Search results for: theory building
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 2706

Search results for: theory building

1356 TOPSIS Method for Supplier Selection Problem

Authors: Omid Jadidi, Fatemeh Firouzi, Enzo Bagliery

Abstract:

Supplier selection, in real situation, is affected by several qualitative and quantitative factors and is one of the most important activities of purchasing department. Since at the time of evaluating suppliers against the criteria or factors, decision makers (DMS) do not have precise, exact and complete information, supplier selection becomes more difficult. In this case, Grey theory helps us to deal with this problem of uncertainty. Here, we apply Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method to evaluate and select the best supplier by using interval fuzzy numbers. Through this article, we compare TOPSIS with some other approaches and afterward demonstrate that the concept of TOPSIS is very important for ranking and selecting right supplier.

Keywords: TOPSIS, fuzzy number, MADM, Supplier selection

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1355 The Study on the Overall Protection of the Ancient Villages

Authors: Zhang Yu, Ding Yi

Abstract:

The discussion about elements of cultural heritage and their relevance among the ancient villages is comparably insufficient. The protection work is strongly influenced by touristic development and cultural gimmick, resulting in low protection efficiency and many omissions. Historical villages as the cultural settlement patterns bear a large number of heritage relics. They were regionally scattered with a clear characteristic of gathering. First of all, this study proposes the association and similarities of the forming mechanism between four historic cultural villages in Mian Mountain. Secondly, the study reveals that these villages own the strategic pass, underground passage, and the mountain barrier. Thirdly, based on the differentiated characteristics of villages’ space, the study discusses about the integrated conservation from three levels: the regional heritage conservation, the cultural line shaping, and the featured brand building.

Keywords: Mian Mountain, fortress, historical villages, conservation.

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1354 The Sublimation Energy of Metal versus Temperature and Pressure and its Influence on Blow-off Impulse

Authors: Wenhui Tang, Daorong Wang, Xia Huang, Xianwen Ran

Abstract:

Based on the thermodynamic theory, the dependence of sublimation energy of metal on temperature and pressure is discussed, and the results indicate that the sublimation energy decreases linearly with the increase of temperature and pressure. Combined with this result, the blow-off impulse of aluminum induced by pulsed X-ray is simulated by smoothed particle hydrodynamics (SPH) method. The numerical results show that, while the change of sublimation energy with temperature and pressure is considered, the blow-off impulse of aluminum is larger than the case that the sublimation energy is assumed to be a constant.

Keywords: sublimation energy, blow-off impulse, pulsed X-ray, SPH method.

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1353 Controlling of Load Elevators by the Fuzzy Logic Method

Authors: Ismail Saritas, Abdullah Adiyaman

Abstract:

In this study, a fuzzy-logic based control system was designed to ensure that time and energy is saved during the operation of load elevators which are used during the construction of tall buildings. In the control system that was devised, for the load elevators to work more efficiently, the energy interval where the motor worked was taken as the output variable whereas the amount of load and the building height were taken as input variables. The most appropriate working intervals depending on the characteristics of these variables were defined by the help of an expert. Fuzzy expert system software was formed using Delphi programming language. In this design, mamdani max-min inference mechanism was used and the centroid method was employed in the clarification procedure. In conclusion, it is observed that the system that was designed is feasible and this is supported by statistical analyses..

Keywords: Fuzzy Logic Control, DC Motor, Load Elevators, Power Control.

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1352 Moment Invariants in Image Analysis

Authors: Jan Flusser

Abstract:

This paper aims to present a survey of object recognition/classification methods based on image moments. We review various types of moments (geometric moments, complex moments) and moment-based invariants with respect to various image degradations and distortions (rotation, scaling, affine transform, image blurring, etc.) which can be used as shape descriptors for classification. We explain a general theory how to construct these invariants and show also a few of them in explicit forms. We review efficient numerical algorithms that can be used for moment computation and demonstrate practical examples of using moment invariants in real applications.

