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Essays on Bond Return Predictability and Liquidity Risk / Essais sur la prévisibilité des rendements des obligations d'État et risqueGómez Portilla, Karoll 26 January 2015 (has links)
S’il existe de l’information intéressante pour prévoir les prix des titres du Trésor au fil du temps, comment peut-on utiliser cette information pour améliorer le rapport risque/rendement de l’investisseur et la modélisation de la structure par terme ? Cette thèse a pour objectif de répondre à cette question. Le premier chapitre analyse le rôle prédictif des mesures alternatives de la prime de liquidité des TIPS (Treasury Inflation-Protected Securities) par rapport aux titres du Trésor pour des rendements en excès des obligations gouvernementales. Les résultats montrent que la prime de liquidité prévoit des rendements en excès positifs (négatifs) pour les TIPS (Treasury nominales). Je trouve, également, que le pouvoir de prévision hors échantillon de la liquidité des rendements en excès des Treasury nominales paraît avoir été guidé par les évènements de la crise financière récente. Par contre, je trouve empiriquement qu’il y a également une capacité de prévision des rendements en excès des TIPS hors échantillon pendant les périodes normales aussi bien que pour les mauvaises périodes.Dans le deuxième chapitre, j’examine si la prime de liquidité des TIPS peut être considérée comme un facteur dit unspanned (c’est-à-dire dont la valeur n’est pas une combinaison linéaire de la courbe des rendements) pour prévoir les rendements des obligations, mais qu’elle n’est pas nécessairement spanned par la courbe des taux des États Unis. Je considère un modèle affine et gaussien de la structure par terme d'obligations à coupon zéro du Trésor américain pour l’ensemble des Treasuries and TIPS, avec un facteur unspanned : le risque de liquidité. Dans ce modèle, le facteur de liquidité est contraint d’affecter seulement les rendements de coupe transversale, mais il permet de déterminer les primes de risque des obligations. L’évidence empirique suggère que le facteur de liquidité n’affecte pas la dynamique des obligations en vertu de la probabilité risque-neutre, mais qu’il affecte cette dynamique sous la mesure historique. Par conséquent, l'information contenue dans la courbe de rendement s’avère insuffisante pour caractériser complètement la variation du prix du risque de courbure. Dans le troisième chapitre, j’estime, par des méthodes non paramétriques, le choix de portefeuille optimal d’obligations pour un agent représentatif qui agit d’une façon optimale par rapport à son utilité espérée sur la période suivante, à partir du signal de liquidité observé ex ante. Considérant les différentes mesures de liquidité, je trouve que le différentiel de liquidité entre les obligations nominales et les TIPS paraît être un facteur significatif de choix du portefeuille en obligations du gouvernement des États Unis. En effet, l’allocation conditionnelle en actifs risqués décroit avec la détérioration des conditions de liquidité du marché, et l’effet de liquidité du marché diminue avec l’horizon d’investissement. Je trouve également que la prévisibilité de rendement des obligations se traduit par une meilleure allocation et performance aussi bien intra que hors échantillon. / If there is valuable information for predicting bond prices over time, how can we use this information to improve investor’s risk-return trade-off and term structure modelling? This thesis aims at answering this question. The first chapter discusses the predictive role of alternative measures of the liquidity premium of TIPS relative to Treasury bonds for government excess bond returns. Results show that the liquidity premium predicts positive (negative) TIPS (nominal Treasury) excess returns. I also find that the out-of sample forecasting power of liquidity for nominal Treasury excess returns appears to have been addressed by the events during the recent financial crisis. By contrast, I have evidence of out-of- sample forecasting ability during both normal and bad times for TIPS’ excess returns. In the second chapter, I explore whether or not the TIPS liquidity premium can be considered as an unspanned factor that forecast bond returns, but that is not necessarily spanned by the U.S. yield curve. I consider a joint Gaussian affine term structure model for zero-coupon U.S. Treasury and TIPS bonds, with an unspanned factor: liquidity risk. In the model, the liquidity factor is restricted to affect only the cross-section of yields but it is allowed to determine the bond risk premia. I present empirical evidence suggesting that the liquidity factor does not affect the dynamic of bonds under the pricing measure, but does affect them under the historical measure. Consequently, the information contained in the yield curve appears to be insufficient to completely characterize the variation in the price of curvature risk. In the third chapter, I estimate the non-parametric optimal bond portfolio choice of a representative agent that acts optimally with respect to his/her expected utility one period forward, provided that he/she observes the ex-ante liquidity signal. Considering alternative measures of liquidity, I find that the liquidity differential between nominal and TIPS bonds appears to be a significant determinant of the portfolio allocation to U.S. government bonds. In fact, conditional allocations in risky assets decrease as market liquidity conditions worsen, and the effect of market liquidity decreases with the investment horizon. I also find that the bond return predictability translates into improved in-sample and out-of-sample asset allocation and performance.
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Weight Loss Tips for AthletesHoutkooper, Linda, Maurer, Jaclyn, Mullins, Veronica 02 1900 (has links)
2 pp. / The only way to lose fat weight is to consume fewer calories than the body uses. Athletes who successfully lose weight learn how to apply this concept, while maintaining the energy levels required for training.
