Low-frequency volatility of real estate securities in relation to macroeconomic risk

Real estate securities have a number of distinct characteristics that differentiate them from stocks generally. Key amongst them is that under-pinning the firms are both real as well as investment assets. The connections between the underlying macro-economy and listed real estate firms is therefore clearly demonstrated and of heightened importance. To consider the linkages with the underlying macro-economic fundamentals we extract the ‘low-frequency’ volatility component from aggregate volatility shocks in 11 international markets over the 1990-2014 period. This is achieved using Engle and Rangel’s (2008) Spline-Generalized Autoregressive Conditional Heteroskedasticity (Spline-GARCH) model. The estimated low-frequency volatility is then examined together with low-frequency macro data in a fixed-effect pooled regression framework. The analysis reveals that the low-frequency volatility of real estate securities has strong and positive association with most of the macroeconomic risk proxies examined. These include interest rates, inflation, GDP and foreign exchange rates.

Synthesis of L1(0) Fe-Pd films by electrodeposition and thermal annealing

Fe-Pd alloy films have been prepared by electrochemical deposition from an alkaline electrolyte containing Fe sulfate, Pd chloride and 5-sulfosalicylic acid onto polycrystalline titanium substrates. The as-deposited films were nanocrystalline and magnetically soft (coercivity similar to 25 Oe). L1(0) Fe-Pd films with a (111) preferred orientation were obtained by post-deposition thermal annealing of films with composition about 37 at% Fe in an (Ar + 5% H-2) gas flow at 500 degrees C. Such films exhibit hard magnetic properties, with a coercivity up to 1880 Oe, and a slightly anisotropic magnetic response, with a larger in-plane remanence. Preliminary magnetic investigations support magnetization switching through pinning of domain walls. (c) 2008 Elsevier B.V. All rights reserved.

A quantum chemical study on the formation of phosphorus mononitride

The chemical mechanism of the (1)PN formation was successfully studied by using the CCSD(T)/6-311++G(3df,3pd) level of theory. The (1)NH(3) + (3)PH and (4)P + NH(3) reaction paths are not energetically favorable to form the (1)PN molecule. However, the (3)NH + (3)PH, (4)N + (3)PH(3), (4)N + (3)PH, (4)P + (3)NH, and (4)P + (2)NH(2) reaction paths to form the (1)PN molecule are only energetically favorable by taking place through specific transition states to form the (1)PN molecule. The NH(3) + (3)PH, (4)N + (1)PH(3), NH(3) + (4)P, and (4)N + (2)PH(2) reactions are spin-forbidden and the probability of hopping for these reactions was estimated to be 0 by the Landau-Zener theory. This is the first detailed study on the chemical mechanism for the (1)PN formation. (C) 2009 Elsevier B.V. All rights reserved.

Grain size effect on behaviour and microstructure of a warm deformed Ti-IF steel

The effect of grain size on the deformation behaviour in the fenite region of a Titanium stabilized Interstitial Free steel was investigated by hot torsion. The initial work hardening regime is followed by a softening regime where a broad peak stress develops. The peak stress and the stress at final strain were relatively insensitive to grain size. However, at low values of the Zener-Hollomon parameter, the strain to the peak stress was strongly dependent on the grain size. A series of microstructural parameters were examined to explain these observations.

Grain size effect on the warm deformation behaviour of a Ti-IF steel

The effect of grain size on the warm deformation behaviour of a titanium stabilized interstitial free (IF) steel was investigated using hot torsion. The initial work hardening regime is followed by the development of a broad stress peak after which work softening occurs. The hypothetical saturation stress (Estrin–Mecking model) and the stress at final strain were relatively insensitive to grain size. However, the strain to the peak stress was strongly dependent on the grain size at low values of the Zener–Hollomon parameter. A simple phenomenological approach, using a combined Estrin–Mecking model and an Avrami type equation, was used to model the flow curves. The hypothetical saturation stress, the stress at final strain and the strain to peak stress were modelled using three different hyperbolic sine laws. A comparison with independent data from the literature shows that the apparent activation energy of deformation determined in this work (Q=372 kJ/mol) can be used to rationalize the steady-state stress in compression data found in the literature.

