontam para uma ineficiência do apreçamento das cotas, visto que a incorporação de ágios/deságios na estratégia produziu retornos de 172,5% acima de seu índice. No segundo, verifica-se que mesmo com a introdução dos custos operacionais, os ganhos ainda assim apresentam ineficiência. Entretanto, a partir da técnica de Bootstrap, os resultados não apontaram para retornos excedentes, o que pode ser atribuído meramente ao fenômeno de Data-Snooping. Os resultados evidenciam, portanto, a inviabilidade dos agentes em auferir rendimentos anormais a partir de divergências entre os valores da cota do ETF e seu respectivo índice, o que indica uma eficiência nas precificações das cotas do fundo iShare Ibovespa.According to risk management literature, diversification helps mitigate risk. Index funds, known as exchange-traded funds (ETFs, which were recently introduced into the Brazilian market, make diversification straightforward to accomplish. This paper investigates the efficiency of the valuation process of the Ibovespa iShares with respect to the fair value of the shares. For this purpose, a high-frequency time series analysis of ETFs and

  14. Shanghai Futures Exchange Plans to Introduce Tin,Nickel,Alumina,Stainless steel,and Rare Earth Varieties Into the Futures Market

    Institute of Scientific and Technical Information of China (English)

    2014-01-01

    <正>On April 29,the Shanghai Futures Exchange and the China Nonferrous Metals Industry Association signed strategic cooperation agreement in Shanghai;Yang Maijun,Director of the Shanghai Futures Exchange,and Chen Quanxun,Counselor of the State Council and Chairman of the China Nonferrous Metals Industry Association,along with others attended the agreement signing ceremony.

  15. Modernisation picks up in commodities exchange market%中国商品交易市场现代化步伐提速

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    @@ With changes in the market circulation environment and the end of a theree-year protection after its accession to the World Trade Organisation, China's commodities trade aggregate has been growing steadily and the size of individual markets has been increasing gradually.In 2004, the number of commodity markets with annual turnover exceeding RMB 100 million jumped to 3,365,100 more than in the previous year; their turnover, at RMB2.61027 trillion, surged. 21.3%. The pace of modernisation of the country's commodity markets has picked up, with their business operations becoming more international, more information-based, larger in scale and functioning as groups.

  16. Development of a ceramic heat exchanger for a combined cycle plant with pressurized coal dust combustion. Final report; Entwicklung eines keramischen Waermeaustauschers fuer eine Kombianlage mit Kohlenstaubdruckfeuerung. Schlussbericht

    Energy Technology Data Exchange (ETDEWEB)

    Leithner, R.; Ehlers, C.

    2001-12-01

    State of Research: The Pressurized Pulverized Coal Combustion Combined Cycle (PPCCCC) with a directly fired gas turbine can reach electrical efficiencies beyond 50%. The required gas quality upstream the gas turbine has not been reached yet at temperatures above 1000 C. One approach tested is the precipitation of ash and alkalines at temperatures above the ash melting point. This principle contains problems concerning the remaining content of ash and alkalines in the flue gas and damages to the refractory materials due to corrosion. Goal of the Investigation: An alternative process had to be investigated in which the flue gas is cleaned according to the state of the art, i.e. below the ash fusion temperature. This principle requires cooling down the flue gas and heating it up again after cleaning in a high temperature heat exchanger. Method: A ceramic tube-and-shell heat exchanger in a model scale was designed and was operated at realistic conditions in an atmospheric test plant in connection with a high temperture precipitation. Result: The heat exchanger showed a good performance concerning design and material. The expected temperatures were not reached totally because of untight joints. Clogging occurred in the tube entrances at high temperatures because of sintered ash agglomerates. First tests to clean the entrances during operation showed positive results. The ash precipitation by means of a cyclone and ceramic filter candles was performed without difficulties. Conclusion: Avoiding and improving joints will help to achieve higher temperatures. A process of cleaning the tubes in-line has to be introduced to prevent the clogging effects. If this is successfully done for high temperatures, an attractive principle for a PPCCCC-process is available which reaches the gas purity required. (orig.) [German] Derzeitiger Stand der Forschung: Der Kohlenstaubdruckfeuerungs-Kombiprozess mit direkt befeuerter Gasturbine verspricht elektrische Wirkungsgrade ueber 50%. Die

  17. Marketing therapeutic recreation services.

    Science.gov (United States)

    Thorn, B E

    1984-01-01

    The use of marketing strategies can enhance the delivery of therapeutic recreation services. This article discusses how agencies can adapt marketing techniques and use them to identify potential markets, improve image, evaluate external pressures, and maximize internal strengths. Four variables that can be controlled and manipulated in a proposed marketing plan are product, price, place and promotion.

