Wealth effects of convertible-bond and warrant-bond offerings: a meta-analysis

The literature on wealth effects associated with the announcements of convertible-bond and warrant-bond offerings is reviewed. The findings of 35 event studies, which include 84 sub-samples and 6310 announcements, are analysed using meta-analysis. We find a mean cumulative abnormal return of −1.14% for convertibles compared with −0.02% for warrant bonds, the significant difference confirming a relative advantage for warrant bonds. Abnormal returns for hybrid securities issued in the USA are significantly more negative than those issued in other countries. In addition, issuing hybrid securities to refund debt does not seem to be favoured by investors. Finally, several factors identified as important by theory or in prior research are not significant within our cross-study models, suggesting that more evidence is needed to confirm whether they are robust

Determination of overall mass transfer coefficient of palm kernel extracted using supercritical carbon dioxide

The purpose of the study was to determine the amount of Palm Kernel Oil (PKO) extracted from a packed bed of palm kernels in a supercritical fluid extractor using supercritical carbon dioxide (SC-C02) as an environmental friendly solvent. Further, the study sought to ascertain the values of the overall mass transfer coefficient (K) of PKO evaluation through a mass transfer model, at constant temperature of 50°C, 60 °c, and 70°C and pressures range from 27.6 MPa, 34.5 MPa, 41.4 MPa and 48.3 MPa respectively. Finally, the study also seeks to demonstrate the application of the overall mass transfer coefficient values in relation to temperature and pressure. The overall mass transfer coefficient was found to be dependent pressure at each constant temperature of 50°C, 60 °c and 70°C. The overall mass transfer coefficient for PKO in a packed bed of palm kernels was found to be in the range of 1.21X 10-4 m min-I to 1.72 X 10-4 m min-I for a constant temperature of 50°C and in the range of 2.02 X 10-4 m min-I to 2.43 X 10-4 m min-I for a constant temperature of 60°C. Similar increasing trend of the overall mass transfer coefficient from 1.77 X 10-4 m min-I to 3.64 X 10-4 m min-I was also observed at constant temperature of 70°C within the same pressure range from 27.6 MPa to 48.3 MPa

Rapid Expansion Supercritical Solution (RESS) Carbon Dioxide as an Environmental Friendly Method for Ginger Rhizome Solid Oil Particles Formation

Recently, RESS (Rapid Expansion Supercritical Solution) method has been used by researchers to produce fine particles for pharmaceutical drug substances. Since RESS technology acknowledges a lot of benefits compare to conventional method of ginger extraction, it is suggested to use this method to explore particle formation of bioactive compound from powder ginger. The objective of this research is to produce direct solid oil particles formation from ginger rhizome which contains valuable compounds by using RESS-CO2 process. RESS experiments were carried using extraction pressure of 3000, 4000, 5000, 6000 and 7000psi and at different extraction temperature of 40, 45, 50, 55, 60, 65 and 70°C for 40 minutes extraction time and contant flowrate (24ml/min). From the studies conducted, it was found that at extraction pressure 5000psi and temperature 40°C, the smallest particle size obtained was 2.22μm on 99 % reduction from the original size of 370μm

Sensitivity analysis of small scale biomass gasification-based CHP system: a way forward for sustainable urban waste to energy technology

A biomass gasification-based combined heat power (CHP) system emerges as a potential sustainable urban waste-to-energy (WtE) technology that can offer solutions to the excessive anthropogenic CO2 emissions and the escalation of energy demand as well as to the incremental of domestic and agriculture wastes. In this work, a steady state flowsheet model of 25 kW APL power pallet is developed by Aspen Plus software. The developed power pallet model integrates physical and chemical processes which involves pyrolysis, combustion, and gasification processes. The developed gasification model is validated with experimental data using biomass woodchip as a feedstock. This study focuses on the gasification of biomass to produce syngas (mainly H2 and CO) which subsequently converts to electric power. As an initial study towards large scale WtE plant, a detailed parameter sensitivity analysis is performed by analysing variables effects on syngas production subjected to the manipulation of gasification temperature, pressure and air-to-biomass ratio. The results show that the elevation of air-tobiomass ratio and gasification temperature contribute to the high conversion of CO subsequently enhance the potential of electrical power load. Moreover, power pallet exhibits optimal operation at 3.9 of air-to-biomass ratio with gasification temperature approximately at 1200 K. The initial results obtained in this study are valuable in determining the feasibility of biomass gasification-based CHP system as a sustainable and robust WtE technology