Forwards

The objective of this paper is to analyze performance of different blades design to get design point performance. This paper is extended towards the comparative assessment of forward and backward leaned radial tipped blades. It is important to recognize that the design of any turbomachine is an interdisciplinary process, involving aerodynamics, thermodynamics, fluid dynamics, stress analysis, vibration analysis, the selection of materials, and the requirements for manufacturing. Though centrifugal blowers have been developed as highly efficient machines, design is still based on various empirical and semi empirical rules proposed by fan or blower designers. The design procedure developed in present work is outlined after performance evaluation of explicit designs which differs widely, suggested by Church, Osborne and retrieved from fundamental principles of fluid flow having minimum assumptions made.

This book is for me who wants to become rich through investing in financial instruments and alternative assets.

The first part of the book discusses investing and the need to invest, stating that the only way to become rich or maintain the riches that I have already acquired is through investing, that is, making the assets I already have to acquire more assets for me. This part also covers the basic and fundamental principles of investing.

The second part of the book takes me through the various investment products; the markets where I can buy and ell such products and the market players, including regulators, associations and brokers.

Finally, the book also introduces the East African financial market, the available financial instruments and how to invest in them, listing the various financial institutions and their regulators, the exchanges, the member firms and the listed companies. The book then concludes by introducing a prospective investor to fundamental principles of economics and economic institutions.

Çalışma kapsamında Türkiye'de türev ürünler piyasasının gelişimi açıklanmış ve türev finansal varlık istatistiklerine değinilmiştir. Diğer taraftan Forward ve Future sözleşmeler ile Swap ve Opsiyon anlaşmaları yapısal özellikleri dahilinde ele alınmış, benzer ve farklı yönleri izah edilmiştir.

In this paper, we will analyse the role of brokers, dealers and investment banks in the equity markets. Special attention will be given in analysing the role of financial intermediaries at initial public offerings and secondary offerings, according to the legal framework in Serbia. Serbia, as other transitional economies, has problems in mobilising funds for its stock exchange. Especially local savers do not trust the local financial system, especially the stock exchange. One of the major reasons for this distrust, besides bad experiences in the past, is a lack of knowledge about the functioning of stock exchanges. On the other hand, companies in Serbia often rely on debt-based financial instruments, where they have to pay high interest rates. However, equity financing with partners, especially with many partners is at a very low level. Therefore, we want to analyse the functioning of equity markets by explaining the concept of stocks, public offerings and the role of financial intermediaries in this process.

—Delta robot is a mechanical design in a kind of parallel type. It is moved by three groups of power structures on the platform of active arms and passive arms led by the end of the platform equipped with the fourth axis at the end of the structure. In this paper, the serial-parallel design of a modified delta robot is proposed, which SolidWorks is employed for designing the mechanics. Forward and inverse kinematics are analyzed to establish the robotic arms, and the wiring hardware system is used to control the motors. To enhance the accuracies of the outputs of the motors, we employ the spherical bearings instead of the traditional ball joints. To verify the performances of the proposed designed delta robot, various tasks are introduced including drawing, playing dominos, objects classification based on image processing, and so on. Keywords—Robotic arm, delta robot, forward and inverse kinematics, multi-axis robot control.

In December 2008, the Monetary Policy Committee of the National Bank of Serbia adopted the Memorandum on Inflation Targeting as Monetary Strategy, which defines the formal implementation of the inflation targeting regime as of 1 January 2009. In accordance with that monetary strategy the National Bank of Serbia introduced the managed floating exchange rate. This exchange rate regime means that the exchange rate is formed freely, under the influence of supply and demand on the interbank foreign exchange market, and that the National Bank of Serbia applies foreign exchange interventions in order to prevent excessive short-term daily fluctuations in the exchange rate of the dinar against the euro. In doing so, the central bank strives to achieve and preserve the financial and price stability and relative stability of the dinar exchange rate. The movements in the value of the exchange rate of the dinar against the euro are affected by the factors of domestic origin, such as the activities of domestic and foreign enterprises and banks, but also external factors, such as the impact of the measures introduced by major global central banks, geopolitical tensions and changes in the price of oil and other products. The aim of the paper is to present the functioning of the foreign exchange market in Serbia, the types of transactions, the reporting system, formation and announcement of the official middle exchange rate of the dinar against the euro, types of foreign exchange interventions and foreign exchange risk protection instruments.

