Search results for: rolling stocks
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 415

Search results for: rolling stocks

325 Analysis of Cross-Correlations in Emerging Markets Using Random Matrix Theory

Authors: Thomas Chinwe Urama, Patrick Oseloka Ezepue, Peters Chimezie Nnanwa

Abstract:

This paper investigates the universal financial dynamics in two dominant stock markets in Sub-Saharan Africa, through an in-depth analysis of the cross-correlation matrix of price returns in Nigerian Stock Market (NSM) and Johannesburg Stock Exchange (JSE), for the period 2009 to 2013. The strength of correlations between stocks is known to be higher in JSE than that of the NSM. Particularly important for modelling Nigerian derivatives in the future, the interactions of other stocks with the oil sector are weak, whereas the banking sector has strong positive interactions with the other sectors in the stock exchange. For the JSE, it is the oil sector and beverages that have greater sectorial correlations, instead of the banks which have the weaker correlation with other sectors in the stock exchange.

Keywords: random matrix theory, cross-correlations, emerging markets, option pricing, eigenvalues eigenvectors, inverse participation ratios and implied volatility

Procedia PDF Downloads 302
324 Elucidating Microstructural Evolution Mechanisms in Tungsten via Layerwise Rolling in Additive Manufacturing: An Integrated Simulation and Experimental Approach

Authors: Sadman Durlov, Aditya Ganesh-Ram, Hamidreza Hekmatjou, Md Najmus Salehin, Nora Shayesteh Ameri

Abstract:

In the field of additive manufacturing, tungsten stands out for its exceptional resistance to high temperatures, making it an ideal candidate for use in extreme conditions. However, its inherent brittleness and vulnerability to thermal cracking pose significant challenges to its manufacturability. This study explores the microstructural evolution of tungsten processed through layer-wise rolling in laser powder bed fusion additive manufacturing, utilizing a comprehensive approach that combines advanced simulation techniques with empirical research. We aim to uncover the complex processes of plastic deformation and microstructural transformations, with a particular focus on the dynamics of grain size, boundary evolution, and phase distribution. Our methodology employs a combination of simulation and experimental data, allowing for a detailed comparison that elucidates the key mechanisms influencing microstructural alterations during the rolling process. This approach facilitates a deeper understanding of the material's behavior under additive manufacturing conditions, specifically in terms of deformation and recrystallization. The insights derived from this research not only deepen our theoretical knowledge but also provide actionable strategies for refining manufacturing parameters to improve the tungsten components' mechanical properties and functional performance. By integrating simulation with practical experimentation, this study significantly enhances the field of materials science, offering a robust framework for the development of durable materials suited for challenging operational environments. Our findings pave the way for optimizing additive manufacturing techniques and expanding the use of tungsten across various demanding sectors.

Keywords: additive manufacturing, layer wise rolling, refractory materials, in-situ microstructure modifications

Procedia PDF Downloads 61
323 Volatility Index, Fear Sentiment and Cross-Section of Stock Returns: Indian Evidence

Authors: Pratap Chandra Pati, Prabina Rajib, Parama Barai

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The traditional finance theory neglects the role of sentiment factor in asset pricing. However, the behavioral approach to asset-pricing based on noise trader model and limit to arbitrage includes investor sentiment as a priced risk factor in the assist pricing model. Investor sentiment affects stock more that are vulnerable to speculation, hard to value and risky to arbitrage. It includes small stocks, high volatility stocks, growth stocks, distressed stocks, young stocks and non-dividend-paying stocks. Since the introduction of Chicago Board Options Exchange (CBOE) volatility index (VIX) in 1993, it is used as a measure of future volatility in the stock market and also as a measure of investor sentiment. CBOE VIX index, in particular, is often referred to as the ‘investors’ fear gauge’ by public media and prior literature. The upward spikes in the volatility index are associated with bouts of market turmoil and uncertainty. High levels of the volatility index indicate fear, anxiety and pessimistic expectations of investors about the stock market. On the contrary, low levels of the volatility index reflect confident and optimistic attitude of investors. Based on the above discussions, we investigate whether market-wide fear levels measured volatility index is priced factor in the standard asset pricing model for the Indian stock market. First, we investigate the performance and validity of Fama and French three-factor model and Carhart four-factor model in the Indian stock market. Second, we explore whether India volatility index as a proxy for fearful market-based sentiment indicators affect the cross section of stock returns after controlling for well-established risk factors such as market excess return, size, book-to-market, and momentum. Asset pricing tests are performed using monthly data on CNX 500 index constituent stocks listed on the National stock exchange of India Limited (NSE) over the sample period that extends from January 2008 to March 2017. To examine whether India volatility index, as an indicator of fear sentiment, is a priced risk factor, changes in India VIX is included as an explanatory variable in the Fama-French three-factor model as well as Carhart four-factor model. For the empirical testing, we use three different sets of test portfolios used as the dependent variable in the in asset pricing regressions. The first portfolio set is the 4x4 sorts on the size and B/M ratio. The second portfolio set is the 4x4 sort on the size and sensitivity beta of change in IVIX. The third portfolio set is the 2x3x2 independent triple-sorting on size, B/M and sensitivity beta of change in IVIX. We find evidence that size, value and momentum factors continue to exist in Indian stock market. However, VIX index does not constitute a priced risk factor in the cross-section of returns. The inseparability of volatility and jump risk in the VIX is a possible explanation of the current findings in the study.

