Efficient Frontier - Comparing Different Volatility Estimators

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.

Innovative Activity and Firm Performance: The Case of Eurozone Periphery

In this work, we attempt to analyze the contribution of innovative activities to firm performance and growth. We examine economic data from some of the economies that were heavily affected by current economic crisis: the countries of southern Europe (Portugal, Italy, Greece and Spain) and Ireland. Following literature, an appropriate econometric model is developed and several indicators are tested in order to disclose possible relation with innovative activity. Findings confirm the crucial effect of innovative process in economic activity, in firm and country level.

Potential of Irish Orientated Strand Board in Bending Active Structures

To determine the potential of a low cost Irish engineered timber product to replace high cost solid timber for use in bending active structures such as gridshells a single Irish engineered timber product in the form of orientated strand board (OSB) was selected. A comparative study of OSB and solid timber was carried out to determine the optimum properties that make a material suitable for use in gridshells. Three parameters were identified to be relevant in the selection of a material for gridshells. These three parameters are the strength to stiffness ratio, the flexural stiffness of commercially available sections, and the variability of material and section properties. It is shown that when comparing OSB against solid timber, OSB is a more suitable material for use in gridshells that are at the smaller end of the scale and that have tight radii of curvature. Typically, for solid timber materials, stiffness is used as an indicator for strength and engineered timber is no different. Thus, low flexural stiffness would mean low flexural strength. However, when it comes to bending active gridshells, OSB offers a significant advantage. By the addition of multiple layers, an increased section size is created, thus endowing the structure with higher stiffness and higher strength from initial low stiffness and low strength materials while still maintaining tight radii of curvature. This allows OSB to compete with solid timber on large scale gridshells. Additionally, a preliminary sustainability study using a set of sustainability indicators was carried out to determine the relative sustainability of building a large-scale gridshell in Ireland with a primary focus on economic viability but a mention is also given to social and environmental aspects. For this, the Savill garden gridshell in the UK was used as the functional unit with the sustainability of the structural roof skeleton constructed from UK larch solid timber being compared with the same structure using Irish OSB. Albeit that the advantages of using commercially available OSB in a bending active gridshell are marginal and limited to specific gridshell applications, further study into an optimised engineered timber product is merited.

Soil Respiration Rate of Laurel-Leaved and Cryptomeria japonica Forests

We assessed the ecology of the organic and mineral soil layers of laurel-leaved (BB-1) and Cryptomeria japonica (BB-2 and Pw) forests in the Kasugayama Hill Primeval Forest (Nara, Japan). The soil respiration rate was higher in the deeper horizons (F and H) of organic layers than in those of mineral soil layers, suggesting organic layers may be where active microbial metabolism occurs. Respiration rates in the soil of BB-1, BB-2 and Pw forests were closely similar at 5 and 10°C. However, the soil respiration rate increased in proportion to temperatures of 15°C or above. We therefore consider the activity of soil microorganisms to markedly decrease at temperatures below 10°C. At a temperature of 15°C or above, the soil respiration rate in the BB-1 organic layers was higher than in those of the BB-2 and Pw organic layers, due to differences in forest vegetation that appeared to influence several salient soil properties, particularly pH and the carbon (C) and nitrogen (N) content of the F and H horizons.

Improvement on a CNC Gantry Machine Structure Design for Higher Machining Speed Capability

The capability of CNC gantry milling machines in manufacturing long components has caused the expanded use of such machines. On the other hand, the machines’ gantry rigidity can reduce under severe loads or vibration during operation. Indeed, the quality of machining is dependent on the machine’s dynamic behavior throughout the operating process. For this reason, these types of machines have always been used widely and are not efficient. Therefore, they can usually be employed for rough machining and may not produce adequate surface finishing. In this paper, a CNC gantry milling machine with the potential to produce good surface finish has been designed and analyzed. The lowest natural frequency of this machine is 202 Hz corresponding to 12000 rpm at all motion amplitudes with a full range of suitable frequency responses. Meanwhile, the maximum deformation under dead loads for the gantry machine is 0.565*m, indicating that this machine tool is capable of producing higher product quality.

