An Alternative View of the US Price-Dividend Ratio Dynamics

As a necessary condition for the validity of the present value model, the price-dividend ratio must be stationary. However, significant market episodes seem to provide evidence of prices significantly drifting apart from dividends while other episodes show prices anchoring back to dividends. This paper investigates the stationarity of this ratio in the context of a Markov- switching model à la Hamilton (1989) where an asymmetric speed of adjustment towards a unique attractor is introduced. A three-regime model displays the best regime identification and reveals that the first part of the 90’s boom (1985-1995) and the post-war period are characterized by a stationary state featuring a slow reverting process to a relatively high attractor. Interestingly, the latter part of the 90’s boom (1996-2000), characterized by a growing price-dividend ratio, is entirely attributed to a stationary regime featuring a highly reverting process to the attractor. Finally, the post-Lehman Brothers episode of the subprime crisis can be classified into a temporary nonstationary regime.

Direct acceleration of solid-density plasma bunch by ultraintense laser

The interaction of a petawatt laser with a small solid-density plasma bunch is studied by particle-in-cell simulation. It is shown that when irradiated by a laser of intensity >10(21) W/cm(2), a dense plasma bunch of micrometer size can be efficiently accelerated. The kinetic energy of the ions in the high-density region of the plasma bunch can exceed ten MeV at a density in the 10(23)-cm(-3) level. Having a flux density orders of magnitude higher than that of the traditional charged-particle pulses, the laser-accelerated plasma bunch can have a wide range of applications. In particular, such a dense energetic plasma bunch impinging on the compressed fuel in inertial fusion can significantly enhance the nuclear-reaction cross section and is thus a promising alternative for fast ignition.

Trenngitter - eine Alternative zu den Trichternetzen in der Garnelenfischerei

Experimental fishing trials were conducted in the Elbe Estuary using an experimental 3 m-standard beamtrawl. To avoid the by-catch of fish, a sorting grid was used. The elliptical grid was constructed of 6 mm diameter stainless steel bars with a spacing of 13 mm between the bars and housed in a cylindrical frame of 400 mm diameter. It was installed in the extension piece just in front of the codend angled at 45°, with a fish outlet at the top. A series of 10 tows of 15 minutes duration at a towing speed of 3 kn was done. The catch of the main codend was compared with the catch separated by the sorting grid. This achieved a reduction of 56 % of plaice (Pleuronectes platessa), 75 % of flounder (Platichthys flesus), 99 % of whiting (Merlangius merlangus), 94 % of cod (Gadus morhua) and 49 % of smelt (Osmerus eperlanus) with a mean loss of 43 % of shrimps (Crangon crangon). English grid trials in the Humber estuary using a flapper set or guiding funnel in front of the sorting grid device demonstrated reasonable lower escapement rates for fish and shrimps.

Evaluation of two alternative carbon capture and storage technologies

4 p.

Alternative trajectories for decarbonizing urban transportation

4 p.

Precipitation of nanocrystals in glasses by electron irradiation: An alternative path to form glass ceramics?

This letter demonstrates an alternative method to form gallium silicate glass ceramics using high-energy electron irradiation. Compared with glass ceramics obtained from the conventional thermal treatment method, the distribution and crystal sizes of the precipitated Ga2O3 nanoparticles are the same. An advantage of this method is that the spatial distribution of the precipitated nanoparticles can be easily controlled. However, optically active dopants Ni2+ ions do not participate in the precipitation during electron irradiation. (c) 2007 American Institute of Physics.

Evaluation of Two Alternative Carbon Capture and Storage Technologies: A Stochastic Model

30 p.

The Green Paradox and Learning-by-doing in the Renewable Energy Sector

21 p.

Decarbonising urban transportation

18 p.