Fully mechanized timber harvesting systems are generally characterized by a high operational performance being widespread and used across many regions. Such systems are adaptable to different levels of operational integration, enabling also the recovery of energy wood, but given integration configurations affect their performance. A production study was carried out in a Norway spruce clear-cut aiming to investigate the performance of a mid-sized harvester-forwarder system in general, and the effect that fuelwood recovery from tree tops may have on its performance. Data was collected in the field during 11 days of observation using state-of-art equipment and software. Harvester's operations were monitored using a digital camera. Data refined from 27.5 filmed hours that accounted for 1045 felled and fully processed trees was used to model and compute its performance indicators. In addition, fuel consumption data was sampled in the field. The results indicated that a delay-free cycle time consumption was affected by variables characterizing the tree size. The net production rate was estimated to about 26.5 m 3 • h-1 , being substantially affected by supplementary treetop processing. Forwarding operations were monitored using a handheld computer and a Global Positioning System unit. The delay free cycle time consumption was affected by forwarding distance and the amount of loaded wood, resulting in a net production rate of about 19.2 m 3 • h-1. Under these circumstances, the forwarding performance matched the harvester's outputs for an extraction distance of about 100 m, indicating that the supplementary processing of the treetops had no effect on the system's productive performance in the studied conditions. Most likely , it affected the harvester's fuel consumption given its proportion of 9% in the delay-free harvester's cycle time. The results also indicated a mean fuel consumption of about 1.7 l • m-3 for the studied harvesting system.

The goal of the paper is to present the intervention strategies used by central banks in order to influence the value of the domestic currency, transparency versus discretion when it comes to publishing data about FX intervention and the cost and effectiveness of intervention. It is rarely that nowadays countries allow for an exchange rate to be formed on the market basis through the effects of supply and demand for foreign exchange on the foreign exchange market. The central bank buys or sells a foreign currency in the foreign exchange market in order to increase or decrease the value of its national currency in comparison to the foreign currency. The reasons for the intervention are the reduction of short-term oscillations of the exchange rate, the impact at the level of foreign exchange reserves, as well as the maintaining the price and financial stability as the ultimate goal of most central banks. The paper will present intervention strategies on foreign exchange market, which involves the implementation of interventions in the market of options, forward, foreign currency repo and foreign currency swaps. Then, on the spot market, interventions using an auction, as well as the application of foreign currency indexed certificates.

Most of the businesses today are faced with more and frequent challenges due to the changes in technology, society, legalities, culture and economy. Challenges increase the complexity of reviewing of the daily firm’s operations such as assessing the accuracy of all employee tasks by managers as well as stakeholders having difficulties in reviewing the policy of abidance of managers, commonly causing risks to be unnoticed for an extended time period. The majority of businesses are faced with fraud challenges arising from the auditing section as well as top officials in the management. Besides, with the changing and movement of currency markets, businesses are faced with losses of asset values arising from exchange rate risks. This calls for effective implementation of internal control systems in most businesses which mitigates the occurrences of exchange rate risks. The occurrences of increased exchange rate risks lead to the study of the effectiveness of internal control system in mitigating and managing currency exchange rate risks. The research study addressed the research objectives of assessing the impact of market currency fluctuations on exchange rate risks, assessing the effectiveness of the components of internal control system in managing currency exchange rate risks as well as assessing the role of market research in managing exchange rate risks among private corporations in Yemen. The study will use a quantitative research design to conduct the study. Simple random sampling will be used to obtain the sample where a sample of 90 to 100 employees and staffs of private corporations within Yemen will be used to make inferences. The study will use web-based questionnaire administered via Survey Monkey to collect data. Data analysis will be conducted by use of SPSS. Regression analyses will be used to establish the contribution of the components of internal control system in managing exchange rate risks while correlation analyses will be used to establish the relationship between dependent and independent variables. The results of the study indicated that most of the staffs were at their senior and middle management levels. The findings from ordinal regression indicate that the components of internal control system significantly contribute to the management of exchange rate risks.  The significant component was monitoring. Market research was found to be relevant in mitigating exchange rate risks. The market currency fluctuations negatively influence exchange rate risks. The study concluded that management should integrate risk assessment strategies, market research methods and predicting of future fluctuations in market currency exposure which aids in mitigating currency exchange rate risks. The private corporations in Yemen were advised to integrate key strategies such as hedging, options, swaps, future and forward contracts in managing exchange rate risks.

Настоящото издание е блестящ пример за възможностите за актуализиране на Марксическата теория, инспирирано от експерименталните тези на Ситуационисткия Интернационал, и адресиращо класовите структури на новата нематериална икономика на информационното общество.
Оригиналът на Макензи Уарк “A Hacker Manifesto” излиза от печат през 2004 г. издаден от Харвард Прес. Книгата е уникален експеримент в жанра си, в който формата и съдържанието са вплетени в едно органично цяло. Тексът е разделен на 17 части, всеки от които съдържа серия от кратки, номерирани параграфи (общо 389 на брой) - директна препратка към стила на Ги Дебор, приложен в “Обществото на спектакъла”.