Keywords: Object recognition, degraded images, moments, moment invariants, geometric invariants, invariants to convolution, moment computation.

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1351 Multiple Positive Periodic Solutions of a Competitor-Competitor-Mutualist Lotka-Volterra System with Harvesting Terms

Authors: Yongkun Li, Erliang Xu

Abstract:

In this paper, by using Mawhin-s continuation theorem of coincidence degree theory, we establish the existence of multiple positive periodic solutions of a competitor-competitor-mutualist Lotka-Volterra system with harvesting terms. Finally, an example is given to illustrate our results.

Keywords: Positive periodic solutions, competitor-competitor mutualist Lotka-Volterra systems, coincidence degree, harvesting term.

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1350 Existence of Multiple Positive Periodic Solutions to n Species Nonautonomous Lotka-Volterra Cooperative Systems with Harvesting Terms

Authors: Kaihong Zhao

Abstract:

In this paper, the existence of 2n positive periodic solutions for n species non-autonomous Lotka-Volterra cooperative systems with harvesting terms is established by using Mawhin-s continuation theorem of coincidence degree theory and matrix inequality. An example is given to illustrate the effectiveness of our results.

Keywords: Multiple positive periodic solutions, Nonautonomous Lotka-Volterra cooperative system, Coincidence degree, Harvesting term.

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1349 Evaluation of Context Information for Intermittent Networks

Authors: S. Balaji, E. Golden Julie, Y. Harold Robinson

Abstract:

The context aware adaptive routing protocol is presented for unicast communication in intermittently connected mobile ad hoc networks (MANETs). The selection of the node is done by the Kalman filter prediction theory and it also makes use of utility functions. The context aware adaptive routing is defined by spray and wait technique, but the time consumption in delivering the message is too high and also the resource wastage is more. In this paper, we describe the spray and focus routing scheme for avoiding the existing problems.

Keywords: Context aware adaptive routing, Kalman filter prediction, spray and wait, spray and focus, intermittent networks.

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1348 Simplex Method for Fuzzy Variable Linear Programming Problems

Authors: S.H. Nasseri, E. Ardil

Abstract:

Fuzzy linear programming is an application of fuzzy set theory in linear decision making problems and most of these problems are related to linear programming with fuzzy variables. A convenient method for solving these problems is based on using of auxiliary problem. In this paper a new method for solving fuzzy variable linear programming problems directly using linear ranking functions is proposed. This method uses simplex tableau which is used for solving linear programming problems in crisp environment before.

Keywords: Fuzzy variable linear programming, fuzzy number, ranking function, simplex method.

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1347 IT Management: How IT Managers Gain IT knowledge

Authors: Jes Søndergaard, Torben Tambo, Christian Koch

Abstract:

It is not a secret that, IT management has become more and more and integrated part of almost all organizations. IT managers posses an enormous amount of knowledge within both organizational knowledge and general IT knowledge. This article investigates how IT managers keep themselves updated on IT knowledge in general and looks into how much time IT managers spend on weekly basis searching the net for new or problem solving IT knowledge. The theory used in this paper is used to investigate the current role of IT managers and what issues they are facing. Furthermore a research is conducted where 7 IT managers in medium sized and large Danish companies are interviewed to add further focus on the role of the IT manager and to focus on how they keep themselves updated. Beside finding substantial need for more research, IT managers – generalists or specialists – only have limited knowledge resources at hand in updating their own knowledge – leaving much initiative to vendors.