Keywords: India VIX, Fama-French model, Carhart four-factor model, asset pricing

Procedia PDF Downloads 254
322 Failure Analysis of Low Relaxation Prestressed High Carbon Steel Wire During Drawing Operation: A Metallurgical Investigation

Authors: Souvik Das, Sandip Bhattacharya, Goutam Mukhopadhyay, Manashi Adhikary

Abstract:

Wires breakages during cold drawing are a complex phenomenon; wire breakages may be induced by improper wire-rod quality, inappropriate heat-treated microstructure, and/or lubrication breakdown on the wire surface. A comprehensive metallurgical investigation of failed/broken wire samples is therefore essential for understanding the origin of failure. Frequent breakage of wires during drawing is a matter of serious concern to the wire drawers as it erodes their already slim margins through reduced productivity and loss in yield. The present paper highlights the failure investigation of wires of Low Relaxation Prestressed High Carbon grade during cold drawing due to entrapment of hard constituents detached from the roller entry guide during rolling operations. The hardness measurement of this entrapped location indicates 54.9 Rockwell Hardness as against the rest portion 33.4 Rockwell Hardness. The microstructure chemical analysis and X-ray mapping analysis data of the entrapment location confirmed complex chromium carbide originated from D2-steel used in entry guide during the rolling process. Since the harder entrapped phase could not be deformed in the same manner as the parent phase, the failure of the wire rod occurs during hot rolling.

Keywords: LRPC, D2-steel, chromium carbide, roller guide

Procedia PDF Downloads 159
321 Verification of a Simple Model for Rolling Isolation System Response

Authors: Aarthi Sridhar, Henri Gavin, Karah Kelly

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Rolling Isolation Systems (RISs) are simple and effective means to mitigate earthquake hazards to equipment in critical and precious facilities, such as hospitals, network collocation facilities, supercomputer centers, and museums. The RIS works by isolating components acceleration the inertial forces felt by the subsystem. The RIS consists of two platforms with counter-facing concave surfaces (dishes) in each corner. Steel balls lie inside the dishes and allow the relative motion between the top and bottom platform. Formerly, a mathematical model for the dynamics of RISs was developed using Lagrange’s equations (LE) and experimentally validated. A new mathematical model was developed using Gauss’s Principle of Least Constraint (GPLC) and verified by comparing impulse response trajectories of the GPLC model and the LE model in terms of the peak displacements and accelerations of the top platform. Mathematical models for the RIS are tedious to derive because of the non-holonomic rolling constraints imposed on the system. However, using Gauss’s Principle of Least constraint to find the equations of motion removes some of the obscurity and yields a system that can be easily extended. Though the GPLC model requires more state variables, the equations of motion are far simpler. The non-holonomic constraint is enforced in terms of accelerations and therefore requires additional constraint stabilization methods in order to avoid the possibility that numerical integration methods can cause the system to go unstable. The GPLC model allows the incorporation of more physical aspects related to the RIS, such as contribution of the vertical velocity of the platform to the kinetic energy and the mass of the balls. This mathematical model for the RIS is a tool to predict the motion of the isolation platform. The ability to statistically quantify the expected responses of the RIS is critical in the implementation of earthquake hazard mitigation.

Keywords: earthquake hazard mitigation, earthquake isolation, Gauss’s Principle of Least Constraint, nonlinear dynamics, rolling isolation system

Procedia PDF Downloads 252
320 Experimental Modelling Gear Contact with TE77 Energy Pulse Setup

Authors: Zainab Mohammed Shukur, Najlaa Ali Alboshmina, Ali Safa Alsaegh

Abstract:

The project was investigated tribological behavior of polyether ether ketone (PEEK1000) against PEEK1000 rolling sliding (non-conformal) configuration with slip ratio 83.3%, were tested applications using a TE77 wear mechanisms and friction coefficient test rig. Under marginal lubrication conditions and the absence of film thick conditions, load 100 N was used to simulate the torque in gears 7 N.m. The friction coefficient and wear mechanisms of PEEK were studied under reciprocating roll/slide conditions with water, ethylene glycol, silicone, and base oil. Tribological tests were conducted on a TE77 high-frequency tribometer, with a disc-on-plate slide/roll (the energy pulse criterion) configuration. An Alicona G5 optical 3D micro-coordinate measurement microscope was used to investigate the surface topography and wear mechanisms. The surface roughness had been a significant effect on the friction coefficient for the PEEK/PEEK the rolling sliding contact test ethylene glycol and on the wear mechanisms. When silicone, ethylene glycol, and oil were used as a lubricant, the steady state of friction coefficient was reached faster than the other lubricant. Results describe the effect of the film thick with slip ratio of 83.3% on the tribological performance.

Keywords: polymer, rolling- sliding, energy pulse, gear contact

Procedia PDF Downloads 142
319 Ecosystem Carbon Stocks Vary in Reference to the Models Used, Socioecological Factors and Agroforestry Practices in Central Ethiopia

Authors: Gadisa Demie, Mesele Negash, Zerihun Asrat, Lojka Bohdan

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Deforestation and forest degradation in the tropics have led to significant carbon (C) emissions. Agroforestry (AF) is a suitable land-use option for tackling such declines in ecosystem services, including climate change mitigation. However, it is unclear how biomass models, AF practices, and socio-ecological factors determine these roles, which hinders the implementation of climate change mitigation initiatives. This study aimed to estimate the ecosystem C stocks of the studied AF practices in relation to socio-ecological variables in central Ethiopia. Out of 243 AF farms inventoried, 108 were chosen at random from three AF practices to estimate their biomass and soil organic carbon. A total of 432 soil samples were collected from 0–30 and 30–60 cm soil depths; 216 samples were taken for each soil organic carbon fraction (%C) and bulk density computation. The study found that the currently developed allometric equations were the most accurate to estimate biomass C for trees growing in the landscape when compared to previous models. The study found higher overall biomass C in woodlots (165.62 Mg ha-¹) than in homegardens (134.07 Mg ha-¹) and parklands (19.98 Mg ha-¹). Conversely, overall, SOC was higher for homegardens (143.88 Mg ha-¹), but lower for parklands (53.42 Mg ha-¹). The ecosystem C stock was comparable between homegardens (277.95 Mg ha-¹) and woodlots (275.44 Mg ha-¹). The study found that elevation, wealthy levels, AF farm age, and size have a positive and significant (P < 0.05) effect on overall biomass and ecosystem C stocks but non-significant with slope (P > 0.05). Similarly, SOC increased with increasing elevation, AF farm age, and wealthy status but decreased with slope and non-significant with AF farm size. The study also showed that species diversity had a positive (P <0.05) effect on overall biomass C stocks in homegardens. The overall study highlights that AF practices have a great potential to lock up more carbon in biomass and soils; however, these potentials were determined by socioecological variables. Thus, these factors should be considered in management strategies that preserve trees in agricultural landscapes in order to mitigate climate change and support the livelihoods of farmers.

