"Information effect" of economic news: SPI futures

The present study investigates the behaviour of Share Price Index (SPI) futures returns, volatility, and trading volume behaviour around the announcement of Current Account Deficit (CAD), Gross Domestic Product (GDP), and Inflation (CPI). The futures market data are sampled at 1-, 5-, and 10-min intervals at the announcement time. After controlling for risk, a significant positive abnormal return can be earned based on the good news release. However, it is unlikely that traders could make an economic profit by exploiting this effect. In this sense, this futures market returns are found to react efficiently to good news. Volatility behaviour around announcements provides the same conclusion. As for the relationship between returns, volatility, and volume upon information arrival, returns are positively related to trading volume, which is inconsistent with the ‘short sales constraint’ theory. Trading volume is found to increase as the level of volatility rises. The redenomination of the SPI futures and options contract from A$100 to A$25 per basis point is found to increase trading volume in excess of that expected due to the redenomination. However, market return and volatility are unaffected by the redenomination.

Effect of transformation volume contraction on the toughness of superelastic shape memory alloys

Shape memory alloys (SMAs) exhibit two very important properties: shape memory phenomenon and superelastic deformation due to intrinsic thermoelastic martensitic transformation. To fully exploit the potential of SMAs in developing functional structures or smart structures in mechanical and biomechanical engineering, it is important to understand and quantify the failure mechanisms of SMAs. This paper presents a theoretical study of the effect of phase-transformation-induced volume contraction on the fracture properties of superelastic SMAs. A simple model is employed to account for the forward and reverse phase transformation with pure volume change, which is then applied to numerically study the transformation field near the tip of a tensile crack. The results reveal that during steady-state crack propagation, the transformation zone extends ahead of the crack tip due to forward transformation while partial reverse transformation occurs in the wake. Furthermore, as a result of the volume contraction associated with the austenite-to-martensite transformation, the induced stress-intensity factor is positive. This is in stark contrast with the negative stress-intensity factor achieved in zirconia ceramics, which undergoes volume expansion during phase transformation. The reverse transformation has been found to have a negligible effect on the induced stress-intensity factor. An important implication of the present results is that the phase transformation with volume contraction in SMAs tends to reduce their fracture resistance and increase the brittleness.

The volume of water filtered by a Continuous Plankton Recorder sample: the effect of ship speed

The Continuous Plankton Recorder (CPR) survey is one of the largest plankton-monitoring programmes in the world. Since 1931, the CPR has collected ∼380 000 samples, each representing 10 miles of tow. It has been assumed that the volume of seawater filtered by each sample remained constant and close to 3 m3. In this study, the volume filtered for each CPR sample was measured on two routes (SA and IN), monitored by the CPR survey, between 1995 and 2000. Although the filtered volume was near the theoretical value of 3 m3 on the SA route (3.2 m3), it was significantly higher on the IN route (3.8 m3). A significant negative relationship was found between the volume filtered and the speed of the ships. This relationship indicates that the faster the speed of the ship, the lower the volume filtered. This could have implications for the CPR survey as the speed of the ships has increased continuously since the end of the 1950s. However, no significant correlation was found between the long-term changes in the speed of the ships and two commonly used indicators of plankton variability: the Phytoplankton Colour and the Total Copepods indices. This absence of relationship may indicate that the effect found is small in comparison with the influence of hydroclimatic forcing, although a more extensive study is needed to confirm these findings.

Effect of feed temperature and membrane orientation on pre-treatment sludge volume reduction through forward osmosis

This study focuses on volume reduction of pre-treatment sludge as well as on dilution of reverse osmosis (RO) concentrate through emerging forward osmosis (FO) technology where RO concentrate draws water from the pre-treatment sludge (feed solution) in order to reduce pre-treatment sludge volume and increase the RO water recovery. Experiments were carried out using two different types of sludge i.e. (1) synthetic pre-treatment sludge (Lab sludge) which has lower salinity and (2) actual sludge from Perth Seawater Desalination Plant, Australia (Perth Seawater Desalination Plant (PSDP) sludge) which has higher salinity. Effect of membrane orientation (FO and pressure-retarded osmosis (PRO) modes) and temperature of pre-treatment sludge on permeate water flux was investigated. There was a significant increase in water flux from 3.2 to 10.2 LMH (i.e. ~3 times higher) when temperature increased from 20 to 40°C for Lab sludge in PRO mode. However, there is no significant effect of temperature on water flux in FO mode for Lab sludge. On the contrary for PSPD sludge, there was no effect on water flux with increase in temperature at PRO mode. Dissolved ions in the porous side increased the severity of concentrative internal concentration polarization; hence, it could reduce the flux. There was no significant change in water flux when temperature increased from 20 to 40°C for PSDP sludge in FO mode. However, higher amount of water has permeated from Lab sludge compared to PSDP sludge in FO mode. © 2014 © 2014 Balaban Desalination Publications. All rights reserved.