The paper deals with Forward exchange contracts and Swap exchange contracts,
These two types of contracts are among the most prominent types of financial derivative contracts that arose after the collapse of the Bretton Woods system in 1971 or the so-called Nixon
shock, where the convertibility of the dollar into gold was stoped, which led to turmoil in the
exchange rates of the currencies of many countries and the emergence of the need to stabilize
the exchange rate Currencies in transactions where the delivery of the two exchanges is delayed. This research has studied forward exchange contracts and swap exchange contracts in
four sections. The first section defines the Forward exchange contract, which is a contract in
which the two parties commit to exchange a specified amount of foreign currencies on a
forward date, at a price agreed upon in advance. The elements and elements that must be
mentioned in this contract, such as the seller and buyer, the size of the contract, the date of
delivery and the forward exchange rate, were mentioned in this section, with an illustrative
example of the mechanism of conducting this contract. In addition to addressing the differences between forward exchange contracts and future exchange contracts, the characteristics
of forward exchange contracts and the purposes of those dealing with them from hedging and
speculation are mentioned in this section. The second section has been devoted to the definition of swap exchange contracts, it is for the two parties to the contract to agree that one of
them buys from the other a specific amount of a currency in exchange for a specific amount
of another currency and at the current exchange rate, provided that the two exchanges are
delivered immediately, and in the same contract, the two parties agree to make a forward
reverse exchange contract, at a price determined within Contract, and to clarify the picture of
swap exchange contracts, an example has been given to illustrate the mechanism for conducting this type of contract. In the third section, the views of contemporaries scholars regarding
the İslamic law of the forward exchange contract were discussed, where the opinion of the
objectors was mentioned at all and the evidence they inferred from it. And then the opinion
of those who advocate the permissibility of forward exchange contracts that are in the form
of a dating that is not binding on both parties together, provided that there is nothing in the
dating that indicates that it is a contract of sale and provided that a new contract is delivered
independent of the dating. Then I discussed the opinion and evidence of the impediments in
four points, and I concluded that the most correct opinion at the first is the impermissibility
of the forward exchange contract in the form such as the traditional banks do it because of
the deception it contains. But I recanted and permitted this type of contract in two cases, the
first: the case of need with the absence of an alternative, and the second: the case that transaction is not binding dating for both parties and on some terms. Some contemporary scholars suggested conducting buying and selling operations in the same currency as an alternative to forward exchange contracts, and some of them suggested that Islamic banks should
have a common unit of account to settle accounts between the parties to commercial transactions. But in my opinion two solutions are often not feasible. As for the fourth section, I dealt
with the opinions of contemporary scholars in the swap exchange contract. it seems likely to
me that swap currency exchange contracts are nothing but a usurious loan that is prohibited
by Sharia. Because when examining the mechanism of conducting this type of contract, it
turns out that one of the parties lent the other an amount in one currency in exchange for the
other lending him an amount in another currency under the name of the spot exchange contract. Since one of the two parties requires the other to increase what he lent - if the exchange
rate of the Forward exchange contract is different from the Spot exchange rate, which is predominant - under the name of the Forward exchange contract, then this process is nothing
but a usurious loan. I supported the proposal to exchange loans in different currencies as a
İslamic alternative to transaction contracts, provided that there is no preference for one party
over another, and there is no usurious increase. And in order to solve the problem of the high
rate of currency inflation of one of the two loans more than the other, the researcher suggested adding the inflation rate to the two loans when they are performed.

L’adozione di strumenti di programmazione delle attività da parte delle Autorità amministrative indipendenti (AI) costituisce un fenomeno ancora piuttosto isolato; tuttavia, alcuni segnali dimostrano che questi temi stanno gradualmente suscitando l’attenzione delle Autorità, in una fase in cui queste ultime sono impegnate nell’introduzione della metodologia di analisi di impatto della regolazione (AIR). La programmazione può interessare una serie di aspetti, ognuno dei quali collegato in varia misura all’AIR: gli obiettivi strategici delle Autorità a medio o lungo termine, le attività, la tempistica e le fasi di ciascuna analisi di impatto. Il presente lavoro si interroga quindi sul rapporto che intercorre tra l’AIR e gli strumenti di programmazione allo scopo di individuarne le reciproche influenze.

