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This paper investigates the asymmetric connectedness among the Indian stock market, crude oil price, gold price and the USD–INR exchange rate.
Abstract
Purpose
This paper investigates the asymmetric connectedness among the Indian stock market, crude oil price, gold price and the USD–INR exchange rate.
Design/methodology/approach
We construct a nonlinear autoregressive distributed lag model that contains the four aforementioned variables. We further used the pairwise Granger causality test to identify the direction of causality.
Findings
The results verify an asymmetrical long-run co-movement between the Indian stock market index, exchange rate, international crude oil prices and gold prices. In the long run, the performance of the Indian stock market is mainly affected by both positive as well as negative shocks in the INR–USD exchange rate, positive shocks in gold prices and positive shocks in crude oil prices. Further, a feedback mechanism is observed between positive shocks in the INR–USD exchange rate and Indian stock market performance.
Originality/value
The research paper revisited the linkage among the variables using a novel methodology proposed by Shin et al. (2014).
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Modupeola Dada, Patricia Popoola and Ntombi Mathe
This study aims to review the recent advancements in high entropy alloys (HEAs) called high entropy materials, including high entropy superalloys which are current potential…
Abstract
Purpose
This study aims to review the recent advancements in high entropy alloys (HEAs) called high entropy materials, including high entropy superalloys which are current potential alternatives to nickel superalloys for gas turbine applications. Understandings of the laser surface modification techniques of the HEA are discussed whilst future recommendations and remedies to manufacturing challenges via laser are outlined.
Design/methodology/approach
Materials used for high-pressure gas turbine engine applications must be able to withstand severe environmentally induced degradation, mechanical, thermal loads and general extreme conditions caused by hot corrosive gases, high-temperature oxidation and stress. Over the years, Nickel-based superalloys with elevated temperature rupture and creep resistance, excellent lifetime expectancy and solution strengthening L12 and γ´ precipitate used for turbine engine applications. However, the superalloy’s density, low creep strength, poor thermal conductivity, difficulty in machining and low fatigue resistance demands the innovation of new advanced materials.
Findings
HEAs is one of the most frequently investigated advanced materials, attributed to their configurational complexity and properties reported to exceed conventional materials. Thus, owing to their characteristic feature of the high entropy effect, several other materials have emerged to become potential solutions for several functional and structural applications in the aerospace industry. In a previous study, research contributions show that defects are associated with conventional manufacturing processes of HEAs; therefore, this study investigates new advances in the laser-based manufacturing and surface modification techniques of HEA.
Research limitations/implications
The AlxCoCrCuFeNi HEA system, particularly the Al0.5CoCrCuFeNi HEA has been extensively studied, attributed to its mechanical and physical properties exceeding that of pure metals for aerospace turbine engine applications and the advances in the fabrication and surface modification processes of the alloy was outlined to show the latest developments focusing only on laser-based manufacturing processing due to its many advantages.
Originality/value
It is evident that high entropy materials are a potential innovative alternative to conventional superalloys for turbine engine applications via laser additive manufacturing.
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Slawomir Koziel and Anna Pietrenko-Dabrowska
This study aims to propose a computationally efficient framework for multi-objective optimization (MO) of antennas involving nested kriging modeling technology. The technique is…
Abstract
Purpose
This study aims to propose a computationally efficient framework for multi-objective optimization (MO) of antennas involving nested kriging modeling technology. The technique is demonstrated through a two-objective optimization of a planar Yagi antenna and three-objective design of a compact wideband antenna.
Design/methodology/approach
The keystone of the proposed approach is the usage of recently introduced nested kriging modeling for identifying the design space region containing the Pareto front and constructing fast surrogate model for the MO algorithm. Surrogate-assisted design refinement is applied to improve the accuracy of Pareto set determination. Consequently, the Pareto set is obtained cost-efficiently, even though the optimization process uses solely high-fidelity electromagnetic (EM) analysis.
Findings
The optimization cost is dramatically reduced for the proposed framework as compared to other state-of-the-art frameworks. The initial Pareto set is identified more precisely (its span is wider and of better quality), which is a result of a considerably smaller domain of the nested kriging model and better predictive power of the surrogate.
Research limitations/implications
The proposed technique can be generalized to accommodate low- and high-fidelity EM simulations in a straightforward manner. The future work will incorporate variable-fidelity simulations to further reduce the cost of the training data acquisition.
Originality/value
The fast MO optimization procedure with the use of the nested kriging modeling technology for approximation of the Pareto set has been proposed and its superiority over state-of-the-art surrogate-assisted procedures has been proved. To the best of the authors’ knowledge, this approach to multi-objective antenna optimization is novel and enables obtaining optimal designs cost-effectively even in relatively high-dimensional spaces (considering typical antenna design setups) within wide parameter ranges.
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Laura Korhonen and Erica Mattelin
The population of internationally forcibly displaced people, which includes refugees and asylum seekers, is large and heterogeneous. To determine the varying reasons for and…
Abstract
The population of internationally forcibly displaced people, which includes refugees and asylum seekers, is large and heterogeneous. To determine the varying reasons for and experiences during the migration journey, including exposure to violence and health- and integration-related needs, there is an urgent need to involve children with refugee backgrounds in research and development activities. This chapter describes a model for the child participatory approach developed at Barnafrid, a national competence centre on violence against children at Linköping University in Sweden. The model has been tested in the Long Journey to Shelter study, which investigated exposure to violence and its consequences on mental health and functional ability among forcibly displaced children and young adults. As part of this project, we conducted workshops with children (n = 36, aged 13–18 years) to design a questionnaire on exposure to community violence in the country of resettlement. Experiences recounted during the child participatory workshops indicated no problems involving newly arrived children with refugee backgrounds and Swedish-born adolescents in research activities. However, attention should be paid to proper preparatory work and the need for adjustments. We discuss the results in light of other studies on refugee child participation, the United Nations Convention on the Rights of a Child and diversity considerations.
