Financial stress transmission in EMU sovereign bond market volatility: a connectedness analysis

This paper measures the connectedness in EMU sovereign market volatility between April 1999 and January 2014, in order to monitor stress transmission and to identify episodes of intensive spillovers from one country to the others. To this end, we first perform a static and dynamic analysis to measure the total volatility connectedness in the entire period (the system-wide approach) using a framework recently proposed by Diebold and Yılmaz (2014). Second, we make use of a dynamic analysis to evaluate the net directional connectedness for each country and apply panel model techniques to investigate its determinants. Finally, to gain further insights, we examine the timevarying behaviour of net pair-wise directional connectedness at different stages of the recent sovereign debt crisis.

On the Rule of Mixtures for Predicting Stress-Softening and Residual Strain Effects in Biological Tissues and Biocompatible Materials

In this work, we use the rule of mixtures to develop an equivalent material model in which the total strain energy density is split into the isotropic part related to the matrix component and the anisotropic energy contribution related to the fiber effects. For the isotropic energy part, we select the amended non-Gaussian strain energy density model, while the energy fiber effects are added by considering the equivalent anisotropic volumetric fraction contribution, as well as the isotropized representation form of the eight-chain energy model that accounts for the material anisotropic effects. Furthermore, our proposed material model uses a phenomenological non-monotonous softening function that predicts stress softening effects and has an energy term, derived from the pseudo-elasticity theory, that accounts for residual strain deformations. The model’s theoretical predictions are compared with experimental data collected from human vaginal tissues, mice skin, poly(glycolide-co-caprolactone) (PGC25 3-0) and polypropylene suture materials and tracheal and brain human tissues. In all cases examined here, our equivalent material model closely follows stress-softening and residual strain effects exhibited by experimental data

Atomic diffusion induced by stress relaxation in InGaAs/GaAs epitaxial layers

The origin of the microscopic inhomogeneities in InxGa1-xAs layers grown on GaAs by molecular beam epitaxy is analyzed through the optical absorption spectra near the band gap. It is seen that, for relaxed thick layers of about 2.8μm, composition inhomogeneities are responsible for the band edge smoothing into the whole compositional range (0.05stress relaxation. In consequence, the strain variations present in the layer are converted into composition variations during growth. This process is energetically favorable as it diminishes elastic energy. An additional support to this hypothesis is given by a clear proportionality between the magnitude of the composition variations and the mean strain

Response of fine root respiration to variations in biotic and abiotic factors in a mixed Mediterranean forest affected by drought-induced secondary succession

Understanding the factors controlling fine root respiration (FRR) at different temporal scales will help to improve our knowledge about the spatial and temporal variability of soil respiration (SR) and to improve future predictions of CO2 effluxes to the atmosphere. Here we present a comparative study of how FRR respond to variability in soil temperature and moisture in two widely spread species, Scots pines (Pinus sylvestris L.) and Holm-oaks (HO; Quercus ilex L.). Those two species show contrasting water use strategies during the extreme summer-drought conditions that characterize the Mediterranean climate. The study was carried out on a mixed Mediterranean forest where Scots pines affected by drought induced die-back are slowly being replaced by the more drought resistant HO. FRR was measured in spring and early fall 2013 in excised roots freshly removed from the soil and collected under HO and under Scots pines at three different health stages: dead (D), defoliated (DP) and non-defoliated (NDP). Variations in soil temperature, soil water content and daily mean assimilation per tree were also recorded to evaluate FRR sensibility to abiotic and biotic environmental variations. Our results show that values of FRR were substantially lower under HO (1.26 ± 0.16 microgram CO2 /groot·min) than under living pines (1.89 ± 0.19 microgram CO2 /groot·min) which disagrees with the similar rates of soil respiration previously observed under both canopies and suggest that FRR contribution to total SR varies under different tree species. The similarity of FRR rates under HO and DP furthermore confirms other previous studies suggesting a recent Holm-oak root colonization of the gaps under dead trees. A linear mixed effect model approach indicated that seasonal variations in FRR were best explained by soil temperature (p<0.05) while soil moisture was not exerting any direct control over FRR, despite the low soil moisture values during the summer sampling. Plant assimilation rates were positively related to FRR explaining part of the observed variability (p<0.01). However the positive relations of FRR with plant assimilation occurred mainly during spring, when both soil moisture and plant assimilation rates were higher. Our results finally suggest that plants might be able to maintain relatively high rates of FRR during the sub-optimal abiotic and biotic summer conditions probably thanks to their capacity to re-mobilize carbon reserves and their capacity to passively move water from moister layers to upper layers with lower water potentials (where the FR were collected) by hydraulic lift.

Fatigue analysis of brackets with and without scallop for bridge and other deck structure using effective notch stress.

