Search results for: market microstructure

Authors: Farid Habibi Tanha, Hawati Janor, Mojtaba Jahanbazi

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The purpose of this study is to examine the effect of asymmetric information on the composition of capital inflows. This study uses the stock market microstructure to capture the asymmetric information. Such an approach allows one to capture the level and extent of the asymmetric information from a firm’s perspective. This study focuses on the two-dimensional measure of the market microstructure in capturing asymmetric information. The composition of capital inflows is measured by running six models simultaneously. By employing the panel data technique, the main finding of this research shows an increase in the asymmetric information of the stock market, in any of the two dimensions of width and depth. This leads to the reduction of foreign investments in both forms of foreign portfolio investment (FPI) and foreign direct investment (FDI), while the reduction in FPI is higher than that of the FDI. The significant effect of asymmetric information on capital inflows implicitly suggests for policymakers to control the changes of foreign capital inflows through transparency in the level of the market.

Keywords: capital flows composition, asymmetric information, stock market microstructure, foreign portfolio investment, foreign direct investment

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Authors: Farid Habibi Tanha, Mojtaba Jahanbazi, Morteza Foroutan, Rasidah Mohd Rashid

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This paper depicts the effects of asymmetric information in determining capital inflows to be captured through stock market microstructure. The model can explain several stylized facts regarding the capital immobility. The first phase of the research involves in collecting and refining 150,000,000 daily data of 11 stock markets over a period of one decade in an effort to minimize the impact of survivorship bias. Three micro techniques were used to measure information asymmetries. The final phase analyzes the model through panel data approach. As a unique contribution, this research will provide valuable information regarding negative effects of information asymmetries in stock markets on attracting foreign investments. The results of this study can be directly considered by policy makers to monitor and control changes of capital flow in order to keep market conditions in a healthy manner, by preventing and managing possible shocks to avoid sudden reversals and market failures.

Keywords: asymmetric information, capital inflow, market microstructure, investment

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Authors: Gayus Pratama Polunggu, Pamela Felita Adibrata, Hafidh Fathur Riza

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Opak Fault is a large fault that extends from the northeast to the southwest of Yogyakarta Special Region. Opak Fault allegedly re-active after the 2006 Yogyakarta earthquake, about eleven years ago. Opak Fault is a big fault, therefore the activation will bring up the microstructure around the Opak River. This microstructure will reveal a different direction of force from the Opak Fault because the trigger for the emergence of the microstructure is the reactivation of the Opak Fault. In other words, this microstructure is a potentially severe weak area during a tectonic disaster. This research was conducted to find out the impact from the reactivation of Opak Fault that triggered the emergence of microstructure around Opak River which is very useful for disaster mitigation information around research area. This research used the approach from literature study in the form of the journal of structural geology and field study. The method used is a laboratory analysis in the form of stereographic analysis.

Keywords: Opak fault, reactivation, microstructure, stereographic

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Authors: Z. Y. Jiang, H. B. Tibar, A. Aljabri

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Optimisation of the physical and mechanical properties of cold rolled thin strips is achieved by controlling the rolling parameters. In this paper, the factors affecting the asymmetrical cold rolling of thin low carbon steel strip have been studied at a speed ratio of 1.1 without lubricant applied. The effect of rolling parameters on the resulting microstructure was also investigated. It was found that under dry condition, work roll shifting and work roll cross angle can improve the strip profile, and the result is more significant with an increase of work roll cross angle rather than that of work roll shifting. However, there was no obvious change in microstructure. In addition, effects of rolling parameters on strip profile and microstructure have also been discussed.

Keywords: rolling speed ratio, microstructure, work roll cross angle, work roll shifting

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Authors: Musbah Mahfoud, Ibtisam Mustafa

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The present work highlights some of our up-to-date findings on the effect of vanadium addition on the mechanical properties and microstructure of one of the most versatile aluminum-silicon alloys, i.e., A319. In terms of microstructure, it was found that in addition to its ability to refine some of the constituent phases, vanadium also helps in retarding the formation of some of the detrimental intermetallic compounds, such as those involving Al-Fe-Si. Preliminary studies of the effect of vanadium on the mechanical properties of A319 have shown that vanadium additions up to 0.4% cause slight increase in the yield and tensile strength. However, the vanadium addition did not show a significant effect on the hardness of the alloy.