Keywords: CIO, information Technology, Knowledge, Management, Organization

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1346 The Different Ways to Describe Regular Languages by Using Finite Automata and the Changing Algorithm Implementation

Authors: Abdulmajid Mukhtar Afat

Abstract:

This paper aims at introducing finite automata theory, the different ways to describe regular languages and create a program to implement the subset construction algorithms to convert nondeterministic finite automata (NFA) to deterministic finite automata (DFA). This program is written in c++ programming language. The program reads FA 5tuples from text file and then classifies it into either DFA or NFA. For DFA, the program will read the string w and decide whether it is acceptable or not. If accepted, the program will save the tracking path and point it out. On the other hand, when the automation is NFA, the program will change the Automation to DFA so that it is easy to track and it can decide whether the w exists in the regular language or not.

Keywords: Finite Automata, subset construction DFA, NFA.

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1345 Surface Morphology and Formation of Nanostructured Porous GaN by UV-assisted Electrochemical Etching

Authors: L. S. Chuah, Z. Hassan, C. W. Chin, H. Abu Hassan

Abstract:

This article reports on the studies of porous GaN prepared by ultra-violet (UV) assisted electrochemical etching in a solution of 4:1:1 HF: CH3OH:H2O2 under illumination of an UV lamp with 500 W power for 10, 25 and 35 minutes. The optical properties of porous GaN sample were compared to the corresponding as grown GaN. Porosity induced photoluminescence (PL) intensity enhancement was found in these samples. The resulting porous GaN displays blue shifted PL spectra compared to the as-grown GaN. Appearance of the blue shifted emission is correlated with the development of highly anisotropic structures in the morphology. An estimate of the size of the GaN nanostructure can be obtained with the help of a quantized state effective mass theory.

Keywords: Photoluminescence, porous GaN, electrochemical etching, Si, RF-MBE.

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1344 Utilizing Fly Ash Cenosphere and Aerogel for Lightweight Thermal Insulating Cement-Based Composites

Authors: Asad Hanif, Pavithra Parthasarathy, Zongjin Li

Abstract:

Thermal insulating composites help to reduce the total power consumption in a building by creating a barrier between external and internal environment. Such composites can be used in the roofing tiles or wall panels for exterior surfaces. This study purposes to develop lightweight cement-based composites for thermal insulating applications. Waste materials like silica fume (an industrial by-product) and fly ash cenosphere (FAC) (hollow micro-spherical shells obtained as a waste residue from coal fired power plants) were used as partial replacement of cement and lightweight filler, respectively. Moreover, aerogel, a nano-porous material made of silica, was also used in different dosages for improved thermal insulating behavior, while poly vinyl alcohol (PVA) fibers were added for enhanced toughness. The raw materials including binders and fillers were characterized by X-Ray Diffraction (XRD), X-Ray Fluorescence spectroscopy (XRF), and Brunauer–Emmett–Teller (BET) analysis techniques in which various physical and chemical properties of the raw materials were evaluated like specific surface area, chemical composition (oxide form), and pore size distribution (if any). Ultra-lightweight cementitious composites were developed by varying the amounts of FAC and aerogel with 28-day unit weight ranging from 1551.28 kg/m3 to 1027.85 kg/m3. Excellent mechanical and thermal insulating properties of the resulting composites were obtained ranging from 53.62 MPa to 8.66 MPa compressive strength, 9.77 MPa to 3.98 MPa flexural strength, and 0.3025 W/m-K to 0.2009 W/m-K as thermal conductivity coefficient (QTM-500). The composites were also tested for peak temperature difference between outer and inner surfaces when subjected to heating (in a specially designed experimental set-up) by a 275W infrared lamp. The temperature difference up to 16.78 oC was achieved, which indicated outstanding properties of the developed composites to act as a thermal barrier for building envelopes. Microstructural studies were carried out by Scanning Electron Microscopy (SEM) and Energy Dispersive X-ray Spectroscopy (EDS) for characterizing the inner structure of the composite specimen. Also, the hydration products were quantified using the surface area mapping and line scale technique in EDS. The microstructural analyses indicated excellent bonding of FAC and aerogel in the cementitious system. Also, selective reactivity of FAC was ascertained from the SEM imagery where the partially consumed FAC shells were observed. All in all, the lightweight fillers, FAC, and aerogel helped to produce the lightweight composites due to their physical characteristics, while exceptional mechanical properties, owing to FAC partial reactivity, were achieved.

