Banks, Lies and Bricks: The Determinants of Home Value Inflation in Spain during the Housing Boom

During the first decade of this century, Spain experienced the most important economic and housing boom in its recent history. This situation led the lending industry to dramatically expand through the mortgage market. The high competition among lenders caused a dramatic lowering of credit standards. During this period, lenders operating in the Spanish mortgage market artificially inflated appraised home values in order to draw larger mortgages. By doing this, lenders gave financially constrained households access to mortgage credit. In this paper, we analyze this phenomenon for this first time. To do so, we resort to a unique dataset of matched mortgage-dwelling-borrower characteristics covering the period 2004–2010. Our data allow us to construct an unbiased measure of property’s over-appraisal, since transaction prices in our data also includes any potential side payment in the transactions. Our findings indicate that i) in Spain, appraised home values were inflated on average by around 30% with respect to transaction prices; ii) creditconstrained households were more likely to be involved in mortgages with inflated house values; and iii) a regional indicator of competition in the lending market suggests that inflated appraisal values were also more likely to appear in more competitive regional mortgage markets. Keywords: Housing demand, appraisal values, house prices, housing bubble, credit constraints, mortgage market. JEL Classification: R21, R31

Estudo do efeito da quantidade de óxido de ferro em cinzas pesadas de carvão mineral na obtenção de vitrocerâmicos

Bottom ash has been used as raw material to glass and glass ceramic production because it is a source of SiO2 and Al2O3. However, the high concentration of iron (about 10% wt.) difficulty the control of the nucleation and the crystallization processes. The iron content was reduced by magnetic process, where the magnetite phase was mainly removed. In order to compare glass ceramics obtained from original and low iron bottom ashes, microstructural and dilatometric characterizations were performed.

Winner-Loser Performance and Macroeconomic Effects during three last Economic Crises in Finnish Stock Market

The main purpose of this thesis is to investigate winner-loser performance when financial markets are facing crisis. This is examined through the idea that does the prior loser portfolios outperform the prior winner portfolios during the three major crises: The depression of the 1990s, the IT-Bubble and the Subprime -crisis. Firstly, the winner and loser portfolios superiority is counted by using the cumulative excess returns from the examination period. The portfolios were formed by counting the excess returns and locating them in to the order of superiority. The excess returns are counted by using one year pre-data before the actual examination period. The results of this part did not support the results of De Bondt & Thaler’s (1985) paper. Secondly, it is investigated how the Finnish and the US macroeconomic factors are seen to be affecting the stock market valuation in Finnish Stock Markets during economic crises. This is done to explain better the changes in the successes of the winner-loser performance. The crises included different amount of selected macro factors. Two latest crises involved as well few selected US macro factors. Exclusively the IT-Bubble -crisis had the most statistically significant results with the US factors. Two other crises did not receive statistically significant results. An extra research was produced to study do the US macro factors impact more significantly on Finnish stock exchange after lags. The selected lags were three, six, nine and twelve months. Three and six month lagged US macro factors during the IT-Bubble -crisis improved the results. The extra research did not improve the results of the Subprime -crisis.

Cerâmicas bioativas: estado da arte

Bioactive glasses undergo corrosion with leaching of alkaline ions when exposed to body fluids. This results in the spontaneous formation of a layer of hydroxyapatite (HA), the mineral component of natural bone, which in turn can induce bone growth in vivo. This paper describes the different types of bioactive glasses, the characterization methods currently used, and the main factors that influence their bioactivity. Nucleation and crystallization, the main mechanisms involved in the formation of hydroxyapatite, Ca10(PO4)6(OH)2, are discussed as a function of the chemical composition and the reactivity of the surface of the material. Finally, promising applications are considered.

A Practical Micro Mechanical Model Based Local Approach Methodology for the Analysis of Ductile Fracture of Welded T-Joints