  18. The impact of black market exchange rate on the demand for money Case of Algeria during 1980-2010 : Econometric study

    Directory of Open Access Journals (Sweden)

    Ali BENDOB

    2014-06-01

    Full Text Available The main objective of this study is to analyze the relationship between the exchange rate and the parallel circulation of money (M1 in Algeria during the period 1980-2010. For this purpose, we use the proposed especially by Pesaran et al ARDL model. (2001. the results confirm the convergence of long-term determinants of the demand for money (income, consumption price index, interest rate deposits, the parallel exchange rate. In addition, the CUSUM test and CUSUMSQ clearly show the stability of the long-term relationship during the estimation period between the parallel exchange rate and demand for the currency in Algeria. Instead, the relationship becomes unstable once we use the official exchange rate.

  19. OIL AND GAS FUTURES AND OPTIONS MARKET

    Directory of Open Access Journals (Sweden)

    Ante Nosić

    2017-01-01

    Full Text Available Energy mineral resources markets are represented by complex supply and demand ratios which are depending on different factors such as technical (transport and geopolitical. The main specific of energy markets is represented by an uneven geographic distribution of hydrocarbon reserves and exploration on one hand and energy consumption on the other. World oil markets, although geographically localized, because of specific market trade, represent unique global market with decreasing price difference. Price differences are result of development of a transport possibilities of oil supply. Development of transport routes of natural gas and increasing number of liquefied natural gas terminals in the world give pressure to natural gas market and its integration into global gas market. Integration of regional gas markets into a common European gas market is main energy policy of EU concerning natural gas. On the other hand, there are still significant price differences on some markets (e.g. United States of America - South East Asia. Development of global energy markets is enabled by development of a futures and options contracts of an energy trade which have replaced bilateral contract deals between producers and consumers. Futures contracts are standardized contracts traded on exchanges. Buyer agrees to buy certain quantity of stock for an agreed upon price and with some future delivery date. Option is a contract which gives a buyer the option of the right to buy (or sell, depending on the option an asset at predetermined price and at a later date. Stocks price risk can be managed with the purchase and selling futures and options contracts. This paper deals with futures and options energy markets and their market strategies.

  20. Defining Political Marketing

    DEFF Research Database (Denmark)

    Ormrod, Robert P.

    ’ and ‘narrow’ interpretations of political marketing, the nature of the political marketing exchange, political relationship marketing and how one can integrate the stakeholder concept into an understanding of political marketing. Finally, we propose a definition of political marketing that differs from......The aim of this working paper is to develop a definition of political marketing that builds on the political rather than commercial marketing literature. This aim is motivated by the need to make explicit our understanding of what political marketing is, a necessary exercise when discussing theory......, concepts and empirical methods in political marketing. We first present five existing definitions of political marketing that have been selected to represent advances in research from the origins of academic research into political marketing in the mid-1970’s to the present day. After this we discuss ‘wide...

  1. A study on relationship between market orientation's culture and exporting performance: A case study of manufacturing corporations listed on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Omid Behboodi

    2013-12-01

    Full Text Available Increasing trade, the globalization of products and services, as well as the internationalization of specific firms have steadily accentuated the importance of export performance. This study examines the relationship between market orientation culture with three components including customer orientation, competitor orientation, interfunctional-coordination on increasing export capabilities through firm age and size. Using the data gathered from 111 selected firms over the period 2006-2010, the study has applied correlation ratios as well as structural equation modeling to examine various hypotheses. The survey has concluded that being market oriented increases market capabilities through increasing firm size and age.

  2. A Reappraisal on Marketing Definition and Marketing Theory

    OpenAIRE

    Ran Liu

    2017-01-01

    This study examines the definition of marketing and different marketing theories for academic research based on historical literature review. After a comprehensive review on different approaches on marketing definition, the paper gives its own description of marketing, with a highlight on value creation and exchange. The paper also attempts to discuss the possibility that a potential new paradigm of marketing as a science by a value creation theory, which focus on the new role of marketing in...

  3. Market making vs. market manipulation : an Alberta perspective

    International Nuclear Information System (INIS)

    Johnston, P.M.

