Search results for: Measurement of Market Orientation

Authors: Wafa Ghonaim

Abstract:

Though quite fast on growth, Islamic financing at large, and its diverse instruments, is a controversial matter among scholars. This is evident from the ongoing debates on its Shariah compliance. Arguments, however, are inciting doubts and concerns among clients about its credibility, which is harming this lucrative sector. The work here investigates, particularly, some issues related to the Tawarruq instrument. The work examines the issues of linking Murabaha and Wakala contracts, the reselling of commodities to same traders, and the transfer of ownerships. The work affirms that a multi-agent smart electronic market design would facilitate Shariah compliance. The smart market exploits the rational decision-making capabilities of autonomous proxy agents that enable the clients, traders, brokers, and the bank buy and sell commodities, and manage transactions and cash flow. The smart electronic market design delivers desirable qualities that terminate the need for Wakala contracts and the reselling of commodities to the same traders. It also resolves the ownership transfer issues by allowing stakeholders to trade independently. The bank administers the smart electronic market and assures reliability of trades, transactions and cash flow. A multi-agent simulation is presented to validate the concept and processes. We anticipate that the multi-agent smart electronic market design would deliver Shariah compliance of personal financing to the aspiration of scholars, banks, traders and potential clients.

Keywords: Islamic finance, Shariah compliance, smart electronic markets design, multi-agent systems.

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Authors: Durga Gautam, Mithulananthan Nadarajah

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This paper presents the influence of distributed generation (DG) on congestion and locational marginal price (LMP) in an optimal power flow (OPF) based wholesale electricity market. The problem of optimal placement to manage congestion and reduce LMP is formulated for the objective of social welfare maximization. From competitive electricity market standpoint, DGs have great value when they reduce load in particular locations and at particular times when feeders are heavily loaded. The paper lies on the groundwork that solution to optimal mix of generation and transmission resources can be achieved by addressing congestion and corresponding LMP. Obtained as lagrangian multiplier associated with active power flow equation for each node, LMP gives the short run marginal cost (SRMC) of electricity. Specific grid locations are examined to study the influence of DG penetration on congestion and corresponding shadow prices. The influence of DG on congestion and locational marginal prices has been demonstrated in a modified IEEE 14 bus test system.

Keywords: Congestion management, distributed generation, electricity market, locational marginal price, optimal power flow, social welfare.

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Authors: M. Benachour, M. Benguediab, A. Hadjoui, N. Benachour

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In this paper fatigue crack growth behavior of aeronautical aluminum alloy 2024 T351 was studied. Effects of various loading and geometrical parameters are studied such as stress ratio, amplitude loading, etc. The fatigue crack growth with constant amplitude is studied using the AFGROW code when NASGRO model is used. The effect of the stress ratio is highlighted, where one notices a shift of the curves of crack growth. The comparative study between two orientations L-T and T-L on fatigue behavior are presented and shows the variation on the fatigue life. L-T orientation presents a good fatigue crack growth resistance. Effects of crack closure are shown in Paris domain and that no crack closure phenomenons are present at high stress intensity factor.

Keywords: Fatigue crack, orientation effect, crack closure, aluminum alloy.

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Authors: S. Homrossukon, S. Sansureerungsigun

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This work aims to introduce an efficient and to standardize the measuring system analyses for automotive industrial. The study started by literature reviewing about the management and analyses measurement system. The approach of measuring system management, then, was constructed. Such approach was validated by collecting the current measuring system data using the equipments of interest including vernier caliper and micrometer. Their accuracy and precision of measurements were analyzed. Finally, the measuring system was improved and evaluated. The study showed that vernier did not meet its measuring characteristics based on the linearity whereas all equipments were lacking of the measuring precision characteristics. Consequently, the causes of measuring variation via the equipments of interest were declared. After the improvement, it was found that their measuring performance could be accepted as the standard required. Finally, the standardized approach for analyzing the measuring system of automotive was concluded.

Keywords: Automotive part manufacturing measurement, measuring accuracy, measuring precision, measurement system analyses.

