International stock portfolio selection and performance measures recognizing higher moments of return distributions

Since the seminal works of Markowitz (1952), Sharpe (1964), and Lintner (1965), numerous studies on portfolio selection and performance measure have been based upon the mean-variance framework. However, several researchers (e.g., Arditti (1967, and 1971), Samuelson (1970), and Rubinstein (1973)) argue that the higher moments cannot be neglected unless there is reason to believe that: (i) the asset returns are normally distributed and the investor's utility function is quadratic, or (ii) the empirical evidence demonstrates that higher moments are irrelevant to the investor's decision. Based on the same argument, this dissertation investigates the impact of higher moments of return distributions on three issues concerning the 14 international stock markets.^ First, the portfolio selection with skewness is determined using: the Polynomial Goal Programming in which investor preferences for skewness can be incorporated. The empirical findings suggest that the return distributions of international stock markets are not normally distributed, and that the incorporation of skewness into an investor's portfolio decision causes a major change in the construction of his optimal portfolio. The evidence also indicates that an investor will trade expected return of the portfolio for skewness. Moreover, when short sales are allowed, investors are better off as they attain higher expected return and skewness simultaneously.^ Second, the performance of international stock markets are evaluated using two types of performance measures: (i) the two-moment performance measures of Sharpe (1966), and Treynor (1965), and (ii) the higher-moment performance measures of Prakash and Bear (1986), and Stephens and Proffitt (1991). The empirical evidence indicates that higher moments of return distributions are significant and relevant to the investor's decision. Thus, the higher moment performance measures should be more appropriate to evaluate the performances of international stock markets. The evidence also indicates that various measures provide a vastly different performance ranking of the markets, albeit in the same direction.^ Finally, the inter-temporal stability of the international stock markets is investigated using the Parhizgari and Prakash (1989) algorithm for the Sen and Puri (1968) test which accounts for non-normality of return distributions. The empirical finding indicates that there is strong evidence to support the stability in international stock market movements. However, when the Anderson test which assumes normality of return distributions is employed, the stability in the correlation structure is rejected. This suggests that the non-normality of the return distribution is an important factor that cannot be ignored in the investigation of inter-temporal stability of international stock markets. ^

Gender, identity, and the security state: The politics of international drug trafficking

This dissertation examined how United States illicit drug control policy, often commonly referred to as the "war on drugs," contributes to the reproduction of gendered and racialized social relations. Specifically, it analyzed the identity producing practices of United States illicit drug control policy as it relates to the construction of U.S. identities. ^ Drawing on the theoretical contributions of feminist postpositivists, three cases of illicit drug policy practice were discussed. In the first case, discourse analysis was employed to examine recent debates (1986-2005) in U.S. Congressional Hearings about the proper understanding of the illicit drug "threat." The analysis showed how competing policy positions are tied to differing understandings of proper masculinity and the role of policymakers as protectors of the national interest. Utilizing critical visual methodologies, the second case examined a public service media campaign circulated by the Office of National Drug Control Policy that tied the "war on drugs" with another security concern in the U.S., the "war on terror." This case demonstrated how the media campaign uses messages about race, masculinity, and femininity to produce privileged notions of state identity and proper citizenship. The third case examined the gendered politics of drug interdiction at the U.S. border. Using qualitative research methodologies including semi-structured interviews and participant observation, it examined how gender is produced through drug interdiction at border sites like Miami International Airport. By paying attention to the discourse that circulates about women drug couriers, it showed how gender is normalized in a national security setting. ^ What this dissertation found is that illicit drug control policy takes the form it does because of the politics of gender and racial identity and that, as a result, illicit drug policy is implicated in the reproduction of gender and racial inequities. It concluded that a more socially conscious and successful illicit drug policy requires an awareness of the gendered and racialized assumptions that inform and shape policy practices.^