    1998-01-01

    The Alberta Stock Exchange's (ASE's) filing and disclosure requirements for market making and promotion contracts are outlined. The discussion focuses on the differences between market making and market manipulation, acceptable and unacceptable methods of market making and promotion and common trading and securities legislation violations associated with these types of activities

  4. 76 FR 79254 - Self-Regulatory Organizations; EDGA Exchange, Inc.; EDGX Exchange, Inc.; Order Approving Proposed...

    Science.gov (United States)

    2011-12-21

    ... Market Maker'') in a derivative securities product (``UTP Derivative Security'') that derives its value... Derivative Security on the Exchange(s) from acting or registering as a market maker on any other exchange in any Reference Asset of that UTP Derivative Security, or any derivative instrument based on a Reference...

  5. Basic Concepts and Principles of Marketing.

    Science.gov (United States)

    Beder, Hal

    1986-01-01

    Presents an overview of marketing concepts and principles. These include (1) organizational objectives, (2) exchange, (3) value, (4) market segmentation, (5) market position, (6) consumer analysis, (7) product, (8) promotion, (9) place, and (10) price. (CH)

  6. Energy and Environment. Electric power stock exchange

    International Nuclear Information System (INIS)

    Fazioli, R.; Antonioli, B.; Beccarello, M.; Da Rin, B.

    2000-01-01

    In this paper are reported the structural characteristics of electric power stock exchange in the processes liberalization of european electric markets. International experience are also considered [it

  7. Exporter Price Response to Exchange Rate Changes

    DEFF Research Database (Denmark)

    Fosse, Henrik Barslund

    Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade...... theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through....

  8. Market segmentation: Venezuelan ADRs

    Directory of Open Access Journals (Sweden)

    Urbi Garay

    2012-12-01

    Full Text Available The control on foreign exchange imposed by Venezuela in 2003 constitute a natural experiment that allows researchers to observe the effects of exchange controls on stock market segmentation. This paper provides empirical evidence that although the Venezuelan capital market as a whole was highly segmented before the controls were imposed, the shares in the firm CANTV were, through their American Depositary Receipts (ADRs, partially integrated with the global market. Following the imposition of the exchange controls this integration was lost. Research also documents the spectacular and apparently contradictory rise experienced by the Caracas Stock Exchange during the serious economic crisis of 2003. It is argued that, as it happened in Argentina in 2002, the rise in share prices occurred because the depreciation of the Bolívar in the parallel currency market increased the local price of the stocks that had associated ADRs, which were negotiated in dollars.

  9. Heat exchanger cleaning

    International Nuclear Information System (INIS)

    Gatewood, J.R.

    1980-01-01

    A survey covers the various types of heat-exchange equipment that is cleaned routinely in fossil-fired generating plants, the hydrocarbon-processing industry, pulp and paper mills, and other industries; the various types, sources, and adverse effects of deposits in heat-exchange equipment; some details of the actual procedures for high-pressure water jetting and chemical cleaning of some specific pieces of equipment, including nuclear steam generators. (DN)

  10. Plate heat exchangers in air conditioning applications. Development of air-coolers, air-heaters and air-conditioning units with low pressure loss. Plattenwaermetauscher in raumlufttechnischen Anlagen. Entwicklung stroemungsoptimierter Luftkuehler, Lufterhitzer und Klimageraete

    Energy Technology Data Exchange (ETDEWEB)

    Bach, H; Diemer, R; Eisenmann, G; Goettling, D; Madjidi, M

    1989-08-01

    To prepare the development of a water to air plate heat exchanger the state of the art, i.e. the technological knowhow and the design basis are given. The concept and ideas are presented which lead to a slightly wavy plate. Furthermore an exemplary design of a plate heat exchanger and an air-conditioning unit is described and finally the application of plate heat exchangers as direct evaporators and the potential icing problems are investigated. Comparing measured and calculated data shows that the performance of plates with plane surfaces can be predicted fairly well by the presented design methods. The performance of plates with strongly wavy surface however has to be measured. Optimization calculations yield to an air gap of slightly over 4 mm. Comparison with an air-conditioning unit demonstrates that the strongest advantage is for the air cooler (one third of the pressure loss) that a new concept of an air-conditioning unit has lower losses in the fan unit and that it does not need an eliminator. This results in half the volume for the new unit, in a pressure drop of 88%, fan power of 90% and fan revolutions of 50%. (orig./GL).

  11. Reactor fuel exchanging facility

    International Nuclear Information System (INIS)

    Kubota, Shin-ichi.

