The Impact of the EMU on International Portfolio Investments

This paper analyses the impact of the launch of the European Monetary Union (EMU) on the allocation of international portfolio investments. The initiation of the EMU provides an opportunity for comparison of competing theoretical explanations for investment behavior. Models stressing the diversification motive would predict that the increased dependence between countries participating in the EMU should reduce the attractiveness of portfolio holdings in other EMU countries. Models based on asymmetric information would instead emphasize the increased intensity in the flow of information resulting from an increase in cross border transactions between the EMU countries. The consequent decline in information asymmetry should increase, rather than reduce portfolio holdings in other EMU countries. Our results based on the allocation of Finnish foreign portfolio investment support the information-based explanation against predictions based on the diversification motive.

Physical Properties of Deep Drill Cores : Implications for Meteorite Impact Effects and Crustal Structures

Physical properties provide valuable information about the nature and behavior of rocks and minerals. The changes in rock physical properties generate petrophysical contrasts between various lithologies, for example, between shocked and unshocked rocks in meteorite impact structures or between various lithologies in the crust. These contrasts may cause distinct geophysical anomalies, which are often diagnostic to their primary cause (impact, tectonism, etc). This information is vital to understand the fundamental Earth processes, such as impact cratering and associated crustal deformations. However, most of the present day knowledge of changes in rock physical properties is limited due to a lack of petrophysical data of subsurface samples, especially for meteorite impact structures, since they are often buried under post-impact lithologies or eroded. In order to explore the uppermost crust, deep drillings are required. This dissertation is based on the deep drill core data from three impact structures: (i) the Bosumtwi impact structure (diameter 10.5 km, 1.07 Ma age; Ghana), (ii) the Chesapeake Bay impact structure (85 km, 35 Ma; Virginia, U.S.A.), and (iii) the Chicxulub impact structure (180 km, 65 Ma; Mexico). These drill cores have yielded all basic lithologies associated with impact craters such as post-impact lithologies, impact rocks including suevites and breccias, as well as fractured and unfractured target rocks. The fourth study case of this dissertation deals with the data of the Paleoproterozoic Outokumpu area (Finland), as a non-impact crustal case, where a deep drilling through an economically important ophiolite complex was carried out. The focus in all four cases was to combine results of basic petrophysical studies of relevant rocks of these crustal structures in order to identify and characterize various lithologies by their physical properties and, in this way, to provide new input data for geophysical modellings. Furthermore, the rock magnetic and paleomagnetic properties of three impact structures, combined with basic petrophysics, were used to acquire insight into the impact generated changes in rocks and their magnetic minerals, in order to better understand the influence of impact. The obtained petrophysical data outline the various lithologies and divide rocks into four domains. Based on target lithology the physical properties of the unshocked target rocks are controlled by mineral composition or fabric, particularly porosity in sedimentary rocks, while sediments result from diverse sedimentation and diagenesis processes. The impact rocks, such as breccias and suevites, strongly reflect the impact formation mechanism and are distinguishable from the other lithologies by their density, porosity and magnetic properties. The numerous shock features resulting from melting, brecciation and fracturing of the target rocks, can be seen in the changes of physical properties. These features include an increase in porosity and subsequent decrease in density in impact derived units, either an increase or a decrease in magnetic properties (depending on a specific case), as well as large heterogeneity in physical properties. In few cases a slight gradual downward decrease in porosity, as a shock-induced fracturing, was observed. Coupled with rock magnetic studies, the impact generated changes in magnetic fraction the shock-induced magnetic grain size reduction, hydrothermal- or melting-related magnetic mineral alteration, shock demagnetization and shock- or temperature-related remagnetization can be seen. The Outokumpu drill core shows varying velocities throughout the drill core depending on the microcracking and sample conditions. This is similar to observations by Kern et al., (2009), who also reported the velocity dependence on anisotropy. The physical properties are also used to explain the distinct crustal reflectors as observed in seismic reflection studies in the Outokumpu area. According to the seismic velocity data, the interfaces between the diopside-tremolite skarn layer and either serpentinite, mica schist or black schist are causing the strong seismic reflectivities.

