Short-term Price Behavior and the Effect of Foreign Investors in Finnish Equity Markets (summary section only)

As globalization and capital free movement has increased, so has interest in the effects of that global money flow, especially during financial crises. The concern has been that large global money flows will affect the pricing of small local markets by causing, in particular, overreaction. The purpose of this thesis is to contribute to the body of work concerning short-term under- and overreaction and the short-term effects of foreign investment flow in the small Finnish equity markets. This thesis also compares foreign execution return to domestic execution return. This study’s results indicate that short-term under- and overreaction occurs in domestic-buy portfolios (domestic net buying) rather than in foreign-buy portfolios. This under- and overreaction, however, is not economically meaningful after controlling for the bid-ask bounce effect. Based on this finding, one can conclude that foreign investors do not have a destabilizing effect in the short-term in the Finnish markets. Foreign activity affects short-term returns. When foreign investors are net buyers (sellers) there are positive (negative) market adjusted returns. Literature related to nationality and institutional effect leads us to expect these kind of results. These foreign flows are persistent at a 5 % to 21 % level and the persistence of foreign buy flow is higher than the foreign sell flow. Foreign daily trading execution is worse than domestic execution. Literature which quantifies foreign investors as liquidity demanders and literature related to front-running leads us to expect poorer foreign execution than domestic execution.

Anomalous behavior of hydrodynamic modes in the two dimensional shear flow of a granular material

The growth rates of the hydrodynamic modes in the homogeneous sheared state of a granular material are determined by solving the Boltzmann equation. The steady velocity distribution is considered to be the product of the Maxwell Boltzmann distribution and a Hermite polynomial expansion in the velocity components; this form is inserted into them Boltzmann equation and solved to obtain the coeificients of the terms in the expansion. The solution is obtained using an expansion in the parameter epsilon =(1 - e)(1/2), and terms correct to epsilon(4) are retained to obtain an approximate solution; the error due to the neglect of higher terms is estimated at about 5% for e = 0.7. A small perturbation is placed on the distribution function in the form of a Hermite polynomial expansion for the velocity variations and a Fourier expansion in the spatial coordinates: this is inserted into the Boltzmann equation and the growth rate of the Fourier modes is determined. It is found that in the hydrodynamic limit, the growth rates of the hydrodynamic modes in the flow direction have unusual characteristics. The growth rate of the momentum diffusion mode is positive, indicating that density variations are unstable in the limit k--> 0, and the growth rate increases proportional to kslash} k kslash}(2/3) in the limit k --> 0 (in contrast to the k(2) increase in elastic systems), where k is the wave vector in the flow direction. The real and imaginary parts of the growth rate corresponding to the propagating also increase proportional to kslash k kslash(2/3) (in contrast to the k(2) and k increase in elastic systems). The energy mode is damped due to inelastic collisions between particles. The scaling of the growth rates of the hydrodynamic modes with the wave vector I in the gradient direction is similar to that in elastic systems. (C) 2000 Elsevier Science B.V. All rights reserved.

Dry sliding wear behavior of Al2O3 fiber reinforced aluminum composites

Dry sliding wear behavior of die-cast ADC12 aluminum alloy composites reinforced with short alumina fibers were investigated by using a pin-on-disk wear tester. The Al2O3 fibers were 4 mu m in diameter and were present in volume fractions (T-f)ranging from 0.03 to 0.26, The length of the fiber varied from 40 to 200 mu m. Disks of aluminum-alumina composites were rubbed against a pin of nitrided stainless steel SUS440B with a load of 10 N at a sliding velocity of 0.1 m/s. The unreinforced ADC 12 aluminum alloy and their composites containing low volume fractions of alumina (V-f approximate to 0.05) showed a sliding-distance-dependent transition from severe to mild wear. However, composites containing high volume fractions of alumina ( V-f > 0.05) exhibited only mild wear for all sliding distances. The duration of occurrence of the severe wear regime and the wear rate both decrease with increasing volume fraction. In MMCs the wear rate in the mild wear regime decreases with increase in volume fraction: reaching a minimum value at V-f = 0.09 Beyond V-f = 0.09 the wear rate increasesmarginally. On the other hand, the wear rate of the counterface (steel pin) was found to increase moderately with increase in V-f. From the analysis of wear data and detailed examination of (a) worn surfaces, (b) their cross-sections and (c) wear debris, two modes of wear mechanisms have been identified to be operative, in these materials and these are: (i) adhesive wear in the case of unreinforced matrix material and in MMCs with low Vf and (ii) abrasive wear in the case of MMCs with high V-f. (C) 2000 Elsevier Science Ltd. All rights reserved.