The discursive construction of Japanese identity and its haunting others

This dissertation examined the formation of Japanese identity politics after World War II. Since World War II, Japan has had to deal with a contradictory image of its national self. On the one hand, as a nation responsible for colonizing fellow Asian countries in the 1930s and 1940s, Japan has struggled with an image/identity as a regional aggressor. On the other hand, having faced the harsh realities of defeat after the war, Japan has seen itself depicted as a victim. By employing the technique of discourse analysis as a way to study identity formation through official foreign policy documents and news media narratives, this study reconceptualized Japanese foreign policy as a set of discursive practices that attempt to produce renewed images of Japan's national self. The dissertation employed case studies to analyze two key sites of Japanese postwar identity formation: (1) the case of Okinawa, an island/territory integral to postwar relations between Japan and the United States and marked by a series of US military rapes of native Okinawan girls; and (2) the case of comfort women in Japan and East Asia, which has led to Japan being blamed for its wartime sexual enslavement of Asian women. These case studies found that it was through coping with the haunting ghost of its wartime past that Japan sought to produce "postwar Japan" as an identity distinct from "wartime imperial Japan" or from "defeated, emasculated Japan" and, thus, hoped to emerge as a "reborn" moral and pacifist nation. The research showed that Japan struggled to invent a new self in a way that mobilized gendered dichotomies and, furthermore, created "others" who were not just spatially located (the United States, Asian neighboring nations) but also temporally marked ("old Japan"). The dissertation concluded that Japanese foreign policy is an ongoing struggle to define the Japanese national self vis-à-vis both spatial and historical "others," and that, consequently, postwar Japan has always been haunted by its past self, no matter how much Japan's foreign policy discourses were trying to make this past self into a distant or forgotten other.

Integrated construction project delivery system in the U.S. public sector: An information modeling framework

Integrated project delivery (IPD) method has recently emerged as an alternative to traditional delivery methods. It has the potential to overcome inefficiencies of traditional delivery methods by enhancing collaboration among project participants. Information and communication technology (ICT) facilitates IPD by effective management, processing and communication of information within and among organizations. While the benefits of IPD, and the role of ICT in realizing them, have been generally acknowledged, the US public construction sector is very slow in adopting IPD. The reasons are - lack of experience and inadequate understanding of IPD in public owner as confirmed by the results of the questionnaire survey conducted under this research study. The public construction sector should be aware of the value of IPD and should know the essentials for effective implementation of IPD principles - especially, they should be cognizant of the opportunities offered by advancements in ICT to realize this.^ In order to address the need an IPD Readiness Assessment Model (IPD-RAM) was developed in this research study. The model was designed with a goal to determine IPD readiness of a public owner organization considering selected IPD principles, and ICT levels, at which project functions were carried out. Subsequent analysis led to identification of possible improvements in ICTs that have the potential to increase IPD readiness scores. Termed as the gap identification, this process was used to formulate improvement strategies. The model had been applied to six Florida International University (FIU) construction projects (case studies). The results showed that the IPD readiness of the organization was considerably low and several project functions can be improved by using higher and/or advanced level ICT tools and methods. Feedbacks from a focus group comprised of FIU officials and an independent group of experts had been received at various stages of this research and had been utilized during development and implementation of the model. Focus group input was also helpful for validation of the model and its results. It was hoped that the model developed would be useful to construction owner organizations in order to assess their IPD readiness and to identify appropriate ICT improvement strategies.^

The international legal thought of Carl Schmitt : towards a critique of the contemporary international order

The aim of the thesis is to develop a critique of current liberal conceptualizations of international order. In order to conduct this critique, this thesis revisits the arguments first put forth by the German legal and political theorist Carl Schmitt. Schmitt conceptualizes a tripartite unity between law, order, and place. This unity, established at the constituent moment of land-appropriation, forms a concrete nomos, which subsequently creates the contours of the legal and political order. The establishment of the concrete order is necessarily the construction of a territorial boundary that designates an inside and an outside of the polity. By speaking of a nomos of the earth, Schmitt globalized this understanding of concrete order by looking at the various historical developments that created a "line" between the concrete applicability of interstate norms and a region where the exceptional situation prevails. The critique presented in this thesis is concerned with the lack of concrete boundary conditions within the current international legal order. It is argued that this lack of a well-defined boundary condition is what results in extreme forms of violence that were traditionally bracketed.

