As individuals or families hold a substantial share of a firm at the cost of less diversified portfolio, they specialize their portfolio and have better inside information. Does the market marker react to this fact and maintain higher level of asymmetric information cost for such family-controlled firms? We analyze the bid-ask spread and the probability of informed trading (PIN) of Canadian-based publicly traded firms cross-listed with NYSE/AMEX to test this notion. We find that although the market maker maintains higher average spread, he does not form higher PIN for family-controlled firms when the entire day is considered as an event period. <p>The assumption of constant arrival rates of informed and uninformed traders during the day in Easley et al (1996b) is rejected in the two periods per day analysis. In addition, the notion of information event occurrence prior to the day in Easley et al (1996b) is consistently rejected as higher (non-statistically) probability of information events is found in the afternoon (second session) in the two (three) periods per day analyses, respectively. Based on these findings, we have serious doubts about any existing findings (including ours) of PIN based on one period per day. As such, we consider the possibility of several periods per day.<p>Though it remains an empirical question to choose how many periods should be considered, we find our results using two and three periods per day to be very interesting. We consistently reject the hypothesis that the PIN is higher for family-controlled firms. Since the market maker does not need to maintain high spread for firms with very high number of uninformed traders and very low number of informed traders, we do not perceive our findings to be either surprising or contradictory to the present literature. By developing a different formulation of PIN, we also show that this is empirically less than that developed by Easley et al (1996b).

Metallic honeycomb structures are being studied for use as thermal protection systems for hypersonic vehicles and as structural panels in other aerospace applications. One potential concern is the growth of fatigue cracks in the thin face-sheets used for these structures. To address this concern, the fatigue behavior of thin aluminum base alloy sheets ranging from 30 m to 250 m in thickness was investigated. The effect of material roll direction was also considered at 30 m. In all cases, the fatigue crack growth rates were found to be one to two orders of magnitude higher than that of the same material of greater thickness. In addition to data for fatigue crack growth rate, data are also presented for the effect of thickness on the fracture toughness of these materials.

No description available.

Pulsed laser ablation ¡]PLA¡^in single shot on polycrystalline Ti thin foil ca. 20

The H-type Nb2O5 powders (monoclinic structure with (101) crystallographic shear plane) submicron to micrometers in size were subjected to pulsed laser ablation fragmentation in water (PLAL) with optional NaCl addition in order to study the structure change of the resultant Nb2O5 nanoparticles by x-ray diffraction and electron microscopy. The Nb2O5 nanoparticles via such a dynamic PLAL fragmentation process turned out to be H-type relic and newly formed T-type (an orthorhombic high-pressure phase), TT-type (a pseudohexagonal high-pressure phase) and a nonstoichiometric amorphous phase which coexist within a faceted nanoparticle (down to ca. 5 nm) or coalesced with each other. The composite Nb2O5 nanoparticles were protonated and imposed with a considerable internal compressive stress to modify the structure units and band structure as indicated by vibrational (Raman and FTIR) spectra and uv-visible absorption spectrum of the darkened colloidal solution indicating a stepwise minimum band gap lowering down to stepwise 3.0¡Ó0.1 eV and 2.5¡Ó0.1eV. NaCl spiking in water did not cause appreciable change on the phase behavior of Nb2O5 powders upon PLAL.

Uniform and aligned nanofibers have been obtained by eletrospinning. Activated carbon nanofibers (ACNFs) have been used as electrode materials for battery and electric double layer due to its porous properties. A high value of surface area can be attained (1000 - 3000 nm) by activation, due to the presence of micropores on the surface of nanofibers. A series of nanofibers have been prepared using different polymer precursors and concentrations by electrospinning in this study. Morphological study by SEM reveals a uniform and aligned fibrous structure for the PAN-based CNF (11 wt%) and a curved and twisted fibrous structure for the PAN-based CNF (8 wt%) and the acrylic-based CNF (9 wt%). Thus, the microstructure of CNF can be greatly influenced by the concentration of polymer precursor; high quality of nanofibers can be produced with higher polymer concentration and higher viscosity. The diameter of PAN-based nanofibers is gradually decreased from 400 to 200 nm during stabilization, carbonization, and activation, due mainly to the degradation and condensation. Surface of CNF becomes rough after activation due to the etching by potassium ions at high temperatures. Microstructural study by X-ray diffraction and Raman spectroscopy indicates a discernible diffraction peak at d002 = 0.356 nm and the ratio ID/IG = 1.83 of ACNFs, showing an amorphous and disordered structure, and leading to a low conductivity. Adsorption/desorption isotherms obtained from BET measurements under nitrogen atmosphere suggests a relatively small surface area of 8-10 m2/g, indicating that there might be no adsorption on the porous ACNF or the porous structure has been destroyed after carbonization. This leads to a relatively low conductance of 17 Faraday/g measured from the cyclic voltammetry.