Hysteresis in model spin systems

The authors study the hysteretic response of model spin systems to periodic time-varying fields H(t) as a function of the amplitude H0 and the frequency Omega . At fixed H0, they find conventional, squarish hysteresis loops at low Omega , and rounded, roughly elliptical loops at high Omega , in agreement with experiment. For the O(N to infinity ), d=3, ( Phi 2)2 model with Langevin dynamics, they find a novel scaling behaviour for the area A of the hysteresis loop, of the form (valid for low fields) A approximately=H0066 Omega 0.33.

Analysis of Dynamic Heterogeneity in a Glass Former from the Spatial Correlations of Mobility

The growth of characteristic length scales associated with dynamic heterogeneity in glass-forming liquids is investigated in an extensive computational study of a four-point, time-dependent structure factor defined from spatial correlations of mobility, for a model liquid for system sizes extending up to 351 232 particles, in constant-energy and constant-temperature ensembles. Our estimates for dynamic correlation lengths and susceptibilities are consistent with previous results from finite size scaling. We find scaling exponents that are inconsistent with predictions from inhomogeneous mode coupling theory and a recent simulation confirmation of these predictions.

Effect of copper addition on the fracture and fatigue crack growth behavior of solution heat-treated SUS 304H austenitic steel

Small additions of Cu to the SUS 304H, a high temperature austenitic stainless steel, enhance its high temperature strength and creep resistance. As Cu is known to cause embrittlement, the effect of Cu on room temperature mechanical properties that include fracture toughness and fatigue crack threshold of as-solutionized SUS 304H steel were investigated in this work. Experimental results show a linear reduction in yield and ultimate strengths with Cu addition of up to 5 wt.% while ductility drops markedly for 5 wt.% Cu alloy. However, the fracture toughness and the threshold stress intensity factor range for fatigue crack initiation were found to be nearly invariant with Cu addition. This is because the fracture in this alloy is controlled by the debonding from the matrix of chromium carbide precipitates, as evident from fractography. Cu, on the other hand, remains either in solution or as nano-precipitates and hence does not influence the fracture characteristics. It is concluded that small additions of Cu to 304H will not have adverse effects on its fracture and fatigue behavior. (C) 2010 Elsevier B.V. All rights reserved.

Crystal growth, transport and magnetic properties of rare-earth manganite Pr1-xPbxMnO3

Crystal growth, electrical and magnetic properties are reported for mixed valence manganite Pr1-xPbxMnO3 (x = 0.2, 0.23, and 0.3). The crystals with x = 0.2 and 0.23 are ferromagnetic and insulating, whereas that with x = 0.3 is ferromagnetic below 200 K and shows an insulator-metal transition at 235 K. This composition shows a magnetoresistance of 90% in a field of 5 T. In the paramagnetic region, the temperature dependence of magnetic susceptibility of the crystals follows a Curie-Weiss behavior. The thermal evolution of magnetization in the ferromagnetic phase varies as T-3/2, in accordance with Bloch's law. The spin-stiffness constant D obtained from the Bloch constant is found to increase linearly with x. The magnetization does not reach complete saturation upto a field of 5 T. A possible contribution of the Pr spins to the total magnetic moment is discussed.

Asymmetry in structural and thermo-mechanical behavior of intermetallic NiAl nanowire under tensile/compressive loading: A molecular dynamics study

The asymmetric stress strain behavior under tension/compression in an initial < 100 > B-2-NiAl nanowire is investigated considering two different surface configurations i.e., < 100 >/(0 1 0) (0 0 1) and < 100 >/(0 1 1) (0 - 1 1). This behavior is attributed to two different deformation mechanisms namely a slip dominated deformation under compression and a known twinning dominated deformation under tension. It is also shown that B2 -> BCT (body-centered-tetragonal) phase transformation under tensile loading is independent of the surface configurations for an initial < 100 > oriented NiAl nanowire. Under tensile loading, the nanowire undergoes a stress-induced martensiticphase transformation from an initial B2 phase to BCT phase via twinning along {110} plane with failure strain of similar to 0.30. On the other hand, a compressive loading causes failure of these nanowires via brittle fracture after compressive yielding, with a maximum failure strain of similar to-0.12. Such brittle fracture under compressive loading occurs via slip along {110} plane without any phase transformations. Softening/hardening behavior is also reported for the first time in these nanowires under tensile/compressive loadings, which cause asymmetry in their yield strength behavior in the stress strain space. Result shows that a sharp increase in energy with increasing strain under compressive loading causes hardening of the nanowire, and hence, gives improved yield strength as compared to tensile loading. (C) 2010 Elsevier Ltd. All rights reserved.

