The expiration day effect of indexoptions and index futures on the underlying shares

This paper studies the effect of the expiration day of index options and futures on the trading volume, variance and price of the underlying shares. The data consists of all trades for the underlying shares in the FOX-index for expiration days during the period October 1995 to the mid of yer 1999. The main results seem to support the findings of Kan 2001, i.e. no manipulation on a larger scale. However, some indication of manipulation could be found if certain characteristics are favorable. These characteristics include: a) a large quantity of outstanding futures or at/in the money options contracts, b) there exists shares with high index weight but fairly low trading volume. Lastly, there is some indication that manipulation might be more popular towards the end of the examined time period.

High temperature mechanical properties of thermal barrier coated superalloy applied to combustor liner of aero engines

High temperature load controlled fatigue, hot tensile and accelerated creep properties of thermal barrier coated (TBC) Superni C263 alloy used as a candidate material in combustor liner of aero engines are highlighted in this paper. Acoustic emission technique has been utilised to characterise the ductile-brittle transition teperature the bond coat. Results revealed that the DBTT (ductile to brittle transition temperature) of this bond coat is around 923 K, which is in close proximity to the value reported for CoCrAlY type of bond coat. Finite element technique, used for analysing the equivalent stresses in the bond coat well within the elastic limit, revealed the highest order of equivalent stress at 1073 K as the bond coat is ductile above 923 K. The endurance limit in fatigue and the life of TBC coated composite under accelerated creep conditions are substantially higher than those of the substrate material. Fractographic features at high stresses under fatigue showed intergranular cleavage whereas those at low stresses were transgranular and ductile in nature. Delamination of the bond coat and spallation of the TBC at high stresses during fatigue was evident. Unlike in the case of fatigue, the mode of fracture in the substrate at very high stresses was transgranular whereas that at low stresses was intergranular in creep.

Stability of CU(2)Ln(2)O(5) compounds - Comparison, assessment and systematics

Phase diagram studies show that at ambient pressure only one ternary oxide, Cu(2)Ln(2)O(5), is stable in the ternary systems Cu-Ln-O (Ln = Tb, Dy, Ho, Er, Tm, Yb, Lu) at high temperatures. The crystal structure of Cu(2)Ln(2)O(5) can be described as a zig-zag arrangement of one-dimensional Cu2O5 chains parallel to-the a-axis with Ln atoms occupying distorted octahedral sites between these chains. Four sets of emf measurements on Gibbs energy of formation of Cu(2)Ln(2)O(5) (Ln = Tb, Dy, Ho, Er, Tm, Yb, Lu; Y) from component binary oxides and one set of high-temperature solution calorimetric data on enthalpy of formation have been reported in the literature. Except for Cu2Y2O5, the measured values for the Gibbs energies of formation of all other Cu(2)Ln(2)O(5) compounds fall in a narrow band (+/-1 kJ mol(-1)) and indicate a regular increase in stability with decreasing ionic radius of the lanthanide ion. The values for the second law enthalpy of formation, derived from the temperature dependence of emf obtained in different studies, show larger differences, as high as 25 kJ mol(-1) for Cu2Tm2O5. Though associated with an uncertainty of +/-4 kJ mol(-1), the calorimetric measurements help to identify the best set of emf data. The trends in thermodynamic data correlate well with the global instability index (GII) based on the overall deviation from the valence sum rule. Low values for the index calculated from crystallographic information indicate higher stability. Higher values are indicative of the larger stress in the structure.

Nonlinear Refraction and Two-Photon Absorption in Dense 2Bi(2)O(3)-B2O3 Glasses

High density transparent glasses (7.86 g/cc) were fabricated in the 2Bi(2)O(3)-B2O3 (BBO) system. Optical band gap of the obtained glasses was found to be 2.6eV. The refractive index measured for these glasses was 2.25 +/- 0.05 at lambda=543 nm. Nonlinear refraction and absorption studies were carried out on the BBO glasses using z-scan technique a lambda=532 nm of 10 ns pulse width. The nonlinear refractive index obtained was n(2)=12.1x10(-14) cm(2)/W and nonlinear absorption coefficient was beta=15.2 cm/GW. The n(2) and beta values of the BBO glasses were large compared to the other reported high index bismuth based oxide glass systems in the literature. These were attributed to the high density, high linear refractive index, low band gap and two photon absorption associated with these glasses. The electronic origin of large nonlinearities was discussed based on bond-orbital theory.

