Search results for: stock market microstructure

Authors: Rui Du

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This paper attempts to assess the impact of a major sporting event —the Super Bowl on the local economies. The identification strategy is to compare the winning and losing cities at the National Football League (NFL) conference finals under the assumption of similar pre-treatment trends. The stock market performances of companies headquartered in these cities are used to capture the sudden changes in local economic activities during a short time span. The exogenous variations in the football game outcome allow a straightforward difference-in-differences approach to identify the effect. This study finds that the post-event trends in winning and losing cities diverge despite the fact that both cities have economically and statistically similar pre-event trends. Empirical analysis provides suggestive evidence of a positive, significant local economic impact of conference final wins, possibly through city image enhancement. Further empirical evidence shows the presence of heterogeneous effects across industrial sectors, suggesting that city image enhancing the effect of the Super Bowl participation is empirically relevant for the changes in the composition of local industries. Also, this study also adopts a similar strategy to examine the local economic impact of Super Bowl successes, however, finds no statistically significant effect.

Keywords: Super Bowl Participation, local economies, city image enhancement, difference-in-differences, industrial sectors

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Authors: Agnes Utari Widyaningdyah

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This study investigates the relationship between strategy, intellectual capital (IC) disclosure, and the firm’s performance by considering business competition as a moderating variable. The secondary sectors manufacturing firms in the Jakarta Stock Industrial Classification as sample because this group represents a knowledge-intensive firm according to the OECD (Organization for Economic Cooperation and Development) criteria. Using path analysis, this study reveals that there is a significant influence of strategy toward IC disclosure. Firms with differentiation strategy tend to withhold its strategic information included IC because of afraid in losing their competitive advantage. The results also indicate that firms are more likely to withhold information about IC if they perceive that current or potential competition is strong. However, firms should consider that IC disclosure is a positive signal to the investor.

Keywords: strategy, IC disclosure, market performance, business competition

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Authors: Shan-e-Fatima, Mushtaq Khan, Syed Imran Hussian

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Plasma arc welding technology is used for welding SS-304L with A-36. Two different optimize butt welded joints were produced by using austenitic filler alloy E-309L and with direct fusion at 45 A, 2mm/sec by keeping plasma gas flow rate at 0.5LPM. Microstructure analysis of the weld bead was carried out. The results reveal complex heterogeneous microstructure in austenitic base filler alloy sample where as full martensite was found in directly fused sample.

Keywords: fusion zone microstructure, stainless steel, low carbon steel, plasma arc welding

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Authors: Gladie Lui

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The global credit crisis of 2008 aroused renewed interest in the effectiveness of corporate governance mechanisms to safeguard investor interests. In this paper, we measure the effect of the crisis from 2008 to 2009 on the stock performance of 976 Hong Kong-listed companies and examine its link to corporate governance mechanisms. It is evident that the crisis and the economic downturn affected different industries. Empirical results show that firms with an independent board and a high concentration of ownership and management ownership had lower abnormal stock returns, but a lower price volatility during the global financial crisis. These results highlight that no single corporate governance mechanism is fit for all types of financial crises and time frames. To strengthen investors’ confidence in the ability of companies to deal with such swift financial catastrophes, companies should enhance the dynamism and responsiveness of their governance mechanisms in times of turbulence.

Keywords: board of directors, capital market, corporate governance, financial crisis

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Authors: Wesley Teskey, Vedran Glavas, Julian Wegener