Advanced Energy Absorbers Used in Blast Resistant Systems

The main aim of the presented experiments is to improve behaviour of sandwich structures under dynamic loading, such as crash or explosion. This paper describes experimental investigation on the response of new advanced materials to low and high velocity load. Blast wave energy absorbers were designed using two types of porous lightweight raw particle materials based on expanded glass and ceramics with dimensions of 0.5-1 mm, combined with polymeric binder. The effect of binder amount on the static and dynamic properties of designed materials was observed. Prism shaped specimens were prepared and loaded to obtain physicomechanical parameters – bulk density, compressive and flexural strength under quasistatic load, the dynamic response was determined using Split Hopkinson Pressure bar apparatus. Numerical investigation of the material behaviour in sandwich structure was performed using implicit/explicit solver LS-Dyna. As the last step, the developed material was used as the interlayer of blast resistant litter bin, and it´s functionality was verified by real field blast tests.

A TFETI Domain Decompositon Solver for Von Mises Elastoplasticity Model with Combination of Linear Isotropic-Kinematic Hardening

In this paper we present the efficient parallel implementation of elastoplastic problems based on the TFETI (Total Finite Element Tearing and Interconnecting) domain decomposition method. This approach allow us to use parallel solution and compute this nonlinear problem on the supercomputers and decrease the solution time and compute problems with millions of DOFs. In our approach we consider an associated elastoplastic model with the von Mises plastic criterion and the combination of linear isotropic-kinematic hardening law. This model is discretized by the implicit Euler method in time and by the finite element method in space. We consider the system of nonlinear equations with a strongly semismooth and strongly monotone operator. The semismooth Newton method is applied to solve this nonlinear system. Corresponding linearized problems arising in the Newton iterations are solved in parallel by the above mentioned TFETI. The implementation of this problem is realized in our in-house MatSol packages developed in MatLab.

Optimum Turbomachine Selection for Power Regeneration in Vapor Compression Cool Production Plants

Power Regeneration in Refrigeration Plant concept has been analyzed and has been shown to be capable of saving about 25% power in Cryogenic Plants with the Power Regeneration System (PRS) running under nominal conditions. The innovative component Compressor Expander Group (CEG) based on turbomachinery has been designed and built modifying CETT compressor and expander, both selected for optimum plant performance. Experiments have shown the good response of the turbomachines to run with R404a as working fluid. Power saving up to 12% under PRS derated conditions (50% loading) has been demonstrated. Such experiments allowed predicting a power saving up to 25% under CEG full load.

Problems of Innovation Development of Wireless Data Transfer Branch in the Cellular Market of Kazakhstan

Now in some countries of the world the cellular market is on the point of saturation, in others - positive dynamics of development kept on. The reasons for it are also different, but there are united by their general susceptibility to innovation changes, if they are really innovative. If to take as an example the cellular market of Kazakhstan it is defined by the low percent of smart phones at consumers, the low population density, undercapacity of the 3G channel, and absence of universal access to the LTE technology that limits dynamical growth of this branch. These moments are aggravated by failures of starting commercial projects by private companies which prevent to be implemented and widely adopted to a new product among consumers. The object of the research is possible integration of wireless and program technologies at which introduction the idea can regenerate in an innovation. The analysis of existing projects in the market and the possible union of the technologies through a prism of theoretical bases of innovative activity shows that efficiency of the company by development and introduction of innovations is possible only thanks to strict observance of all terms and conditions of the innovative process which main term is profit. Despite that fact that on a global scale the innovativeness issue of companies is very popular, there are no researches about possibility of innovative breaks in the field of wireless access to the Internet in the cellular market of Kazakhstan.