The lakes of Michoacan (Mexico): A brief history and alternative point of view

This article is intended to open a discussion about the historical development of lakes Zirahuen, Patzcuaro and Cuitzeo in the state of Michoacan, and the postulated relationships between lake ecology and evolution. Dr Fernando De Buen was the first man dedicated to limnology in Mexico who came to the country in the 1930s. He was adviser at the Estacion Limnologica de Patzcuaro and wrote outstanding papers dealing with Mexican lakes. The lakes of Michoacan probably formed in the late Pliocene or Holocene, and were part of a tributary to the Lerma River, which became isolated by successive volanic barriers to form lake basins. Lake Zirahuen is a warm monomictic waterbody with unique water dynamics amongst the Michoacan lakes. Because it is relatively deep (max depth 40m), seasonal patterns of alternating circulation and thermal stratification develop in the lake, a feature not shared by the other two polymictic shallow lakes, Patzcuaro and Cuitzeo.

A report on increasing the thrust of a turbojet engine by combustion of fuel in the tail pipe

The purpose of this work was to develop a means of increasing the thrust of a turbojet engine by burning kerosene in the tail pipe.

A combustion system was developed which gave the following results:
(l) Maximum thrust increase using a G.E. I-14 engine was 64 per cent over straight tail pipe thrust corresponding to 42 per cent increase over the normal engine thrust. This increase was accomplished at an engine rpm of 12,000.
(2) Increase of maximum thrust obtained was 51 per cent over the straight tail pipe thrust corresponding to 23 per cent over the normal engine thrust. This increase was accomplished at an engine rpm of l6,000.
(3) For the thrust increases mentioned in (1) and (2) above, increases of Specific Fuel Consumption were 66 per cent and 76 per cent respectively over normal engine SFC.

O Protocolo de Kyoto e o mercado de crédito de carbono: estudo de caso das emissões de gases de efeito estufa da fábrica de combustível nuclear pertencente às Indústrias Nucleares do Brasil no ano de 2008

A presente dissertação discute as questões relacionadas à intensificação das mudanças climáticas por causas antrópicas conforme a evolução no uso dos recursos naturais, inovações nos processos produtivos, transformações econômicas, sociais, culturais, políticas e, especialmente ambientais. Aborda a comercialização dos créditos de carbono através de projetos de Mecanismo de Desenvolvimento Limpo (MDL), um dos mecanismos de flexibilização criados pelo Protocolo de Kyoto. No contexto de mudanças climáticas, uma matriz energética que utilize fontes de energia que não emitam gases causadores do efeito estufa (GEE) se mostra uma importante estratégia de desenvolvimento sustentável. Sob essa perspectiva, a energia nucleoelétrica é apresentada como uma alternativa viável aos combustíveis fósseis, considerando que esta é uma energia limpa e compatível com a perspectiva de desenvolvimento sustentável. A Fábrica de Combustível Nuclear (FCN), localizada em Resende (Rio de Janeiro), pertencente às Indústrias Nucleares do Brasil (INB), é um conjunto de sofisticadas fábricas nas quais se processam etapas importantes do ciclo do combustível nuclear. Na FCN, o Centro Zoobotânico realiza a gestão das atividades voltadas para a conservação da natureza tais como o Programa de Recuperação de Mata Ciliar, Reflorestamento e Fauna. O Relatório de inventário das emissões diretas e indiretas de GEE da FCN, elaborado pela INB para o ano de 2008, permite a auto-avaliação da empresa, retratando a preocupação corporativa com as questões relativas às mudanças climáticas. Segundo este Relatório, o total de emissões de GEE quantificado corresponde a 12,14% da capacidade total de sequestro de dióxido de carbono, no período de Janeiro a Dezembro de 2008. A proteção de florestas e a plantação de árvores são componentes essenciais de qualquer estratégia global para mitigação da mudança climática, e a participação da INB no mercado de crédito de carbono pode proporcionar externalidades positivas, tais como ganhos de imagem, adequação a padrões ambientais e melhoria do relacionamento com a sociedade.