Due to functional requirement of a structural detail brackets with and without scallop are frequently used in bridges, decks, ships and offshore structure. Scallops are designed to serve as passage way for fluids, to reduce weld length and plate distortions. Moreover, scallops are used to avoid intersection of two or more welds for the fact that there is the presence of inventible inherent initial crack except for full penetrated weld and the formation of multi-axial stress state at the weld intersection. Welding all around the scallop corner increase the possibility of brittle fracture even for the case the bracket is not loaded by primary load. Avoiding of scallop will establish an initial crack in the corner if bracket is welded by fillet welds. If the two weld run pass had crossed, this would have given a 3D residual stress situation. Therefore the presences and absence of scallop necessitates the 3D FEA fatigue resistance of both types of brackets using effective notch stress approach ( ). FEMAP 10.1 with NX NASTRAN was used for the 3D FEA. The first and main objective of this research was to investigate and compare the fatigue resistance of brackets with and without scallop. The secondary goal was the fatigue design of scallops in case they cannot be avoided for some reason. The fatigue resistance for both types of brackets was determined based on approach using 1 mm fictitiously rounded radius based on IIW recommendation. Identical geometrical, boundary and loading conditions were used for the determination and comparison of fatigue resistance of both types of brackets using linear 3D FEA. Moreover the size effect of bracket length was also studied using 2D SHELL element FEA. In the case of brackets with scallop the flange plate weld toe at the corner of the scallop was found to exhibit the highest and made the flange plate weld toe critical for fatigue failure. Whereas weld root and weld toe at the weld intersections were the highly stressed location for brackets without scallop. Thus weld toe for brackets with scallop, and weld root and weld toe for brackets without scallop were found to be the critical area for fatigue failure. Employing identical parameters on both types of brackets, brackets without scallop had the highest except for full penetrated weld. Furthermore the fatigue resistance of brackets without scallop was highly affected by the lack of weld penetration length and it was found out that decreased as the weld penetration was increased. Despite the fact that the very presence of scallop reduces the stiffness and also same time induce stress concentration, based on the 3D FEA it is worth concluding that using scallop provided better fatigue resistance when both types of brackets were fillet welded. However brackets without scallop had the highest fatigue resistance when full penetration weld was used. This thesis also showed that weld toe for brackets with scallop was the only highly stressed area unlike brackets without scallop in which both weld toe and weld root were the critical locations for fatigue failure when different types of boundary conditions were used. Weld throat thickness, plate thickness, scallop radius, lack of weld penetration length, boundary condition and weld quality affected the fatigue resistance of both types of brackets. And as a result, bracket design procedure, especially welding quality and post weld treatment techniques significantly affect the fatigue resistance of both type of brackets.

Stress testing practices in risk management - Empirical evidence from the Finnish banking and insurance sectors

The main purpose of this study was to analyze how stress tests are used in risk management in the Finnish banking and insurance sectors. In order to enhance understanding of the topic, stress testing was explored in the context of corporate governance and regulato-ry implications of Basel II and Solvency II on stress testing were examined. In addition, the effects of the global financial crisis on stress testing were mapped and the differences in stress testing practices between the banking and insurance sector were discussed. The research method was qualitative case study and it was conducted by interviewing risk managers from ten institutions and a representative from FIN-FSA. Findings pointed out that stress testing practices vary significantly between different institutions. Interesting observations were made in terms of stress testing practices in the banking and insurance sectors. The increasing importance and use of stress tests were recognized as a result of the financial crisis. Stress testing was even considered more like art than science given the amount of challenges it involves. In general, improvements in stress tests were suggested, with an emphasis on stress concentration between different types of risks.

Callus cell culture of Pothomorphe umbellata (L.) under stress condition leads to high content of peroxidase enzyme

Pothomorphe umbellata (L.) known on Brazil as Caapeba has a number of popular medicinal use, and it has been studied in relation to its pharmacological activity. Peroxidase specific activity (units/mg protein) was evaluated in callus cell culture samples of the P.umbellata, grown in two different MS medium (media 1 and media 2), submitted to 16 hours photoperiod or kept in darkness. Cell growth rate curve showed that the best growth indices were observed when media 2 submitted to the photoperiod regime was used, followed by the same media kept in darkness (stress condition). The results obtained also showed that the cell culture grown under stress conditions (darkness) lead to high content of peroxidase enzyme (an increase of 700% was observed). Kinetic constant values of 3.3 mmol.L-1 and 2,8 sec-1 were obtained for kM and v max,, respectively, using guaiacol as enzyme substrate.

Stress testing and risk evaluation of new capacity payment algorithm proposed by Market Council

In the Russian Wholesale Market, electricity and capacity are traded separately. Capacity is a special good, the sale of which obliges suppliers to keep their generating equipment ready to produce the quantity of electricity indicated by the System Operator. The purpose of the formation of capacity trading was the maintenance of reliable and uninterrupted delivery of electricity in the wholesale market. The price of capacity reflects constant investments in construction, modernization and maintenance of power plants. So, the capacity sale creates favorable conditions to attract investments in the energy sector because it guarantees the investor that his investments will be returned.