Multidisciplinary and Multilevel Design Methodology of Unmanned Aerial Vehicles Using Enhanced Collaborative Optimization

The present work describes the implementation of the Enhanced Collaborative Optimization (ECO) multilevel architecture with a gradient-based optimization algorithm with the aim of performing a multidisciplinary design optimization of a generic unmanned aerial vehicle with morphing technologies. The concepts of weighting coefficient and dynamic compatibility parameter are presented for the ECO architecture. A routine that calculates the aircraft performance for the user defined mission profile and vehicle’s performance requirements has been implemented using low fidelity models for the aerodynamics, stability, propulsion, weight, balance and flight performance. A benchmarking case study for evaluating the advantage of using a variable span wing within the optimization methodology developed is presented.

Study of Reporting System for Adverse Events Related to Common Medical Devices at a Tertiary Care Public Sector Hospital in India

Advances in the use of health care technology have resulted in increased adverse events (AEs) related to the use of medical devices. The study focused on the existing reporting systems. This study was conducted in a tertiary care public sector hospital. Devices included Syringe infusion pumps, Cardiac monitors, Pulse oximeters, Ventilators and Defibrillators. A total of 211 respondents were recruited. Interviews were held with 30 key informants. Medical records were scrutinized. Relevant statistical tests were used. Resident doctors reported maximum frequency of AEs, followed by nurses; and least by consultants. A significant association was found between the cadre of health care personnel and awareness that the patients and bystanders have a risk of sustaining AE. Awareness regarding reporting of AEs was low, and it was generally done verbally. Other critical findings are discussed in the light of the barriers to reporting, reasons for non-compliance, recording system, and so on.

Unsteady Flow of an Incompressible Elastico-Viscous Fluid of Second order Type in Tube of Ellipsoidal Cross Section on a Porous Boundary

Exact solution of an unsteady flow of elastico-viscous fluid through a porous media in a tube of ellipsoidal cross section under the influence of constant pressure gradient has been obtained in this paper. Initially, the flow is generated by a constant pressure gradient. After attaining the steady state, the pressure gradient is suddenly withdrawn and the resulting fluid motion in a tube of ellipsoidal cross section by taking into account of the porosity factor of the bounding surface is investigated. The problem is solved in twostages the first stage is a steady motion in tube under the influence of a constant pressure gradient, the second stage concern with an unsteady motion. The problem is solved employing separation of variables technique. The results are expressed in terms of a nondimensional porosity parameter (K) and elastico-viscosity parameter (β), which depends on the Non-Newtonian coefficient. The flow parameters are found to be identical with that of Newtonian case as elastic-viscosity parameter tends to zero and porosity tends to infinity. It is seen that the effect of elastico-viscosity parameter and the porosity parameter of the bounding surface has significant effect on the velocity parameter.

Alignment between Understanding and Assessment Practice among Secondary School Teachers

This study aimed to identify the alignment of understanding and assessment practices among secondary school teachers. The study was carried out using quantitative descriptive study. The sample consisted of 164 teachers who taught Form 1 and 2 from 11 secondary schools in the district of North Kinta, Perak, Malaysia. Data were obtained from 164 respondents who answered Expectation Alignment Understanding and Practices of School Assessment (PEKDAPS) questionnaire. The data were analysed using SPSS 17.0+. The Cronbach’s alpha value obtained through PEKDAPS questionnaire pilot study was 0.86. The results showed that teachers' performance in PEKDAPS based on the mean value was less than 3, which means that perfect alignment does not occur between the understanding and practices of school assessment. Two major PEKDAPS sub-constructs of articulation across grade and age and usability of the system were higher than the moderate alignment of the understanding and practices of school assessment (Min=2.0). The content focused of PEKDAPs sub-constructs which showed lower than the moderate alignment of the understanding and practices of school assessment (Min=2.0). Another two PEKDAPS subconstructs of transparency and fairness and the pedagogical implications showed moderate alignment (2.0). The implications of the study is that teachers need to fully understand the importance of alignment among components of assessment, learning and teaching and learning objectives as strategies to achieve quality assessment process.