Integrated Construction Project Delivery System in the U.S. Public Sector: An Information Modeling Framework

Integrated project delivery (IPD) method has recently emerged as an alternative to traditional delivery methods. It has the potential to overcome inefficiencies of traditional delivery methods by enhancing collaboration among project participants. Information and communication technology (ICT) facilitates IPD by effective management, processing and communication of information within and among organizations. While the benefits of IPD, and the role of ICT in realizing them, have been generally acknowledged, the US public construction sector is very slow in adopting IPD. The reasons are - lack of experience and inadequate understanding of IPD in public owner as confirmed by the results of the questionnaire survey conducted under this research study. The public construction sector should be aware of the value of IPD and should know the essentials for effective implementation of IPD principles - especially, they should be cognizant of the opportunities offered by advancements in ICT to realize this. In order to address the need an IPD Readiness Assessment Model (IPD-RAM) was developed in this research study. The model was designed with a goal to determine IPD readiness of a public owner organization considering selected IPD principles, and ICT levels, at which project functions were carried out. Subsequent analysis led to identification of possible improvements in ICTs that have the potential to increase IPD readiness scores. Termed as the gap identification, this process was used to formulate improvement strategies. The model had been applied to six Florida International University (FIU) construction projects (case studies). The results showed that the IPD readiness of the organization was considerably low and several project functions can be improved by using higher and/or advanced level ICT tools and methods. Feedbacks from a focus group comprised of FIU officials and an independent group of experts had been received at various stages of this research and had been utilized during development and implementation of the model. Focus group input was also helpful for validation of the model and its results. It was hoped that the model developed would be useful to construction owner organizations in order to assess their IPD readiness and to identify appropriate ICT improvement strategies.

The Discursive Construction of Japanese Identity and its Haunting Others

This dissertation examined the formation of Japanese identity politics after World War II. Since World War II, Japan has had to deal with a contradictory image of its national self. On the one hand, as a nation responsible for colonizing fellow Asian countries in the 1930s and 1940s, Japan has struggled with an image/identity as a regional aggressor. On the other hand, having faced the harsh realities of defeat after the war, Japan has seen itself depicted as a victim. By employing the technique of discourse analysis as a way to study identity formation through official foreign policy documents and news media narratives, this study reconceptualized Japanese foreign policy as a set of discursive practices that attempt to produce renewed images of Japan’s national self. The dissertation employed case studies to analyze two key sites of Japanese postwar identity formation: (1) the case of Okinawa, an island/territory integral to postwar relations between Japan and the United States and marked by a series of US military rapes of native Okinawan girls; and (2) the case of comfort women in Japan and East Asia, which has led to Japan being blamed for its wartime sexual enslavement of Asian women. These case studies found that it was through coping with the haunting ghost of its wartime past that Japan sought to produce “postwar Japan” as an identity distinct from “wartime imperial Japan” or from “defeated, emasculated Japan” and, thus, hoped to emerge as a “reborn” moral and pacifist nation. The research showed that Japan struggled to invent a new self in a way that mobilized gendered dichotomies and, furthermore, created “others” who were not just spatially located (the United States, Asian neighboring nations) but also temporally marked (“old Japan”). The dissertation concluded that Japanese foreign policy is an ongoing struggle to define the Japanese national self vis-à-vis both spatial and historical “others,” and that, consequently, postwar Japan has always been haunted by its past self, no matter how much Japan’s foreign policy discourses were trying to make this past self into a distant or forgotten other.