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Generating battery cathode microstructures is an important area of research, given the proliferation of the use of automotive batteries. Currently, finite element analysis (FEA) is often used for simulations of battery cathode microstructures before physical batteries can be manufactured and tested to verify the simulation results. Unfortunately, a key drawback of using FEA is that this method of simulation is very slow in terms of computational runtime. Generative AI offers the key advantage of speed when compared to FEA, and because of this, generative AI is capable of evaluating very large numbers of candidate microstructures. Given AI generated candidate microstructures, a subset of the promising microstructures can be selected for further validation using FEA. Leveraging the speed advantage of AI allows for a better final microstructural selection because high speed allows for the evaluation of many more candidate microstructures. For the approach presented, battery cathode 3D candidate microstructures are generated using Gaussian Mixture Models (GMMs) and pix2pix. This approach first uses GMMs to generate a population of spheres (representing the “active material” of the cathode). Once spheres have been sampled from the GMM, they are placed within a microstructure. Subsequently, the pix2pix sweeps over the 3D microstructure (iteratively) slice by slice and adds details to the microstructure to determine what portions of the microstructure will become electrolyte and what part of the microstructure will become binder. In this manner, each subsequent slice of the microstructure is evaluated using pix2pix, where the inputs into pix2pix are the previously processed layers of the microstructure. By feeding into pix2pix previously fully processed layers of the microstructure, pix2pix can be used to ensure candidate microstructures represent a realistic physical reality. More specifically, in order for the microstructure to represent a realistic physical reality, the locations of electrolyte and binder in each layer of the microstructure must reasonably match the locations of electrolyte and binder in previous layers to ensure geometric continuity. Using the above outlined approach, a 10x to 100x speed increase was possible when generating candidate microstructures using AI when compared to using a FEA only approach for this task. A key metric for evaluating microstructures was the battery specific power value that the microstructures would be able to produce. The best generative AI result obtained was a 12% increase in specific power for a candidate microstructure when compared to what a FEA only approach was capable of producing. This 12% increase in specific power was verified by FEA simulation.

Keywords: finite element analysis, gaussian mixture models, generative design, Pix2Pix, structural design

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Authors: Bisi S. Olawoyin

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This study attempts an exploration into behavioural finance in which the traditional assumptions of expected utility maximization with rational investors in efficient markets are dropped. It reviews prior research and evidence about how psychological biases affect investors behaviour and stock selection. This study examined the relationship between demographic variables and financial behaviour biases among public sector retirees who invested in the Nigerian Stock Exchange prior to their retirement. By using questionnaire survey method, a total of 214 valid convenient samples were collected in order to determine how specific demographic and psychological trait affect stock selection between dividend paying and non-dividend paying stocks. Descriptive statistics and OLS were used to analyse the results. Findings showed that most of the retirees prefer dividend paying stocks in few years preceding their retirement but still hold on to their non-dividend paying stock on retirement. A significant difference also exists between senior and junior retirees in preference for non-dividend paying stocks. These findings are consistent with the clientele theories of dividend.

Keywords: behavioural finance, clientele theories, dividend paying stocks, stock selection

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Authors: Olanike A. Ojo, Akindele M. Ojo, Jacob H. Tsado, Ramatu U. Kutigi

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The study was carried out on analysis of the effect of farmers’ socio-economic factors on the net farm income of catfish farmers in Kwara State, Nigeria. Primary data were collected from selected catfish farmers with the aid of well-structured questionnaire and a multistage sampling technique was used to select 102 catfish farmers in the area. The analytical techniques involved the use of descriptive statistics and multiple regression analysis. The findings of the analysis of socio-economic characteristics of catfish farmers reveal that 60% of the catfish farmers in the study area were male gender which implied the existence of gender inequality in the area. The mean age of 47 years was an indication that they were at their economically productive age and could contribute positively to increased production of catfish in the area. Also, the mean household size was five while the mean year of experience was five. The latter implied that the farmers were experienced in fishing techniques, breeding and fish culture which would assist in generating more revenue, reduce cost of production and eventual increase in profit levels of the farmers. The result also revealed that stock capacity (X3), accessibility to credit (X7) and labour (X4) were the main determinants of catfish production in the area. In addition, farmer’s sex, household size, no of ponds, distance of the farm from market, access to credit were the main socio-economic factors influencing the net farm income of the catfish farmers in the area. The most serious constraints militating against catfish production in the study area were high mortality rate, insufficient market, inadequate credit facilities/ finance and inadequate skilled labour needed for daily production routine. Based on the findings, it is therefore recommended that, to reduce the mortality rate of catfish extension agents should organize training workshops on improved methods and techniques of raising catfish right from juvenile to market size.