Nanocrystallization of TiO2 Anatase Phase in Hydrophobic BaO-TiO2-B2O3 Glass System

Transparent colorless glasses in the ternary BaOTiO2B2O3 system were fabricated via conventional melt-quenching technique. The glasses with certain molar concentrations of BaO and TiO2 on heat treatment at appropriate temperatures yielded nanocrystalline phase of TiO2 associated with the crystallite size in the 515 nm range. Nanocrystallized glasses exhibited high refractive index (n = 2.15) measured at lambda = 543 nm. These glasses were found to be hydrophobic in nature associated with the contact angle of 90 degrees. These high-index glass nanocrystal composites would be of potential interest for optical device applications.

Research Progress On Thermal Protection Materials And Structures Of Hypersonic Vehicles

Hypersonic vehicles represent future trends of military equipments and play an important role in future war. Thermal protection materials and structures, which relate to the safety of hypersonic vehicles, are one of the most key techniques in design and manufacture of hypersonic vehicles. Among these materials and structures, such as metallic temperature protection structure, the temperature ceramics and carbon/carbon composites are usually adopted in design. The recent progresses of research and application of ultra-high temperature materials in preparation, oxidation resistance, mechanical and physical characterization are summarized.

High-strain composites and dual-matrix composite structures

Most space applications require deployable structures due to the limiting size of current launch vehicles. Specifically, payloads in nanosatellites such as CubeSats require very high compaction ratios due to the very limited space available in this typo of platform. Strain-energy-storing deployable structures can be suitable for these applications, but the curvature to which these structures can be folded is limited to the elastic range. Thanks to fiber microbuckling, high-strain composite materials can be folded into much higher curvatures without showing significant damage, which makes them suitable for very high compaction deployable structure applications. However, in applications that require carrying loads in compression, fiber microbuckling also dominates the strength of the material. A good understanding of the strength in compression of high-strain composites is then needed to determine how suitable they are for this type of application.

The goal of this thesis is to investigate, experimentally and numerically, the microbuckling in compression of high-strain composites. Particularly, the behavior in compression of unidirectional carbon fiber reinforced silicone rods (CFRS) is studied. Experimental testing of the compression failure of CFRS rods showed a higher strength in compression than the strength estimated by analytical models, which is unusual in standard polymer composites. This effect, first discovered in the present research, was attributed to the variation in random carbon fiber angles respect to the nominal direction. This is an important effect, as it implies that microbuckling strength might be increased by controlling the fiber angles. With a higher microbuckling strength, high-strain materials could carry loads in compression without reaching microbuckling and therefore be suitable for several space applications.

A finite element model was developed to predict the homogenized stiffness of the CFRS, and the homogenization results were used in another finite element model that simulated a homogenized rod under axial compression. A statistical representation of the fiber angles was implemented in the model. The presence of fiber angles increased the longitudinal shear stiffness of the material, resulting in a higher strength in compression. The simulations showed a large increase of the strength in compression for lower values of the standard deviation of the fiber angle, and a slight decrease of strength in compression for lower values of the mean fiber angle. The strength observed in the experiments was achieved with the minimum local angle standard deviation observed in the CFRS rods, whereas the shear stiffness measured in torsion tests was achieved with the overall fiber angle distribution observed in the CFRS rods.

High strain composites exhibit good bending capabilities, but they tend to be soft out-of-plane. To achieve a higher out-of-plane stiffness, the concept of dual-matrix composites is introduced. Dual-matrix composites are foldable composites which are soft in the crease regions and stiff elsewhere. Previous attempts to fabricate continuous dual-matrix fiber composite shells had limited performance due to excessive resin flow and matrix mixing. An alternative method, presented in this thesis uses UV-cure silicone and fiberglass to avoid these problems. Preliminary experiments on the effect of folding on the out-of-plane stiffness are presented. An application to a conical log-periodic antenna for CubeSats is proposed, using origami-inspired stowing schemes, that allow a conical dual-matrix composite shell to reach very high compaction ratios.