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Slawomir Koziel and Anna Pietrenko-Dabrowska
A novel framework for expedited antenna optimization with an iterative prediction-correction scheme is proposed. The methodology is comprehensively validated using three…
Abstract
Purpose
A novel framework for expedited antenna optimization with an iterative prediction-correction scheme is proposed. The methodology is comprehensively validated using three real-world antenna structures: narrow-band, dual-band and wideband, optimized under various design scenarios.
Design/methodology/approach
The keystone of the proposed approach is to reuse designs pre-optimized for various sets of performance specifications and to encode them into metamodels that render good initial designs, as well as an initial estimate of the antenna response sensitivities. Subsequent design refinement is realized using an iterative prediction-correction loop accommodating the discrepancies between the actual and target design specifications.
Findings
The presented framework is capable of yielding optimized antenna designs at the cost of just a few full-wave electromagnetic simulations. The practical importance of the iterative correction procedure has been corroborated by benchmarking against gradient-only refinement. It has been found that the incorporation of problem-specific knowledge into the optimization framework greatly facilitates parameter adjustment and improves its reliability.
Research limitations/implications
The proposed approach can be a viable tool for antenna optimization whenever a certain number of previously obtained designs are available or the designer finds the initial effort of their gathering justifiable by intended re-use of the procedure. The future work will incorporate response features technology for improving the accuracy of the initial approximation of antenna response sensitivities.
Originality/value
The proposed optimization framework has been proved to be a viable tool for cost-efficient and reliable antenna optimization. To the knowledge, this approach to antenna optimization goes beyond the capabilities of available methods, especially in terms of efficient utilization of the existing knowledge, thus enabling reliable parameter tuning over broad ranges of both operating conditions and material parameters of the structure of interest.
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Ishita Afreen Ahmed, Shahfahad Shahfahad, Mirza Razi Imam Baig, Swapan Talukdar, Md Sarfaraz Asgher, Tariq Mahmood Usmani, Shakeel Ahmed and Atiqur Rahman
Deepor Beel is one of the Ramsar Site and a wetland of great biodiversity, situated in the south-western part of Guwahati, Assam. With urban development at its forefront city of…
Abstract
Purpose
Deepor Beel is one of the Ramsar Site and a wetland of great biodiversity, situated in the south-western part of Guwahati, Assam. With urban development at its forefront city of Guwahati, Deepor Beel is under constant threat. The study aims to calculate the lake water volume from the water surface area and the underwater terrain data using a triangulated irregular network (TIN) volume model.
Design/methodology/approach
The lake water surface boundaries for each year were combined with field-observed water level data to generate a description of the underwater terrain. Time series LANDSAT images of 2001, 2011 and 2019 were used to extract the modified normalized difference water index (MNDWI) in GIS domain.
Findings
The MNDWI was 0.462 in 2001 which reduced to 0.240 in 2019. This shows that the lake water storage capacity shrank in the last 2 decades. This leads to a major problem, i.e. the storage capacity of the lake has been declining gradually from 20.95 million m3 in 2001 to 16.73 million m3 in 2011 and further declined to 15.35 million m3 in 2019. The fast decline in lake water volume is a serious concern in the age of rapid urbanization of big cities like Guwahati.
Originality/value
None of the studies have been done previously to analyze the decline in the volume of Deepor Beel lake. Therefore, this study will provide useful insights in the water resource management and the conservation of Deepor Beel lake.
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Imran Yousaf, Hasan Hanif, Shoaib Ali and Syed Moudud-Ul-Huq
The authors aim to examine the mean and volatility linkages between the gold market and the Latin American equity markets in the entire sample period and two crises periods…
Abstract
Purpose
The authors aim to examine the mean and volatility linkages between the gold market and the Latin American equity markets in the entire sample period and two crises periods, namely the US financial crisis and the Chinese crash.
Design/methodology/approach
To examine the return and volatility spillovers, the authors employ VAR-BEKK-GARCH model on the daily data of four emerging Latin American equity markets which include Peru, Chile, Brazil and Mexico, which ranges from January 2000 to June 2018.
Findings
The results show that the return transmissions vary across the stock markets and the crises periods. The volatility transmission is found to be bidirectional between the gold and stock markets of Brazil and Chile during the US financial crisis. Furthermore, the volatility spillover is unidirectional from Brazil to gold and from gold to Peru stock market during the Chinese crash. We also calculate the optimal weights hedge ratios for gold and stock portfolio. The result suggests that portfolio managers need to increase the weight of gold for the equity portfolios of Peru and Mexico during the US financial crisis. Furthermore, during the Chinese crisis, investors may raise the investment in gold for the equity portfolios of Brazil and Chile. Finally, the cheapest hedging strategy is CHIL/GOLD during the US financial crisis, whereas MEXI/GOLD during the Chinese crash.
Practical implications
These findings have useful insights for portfolio diversification, asset pricing and risk management.
Originality/value
The study's outcome provides policymakers and investors with in-depth insights regarding hedging, risk management and portfolio management.
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