Keywords: aluminium, vanadium, intermetallic, microstructure, mechanical properties

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Authors: Jung-Ho Moon, 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: Sn-Zn eutectic alloy, yttrium, FactSage®, microstructure, mechanical properties

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Authors: Veeresham Mokali

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Recrystallization microstructure and grain growth studies of Ta₀.₅Nb₀.₅Hf₀.₅ZrTi₁.₅ refractory high entropy alloy have been explored in the present work. The as-cast Ta₀.₅Nb₀.₅Hf₀.₅ZrTi₁.₅ alloy was cold-rolled to 90% in several passes at room temperature and further subjected to annealing treatment for recrystallization at 800°C, 1000°C, 1250°C, and 1400°C temperatures for one hour. However, the characterization of heavily cold-rolled and annealed condition specimens was done using scanning electron microscopy (SEM-EBSD). The cold-rolled specimens showed the development of an inhomogeneous microstructure. Upon annealing, recrystallized microstructures were achieved; in addition to that, the coarsening of microstructure with raising annealing temperature noticed in the range of 800°C – 1400°C annealed temperatures.

Keywords: refractory high entropy alloys, cold-rolling, recrystallization, microstructure

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Authors: David Abad, M. Encarnación Lucas-Pérez, Antonio Minguez-Vera, José Yagüe

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We examine explicitly the relation between the gender diversity on corporate boards and the levels of information asymmetry in the stock market. Based on prior evidence that suggests that the presence of women on director boards increases the quantity and quality of public disclosure by firms, we expect firms with higher gender diversity on their boards to show lower levels of information asymmetry in the market. Using a Spanish sample for the period 2004-2009, proxies for information asymmetry estimated from high-frequency data, and a system GMM methodology, we find that the gender diversity on boards is negative associated with the level of information asymmetry in the stock market. Our findings support legislative changes implemented to increase the presence of women on boards in several European countries by providing evidence that gender diverse boards have beneficial effects on stock markets.

Keywords: corporate board, female directors, gender diversity, information asymmetry, market microstructure

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Authors: Adil Basuki Ahza, Michael Liong, Subarna Suryatman

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Healthy chips now dominating the snack market shelves. More than 80% processed snack foods in the market are chips. This research takes the advantages of twin extrusion technology to produce two types of product, i.e. directly expanded and intermediate ready-to-fry or microwavable chips. To improve the functional quality, the cereal-tuber based mix was enriched with antioxidant rich mix of temurui, celery, carrot and isolated soy protein (ISP) powder. Objectives of this research were to find best composite cassava-sorghum ratio, i.e. 60:40, 70:30 and 80:20, to optimize processing conditions of extrusion and study the microstructural, physical and sensorial characteristics of the final products. Optimization was firstly done by applying metering section of extruder barrel temperatures of 120, 130 and 140 °C with screw speeds of 150, 160 and 170 rpm to produce direct expanded product. The intermediate product was extruded in 100 °C and 100 rpm screw speed with feed moisture content of 35, 40 and 45%. The directly expanded products were analyzed for color, hardness, density, microstructure, and organoleptic properties. The results showed that interaction of ratio of cassava-sorghum and cooking methods affected the product's color, hardness, and bulk density (p<0.05). Extrusion processing conditions also significantly affected product's microstructure (p<0.05). The direct expanded snacks of 80:20 cassava-sorghum ratio and fried expanded one 70:30 and 80:20 ratio shown the best organoleptic score (slightly liked) while baking the intermediate product with microwave were resulted sensorial not acceptable quality chips.

Keywords: cassava-sorghum composite, extrusion, microstructure, physical characteristics

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Authors: Yung-Jin Weng, Chia-Chi Chang, Chun-Yu Tsai

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This paper is focused on the research of imprinting and replica molding of quasi-grey scale soft mold curved surface microstructure mold. In this paper, a magnetic photocuring forming system is first developed and built independently, then the magnetic curved surface microstructure soft mode is created; moreover, the magnetic performance of the magnetic curved surface at different heights is tested and recorded, and through experimentation and simulation, the magnetic curved surface microstructure soft mold is used in the research of quasi-grey scale soft mold curved surface microstructure imprinting and replica molding. The experimental results show that, under different surface curvatures and voltage control conditions, different quasi-grey scale array microstructures take shape. In addition, this paper conducts research on the imprinting and replica molding of photoresist composite magnetic powder in order to discuss the forming performance of magnetic photoresist, and finally, the experimental result is compared with the simulation to obtain more accurate prediction and results. This research is predicted to provide microstructure component preparation technology with heterogeneity and controllability, and is a kind of valid shaping quasi-grey scale microstructure manufacturing technology method.