Effect of martensite volume fraction on low cycle fatigue behaviour of dual phase steels: experimental and microstructural investigation

The low cycle fatigue (LCF) behaviour of a dual phase (DP) steel with different martensite volume fractions has been investigated, with particular focus on fatigue life, cyclic hardening/softening behaviour and microstructural evolution. DP steels with martensite volume fractions between 13% and 88% were produced and their monotonic and cyclic deformation behaviours evaluated. The LCF life has been examined in depth and compared with published literature. It has been concluded that, once normalised for plastic strain amplitude, the fatigue life was found to be significantly reduced by an increase in the martensite volume fraction. All alloys were observed to show some initial cyclic hardening followed by cyclic softening. Clear sub-cell formation occurred in ferrite grains irrespective of the martensite volume fraction, and it is suggested that this cell formation and martensite softening are responsible for the cyclic softening behaviour.

Antidepressant medication may moderate the effect of depression duration on hippocampus volume

Abstract.
Hippocampus volume has been frequently, but not universally reported to be reduced in people with major depression relative to age-matched healthy controls. Among the potential reasons for this discrepancy in finding across studies is the effect of antidepressant medication. Hippocampus volume was determined by MRI (1.5 Tesla) for 10 people diagnosed with major depression for who detailed history of depression and antidepressant treatment history were known, and 10 age-matched healthy controls with no history of depression. Left, but not right, hippocampus volumes were significantly smaller in the patient group compared to the controls. Furthermore, there was a significant correlation such that left hippocampus volume was smaller with increasing lifetime duration of depression. However, this relationship was moderated by a significant correlation such that greater lifetime duration of antidepressant medication was associated with larger left hippocampus volume.
The findings support the contention that antidepressant medication may act to normalize hippocampus volume.

Method for determining reaction rate of mild steel containers during melting of magnesium-aluminium alloys and effect of aluminium content on directionally solidified microstructures

A magnesium alloy of eutectic composition (33 wt-'%Al) was directionally solidified in mild steel tubes at two growth rates, 32 and 580 mum s(-1,) in a temperature gradient between 10 and 20 K mm(-1). After directional solidification, the composition of each specimen varied dramatically, from 32'%Al in the region that had remained solid to 18%Al (32 mum s(-1) specimen) and 13%Al (580 mum s(-1) specimen) at the plane that had been quenched from the eutectic temperature. As the aluminium content decreased, the microstructure contained an increasing volume fraction of primary magnesium dendrites and the eutectic morphology gradually changed from lamellar to partially divorced. The reduction in aluminium content was caused by the growth of an Al-Fe phase ahead of the Mg-Al growth front. Most of the growth of the Al-Fe phase occurred during the remelting period before directional solidification. The thickness of the Al-Fe phase increased with increased temperature and time of contact with the molten Mg-Al alloy. (C) 2003 Maney Publishing.

Effect of deformation schedule on the microstructure and mechanical properties of a thermomechanically processed C-Mn-Si transformation-induced plasticity steel

Thermomechanical processing simulations were performed using a hot-torsion machine, in order to develop a comprehensive understanding of the effect of severe deformation in the recrystallized and nonrecrystallized austenite regions on the microstructural evolution and mechanical properties of the 0.2 wt pct C-1.55 wt pct Mn-1.5 wt pct Si transformation-induced plasticity (TRIP) steel. The deformation schedule affected all constituents (polygonal ferrite, bainite in different morphologies, retained austenite, and martensite) of the multiphased TRIP steel microstructure. The complex relationships between the volume fraction of the retained austenite, the morphology and distribution of all phases present in the microstructure, and the mechanical properties of TRIP steel were revealed. The bainite morphology had a more pronounced effect on the mechanical behavior than the refinement of the microstructure. The improvement of the mechanical properties of TRIP steel was achieved by variation of the volume fraction of the retained austenite rather than the overall refinement of the microstructure.

Information signalling of common stock repurchase announcements: Australian evidence

Stock repurchases (or share buy-backs) have become increasingly popular among Australian companies. One of the main aims of announcing a stock repurchase by a listed company is signalling the market that its shares are currently underpriced. When market reacts to the signal, price of the shares is expected to increase immediately after the announcement. While there are several ways of repurchasing shares, 'on-market buy-backs' is the most popular method of stock repurchases in Australia. Australian listed companies have announced more than two hundred on-market share buy-backs over the past three years. The aim of this paper is to examine the information signalling effects of these on-market buy-back announcements. If the signal is considered positively (negatively) by the market, the price of the repurchasing company's shares should increase (decrease) immediately after the announcement. If there is no information content in the announcement, the price will remain the same. In this study, signalling effect of share buy-back announcements was examined using most recent Australian data. The total population of on-market buy-back announcements during the period from January 1, 2000 to March 10, 2003 was included. The abnormal market return over the short-run (announcement day and 9 trading days centred on the announcement date) was computed using the All Ordinaries Accumulation Index as the reference portfolio. The daily Abnormal Returns (AR) and Cumulative Abnormal Returns (CAR) during the event period were computed. The results strongly support the information-signalling hypothesis of share buy..backs. Australian market generally considers announcement of on~market share repurchases as signalling of insider information that shares are currently underpriced.