    1981-01-01

    Purpose: To enable operation of an emergency manual operating mechanism for a fuel exchanger with all operatorless trucks and remote operation of a manipulator even if the exchanger fails during the fuel exchanging operation. Constitution: When a fuel exchanging system fails while connected to a pressure tube of a nuclear reactor during a fuel exchanging operation, a stand-by self-travelling truck automatically runs along a guide line to the position corresponding to the stopping position at that time of the fuel exchanger based on a command from a central control chamber. At this time the truck is switched to manual operation, and approaches the exchanger while being monitored through a television camera and then stops. Then, a manipurator is connected to the emergency manual operating mechanism of the exchanger, and is operated through necessary emergency steps by driving the snout, the magazine, the grab or the like in the exchanger in response to the problem, and necessary operations for the emergency treatment are thus performed. (Sekiya, K.)

  12. Exchange rate smoothing in Hungary

    OpenAIRE

    Karádi, Péter

    2005-01-01

    The paper proposes a structural empirical model capable of examining exchange rate smoothing in the small, open economy of Hungary. The framework assumes the existence of an unobserved and changing implicit exchange rate target. The central bank is assumed to use interest rate policy to obtain this preferred rate in the medium term, while market participants are assumed to form rational expectations about this target and influence exchange rates accordingly. The paper applies unobserved varia...

  13. The Australian stock market development: Prospects and challenges

    OpenAIRE

    Sheilla Nyasha; Nicholas M. Odhiambo

    2013-01-01

    This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these r...

  14. A Numerical Study on Using Air Cooler Heat Exchanger for Low Grade Energy Recovery from Exhaust Flue Gas in Natural Gas Pressure Reduction Stations

    OpenAIRE

    Mansoor Naderi; Ghasem Zargar; Ebrahim Khalili

    2018-01-01

    Heat EXchangers (HEX) that are used in City Gate Station (CGS) systems are modeled numerically to recover the exhaust waste heat. It was tried to find the best viscous model to obtain results in accordance with experimental results and to change the heat exchanger design. This HEX is used for recovering heat from exhaust flue gas with a mixture of 40% water and 60% ethylene glycol as the cooling fluid. Then, the effects of sizes and numbers of fins and tube rows on recovered heat rate were in...

  15. 77 FR 69694 - Determination of Foreign Exchange Swaps and Foreign Exchange Forwards Under the Commodity...

    Science.gov (United States)

    2012-11-20

    ... appropriate regulations governing systemically important financial market utilities and payment, clearing, and... this market significantly outweigh the marginal benefits that central clearing and exchange trading... a [central securities depository] or CCP conducts its money settlements using instruments or...

  16. 77 FR 37082 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Science.gov (United States)

    2012-06-20

    ... its market share in these products. The Exchange believes this proposed rule change will also serve to... differentiation that exists today at other option exchanges. The Exchange believes it remains an attractive venue... for similar trading strategies. The Exchange operates in a highly competitive market in which market...

  17. Market Efficiency Analysis at the Stockholm Stock Exchange: Measuring Intraday Stock Price Performance around Interim Reports of the OMXS30 Large Cap Stocks - An Event Study Approach

    OpenAIRE

    Tames Blanco, Juan Marcelo; Nsiah, Samuel Osei

    2010-01-01

    The purpose of this thesis is to perform event studies that determine the level of efficiency of twenty-two large cap stocks from the OMXS30 Index. Under the event study methodology, analysts’ expectations, the standard Capital Asset Pricing Model and a set of parametric tests are implemented. As a result, significant evidence is found on the existence of intraday abnormal returns at the exact moment of an interim report publication. However, further evidence on market corrections state effic...

  18. [Healthcare marketing elements].

    Science.gov (United States)

    Ameri, Cinzia; Fiorini, Fulvio

    2014-01-01

    Marketing puts its foundation on a few key concepts: need-demand, product-service, satisfaction, exchange, market, or business structure manufacturing / supply. The combination of these elements allows you to build an effective marketing strategy. Crucial in this respect is to remember the Porter matrix, which shows that for a correct analysis of the relevant market is necessary to refer to the "five forces at play", ie: customers, competitors, new entrants and substitutes threat. Another key lever for proper marketing oriented approach is the continuous and constant monitoring of the application, anticipating their dissatisfactions.

