8,529 research outputs found
Empirical Studies on Asset Pricing and Banking in the Euro Area
No full textEuropean capital markets have changed dramatically over the last couple of years. Due to the harmonization of monetary and policy rules and the elimination of exchange rate risk (through the introduction of the euro) countries in the European Monetary Union (EMU) are becoming more integrated. In this thesis the author tries to determine the consequences of this integration process for asset pricing in the euro area. The most important conclusion, which is a central theme of the thesis, is that the characteristics of financial markets in the euro area have been changing. In other words, investors and researchers cannot base their expectations on the (long) historical evidence of these markets, because the structural changes have a clear impact on the characteristics of the markets. For example, the author shows that industry information has become more valuable in terms of portfolio diversification benefits than country information, especially after the introduction of the euro, which contrasts with the literature of the 90’s. Therefore, investors should change their view in the euro area to a sector-based approach. Most institutional investors, which are the biggest investors in the euro area, have already changed their view into a sector-based approach. As a consequence, euro area portfolio managers are nowadays tracking sector indices instead of country indices. One of the chapters in part II of the thesis shows the implications of that change for the banking sector. Stock returns of big banks have become more correlated, while this is not the case for smaller banks. The author argues that this is not a result of a similar performance or product portfolio of these banks, but is likely the result of the change in perspective of most euro area investors. Next to these topics, the thesis also covers different asset pricing models (Fama and French three factor models for the euro area and an international asset pricing model that provides evidence of a significant risk premium for inflation risk) and an innovative measure for contagion among European banks.Gerard Moerman (1976) received his Master’s degree in Econometrics from the Erasmus University Rotterdam in 1999. In October 1999 he joined ERIM to carry out his doctoral research at the Financial Management department of the RSM Erasmus University. During this time he spent seven months at the European Central Bank (Frankfurt) as an economist at the General Economic Research Department. Some of his work has been published (Journal of International Money and Finance) and presented at international conferences. His current research interests include empirical asset pricing, banking and financial integration. Also, he has reviewed several papers, e.g. for the Journal of International Money and Finance and the ECB working paper series. As of February 2005 he joined AEGON Asset Management as Investment Strategist.In dit proefschrift staan de aandelenmarkten uit het eurogebied centraal. De belangrijkste conclusie, die als rode draad door het proefschrift loopt, is dat het Europese integratieproces een aantoonbare invloed heeft op de Europese aandelenmarkten. Deze these wordt vanuit verschillende perspectieven onderzocht.
Nieuwe modellen voor de waardering van aandelen
Een direct gevolg van deze algemene conclusie is dat modellen die gebruikt worden om de prijs van een aandeel te bepalen opnieuw bestudeerd moeten worden. Deze worden namelijk meestal getest op basis van een lange reeks van historische gegevens. Het is echter niet verstandig de verwachtingen te baseren op de historische gegevens alleen, omdat “de spelregels” in en tussen de aandelenmarkten uit het eurogebied veranderd zijn. Bijvoorbeeld, de introductie van de euro heeft als direct gevolg dat het wisselkoersrisico tussen eurolanden is verdwenen. Moerman test één van de meest gebruikte modellen voor het prijzen van aandelen (gebaseerd op het onderzoek van Fama en French) en laat zien dat het Europese model steeds meer terrein wint ten opzichte van een apart model voor ieder land. Hieruit kan geconcludeerd worden dat aandelenmarkten meer financiële integratie laten zien.
Betere risicospreiding over sectoren dan over landen
Veel pensioenfondsen en andere vermogensbeheerders proberen hun aandelenportefeuille zo slim mogelijk op te zetten door de beleggingen te spreiden, waardoor de verhouding tussen het rendement en het risico beter is. Onderzoek uit de jaren negentig toonde aan dat een spreiding over verschillende landen het meest succesvol was. Moerman laat echter zien dat deze resultaten heden ten dage niet meer opgaan voor het eurogebied. Door het integratieproces laten de aandelenindices van landen steeds meer dezelfde beweging zien, waardoor het spreiden minder diversificatievoordelen oplevert. Spreiding over verschillende sectoren is verstandiger.