As technological advances occur, many conventional materials are incapable of providing the unique multi-functional characteristics demanded thus driving an accelerated focus to create new material systems such as carbon and graphite foams. The improvement of their mechanical stiffness and strength, and tailoring of thermal and electrical conductivities are two areas of multi-functionality with active interest and investment by researchers. The present research focuses on developing models to facilitate and assess multi-functional carbon foams in an effort to expand knowledge. The foundation of the models relies on a unique approach to finite element meshing which captures the morphology of carbon foams. The developed models also include ligament anisotropy and coatings to provide comprehensive information to guide processing researchers in their pursuit of tailorable performance. Several illustrations are undertaken at multiple scales to explore the response of multi-functional carbon foams under coupled field environments providing valuable insight for design engineers in emerging technologies. The illustrations highlight the importance of individual moduli in the anisotropic stiffness matrix as well as the impact of common processing defects when tailoring the bulk stiffness. Furthermore, complete coating coverage and quality interface conditions are critical when utilizing copper to improve thermal and electrical conductivity of carbon foams.

Layer-by-layer (LbL) assembly has proven to be a powerful technique for assembling thin films with a variety of properties including electrochromic, molecular sensing, oxygen barrier, and antimicrobial. LbL involves the deposition of alternating cationic and anionic ingredients from solution, utilizing the electrostatic charges to develop multilayer films. The present work incorporates cationic antimicrobial agents into the positively-charged layers of LbL assemblies. When these thin films are exposed to a humid environment, the antimicrobial molecules readily diffuse out and prevent bacterial growth. The influence of exposure time, testing temperature, secondary ingredients and number of bilayers on antimicrobial efficacy is evaluated here. Additionally, film growth and microstructure are analyzed to better understand the behavior of these films. The antimicrobial used here is a positively-charged quaternary ammonium molecule (e.g. cetyltrimethylammonium bromide [CTAB]) that allow assemblies to be made with or without an additional polycation like polydiallyldimethylamine. While films without this additional polymer are effective, they do not have the longevity or uniformity of films prepared with its addition. All of the recipes studied show linear growth as a function of the number of bilayers deposited and this growth is relatively thick (i.e. > 100 nm per bilayer). In general, 10-bilayer films prepared with CTAB and poly(acrylic acid) are able to achieve a 2.3 mm zone of inhibition against S. aureus bacteria and 1.3 mm against E. coli when test are conducted at body temperature (i.e. 37oC). Fewer bilayers reduces efficacy, but lower test temperatures improve zones of inhibition. As long as they are stored in a dry atmosphere, antimicrobial efficacy was found to persist even when films were used four weeks after being prepared. The best films remain effective (i.e. antimicrobially active) for 4-6 days of constant exposure to bacteria-swabbed plates. This technology holds promise for use in transparent wound bandages and temporary surface sterilization.

The microstructure resulting from the solidification of alloys can greatly affect their properties, making the prediction of solidification phenomena under arbitrary conditions a very important tool in the field of computer-aided design of materials. Although considerable attention has been allocated to the understanding of this phenomenon in cases in which the solidification front advances freely into the liquid, the actual microstructure of solidification is strongly dependent of interfacial interactions. Over the past decade, the phase-field approach has been proved to be a quite effective tool for the simulation of solidification processes. In phase-field models, one or more phase fields ø (conserved and/or non-conserved) are introduced to describe the microstructure of a complex system. The behavior of a given microstructure over time is then simulated by solving evolution equations written in terms of the minimization of the free energy of the entire system, which is written as a functional of the field variables as well as their gradients and materials’ constitutive equations. With the given free energy functional, the governing equations (phase-field equation, diffusion equation, heat equation and so on) are solved throughout the entire space domain without having to track each of the interfaces formed or abrupt changes in the topology of the microstructure. In this work I will present phase-field models for solidification processes, solid/liquid interactions as well as their applications.

This book has the introduction of the friction stir welding and friction stir processing, and introduces the newest development in FSW.Finding out the appropriate paraments of the grain size refinement in AZ31 Mg. The relationship between the resulting grain size and the applied working strain rate and temperature for the friction stir processing in AZ31 Mg is systemically examined. The Zener-Holloman parameter is utilized in rationalizing the relationship. The grain orientation distribution is also studied using the X-ray diffraction.