Efficiency across Time: Evidence from the Nigerian Stock Exchange

This paper examines the Weak-Form Efficient Market Hypothesis across time for the Nigerian Stock Exchange (NSE) by hypothesizing Normal Distribution and Random walk in periodic return series. Monthly all share indices of the NSE are examined for three periods including January 1985 to December 1992, January 1993 to December 1999, and January 2000 to December 2007. Our Normality tests are conducted using Skewness, Kurtosis, Kolmogorov-Smirnov, and Q-Q Normal Chart; whereas Random walk is tested using the non-parametric Runs test. Results of the Normality tests show that returns from NSE do not follow normal distribution in all the periods. Runs test results reject the randomness of the return series of the NSE in the periods studied. Overall results from the tests suggest that the NSE is not Weak-Form efficient across the time periods of this study. The results however, show that improvements in NSE trading system have positive effect on efficiency. Relaxing institutional restrictions on trading securities in the market and strengthening the regulatory capacities of NSE and Nigerian Securities and Exchange Commission (NSEC) to enforce market discipline were recommended.Weak-Form Efficiency, Random Walk, Normal Distribution, Nigerian Stock Exchange, Trading System

Shock tube pyrolysis of selected low molecular weight aliphatic hydrocarbons

Imperial Users onl

Playwriting: an analysis of the Morphological Characteristics of Whatsapp and Facebook Messages

The concept of writing in all its ramifications has remained pivotally significant in the process of documentations, from the antediluvian to the contemporary times. This is asserted on power, prowess and flexibility of the playwright in carefully adapting his environment and mirroring it satisfactorily. This paper examines the art of playwriting as a medium of adaptation of the society holistically and narrowing it to the influence of the social media (Facebook and whatsapp) on English language in making modern plays. In the process of interacting with people from different educational and societal backgrounds, social media platforms have influenced their use of English language and as such, the playwright captures them. This paper through the content and data analysis examines the influence of Facebook and WhatsApp on English language in playwriting processes in particular and the society at large. This paper hinges on Ludwig Wittgenstein’s “Use Theory” and Aristotle’s mimetic wisdom theory as its theoretical fibre. This study through three Facebook groups and three Whatsapp groups provides understanding of budding playwrights’ experiences of using Facebook and WhatsApp and their view on how it affects their writing of plays in flexible English language. The paper recommends that budding and experienced playwrights should flexibly adapt the nuances of social media to stay germane, focus and creative in the contemporary theatre industry and advance the craft of playwriting in mirroring the society

Effects of machining parameters and cooling strategies on cutting forces and surface integrity in high-speed slot end-milling of titanium alloy

“Paper 1 presents the results of the investigations of the effects of cooling strategies [Emulsion cooling, Minimum Quantity Lubrication (MQL) and Liquid Nitrogen (LN2)] and machining parameters (feed rate and spindle speed) on cutting force components, cutting temperature and tool wear during slot end-milling of titanium Ti-6Al-4V workpiece. All machining experiments were conducted using four-flute 0.5 inch diameter uncoated solid carbide end-mill on Cincinnati Milacron, Sabre 750 vertical machining center equipped with Acramatic 2100 controller. Cutting force components were acquired and tool wear was indirectly measured from maximum cutting force variation per slot from the first pass to the eighth pass. The experimental results show that spindle speed and cooling strategies are the most significant factors that reduce cutting forces and tool wear, while cryogenic cooling, low spindle speed and high feed rate reduce cutting temperature. In paper 2, the results of the investigations on the effects of cooling strategies and machining parameters on surface roughness and residual stresses during slot end-milling of titanium alloy workpiece are presented. From the results obtained, combination of MQL and LN2 (MQL+LN2) was best in reducing surface roughness both on the web and on the rib. The combination of MQL and LN2 was the best in producing the most compressive residual stresses on the surface of the left rib while LN2 cooling strategy alone was the worst with high tensile residual stress on the surface of the left rib”--Abstract, page iv

JCU Open Access Advocate competition entry: how do you benefit from open knowledge and why?

Open knowledge is like my river, I shall not thirst. Its distributaries enrich me while its bank serve as my petri dish for innovation and advancement. It refines and reaffirms what I know. Even though I may be forced to walk through mountains of articles, I will fear neither false reports nor predatory articles, for my experience and the lessons from JCU's Libguides modules are with me. The knowledge guides and the unlimited access comforts me. Open knowledge creates a balance in my world of limited access to published articles. It anoints my head with new skills; my expertise grows. As I wade through the rigors of research, writing and publishing, I am assured that my efforts will be felt, and my story be read by anyone who wish to irrespective of class, status, or location

Ideology and Governance in Nigeria: The Case of 1999 Nigerian Constitution

The study investigates ideology in governance text focusing on The 1999 Nigerian Constitution. Critical Discourse analysis theory is applied to the study of selected extracts to show traces of ideological positioning in the text. The study shows that lexical choices and other text production techniques are used in the context of law making to project and legitimize group and sectional interests to the disadvantage of others. Findings from the study shows that such lexical choices as landmass and population are strategically used to confer advantage on a group to the disadvantage of others. The use of inclusive ‘we’ , distancing and access restriction are other text production techniques that are employed to project the dominant ideology in the 1999 Nigerian Constitution