Quantum Mechanics Studies of Fuel Cell Catalysts and Proton Conducting Ceramics with Validation by Experiment

We carried out quantum mechanics (QM) studies aimed at improving the performance of hydrogen fuel cells. This led to predictions of improved materials, some of which were subsequently validated with experiments by our collaborators.

In part I, the challenge was to find a replacement for the Pt cathode that would lead to improved performance for the Oxygen Reduction Reaction (ORR) while remaining stable under operational conditions and decreasing cost. Our design strategy was to find an alloy with composition Pt3M that would lead to surface segregation such that the top layer would be pure Pt, with the second and subsequent layers richer in M. Under operating conditions we expect the surface to have significant O and/or OH chemisorbed on the surface, and hence we searched for M that would remain segregated under these conditions. Using QM we examined surface segregation for 28 Pt₃M alloys, where M is a transition metal. We found that only Pt₃Os and Pt₃Ir showed significant surface segregation when O and OH are chemisorbed on the catalyst surfaces. This result indicates that Pt₃Os and Pt3Ir favor formation of a Pt-skin surface layer structure that would resist the acidic electrolyte corrosion during fuel cell operation environments. We chose to focus on Os because the phase diagram for Pt-Ir indicated that Pt-Ir could not form a homogeneous alloy at lower temperature. To determine the performance for ORR, we used QM to examine all intermediates, reaction pathways, and reaction barriers involved in the processes for which protons from the anode reactions react with O₂ to form H₂O. These QM calculations used our Poisson-Boltzmann implicit solvation model include the effects of the solvent (water with dielectric constant 78 with pH 7 at 298K). We found that the rate determination step (RDS) was the O_ad hydration reaction (O_ad + H₂O_ad -> OH_ad + OH_ad) in both cases, but that the barrier for pure Pt of 0.50 eV is reduced to 0.48 eV for Pt₃Os, which at 80 degrees C would increase the rate by 218%. We collaborated with the Pu-Wei Wu’s group to carry out experiments, where we found that the dealloying process-treated Pt2Os catalyst showed two-fold higher activity at 25 degrees C than pure Pt and that the alloy had 272% improved stability, validating our theoretical predictions.

We also carried out similar QM studies followed by experimental validation for the Os/Pt core-shell catalyst fabricated by the underpotential deposition (UPD) method. The QM results indicated that the RDS for ORR is a compromise between the OOH formation step (0.37 eV for Pt, 0.23 eV for Pt_2ML/Os core-shell) and H₂O formation steps (0.32 eV for Pt, 0.22 eV for Pt_2ML/Os core-shell). We found that Pt_2ML/Os has the highest activity (compared to pure Pt and to the Pt₃Os alloy) because the 0.37 eV barrier decreases to 0.23 eV. To understand what aspects of the core shell structure lead to this improved performance, we considered the effect on ORR of compressing the alloy slab to the dimensions of pure Pt. However this had little effect, with the same RDS barrier 0.37 eV. This shows that the ligand effect (the electronic structure modification resulting from the Os substrate) plays a more important role than the strain effect, and is responsible for the improved activity of the core- shell catalyst. Experimental materials characterization proves the core-shell feature of our catalyst. The electrochemical experiment for Pt_2ML/Os/C showed 3.5 to 5 times better ORR activity at 0.9V (vs. NHE) in 0.1M HClO₄ solution at 25 degrees C as compared to those of commercially available Pt/C. The excellent correlation between experimental half potential and the OH binding energies and RDS barriers validate the feasibility of predicting catalyst activity using QM calculation and a simple Langmuir–Hinshelwood model.