Keywords: credit, income, stock, mortality

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Authors: Nemes Alexandra

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The aim of the research is to develop an optimum microstructure of steel coatings on aluminum surfaces for application on the crankcase cylinder bores. For the proper design of the microstructure of the coat, it is important to control the plasma gun unit properly. The maximum operating time was determined while the plasma gun could optimally work before its destruction. Objectives: The aim of the research is to determine the optimal operating time of the plasma gun between renovations (the renovation shall involve the replacement of the test components of the plasma gun: electrode, nozzle plate, powder injector. Methodology: Plasma jet and particle flux analysis with PFI (PFI is a diagnostic tool for all kinds of thermal spraying processes), CT reconstruction and analysis on the new and the used plasma guns, failure analysis of electrodes, nozzle plates, and powder injectors, microscopic examination of the microstructure of the coating. Contributions: As the result of the failure analysis detailed above, the use of the plasma gun was maximized at 100 operating hours in order to get optimal microstructure for the coat.

Keywords: APS, air plasma spray, failure analysis, electrode, nozzle plate, powder injector

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Authors: Ji Chan Kim, Seok Hong Min, Tae Kwon Ha

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The effect of Yttrium addition on the microstructure and mechanical properties of Sn-Zn eutectic alloy, which has been attracting intensive focus as a Pb-free solder material, was investigated in this study. Phase equilibrium has been calculated by using FactSage® to evaluate the composition and fraction of equilibrium intermetallic compounds and construct a phase diagram. In the case of Sn-8.8 Zn eutectic alloy, the as-cast microstructure was typical lamellar. With addition of 0.25 wt. %Y, a large amount of pro-eutectic phases have been observed and various YZnx intermetallic compounds were expected to successively form during cooling. Hardness of Sn-8.8 Zn alloy was not affected by Y-addition and both alloys could be rolled by 90% at room temperature.

Keywords: lead-free solder, zn-al-sn alloy, phase equilibrium, rolling, microstructure, hardness

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Authors: Ugur Buyuk, Sevda Engin

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Among the various alloy systems being considered as lead-free solder candidates, Sn-Ag-Cu alloys have been recognized as the most promising because of their excellent reliability and compatibility with current components. Thus, Sn-Ag-Cu alloys have recently attracted considerable attention and have been proposed by the Japanese, the EU and the US consortiums to replace conventional Sn-Pb eutectic solder. However, many problems or unknown characteristics of the Sn-Ag-Cu alloy system such as the best composition, the large undercooling in solidification, and the formation of large intermetallics still exist. It is expected that the addition of some solidification nuclei for Sn-Ag-Cu alloys will refine the solidification microstructure and will suppress undercooling.In the present work, the effects of the fourth elements, i.e., Zn, Ni, Bi, In and Co, on microstructural and mechanical properties of Sn-3.5Ag-0.9Cu lead-free solder were investigated. Sn-3.5Ag-0.9Cu-0.5X (X= Zn, Ni, Bi, In, Co (wt.)) alloys were prepared in a graphite crucible under vacuum atmosphere. The samples were directionally solidified upward at a constant temperature gradient and growth rates by using a Bridgman type directional solidification furnace. The microstructure, microhardness and ultimate tensile strength of alloys were measured. The effects of fourth elements on the microstructure and mechanical properties of Sn–Ag-Cu eutectic alloys were investigated. The results obtained in the present work were compared with the previous experimental results.

Keywords: lead-free solders, microhardness, microstructure, tensile strength

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Authors: Tahir Ahmad, M. Kamran, R. Ahmad, M. T. Z. Butt

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Hybrid aluminum metal matrix composites with 1, 2, 3 and 4 wt. % of silica sand nanoparticles and electro-less nickel coated carbon fibers were successfully developed using sand casting technique. Epoxy coating of carbon fibers was removed and phosphorous-nickel coating was successfully applied via electro-less route. The developed hybrid composites were characterized using micro hardness tester, tensile testing, and optical microscopy. The gradual increase of reinforcing phases yielded improved mechanical properties such as hardness and tensile strength. The increase in hardness was attributed to the presence of silica sand nanoparticles whereas electro-less nickel coated carbon fibers enhanced the tensile properties of developed hybrid composites. The microstructure of the developed hybrid composites revealed the homogeneous distribution of both carbon fibers and silica sand nanoparticles in aluminum based hybrid composites. The formation of dendrite microstructure is the main cause of improving mechanical properties.