Gevolgen van deze andere aanpak
Uit een rapport van de Europese Centrale Bank blijkt dat veel institutionele beleggers inderdaad hun landenaanpak voor het eurogebied hebben omgezet naar een sectoraanpak. Een direct gevolg hiervan is dat de portefeuillemanagers van deze investeerders, die proberen de index te verslaan, nu worden afgerekend op een sectorindex in plaats van een landenindex. Daardoor neemt de vraag naar de grotere bedrijven binnen een sector toe, omdat de portefeuillemanagers meestal niet teveel van de index mogen afwijken. In zijn proefschrift onderzoekt Moerman dit voor de Europese bankensector. Het blijkt dat de grotere aandelen in de bankensector inderdaad steeds meer op elkaar gaan lijken qua rendementen. Dit kan niet verklaard worden door de resultaten van banken, aangezien deze sterk verschillen, maar lijken dus afkomstig te zijn van veranderingen in de vraag door de wijziging in aanpak van grote beleggers. Dit geeft derhalve een extra motivatie voor banken om door middel van fusies tot het topsegment te behoren. “Een mogelijke strategie voor banken is om te streven bij de grootste banken binnen Europa te horen om zodoende goedkoper toegang tot kapitaal via de financiële markten te krijgen”, zo stelt Moerman. “Dit geeft een verklaring voor de overnamepogingen die momenteel plaatsvinden in deze sector, zoals het bod ABN op Antonveneta en de geruchten tussen HVB en Unicredito”
GA-Fuzzy PID control simulation waveform diagram.
No full textAs is well known, the metal annealing process has the characteristics of heat concentration and rapid heating. Traditional vacuum annealing furnaces use PID control method, which has problems such as high temperature fluctuation, large overshoot, and long response time during the heating and heating process. Based on this situation, some domestic scholars have adopted fuzzy PID control algorithm in the temperature control of vacuum annealing furnaces. Due to the fact that fuzzy rules are formulated through a large amount of on-site temperature data and experience summary, there is a certain degree of subjectivity, which cannot ensure that each rule is optimal. In response to this drawback, the author combined the technical parameters of vacuum annealing furnace equipment, The fuzzy PID temperature control of the vacuum annealing furnace is optimized using genetic algorithm. Through simulation and comparative analysis, it is concluded that the design of the fuzzy PID vacuum annealing furnace temperature control system based on GA optimization is superior to fuzzy PID and traditional PID control in terms of temperature accuracy, rise time, and overshoot control. Finally, it was verified through offline experiments that the fuzzy PID temperature control system based on GA optimization meets the annealing temperature requirements of metal workpieces and can be applied to the temperature control system of vacuum annealing furnaces.</div
Control of nitrogen incorporation in Ga(In)NAs grown by metalorganic vapor phase epitaxy
No full textIncreasing science, technology, engineering, and mathematics skills using Project Lead the Way
No full textIncludes bibliographical references
High-loading Ga-exchanged MFI zeolites as selective and coke-resistant catalysts for nonoxidative ethane dehydrogenation
No full textIn this paper, we investigated the effects of the Ga loading amount and H-2 treatment temperature for the reductive solid-state ion-exchange reaction on the generated Ga species in Ga-exchanged MFI zeolites (Ga-MFIs) as well as their catalysis for ethane dehydrogenation (EDH). For the formation of isolated Ga hydrides in the zeolites, [GaH](2+) ions were preferentially formed in the low-loading Ga-MFI (Ga/Al = 0.3) treated with H-2 at 550 degrees C, corresponding to the conventional preparation conditions, (Ga-MFI-0.3(550)), while the high Ga loading (Ga/Al = 1.0) and high-temperature H-2 treatment (800 degrees C) (Ga-MFI-1.0(800)) induced the formation of [GaH2](+) ions as the major Ga hydrides, as revealed by in situ Fourier transform infrared spectroscopy including the isotope experiment using D-2. In the context of other Ga species, such as Ga+ cations and partially reduced Ga oxides (GaOX), Ga+ cations and GaOX coexist in Ga-MFI-0.3(550), as indicated by pyridine adsorption experiments. On the other hand, GaOX was hardly observed and a larger amount of Ga+ cations was formed in Ga-MFI-1.0(800). The remaining Bronsted acid sites (BASs) were also characterized by the NH3 adsorption experiment. In the EDH reaction, Ga-MFI-1.0(800) exhibited high selectivity owing to low coke formation, resulting in the highest durability among the series of Ga-MFIs tested. Under the optimized conditions, Ga-MFI-1.0(800) exhibited the highest C2H4 formation rate among previously reported Pt-free catalysts. Based on the combined results of characterization, catalyst tests, and kinetic studies, the high selectivity and durability of Ga-MFI-1.0(800) can be ascribed to the low amount of the remaining BASs by isolated Ga species ([GaH](2+), [GaH2](+) ions and Ga+ cations) as well as the major formation of [GaH2](+) ions among isolated Ga hydrides
Element Distribution in Porous Ga Oxide Obtained by Anodizing Ga in Phosphoric Acid