Temperature and pressure dependence of direct current electrical resistivity in the Na2O-ZnO-B2O3 glass system

Two series of glasses were prepared, xNa2O, yZnO, 100 - x - yB2O3 and 30 - xNa2O, xZnO, 70B2O3 (mol%). The temperature dependence of the direct current resistivity was measured from room temperature to about 700 K and in both series of glasses we observed a simple Arrhenius type of temperature dependence. However, the resistivity of the binary alkali glass increased steeply by as much as two orders of magnitude with the addition of even a small quantity of ZnO and remained virtually unaffected by further addition of ZnO. The resistivity decreases gradually with increasing pressure in Na2O-B2O3 but increases with increasing pressure with the addition of ZnO.

Photoacoustic Investigation of Glass Transition in AsxTe1-x Glasses

Photoacoustic (PA) technique is used to study glass transition and temperature dependence of thermal diffusivity in AsxTe1-x glasses with 0.25 0.60. PA amplitude goes through a minimum and the phase shows a maximum at glass transition temperature Tg. The variation of thermal diffusivity with temperature shows sharp decrease near Tg. The variation of thermal diffusivity with composition shows maximum at = 0.40 for all temperatures T Tg.

Markov Chain Model for Cracking Behavior of Reinforced Concrete Beams

In this paper, nonhomogeneous Markov chains are proposed for modeling the cracking behavior of reinforced concrete beams subjected to monotonically increasing loads. The model facilitates prediction of the maximum crackwidth at a given load given the crackwidth at a lower load level, and thus leads to a better understanding of the cracking phenomenon. To illustrate the methodology developed, the results of three reinforced concrete beams tested in the laboratory are analyzed and presented.

Exotic dielectric behavior of polar liquids

We present a report of our analysis of wave vector dependence of the static dielectric function of a dipolar liquid obtained by a microscopic calculation. At low values of the wave vector (k), the longitudinal dielectric function ϵ(k) increases with k, in contradiction to some assumptions reported in the literature. As the value of k is increased, ϵ(k) diverges at a critical value kc which depends on the value of the long wavelength static dielectric constant (ϵ0) of the liquid. The dielectric function is negative for values of k greater than kc. At large values of k, the calculated ϵ(k) fails to attain the limiting value of unity. We attribute this result to the failure of the point dipole assumption made in the evaluation of the polarization correlation function required by the theory. The behavior of ϵ(k) for the dipolar liquid is compared with that of one component plasma for which reliable results can be obtained over the full range of wave vectors. For both systems, the stability conditions are fulfilled at all values of k. A plausible explanation of this rather exotic behavior of ϵ(k) is given.

Role of hydroxyl group on the mesomorphism of alkyl glycosides:synthesis and thermal behavior of alkyl 6-deoxy-beta-D-glucopyranosides

A homologous series of alkyl 6-deoxy-beta-D-glucopyranoside amphiphiles was prepared,in an effort to identify the role of hydroxyl group in the mesomorphic behavior of alkyl glycosides. Synthesis was performed by a chlorination of the sugar moiety in alkyl-beta-D-glucopyranosides with methylsulfonyl chloride in DMF, followed by a metal mediated dehalogenation to secure alkyl 6-deoxy-beta-D-glucopyranosides, wherein the alkyl chain length varied from C-9 to C-16. The mesomorphic behavior of these 6-deoxy alkyl glycosides was assessed using polarizing optical microscopy, differential scanning calorimetry and X-ray diffraction method. Whereas the lower homologues exhibited a monotropic SmA phase till sub-ambient temperatures, the higher homologues formed a plastic phase. A partial interdigitized bilaye structure of SmA phase is inferred from experimental d-spacing and computationally derived lengths of the molecules. The results were compared with those of normal alkyl glucopyranosides, retained with hydroxyl groups at C-2-C-6 carbons, and alkyl 2-deoxy-glucopyranosides, devoid of a hydroxyl group at C-2 and the comparison showed important differences in the mesomorphic behavior.(C)2010 Elsevier Ireland Ltd. All rights reserved.