Keywords: agricultural landscape, biomass, climate change, soil organic carbon

Procedia PDF Downloads 50
318 Examining the Investment Behavior of Arab Women in the Stock Market

Authors: Razan Salem

Abstract:

Gender plays a vital role in the stock markets because men and women differ in their behavior when investing in stocks. Accordingly, the role of gender differences in investment behavior is an increasingly important strand in the field of behavioral finance research. The investment behaviors of women relative to men have been examined in the behavioral finance literature, mainly for comparison purposes. Women's roles in the stock market have not been examined in the behavioral finance literature, however, particularly with respect to the Arab region. This study aims to contribute towards a better understanding of the investment behavior of Arab women (in regards to their risk tolerance, investment confidence, and investment literacy levels) relative to Arab men; using a sample from Arab women and men investors living in Saudi Arabia and Jordan. In order to achieve the study's main aim, the researcher used non-parametric tests, as Mann-Whitney U test, along with frequency distribution analysis to analyze the study’s primary data. The researcher distributed close-ended online questionnaires to a sample of 550 Arab male and female individuals investing in stocks in both Saudi Arabia and Jordan. The results confirm that the sample Arab women invest less in stocks compared to Arab men due to their risk-averse behaviors and limited confidence levels. The results also reveal that due to Arab women’s very low investment literacy levels, they fear from taking the risk and invest often in stocks relative to Arab men. Overall, the study’s main variables (risk tolerance, investment confidence, and investment literacy levels) have a combined effect on the investment behavior of Arab women and their limited participation in the stock market. Hence, this study is one of the very first studies that indicate the combined effect of the three main variables (which are usually studied separately in the existing literature) on the investment behavior of women, particularly Arab women. This study makes three important contributions to the growing literature on gender differences in investment behavior. First, while the behavioral finance literature documents evidence on gender differences in investment behaviors in many developed countries, there are very limited studies that investigate such differences in Arab countries. Arab women investors, generally, are ignored from the behavioral finance literature due probably to cultural barriers and data collection difficulties. Thus, this study extends the literature to include Arab women and their investment behaviors when trading stock relative to Arab men. Moreover, the study associates women investment literacy and confidence levels with their financial risk behaviors and participation in the stock market. This study provides direct evidence on Arab women's investment behaviors when trading stocks. Overall, studying Arab women investors is important to investigate whether the investment behavior identified for Western women investors are also found in Arab women investors.

Keywords: Arab women, gender differences, investment behavior, stock markets

Procedia PDF Downloads 181
317 Investigations of the Service Life of Different Material Configurations at Solid-lubricated Rolling Bearings

Authors: Bernd Sauer, Michel Werner, Stefan Emrich, Michael Kopnarski, Oliver Koch

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Friction reduction is an important aspect in the context of sustainability and energy transition. Rolling bearings are therefore used in many applications in which components move relative to each other. Conventionally lubricated rolling bearings are used in a wide range of applications, but are not suitable under certain conditions. Conventional lubricants such as grease or oil cannot be used at very high or very low temperatures. In addition, these lubricants evaporate at very low ambient pressure, e.g. in a high vacuum environment, making the use of solid lubricated bearings unavoidable. With the use of solid-lubricated bearings, predicting the service life becomes more complex. While the end of the service life of bearings with conventional lubrication is mainly caused by the failure of the bearing components due to material fatigue, solid-lubricated bearings fail at the moment when the lubrication layer is worn and the rolling elements come into direct contact with the raceway during operation. In order to extend the service life of these bearings beyond the service life of the initial coating, the use of transfer lubrication is recommended, in which pockets or sacrificial cages are used in which the balls run and can thus absorb the lubricant, which is then available for lubrication in tribological contact. This contribution presents the results of wear and service life tests on solid-lubricated rolling bearings with sacrificial cage pockets. The cage of the bearing consists of a polyimide (PI) matrix with 15% molybdenum disulfide (MoS2) and serves as a lubrication depot alongside the silver-coated balls. The bearings are tested under high vacuum (pE < 10-2 Pa) at a temperature of 300 °C on a four-bearing test rig. First, investigations of the bearing system within the bearing service life are presented and the torque curve, the wear mass and surface analyses are discussed. With regard to wear, it can be seen that the bearing rings tend to increase in mass over the service life of the bearing, while the balls and the cage tend to lose mass. With regard to the elementary surface properties, the surfaces of the bearing rings and balls are examined in terms of the mass of the elements on them. Furthermore, service life investigations with different material pairings are presented, whereby the focus here is on the service life achieved in addition to the torque curve, wear development and surface analysis. It was shown that MoS2 in the cage leads to a longer service life, while a silver (Ag) coating on the balls has no positive influence on the service life and even appears to reduce it in combination with MoS2.

