Simulation of default events in a CDX and estimation of the spread

The portfolio generating the iTraxx EUR index is modeled by coupled Markov chains. Each of the industries of the portfolio evolves according to its own Markov transition matrix. Using a variant of the method of moments, the model parameters are estimated from a data set of Standard and Poor's. Swap spreads are evaluated by Monte-Carlo simulations. Along with an actuarially fair spread, at least squares spread is considered.

Physical-chemical and mineralogical characterization of fine aggregates from construction and demolition waste recycling plants

Construction and demolition waste (CDW) represents around 31% of all waste produced in the European Union. It is today acknowledged that the consumption of raw materials in the construction industry is a non-sustainable activity. It is thus necessary to reduce this consumption, and the volume of CDW dumped, by using this waste as a source of raw materials for the production of recycled aggregates. One potential use of these aggregates is their incorporation in reinforced concrete as a replacement of natural aggregates. A concrete that incorporates these aggregates and still performs well requires them to be fully characterized so that their behaviour within the concrete can be predicted. Coarse recycled aggregates have been studied quite thoroughly, because they are simpler to reintroduce in the market as a by-product, and so has the performance of concrete made with them. This paper describes the main results of research designed to characterize the physical and chemical properties of fine recycled aggregates for concrete production and their relationship with mineralogical composition and preprocessing. The constraints of the incorporation of fine aggregates in reinforced concrete are discussed. It is shown that, unless a developed processing diagram is used, this application is not feasible. (C) 2013 Elsevier Ltd. All rights reserved.

Mechanical performance of concrete made with aggregates from construction and demolition waste recycling plants

This research aims at analysing the mechanical performance of concrete with recycled aggregates (RA) from construction and demolition waste (CDW) from various locations in Portugal. First the characteristics of the various aggregates (natural and recycled) used in the production of concrete were thoroughly analysed. The composition of the RA was determined and several physical and chemical tests of the aggregates were performed. In order to evaluate the mechanical performance of concrete, compressive strength (in cubes and cylinders), splitting tensile strength, modulus of elasticity and abrasion resistance tests were performed. Concrete mixes with RA from CDW from several recycling plants were evaluated, in order to understand the influence that the RA's collection point, and consequently their composition, has on the characteristics of the mixes produced. The analysis of the mechanical performance allowed concluding that the use of RA worsens most of the properties tested, especially when fine RA are used. On the other hand, there was an increase in abrasion resistance when coarse RA were used. In global terms, the use of this type of aggregates, in limited contents, is viable from a mechanical viewpoint. (C) 2015 Elsevier Ltd. All rights reserved.

Reconstructing the architectural evolution of volcanic islands from combined K/AR, morphologic, tectonic, and magnetic data. The Faial Island exemple (Azores)

The morpho-structural evolution of oceanic islands results from competition between volcano growth and partial destruction by mass-wasting processes. We present here a multi-disciplinary study of the successive stages of development of Faial (Azores) during the last 1 Myr. Using high-resolution digital elevation model (DEM), and new K/Ar, tectonic, and magnetic data, we reconstruct the rapidly evolving topography at successive stages, in response to complex interactions between volcanic construction and mass wasting, including the development of a graben. We show that: (1) sub-aerial evolution of the island first involved the rapid growth of a large elongated volcano at ca. 0.85 Ma, followed by its partial destruction over half a million years; (2) beginning about 360 ka a new small edifice grew on the NE of the island, and was subsequently cut by normal faults responsible for initiation of the graben; (3) after an apparent pause of ca. 250 kyr, the large Central Volcano (CV) developed on the western side of the island at ca 120 ka, accumulating a thick pile of lava flows in less than 20 kyr, which were partly channelized within the graben; (4) the period between 120 ka and 40 ka is marked by widespread deformation at the island scale, including westward propagation of faulting and associated erosion of the graben walls, which produced sedimentary deposits; subsequent growth of the CV at 40 ka was then constrained within the graben, with lava flowing onto the sediments up to the eastern shore; (5) the island evolution during the Holocene involves basaltic volcanic activity along the main southern faults and pyroclastic eruptions associated with the formation of a caldera volcano-tectonic depression. We conclude that the whole evolution of Faial Island has been characterized by successive short volcanic pulses probably controlled by brief episodes of regional deformation. Each pulse has been separated by considerable periods of volcanic inactivity during which the Faial graben gradually developed. We propose that the volume loss associated with sudden magma extraction from a shallow reservoir in different episodes triggered incremental downward graben movement, as observed historically, when immediate vertical collapse of up to 2 m was observed along the western segments of the graben at the end of the Capelinhos eruptive crises (1957-58).

Physical, chemical and mineralogical properties of fine recycled aggregates made from concrete waste

This paper assesses the physical, chemical and mineralogical characteristics of fine recycled aggregates obtained from crushed concrete waste, comparing them with two types of natural fine aggregates from different origins. A commercial concrete was jaw crushed, and the effect of different aperture sizes on the particle size distribution of the resulting aggregates was evaluated. The density and water absorption of the recycled aggregates was determined and a model for predicting water absorption over time is proposed. Both natural and recycled aggregates were characterized regarding bulk density and fines content. Recycled aggregates were additionally characterized by XRD, SEM/EDS and DTA/TG of individual size fractions. The results show that natural and recycled fine aggregates have very different characteristics. This should be considered in potential applications, both in terms of the limits for replacing amounts and of the rules and design criteria of the manufactured products. (C) 2015 Elsevier Ltd. All rights reserved.