低损耗193nm反射膜的设计

采用1/4规整膜系,从电场强度、吸收损耗及散射损耗的分布几个方面,对影响193 nm反射膜性能的因素进行了分析。以分析结果为基础,对低损耗193 nm反射膜的设计进行了探讨。结果表明:在空气侧的外膜层中电场强度较大,随着层数向内过渡,电场强度迅速减小;高折射率材料膜层的吸收损耗明显高于低折射率材料膜层的吸收损耗,而且靠近空气侧最外层的高折射率膜层的吸收损耗最大;按由外层向内层过渡的方向,吸收损耗迅速减小,减小的速度与高低折射率材料折射率的比值相关;表面散射损耗与两种材料的折射率比值成正比,但折射率比值减小后只能通过增加膜层数来获得一定的反射率,而这样又会使表面粗糙度增加,并且引入其它的损耗。因此,选择折射率差值适当大一些的材料对降低散射损耗是有利的。设计了27层膜堆的193 nm反射膜,设计反射率在98%以上。

Influence of substoichiometer on the laser-induced damage characters of HfO2 thin films

HfO2 is one of the most important high refractive index materials for depositing high power optical mirrors. In this research, HfO2 thin films were prepared by dual-ion beam reactive sputtering method, and the laser-induced damage thresholds (LIDT) of the sample were measured in 1-on-1 mode for laser with 1064 nm wavelength. The results indicate that the LIDT of the as-grown sample is only 3.96 J/cm(2), but it is increased to 8.98 J/cm(2) after annealing under temperature of 200 degrees C in atmosphere. By measuring the laser weak absorption and SIMS of the samples, we deduced that substoichiometer is the main reason for the low LIDT of the as-grown sample, and the experiment results were well explained with the theory of electronic-avalanche ionization. (C) 2008 Elsevier B.V. All rights reserved.

Electron irradiation-induced defects in InP pre-annealed at high temperature

Electron irradiation-induced deep level defects have been studied in InP which has undergone high-temperature annealing in phosphorus and iron phosphide ambients, respectively. In contrast to a high concentration of irradiation-induced defects in as-grown and phosphorus ambient annealed InP, InP pre-annealed in iron phosphide ambient has a very low concentration of defects. The phenomenon has been explained in terms of a faster recombination of radiation-induced defects in the annealed InP. The radiation-induced defects in the annealed InP have been compared and studied. (c) 2006 Elsevier Ltd. All rights reserved.

Self-limiting MBE growth and characterization of three-dimensionally confined nanostructures on patterned GaAs(311)A substrates

The formation of triangular-shaped dot-like (TD) structures grown by molecular beam epitaxy on GaAs (311)A substrates patterned with square- and triangular-shaped holes is compared. On substrates patterned with square-shaped holes, TD structures are formed via the pinch-off of two symmetrically arranged {111} planes which develop freely in the regions between the holes on the original substrate surface, while the (111)A sidewalls of the as-etched holes develop a rough morphology during growth. The evolution of the rough ( 1 1 1)A sidewalls is eliminated on substrates patterned with triangular shaped holes resulting in similar TD structures with highly improved uniformity over the entire pattern. Spectrally and spatially resolved cathodoluminescence spectroscopy reveals the lateral variation of the quantum-well confinement energy in the TD structures generating distinct lateral energy barriers between the top portion and the nearby smooth regions with efficient radiative recombination. Formation of TD structures provides a new approach Do fabricate three-dimensionally confined nanostructures in a controlled manner.

Delay of the excited state lasing of 1310 nm InAs/GaAs quantum dot lasers by facet coating

In this letter, we present a facet coating design to delay the excited state (ES) lasing for 1310 nm InAs/GaAs quantum dot lasers. The key point of our design is to ensure that the mirror loss of ES is larger than that of the ground state by decreasing the reflectivity of the ES. In the facet coating design, the central wavelength is at 1480 nm, and the high- and low-index materials are Ta2O5 and SiO2, respectively. Compared with the traditional Si/SiO2 facet coating with a central wavelength of 1310 nm, we have found that with the optimal design the turning temperature of the ES lasing has been delayed from 90 to 100 degrees C for the laser diodes with cavity length of 1.2 mm. Furthermore, the characteristic temperature (T-0) of the laser diodes is also improved.