Keywords: ball bearings, molybdenum disulfide, solid lubricated bearings, solid lubrication mechanisms

Procedia PDF Downloads 52
316 Simulation the Stress Distribution of Wheel/Rail at Contact Region

Authors: Norie A. Akeel, Z. Sajuri, A. K. Ariffin

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This paper discusses the effect of different loading analysis on crack initiation life of wheel/rail in the contact region. A simulated three dimensional (3D) elasto plastic model of a wheel/rail contact is modeled using the fine mesh technique in the contact region by using Finite Element Method FEM code ANSYS 11.0 software. Different loads of approximately from 70 to 140 KN was applied on the wheel tread through the running surface on the railhead surface to simulate stress distribution (Von Mises) and a life prediction of the crack initiation under rolling contact motion. Stress analysis is achieved and the fatigue life to the rail head surface is calculated numerically by using a multi-axial fatigue life of crack initiation model. All results obtained from the previous researches are compared with this research.

Keywords: FEM, rolling contact, rail track, stress distribution, fatigue life

Procedia PDF Downloads 555
315 Multifunctional Bending and Straightening Machines for Shipbuilding

Authors: V. Yu. Shungin, A. V. Popov

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At present, one of the main tasks of Russian shipbuilding yards is implementation of new technologies and replacement of main process equipment. In particular, conventional bending technologies with dies are being replaced with resource-saving methods of rotation (roller) banding. Such rolling bending is performed by multiple rolling of a plat in special bending rollers. Studies, conducted in JSC SSTC, allowed developing a theory of rotation bending, methods for calculation of process parameters, requirements to roller presses and bending accessories. This technology allows replacing old and expensive presses with new cheaper roller ones, having less power consumption and bending force. At first, roller presses were implemented in ship repair, however now they are widely employed at major shipbuilding yards. JSC SSTC develops bending technology and carries out design, manufacturing and delivery of roller presses.

Keywords: bending/straightening machines, rotational bending, ship hull structures, multifunctional bending

Procedia PDF Downloads 579
314 Improved Active Constellation Extension for the PAPR Reduction of FBMC-OQAM Signals

Authors: Mounira Laabidi, Rafik Zayani, Ridha Bouallegue, Daniel Roviras

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The Filter Bank multicarrier with Offset Quadrature Amplitude Modulation (FBMC-OQAM) has been introduced to overcome the poor spectral characteristics and the waste in both bandwidth and energy caused by the use of the cyclic prefix. However, the FBMC-OQAM signals suffer from the high Peak to Average Power Ratio (PAPR) problem. Due to the overlapping structure of the FBMC-OQAM signals, directly applying the PAPR reduction schemes conceived for the OFDM one turns out to be ineffective. In this paper, we address the problem of PAPR reduction for FBMC-OQAM systems by suggesting a new scheme based on an improved version of Active Constellation Extension scheme (ACE) of OFDM. The proposed scheme, named Rolling Window ACE, takes into consideration the overlapping naturally emanating from the FBMC-OQAM signals.

Keywords: ACE, FBMC, OQAM, OFDM, PAPR, rolling-window

Procedia PDF Downloads 546
313 Developing Allometric Equations for More Accurate Aboveground Biomass and Carbon Estimation in Secondary Evergreen Forests, Thailand

Authors: Titinan Pothong, Prasit Wangpakapattanawong, Stephen Elliott

Abstract:

Shifting cultivation is an indigenous agricultural practice among upland people and has long been one of the major land-use systems in Southeast Asia. As a result, fallows and secondary forests have come to cover a large part of the region. However, they are increasingly being replaced by monocultures, such as corn cultivation. This is believed to be a main driver of deforestation and forest degradation, and one of the reasons behind the recurring winter smog crisis in Thailand and around Southeast Asia. Accurate biomass estimation of trees is important to quantify valuable carbon stocks and changes to these stocks in case of land use change. However, presently, Thailand lacks proper tools and optimal equations to quantify its carbon stocks, especially for secondary evergreen forests, including fallow areas after shifting cultivation and smaller trees with a diameter at breast height (DBH) of less than 5 cm. Developing new allometric equations to estimate biomass is urgently needed to accurately estimate and manage carbon storage in tropical secondary forests. This study established new equations using a destructive method at three study sites: approximately 50-year-old secondary forest, 4-year-old fallow, and 7-year-old fallow. Tree biomass was collected by harvesting 136 individual trees (including coppiced trees) from 23 species, with a DBH ranging from 1 to 31 cm. Oven-dried samples were sent for carbon analysis. Wood density was calculated from disk samples and samples collected with an increment borer from 79 species, including 35 species currently missing from the Global Wood Densities database. Several models were developed, showing that aboveground biomass (AGB) was strongly related to DBH, height (H), and wood density (WD). Including WD in the model was found to improve the accuracy of the AGB estimation. This study provides insights for reforestation management, and can be used to prepare baseline data for Thailand’s carbon stocks for the REDD+ and other carbon trading schemes. These may provide monetary incentives to stop illegal logging and deforestation for monoculture.

Keywords: aboveground biomass, allometric equation, carbon stock, secondary forest

Procedia PDF Downloads 285
312 Effect of Transition Metal Addition on Aging Behavior of Invar Alloy

Authors: Young Sik Kim, Tae Kwon Ha

Abstract:

High strength Fe-36Ni-base Invar alloys containing Al contents up to 0.3 weight per cent were cast into ingots and thermodynamic equilibrium during solidification has been investigated in this study. From the thermodynamic simulation using Thermo-Calc®, it has been revealed that equilibrium phases which can be formed are two kinds of MC-type precipitates, MoC, and M2C carbides. The mu phase was also expected to form by addition of aluminum. Microstructure observation revealed the coarse precipitates in the as-cast ingots, which was non-equilibrium phase and could be resolved by the successive heat treatment. With increasing Al contents up to 0.3 wt.%, tensile strength of Invar alloy increased as 1400MPa after cold rolling and thermal expansion coefficient increased significantly. Cold rolling appeared to dramatically decrease thermal expansion coefficient.