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Authors: Satyendra Pratap Singh, S. P. Singh

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This paper presents a methodology using Gravitational Search Algorithm for optimal placement of Phasor Measurement Units (PMUs) in order to achieve complete observability of the power system. The objective of proposed algorithm is to minimize the total number of PMUs at the power system buses, which in turn minimize installation cost of the PMUs. In this algorithm, the searcher agents are collection of masses which interact with each other using Newton’s laws of gravity and motion. This new Gravitational Search Algorithm based method has been applied to the IEEE 14-bus, IEEE 30-bus and IEEE 118-bus test systems. Case studies reveal optimal number of PMUs with better observability by proposed method.

Keywords: Gravitational Search Algorithm (GSA), Law of Motion, Law of Gravity, Observability, Phasor Measurement Unit.

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Authors: Manasi Pathade, Prachi Kadam, Renuka Kulkarni, Tejas Teredesai

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In this paper, we propose a novel concept of relative distance measurement using Stereo Vision Technology and discuss its implementation on a FPGA based real-time image processor. We capture two images using two CCD cameras and compare them. Disparity is calculated for each pixel using a real time dense disparity calculation algorithm. This algorithm is based on the concept of indexed histogram for matching. Disparity being inversely proportional to distance (Proved Later), we can thus get the relative distances of objects in front of the camera. The output is displayed on a TV screen in the form of a depth image (optionally using pseudo colors). This system works in real time on a full PAL frame rate (720 x 576 active pixels @ 25 fps).

Keywords: Stereo Vision, Relative Distance Measurement, Indexed Histogram, Real time FPGA Image Processor

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Authors: F. Di Pillo, G. Capece, L. Cricelli, N. Levialdi

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The liberalization and privatization processes have forced public utility companies to face new competitive challenges, implementing strategies to gain market share and, at the same time, keep the old customers. To this end, many companies have carried out mergers, acquisitions and conglomerations in order to diversify their business. This paper focuses on companies operating in the free energy market in Italy. In the last decade, this sector has undergone profound changes that have radically changed the competitive scenario and have led companies to implement diversification strategies of the business. Our work aims to evaluate the economic and financial performances obtained by energy companies, following the beginning of the liberalization process, verifying the possible relationship with the implemented diversification strategies.

Keywords: Business diversification strategies, M&A, the Italian energy market liberalization, economic and financial performances.

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Authors: R. Suzana, T. Wardah, A.B. Sahol Hamid

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The use of radar in Quantitative Precipitation Estimation (QPE) for radar-rainfall measurement is significantly beneficial. Radar has advantages in terms of high spatial and temporal condition in rainfall measurement and also forecasting. In Malaysia, radar application in QPE is still new and needs to be explored. This paper focuses on the Z/R derivation works of radarrainfall estimation based on rainfall classification. The works developed new Z/R relationships for Klang River Basin in Selangor area for three different general classes of rain events, namely low (<10mm/hr), moderate (>10mm/hr, <30mm/hr) and heavy (>30mm/hr) and also on more specific rain types during monsoon seasons. Looking at the high potential of Doppler radar in QPE, the newly formulated Z/R equations will be useful in improving the measurement of rainfall for any hydrological application, especially for flood forecasting.

Keywords: Radar, Quantitative Precipitation Estimation, Z/R development, flood forecasting

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Authors: G. Erkomaishvili, M. Kobalava, T. Lazariashvili, M. Saghareishvili

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The article discusses the consumer market of agricultural products and agricultural policy in Georgia. It is noted that development of the strategic areas of the agricultural sector needs a special support. These strategic areas should create the country's major export potential. It is important to develop strategies to access to the international markets, form extensive marketing network etc., which will become the basis for the promotion and revenue growth of the country. The Georgian agricultural sector, with the right state policy and support, can achieve success and gain access to the world market with competitive agricultural products. The paper discusses the current condition of agriculture, export and import of agricultural products and agricultural policy in Georgia. The conducted research concludes the information that there is an increasing demand on the green goods in the world market. Natural and climatic conditions of Georgia give a serious possibility of implementing it. The research presents an agricultural development strategy in Georgia and the findings and based on them recommendations are proposed.

Keywords: Agriculture, agricultural cooperative society agricultural insurance, agricultural policy, export-import of agricultural products.