Beyond simple imaging with energetic beams – nanopatterning, correlative microscopy and statistical analysis of inclusions

Electron microscopy (EM) has advanced in an exponential way since the first transmission electron microscope (TEM) was built in the 1930’s. The urge to ‘see’ things is an essential part of human nature (talk of ‘seeing is believing’) and apart from scanning tunnel microscopes which give information about the surface, EM is the only imaging technology capable of really visualising atomic structures in depth down to single atoms. With the development of nanotechnology the demand to image and analyse small things has become even greater and electron microscopes have found their way from highly delicate and sophisticated research grade instruments to key-turn and even bench-top instruments for everyday use in every materials research lab on the planet. The semiconductor industry is as dependent on the use of EM as life sciences and pharmaceutical industry. With this generalisation of use for imaging, the need to deploy advanced uses of EM has become more and more apparent. The combination of several coinciding beams (electron, ion and even light) to create DualBeam or TripleBeam instruments for instance enhances the usefulness from pure imaging to manipulating on the nanoscale. And when it comes to the analytic power of EM with the many ways the highly energetic electrons and ions interact with the matter in the specimen there is a plethora of niches which evolved during the last two decades, specialising in every kind of analysis that can be thought of and combined with EM. In the course of this study the emphasis was placed on the application of these advanced analytical EM techniques in the context of multiscale and multimodal microscopy – multiscale meaning across length scales from micrometres or larger to nanometres, multimodal meaning numerous techniques applied to the same sample volume in a correlative manner. In order to demonstrate the breadth and potential of the multiscale and multimodal concept an integration of it was attempted in two areas: I) Biocompatible materials using polycrystalline stainless steel and II) Semiconductors using thin multiferroic films. I) The motivation to use stainless steel (316L medical grade) comes from the potential modulation of endothelial cell growth which can have a big impact on the improvement of cardio-vascular stents – which are mainly made of 316L – through nano-texturing of the stent surface by focused ion beam (FIB) lithography. Patterning with FIB has never been reported before in connection with stents and cell growth and in order to gain a better understanding of the beam-substrate interaction during patterning a correlative microscopy approach was used to illuminate the patterning process from many possible angles. Electron backscattering diffraction (EBSD) was used to analyse the crystallographic structure, FIB was used for the patterning and simultaneously visualising the crystal structure as part of the monitoring process, scanning electron microscopy (SEM) and atomic force microscopy (AFM) were employed to analyse the topography and the final step being 3D visualisation through serial FIB/SEM sectioning. II) The motivation for the use of thin multiferroic films stems from the ever-growing demand for increased data storage at lesser and lesser energy consumption. The Aurivillius phase material used in this study has a high potential in this area. Yet it is necessary to show clearly that the film is really multiferroic and no second phase inclusions are present even at very low concentrations – ~0.1vol% could already be problematic. Thus, in this study a technique was developed to analyse ultra-low density inclusions in thin multiferroic films down to concentrations of 0.01%. The goal achieved was a complete structural and compositional analysis of the films which required identification of second phase inclusions (through elemental analysis EDX(Energy Dispersive X-ray)), localise them (employing 72 hour EDX mapping in the SEM), isolate them for the TEM (using FIB) and give an upper confidence limit of 99.5% to the influence of the inclusions on the magnetic behaviour of the main phase (statistical analysis).

Hybrid FIB milling strategy for the fabrication of plasmonic nanostructures on semiconductor substrates

The optical properties of plasmonic semiconductor devices fabricated by focused ion beam (FIB) milling deteriorate because of the amorphisation of the semiconductor substrate. This study explores the effects of combining traditional 30 kV FIB milling with 5 kV FIB patterning to minimise the semiconductor damage and at the same time maintain high spatial resolution. The use of reduced acceleration voltages is shown to reduce the damage from higher energy ions on the example of fabrication of plasmonic crystals on semiconductor substrates leading to 7-fold increase in transmission. This effect is important for focused-ion beam fabrication of plasmonic structures integrated with photodetectors, light-emitting diodes and semiconductor lasers.

Facet-Dependent Catalytic Activity of Platinum Nanocrystals for Triiodide Reduction in Dye-Sensitized Solar Cells

Platinum (Pt) nanocrystals have demonstrated to be an effective catalyst in many heterogeneous catalytic processes. However, pioneer facets with highest activity have been reported differently for various reaction systems. Although Pt has been the most important counter electrode material for dye-sensitized solar cells (DSCs), suitable atomic arrangement on the exposed crystal facet of Pt for triiodide reduction is still inexplicable. Using density functional theory, we have investigated the catalytic reaction processes of triiodide reduction over {100}, {111} and {411} facets, indicating that the activity follows the order of Pt(111) > Pt(411) > Pt(100). Further, Pt nanocrystals mainly bounded by {100}, {111} and {411} facets were synthesized and used as counter electrode materials for DSCs. The highest photovoltaic conversion efficiency of Pt(111) in DSCs confirms the predictions of the theoretical study. These findings have deepened the understanding of the mechanism of triiodide reduction at Pt surfaces and further screened the best facet for DSCs successfully.