Keywords: Invar alloy, transition metals, phase equilibrium, aging behavior, microstructure, hardness

Procedia PDF Downloads 532
311 Frictional Effects on the Dynamics of a Truncated Double-Cone Gravitational Motor

Authors: Barenten Suciu

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In this work, effects of the friction and truncation on the dynamics of a double-cone gravitational motor, self-propelled on a straight V-shaped horizontal rail, are evaluated. Such mechanism has a variable radius of contact, and, on one hand, it is similar to a pulley mechanism that changes the potential energy into the kinetic energy of rotation, but on the other hand, it is similar to a pendulum mechanism that converts the potential energy of the suspended body into the kinetic energy of translation along a circular path. Movies of the self- propelled double-cones, made of S45C carbon steel and wood, along rails made of aluminum alloy, were shot for various opening angles of the rails. Kinematical features of the double-cones were estimated through the slow-motion processing of the recorded movies. Then, a kinematical model is derived under assumption that the distance traveled by the contact points on the rectilinear rails is identical with the distance traveled by the contact points on the truncated conical surface. Additionally, a dynamic model, for this particular contact problem, was proposed and validated against the experimental results. Based on such model, the traction force and the traction torque acting on the double-cone are identified. One proved that the rolling traction force is always smaller than the sliding friction force; i.e., the double-cone is rolling without slipping. Results obtained in this work can be used to achieve the proper design of such gravitational motor.

Keywords: Truncated double-cone, friction, rolling and sliding, dynamic model, gravitational motor

Procedia PDF Downloads 276
310 Scaling Strategy of a New Experimental Rig for Wheel-Rail Contact

Authors: Meysam Naeimi, Zili Li, Rolf Dollevoet

Abstract:

A new small–scale test rig developed for rolling contact fatigue (RCF) investigations in wheel–rail material. This paper presents the scaling strategy of the rig based on dimensional analysis and mechanical modelling. The new experimental rig is indeed a spinning frame structure with multiple wheel components over a fixed rail-track ring, capable of simulating continuous wheel-rail contact in a laboratory scale. This paper describes the dimensional design of the rig, to derive its overall scaling strategy and to determine the key elements’ specifications. Finite element (FE) modelling is used to simulate the mechanical behavior of the rig with two sample scale factors of 1/5 and 1/7. The results of FE models are compared with the actual railway system to observe the effectiveness of the chosen scales. The mechanical properties of the components and variables of the system are finally determined through the design process.

Keywords: new test rig, rolling contact fatigue, rail, small scale

Procedia PDF Downloads 490
309 The Effect of Degraded Shock Absorbers on the Safety-Critical Tipping and Rolling Behaviour of Passenger Cars

Authors: Tobias Schramm, Günther Prokop

Abstract:

In Germany, the number of road fatalities has been falling since 2010 at a more moderate rate than before. At the same time, the average age of all registered passenger cars in Germany is rising continuously. Studies show that there is a correlation between the age and mileage of passenger cars and the degradation of their chassis components. Various studies show that degraded shock absorbers increase the braking distance of passenger cars and have a negative impact on driving stability. The exact effect of degraded vehicle shock absorbers on road safety is still the subject of research. A shock absorber examination as part of the periodic technical inspection is only mandatory in very few countries. In Germany, there is as yet no requirement for such a shock absorber examination. More comprehensive findings on the effect of degraded shock absorbers on the safety-critical driving dynamics of passenger cars can provide further arguments for the introduction of mandatory shock absorber testing as part of the periodic technical inspection. The specific effect chains of untripped rollover accidents are also still the subject of research. However, current research results show that the high proportion of sport utility vehicles in the vehicle field significantly increases the probability of untripped rollover accidents. The aim of this work is to estimate the effect of degraded twin-tube shock absorbers on the safety-critical tipping and rolling behaviour of passenger cars, which can lead to untripped rollover accidents. A characteristic curve-based five-mass full vehicle model and a semi-physical phenomenological shock absorber model were set up, parameterized and validated. The shock absorber model is able to reproduce the damping characteristics of vehicle twin-tube shock absorbers with oil and gas loss for various excitations. The full vehicle model was validated with steering wheel angle sinus sweep driving maneuvers. The model was then used to simulate steering wheel angle sine and fishhook maneuvers, which investigate the safety-critical tipping and rolling behavior of passenger cars. The simulations were carried out in a realistic parameter space in order to demonstrate the effect of various vehicle characteristics on the effect of degraded shock absorbers. As a result, it was shown that degraded shock absorbers have a negative effect on the tipping and rolling behavior of all passenger cars. Shock absorber degradation leads to a significant increase in the observed roll angles, particularly in the range of the roll natural frequency. This superelevation has a negative effect on the wheel load distribution during the driving maneuvers investigated. In particular, the height of the vehicle's center of gravity and the stabilizer stiffness of the vehicles has a major influence on the effect of degraded shock absorbers on the overturning and rolling behaviour of passenger cars.

Keywords: numerical simulation, safety-critical driving dynamics, suspension degradation, tipping and rolling behavior of passenger cars, vehicle shock absorber

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308 Effect of Al Addition on Microstructure and Physical Properties of Fe-36Ni Invar Alloy

Authors: Seok Hong Min, Tae Kwon Ha

Abstract:

High strength Fe-36Ni-base Invar alloys containing Al contents up to 0.3 weight percent were cast into ingots and thermodynamic equilibrium during solidification has been investigated in this study. From the thermodynamic simulation using Thermo-Calc®, it has been revealed that equilibrium phases which can be formed are two kinds of MC-type precipitates, MoC, and M2C carbides. The mu phase was also expected to form by addition of aluminum. Microstructure observation revealed the coarse precipitates in the as-cast ingots, which was non-equilibrium phase and could be resolved by the successive heat treatment. With increasing Al contents up to 0.3 wt.%, tensile strength of Invar alloy increased as 1400MPa after cold rolling and thermal expansion coefficient increased significantly. Cold rolling appeared to dramatically decrease thermal expansion coefficient.