Assessment of Solar Hydrogen Production in an Energetic Hybrid PV-PEMFC System

This paper discusses the design and analysis of a hybrid PV-Fuel cell energy system destined to power a DC load. The system is composed of a photovoltaic array, a fuel cell, an electrolyzer and a hydrogen tank. HOMER software is used in this study to calculate the optimum capacities of the power system components that their combination allows an efficient use of solar resource to cover the hourly load needs. The optimal system sizing allows establishing the right balance between the daily electrical energy produced by the power system and the daily electrical energy consumed by the DC load using a 28 KW PV array, a 7.5 KW fuel cell, a 40KW electrolyzer and a 270 Kg hydrogen tank. The variation of powers involved into the DC bus of the hybrid PV-fuel cell system has been computed and analyzed for each hour over one year: the output powers of the PV array and the fuel cell, the input power of the elctrolyzer system and the DC primary load. Equally, the annual variation of stored hydrogen produced by the electrolyzer has been assessed. The PV array contributes in the power system with 82% whereas the fuel cell produces 18%. 38% of the total energy consumption belongs to the DC primary load while the rest goes to the electrolyzer.

Modelling of the Fire Pragmatism in the Area of Military Management and Its Experimental Verification

The article deals with modelling of the fire pragmatism in the area of military management and its experimental verification. Potential approaches are based on the synergy of mathematical and theoretical ideas, operational and tactical requirements and the military decision-making process. This issue has taken on importance in recent times, particularly with the increasing trend of digitized battlefield, the development of C4ISR systems and intention to streamline the command and control process at the lowest levels of command. From fundamental and philosophical point of view, these new approaches seek to significantly upgrade and enhance the decision-making process of the tactical commanders.

Urban Search and Rescue and Rapid Field Assessment of Damaged and Collapsed Building Structures

Urban Search and Rescue (USAR) is a functional capability that has been developed to allow the United Kingdom Fire and Rescue Service to deal with ‘major incidents’ primarily involving structural collapse. The nature of the work undertaken by USAR means that staying out of a damaged or collapsed building structure is not usually an option for search and rescue personnel. As a result there is always a risk that they themselves could become victims. For this paper, a systematic and investigative review using desk research was undertaken to explore the role which structural engineering can play in assisting search and rescue personnel to conduct structural assessments when in the field. The focus is on how search and rescue personnel can assess damaged and collapsed building structures, not just in terms of structural damage that may been countered, but also in relation to structural stability. Natural disasters, accidental emergencies, acts of terrorism and other extreme events can vary significantly in nature and ferocity, and can cause a wide variety of damage to building structures. It is not possible or, even realistic, to provide search and rescue personnel with definitive guidelines and procedures to assess damaged and collapsed building structures as there are too many variables to consider. However, understanding what implications damage may have upon the structural stability of a building structure will enable search and rescue personnel to better judge and quantify risk from a life-safety standpoint. It is intended that this will allow search and rescue personnel to make informed decisions and ensure every effort is made to mitigate risk, so that they themselves do not become victims.

A New Model to Perform Preliminary Evaluations of Complex Systems for the Production of Energy for Buildings: Case Study

The building sector is responsible, in many industrialized countries, for about 40% of the total energy requirements, so it seems necessary to devote some efforts in this area in order to achieve a significant reduction of energy consumption and of greenhouse gases emissions. The paper presents a study aiming at providing a design methodology able to identify the best configuration of the system building/plant, from a technical, economic and environmentally point of view. Normally, the classical approach involves a building's energy loads analysis under steady state conditions, and subsequent selection of measures aimed at improving the energy performance, based on previous experience made by architects and engineers in the design team. Instead, the proposed approach uses a sequence of two wellknown scientifically validated calculation methods (TRNSYS and RETScreen), that allow quite a detailed feasibility analysis. To assess the validity of the calculation model, an existing, historical building in Central Italy, that will be the object of restoration and preservative redevelopment, was selected as a casestudy. The building is made of a basement and three floors, with a total floor area of about 3,000 square meters. The first step has been the determination of the heating and cooling energy loads of the building in a dynamic regime by means, which allows simulating the real energy needs of the building in function of its use. Traditional methodologies, based as they are on steady-state conditions, cannot faithfully reproduce the effects of varying climatic conditions and of inertial properties of the structure. With this model is possible to obtain quite accurate and reliable results that allow identifying effective combinations building-HVAC system. The second step has consisted of using output data obtained as input to the calculation model, which enables to compare different system configurations from the energy, environmental and financial point of view, with an analysis of investment, and operation and maintenance costs, so allowing determining the economic benefit of possible interventions. The classical methodology often leads to the choice of conventional plant systems, while our calculation model provides a financial-economic assessment for innovative energy systems and low environmental impact. Computational analysis can help in the design phase, particularly in the case of complex structures with centralized plant systems, by comparing the data returned by the calculation model for different design options.