This thesis concentrates on developing a practical local approach methodology based on micro mechanical models for the analysis of ductile fracture of welded joints. Two major problems involved in the local approach, namely the dilational constitutive relation reflecting the softening behaviour of material, and the failure criterion associated with the constitutive equation, have been studied in detail. Firstly, considerable efforts were made on the numerical integration and computer implementation for the non trivial dilational Gurson Tvergaard model. Considering the weaknesses of the widely used Euler forward integration algorithms, a family of generalized mid point algorithms is proposed for the Gurson Tvergaard model. Correspondingly, based on the decomposition of stresses into hydrostatic and deviatoric parts, an explicit seven parameter expression for the consistent tangent moduli of the algorithms is presented. This explicit formula avoids any matrix inversion during numerical iteration and thus greatly facilitates the computer implementation of the algorithms and increase the efficiency of the code. The accuracy of the proposed algorithms and other conventional algorithms has been assessed in a systematic manner in order to highlight the best algorithm for this study. The accurate and efficient performance of present finite element implementation of the proposed algorithms has been demonstrated by various numerical examples. It has been found that the true mid point algorithm (a = 0.5) is the most accurate one when the deviatoric strain increment is radial to the yield surface and it is very important to use the consistent tangent moduli in the Newton iteration procedure. Secondly, an assessment of the consistency of current local failure criteria for ductile fracture, the critical void growth criterion, the constant critical void volume fraction criterion and Thomason's plastic limit load failure criterion, has been made. Significant differences in the predictions of ductility by the three criteria were found. By assuming the void grows spherically and using the void volume fraction from the Gurson Tvergaard model to calculate the current void matrix geometry, Thomason's failure criterion has been modified and a new failure criterion for the Gurson Tvergaard model is presented. Comparison with Koplik and Needleman's finite element results shows that the new failure criterion is fairly accurate indeed. A novel feature of the new failure criterion is that a mechanism for void coalescence is incorporated into the constitutive model. Hence the material failure is a natural result of the development of macroscopic plastic flow and the microscopic internal necking mechanism. By the new failure criterion, the critical void volume fraction is not a material constant and the initial void volume fraction and/or void nucleation parameters essentially control the material failure. This feature is very desirable and makes the numerical calibration of void nucleation parameters(s) possible and physically sound. Thirdly, a local approach methodology based on the above two major contributions has been built up in ABAQUS via the user material subroutine UMAT and applied to welded T joints. By using the void nucleation parameters calibrated from simple smooth and notched specimens, it was found that the fracture behaviour of the welded T joints can be well predicted using present methodology. This application has shown how the damage parameters of both base material and heat affected zone (HAZ) material can be obtained in a step by step manner and how useful and capable the local approach methodology is in the analysis of fracture behaviour and crack development as well as structural integrity assessment of practical problems where non homogeneous materials are involved. Finally, a procedure for the possible engineering application of the present methodology is suggested and discussed.

Biomateriais: deposição de hidroxiapatita sobre superfície de Ti-cp modificada por aspersão térmica

The osseointegrated titanium implants are reliable and safe alternatives to treatments for long periods of time. For surface modification, thermal aspersion of TiO2 was used. The samples with and without TiO2 were treated with NaOH and SBF in order to obtain a layer of HA. Characterization was done by SEM and FTIR. The images of HA obtained by SEM show a uniform morphology and a porous structure with spherical particles. The IR spectra show that the surface of Ticp/ TiO2 is more favorable for the HA deposit, as can be seen by the increase of the crystalline structure and the very intense and defined bands of the OH group of HA that is verified about 3571 and 630 cm-1. Thus the Ticp/ TiO2 surface presents a satisfactory nucleation of HA when compared to Ticp.

Estudo da eletrocristalização de Ni e Ni-P sobre ultramicroeletrodo de platina

This work describes a comparative study of the electrocrystallization of Ni and Ni-P on Pt ultramicroelectrodes using chronoamperometric measurements. It was possible to confirm that in all cases a progressive nucleation was the predominant mechanism. Moreover, the application of the Atomistic Theory to the experimental rate of nuclei formation showed that the number of atoms in the critical nucleus was zero, except for Ni-P on Pt at low overpotentials were a value of one was observed. Furthermore, the physical characterisation of the different deposits on Pt by atomic force microscopy allowed observing the coalescence of the hemispherical nuclei of Ni and Ni-P at t max thus confirming the results obtained from the current-time analysis.

Kinetic measurements during transient film growth on zinc

The electrochemical behaviour of zinc has been extensively studied in alkaline and acid media, but only a few studies have been reported in neutral solutions, particularly in deaerated media. Zinc passivation in neutral medium and the effect of the ClO4- ion on the nucleation and growth of the passive layer is studied in this paper by a transient technique at different electrolyte concentrations and applied potentials. ZnO growth rate was shown to decrease with increasing electrolyte concentration. Moreover, passive layer growth occurred followed by pitting nucleation and growth. Film growth and pit nucleation are explained by means of the Macdonald and Engell-Stolica models.

