Portfolio size effect in retirement accounts : what does it imply for lifecycle asset allocation funds?

Lifecycle funds offered by retirement plan providers allocate aggressively to risky asset classes when the employee participants are young, gradually switching to more conservative asset classes as they grow older and approach retirement. This approach focuses on maximizing growth of the accumulation fund in the initial years and preserving its value in the later years. The authors simulate terminal wealth outcomes based on conventional lifecycle asset allocation rules as well as on contrarian strategies that reverse the direction of asset switching. The evidence suggests that the growth in portfolio size over time significantly impacts the asset allocation decision. Due to the portfolio size effect that is observed by the authors, the terminal value of accumulation in retirement accounts is influenced more by the asset allocation strategy adopted in later years relative to that adopted in early years. By mechanistically switching to conservative assets in the later years of a plan, lifecycle strategies sacrifice significant growth opportunity and prove counterproductive to the participant's wealth accumulation objective. The authors' conclude that this sacrifice does not seem to be compensated adequately in terms of reducing the risk of potentially adverse outcomes.

Indentation size effect and strain rate sensitivity of nanocrystalline Mg-Al alloys

Deformation Behaviour of microcrystalline (mc) and nanocrystalline (nc) Mg-5%Al alloys produced by hot extrusion of ball-milled powders were investigated using instrumented indentation tests. The hardness values of the mc and nc metals exhibited indentation size effect (ISE), with nc alloys showing weaker ISE. The highly localized dislocation activities resulted in a small activation volume, hence enhanced strain rate sensitivity. Relative higher strain rate sensitivity and the negative Hall-Petch Relationship suggested the increasingly important role of grain boundary mediated mechanisms when the grain size decreased to nanometer region.

Effect of Structural Modification on the Quantum-Size Effect in II-VI Semiconducting Nanocrystals

The electronic structure of group II-VI semiconductors in the stable wurtzite form is analyzed using state-of-the-art ab initio approaches to extract a simple and chemically transparent tight-binding model. This model can be used to understand the variation in the bandgap with size, for nanoclusters of these compounds. Results complement similar information already available for same systems in the zinc blende structure. A comparison with all available experimental data on quantum size effects in group II-VI semiconductor nanoclusters establishes a remarkable agreement between theory and experiment in both structure types, thereby verifying the predictive ability of our approach. The significant dependence of the quantum size effect on the structure type suggests that the experimental bandgap change at a given size compared to the bulk bandgap, may be used to indicate the structural form of the nanoclusters, particularly in the small size limit, where broadening of diffraction features often make it difficult to unambiguously determine the structure.

Size effect on the lattice parameter of KCl during mechanical milling

The size effect on the lattice parameter of ionic KCl nanocrystals was studied systematically during mechanical milling of Pure KCl powder under vacuum. The results suggest anomalous lattice expansion, with the lattice parameter increasing from 6.278 angstrom at d = 6 mu m to 6.30307 angstrom at d = 85 mn. The defects generated during ball milling of KCl and surface stress are deemed to be responsible for this lattice parameter expansion. (C) 2009 Acta Materialia Inc. Published by Elsevier Ltd. All rights reserved.

Influence of finite size effect on magnetic and magnetotransport properties of La0.5Sr0.5CoO3 thin films

We present a comprehensive study of the thickness dependent structural, magnetic and magnetotransport properties of oriented La0.5Sr0.5CoO3 thin films grown on LaAlO3 by Pulsed Laser Deposition. We observe that these films undergo a reduction in Curie temperature (T-c) with a decrease in film thickness, and it is found to be primarily caused by the finite size effect since the finite scaling law [T-c(infinity) T-c(t)/T-c(infinity) = (c/t)lambda holds good over the studied thickness range. We rule out the contribution from the strain induced suppression of Curie temperature with decreasing film thickness since all the films exhibit a constant out of plane tensile strain (0.5%) irrespective of their varying thickness. However, we observe that the coercivity of the films is an order of magnitude higher than that of the bulk due to the tensile strain. In addition, we also observe an increase in the magneto resistance peak and a decrease in coercivity and electrical resistivity with an increase in film thickness. (C) 2010 Elsevier Ltd. All rights reserved.