Keywords: soft mold, magnetic, microstructure, curved surface

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Authors: Mahdi Amne Elahi, Marcus Koch, Peter Plapper

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Due to the demand of miniaturizing in automotive industry, the application of laser welding is quite promising. The current study focused on laser micro-welding of CuSn6 bronze and nickel wire for a miniature electromechanical hybrid component. Due to the advantages of laser welding, the welding can be tailored specifically for the requirements of the part. Scanning electron and optical microscopy were implemented to study the microstructure and tensile-shear test was selected to represent the mechanical properties. Different welding sides, beam oscillations, and speeds have been investigated to optimize the tensile-shear load and microstructure. The results show that the mechanical properties and microstructure of the joint is highly under the influence of the mentioned parameters. Due to the lack of intermetallic compounds, the soundness of the joint is achievable by manipulating the geometry of the weld seam and minimize weld defects.

Keywords: bronze, laser micro-welding, microstructure, nickel, tensile shear test

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Authors: Alan Vaško, Juraj Belan, Lenka Hurtalová, Eva Tillová

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The aim of this study is to evaluate the influence of raw material composition on the microstructure, mechanical and fatigue properties and micromechanisms of failure of nodular cast iron. In order to evaluate the influence of charge composition, the structural analysis, mechanical and fatigue tests and micro fractographic analysis were carried out on specimens of ten melts with different charge compositions. The basic charge of individual melts was formed by a different ratio of pig iron and steel scrap and by different additive for regulation of chemical composition (silicon carbide or ferrosilicon). The results show differences in mechanical and fatigue properties, which are connected with the microstructure. SiC additive positively influences microstructure. Consequently, mechanical and fatigue properties of nodular cast iron are improved, especially in the melts with the higher ratio of steel scrap in the charge.

Keywords: nodular cast iron, silicon carbide, microstructure, mechanical properties

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Authors: A. Srion, W. Thepsuwan, N. Monmaturapoj

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Two Lithium disilicate (LD) glass ceramics based on SiO2-Li2O-K2O-Al2O3 system were prepared through glass melting method and then fabricated into dental crowns via hot pressing at 850˚C and 900˚C in order to study the effect of the pressing temperatures on theirs phase formation and microstructure. The factor such as heat treatment temperature (as-cast glass, 600˚C and 700˚C) of the glass ceramics used to press was also investigated the effect of an initial microstructure before pressing. X-ray diffraction (XRD) and scanning electron microscopy (SEM) were used to determine phase formation and microstructure of the samples, respectively. X-ray diffraction result shows that the main crystalline structure was Li2Si2O5 by having Li3PO4, Li0.6Al0.6Si2O6, Li2SiO3, Ca5 (PO4)3F, SiO2 as minor phases. Glass compositions with different heat treatment temperatures exhibited a difference phase formation but have less effect during pressing. Scanning electron microscopy analysis showed microstructure of lath-like of Li2Si2O5 in all glasses. With increasing the initial heat treatment temperature, the longer the lath-like crystals of lithium disilicate were increased especially when using glass heat treatment at 700˚C followed by pressing at 900˚C. This could be suggested that LD1 heat treatment at 700˚C which pressing at 900˚C presented the best formation by hot pressing and compiled microstructure.

Keywords: lithium disilicate, hot pressing, dental crown, microstructure

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Authors: Rebeca Ramirez Acosta, Sebastian Lenhoff

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Decision makers worldwide need to determine if the implementation of a new market mechanism will contribute to the sustainability and resilience of the power system. Due to smart grid technologies, new products in the distribution and transmission system can be traded; however, the impact of changing a market rule will differ between several regions. To test systematically those impacts, a market categorization has been compiled and organized in a smart grid market testing toolbox. This toolbox maps all actual energy products and sets the basis for running a co-simulation test with the new rule to be implemented. It will help to measure the impact of the new rule, based on the sustainable and resilience indicators.