Keywords: Sustainable development, fly ash cenosphere, aerogel, lightweight, cement, composite.

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1343 Seismic Analysis of URM Buildings in S. Africa

Authors: Trevor N. Haas, Thomas van der Kolf

Abstract:

South Africa has some regions which are susceptible to moderate seismic activity. A peak ground acceleration of between 0.1g and 0.15g can be expected in the southern parts of the Western Cape. Unreinforced Masonry (URM) is commonly used as a construction material for 2 to 5 storey buildings in underprivileged areas in and around Cape Town. URM is typically regarded as the material most vulnerable to damage when subjected to earthquake excitation. In this study, a three-storey URM building was analysed by applying seven earthquake time-histories, which can be expected to occur in South Africa using a finite element approach. Experimental data was used to calibrate the in- and out-of-plane stiffness of the URM. The results indicated that tensile cracking of the in-plane piers was the dominant failure mode. It is concluded that URM buildings of this type are at risk of failure especially if sufficient ductility is not provided. The results also showed that connection failure must be investigated further.

Keywords: URM, Seismic Analysis, FEM.

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1342 Energy Planning Analysis of an Agritourism Complex Based on Energy Demand Simulation: A Case Study of Wuxi Yangshan Agritourism Complex

Authors: Li Zhu, Binghua Wang, Yong Sun

Abstract:

China is experiencing the rural development process, with the agritourism complex becoming one of the significant modes. Therefore, it is imperative to understand the energy performance of agritourism complex. This study focuses on a typical case of the agritourism complex and simulates the energy consumption performance on condition of the regular energy system. It was found that HVAC took 90% of the whole energy demand range. In order to optimize the energy supply structure, the hierarchical analysis was carried out on the level of architecture with three main factors such as construction situation, building types and energy demand types. Finally, the energy planning suggestion of the agritourism complex was put forward and the relevant results were obtained.

Keywords: Agritourism complex, energy planning, energy demand simulation, hierarchical structure model.

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1341 Mathematical Modeling of a Sub-Wet Bulb Temperature Evaporative Cooling Using Porous Ceramic Materials

Authors: Meryem Kanzari, Rabah Boukhanouf, Hatem G. Ibrahim

Abstract:

Indirect Evaporative Cooling process has the advantage of supplying cool air at constant moisture content. However, such system can only supply air at temperatures above wet bulb temperature. This paper presents a mathematical model for a Sub-wet bulb temperature indirect evaporative cooling arrangement that can overcome this limitation and supply cool air at temperatures approaching dew point and without increasing its moisture content. In addition, the use of porous ceramics as wet media materials offers the advantage of integration into building elements. Results of the computer show the proposed design is capable of cooling air to temperatures lower than the ambient wet bulb temperature and achieving wet bulb effectiveness of about 1.17.

Keywords: Indirect evaporative cooling, porous ceramic, sub-wet bulb temperature.

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1340 De Broglie Wavelength Defined by the Rest Energy E0 and Its Velocity

Authors: K. Orozović, B. Balon

Abstract:

In this paper, we take a different approach to de Broglie wavelength, as we relate it to relativistic physics. The quantum energy of the photon radiated by a body with de Broglie wavelength, as it moves with velocity v, can be defined within relativistic physics by rest energy E₀. In this way, we can show the connection between the quantum of radiation energy of the body and the rest of energy E₀ and thus combine what has been incompatible so far, namely relativistic and quantum physics. So, here we discuss the unification of relativistic and quantum physics by introducing the factor k that is analog to the Lorentz factor in Einstein's theory of relativity.

Keywords: de Brogli wavelength, relativistic physics, rest energy, quantum physics.

