A study of plastic deformation during axisymmetric forward spiral extrusion and its subsequent mechanical property changes

Axisymmetric forward spiral extrusion (AFSE) accumulates large strains in its sample while extruding it through a die with engraved spiral grooves. A three-dimensional finite element model of AFSE has been developed using ABAQUS to investigate the deformation mode in detail, including the effect of groove geometry and the heterogeneity of plastic deformation. The numerical results demonstrated that the strain distribution in the AFSE sample cross section is linear in the radial direction within a concentric core while the distribution, outside the core, in the vicinity of the grooves is non-linear and non-axisymmetric. Mechanical properties and grain structure changes of the deformed sample were investigated. Improvements of mechanical properties in the processed samples can be attributed to the domination of the shear deformation mode in a plane normal to the extrusion axis and consequently the elongation of grains in the tangential direction

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.

Estimating cointegrated panels with common factors and the forward rate unbiasedness hypothesis

This article proposes a bias-adjusted estimator for use in cointegrated panel regressions when the errors are cross-sectionally correlated through an unknown common factor structure. The asymptotic distribution of the new estimator is derived and is examined in small samples using Monte Carlo simulations. For the estimation of the number of factors, several information-based criteria are considered. The simulation results suggest that the new estimator performs well in comparison to existing ones. In our empirical application, we provide new evidence suggesting that the forward rate unbiasedness hypothesis cannot be rejected. © The Author 2007.

Cost-effective authentic and anonymous data sharing with forward security

Data sharing has never been easier with the advances of cloud computing, and an accurate analysis on the shared data provides an array of benefits to both the society and individuals. Data sharing with a large number of participants must take into account several issues, including efficiency, data integrity and privacy of data owner. Ring signature is a promising candidate to construct an anonymous and authentic data sharing system. It allows a data owner to anonymously authenticate his data which can be put into the cloud for storage or analysis purpose. Yet the costly certificate verification in the traditional public key infrastructure (PKI) setting becomes a bottleneck for this solution to be scalable. Identity-based (ID-based) ring signature, which eliminates the process of certificate verification, can be used instead. In this paper, we further enhance the security of ID-based ring signature by providing forward security: If a secret key of any user has been compromised, all previous generated signatures that include this user still remain valid. This property is especially important to any large scale data sharing system, as it is impossible to ask all data owners to re-authenticate their data even if a secret key of one single user has been compromised. We provide a concrete and efficient instantiation of our scheme, prove its security and provide an implementation to show its practicality.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

In this paper we revisit the relationship between the equity and the forward premium puzzles. We construct return-based stochastic discount factors under very mild assumptions and check whether they price correctly the equity and the foreign currency risk premia. We avoid log-linearizations by using moments restrictions associated with euler equations to test the capacity of our return-based stochastic discount factors to price returns on the relevant assets. Our main finding is that a pricing kernel constructed only using information on American domestic assets accounts for both domestic and international stylized facts that escape consumption based models. In particular, we fail to reject the null hypothesis that the foreign currency risk premium has zero price when the instrument is the own current value of the forward premium.

Essays on the relationship between the equity and the forward premium puzzles

Our research agenda consists in showing this strong relation between these puzzles based on evidences that both empirical failures are related to the incapacity of the canonical CCAPM to provide a high volatile intertemporal marginal rate of substitution with reasonable values for the preferences parameters.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

We build a pricing kernel using only US domestic assets data and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our stochastic discount factor as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)'s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)’s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by comparing this out-of-sample results with the one obtained performing an in-sample exercise, where the return-based SDF captures sources of risk of a representative set of developed and emerging economies government bonds. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness

We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.

A note on the forward and the equity-premium puzzles: two symptoms of the same illness?

We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.

The forward and the equity premium puzzles: two symptoms of the same illness?

The Forward Premium Puzzle (FPP) is how the empirical observation of a negative relation between future changes in the spot rates and the forward premium is known. Modeling this forward bias as a risk premium and under weak assumptions on the behavior of the pricing kernel, we characterize the potential bias that is present in the regressions where the FPP is observed and we identify the necessary and sufficient conditions that the pricing kernel has to satisfy to account for the predictability of exchange rate movements. Next, we estimate the pricing kernel applying two methods: i) one, du.e to Araújo et aI. (2005), that exploits the fact that the pricing kernel is a serial correlation common feature of asset prices, and ii) a traditional principal component analysis used as a procedure 1;0 generate a statistical factor modeI. Then, using on the sample and out of the sample exercises, we are able to show that the same kernel that explains the Equity Premi um Puzzle (EPP) accounts for the FPP in all our data sets. This suggests that the quest for an economic mo deI that generates a pricing kernel which solves the EPP may double its prize by simultaneously accounting for the FPP.