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Authors: Bassam Baroma

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The main objective of this study is to test the relationship between numbers of variables representing the firm characteristics (market-related variables) and the extent of voluntary disclosure levels (forward-looking disclosure) in the annual reports of Egyptian firms listed on the Egyptian Stock Exchange. The results show that audit firm size is significantly positively correlated (in all the three years) with the level of forward-looking disclosure. However, industry type variable (which divided to: industries, cement, construction, petrochemicals and services), is found being insignificantly association with the level of forward-looking information disclosed in the annual reports for all the three years.

Keywords: Forward-looking disclosure, market-related variables, annual reports, Egyptian Stock Exchange.

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Authors: Ivan Pavic, Fran Galetic, Tomislava Pavic Kramaric

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The purpose of this article is to analyze the degree of concentration in the banking market in EU member states as well as to determine the impact of the length of EU membership on the degree of concentration. In that sense several analysis were conducted, specifically, panel analysis, calculation of correlation coefficient and regression analysis of the impact of the length of EU membership on the degree of concentration. Panel analysis was conducted to determine whether there is a similar trend of concentration in three groups of countries - countries with a low, moderate and high level of concentration. The conducted panel analysis showed that in EU countries with a moderate level of concentration, the level of concentration decreases. The calculation of correlation showed that, to some extent, with other influential factors, the length of EU membership negatively affects the market concentration of the banking market. Using the regression analysis for investigation of the influence of the length of EU membership on the level of concentration in the banking sector in a particular country, the results reveal that there is a negative effect of the length in EU membership on market concentration, although it is not significantly influential variable.

Keywords: Banking sector, concentration, EU

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Authors: Ahmed Abdelghany, Bernard Uguen, Christophe Moy, Dominique Lemur

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The Internet of Things (IoT) is developed to ensure monitoring and connectivity within different applications. Thus, it is critical to study the channel propagation characteristics in Low Power Wide Area Network (LPWAN), especially LoRaWAN. In this paper, an in-depth investigation of the reciprocity between the uplink and downlink Channel State Information (CSI) is done by performing an outdoor measurement campaign in the area of Campus Beaulieu in Rennes. At each different location, the CSI reciprocity is quantified using the Pearson Correlation Coefficient (PCC) which shows a very high linear correlation between the uplink and downlink CSI. This reciprocity feature could be utilized for the physical layer security between the node and the gateway. On the other hand, most of the CSI shapes from different locations are highly uncorrelated with each other. Hence, it can be anticipated that this could achieve significant localization gain by utilizing the frequency hopping in the LoRa systems to get access to a wider band.

Keywords: IoT, LPWAN, LoRa, RSSI, effective signal power, onsite measurement, smart city, channel reciprocity.

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Authors: Takahiro Nakamura, Kenji Takahashi, Hiroyuki Nishida, Shunjiro Shinohara, Takeshi Matsuoka, Ikkoh Funaki, Takao Tanikawa, Tohru Hada

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In order to realize long-lived electric propulsion systems, we have been investigating an electrodeless plasma thruster. In our concept, a helicon plasma is accelerated by the magnetic nozzle for the thrusts production. In addition, the electromagnetic thrust can be enhanced by the additional radio-frequency rotating electric field (REF) power in the magnetic nozzle. In this study, a direct measurement of the electromagnetic thrust and a probe measurement have been conducted using a laboratory model of the thruster under the condition without the REF power input. Fromthrust measurement, it is shown that the thruster produces a sub-milli-newton order electromagnetic thrust force without the additional REF power. The thrust force and the density jump are observed due to the discharge mode transition from the inductive coupled plasma to the helicon wave excited plasma. The thermal thrust is theoretically estimated, and the total thrust force, which is a sum of the electromagnetic and the thermal thrust force and specific impulse are calculated to be up to 650 μN (plasma production power of 400 W, Ar gas mass flow rate of 1.0 mg/s) and 210 s (plasma production power of 400 W, Ar gas mass flow rate of 0.2 mg/s), respectively.

Keywords: Electric propulsion, Helicon plasma, Lissajous acceleration, Thrust stand.