Comparative Analysis of Ranunculus muricatus and Typha latifolia as Wetland Plants Applied for Domestic Wastewater Treatment in a Mesocosm Scale Study

Comparing other methods of waste water treatment, constructed wetlands are one of the most fascinating practices because being a natural process they are eco-friendly have low construction and maintenance cost and have considerable capability of wastewater treatment. The current research was focused mainly on comparison of Ranunculus muricatus and Typha latifolia as wetland plants for domestic wastewater treatment by designing and constructing efficient pilot scale horizontal subsurface flow mesocosms. Parameters like chemical oxygen demand, biological oxygen demand, phosphates, sulphates, nitrites, nitrates, and pathogenic indicator microbes were studied continuously with successive treatments. Treatment efficiency of the system increases with passage of time and with increase in temperature. Efficiency of T. latifolia planted setups in open environment was fairly good for parameters like COD and BOD5 which was showing reduction up to 82.5% for COD and 82.6% for BOD5 while DO was increased up to 125%. Efficiency of R. muricatus vegetated setup was also good but lowers than that of T. latifolia planted showing 80.95% removal of COD and BOD5. Ranunculus muricatus was found effective in reducing bacterial count in wastewater. Both macrophytes were found promising in wastewater treatment.

New Insight into Fluid Mechanics of Lorenz Equations

New physical insights into the nonlinear Lorenz equations related to flow resistance is discussed in this work. The chaotic dynamics related to Lorenz equations has been studied in many papers, which is due to the sensitivity of Lorenz equations to initial conditions and parameter uncertainties. However, the physical implication arising from Lorenz equations about convectional motion attracts little attention in the relevant literature. Therefore, as a first step to understand the related fluid mechanics of convectional motion, this paper derives the Lorenz equations again with different forced conditions in the model. Simulation work of the modified Lorenz equations without the viscosity or buoyancy force is discussed. The time-domain simulation results may imply that the states of the Lorenz equations are related to certain flow speed and flow resistance. The flow speed of the underlying fluid system increases as the flow resistance reduces. This observation would be helpful to analyze the coupling effects of different fluid parameters in a convectional model in future work.

Development of Light-Weight Fibre-Based Materials for Building Envelopes

Thin-walled elements with a matrix set on a base of high-valuable Portland cement with dispersed reinforcement from alkali-resistant glass fibres are used in a range of applications as claddings of buildings and infrastructure constructions as well as various architectural elements of residential buildings. Even though their elementary thickness and therefore total weight is quite low, architects and building companies demand on even further decreasing of the bulk density of these fibre-cement elements for the reason of loading elimination of connected superstructures and easier assembling in demand conditions. By the means of various kinds of light-weight aggregates it is possible to achieve light-weighing of these composite elements. From the range of possible fillers with different material properties granulated expanded glass worked the best. By the means of laboratory testing an effect of two fillers based on expanded glass on the fibre reinforced cement composite was verified. Practical applicability was tested in the production of commonly manufactured glass fibre reinforced concrete elements, such as channels for electrical cable deposition, products for urban equipment and especially various cladding elements. Even though these are not structural elements, it is necessary to evaluate also strength characteristics and resistance to environment for their durability in certain applications.