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1339 PIL Theory

Authors: A. Peveri

Abstract:

The curvature space-time by the presence of material, this deformation must present a pattern of deformation, not random. Space is uniform, elastic and any modification that occurs in one part, causes a change in another.

This deformation exists, must be a constant value and is independent of the observer, and relates the amount of matter, the force caused by the curvature of space and surface space. This unit of space is defined in this study as PIL and represents a constant area of space, deformable in the direction and sense of the center of mass of the body. The PIL is curved and connected to the center of mass of the Earth, to get to that point, through all matter, thus forming part of any place between particles at atomic and subatomic levels. At these levels the space between each particle is flat, unlike the macro where the space curves.

Keywords: Space flat, Space curved, Unit of space, Deformation.

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1338 A Discretizing Method for Reliability Computation in Complex Stress-strength Models

Authors: Alessandro Barbiero

Abstract:

This paper proposes, implements and evaluates an original discretization method for continuous random variables, in order to estimate the reliability of systems for which stress and strength are defined as complex functions, and whose reliability is not derivable through analytic techniques. This method is compared to other two discretizing approaches appeared in literature, also through a comparative study involving four engineering applications. The results show that the proposal is very efficient in terms of closeness of the estimates to the true (simulated) reliability. In the study we analyzed both a normal and a non-normal distribution for the random variables: this method is theoretically suitable for each parametric family.

Keywords: Approximation, asymmetry, experimental design, interference theory, Monte Carlo simulations.

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1337 The Influence of Consumer and Brand-Oriented Capabilities on Business Performance in Young Firms: A Quantitative Causal Model Analysis

Authors: Katharina Buttenberg

Abstract:

Customer and brand-oriented capabilities have been identified as key influencing capabilities for business performance. Especially in the early years of the firm, it is crucial to develop and consciously manage these capabilities. In this paper, the results of a quantitative analysis, investigating the causal relationship between customer- and brand-oriented (marketing) capabilities and business performance will be presented. The research displays the dependencies between the constructs and will provide practical implications for young firms in the acquisition and management of these capabilities.

Keywords: Brand-oriented capabilities, customer-oriented capabilities, entrepreneurship, resource-based theory, young firms.

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1336 Oriented Strandboard-GEOGYPTM Underlayment - A Novel Composite Flooring System

Authors: B. Noruziaan, A. Shvarzman, R. Leahy

Abstract:

An innovative flooring underlayment was produced and tested. The composite system is made of common OSB boards and a layer of eco-friendly non-cement gypsum based material (GeoGypTM). It was found that the shear bond between the two materials is sufficient to secure the composite interaction between the two. The very high compressive strength and relatively high tensile strength of the non-cement based component together with its high modulus of elasticity provides enough strength and stiffness for the composite product to cover wider spacing between the joists. The initial findings of this study indicate that with joist spacing as wide as 800 mm, the flooring system provides enough strength without compromising the serviceability requirements of the building codes.

Keywords: Composite, floor deck, gypsum based, lumber joist, non-cement, oriented strandboard, shear bond.

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1335 Response of Buildings with Soil-Structure Interaction with Varying Soil Types

Authors: Shreya Thusoo, Karan Modi, Rajesh Kumar, Hitesh Madahar

Abstract:

Over the years, it has been extensively established that the practice of assuming a structure being fixed at base, leads to gross errors in evaluation of its overall response due to dynamic loadings and overestimations in design. The extent of these errors depends on a number of variables; soil type being one of the major factor. This paper studies the effect of Soil Structure Interaction (SSI) on multistorey buildings with varying under-laying soil types after proper validation of the effect of SSI. Analysis for soft, stiff and very stiff base soils has been carried out, using a powerful Finite Element Method (FEM) software package ANSYS v14.5. Results lead to some very important conclusions regarding time period, deflection and acceleration responses.

Keywords: Dynamic response, multi-storey building, Soil-Structure Interaction.