Keywords: co-simulation, electricity market, smart grid market, market testing

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Authors: P. Leo, E. Cerri, L. Fratini, G. Buffa

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The Friction Stir Welding process uses an inert rotating mandrel and a force on the mandrel normal to the plane of the sheets to generate the frictional heat. The heat and the stirring action of the mandrel create a bond between the two sheets without melting the base metal. As matter of fact, the use of a solid state welding process limits the insurgence of defects, due to the presence of gas in melting bath, and avoids the negative effects of materials metallurgical transformation strictly connected with the change of phase. The industrial importance of Ti-6Al-4V alloy is well known. It provides an exceptional good balance of strength, ductility, fatigue and fracture properties together with good corrosion resistance and good metallurgical stability. In this paper, the authors analyze the microstructure of friction stir welded joints of Ti-6Al-4V processed at the same travel speed (35 mm/min) but at different rotation speeds (300-500 rpm). The microstructure of base material (BM), as result from both optical microscope and scanning electron microscope analysis is not homogenous. It is characterized by distorted α/β lamellar microstructure together with smashed zone of fragmented β layer and β retained grain boundary phase. The BM has been welded in the-as received state, without any previous heat treatment. Even the microstructure of the transverse and longitudinal sections of joints is not homogeneous. Close to the top of weld cross sections a much finer microstructure than the initial condition has been observed, while in the center of the joints the microstructure is less refined. Along longitudinal sections, the microstructure is characterized by equiaxed grains and lamellae. Both the length and area fraction of lamellas increases with distance from longitudinal axis. The hardness of joints is higher than that of BM. As the process temperature increases the average microhardness slightly decreases.

Keywords: friction stir welding, microhardness, microstructure, Ti-6Al-4V

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

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Effect of boron addition on the microstructure and mechanical properties of AZ91D Mg alloy was investigated in this study. Through calculation of phase equilibria, carried out by using FactSage® and FTLite database, solution treatment temperature was decided as 420 °C where supersaturated solid solution can be obtained. Solid solution treatment was conducted at 420 °C for 24 hrs followed by hot rolling at 420 °C and the total reduction was about 60%. Recrystallization heat treatment was followed at 420 °C for 6 hrs to obtain equiaxed microstructure. After recrystallization treatment, aging heat treatment was conducted at temperature of 200 °C for time intervals from 1 min to 200 hrs and hardness of each condition was measured by micro-Vickers method. Peak hardness was observed after 20 hrs. Tensile tests were also conducted on the specimens aged for various time intervals and the results were compared with hardness.

Keywords: AZ91D Mg alloy, boron, heat treatment, microstructure, mechanical properties, hardness

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Authors: L. Nevrivova, K. Lang, M. Kotoucek, D. Vsiansky

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This entry concerned with dense silica microstructure was produced as a part of a project within the Technology Agency of the Czech Republic which is being implemented in cooperation of the biggest producer of refractories the P-D Refractories CZ company with the research organisation Brno University of Technology. The paper is focused on the influence of mixture homogenisation and the influence of grain size of the mineraliser on the resulting utility properties of the material as well as its microstructure. It has a decisive influence on the durability of the material in a building structure. This paper is a continuation of a previously published study dealing with the suitability of various types of mineralising agents in terms of density, strength and mineral composition of silica. The entry describes the influence of the method of mixture homogenisation and the influence of granulometry of the applied Fe-mineralising agent on the resulting silica microstructure. Porosity, density, phase composition and microstructure of the experimentally prepared silica samples were examined and the results were discussed in context with the technology of homogenisation and firing temperature used. The properties of silica brick samples were compared to the sample without any Fe-mineraliser.

Keywords: silica bricks, Fe-mineraliser, mineralogical composition, new developed silica material

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Authors: Howard Chitimira

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The European Union (EU) was probably the first body to establish multinational anti-market abuse laws aimed at enhancing the detection and curbing of cross-border market abuse activities in its member states. Put differently, the EU Insider Dealing Directive was adopted in 1989 and was the first law that harmonised the insider trading ban among the EU member states. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation (EU Market Abuse Directive) was adopted in a bid to improve and effectively discourage all the forms of market abuse in the EU’s securities and financial markets. However, the EU Market Abuse Directive had its own gaps and flaws. In light of this, the Market Abuse Regulation and the Criminal Sanctions for Market Abuse Directive were enacted to repeal and replace the EU Market Abuse Directive in 2016. The article examines the adequacy of the EU Market Abuse Directive and its implementation in the United Kingdom (UK) prior to the British exit (Brexit). This is done to investigate the possible implications of the Brexit referendum outcome of 23 June 2016 on the future regulation of market abuse in the UK.