Aerosol particle size distributions at a traffic exposed site and an urban background location in Oporto, Portugal

Aerosol size distributions from 6 to 700 nm were measured simultaneously at an urban background site and a roadside station in Oporto. The particle number concentration was higher at the traffic exposed site, where up to 90% of the size spectrum was dominated by the nucleation mode. Larger aerosol mode diameters were observed in the urban background site possibly due to the coagulation processes or uptake of gases during transport. Factor analysis has shown that road traffic and the neighbour stationary sources localised upwind affect the urban area thought intra-regional pollutant transport.

Kinetic study of the cobalt electrodeposition onto glassy carbon electrode from ammonium sulfate solutions

We carried out an electrochemical study of the cobalt electrodeposition onto glassy carbon electrode from an aqueous solution containing 10-2 M of CoSO4 + 1 M (NH4)2SO4 at natural pH 4.5. The potentiostatic study indicated a progressive 3D nucleation and growth during the deposition process. The average diffusion coefficient calculated for this system was 2.65 X 10-6 cm² s-1 while the ΔG for the formation of stable nucleus was 6.50 X 10-20 J/nuclei. The scanning electron microscopy images indicated the formation of small and homogeneous nucleus onto GCE of approximately 300 nm.

Cobalt electrodeposition onto highly oriented pyrolytic graphite (HOPG) electrode from ammonium sulfate solutions

It was carried out an electrochemical study of the cobalt electrodeposition onto HOPG electrode from an aqueous solution containing 10-2 M of CoSO4 + 1M (NH4)2SO4. Nucleation parameters such as nucleation rate, density of active nucleation sites, saturation nucleus and the rate constant of the proton reduction reaction (kPR) were determined from potentiostatic studies. An increase in kPR values with the decrease in the applied potential suggested a competition between H+ and Co2+ by the active sites on the surface. The ΔG energy calculated for the formation of stable nucleus was 8.21x10-21 J/nuclei. The AFM study indicated the formation of small clusters of 50-400 nm in diameter and 2-120 nm in height.

Influência da quantidade de amônio na síntese de nanopartículas de óxido de ferro por microemulsão

Iron oxide nanoparticles were synthesized in microemulsion systems composed by Triton X-100/hexyl alcohol/cyclohexane/aqueous solution. The nanoparticles were synthesized in microemulsions containing different amounts of ammonium, in order to evaluate the influence of this parameter on the size of the nanoparticles and on the phase transformation after heat treatment. Powder materials were obtained after centrifugation, washing and drying, and they were analyzed as synthesized and after heating at 350, 500 and 1000 °C. It was observed that the higher amount of ammonium induced smaller particles and minor phase transformation, possibly due to a preferential nucleation process.

Electrochemical study about zinc electrodeposition onto GCE and HOPG substrates

We carried out an electrochemical study about zinc electrodeposition onto GCE and HOPG substrates from an electrolytic plating bath containing 0.01M ZnSO4 + 1M (NH4)2SO4 at pH 7. Under our experimental conditions the predominant chemical species was the complex [ZnSO4(H2O)5]. The chronoamperometric study showed that zinc electrodeposition follows a typical 3D nucleation mechanism in both substrates. The average dG calculated for the stable nucleus formation was 6.92 x 10-21 J nuclei"1 and 1.35 x 10-20 J nuclei"1 for GCE and HOPG, respectively. The scanning electron microscopy (SEM) images showed different nucleation and growth processes on GCE and HOPG substrates at same overpotential.

Copper electrodeposition on glassy carbon and highly oriented pyrolytic graphite substrates from perchlorate solutions

In present work, we analyzed the copper electrodeposition onto GCE (System I) and HOPGE (System II) from perchlorate solutions. The current density transients obtained from system I and II were well described through a kinetic mechanism that involves four different contributions: (a) a Langmuir type adsorption process, b) an electron transfer from Cu2+→Cu+, (c) a 3D nucleation limited by a mass transfer reaction and (d) a proton reduction process. It was observed that the values of the nucleation rate, the number of active nucleation sites were increased with the overpotential and they are bigger onto GCE in comparison with HOPGE.

Kinetical study about the cobalt electrodeposition onto polycrystalline platinum

An electrochemical study of Co electrodeposition onto polycrystalline Pt from an aqueous solution containing 10-2 M CoCl2 + 1 M NH4CI (pH = 9.3) was conducted at overpotential conditions. The current density transients showed two maxima that corresponded to two nucleation and growth processes. The entire transient behavior was adequately predicted considering the contribution to the total current of four different processes: a Langmuir-type adsorption process, a diffusion-controlled two-dimensional instantaneous nucleation, and two three-dimensional nucleation and growth processes.