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1334 A Constitutive Model for Time-Dependent Behavior of Clay

Authors: T. N. Mac, B. Shahbodaghkhan, N. Khalili

Abstract:

A new elastic-viscoplastic (EVP) constitutive model is proposed for the analysis of time-dependent behavior of clay. The proposed model is based on the bounding surface plasticity and the concept of viscoplastic consistency framework to establish continuous transition from plasticity to rate dependent viscoplasticity. Unlike the overstress based models, this model will meet the consistency condition in formulating the constitutive equation for EVP model. The procedure of deriving the constitutive relationship is also presented. Simulation results and comparisons with experimental data are then presented to demonstrate the performance of the model.

Keywords: Bounding surface, consistency theory, constitutive model, viscosity.

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1333 Cultural Policies, Globalisation of Arts, and Impact on Cultural Heritage: A Contextual Analysis of France

Authors: Nasser AlShawaaf, Soo Hee Lee

Abstract:

Arts globalisation represents a different phenomenon than arts commercialisation which was facilitated by local cultural policies. This study examines the causes and effects of globalisation of art museums in France. Building on art literature, we conducted a literature review of cultural policies. Our findings show that the cultural policies of the French government since the 1980s of cultural democratisation, cultural decentralisation, and implementing market principles on the cultural sector are leading to arts globalisation. Although globalisation is producing economic benefits and enhancing cultural reach, however, the damages include artistic values and creativity, cultural heritage and representation, and the museum itself. Art museums and host cities could overcome negative consequences through a hybrid collection display and develop local collections gradually.

Keywords: Cultural policy, cultural decentralisation, cultural globalisation, art museums, contextual analysis, France.

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1332 A Study of the Effectiveness of the Routing Decision Support Algorithm

Authors: Wayne Goodridge, Alexander Nikov, Ashok Sahai

Abstract:

Multi criteria decision making (MCDM) methods like analytic hierarchy process, ELECTRE and multi-attribute utility theory are critically studied. They have irregularities in terms of the reliability of ranking of the best alternatives. The Routing Decision Support (RDS) algorithm is trying to improve some of their deficiencies. This paper gives a mathematical verification that the RDS algorithm conforms to the test criteria for an effective MCDM method when a linear preference function is considered.

Keywords: Decision support systems, linear preference function, multi-criteria decision-making algorithm, analytic hierarchy process.

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1331 On Chromaticity of Wheels

Authors: Zainab Yasir Al-Rekaby, Abdul Jalil M. Khalaf

Abstract:

Let the vertices of a graph such that every two adjacent vertices have different color is a very common problem in the graph theory. This is known as proper coloring of graphs. The possible number of different proper colorings on a graph with a given number of colors can be represented by a function called the chromatic polynomial. Two graphs G and H are said to be chromatically equivalent, if they share the same chromatic polynomial. A Graph G is chromatically unique, if G is isomorphic to H for any graph H such that G is chromatically equivalent to H. The study of chromatically equivalent and chromatically unique problems is called chromaticity. This paper shows that a wheel W12 is chromatically unique.

Keywords: Chromatic Polynomial, Chromatically Equivalent, Chromatically Unique, Wheel.

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1330 Some New Inequalities for Eigenvalues of the Hadamard Product and the Fan Product of Matrices

Authors: Jing Li, Guang Zhou

Abstract:

Let A and B be nonnegative matrices. A new upper bound on the spectral radius ρ(A◦B) is obtained. Meanwhile, a new lower bound on the smallest eigenvalue q(AB) for the Fan product, and a new lower bound on the minimum eigenvalue q(B ◦A−1) for the Hadamard product of B and A−1 of two nonsingular M-matrices A and B are given. Some results of comparison are also given in theory. To illustrate our results, numerical examples are considered.

Keywords: Hadamard product, Fan product; nonnegative matrix, M-matrix, Spectral radius, Minimum eigenvalue, 1-path cover.