Keywords: invar alloy, aluminum, phase equilibrium, thermal expansion coefficient, microstructure, tensile properties

Procedia PDF Downloads 372
307 Momentum Profits and Investor Behavior

Authors: Aditya Sharma

Abstract:

Profits earned from relative strength strategy of zero-cost portfolio i.e. taking long position in winner stocks and short position in loser stocks from recent past are termed as momentum profits. In recent times, there has been lot of controversy and concern about sources of momentum profits, since the existence of these profits acts as an evidence of earning non-normal returns from publicly available information directly contradicting Efficient Market Hypothesis. Literature review reveals conflicting theories and differing evidences on sources of momentum profits. This paper aims at re-examining the sources of momentum profits in Indian capital markets. The study focuses on assessing the effect of fundamental as well as behavioral sources in order to understand the role of investor behavior in stock returns and suggest (if any) improvements to existing behavioral asset pricing models. This Paper adopts calendar time methodology to calculate momentum profits for 6 different strategies with and without skipping a month between ranking and holding period. For each J/K strategy, under this methodology, at the beginning of each month t stocks are ranked on past j month’s average returns and sorted in descending order. Stocks in upper decile are termed winners and bottom decile as losers. After ranking long and short positions are taken in winner and loser stocks respectively and both portfolios are held for next k months, in such manner that at any given point of time we have K overlapping long and short portfolios each, ranked from t-1 month to t-K month. At the end of period, returns of both long and short portfolios are calculated by taking equally weighted average across all months. Long minus short returns (LMS) are momentum profits for each strategy. Post testing for momentum profits, to study the role market risk plays in momentum profits, CAPM and Fama French three factor model adjusted LMS returns are calculated. In the final phase of studying sources, decomposing methodology has been used for breaking up the profits into unconditional means, serial correlations, and cross-serial correlations. This methodology is unbiased, can be used with the decile-based methodology and helps to test the effect of behavioral and fundamental sources altogether. From all the analysis, it was found that momentum profits do exist in Indian capital markets with market risk playing little role in defining them. Also, it was observed that though momentum profits have multiple sources (risk, serial correlations, and cross-serial correlations), cross-serial correlations plays a major role in defining these profits. The study revealed that momentum profits do have multiple sources however, cross-serial correlations i.e. the effect of returns of other stocks play a major role. This means that in addition to studying the investors` reactions to the information of the same firm it is also important to study how they react to the information of other firms. The analysis confirms that investor behavior does play an important role in stock returns and incorporating both the aspects of investors’ reactions in behavioral asset pricing models help make then better.

Keywords: investor behavior, momentum effect, sources of momentum, stock returns

Procedia PDF Downloads 305
306 Measurements of Recovery Stress and Recovery Strain of Ni-Based Shape Memory Alloys

Authors: W. J. Kim

Abstract:

The behaviors of the recovery stress and strain of an ultrafine-grained Ni-50.2 at.% Ti alloy prepared by high-ratio differential speed rolling (HRDSR) were examined by a specially designed tensile-testing set up, and the factors that influence the recovery stress and strain were studied. After HRDSR, both the recovery stress and strain were enhanced compared to the initial condition. The constitutive equation showing that the maximum recovery stress is a sole function of the recovery strain was developed based on the experimental data. The recovery strain increased as the yield stress increased. The maximum recovery stress increased with an increase in yield stress. The residual recovery stress was affected by the yield stress as well as the austenite-to-martensite transformation temperature. As the yield stress increased and as the martensitic transformation temperature decreased, the residual recovery stress increased.

Keywords: high-ratio differential speed rolling, tensile testing, severe plastic deformation, shape memory alloys

Procedia PDF Downloads 367
305 Random Matrix Theory Analysis of Cross-Correlation in the Nigerian Stock Exchange

Authors: Chimezie P. Nnanwa, Thomas C. Urama, Patrick O. Ezepue

Abstract:

In this paper we use Random Matrix Theory to analyze the eigen-structure of the empirical correlations of 82 stocks which are consistently traded in the Nigerian Stock Exchange (NSE) over a 4-year study period 3 August 2009 to 26 August 2013. We apply the Marchenko-Pastur distribution of eigenvalues of a purely random matrix to investigate the presence of investment-pertinent information contained in the empirical correlation matrix of the selected stocks. We use hypothesised standard normal distribution of eigenvector components from RMT to assess deviations of the empirical eigenvectors to this distribution for different eigenvalues. We also use the Inverse Participation Ratio to measure the deviation of eigenvectors of the empirical correlation matrix from RMT results. These preliminary results on the dynamics of asset price correlations in the NSE are important for improving risk-return trade-offs associated with Markowitz’s portfolio optimization in the stock exchange, which is pursued in future work.

Keywords: correlation matrix, eigenvalue and eigenvector, inverse participation ratio, portfolio optimization, random matrix theory

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304 Investments in Petroleum Industry Abnormally Normal: A Case Study Based on Petroleum and Natural Gas Companies in India

Authors: Radhika Ramanchi

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The oil market during 2014-2015 in India with large price fluctuations is very confusing to individual investor. The drop in oil prices supported stocks of some oil marketing companies (OMCs) like Bharat Petroleum Corporation, Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation etc their shares rose 84.74%, 128.63% and 59.16%, respectively. Lower oil prices, and lower current account, a smaller subsidy burden are the reasons for outperformance. On the other hand, lower crude prices giving downward pressure on upstream companies like Oil and Natural Gas Corp. Ltd (ONGC) and Reliance Petroleum (RIL) Oil India Ltd (OIL). Not having clarity on a subsidy sharing mechanism is the reason for downward trend on these stocks. Shares of ONGC and RIL have underperformed so far in 2015. When the oil price fall profits of the companies will effect, generate less money and may cut their dividends in Long run. In this situation this paper objective is to study investment strategies in oil marketing companies, by applying CAPM and Security Market Line.