Keywords: aluminum based hybrid composites, mechanical properties, microstructure, microstructure and mechanical properties relationship

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Authors: Srinaath Anbu Durai, Wang Zhaoxia

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Twitter sentiment has been used as a predictor to predict price values or trends in both the stock market and housing market. The pioneering works in this stream of research drew upon works in behavioural economics to show that sentiment or emotions impact economic decisions. Latest works in this stream focus on the algorithm used as opposed to the data used. A literature review of works in this stream through the lens of data used shows that there is a paucity of work that considers the impact of sentiments caused due to an external factor on either the stock or the housing market. This is despite an abundance of works in behavioural economics that show that sentiment or emotions caused due to an external factor impact economic decisions. To address this gap, this research studies the impact of Twitter sentiment pertaining to the Covid-19 pandemic on resale Housing Development Board (HDB) apartment prices in Singapore. It leverages SNSCRAPE to collect tweets pertaining to Covid-19 for sentiment analysis, lexicon based tools VADER and TextBlob are used for sentiment analysis, Granger Causality is used to examine the relationship between Covid-19 cases and the sentiment score, and neural networks are leveraged as prediction models. Twitter sentiment pertaining to Covid-19 as a predictor of HDB price in Singapore is studied in comparison with the traditional predictors of housing prices i.e., the structural and neighbourhood characteristics. The results indicate that using Twitter sentiment pertaining to Covid19 leads to better prediction than using only the traditional predictors and performs better as a predictor compared to two of the traditional predictors. Hence, Twitter sentiment pertaining to an external factor should be considered as important as traditional predictors. This paper demonstrates the real world economic applications of sentiment analysis of Twitter data.

Keywords: sentiment analysis, Covid-19, housing price prediction, tweets, social media, Singapore HDB, behavioral economics, neural networks

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Authors: Ichiro Takahashi

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One of the major assumptions of mainstream macroeconomics is the path independence of capital stock. This paper challenges this assumption by employing an agent-based approach. The simulation results showed the existence of multiple "quasi-steady state" equilibria of the capital stock, which may cast serious doubt on the validity of the assumption. The finding would give a better understanding of many phenomena that involve hysteresis, including the causes of poverty. The "market-clearing view" has been widely shared among major schools of macroeconomics. They understand that the capital stock, the labor force, and technology, determine the "full-employment" equilibrium growth path and demand/supply shocks can move the economy away from the path only temporarily: the dichotomy between the short-run business cycles and the long-run equilibrium path. The view then implicitly assumes the long-run capital stock to be independent of how the economy has evolved. In contrast, "Old Keynesians" have recognized fluctuations in output as arising largely from fluctuations in real aggregate demand. It will then be an interesting question to ask if an agent-based macroeconomic model, which is known to have path dependence, can generate multiple full-employment equilibrium trajectories of the capital stock in the super-long run. If the answer is yes, the equilibrium level of capital stock, an important supply-side factor, would no longer be independent of the business cycle phenomenon. This paper attempts to answer the above question by using the agent-based macroeconomic model developed by Takahashi and Okada (2010). The model would serve this purpose well because it has neither population growth nor technology progress. The objective of the paper is twofold: (1) to explore the causes of long-term business cycle, and (2) to examine the super-long behaviors of the capital stock of full-employment economies. (1) The simulated behaviors of the key macroeconomic variables such as output, employment, real wages showed widely diversified macro-economies. They were often remarkably stable but exhibited both short-term and long-term fluctuations. The long-term fluctuations occur through the following two adjustments: the quantity and relative cost adjustments of capital stock. The first one is obvious and assumed by many business cycle theorists. The reduced aggregate demand lowers prices, which raises real wages, thereby decreasing the relative cost of capital stock with respect to labor. (2) The long-term business cycles/fluctuations were synthesized with the hysteresis of real wages, interest rates, and investments. In particular, a sequence of the simulation runs with a super-long simulation period generated a wide range of perfectly stable paths, many of which achieved full employment: all the macroeconomic trajectories, including capital stock, output, and employment, were perfectly horizontal over 100,000 periods. Moreover, the full-employment level of capital stock was influenced by the history of unemployment, which was itself path-dependent. Thus, an experience of severe unemployment in the past kept the real wage low, which discouraged a relatively costly investment in capital stock. Meanwhile, a history of good performance sometimes brought about a low capital stock due to a high-interest rate that was consistent with a strong investment.