  19. Analysis of the Exchange Rate and Pricing Foreign Currency Options on the Croatian Market: the NGARCH Model as an Alternative to the Black-Scholes Model

    Directory of Open Access Journals (Sweden)

    Petra Posedel

    2006-12-01

    Full Text Available The interest of professional investors in financial derivatives on the Croatian market is steadily increasing and trading is expected to start after the establishment of the legal framework. The quantification of the fair price of such financial instruments is therefore becoming increasingly important. Once the derivatives market is formed, the use of the Black-Scholes option pricing model is also expected. However, contrary to the assumptions of the Black-Scholes model, research in the field of option markets worldwide suggests that the volatility of the time-series returns is not constant over time. The present study analyzes the implications of volatility that changes over time for option pricing. The nonlinear-in-mean asymmetric GARCH model that reflects asymmetry in the distribution of returns and the correlation between returns and variance is recommended. For the purpose of illustration, we use the NGARCH model for the pricing of foreign currency options. Possible prices for such options having different strikes and maturities are then determined using Monte Carlo simulations. The improvement provided by the NGARCH model is that the option price is a function of the risk premium embedded in the underlying asset. This contrasts with the standard preference-free option pricing result that is obtained in the Black-Scholes model.

  20. Ergot alkaloids in rye flour determined by solid-phase cation-exchange and high-pressure liquid chromatography with fluorescence detection

    DEFF Research Database (Denmark)

    Storm, Ida Marie Lindhardt Drejer; Rasmussen, Peter Have; Strobel, B.W.

    2008-01-01

    Ergot alkaloids are mycotoxins that are undesirable contaminants of cereal products, particularly rye. A method was developed employing clean-up by cation-exchange solid-phase extraction, separation by high-performance liquid chromatography under alkaline conditions and fluorescence detection...

  1. Positive pressure ventilation with the open lung concept optimizes gas exchange and reduces ventilator-induced lung injury in newborn piglets

    NARCIS (Netherlands)

    van Kaam, Anton H.; de Jaegere, Anne; Haitsma, Jack J.; van Aalderen, Wim M.; Kok, Joke H.; Lachmann, Burkhard

    2003-01-01

    Previous studies demonstrated that high-frequency oscillatory ventilation using the open lung concept (OLC resulted in superior gas exchange and a reduction in ventilator-induced lung injury (VILI). We hypothesized that these beneficial effects could also be achieved by applying the OLC during

  2. Derivatives in emerging markets

    OpenAIRE

    Dubravko Mihaljek; Frank Packer

    2010-01-01

    Turnover of derivatives has grown more rapidly in emerging markets than in developed countries. Foreign exchange derivatives are the most commonly traded of all risk categories, with increasingly frequent turnover in emerging market currencies and a growing share of cross-border transactions. As the global reach of the financial centres in emerging Asia has expanded, the offshore trading of many emerging market currency derivatives has risen as well. Growth in derivatives turnover is positive...

  3. Bond markets in Africa

    Directory of Open Access Journals (Sweden)

    Yibin Mu

    2013-07-01

    Full Text Available African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped. African countries would benefit from greater access to financing and deeper financial markets. This paper compiles a unique set of data on government securities and corporate bond markets in Africa. It then applies an econometric model to analyze the key determinants of African government securities market and corporate bond market capitalization. Government securities market capitalization is directly related to better institutions and interest rate volatility, and inversely related to smaller fiscal deficits, higher interest rate spreads, exchange rate volatility, and current and capital account openness. Corporate bond market capitalization is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility, and inversely related to higher interest rate spreads and current account openness. Policy implications follow.

  4. 76 FR 41853 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-07-15

    ... regulatory efforts and competitive pricing pressures. The Exchange proposes to increase both its SRO and DEA... lower total registration fees for off-Exchange traders to respond to competitive pressures. The Exchange... Exchange to respond to competitive pressures by lowering trader fees for all off-Exchange proprietary...

  5. Outperforming markets

    DEFF Research Database (Denmark)

    Nielsen, Christian; Rimmel, Gunnar; Yosano, Tadanori

    2015-01-01

    This article studies the effects of disclosure practices of Japanese IPO prospectuses on long-term stock performance and bid-ask spread, as a proxy for cost of capital, after a company is admitted to the stock exchange. A disclosure index methodology is applied to 120 IPO prospectuses from 2003....... Intellectual capital information leads to significantly better long-term performance against a reference portfolio, and is thus important to the capital market. Further, superior disclosure of IC reduces bid-ask spread in the long-term, indicating that such disclosures are important in an IPO setting. Analysts...