Keywords: petrol industry, price fluctuations, sharp single index model, SML, Markowitz model

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303 Excellent Combination of Tensile Strength and Elongation of Novel Reverse Rolled TaNbHfZrTi Refractory High Entropy Alloy

Authors: Mokali Veeresham

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In this work, the high-entropy alloy TaNbHfZrTi was processed at room temperature by each step novel reverse rolling up to a 90% reduction in thickness. The reverse rolled 90% samples subsequently used for annealing at 800°C and 1000°C temperatures for 1h to understand phase stability, microstructure, texture, and mechanical properties. The reverse rolled 90% condition contains BCC single-phase; upon annealing at 800°C temperature, the formation of secondary phase BCC-2 prevailed. The partial recrystallization and complete recrystallization microstructures were developed for annealed at 800°C and 1000°C temperatures, respectively. The reverse rolled condition, and 1000°C annealed temperature exhibit extraordinary room temperature tensile properties with high tensile strength (UTS) 1430MPa and 1556 MPa without compromising loss of ductility consists of an appreciable amount of 21% and 20% elongation, respectively.

Keywords: refractory high entropy alloys, reverse rolling, recrystallization, microstructure, tensile properties

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302 Parameter Fitting of the Discrete Element Method When Modeling the DISAMATIC Process

Authors: E. Hovad, J. H. Walther, P. Larsen, J. Thorborg, J. H. Hattel

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In sand casting of metal parts for the automotive industry such as brake disks and engine blocks, the molten metal is poured into a sand mold to get its final shape. The DISAMATIC molding process is a way to construct these sand molds for casting of steel parts and in the present work numerical simulations of this process are presented. During the process green sand is blown into a chamber and subsequently squeezed to finally obtain the sand mould. The sand flow is modelled with the Discrete Element method (DEM) and obtaining the correct material parameters for the simulation is the main goal. Different tests will be used to find or calibrate the DEM parameters needed; Poisson ratio, Young modulus, rolling friction coefficient, sliding friction coefficient and coefficient of restitution (COR). The Young modulus and Poisson ratio are found from compression tests of the bulk material and subsequently used in the DEM model according to the Hertz-Mindlin model. The main focus will be on calibrating the rolling resistance and sliding friction in the DEM model with respect to the behavior of “real” sand piles. More specifically, the surface profile of the “real” sand pile will be compared to the sand pile predicted with the DEM for different values of the rolling and sliding friction coefficients. When the DEM parameters are found for the particle-particle (sand-sand) interaction, the particle-wall interaction parameter values are also found. Here the sliding coefficient will be found from experiments and the rolling resistance is investigated by comparing with observations of how the green sand interacts with the chamber wall during experiments and the DEM simulations will be calibrated accordingly. The coefficient of restitution will be tested with different values in the DEM simulations and compared to video footages of the DISAMATIC process. Energy dissipation will be investigated in these simulations for different particle sizes and coefficient of restitution, where scaling laws will be considered to relate the energy dissipation for these parameters. Finally, the found parameter values are used in the overall discrete element model and compared to the video footage of the DISAMATIC process.

Keywords: discrete element method, physical properties of materials, calibration, granular flow

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301 Machine Learning in Momentum Strategies

Authors: Yi-Min Lan, Hung-Wen Cheng, Hsuan-Ling Chang, Jou-Ping Yu

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The study applies machine learning models to construct momentum strategies and utilizes the information coefficient as an indicator for selecting stocks with strong and weak momentum characteristics. Through this approach, the study has built investment portfolios capable of generating superior returns and conducted a thorough analysis. Compared to existing research on momentum strategies, machine learning is incorporated to capture non-linear interactions. This approach enhances the conventional stock selection process, which is often impeded by difficulties associated with timeliness, accuracy, and efficiency due to market risk factors. The study finds that implementing bidirectional momentum strategies outperforms unidirectional ones, and momentum factors with longer observation periods exhibit stronger correlations with returns. Optimizing the number of stocks in the portfolio while staying within a certain threshold leads to the highest level of excess returns. The study presents a novel framework for momentum strategies that enhances and improves the operational aspects of asset management. By introducing innovative financial technology applications to traditional investment strategies, this paper can demonstrate significant effectiveness.

Keywords: information coefficient, machine learning, momentum, portfolio, return prediction

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300 Microstructure and Mechanical Properties of Mg-Zn Alloys

Authors: Young Sik Kim, Tae Kwon Ha

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Effect of Zn addition on the microstructure and mechanical properties of Mg-Zn alloys with Zn contents from 6 to 10 weight percent was investigated in this study. Through calculation of phase equilibria of Mg-Zn alloys, carried out by using FactSage® and FTLite database, solution treatment temperature was decided as temperatures from 300 to 400oC, where supersaturated solid solution can be obtained. Solid solution treatment of Mg-Zn alloys was successfully conducted at 380oC and supersaturated microstructure with all beta phase resolved into matrix was obtained. After solution treatment, hot rolling was successfully conducted by reduction of 60%. Compression and tension tests were carried out at room temperature on the samples as-cast, solution treated, hot-rolled and recrystallized after rolling. After solid solution treatment, each alloy was annealed at temperatures of 180 and 200oC for time intervals from 1 min to 48 hrs and hardness of each condition was measured by micro-Vickers method. Peak aging conditions were deduced as at the temperature of 200oC for 10 hrs. By addition of Zn by 10 weight percent, hardness and strength were enhanced.