Keywords: agent-based macroeconomic model, business cycle, hysteresis, stability

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Authors: Raphael Naryongo, Philip Ngare, Anthony Waititu

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This paper deals with numerical simulation of Wishart processes for a single asset risky pricing model whose volatility is described by Wishart affine diffusion processes. The multi-factor specification of volatility will make the model more flexible enough to fit the stock market data for short or long maturities for better returns. The Wishart process is a stochastic process which is a positive semi-definite matrix-valued generalization of the square root process. The aim of the study is to model the log asset stock returns under the double Wishart stochastic volatility model. The solution of the log-asset return dynamics for Bi-Wishart processes will be obtained through Euler-Maruyama discretization schemes. The numerical results on the asset returns are compared to the existing models returns such as Heston stochastic volatility model and double Heston stochastic volatility model

Keywords: euler schemes, log-asset return, infinitesimal generator, wishart diffusion affine processes

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Authors: Howard Chitimira

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In Australia, the market abuse prohibition is generally well accepted by the investing and non-investing public as well as by the government. This co-operative and co-ordinated approach on the part of all the relevant stakeholders has to date given rise to an increased awareness and commendable combating of market abuse activities in the Australian corporations, companies, and securities markets. It is against this background that this article seeks to comparatively explore the general enforcement approaches that are employed to combat market abuse (insider trading and market manipulation) activity in Australia and South Africa. In relation to this, the role of selected enforcement authorities and possible enforcement methods which may be learnt from both the Australian and South African experiences will be isolated where necessary for consideration by such authorities, especially, in the South African market abuse regulatory framework.

Keywords: insider trading, market abuse, market manipulation, regulation

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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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Authors: Jimin Yun, Yebeen Ji, Kwonhoo Kim

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Magnesium and Mg-Ag system alloys are known to be promising biomaterials due to their high specific strengths and biocompatibility. Because the limited numbers of slip systems were activated in the HCP structure at room temperature, their formability was low. To solve these problems, much research about the improvement of room-temperature formability has been studied, but the microstructure development behaviors of Mg-Ag alloys were still limited. Therefore, this study was conducted to investigate the texture development behaviors of Mg-Ag alloy during high-temperature plane strain deformation. The Ag content of the Mg-Ag alloy used in this study was 3.0, 5.0, and 9.0 wt%. Hot rolling was performed at a temperature of 673K with a reduction ratio of 25%, and these specimens were annealed for 1H at 773K, followed by water quenching at room temperature. High-temperature plane strain deformation was performed under temperatures of 623K and 723K, with strain rates from 0.1/s to 0.05/s and strain from -0.4 to –1.0. As a result, it showed a microstructure and texture similar to the AZ61 alloy, which had been studied previously. It was confirmed that the basal texture became stronger with increasing strains at high-temperature plane strain deformation.

Keywords: Mg-Ag, texture, microstructure development behavior, AZ61

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Authors: Uyi Kizito Ehigiamusoe

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The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson’s Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

Keywords: economic growth, investments, money market, money market challenges, money market instruments

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Authors: Jung-Ho Moon, Tae Kwon Ha

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Abstract—High temperature deformation behavior of cast Fe-20Cr-5Al alloy has been investigated in this study by performing tensile and compression tests at temperatures from 1100 to 1200oC. Rectangular ingots of which the dimensions were 300×300×100 in millimeter were cast using vacuum induction melting. Phase equilibrium was calculated using the FactSage®, thermodynamic software and database. Tensile strength of cast Fe-20Cr-5Al alloy was 4 MPa at 1200oC. With temperature decreased, tensile strength increased rapidly and reached up to 13 MPa at 1100oC. Elongation also increased from 18 to 80% with temperature decreased from 1200oC to 1100oC. Microstructure observation revealed that M23C6 carbide was precipitated along the grain boundary and within the matrix.