No full textA STEM/EDS study of a porous Ga oxide film formed by an anodization process was conducted in this study to examine the crystalline structure of the film and the elemental distribution in the oxide film before and after heat treatment. The as-formed anodic film with a morphology resembling the well-known porous anodic Al oxide film was amorphous, crystallizing after heat treatment at 600 degrees C without changing the morphology and elemental distribution. The EDS elemental maps disclosed the duplex nature of the pore wall oxide; the phosphate anion was contaminated in the outer oxide layer next to the pores, and the inner layer consisted of relatively pure Ga oxide, practically free from phosphate. The similarity of morphology and elemental distributions between the porous anodic Al and Ga oxides suggests that the growth of both anodic oxide films proceeds under the same mechanism. In addition, crystallized porous Ga oxides are expected to be applied to fabricate various functional devices requiring geometrically controlled semiconductor nanohole arrays, such as devices for hydrogen formation. (c) 2023 The Electrochemical Society ("ECS"). Published on behalf of ECS by IOP Publishing Limited
Effect of thermal treatments in Ni-Fe-Ga with Co substitutions and Ni-Mn-Ga melt spun ribbons
No full textAbstractThe effect of “in situ” thermal treatments (by DSC measurements) on the martensitic transformation in two representative Ni-Fe-Ga and Ni-Mn-Ga alloys has been studied and discussed by correlating the structural and magnetic properties. The alloys were prepared from high purity elements, by arc melting under argon protective atmosphere as bulk and also as melt-spun ribbons - an alternative preparation route that also allows to assess the influences of grains size and strain induced by this processing method. All samples presented reversible thermo-elastic transformations. The thermal treatments promote a reduction of the martensitic transformation temperatures in the Ni-Fe-Ga investigated samples, as opposed to the stoichiometric Ni2MnGa where the temperatures increase with increasing the annealing temperatures. Interestingly however, the off-stoichiometric Ni-Mn-Ga with increased Ni content recovers the behaviour with reduction of transformation temperatures by thermal treatments. The precipitation of the secondary FCC (γ) phase is inherently found in Ni-Fe-Ga alloys with Ga ≤ 27% at, and also -although in lower amounts- in the off-stoichiometric Ni-Mn-Ga. The γ phase is considered to contribute to the decrease of the MT temperatures (via valence electrons concentration depletion of the main matrix) and of the transformation heat as well as to the final structural degradation if the temperature of the thermal treatments is further increased. In addition, this phase, located mainly at the grain boundaries, is responsible for the improved ductility of Ni-Fe-Ga based alloys. Changes in the transformation heat due to thermal treatments are observed and discussed in both types of alloys, the maxima of the transformation heat being associated with the highest atomic order. Thermo-magnetic measurements show that Ni-Fe-Ga alloys have close magnetic and structural transitions temperatures, with promising applications for magnetic refrigeration
Using group interaction history in the wild
No full textInspired by theories of how professionals enter into a reflective conversation with their work materials, the research area of interaction history seeks to make use of the accumulated actions of many people in working with digital objects. Despite compelling system designs and empirical results in laboratory settings, group interaction histories have not been widely employed. I outline a series of research questions, plans and tools that will be among the first to investigate and evaluate the use of shared interaction history in the day-to-day work of individuals and groups
Unpredictable After All? A short note on exchange rate predictability
No full textEarlier research has shown that it is very hard to outperform the random walk model with respect to forecasting exchange rates. In this paper we propose an extension to the regular regime-switching model in order to capture the exchange rate dynamics. The model is extended by including macro-economic variables, like inflation and interest rates, into both regimes. The regimes not only have different means and volatility's, but also different sensitivities to the macro-economic variables. We will show that this approach doesn't work over the whole sample, although previous research work might indicate otherwise. Furthermore we will elaborate on sub samples, in which the model showed a better performance than the random walk model, and show that this is rather coincidence
Improved tunneling magnetoresistance in (Ga,Mn)As/AlO(x)/CoFeB magnetic tunnel junctions
No full textWe fabricated (Ga,Mn)As/AlO(x)/Co(40)Fe(40)B(20) magnetic tunnel junctions with ferromagnetic semiconductor/insulator/ferromagnetic metal (S/I/F) structure. The treatments of pre-annealing and post-plasma cleaning on the (Ga,Mn) As film were introduced before the growth of the subsequent layers. A high tunneling magnetoresistance (TMR) ratio of 101% is achieved at 2 K, and the spin polarization of (Ga,Mn) As, P = 56.8%, is deduced from Julliere's formula. The improved TMR ratio is primarily due to the improved magnetism of (Ga,Mn) As layer by low-temperature annealing and cleaned interface between (Ga,Mn) As and AlO(x) attained by subsequent plasma cleaning process. (C) 2011 American Institute of Physics. [doi:10.1063/1.3603946
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