The phenomenon of oligarchy in Russia and its impact on Russian transition

Nowadays any analysis of Russian economy is incomplete without taking into account the phenomenon of oligarchy. Russian oligarchs appeared after the fall of the Soviet Union and are represented by wealthy businessmen who control a huge part of natural resources enterprises and have a big political influence. Oligarchs’ shares in some natural resources industries reach even 70-80%. Their role in Russian economy is big without any doubts, however there has been very little economic analysis done. The aim of this work is to examine Russian oligarchy on micro and macro levels, its role in Russia’s transition and the possible positive and negative outcomes from this phenomenon. For this purpose the work presents two theoretical models. The first part of this thesis work examines the role of oligarchs on micro level, concentrating on the question whether the oligarchs can be more productive owners than other types of owners. To answer the question this part presents a model based on the article “Are oligarchs productive? Theory and evidence” by Y. Gorodnichenko and Y. Grygorenko. It is followed by empirical test based on the works of S. Guriev and A. Rachinsky. The model predicts oligarchs to invest more in the productivity of their enterprises and have higher returns on capital, therefore be more productive owners. According to the empirical test, oligarchs were found to outperform other types of owners, however it is not defined whether the productivity gains offset losses in tax revenue. The second part of the work concentrates on the role of oligarchy on macro level. More precisely, it examines the assumption that the depression after 1998 crises in Russia was caused by the oligarchs’ behavior. This part presents a theoretical model based on the article “A macroeconomic model of Russian transition: The role of oligarchic property rights” by S. Braguinsky and R. Myerson, where the special type of property rights is introduced. After the 1998 crises oligarchs started to invest all their resources abroad to protect themselves from political risks, which resulted in the long depression phase. The macroeconomic model shows, that better protection of property rights (smaller political risk) or/and higher outside investing could reduce the depression. Taking into account this result, the government policy can change the oligarchs’ behavior to be more beneficial for the Russian economy and make the transition faster.

Ultrasonic evaluation of delamination in quasi-isotropic CFRP laminates subjected to low-velocity impact

Ultrasonic C-Scan is used very often to detect flaws and defects in the composite components resulted during fabrication and damages resulting from service conditions. Evaluation and characterization of defects and damages of composites require experience and good understanding of the material as they are distinctly different in composition and behavior as compared to conventional metallic materials. The failure mechanisms in composite materials are quite complex. They involve the interaction of matrix cracking, fiber matrix interface debonding, fiber pullout, fiber fracture and delamination. Generally all of them occur making the stress and failure analysis very complex. Under low-velocity impact loading delamination is observed to be a major failure mode. In composite materials the ultrasonic waves suffer high acoustic attenuation and scattering effect, thus making data interpretation difficult. However these difficulties can be overcome to a greater extent by proper selection of probe, probe parameter settings like pulse width, pulse amplitude, pulse repetition rate, delay, blanking, gain etc., and data processing which includes image processing done on the image obtained by the C-Scan.

Synthesis, Spectral Characterization, Crystal Structure and Thermal Behavior of Tert-butyl 2,2-bis(2,4-dinitrophenyl)ethanoate

Tert-butyl 2,2-bis(2,4-dinitrophenyl)ethanoate was prepared from the ethanolic solution of 1-chloro-2,4-dinitrobenzene, tert-butyl 3-oxobutanoate and triethylamine. Acetyl group in tert-butyl 3-oxobutanoate has cleaved off during the formation of the title molecule. UV-VIS, IR, 1H NMR, 13C NMR, Proton-Proton COSY data and single crystal XRD results support the proposed structure. Flammability test, impact sensitivity test and TG/DTA studies at different heating rates on the synthesized molecule imply that it is an insensitive high energy density material.

A STUDY INTO THE BEHAVIOR OF AN ALUMINUM FOAM UNDER COMPRESSION

The characterization of a closed-cell aluminum foam with the trade name Alporas is carried out here under compression loading for a nominal cross-head speed of 1 mm/min. Foam samples in the form of cubes are tested in a UTM and the average stress-strain behavior is obtained which clearly displays a plateau strength of approximately 2 MPa. It is noted that the specific energy absorption capacity of the foam can be high despite its low strength which makes it attractive as a material for certain energy-absorbing countermeasures. The mechanical behavior of the present Alporas foam is simulated using cellular (i.e. so-called microstructure-based) and solid element-based finite element models. The efficacy of the cellular approach is shown, perhaps for the first time in published literature, in terms of prediction of both stress-strain response and inclined fold formation during axial crush under compression loading. Keeping in mind future applications under impact loads, limited results are presented when foam samples are subjected to low velocity impact in a drop-weight test set-up.

Influence of magnetic field on the compressive behavior of carbon nanotube with magnetic nanoparticles

Carbon nanotubes (CNT) in their cellular like micro-structure have presented an excellent mechanical energy absorption capacity. Although, several efforts have been progressed to modify the CNT structure for further enhancing their energy absorption capacity but yet no report has revealed the effect of magnetic field on the mechanical behavior of as-grown CNT mat that contains magnetic iron nanoparticles in the form of decorated nanoparticles on the surface or filled inside core of the CNT. We report a significant impact of the presence of magnetic content that modifies the mechanical behavior of the entangled CNT mat in the presence of an external magnetic field. The energy absorption capacity doubles when magnetic field was applied in the radial direction of the CNT mat under uniaxial compression. (C) 2013 AIP Publishing LLC.