Keywords: 20 Cr-5Al ferritic stainless, high temperature deformation, aging treatment, microstructure, mechanical properties

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Authors: Jaballah Jamil

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KLD (Peter Kinder, Steve Lydenberg and Amy Domini) research & analytics is an independent intermediary of social performance information that adopts an investor-pay model. KLD rating agency does not have an explicit monitoring on the rated firm which suggests that KLD ratings may not include private informations. Moreover, the incapacity of KLD to predict accurately the extra-financial rating of Enron casts doubt on the reliability of KLD ratings. Therefore, we first investigate whether KLD ratings affect investors' perception by studying the effect of KLD rating changes on firms' financial performances. Second, we study the impact of the Enron scandal on investors' perception of KLD rating changes by comparing the effect of KLD rating changes on firms' financial performances before and after the failure of Enron. We propose an empirical study that relates a number of equally-weighted portfolios returns, excess stock returns and book-to-market ratio to different dimensions of KLD social responsibility ratings. We first find that over the last two decades KLD rating changes influence significantly and negatively stock returns and book-to-market ratio of rated firms. This finding suggests that a raise in corporate social responsibility rating lowers the firm's risk. Second, to assess the Enron scandal's effect on the perception of KLD ratings, we compare the effect of KLD rating changes before and after the Enron scandal. We find that after the Enron scandal this significant effect disappears. This finding supports the view that the Enron scandal annihilates the KLD's effect on Socially Responsible Investors. Therefore, our findings may question results of recent studies that use KLD ratings as a proxy for Corporate Social Responsibility behavior.

Keywords: KLD social rating agency, investors' perception, investment decision, financial performance

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Authors: Katleho Daniel Makatjane, Diteboho Lawrence Xaba, Ntebogang Dinah Moroke

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The current study investigates the behaviour of time-varying parameters that are based on the score function of the predictive model density at time t. The mechanism to update the parameters over time is the scaled score of the likelihood function. The results revealed that there is high persistence of time-varying, as the location parameter is higher and the skewness parameter implied the departure of scale parameter from the normality with the unconditional parameter as 1.5. The results also revealed that there is a perseverance of the leptokurtic behaviour in stock returns which implies the returns are heavily tailed. Prior to model estimation, the White Neural Network test exposed that the stock price can be modelled by a GAS model. Finally, we proposed further researches specifically to model the existence of time-varying parameters with a more detailed model that encounters the heavy tail distribution of the series and computes the risk measure associated with the returns.

Keywords: generalized autoregressive score model, South Africa, stock returns, time-varying

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Authors: H. Zengin, M. E. Turan, Y. Turen, H. Ahlatci, Y. Sun

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This study aimed for improving wear resistance of AM60 magnesium alloy by Ti addition (0, 0.2, 0.5, 1wt%Ti). An electric resistance furnace was used to produce alloys. Pure Mg together with Al, Al-Ti and Al-Mn were melted at 750 ⁰C in a stainless steel crucible under controlled Ar gas atmosphere and then poured into a metal mould preheated at 250 ⁰C. Microstructure characterizations were performed by light optical (LOM) and scanning electron microscope (SEM) after the wear test. Wear rates and friction coefficients were measured with a pin-on-disk type UTS-10 Tribometer test device under a load of 20N. The results showed that Ti addition altered the morphology and the amount of b-Mg₁₇Al₁₂ phase in the microstructure of AM60 alloy. b-Mg₁₇Al₁₂ phases on the grain boundaries were refined with increasing amount of Ti. An improvement in wear resistance of AM60 alloy was observed due to the alteration in the microstructure by Ti addition.