  6. MARKET WATCH

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    By expanding yuan settlement in cross-border trade andallowing cross-border direct investment in the yuan, China aims to pushforward the internationalization of its currency. House prices are still holding up inChina, but property developers are under increasing pressures. China’s goldmarket bursts with vitality as investors seek safety amid soaringinflation. The automaker BYD faces serious headwinds due to a plunge insales. The telecom giant China Mobile faces slower growth in its customerbase due to cutthroat market competition.

  7. Heat exchangers in heavy water reactor systems

    International Nuclear Information System (INIS)

    Mehta, S.K.

    1988-01-01

    Important features of some major heat exchange components of pressurized heavy water reactors and DHRUVA research reactor are presented. Design considerations and nuclear service classifications are discussed

  8. Tourism Marketing: A Service Marketing perspective

    OpenAIRE

    Kannan, Srinivasan

    2009-01-01

    Tourism is a service sector which earns a substantial foreign exchange to developing countries. In India, Kerala is one of the important destination for the international tourists with its unique nature beauty with backwaters, mountains and beaches. To make the tourism a great success one has to take advantage of the modern technology to full extent. Present paper is an attempt to market tourism by adapting the service marketing approach for achieving great success.

  9. The liberalization of the Norwegian energy market - consequences for the international exchange of electric power. Die Liberalisierung des norwegischen Energiemarktes. Konsequenzen fuer den internationalen Stromaustausch

    Energy Technology Data Exchange (ETDEWEB)

    Wiedswang, R G [Statnett SF, Oslo (Norway)

    1993-10-01

    The Norwegian electric power market was deregulated according to the resolutions passed by the Norwegian Parliament. A new energy law was passed after the Norwegian power systems had been made accessible to third parties. The Norwegian government was given a share in power plant and main system operation through foundation of the Norwegian Energy Corporation and the Norwegian Power Grid Company. The transmission tariffs were adapted to the competing sales of electric power. The Samkjoringen utilities fused with the Norwegian Power Grid Company. The deregulation coincided with an energy surplus period. The energy export should have been liberalized before or simultaneously with the internal liberalization, and certain interim regulations could have been established to facilitate the process of liberalization. (orig.)

  10. Cryptographic Combinatorial Securities Exchanges

    Science.gov (United States)

    Thorpe, Christopher; Parkes, David C.

    We present a useful new mechanism that facilitates the atomic exchange of many large baskets of securities in a combinatorial exchange. Cryptography prevents information about the securities in the baskets from being exploited, enhancing trust. Our exchange offers institutions who wish to trade large positions a new alternative to existing methods of block trading: they can reduce transaction costs by taking advantage of other institutions’ available liquidity, while third party liquidity providers guarantee execution—preserving their desired portfolio composition at all times. In our exchange, institutions submit encrypted orders which are crossed, leaving a “remainder”. The exchange proves facts about the portfolio risk of this remainder to third party liquidity providers without revealing the securities in the remainder, the knowledge of which could also be exploited. The third parties learn either (depending on the setting) the portfolio risk parameters of the remainder itself, or how their own portfolio risk would change if they were to incorporate the remainder into a portfolio they submit. In one setting, these third parties submit bids on the commission, and the winner supplies necessary liquidity for the entire exchange to clear. This guaranteed clearing, coupled with external price discovery from the primary markets for the securities, sidesteps difficult combinatorial optimization problems. This latter method of proving how taking on the remainder would change risk parameters of one’s own portfolio, without revealing the remainder’s contents or its own risk parameters, is a useful protocol of independent interest.

  11. Compact heat exchanger for power plants

    International Nuclear Information System (INIS)

    Kinnunen, L.

    2001-01-01

    Vahterus Oy, located at Kalanti, has manufactured heat exchangers since the beginning of 1990s. About 90% of the equipment produced are exported. In the PSHE (Plate and Shell) solution of the Vahterus heat exchanger the heat is transferred by round plated welded to form a compact package, which is assembled into a cylindrical steel casing. The heat exchanger contains no gaskets or soldered joints, which eliminates the leak risks. Traditional heat exchanges are usually operated at higher temperatures and pressures, but the heat transfer capacities of them are lower. Plate heat exchangers, on the other hand, are efficient, but the application range of them is narrow. Additionally, the rubber gasket of the heat exchange plates, sealing the joints of the heat exchanging plates, does not stand high pressures or temperatures, or corroding fluids. The new welded plate heat exchanger combine the pressure and temperature resistance of tube heat exchangers and the high heat exchange capacity of plate heat exchangers. The new corrosion resisting heat exchanger can be applied for especially hard conditions. The operating temperature range of the PSHE heat exchanger is - 200 - 900 deg C. The pressure resistance is as high as 100 bar. The space requirement of PSHE is only one tenth of the space requirement of traditional tube heat exchangers. Adjusting the number of heat exchanging plates can change the capacity of the heat exchanger. Power range of the heat exchanger can be as high as 80 MW. Due to the corrosion preventive construction and the small dimension the PSHE heat exchanger can be applied for refrigerators using ammonia as refrigerant. These kinds of new Vahterus heat exchangers are in use in 60 countries in more than 2000 refrigerators