Electrical switching in amorphous Si-Te-Ge thin films: Impact of input energy on crystallization process and switching parameters

Electrical switching studies on amorphous Si15Te74Ge11 thin film devices show interesting changes in the switching behavior with changes in the input energy supplied; the input energy determines the extent of crystallization in the active volume, which is reflected in the value of SET resistances. This in turn, determines the trend exhibited by switching voltage (V-t) for different input conditions. The results obtained are analyzed on the basis of the amount of Joule heat generated, which determines the temperature of the active volume. Depending on the final temperature, devices are rendered either in the intermediate state with a resistance of 5*10(2) Omega or the ON state with a resistance of 5*10(1) Omega. (C) 2013 Elsevier B.V. All rights reserved.

Evaluation of the accuracy of an impact load cell using lumped parameter modeling and analysis

The objective of the current study is to evaluate the fidelity of load cell reading during impact testing in a drop-weight impactor using lumped parameter modeling. For the most common configuration of a moving impactor-load cell system in which dynamic load is transferred from the impactor head to the load cell, a quantitative assessment is made of the possible discrepancy that can result in load cell response. A 3-DOF (degrees-of-freedom) LPM (lumped parameter model) is considered to represent a given impact testing set-up. In this model, a test specimen in the form of a steel hat section similar to front rails of cars is represented by a nonlinear spring while the load cell is assumed to behave in a linear manner due to its high stiffness. Assuming a given load-displacement response obtained in an actual test as the true behavior of the specimen, the numerical solution of the governing differential equations following an implicit time integration scheme is shown to yield an excellent reproduction of the mechanical behavior of the specimen thereby confirming the accuracy of the numerical approach. The spring representing the load cell, however,predicts a response that qualitatively matches the assumed load-displacement response of the test specimen with a perceptibly lower magnitude of load.

Evaluation of the accuracy of an accelerometer response generated by axial impact loading

The basic objective in the present study is to show that for the most common configuration of an impactor system, an accelerometer cannot exactly reproduce the dynamic response of a specimen subject to impact loading. Assessment of the accelerometer mounted in a drop-weight impactor setup for an axially loaded specimen is done with the aid of an equivalent lumped parameter model (LPM) of the setup. A steel hat-type specimen under the impact loading is represented as a non-linear spring of varying stiffness, while the accelerometer is assumed to behave in a linear manner due to its high stiffness. A suitable numerical approach has been used to solve the non-linear governing equations for a 3 degrees-of-freedom system in a piece-wise linear manner. The numerical solution following an explicit time integration scheme is used to yield an excellent reproduction of the mechanical behavior of the specimen thereby confirming the accuracy of the numerical approach. The spring representing the accelerometer, however, predicts a response that qualitatively matches the assumed load–displacement response of the test specimen with a perceptibly lower magnitude of load.

Energy loss due to adhesion in longitudinal impact of elastic cylinders

Adhesive interaction between impacting bodies can cause energy loss, even in an otherwise elastic impact. Adhesion force induces tensile stress in the bodies, which modifies the stress wave profile and influences the restitution behavior. We investigate this effect by developing a finite element framework, which incorporates a Lennard-Jones-type potential for modeling the adhesive interaction between volume elements. With this framework, the classical problems in contact mechanics can be revisited without the restrictive surface-force approximation. In this paper, we study the longitudinal impact of an elastic cylinder on a rigid half-space with adhesion. In the absence of adhesion, this problem reduces to the impact between two identical cylinders in which there is no energy loss. Adhesion causes a fraction of energy in the stress waves to remain in the cylinder as residual stress waves. This apparent loss in kinetic energy is shown to be a unique function of maximum tensile strain energy. We have developed a 1-D model in terms of interaction force parameters, velocity and material properties to estimate the tensile stain energy. We show that this model can be used to predict practically important phenomena like capture wherein the impacting bodies stick together. (C) 2013 Elsevier Masson SAS. All rights reserved.

Vegetation impact on stream chemical fluxes: Mule Hole watershed (South India)