Keywords: magnesium alloy, titanium, SEM, wear

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Authors: Marta Chiapasco, Alexandra Porter, Finn Giuliani

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Designing polymers with a specific microstructure can affect how the polymer degrades once released in the environment. Not only the amount but also the distribution of different phases determines a polymers’ degradability. The following research investigates the use of a combination of spectroscopy analysis and thermal analysis to study changes of polymers’ amorphous and crystalline phases during degradation, comparing different microstructures of polypropylene and polyethylene. The use of nanoindentation helps study how degradation proceeds across a material by looking at changes in phases, while bulk tensile test describes when the material fails. The first results demonstrate that different microstructures have different degrading rates, with homopolymer having a linear and faster degradation compared to copolymers. The goal is to create materials that degrade at faster rates without releasing microplastics into the environment.

Keywords: degradation, microstructure, nanoindentation, Raman spectroscopy

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Authors: Marzena Tokarewicz, Malgorzata Gradzka-Dahlke

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High-entropy alloys (HEAs) have gained significant attention due to their great potential as functional and structural materials. HEAs have very good mechanical properties (in particular, alloys based on CoCrNi). They also show the ability to maintain their strength at high temperatures, which is extremely important in some applications. AlCoCrFeNi alloy is one of the most studied high-entropy alloys. Scientists often study the effect of changing the aluminum content in this alloy because it causes significant changes in phase presence and microstructure and consequently affects its hardness, ductility, and other properties. Research conducted by the authors also investigates the effect of aluminium content in AlₓCoCrFeNi alloy on its microstructure and mechanical properties. AlₓCoCrFeNi alloys were prepared by vacuum induction melting. The obtained samples were examined for chemical composition, microstructure, and microhardness. The three-point bending method was carried out to determine the bending strength, bending modulus, and conventional bending yield strength. The obtained results confirm the influence of aluminum content on the properties of AlₓCoCrFeNi alloy. Most studies on AlₓCoCrFeNi alloy focus on the determination of mechanical properties in compression or tension, much less in bending. The achieved results provide valuable information on the bending properties of AlₓCoCrFeNi alloy and lead to interesting conclusions.

Keywords: bending properties, high-entropy alloys, induction melting, microstructure

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Authors: Galuh Pramesti

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In Indonesia, the rise of the middle class and consumer purchasing power has created a trend of shifting the traditional into a modern retail market. Development of the creative economy as an impact of the global economy has invaded the traditional market, due to low rents and minimum innovation, raising the issue of sustainability and urban resilience for survival of the traditional market. The study aims to understand the current market conditions by examining the challenges, resiliency, and identify the relationship between the traditional market and creative market. Using a single-case study approach as the research methodology, Santa Market has been chosen as the case study. It is a pilot project of collaboration between a traditional market and creative economy in Jakarta, Indonesia. The research was conducted as a qualitative study through in-depth interviews with the market vendors and the market management, besides a desk-based study of the leasing data and spatial analysis. The findings indicate traffic fluctuation as the main challenge. It is related to the tenant’s presence, rental fluctuation, gentrification, infrastructure, and market competition. Thus, the findings on resilience show a different response for creative and traditional markets. The traditional market’s response remained stable with minimum innovation, whereas the creative market relies on technological development. Regarding the relationship, supply and demand have become the main relationship occurring in Santa Market. It is then developed into the context of society and regulation. The conclusion provides recommendations for more solid regulation to protect the market tenants from stakeholder interests that can disrupt market viability, and a critical discussion on the concept of collaboration between traditional and creative markets. There is also a suggestion for further study on relation with the surroundings, to create a holistic study on how the collaboration can work well in the traditional market.

Keywords: creative economy, market sustainability, traditional market, urban resilience

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Authors: L. E. Mphahama, A. Mushunje, A. Taruvinga

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Although broiler production does not generate any large incomes among the smallholder community, it represents the main source of livelihood and part of nutritional requirement. As a result, market for broiler meat is growing faster than that of any other meat products and is projected to continue growing in the coming decades. However, the implication is that a multitude of factors manipulates transformation of smallholder broiler farmers participating in the mainstream markets. From 217 smallholder broiler farmers, socio-economic and institutional factors in broiler farming were incorporated into Binary model to estimate the probability of broiler farmers’ participation in the mainstream markets within the Maseru district in Lesotho. Of the thirteen (13) predictor variables fitted into the model, six (6) variables (household size, number of years in broiler business, stock size, access to transport, access to extension services and access to market information) had significant coefficients while seven (7) variables (level of education, marital status, price of broilers, poultry association, access to contract, access to credit and access to storage) did not have a significant impact. It is recommended that smallholder broiler farmers organize themselves into cooperatives which will act as a vehicle through which they can access contracts and formal markets. These cooperatives will also enable easy training and workshops for broiler rearing and marketing/markets through extension visits.