Static and metadynamic recrystallization of interstitial free steels during hot deformation

A rapid method was used to identify kinetics of the recrystallization for two IF (Interstitial Free) steels which have different phosphorous and boron contents. The static and metadynamic softening behaviour of the materials for a range of strain rates and temperatures were quantified. The critical strain for initiation of strain independent softening was estimated for the IF steels in respect to the time for 50 percent softening after deformation. The results showed that the strain for the initiation of strain independent softening (often referred to as metadynamic recrystallization) varies with the Zener Hollomon parameter. Classic static recrystallization was observed at strains below the strain independent softening for all processing conditions and the strain rate had a strong effect on the time for strain independent softening. Results also revealed that static and metadynamic recrystallization was delayed owing to the phosphorous and boron alloying elements. Hence, the large strain at above no-recrystallization temperature may be required for the early stage of Finishing Stands Unit (FSU) in hot strip rolling mills to initiate austenite grain refinement of phosphorous and boron added IF steels.

Numerical study of the mode I delamination toughness of Z-pinned laminates

A finite element (FE) model is developed to investigate mode I delamination toughness of z-pin reinforced composite laminates. The z-pin pullout process is simulated by the deformation of a set of non-linear springs. A critical crack opening displacement (COD) criterion is used to simulate crack growth in a double-cantilever-beam (DCB) made of z-pinned laminates. The toughness of the structure is quantified by the energy release rate, which is calculated using the contour integral method. The FE model is verified for both unpinned and z-pinned laminates. Predicted loading forces from FE analysis are compared to available test data. Good agreement is achieved. Our numerical results indicate that z-pins can greatly increase the mode I delamination toughness of the composite laminates. The influence of design parameters on the toughness enhancement of z-pinned laminates is also investigated, which provides important information to optimise and improve the z-pinning technique.

Mode II delamination toughness of Z-pinned laminates

Mode II delamination toughness of z-pin reinforced composite laminates is investigated using finite element (FE) method. The z-pin pullout process is simulated by the deformation and breakage of non-linear springs. A critical shear stress criterion based on linear elastic fracture mechanics is used to simulate crack growth in an end-notched-flexure (ENF) beam made of z-pinned laminates. The mode II toughness is quantified by the potential energy release rate calculated using the contour integral method. This FE model is verified for an unpinned ENF composite beam. Numerical results obtained indicate that z-pins can significantly increase the mode II delamination toughness of composite laminate. The effects of design variables on the toughness enhancement of z-pinned laminates are also studied, which provides an important technological base and useful data to optimize and improve the z-pinning technique.

Z-pin bridging in composite laminates and some related problems

This paper reviews our recent studies on z-pinning of composite laminates. The contents include theoretical, numerical and experimental studies on the Mode I and Mode II z-pinned delamination growth and the corresponding bridging laws. Test methods to evaluate the z-pin bridging law will be discussed. Comparisons of experimental results and theoretical predictions for the z-pinned double-cantilever-beam (DCB) subjected to mode I delamination with a pre-determined bridging law are provided to confirm the reliability of the methods. A parametric study by finite element method (FEM) is presented for both Mode I and Mode II z-pinned delaminations. In addition, the effect of loading rate on z-pinned DCB delamination and the bridging effect of z-pinning on the buckling of composite laminates are also given.

Productive on-line student support : developing a system for primary mathematics trainee teachers

This paper outlines the development project for the 'Productive on-line student support system', a student "self-help" system, at Deakin University. The aim of this project was to provide Deakin primary teacher education students with a web-based learning tool that allowed them to assess and diagnose their strengths and weaknesses in mathematics, and supports students in their mathematics learning, and in so doing produce mathematically competent graduates. This project was, like similar programs, a development of peer or cross-age tutoring common in primary and secondary schools. A grant under the Deakin University Strategic Teaching and Learning Grant Scheme enabled a staff team from the mathematics education group, to develop a sophisticated and well-designed system that catered for a wide range of student needs, provided useful feedback, and was engaging and easy to use. The under-pinning software for the system was WebCT, available to staff through the Deakin Studies On-line system, to which students are connected also. The 'Productive on-line student support system' enabled students to determine their own mathematical needs, and have these addressed whenever they wished, as often as they wished, and allowed self-monitoring of progress. An outline of the system and examples of the assessment materials will be presented.

Hot deformation and recrystallization of austenitic stainless steel: part 1. dynamic recrystallization

The hot deformation behavior of a 304 austenitic stainless steel was investigated to characterize the evolution of the dynamically recrystallized structure as a starting point for studies of the postdeformation  recrystallization behavior. The effect of different deformation parameters such as strain, strain rate, and temperature were investigated. The flow curves showed typical signs of dynamic recrystallization (DRX) over a wide range of temperatures and strain rates (i.e., different Zener–Hollomon (Z) values). However, under very high or very low Z values, the flow curves’ shapes changed toward those of the dynamic recovery and multiple peaks, respectively. The results showed that while DRX starts at a strain as low as 60 pct of the peak strain, a fully DRX microstructure needs a high strain of almost 4.5 times the initiation strain. The DRX average grain size showed power-law functions with both the Zener–Hollomon parameter and the peak stress, although power-law breakdown was observed at high Z values.