Eucalyptus ESTs involved in mechanisms against plant pathogens and environmental stresses

Eucalypt plantation has high economical importance in Brazil; however, it has been attacked by various pathogens under different environmental stress conditions. Disease resistance and survival under unfavorable environmental conditions have revealed that the eucalypt has developed highly efficient defense systems. Here we show the results of the Eucalyptus ESTs Genome Project (FORESTs). Using the expressed sequence tags (ESTs) obtained by the Project, contigs of similar sequences from each cDNA library induced and not induced by stress agents were formed, and cDNA sequences similar to other already known molecules, such as plant-signaling molecules, phytoalexins, lignin biosynthesis pathways, PR-proteins and putative genes corresponding to enzymes involved in the detoxification of reactive oxygen species, were identified. We also present general considerations about the mechanisms of Eucalyptus defense against biotic and abiotic stresses. These data are of extreme importance for future eucalypt breeding programs aimed at developing plants with enhanced resistance against pathogens and environmental stresses.

Relationships and estimates of longitudinal growth stress in Eucalyptus dunnii at different ages

The objective of this study was to obtain estimates of longitudinal growth stresses in standing trees of the Eucalyptus dunnii Maiden at eight, thirteen, fifteen and nineteen years of age and to determine their relationships with wood characteristics. The longitudinal growth stresses were indirectly measured by the "CIRAD-Forêt" method and estimated from both the dynamic modulus of elasticity and the modulus of elasticity in tension parallel to the grain. The longitudinal residual strain (LRS) and the estimates of the longitudinal growth stresses tended to increase with the age of the material. The LRS correlated positively and significantly with all the growth stresses estimates. The largestes magnitudes were at 13, 15 and 19 years of age. The basic density presented high, positive and significant correlations with the dynamic modulus of elasticity, estimated in the longitudinal direction, for wood saturated and at 12% moisture content, for all the ages assessed. All the growth stresses estimates presented high, positive and significant correlations between themselves.

Determinação do módulo de elasticidade em madeira laminada colada por meio de ensaio não destrutivo (''stress wave timer'')

As vigas estruturais de madeira são formas racionais do emprego da madeira na construção de estruturas, sendo obtidas pela associação de peças serradas e permitindo a utilização de tábuas com seções e comprimentos variados, além de combinações com madeira de qualidade diferenciada. Para atingir a resistência máxima de uma viga de madeira laminada colada, pode-se utilizar a classificação mecânica das peças por meio dinâmico. O objetivo deste estudo foi estabelecer correlação entre os métodos estático e dinâmico de classificação de vigas de madeira laminada. O trabalho foi desenvolvido com o emprego de peças de madeira serrada de Pinus taeda e adesivo resorcina fenolformaldeído. O processo de fabricação das vigas envolveu a classificação das peças, usinagem de emendas, formação das lamelas, montagem e prensagem das vigas. Já os ensaios envolveram a determinação do módulo de elasticidade por meio do ''stress wave method'' e de uma máquina universal de ensaios. Os resultados foram analisados pela análise de regressão do estabelecimento da equação de ajuste de correlação. O sistema de classificação visual utilizado na seleção de peças foi insuficiente para se atingirem os valores máximos de módulo de elasticidade; o posicionamento correto das lamelas por meio do método dinâmico de classificação teve como consequência direta o aumento do módulo de elasticidade da viga, e houve baixa correlação entre as formas de obtenção do módulo de elasticidade das vigas, não sendo possível a elaboração de equação adequada entre os métodos testados.

Estimativas das propriedades de compostos LVL produzidos com paricá (Schizolobium amazonicum Huber ex Ducke) por meio de stress wave

Foram avaliadas as propriedades físicas e mecânicas de compósitos LVL produzidos com a madeira de paricá (Schizolobium amazonicum Huber ex. Ducke), por meio de Stress Wave Timer. Os compósitos foram confeccionados em laboratório, dos quais foram retiradas amostras, que foram inicialmente destinadas à realização dos ensaios não destrutivos. Todas as amostras, com dimensões de 2,2 × 2,2 × 40 cm, foram ensaiadas, não destrutivamente, com a propagação de ondas nos sentidos flatwise e edgewise. Em sequência, as mesmas amostras foram destinadas à confecção de subamostras, para realização dos ensaios destrutivos, físicos (absorção de água, inchamento em espessura e inchamento residual) e mecânicos (resistência e rigidez à flexão estática flatwise; resistência e rigidez à flexão estática edgewise; resistência à compressão paralela e resistência ao cisalhamento paralelo e perpendicular). A velocidade de propagação das ondas (V0) e o módulo de elasticidade dinâmico (Emd), obtidos com o auxílio do Stress Wave, foram utilizados para elaboração de modelos de predição das propriedades avaliadas. Os resultados indicaram que o Stress Wave Timer apresenta resultados satisfatórios para predição das propriedades mecânicas de compósitos LVL. Com relação às propriedades físicas, embora tenham sido verificados modelos com ajustes significativos, constatou-se limitação dessa ferramenta para predição desses parâmetros. Contudo, considerando ambas as propriedades, físicas e mecânicas, os melhores ajustes foram observados em amostras ensaiadas com a propagação de ondas no sentido edgewise e com o uso da variável independente Emd.