Infrastructure finance mechanism and challenges in Nigeria

Infrastructure financing through public-private partnership (PPP) can play an important role in addressing chronic deficiency of infrastructural facilities in developing economies. Inadequate infrastructural facilities discourage investments and retards economic development. Traditional methods of financing infrastructure through budgetary provisions and execution by direct contract award has proven to be inadequate and most often unimplemented creating a financing gap for execution of infrastructure projects in developing countries. This paper assesses the nature of infrastructure financing in Nigeria and highlights the major models of PPP as well as some of the challenges encountered in the mobilising this type of financing. The paper concludes with some suggestions on ways to address the identified challenges

Corrosion behaviour of fly ash-reinforced aluminum-magnesium alloy A535 composites

The corrosion behaviour of cast Al-Mg alloy A535 and its composites containing 10 wt.% and 15 wt.% fly ash, and 10 wt.% hybrid reinforcement (5 wt.% fly ash + 5 wt.% SiC) was investigated using weight-loss and electrochemical corrosion tests, optical microscopy, Scanning Electron Microscopy (SEM) and Energy Dispersive X-ray Spectroscopy (EDS). The tests were conducted in fresh water collected from the South Saskatchewan River and 3.5 wt.% NaCl solution at room temperature. The pH of the salt solution varied from 3 to 9. For comparison, two other aluminum alloys, AA2618 and AA5083-H116, were tested in the same electrolytes. The results of the weight-loss corrosion test showed that unreinforced A535 alloy had a lower corrosion rate in fresh water and seawater environments than the composites at all the tested pH values. The corrosion rate of the composites increased with increasing fly ash content. As expected, the corrosion rates of A535 alloy and the composites tested in fresh water were lower than those in salt solution. The results of the potentiodynamic and cyclic polarization electrochemical tests showed that the corrosion potential (Ecorr) and pitting potential (Epit) of the alloy were more positive than those of the composites. The corrosion and pitting potentials of the composites became more negative (active) with increasing fly ash content. The composites showed more positive (noble) repassivation or protection potential (Erp) than the matrix alloy, with the positivity increasing with fly ash content. Analysis of the electrochemical noise data showed that pitting corrosion was the dominant mode of corrosion for the alloy in 3.5 wt.% NaCl solution. Optical microscopy and SEM revealed that Mg2Si phase and Al-Mg intermetallics corroded preferentially to the matrix. The EDS data indicated that the protective oxide film formed on A535 contained Al2O3 and MgO

Structural Interpretation of the E2.0x Reservoir in the KC Field using 3D Seismic and Well Logs: A Case Study from the Eastern Niger Delta

The 3D seismic data interpretation was done on the shallow horizon E2.0X to provide structural and stratigraphic interpretation at this level. The KC field is located in OML-28 in the central swamp depobelt of the eastern Niger Delta. The structural interpretation showed positive indices for hydrocarbon prospect. The seismic and well data were used in the interpretation study. The seismic interpretation suggests that structural closure exists in the horizon mapped. It is characterized by a faulted rollover anticlinal structure, which is one of the major structural traps in the Niger Delta. The growth faults are conspicuously observed in the structural maps and the seismic sections run in this field. Keywords: Structural, Interpretation, Rollover, Anticlinal, Trap

Playwriting as a medium for conscientization: a study of an M.A. thesis play on victimization “The Last Resort”

This research is a creative one attached to an M.A. thesis play entitled “The Last Resort”. It x-rays the thematic concern of victimization of helpless students by some unscrupulous and power-drunk dictators in the university system. For the purpose of this research effort, an imaginary academic environment – Dumbarian University is the setting of the play, ‘The Last Resort’-has been created to capture this depravity and its attendant tyrannical cum oppressive absurdity as witnessed in our tertiary institutions. Through the flashback technique, the play presents the character of Nhenome who narrates his first-year ordeal as an undergraduate to his friends Ovunotoi and Omenudo. Dr. Ginigame, the course lecturer motivated by his personal hatred on Nhenome’s academic discipline declares mass failure to the students. This mass failure motivated Nhenome to stage a revolt against Dr. Ginigame and his cohorts. The Senate empaneled him though it was obvious that he was guilty of academic victimization but based on his connection, he was freed of the accusation and later promoted to the rank of a professor. Using the literary, textual of research, this work through plot, characters, language, and thought, proposes a sanitized method of recruiting academic staff into the university system. A reorientation of staff and students in the university to create a more humane atmosphere that will engender quality learning and development is highly recommended. The university’s different governing bodies such as the department, faculty and university disciplinary committees- the Professional Ethics Committee (PEC), as well as students’ disciplinary body, the university senate, and above all, the university governing council should continue in delivering their good mandates. The future development and repositioning of tertiary institutions through the institutionalization of systematic checks were considered possible panaceas to the issue of victimization