Effect of NbC and TiC precipitation on shape memory in an iron-based alloy

This paper examines the effects of TiC and NbC precipitation and prior cold rolling on the shape memory behaviour of an iron-based alloy. A precipitate-free alloy was used as a reference to investigate the relative contributions of prior-deformation and precipitation on shape memory. Heat treatment of the Nb- and Ti-containing alloys at 700 °C and 800 °C resulted in carbide precipitates between 120 nm and 220 nm in diameter. Bend testing of these samples showed a marginal increase in shape memory compared to the precipitate-free alloy. Under these conditions TiC precipitation exhibited slightly better shape memory than for NbC. However, this small increase was over-shadowed by the marked increase in shape memory that can be produced by subjecting the alloys to cold rolling followed by recovery annealing. When processed in this way, fine carbides are formed in the Ti- and Nb-containing alloys during the heat treatment. For particles >25 nm in diameter the shape memory is unaffected, but, it was found that small <5 nm particles have a detrimental effect on shape memory due to pinning of the martensite plates, thereby inhibiting their reversion to austenite. The optimum shape memory was observed in the precipitate-free alloy after cold rolling and recovery annealing.

Characterization of the bake-hardening behavior of transformation induced plasticity and dual-phase steels using advanced analytical techniques

The bake-hardening (BH) behavior of TRansformation Induced Plasticity (TRIP) and Dual-Phase (DP) steels after intercritical annealing (IA) has been studied using transmission electron microscopy, X-ray diffraction and three dimensional atom probe tomography. It was found for the DP steel that carbon can segregate to dislocations in the ferrite plastic deformation zones where there is a high dislocation density around the "asquenched" martensite. The carbon pinning of these dislocations, in turn, increases the yield strength after aging. It was shown that bake-hardening also leads to rearrangement of carbon in the martensite leading to the formation of rod-like low temperature carbides in the DP steel. Segregation of carbon to microtwins in retained austenite of the TRIP steel was also evident. These factors, in combination with the dislocation rearrangement in ferrite through the formation of cells and microbands in the TRIP steel after pre-straining, lead to the different bake-hardening responses of the two steels.

Effect of bake-hardening treatment on the mechanical properties of high strength bainitic steel produced by thermomechanical processing

The influence of pre-straining and bake-hardening on the mechanical properties of thermomechanically processed 0.2C-1.5Si-1.5Mn-0.2Mo-0.004Nb (wt%) steel was analysed using tensile test, transmission electron microscopy (TEM) and atom probe tomography (APT). This steel after processing had high strength (~1200MPa) and good ductility (~20%) due to the formation of fully bainitic microstructure with nano-layers of bainitic ferrite and retained austenite. The bake hardening (BH) of pre-strained (PS) samples increased the yield strength of steel up to 690MPa and showed the bake-hardening response of 220MPa due to the operation of several strengthening mechanisms such as transformation induced plasticity during pre-straining and pinning the dislocations by carbon during bake-hardening treatment. The carbon content of the bainitic ferrite and retained austenite before and after bake-hardening treatment, the solute distribution between these phases and the local composition of fine Fe-C clusters and particles formed during bake-hardening treatment was calculated using APT. The bainitic ferrite and retained austenite microstructural characteristics such as thickness of the layers and their dislocation density before and after bake-hardening treatment were studied using TEM.

Recrystallization of 304SS during and after high strain rate deformation

During the hot working of austenitic stainless steels the shape of the flow curve is strongly influenced by the strain rate. Low strain rate deformation results in flow curves typical of dynamic recrystallization (DRX) but as the strain rate increases the shape changes to a ‘flat-top’ curve. This has traditionally been thought to indicate no DRX is taking place and that dynamic recovery (DRV) is the only operating softening mechanism. Examining the work-hardening behaviour and corresponding deformation microstructures showed this is not the case for austenitic stainless steel, as clear evidence of dynamic recrystallization process can be seen. The post-deformation recrystallization kinetics can be modelled using a standard Avrami equation with an Avrami exponent, n, of 1.15. With an increasing value of the Zener-Hollomon parameter it was found that the kinetics of recrystallization become less strain rate sensitive until at the highest values (highest strain rates/lowest temperatures) the recrystallization kinetics become strain rate insensitive.