  12. Securities and Exchange Commission Semiannual Regulatory Agenda

    Science.gov (United States)

    2010-12-20

    ... Flexibility Analysis Required: Yes Agency Contact: Alicia Goldin, Division of Trading and Markets, Securities...: Alicia Goldin, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE... Flexibility Analysis Required: Yes Agency Contact: Alicia Goldin, Division of Trading and Markets, Securities...

  13. Latin American foreign exchange intervention - Updated

    OpenAIRE

    Da Silva, Sergio; Nunes, Mauricio

    2007-01-01

    We examine Latin American foreign exchange intervention in a framework where the exchange rate regime is endogenous and there exists an inefficient, equilibrium foreign exchange intervention bias. The model suggests that greater central bank independence is associated with lesser intervention in the foreign exchange market, and also with leaning-against-the-wind intervention. Both results are confirmed by data from 13 Latin American countries.

  14. Are the Intraday Effects of Central Bank Intervention on Exchange Rate Spreads Asymmetric and State Dependent?

    DEFF Research Database (Denmark)

    Fatum, Rasmus; Pedersen, Jesper; Sørensen, Peter Norman

    This paper investigates the intraday effects of unannounced foreign exchange intervention on bid-ask exchange rate spreads using official intraday intervention data provided by the Danish central bank. Our starting point is a simple theoretical model of the bid-ask spread which we use to formulate...... exert a significant influence on the exchange rate spread, but in opposite directions: intervention purchases of the smaller currency, on average, reduce the spread while intervention sales, on average, increase the spread. We also show that intervention only affects the exchange rate spread when...... the state of the market is not abnormally volatile. Our results are consistent with the notion that illiquidity arises when traders fear speculative pressure against the smaller currency and confirms the asymmetry hypothesis of our theoretical model....

  15. Offline coupling of low-pressure anion-exchange chromatography with MALDI-MS to determine the elution order of human milk oligosaccharides.

    Science.gov (United States)

    Finke, B; Mank, M; Daniel, H; Stahl, B

    2000-09-10

    Pooled human milk oligosaccharides were separated into neutral and several acidic oligosaccharide fractions by preparative anion-exchange chromatography (AEC) using AG 1-X2. The oligosaccharides were eluted stepwise using deionized water and three different concentrations of ammonium acetate buffer, pH 6.8. The elution order of the compounds was determined directly by matrix-assisted laser desorption/ionization mass spectrometry (MALDI-MS) analysis of the AEC effluent without any cleanup or concentration steps. Up to a concentration of 500 mM ammonium acetate, the masses of acidic oligosaccharides could be detected by screening the fractions in an automated mode. The combination of the improved chromatographic procedure, the applied MALDI matrices, and operating parameters is suitable for the detection of neutral oligosaccharides as well as acidic oligosaccharides. The method provides high sensitivity and mass accuracy, including for the high-molecular-weight monosialylated oligosaccharides up to 2751.5 Da. The applied ionic strength of the anion-exchange eluents enables a rapid and an unambiguous composition assignment by MALDI-MS for neutral, monosialylated, and disialylated oligosaccharides from human milk. The acidic fractions have to be desalted by electrodialysis and were finally analyzed by HPAEC-PAD to get a high-resolution "fingerprint" of structures present in each fraction. From these analyses, it can be concluded that the isomeric variety of monosialylated oligosaccharides occurring in human milk is higher than estimated before. Copyright 2000 Academic Press.