Keywords: Mg-Zn alloy, heat treatment, microstructure, mechanical properties, hardness

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299 Assessing Vertical Distribution of Soil Organic Carbon Stocks in Westleigh Soil under Shrub Encroached Rangeland, Limpopo Province, South Africa

Authors: Abel L. Masotla, Phesheya E. Dlamini, Vusumuzi E. Mbanjwa

Abstract:

Accurate quantification of the vertical distribution of soil organic carbon (SOC) in relation to land cover transformations, associated with shrub encroachment is crucial because deeper lying horizons have been shown to have greater capacity to sequester SOC. Despite this, in-depth soil carbon dynamics remain poorly understood, especially in arid and semi-arid rangelands. The objective of this study was to quantify and compare the vertical distribution of soil organic carbon stocks (SOCs) in shrub-encroached and open grassland sites. To achieve this, soil samples were collected vertically at 10 cm depth intervals under both sites. The results showed that SOC was on average 19% and 13% greater in the topsoil and subsoil respectively, under shrub-encroached grassland compared to open grassland. In both topsoil and subsoil, lower SOCs were found under shrub-encroached (4.53 kg m⁻² and 3.90 kgm⁻²) relative to open grassland (4.39 kgm⁻² and 3.67 kgm⁻²). These results demonstrate that deeper soil horizon play a critical role in the storage of SOC in savanna grassland.

Keywords: savanna grasslands, shrub-encroachment, soil organic carbon, vertical distribution

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298 20th-Century River Course Changes and Their Relation to Sediment Carbon Distribution Patterns in the Yellow River Delta

Authors: Dongxue Li, Zhonghua Ning, Yi’na Li, Baoshan Cui, Wasner Daniel, Sebastian Dötterl

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Most of the world's coastal alluvial plains can be significant carbon (C) eservoirs in which upland sediments are deposited and bury former topsoil, thereby contributing to soil C preservation, especially in river-controlled deltas like the Yellow River Delta, China. These deltas are affected by the continuous large amount of sediment transport and strong river dynamics from the upper reaches, which makes the river course in the deltas change frequently. However, the impact of varying river course changes on C stocks in these estuary wetlands is unclear. To investigate this, we drilled five 2 m cores along a sediment deposition sequence of the Yellow River Delta, which shifted its main course flow in the delta several times throughout the 20th century. Covering 80 years of sediment deposition, we explored both soil C stocks and their potential sources, and identified key soil physicochemical and hydrometeorological variables that correlate to C density and deposition rate. Further, the spatiotemporal C distribution and its relationship with these variables was examined. Our results showed that sediments at a soil depth of 200 cm in the main courses of the Yellow River corresponded to deposition ages ranging from 1942 to 1989. The oldest course has the lowest C stocks and showed C-enriched compared with younger courses. Contributions of soil C stemming from fresh particulate organic carbon from deposited upstream sources were significantly higher than local, in-situ vegetation. In addition, the carbon of the oldest and relatively young courses tends to be affected by interaction effects of hydrometeorological and physiochemical varibales, and that of the middle courses tends to be affected by independent variables. Our findings can help prioritize conservation efforts across different river courses and provide quantitative support for global carbon emission reduction by assessing sediment carbon reservoirs.

Keywords: alluvial plains, coastal wetland, core drilling, course diversion, organic carbon, sediment deposition rate, soil deposition

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297 Value at Risk and Expected Shortfall of Firms in the Main European Union Stock Market Indexes: A Detailed Analysis by Economic Sectors and Geographical Situation

Authors: Emma M. Iglesias

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We have analyzed extreme movements of the main stocks traded in the Eurozone in the 2000-2012 period. Our results can help future very-risk-averse investors to choose their portfolios in the Eurozone for risk management purposes. We find two main results. First, we can clearly classify firms by economic sector according to their different estimated VaR values in five of the seven countries we analyze. In special, we find sectors in general where companies have very high (telecommunications and banking) and very low (petroleum, utilities, energy and consumption) estimated VaR values. Second, we only find differences according to the geographical situation of where the stocks are traded in two countries: (1) all firms in the Irish stock market (the only financially rescued country we analyze) have very high estimated VaR values in all sectors; while (2) in Spain all firms have very low estimated VaR values including in the banking and the telecommunications sectors. All our results are supported when we study also the expected shortfall of the firms.

Keywords: risk management, firms, pareto tail thickness parameter, GARCH-type models, value-at-risk, extreme value theory, heavy tails, stock indexes, eurozone

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296 Effect of Microstructure and Texture of Magnesium Alloy Due to Addition of Pb

Authors: Yebeen Ji, Jimin Yun, Kwonhoo Kim

Abstract:

Magnesium alloys were limited for industrial applications due to having a limited slip system and high plastic anisotropy. It has been known that specific textures were formed during processing (rolling, etc.), and These textures cause poor formability. To solve these problems, many researchers have studied controlling texture by adding rare-earth elements. However, the high cost limits their use; therefore, alternatives are needed to replace them. Although Pb addition doesn’t directly improve magnesium properties, it has been known to suppress the diffusion of other alloying elements and reduce grain boundary energy. These characteristics are similar to the additions of rare-earth elements, and a similar texture behavior is expected as well. However, there is insufficient research on this. Therefore, this study investigates the behavior of texture and microstructure development after adding Pb to magnesium. This study compared and analyzed AZ61 alloy and Mg-15wt%Pb alloy to determine the effect of adding solute elements. The alloy was hot rolled and annealed to form a single phase and initial texture. Afterward, the specimen was set to contraction and elongate parallel to the rolling surface and the rolling direction and then subjected to high-temperature plane strain compression under the conditions of 723K and 0.05/s. Microstructural analysis and texture measurements were performed by SEM-EBSD. The peak stress in the true strain-stress curve after compression was higher in AZ61, but the shape of the flow curve was similar for both alloys. For both alloys, continuous dynamic recrystallization was confirmed to occur during the compression process. The basal texture developed parallel to the compressed surface, and the pole density was lower in the Mg-15wt%Pb alloy. It is confirmed that this change in behavior is because the orientation distribution of recrystallized grains has a more random orientation compared to the parent grains when Pb is added.

Keywords: Mg, texture, Pb, DRX

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