For internationally oriented firms or individuals that choose to eliminate the effects of fluctuating exchange rates, either currency forward contracts or currency futures can be used to fulfil this requirement. Both tools essentially lock in prospective exchange
rates, thereby eliminating both risk and opportunity, and thus eliminate currency risk completely. Though similar in their result, futures and forwards have a number of institutional differences that may foster different preferences among different users. This
research paper strives to highlight those differences, allowing the selection between these two alternatives to be made on a rational basis.

In this paper we analyze the problem faced by a firm who is exposed to long-term exchange rate risk, having no access to long-term forward contracts that would allow hedging the exchange risk perfectly. We analyze how much of the long-term exchange rate risk faced by the firm can be eliminated using short-term maturity contracts, identifying under which conditions the use of short-term maturity contracts would allow for perfect hedging. The use of short-term forward contracts to hedge against long-term exposure forces the firms, as times evolves, to roll the hedge over as old forward contracts mature and new ones are listed, giving rise to some degree of exposition. We develop strategies to increase the hedging provided by short-term futures and forward contracts, exploring the characterization of an optimal hedging strategy, considering that there are several short-term forward contracts with different maturities coexisting. We show that up to 98.39% of the total exchange rate risk...

This paper extends and refines the Jarrow et al. (2006, 2008) arbitrage free pricing theory for bubbles to characterize forward and futures prices. Some new insights are obtained in this regard. In particular, we: (i) provide a canonical process for asset price bubbles suitable for empirical estimation, (ii) discuss new methods to test empirically for asset price bubbles using both spot prices and call/put option prices on the spot commodity, (iii) show that futures prices can have bubbles independent of the underlying asset's price bubble, (iv) relate forward and futures prices under bubbles, and (v) relate price options on futures with asset price bubbles.

In this paper we analyze the problem faced by a firm who is exposed to long-term exchange rate risk, having no access to long-term forward contracts that would allow hedging the exchange risk perfectly. We analyze how much of the long-term exchange rate risk faced by the firm can be eliminated using short-term maturity contracts, identifying under which conditions the use of short-term maturity contracts would allow for perfect hedging. The use of short-term forward contracts to hedge against long-term exposure forces the firms, as times evolves, to roll the hedge over as old forward contracts mature and new ones are listed, giving rise to some degree of exposition. We develop strategies to increase the hedging provided by short-term futures and forward contracts, exploring the characterization of an optimal hedging strategy, considering that there are several short-term forward contracts with different maturities coexisting. We show that up to 98.39% of the total exchange rate risk...

This paper introduces designing methods & simulation of microstrip line C-band microwave bandpass filter for satellite communication. It deals with various methods of filter designing of different structures and simulation pertaining to different structure. Here 3rd & 5th order Cband microwave butterworth bandpass filters of different structures have been designed using microstrip line. First, coupled line filters have been designed and then converted into conventional hairpin and tapped hairpin structure for each order. For designing of microstrip line band pass filters C band and to study the simulation results, very efficient, powerful application software Advanced Design System® and sonnet EM have been used. The frequency responses of Forward Transmission coefficient |S21|, Forward reflection coefficient |S11| have been plotted and comparative studies amongst the designed filters have been carried out. Simulated results for each structure are very close to desired response. It has been found that the 3rd order tapped hairpin filter is the optimal structure to use as C-band microwave bandpass filter of desired response. Layout, 3-D EM generation is performed by extensively exploring the novelty of the ADS® tools called Layout Generator & Momentum G2®

... Let the Market Do It. by Abraham Lioui* and Patrice Poncet** _____ ... When inflation is low, however, even small absolute errors in the estimates may be large in relative terms and significantly bias the policy maker's decisions. ...

Since the 1990s, English universities have adopted various modes to raise finance to fund their expansion plans. Public, Private and Private Finance Initiatives (PFI) were the three modes adopted by English universities to raise funds via bonds. Greenwich University issued public bonds in 1998. After a long interval, Cambridge University issued public bonds worth £350 million in 2012. Moody’s Investor Service gave an AAA debt rating to Cambridge University’s bond issue with due maturity in 2052 with a 3.75% coupon rate. According to industry analysts, the AAA rating denoted the strong market position of Cambridge University with considerable liquid assets, stable revenues and strong governance structure. Cambridge University had planned to use such proceeds for creating accommodation and increase its financial independence. But, industry observers felt that both Lancaster University and Greenwich University had unfavourable experience of issuing public bonds. Meanwhile, ‘The Higher Education Funding Council for England’ had reduced the level of grants given to the universities, which forced them to look out for options for availing funds at a cheaper rate. It remained to be seen whether investors would continue to hold on to their faith on Cambridge University’s repayment capabilities as both Lancaster University and Greenwich University had burnt their figures via issue of public bonds.