The effect of intellectual disability on children's recall of an event across different question types

This research examined the performance of 80 children aged 9–12 years with either a mild and moderate intellectual disability when recalling an innocuous event that was staged in their school. The children actively participated in a 30-min magic show, which included 21 specific target items. The first interview (held 3 days after the magic show) provided false and true biasing information about these 21 items. The second interview (held the following day) was designed to elicit the children's recall of the target details using the least number of specific prompts possible. The children's performance was compared with that of 2 control groups; a group of mainstream children matched for mental age and a group of mainstream children matched for chronological age. Overall, this study showed that children with either a mild or moderate intellectual disability can provide accurate and highly specific event-related information. However, their recall is less complete and less clear in response to free-narrative prompts and less accurate in response to specific questions when compared to both the mainstream age-matched groups. The implications of the findings for legal professionals and researchers are discussed.

Emergency nurses' opinions regarding paediatric fever: the effect of an evidence-based education program

Introduction: The beliefs and opinions of individual nurses are key factors in clinical decisions. Emergency nurses’ clinical decisions related to paediatric fever establish emergency department norms, provide role-modelling for both peers and parents, underpin clinical management of febrile children, and influence fever management advice given to parents. Aim: This study aimed to examine: (i) the opinions of emergency nurses regarding paediatric fever, and (ii) the effect of an evidence-based education program on the opinions of emergency nurses regarding paediatric fever. Method: This study used a prospective pre-test/post-test design. The primary outcome measure was emergency nurses’ opinions measured using the ‘General Opinions about Fever Management in Children’ survey. The intervention for the study was two tutorials. Pre-test data was collected in June 2005 and post-test data was collected during August 2005. Results: Thirty-one emergency nurses participated in the study. There were a number of positive changes in emergency nurses’ opinions regarding paediatric fever as a function of an evidence-based educational intervention. Major domains of change were relationship between temperature and illness severity/risk of harm, use and effects of antipyretic medication and febrile convulsions.  Conclusion: Emergency nurses are an important source of information for parents leaving the emergency department with a febrile child. Opinions can be a major influence in nurses’ clinical decisions and many fever  management strategies used by health care professionals are reflective of individual beliefs rather than the best available evidence. The results of this study showed a number of positive changes in emergency nurses’ opinions regarding paediatric fever as a function of an evidence-based educational intervention.

The effect of Nb, Mo, and A1 additions on the transformation behaviour and mechanical properties of thermomechanically processed C-Si-Mn trip steel

The effect of additions of Nb, A1 and Mo to Fe-C-Mn-Si TRIP steels on the final microstructure and mechanical properties after simulated thermomechanical processing (TMP) has been studied. Laboratory simulations of continuous cooling during TMP were performed using a quench deformation dilatometer, while laboratory simulations of discontinuous cooling during TMP were performed using a hot rolling mill. From this a comprehensive understanding of the structural and kinetic aspects of the bainite transformation in these types of TRIP steels has been developed. All samples were characterised using optical microscopy and XRD. The relationships between the morphology of bainitic structure, volume fraction, stability of RA and mechanical properties were investigated.

The effect of attitudes and experience on respondent answers to demographic questions in on-line surveys

Survey response rates and response quality are declining in most markets, threatening the viability of many established research techniques. One attempt to combat this has been to make survey completion more convenient for respondents, with on-line surveys being an example of this. This paper looks at respondent attitudes to demographic questions in on-line surveys – questions that are crucial for many analysis practices and yet often have the highest non-completion rates. The exploratory survey conducted here (n=198) examined attitudes towards surveys and empirically examined the reasons behind non-completion and intentions to give misleading information. The results suggest that general attitudes towards providing demographic data in on-line surveys are related to the likely response behaviour, and the more uncomfortable someone claims to be with providing this data, the more likely they will be to either omit a response or exit the survey altogether. Past experience with on-line surveys increases the chances of respondents answering completely and accurately and in most cases, significantly reduces the likelihood of exiting the survey completely if asked these questions. Finally, there is some evidence that providing broad categorical response options is preferred to more specific categories or open text boxes, and this may represent the best technique for improving response rates and quality.

Effect of relaxation on pressure sensitivity index in a Zr-based metallic glass

Shear-banding features of as-cast and annealed Zr_41.2Ti_13.8Cu_12.5Ni₁₀Be_22.5 bulk metallic glass were investigated through Rockwell indentation tests. Isothermal annealing of the as-cast samples was conducted at temperatures below its glass transition temperature, Tg. The exothermal enthalpy during continuous heating below Tg decreases with increasing annealing temperature, indicating the gradual reduction of free-volume upon annealing. The observation on the morphology of shear-banding pattern around the indents implies a reduced shear bands activity in the annealed samples. The included angles (2θ) between two families of shear bands emanating from the edge of Rockwell indent decrease from 88° for the as-cast sample to 79° for the sample annealed at 633 K for 1 h, indicating a pressure sensitive plasticity. By Mohr–Coulomb criterion, the pressure sensitive index can be obtained on the basis of the measured 2θ, which increases with increasing annealing temperature, indicating an increase of “atomistic friction” due to the reduction of the free volume upon annealing.