The proportion of chemical elements passing through vegetation prior to being exported in a stream was quantified for a forested tropical watershed(Mule Hole, South India) using an extensive hydrological and geochemical monitoring at several scales. First, a solute annual mass balance was established at the scale of the soil-plant profile for assessing the contribution of canopy interaction and litter decay to the solute fluxes of soil inputs (overland flow) and soil outputs (pore water flow as seepages). Second, based on the respective contributions of overland flow and seepages to the stream flow as estimated by a hydrological lumped model, we assigned the proportion of chemical elements in the stream that transited through the vegetation at both flood event (End Member Mixing Analysis) and seasonal scales. At the scale of the 1D soil-plant profile, leaching from the canopy constituted the main source of K above the ground surface. Litter decay was the main source of Si, whereas alkalinity, Ca and Mg originated in the same proportions from both sources. The contribution of vegetation was negligible for Na. Within the soil, all elements but Na were removed from the pore water in proportions varying from 20% for Cl to 95% for K: The soil output fluxes corresponded to a residual fraction of the infiltration fluxes. The behavior of K, Cl, Ca and Mg in the soil-plant profile can be explained by internal cycling, as their soil output fluxes were similar to the atmospheric inputs. Na was released from soils as a result of Na-plagioclase weathering and accompanied by additional release of Si. Concentration of soil pore water by evapotranspiration might limit the chemical weathering in the soil. Overall, the solute K, Ca, Mg, alkalinity and Si fluxes associated with the vegetation turnover within the small experimental watershed represented 10-15 times the solute fluxes exported by the stream, of which 83-97% transited through the vegetation. One important finding is that alkalinity and Si fluxes at the outlet were not linked to the ``current weathering'' of silicates in this watershed. These results highlight the dual effect of the vegetation cover on the solute fluxes exported from the watershed: On one hand the runoff was limited by evapotranspiration and represented only 10% of the annual rainfall, while on the other hand, 80-90% of the overall solute flux exported by the stream transited through the vegetation. The approach combining geochemical monitoring and accurate knowledge of the watershed hydrological budget provided detailed understanding of several effects of vegetation on stream fluxes: (1) evapotranspiration (limiting), (2) vertical transfer through vegetation from vadose zone to ground surface (enhancing) and (3) redistribution by throughfalls and litter decay. It provides a good basis for calibrating geochemical models and more precisely assessing the role of vegetation on soil processes. (C) 2014 Elsevier Ltd. All rights reserved.

Evaluating shock absorption behavior of small-sized systems under programmable electric field

A simple ball-drop impact tester is developed for studying the dynamic response of hierarchical, complex, small-sized systems and materials. The developed algorithm and set-up have provisions for applying programmable potential difference along the height of a test specimen during an impact loading; this enables us to conduct experiments on various materials and smart structures whose mechanical behavior is sensitive to electric field. The software-hardware system allows not only acquisition of dynamic force-time data at very fast sampling rate (up to 2 x 10(6) samples/s), but also application of a pre-set potential difference (up to +/- 10 V) across a test specimen for a duration determined by feedback from the force-time data. We illustrate the functioning of the set-up by studying the effect of electric field on the energy absorption capability of carbon nanotube foams of 5 x 5 x 1.2 mm(3) size under impact conditions. (C) 2014 AIP Publishing LLC.

Synergistic Effect of Mo plus Cu Codoping on the Photocatalytic Behavior of Metastable TiO2 Solid Solutions

Codoping with Cu and Mo is shown to have a synergistic effect on the photocatalytic activity of TiO2. The enhancement in activity is observed only if the synthesis route results in TiO2 in which (Cu, Mo) codopants are forced into the TiO2 lattice. Using X-ray photoelectron spectroscopy, Cu and Mo are shown to be present in the +2 and +6 oxidation states, respectively. A systematic study of the ternary system shows that TiO2 containing 6 mol % CuO and 1.5 mol % MoO3 is the most active ternary composition. Ab initio calculations show that codoping of TiO2 using (Mo, Cu) introduces levels above the valence band, and below the conduction band, resulting in a significant reduction in the band gap (similar to 0.8 eV). However, codoping also introduces deep defect states, which can have a deleterious impact on photoactivity. This helps rationalize the narrow compositional window over which the enhancement in photocatalytic activity is observed.

Detection and Characterization of Long-Pulse Low-Velocity Impact Damage in Plastic Bonded Explosives

Damage not only degrades the mechanical properties of explosives, but also influences the shock sensitivity, combustion and even detonation behavior of explosives. The study of impact damage is crucial in the vulnerability evaluation of explosives. A long-pulse low-velocity gas gun with a gas buffer was developed and used to induce impact damage in a hot pressed plastic bonded explosive. Various methods were used to detect and characterize the impact damage of the explosive. The microstructure was examined by use of polarized light microscopy. Fractal analysis of the micrographs was conducted by use of box counting method. The correlation between the fractal dimensions and microstructures was analyzed. Ultrasonic testing was conducted using a pulse through-transmission method to obtain the ultrasonic velocity and ultrasonic attenuation. Spectra analyses were carried out for recorded ultrasonic signals using fast Fourier transform. The correlations between the impact damage and ultrasonic parameters including ultrasonic velocities and attenuation coefficients were also analyzed. To quantitatively assess the impact induced explosive crystal fractures, particle size distribution analyses of explosive crystals were conducted by using a thorough etching technique, in which the explosives samples were soaked in a solution for enough time that the binder was totally removed. Impact induces a large extent of explosive crystal fractures and a large number of microcracks. The ultrasonic velocity decreases and attenuation coefficients increase with the presence of impact damage. Both ultrasonic parameters and fractal dimension can be used to quantitatively assess the impact damage of plastic bonded explosives.