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Authors: Munir Majdalawieh, Adam Marks

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In today’s very competitive higher education industry (HEI), HEIs are faced with the primary concern of developing, deploying, and sustaining high quality academic programs. Today, the HEI has well-established accreditation systems endorsed by a country’s legislation and institutions. The accreditation system is an educational pathway focused on the criteria and processes for evaluating educational programs. Although many aspects of the accreditation process highlight both the past and the present (prove), the “program review” assessment is "forward-looking assessment" (improve) and thus transforms the process into a continuing assessment activity rather than a periodic event. The purpose of this study is to propose a conceptual measurement framework for program review to be used by HEIs to undertake a robust and targeted approach to proactively and continuously review their academic programs to evaluate its practicality and effectiveness as well as to improve the education of the students. The proposed framework consists of two main components: program review principles and the program review measurement matrix.

Keywords: Academic program, program review principles, curriculum development, accreditation, evaluation, assessment, review measurement matrix, program review process, information technologies supporting learning, learning/teaching methodologies and assessment.

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Authors: Elza Jurun, Damir Piplica, Tea Poklepović

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Numerous studies carried out in the developed  western democratic countries have shown that the ideological  framework of the governing party has a significant influence on the  monetary policy. The executive authority consisting of a left-wing  party gives a higher weight to unemployment suppression and central  bank implements a more expansionary monetary policy. On the other  hand, right-wing governing party considers the monetary stability to  be more important than unemployment suppression and in such a  political framework the main macroeconomic objective becomes the  inflation rate reduction. The political framework conditions in the  transition countries which are new European Union (EU) members  are still highly specific in relation to the other EU member countries.  In the focus of this paper is the question whether the same  monetary policy principles are valid in these transitional countries as  well as they apply in developed western democratic EU member  countries. The data base consists of inflation rate and unemployment  rate for 11 transitional EU member countries covering the period  from 2001 to 2012. The essential information for each of these 11  countries and for each year of the observed period is right or left  political orientation of the ruling party.  In this paper we use t-statistics to test our hypothesis that there are  differences in inflation and unemployment between right and left  political orientation of the governing party. To explore the influence  of different countries, through years and different political  orientations descriptive statistics is used. Inflation and unemployment  should be strongly negatively correlated through time, which is tested  using Pearson correlation coefficient.  Regarding the fact whether the governing authority is consisted  from left or right politically oriented parties, monetary authorities  will adjust its policy setting the higher priority on lower inflation or  unemployment reduction. 

Keywords: Inflation rate, monetary policy orientation, transition EU countries, unemployment rate.

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Authors: Afshin J. Ghajar, Swanand M. Bhagwat

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The main purpose of this work is to experimentally investigate the effect of pipe orientation on two phase flow phenomenon. Flow pattern, void fraction and two phase pressure drop is measured in a polycarbonate pipe with an inside diameter of 12.7mm for inclination angles ranging from -20^o to +20^o using air-water fluid combination. The experimental data covers all flow patterns and the entire range of void fraction typically observed in two phase flow. The effect of pipe orientation on void fraction and two phase pressure drop is justified with reference to the change in flow structure and two phase flow behavior. In addition to this, the top performing void fraction and two phase pressure drop correlations available in the literature are presented and their performance is assessed against the experimental data in the present study and that available in the literature.

Keywords: Flow patterns, inclined two phase flow, pressure drop, void fraction.

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Authors: Jung-hoon Ro, Soo-young Ye, Jae-hee Jung, Ah-young Jeon, Yun-jin KimIn-cheol Kim, Chul-han Kim, Gye-rok Jeon

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As the increase of intraoral acidity due to ingestion of sweet foods and acidic beverages usually bring forth a dental caries and a erosion, the measurement of intraoral pH is essential in the study of oral environment. The indwelling intraoral pH telemetry for lasting longer than 24 hours in the mouth was developed to overcome the limits of conventional wire electrode method previously used for salivary and plaque pH measurement, and to assess its effectiveness.

Keywords: pH telemetry, intraoral acidity, wireless.