Keywords: broiler chicken, mainstream market, Maseru district, participation, smallholder farmers

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Authors: Jaskirat Singh, Roshan Lal Virdi, Khushdeep Goyal

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The purpose of this paper is to perform a microstructural analysis of Friction Stir Welded joints of aluminum alloys 6063 and 5083, also to check the properties of the weld zone by SEM analysis. FSW experiments were carried on CNC Vertical milling machine. The tools used for welding were the round cylindrical pin shape and square pin shape. It is found that Microstructure shows the uniformly distributed material with minimum heat affected zone and dense welded zone without any defect. Microstructures indicate that the weld material is defect free. The SEM shows the diffusion of material with base metal with proper bonding without any defect.

Keywords: friction stir welding, aluminum alloy, microstructure, SEM analysis

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Authors: Massimiliano Frezza, Sergio Bianchi, Augusto Pianese

Abstract:

Introduced by Shannon in 1948 in the field of information theory as the average rate at which information is produced by a stochastic set of data, the concept of entropy has gained much attention as a measure of uncertainty and unpredictability associated with a dynamical system, eventually depicted by a stochastic process. In particular, the Shannon entropy measures the degree of order/disorder of a given signal and provides useful information about the underlying dynamical process. It has found widespread application in a variety of fields, such as, for example, cryptography, statistical physics and finance. In this regard, many contributions have employed different measures of entropy in an attempt to characterize the financial time series in terms of market efficiency, market crashes and/or financial crises. The Shannon entropy has also been considered as a measure of the risk of a portfolio or as a tool in asset pricing. This work investigates the theoretical link between the Shannon entropy and the multifractional Brownian motion (mBm), stochastic process which recently is the focus of a renewed interest in finance as a driving model of stochastic volatility. In particular, after exploring the current state of research in this area and highlighting some of the key results and open questions that remain, we show a well-defined relationship between the Shannon (log)entropy and the memory function H(t) of the mBm. In details, we allow both the length of time series and time scale to change over analysis to study how the relation modify itself. On the one hand, applications are developed after generating surrogates of mBm trajectories based on different memory functions; on the other hand, an empirical analysis of several international stock indexes, which confirms the previous results, concludes the work.

Keywords: Shannon entropy, multifractional Brownian motion, Hurst–Holder exponent, stock indexes

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Authors: Susmita Ghosh, Bhaskar Bhowmick

Abstract:

Market is an important factor for start-ups to look into during decision-making in product development and related areas. Emerging country markets are more uncertain in terms of information availability and institutional supports. The literature review of market uncertainty reveals the need for identifying factors representing the market uncertainty. This paper identifies factors for market uncertainty using Exploratory Factor Analysis (EFA) and confirms the number of factor retention using an alternative factor retention criterion, ‘Parallel Analysis’. 500 entrepreneurs, engaged in start-ups from all over India participated in the study. This paper concludes with the factor structure of ‘market uncertainty’ having dimensions of uncertainty in industry orientation, uncertainty in customer orientation and uncertainty in marketing orientation.

Keywords: uncertainty, market, orientation, competitor, demand

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Authors: Almoutassem Bellah Nasser

Abstract:

This paper is aimed at calculating the intangible assets of Jordanian economy. This effort is a response to the demand from corporations for these services which reflects a perceived gap in internal and external financial reporting on intangible investments. The main conclusion of the paper is to suggest that the way forward to a standardized, more comparable approach to measuring intangible capital is to employ CIV method of valuation. Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change as some attempts have been made to measure the amount of intangible assets. It was found that intangible assets account for $164.20 million in all the listed companies of Jordan. All this money does not appear on the balance sheets of these companies and hence requires special attention of policy makers for better utilization.

Keywords: intangible capital, stock prices, Amman Stock Exchange

Procedia PDF Downloads 359