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1329 Supply Chain Modeling and Improving Manufacturing Industry in Developing Countries: A Research Agenda

Authors: F.B. Georgise, K. D. Thoben, M. Seifert

Abstract:

This paper presents a research agenda on the SCOR model adaptation. SCOR model is designated to measure supply chain performance and logistics impact across the boundaries of individual organizations. It is at its growing stage of its life cycle and is enjoying the leverage of becoming the industry standard. The SCOR model has been developed and used widely in developed countries context. This research focuses on the SCOR model adaptation for the manufacturing industry in developing countries. With a necessary understanding of the characteristics, difficulties and problems of the manufacturing industry in developing countries- supply chain; consequently, we will try to designs an adapted model with its building blocks: business process model, performance measures and best practices.

Keywords: developing countries, manufacturing industry, SCOR model adaptation

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1328 The Politics of Foreign Direct Investment for Socio-Economic Development in Nigeria: An Assessment of the Fourth Republic Strategies (1999 - 2014)

Authors: Muritala Babatunde Hassan

Abstract:

In the contemporary global political economy, foreign direct investment (FDI) is gaining currency on daily basis. Notably, the end of the Cold War has brought about the dominance of neoliberal ideology with its mantra of private-sector-led economy. As such, nation-states now see FDI attraction as an important element in their approach to national development. Governments and policy makers are preoccupying themselves with unraveling the best strategies to not only attract more FDI but also to attain the desired socio-economic development status. In Nigeria, the perceived development potentials of FDI have brought about aggressive hunt for foreign investors, most especially since transition to civilian rule in May 1999. Series of liberal and market oriented strategies are being adopted not only to attract foreign investors but largely to stimulate private sector participation in the economy. It is on this premise that this study interrogates the politics of FDI attraction for domestic development in Nigeria between 1999 and 2014, with the ultimate aim of examining the nexus between regime type and the ability of a state to attract and benefit from FDI. Building its analysis within the framework of institutional utilitarianism, the study posits that the essential FDI strategies for achieving the greatest happiness for the greatest number of Nigerians are political not economic. Both content analysis and descriptive survey methodology were employed in carrying out the study. Content analysis involves desk review of literatures that culminated in the development of the study’s conceptual and theoretical framework of analysis. The study finds no significant relationship between transition to democracy and FDI inflows in Nigeria, as most of the attracted investments during the period of the study were market and resource seeking as was the case during the military regime, thereby contributing minimally to the socio-economic development of the country. It is also found that the country placed much emphasis on liberalization and incentives for FDI attraction at the neglect of improving the domestic investment environment. Consequently, poor state of infrastructure, weak institutional capability and insecurity were identified as the major factors seriously hindering the success of Nigeria in exploiting FDI for domestic development. Given the reality of the currency of FDI as a vector of economic globalization and that Nigeria is trailing the line of private-sector-led approach to development, it is recommended that emphasis should be placed on those measures aimed at improving the infrastructural facilities, building solid institutional framework, enhancing skill and technological transfer and coordinating FDI promotion activities by different agencies and at different levels of government.

Keywords: Foreign capital, politics, socio-economic development, FDI attraction strategies, Redemocratization.

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1327 Efficient Frontier - Comparing Different Volatility Estimators

Authors: Tea Poklepović, Zdravka Aljinović, Mario Matković

Abstract:

Modern Portfolio Theory (MPT) according to Markowitz states that investors form mean-variance efficient portfolios which maximizes their utility. Markowitz proposed the standard deviation as a simple measure for portfolio risk and the lower semi-variance as the only risk measure of interest to rational investors. This paper uses a third volatility estimator based on intraday data and compares three efficient frontiers on the Croatian Stock Market. The results show that range-based volatility estimator outperforms both mean-variance and lower semi-variance model.

Keywords: Variance, lower semi-variance, range-based volatility.

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