  16. Can markets compute equilibria?

    CERN Document Server

    Monroe , Hunter K

    2009-01-01

    Recent turmoil in financial and commodities markets has renewed questions regarding how well markets discover equilibrium prices, particularly when those markets are highly complex. A relatively new critique questions whether markets can realistically find equilibrium prices if computers cannot. For instance, in a simple exchange economy with Leontief preferences, the time required to compute equilibrium prices using the fastest known techniques is an exponential function of the number of goods. Furthermore, no efficient technique for this problem exists if a famous mathematical conjecture is

  17. Innovative heat exchangers

    CERN Document Server

    Scholl, Stephan

    2018-01-01

    This accessible book presents unconventional technologies in heat exchanger design that have the capacity to provide solutions to major concerns within the process and power-generating industries. Demonstrating the advantages and limits of these innovative heat exchangers, it also discusses micro- and nanostructure surfaces and micro-scale equipment, and introduces pillow-plate, helical and expanded metal baffle concepts. It offers step-by-step worked examples, which provide instructions for developing an initial configuration and are supported by clear, detailed drawings and pictures. Various types of heat exchangers are available, and they are widely used in all fields of industry for cooling or heating purposes, including in combustion engines. The market in 2012 was estimated to be U$ 42.7 billion and the global demand for heat exchangers is experiencing an annual growth of about 7.8 %. The market value is expected to reach U$ 57.9 billion in 2016, and approach U$ 78.16 billion in 2020. Providing a valua...

  18. Exchange of natural enemies for biological control: is it a rocky road?-the road in the Euro-Mediterranean region and the South American common market.

    Science.gov (United States)

    Coutinot, D; Briano, J; Parra, J R P; de Sá, L A N; Cônsoli, F L

    2013-02-01

    The access and benefit sharing (ABS) regulations from the Convention on Biological Diversity (CBD) for the use of natural resources became an important issue because the biodiversity of developing countries was heavily accessed and unilaterally exploited by pharmaceutical and seed companies. However, natural enemies used for biological control are living and unmodified genetic resources which cannot be patented and have been treated as resources such as drugs, seeds, or other commercial products. Consequently, the ABS requirements have limited not only the use of natural enemies but also the positive effects that scientifically supported biological control strategies have on the society, the environment, and the economy, reducing problems of pesticide residues, water and soil contamination, and non-target effects. During the last several years, the biological control scientific community has faced new and extremely complicated legislation dictated by a high and diverse number of governmental agencies at different levels, making the access to natural resources for biocontrol purposes a rocky road. Society at large should be aware of how the strict ABS regulations affect the use of natural enemies as biological resources to secure food production, food safety, and global environmental protection. We discuss in here the current difficulties derived from CBD for the exchange of natural enemies taking as example the Euro-Mediterranean region, Argentina, and Brazil to demonstrate how long and diverse are the steps to be followed to obtain the required permits for access and exportation/importation of natural enemies. We then argue that the public visibility of biocontrol strategies should be increased and their benefits highlighted in order to persuade legislators for the development of a less bureaucratic, more expedient, and more centralized regulatory frame, greatly favoring the practice and benefits of biological control. We finally propose a general framework in

  19. Microscale Regenerative Heat Exchanger

    Science.gov (United States)

    Moran, Matthew E.; Stelter, Stephan; Stelter, Manfred

    2006-01-01

    The device described herein is designed primarily for use as a regenerative heat exchanger in a miniature Stirling engine or Stirling-cycle heat pump. A regenerative heat exchanger (sometimes called, simply, a "regenerator" in the Stirling-engine art) is basically a thermal capacitor: Its role in the Stirling cycle is to alternately accept heat from, then deliver heat to, an oscillating flow of a working fluid between compression and expansion volumes, without introducing an excessive pressure drop. These volumes are at different temperatures, and conduction of heat between these volumes is undesirable because it reduces the energy-conversion efficiency of the Stirling cycle.

  20. Effects of synthetic oil in a compression refrigeration system using R410A. Part II: quality of heat transfer and pressure losses within the heat exchangers

    Energy Technology Data Exchange (ETDEWEB)

    Lottin, O.; Guillemet, P. [Ecole Polytechnique de l' Universite de Nantes (France). Laboratoire de Thermocinetique; Lebreton, J-M. [Electricite de France, Moret sur Loing (France)

    2003-11-01

    The consequences of the oil rejected by the compressor of a vapour-compression refrigeration system on the operation of the evaporator and condenser are analysed. The modelled prototype uses the mixture of HFC R410A and a synthetic polyolester (POE) oil. The rise of the amount of lubricant circulating in the system leads to a progressive change in the behaviour of the mixture of refrigerant and oil that, for the higher oil mass fraction, evolves like a zeotropic mixture. One also observes that the presence of lubricant is generally associated with a fall of the performances of the heat exchangers, except however in the evaporator where an optimum is observed when the quantity of oil is equal to 0.1% of the total mass of the mixture. Some conclusions are drawn about the choice of correlations for the calculation of the refrigerant side heat transfer coefficient in a plate evaporator. (author)