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Authors: Adrian Bostan, Nicolae Tapus, Adriana Tapus

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The purpose of this research paper is to study and develop a system that is able to help identify problems and improve human rehabilitation after traumatic injuries. Traumatic injuries in human’s lower limbs can occur over a life time and can have serious side effects if they are not treated correctly. In this paper, we developed an intelligent cane (IntelliCane) so as to help individuals in their rehabilitation process and provide feedback to the users. The first stage of the paper involves an analysis of the existing systems on the market and what can be improved. The second stage presents the design of the system. The third part, which is still under development is the validation of the system in real world setups with people in need. This paper presents mainly stages one and two.

Keywords: IntelliCane, 3D printing, microprocessor, weight measurement, rehabilitation tool.

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Authors: Lu Zhang, Chunping Li, Jun Liu, Hui Wang

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Text similarity measurement is a fundamental issue in many textual applications such as document clustering, classification, summarization and question answering. However, prevailing approaches based on Vector Space Model (VSM) more or less suffer from the limitation of Bag of Words (BOW), which ignores the semantic relationship among words. Enriching document representation with background knowledge from Wikipedia is proven to be an effective way to solve this problem, but most existing methods still cannot avoid similar flaws of BOW in a new vector space. In this paper, we propose a novel text similarity measurement which goes beyond VSM and can find semantic affinity between documents. Specifically, it is a unified graph model that exploits Wikipedia as background knowledge and synthesizes both document representation and similarity computation. The experimental results on two different datasets show that our approach significantly improves VSM-based methods in both text clustering and classification.

Keywords: Text classification, Text clustering, Text similarity, Wikipedia

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Authors: David Wiese

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In order to maximize efficiency of an information management platform and to assist in decision making, the collection, storage and analysis of performance-relevant data has become of fundamental importance. This paper addresses the merits and drawbacks provided by the OLAP paradigm for efficiently navigating large volumes of performance measurement data hierarchically. The system managers or database administrators navigate through adequately (re)structured measurement data aiming to detect performance bottlenecks, identify causes for performance problems or assessing the impact of configuration changes on the system and its representative metrics. Of particular importance is finding the root cause of an imminent problem, threatening availability and performance of an information system. Leveraging OLAP techniques, in contrast to traditional static reporting, this is supposed to be accomplished within moderate amount of time and little processing complexity. It is shown how OLAP techniques can help improve understandability and manageability of measurement data and, hence, improve the whole Performance Analysis process.

Keywords: Data Warehousing, OLAP, Multidimensional Navigation, Performance Diagnosis, Performance Management, Performance Tuning.

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Authors: Pongsiri K.

Abstract:

This research aimed to study the market feasibility for new brand coffee house, the case study of Thailand.. This study is a mixed methods research combining quantitative research and the qualitative research. Primary data 350 sets of questionnaires were distributed, and the high quality completed questionnaires of 320 sets returned. Research samples are identified as customers’ of Hi-end department stores in Thailand. The sources of secondary data were critical selected from highly reliable sources, both from public and private sectors. The results were used to classify the customer group into two main groups, the younger than 25 and the older than 25years old. Results of the younger group, are give priority to the dimension of coffee house and its services dimension more than others, then branding dimension and the product dimension respectively. On the other hand, the older group give the difference result as they rate the important of the branding, coffee house and its services, then the product respectively. Coffee consuming is not just the trend but it has become part of people lifestyle. And the new cultures also created by the wise businessman. Coffee was long produced and consumed in Thailand. But it is surprisingly the hi-end brand coffee houses in Thai market are mostly imported brands. The café business possibility for Thai brand coffee house in Thai market were discussed in the paper.

Keywords: Coffee House, Café, Coffee Consuming and new entry branding, market feasibility

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Authors: Pushkar Tripathi, Abhishek Sharma, G. N. Pillai, Indira Gupta

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This paper presents a new approach for the protection of Thyristor-Controlled Series Compensator (TCSC) line using Support Vector Machine (SVM). One SVM is trained for fault classification and another for section identification. This method use three phase current measurement that results in better speed and accuracy than other SVM based methods which used single phase current measurement. This makes it suitable for real-time protection. The method was tested on 10,000 data instances with a very wide variation in system conditions such as compensation level, source impedance, location of fault, fault inception angle, load angle at source bus and fault resistance. The proposed method requires only local current measurement.