Size effect in self consolidating concrete beams with and without notches

The aim of this study is to obtain the fracture characteristics of low and medium compressive strength self consolidating concrete (SCC) for notched and un-notched plain concrete beams by using work of fracture G(F) and size effect model G(f) methods and comparing them with those of normal concrete and high performance concrete. The results show that; (i) with an increase in compressive strength, G(F) increases and G(f) decreases; (ii) with an increase in depth of beam, the decrease in nominal stress of notched beam is more when compared with that of a notchless beam.

Grain size effect on the phase transformation temperature of nanostructured CuFe2O4

We report a large decrease in tetragonal to cubic phase transformation temperature when grain size of bulk CuFe2O4 is reduced by mechanical ball milling. The change in phase transformation temperature was inferred from in situ high temperature conductivity and x-ray diffraction measurements. The decrease in conductivity with grain size suggests that ball milling has not induced any oxygen vacancy while the role of cation distribution in the observed decrease in phase transformation temperature is ruled out from in-field Fe-57 Mossbauer and extended x-ray absorption fine structure measurements. The reduction in the phase transformation temperature is attributed to the stability of structures with higher crystal symmetry at lower grain sizes due to negative pressure effect. (C) 2011 American Institute of Physics. doi: 10.1063/1.3493244]

Grinding abrasive wear and associated particle size effect

The type of abrasion that the grinding medium experiences inside a ball mill is classified as high stress or grinding abrasion, because the stress levels at the surface of the medium exceed the yield stress of the metal when hard abrasives are crushed. During dry grinding of ores the medium undergoes not only abrasion but also erosion and impact. As all three mechanisms of wear occur simultaneously, it is difficult to follow the individual components of wear. However, it is possible to show that the overall kinetics of wear follows a simple power law of the type w = at(b), where w is the weight loss of the grinding medium for a specified grinding time t and a and b are constants. Experimental data, obtained from dry grinding of quartz for a wide range of times using AISI 52100 steel balls having various microstructures in a laboratory scale batch mill, are fitted to the proposed equation and the wear rate w is calculated from the first derivative of the equation. The mean particle sizes of the quartz charge DBAR corresponding to 50 and 80% retained size are determined by mechanical sieving of the ground product after a grinding time t and thus the relationship between wear rate and particle size of the abrasive is established. It is found that w increases rapidly with DBAR up to some critical size and then increases at a much lower rate.

Fatigue crack propagation model and size effect in concrete using dimensional analysis

It is well known that fatigue in concrete causes excessive deformations and cracking leading to structural failures. Due to quasi-brittle nature of concrete and formation of a fracture process zone, the rate of fatigue crack growth depends on a number of parameters, such as, the tensile strength, fracture toughness, loading ratio and most importantly the structural size. In this work, an analytical model is proposed for estimating the fatigue crack growth in concrete by using the concepts of dimensional analysis and including the above parameters. Knowing the governed and the governing parameters of the physical problem and by using the concepts of self-similarity, a relationship is obtained between different parameters involved. It is shown that the proposed fatigue law is able to capture the size effect in plain concrete and agrees well with different experimental results. Through a sensitivity analysis, it is shown that the structural size plays a dominant role followed by loading ratio and the initial crack length in fatigue crack propagation. (C) 2010 Elsevier Ltd. All rights reserved.

Size effect on the superconducting transition of embedded lead particles in an Al-Cu-V amorphous matrix

We have synthesized specimens of nanometric lead dispersion in a glassy Al-Cu-V matrix by rapid solidification of the corresponding melt. The microstructure has been designed to avoid superconducting percolation due to coupling of the neighboring particles by the proximity effect. Using these specimens, we have determined quantitatively the effect of size of the ultrafine lead particles on the superconducting transition. (C) 1999 American Institute of Physics. [S0003-6951(99)02037-9].