In part II, we used QM calculations to study methane stream reforming on a Ni-alloy catalyst surfaces for solid oxide fuel cell (SOFC) application. SOFC has wide fuel adaptability but the coking and sulfur poisoning will reduce its stability. Experimental results suggested that the Ni4Fe alloy improves both its activity and stability compared to pure Ni. To understand the atomistic origin of this, we carried out QM calculations on surface segregation and found that the most stable configuration for Ni₄Fe has a Fe atom distribution of (0%, 50%, 25%, 25%, 0%) starting at the bottom layer. We calculated that the binding of C atoms on the Ni4Fe surface is 142.9 Kcal/mol, which is about 10 Kcal/mol weaker compared to the pure Ni surface. This weaker C binding energy is expected to make coke formation less favorable, explaining why Ni₄Fe has better coking resistance. This result confirms the experimental observation. The reaction energy barriers for CHx decomposition and C binding on various alloy surface, Ni₄X (X=Fe, Co, Mn, and Mo), showed Ni₄Fe, Ni₄Co, and Fe₄Mn all have better coking resistance than pure Ni, but that only Ni₄Fe and Fe₄Mn have (slightly) improved activity compared to pure Ni.

In part III, we used QM to examine the proton transport in doped perovskite-ceramics. Here we used a 2x2x2 supercell of perovskite with composition Ba₈X₇M₁(OH)₁O₂₃ where X=Ce or Zr and M=Y, Gd, or Dy. Thus in each case a 4⁺ X is replace by a 3⁺ M plus a proton on one O. Here we predicted the barriers for proton diffusion allowing both includes intra-octahedron and inter-octahedra proton transfer. Without any restriction, we only observed the inter-octahedra proton transfer with similar energy barrier as previous computational work but 0.2 eV higher than experimental result for Y doped zirconate. For one restriction in our calculations is that the O_donor-O_acceptor atoms were kept at fixed distances, we found that the barrier difference between cerates/zirconates with various dopants are only 0.02~0.03 eV. To fully address performance one would need to examine proton transfer at grain boundaries, which will require larger scale ReaxFF reactive dynamics for systems with millions of atoms. The QM calculations used here will be used to train the ReaxFF force field.

Remoção de compostos sulfurados e nitrogenados de diesel hidrotratado por adsorção em argila, alumina e sílica-alumina, impregnadas com metais de transição

Na matriz energética brasileira, o óleo diesel tem lugar de destaque, porém ainda é comercializado com teores de compostos sulfurados e nitrogenados considerados altos para as legislações ambientais que entrarão em vigor nos próximos anos. Tradicionalmente, a remoção desses compostos de enxofre de correntes de petróleo é realizada por processos de hidrotratamento (HDT). No entanto, devido as características do diesel brasileiro, se faz necessária maior severidade para atingir as novas especificações dos combustíveis. Isto implica em investimentos e custos operacionais crescentes para atender a demanda que se instala. Neste contexto, a adsorção está sendo estudada para a purificação da corrente de óleo diesel oriunda da etapa de hidrotratamento como polimento final para alcançar as especificações mais exigentes. Sabe-se que os adsorventes comerciais apresentam limitações na remoção destes contaminantes e uma alternativa que tem se mostrado promissora é a incorporação de metais de transição na estrutura do sólido. No presente trabalho foram modificados adsorventes comerciais, tais como aluminas, sílica-aluminas e argilas pela introdução dos elementos níquel, colbalto e molibdênio e testado o desempenho dessas modificações frente à adsorção de compostos sulfurados e nitrogenados presentes em um diesel hidrotratado. Foram feitas caracterizações químicas, físicas, texturais e morfológicas dos sólidos com e sem incorporação de metais de transição na estrutura original. Os experimentos de adsorção foram realizados a 40C. Avaliando todos os sólidos, o adsorvente que mostrou o melhor desempenho na remoção de compostos sulfurados e nitrogenados por massa de adsorvente foi a sílica-alumina sem modificações, que foi capaz de remover em torno de 90% de compostos nitrogenados e 55 % de sulfurados para 2 g de sólido / 10 mL de diesel. Para os materiais modificados, observou-se que a incorporação dos metais de transição ocasionou redução da sua área superficial e do volume total de poros. Desta maneira, os efeitos esperados pelas interações entre o sítios metálicos e os compostos de nitrogênio e enxofre foram reduzidos