Keywords: market abuse, insider trading, market manipulation, European Union, United Kingdom

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Authors: Erkan Koç, Mehmet Ünal, Ercan Candan

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In this study, the effect of zinc content (0.5-3.0 wt.%) in as-cast Mg-3Al alloy which were fabricated with high-purity raw materials towards the microstructure and mechanical properties was studied. Microstructure results showed that increase in zinc content changed the secondary phase distribution of the alloys. Mechanical test results demonstrate that with the increasing Zn addition the enhancement of the hardness value by 29%, ultimate tensile strength by 16% and yield strength by 15% can be achieved as well as decreasing of elongation by 33%. The improvement in mechanical properties for Mg-Al–Zn alloys with increasing Zn content up to 3% of weight may be ascribed to second phase strengthening.

Keywords: magnesium, zinc, mechanical properties, Mg17Al12

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Authors: S. Avdasheva, D. Tsytsulina

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In many regulated industries over the world price cap as a method of price regulation replaces cost-plus pricing. It is a kind of incentive regulation introduced in order to enhance productive efficiency by strengthening sellers’ incentives for cost reduction as well as incentives for more efficient pricing. However pricing under cap is not neutral for competition in the market. We consider influence on competition on the markets where benchmark for cap is chosen from when sellers are multi-market. We argue that the impact of price cap regulation on market competition depends on the design of cap. More specifically if cap for one (regulated) market depends on the price of the supplier in other (non-regulated) market, there is sub-type of price cap regulation (known in Russian tariff regulation as ‘netback minus’) that enhance incentives to collude in non-regulated market.

Keywords: price regulation, competition, collusion

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Authors: Ming-Wei Wu, Yu-Jin Tsai, Ching-Huai Chang

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Liquid phase sintering (LPS) is a versatile technique for achieving effective densification of powder metallurgy (PM) steels and other materials. The aim of this study was to examine the influences of 0.6 wt% boron on the microstructure and LPS behavior of boron-alloyed 410 martensitic stainless steel. The results showed that adding 0.6 wt% boron can obviously promote the LPS due to a eutectic reaction and increase the sintered density of 410 stainless steel. The density was much increased by 1.06 g/cm³ after 1225ºC sintering. Increasing the sintering temperature from 1225ºC to 1275ºC did not obviously improve the sintered density. After sintering at 1225ºC~1275ºC, the matrix was fully martensitic, and intragranular borides were extensively found due to the solidification of eutectic liquid. The microstructure after LPS consisted of the martensitic matrix and (Fe, Cr)2B boride, as identified by electron backscatter diffraction (EBSD) and electron probe micro-analysis (EPMA).

Keywords: powder metallurgy, liquid phase sintering, stainless steel, martensite, boron, microstructure

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Authors: Boulis M. Ibrahim, Iordanis A. Kalaitzoglou

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A micro structural pricing model is proposed in which price components account for learning by incorporating changing expectations of the trading intensity and the risk level of incoming trades. An analysis of European carbon futures transactions finds expected trading intensity to increase the information component and decrease the liquidity component of price changes, but at different rates. Among the results, the expected persistence in trading intensity explains the majority of the auto correlations in the level and the conditional volatility of price changes, helps predict hourly patterns in the bid–ask spread and differentiates between the impact of buy versus sell and continuing versus reversing trades.

Keywords: CO2 emission allowances, market microstructure, duration, price discovery

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Authors: Motonori Tamura

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Ceramics coatings consisting of fine crystal grains, with diameters of about 100 nm or less, provided superior hydrogen-permeation barriers. Applying TiN, TiC or Al₂O₃ coatings on a stainless steel substrate reduced the hydrogen permeation by a factor of about 100 to 5,000 compared with uncoated substrates. Effect of the microstructure of coatings on hydrogen-permeation behavior is studied. The test specimens coated with coatings, with columnar crystals grown vertically on the substrate, tended to exhibit higher hydrogen permeability. The grain boundaries of the coatings became trap sites for hydrogen, and microcrystalline structures with many grain boundaries are expected to provide effective hydrogen-barrier performance.

Keywords: hydrogen permeation, tin coating, microstructure, crystal grain, stainless steel

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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: 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: 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

Abstract:

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: Howard Chitimira

Abstract:

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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