Keywords: Fault Classification, Section Identification, Feature Selection, Support Vector Machine (SVM), Thyristor-Controlled Series Compensator (TCSC)

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Authors: Nor'Aini Yusof, Ismael Younis Abu-Jarad

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This paper investigated the organizational innovativeness of public listed housing developers in Malaysia. We conceptualized organizational innovativeness as a multi-dimensional construct consisting of 5 dimensions: market innovativeness, product innovativeness, process innovativeness, behavior innovativeness and strategic innovativeness. We carried out questionnaire survey with all accessible public listed developers in Malaysia and received a 56 percent response. We found that the innovativeness of public listed housing developers is low. The study extends the knowledge on innovativeness theory by using a multi-dimensional contructs to conceptualize the innovativeness of public listed housing developers in Malaysia where all this while most studies focused on single dimensional construct of innovativeness. The paper ends by providing some explanations for the results.

Keywords: innovativeness, housing industry, measurement ofinnovativeness, public listed housing developers.

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Authors: Alexey V. Klyuev, Valery P. Samarin, Viktor F. Klyuev

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A power measurement algorithm of the input mix components of the noise signal and narrowband interference is considered using functional transformations of the input mix in the postdetection processing channel. The algorithm efficiency analysis has been carried out for different interference-to-signal ratio. Algorithm performance features have been explored by numerical experiment results.

Keywords: Noise signal, continuous narrowband interference, signal power, spectrum width, detection.

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Authors: Hamed Harrafi, Masoumeh Khedri, Karim Karaminejad

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Measurement of the COD of a spent caustic solution involves firstly digestion of a test sample with dichromate solution and secondly measurement of dichromate remained by titration by ferrous ammonium sulfate [FAS] to an end point. In this paper we study by a potentiometric end point with Ag/AgCl reference electrode and gold rode electrode. The potentiometric end point is sharp and easily identified especially for the samples with high turbidity and color that other methods such as colorimetric in this type of sample do not result in high precision. Because interim of titration responds quickly to potential changes within the [Cr+6/Cr+3& Fe+2/Fe+3] solution producing stable readings that is lead to accurate COD measurement. Finally results are compared with data determined using colorimetric method for standard samples. It is shown that the potentiometric end point titration with gold rode electrode can be used with equal or better facility

Keywords: chemical oxygen demand, spent caustic and potentiometric determination

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Authors: J. L. Liu, L. Wang, B. Zhu, J. Zhou, W. D. Gao

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Fabric textures are very common in our daily life. However, the representation of fabric textures has never been explored from neuroscience view. Theoretical studies suggest that primary visual cortex (V1) uses a sparse code to efficiently represent natural images. However, how the simple cells in V1 encode the artificial textures is still a mystery. So, here we will take fabric texture as stimulus to study the response of independent component analysis that is established to model the receptive field of simple cells in V1. We choose 140 types of fabrics to get the classical fabric textures as materials. Experiment results indicate that the receptive fields of simple cells have obvious selectivity in orientation, frequency and phase when drifting gratings are used to determine their tuning properties. Additionally, the distribution of optimal orientation and frequency shows that the patch size selected from each original fabric image has a significant effect on the frequency selectivity.

Keywords: Fabric Texture, Receptive Filed, Simple Cell, Spare Coding.

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Authors: Edikan E. Akpanibah, Ogunmodimu Dupe Catherine

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The relevance of geometric Brownian motion (GBM) in modelling the behaviour of stock market prices (SMP) cannot be over emphasized taking into consideration the volatility of the SMP. Consequently, there is need to investigate how GBM models are being estimated and used in financial market to predict SMP. To achieve this, the GBM estimation and its application to the SMP of some selected companies are studied. The normal and log-normal distributions were used to determine the expected value, variance and co-variance. Furthermore, the GBM model was used to predict the SMP of some selected companies over a period of time and the mean absolute percentage error (MAPE) were calculated and used to determine the accuracy of the GBM model in predicting the SMP of the four companies under consideration. It was observed that for all the four companies, their MAPE values were within the region of acceptance. Also, the MAPE values of our data were compared to an existing literature to test the accuracy of our prediction with respect to time of investment. Finally, some numerical simulations of the graphs of the SMP, expectations and variance of the four companies over a period of time were presented using MATLAB programming software.

Keywords: Stock Market, Geometric Brownian Motion, normal and log-normal distribution, mean absolute percentage error.

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Authors: Bello Nurudeen Akinsola

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The study analyzed the risk and returns of commercial-property in Southwestern Nigeria and selected stocksmarket investment between 2000 and 2009; compared the inflation hedging characteristics and diversification potentials of investing in commercial-property and selected stock- market investment. Primary data were collected on characteristics, rental and capital values of commercial- properties from their property managers through the use of questionnaire. Secondary data on stock prices and dividends on banking, insurance and conglomerates sectors were sourced from the Nigerian Stock Exchange (2000-2009). The result showed that average return on all the selected stock- investments was higher than that of commercial-property. As regards risk, commercial-property indicated lower risk, compared to stocks. Also the stock-investment had better inflation hedging capacity than commercial-properties; combination of both had diversification potentials. The study concluded that stock-market investment offered attractive higher return than commercial-property although with higher risk and there could be diversification benefits in combining commercial-property with stock- investment.

Keywords: Commercial-Property, Return, Risk, Stock Market

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Authors: Joo-Hack Lee, Jin-Seung Choi, Dong-Won Kang, Jeong-Woo Seo, Ju-Young Kim, Dae-Hyeok Kim, Seung-Tae Yang, Gye-Rae Tack

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For cycling, the analysis of the pedal force is one of the important factors in the study of exercise ability assessment and overuse injuries. In past studies, a two-axis measurement sensor was used at the sagittal plane to measure the force only in the anterior, posterior, and vertical directions and to analyze the loss of force and the injury on the frontal plane due to the forces in the right and left directions. In this study, which is a basic study on diverse analyses of the pedal force that consider the forces on the sagittal plane and the frontal plane, a three-axis pedal force measurement sensor was developed to measure the anterior-posterior (Fx), medio-lateral (Fz), and vertical (Fy) forces. The sensor was fabricated with a size and shape similar to those of the general flat pedal, and had a 550g weight that allowed smooth pedaling. Its measurement range was ±1000 N for Fx and Fz and ±2000 N for Fy, and its non-linearity, hysteresis, and repeatability were approximately 0.5%. The data were sampled at 1000 Hz using a signal collector. To use the developed sensor, the pedaling efficiency (index of efficiency, IE) and the range of left and right (medio-lateral, ML) forces were measured with two seat heights (low and high). The results of the measurement showed that the IE was higher and the force range in the ML direction was lower with the high position than with the low position. The developed measurement sensor and its application results will be useful in understanding and explaining the complicated pedaling technique, and will enable diverse kinematic analyses of the pedal force on the sagittal plane and the frontal plane.

Keywords: Cycling, Index of effectiveness, Pedal force.

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Authors: Slavka Zeković

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A preliminary evaluation of the urban land system is presented in the article together with the instruments of land policy in Serbia. The main reason for the analysis is demand for definition of reform framework for urban land management in Serbia in the period of transition towards market-led system. It is concluded that due to the limitations of the current regulation it will be impossible in the future to apply market principles in the urban land policy (supply and demand of land, land capitalization, investment efficiency, et al.). Based on the estimation that the urban land system and land policy are key factors of competitiveness between regions and towns in Serbia, it is necessary to initiate changes in this field. There are indicated on an option of privatization of urban public land and possible establishment of leasehold land. A comparative analysis of the possibilities of the reform urban land system in Serbia has been carried out in relation to two approaches of market systems: (a) with dominant private ownership of urban land (neo/liberal approach) and (b) with dominant public ownership of urban land (system of leasehold)whose findings can be a basis for further study of the new system in Serbia.. The attanied results are part of studies matter for the making of Strategy of territorial development of Serbia.

Keywords: Urban Land System, Urban Land Management, Instruments of Land Policy, Evaluation, Market.

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