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Fabrication of Ordered Array of Tips-pentacene Micro- and Nano-scale Single CrystalsXia, Ning 02 October 2013 (has links)
As an important type of organic semiconductors, organic small molecule crystals have great potential for low-cost applications such as plastic solar cells (PSC), organic light emitting diodes (OLED) and organic field-effect transistors (OFET). Among numerous molecular crystals, 6, 13-Bis(triisopropylsilylethynyl)pentacene (Tips-pentacene) has aroused much attention because it combines good solubility in common solvents and strong π-π stacking from self-assembly. However, the inability to achieve ordered array of Tips-pentacene prevents the fabrication of high-performance organic integrated circuits.
In this work, two new fabrication methods to pattern Tips-pentacene micro- and nano-scale single crystals are proposed. Both methods are facilitated by nanofabrication techniques such as nanoimprint and photolithography. In the first method, the surface of a silicon substrate is treated by surfactant coating and Tips-pentacene single crystals are deposited in squared patterns. In the second method, we made an ordered array of Tips-pentacene single crystals confined in Teflon-AF patterns. In both techniques, the effects of solvent type, processing temperature and template pattern size on crystal morphology and size are systematically studied.
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Síntese de nanotubos de carbono orientados e aplicação na produção de pontas de AFM / Oriented growth of carbon nanotubes and application in production of afm TipsFernandes, Fernando Massa 09 May 2008 (has links)
Neste trabalho foram obtidos nanotubos de carbono de paredes múltiplas (MWNT). O crescimento apresentou alta densidade de nanotubos orientados perpendicularmente à superfície do substrato, com cerca de 20 m de comprimento e diâmetros entre cerca de 20 e 60 nm. Foram utilizados filmes catalisadores contendo ferro, depositados a partir de solução de nitrato de ferro (Fe(NO3)3.9H2O) em álcool etílico com concentrações que variaram entre 37 mmol/L e 1,2 mmol/L. Não foram notadas diferenças significativas entre os nanotubos crescidos com diferentes concentrações, com exceção da solução de 0,6 mmol/L onde não foi observado o crescimento de nanotubos. Os crescimentos de nanotubos de carbono foram efetuados em um reator CVD a plasma de microonda. Os resultados de espectroscopia Raman sugerem que os nanotubos de carbono obtidos neste trabalho correspondem a MWNT, apresentando alto grau de desordem estrutural. Foram realizados crescimentos diretos de nanotubos de carbono sobre as pontas comerciais de AFM, utilizando filmes de nitrato de ferro. Os nanotubos crescidos nas pontas apresentaram tendência em formarem aglomerados. Não foram obtidas pontas de AFM satisfatórias com este método. Outro método consistiu no crescimento de nanotubos de carbono em amostras planas de silício, utilizando filme catalisador de nitrato de ferro com posterior captura de nanotubos na extremidade da ponta, utilizando um microscópio AFM. Foram realizados 26 procedimentos, onde a maioria dos resultados não foi satisfatória. Apenas em dois dos procedimentos foram obtidos resultados muito bons com nanotubos de carbono retos e protuberantes emergindo das pontas. Ainda neste trabalho foi desenvolvido um método de reciclagem das pontas. O processo é de grande valia, pois a obtenção de pontas de AFM com nanotubos apresenta sucesso em apenas uma fração do número de tentativas, levando a inutilização de um número representativo de pontas. A reciclagem das pontas foi realizada por meio da corrosão dos nanotubos de carbono em plasma de hidrogênio. O equipamento utilizado para essa finalidade foi o próprio reator CVD a plasma de microonda, também utilizado para o crescimento dos nanotubos. / In this work multi walled carbon nanotubes (MWCNT) were obtained. The growth presented high density nanotubes oriented perpendicularly to the substrate, with about 20 m length and diameters between 20 and 60 nm. Catalytic films containing iron were used. These films were deposited from solution of iron nitrate (Fe(NO3)3.9H2O) in ethyl alcohol with concentrations that varied between 37 mmol / L and 1.2 mmol / L. It was not observed significant difference among the grown nanotubes obtained with different concentrations, except from the solution of 0.6 mmol / L, where the nanotubes growth was not observed. The growths of carbon nanotubes were obtained in a microwave plasma CVD reactor. The Raman spectroscopy suggests that the carbon nanotubes obtained in this work correspond to MWCNT, presenting high degree of structural disorder. Direct growths of carbon nanotubes on commercial AFM tips were performed, using films of iron nitrate. The nanotubes grown directly on the tips presented tendency in forming agglomerates. They were not obtained satisfactory AFM tips with this method. Another method consisted of carbon nanotubes growth on flat silicon substrates, using catalytic film of iron nitrate, with subsequent nanotubes capture at the extremity of the tip, using a microscope AFM. Altogether 26 procedures were performed, where most of their results were not satisfactory. In just two of these procedures were obtained very good results with straight and protuberant carbon nanotubes emerging of the tips. Still in this work a method of tip recycling was developed. The process is valuable, since the success in obtaining AFM tips with nanotubes occurs in just a fraction of the attempts, generating a representative number of lost tips. The tips recycling were performed through the corrosion of the carbon nanotubes in hydrogen plasma. The equipment used for this purpose was the microwave plasma CVD reactor, also used for carbon nanotubes growth.
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Síntese de nanotubos de carbono orientados e aplicação na produção de pontas de AFM / Oriented growth of carbon nanotubes and application in production of afm TipsFernando Massa Fernandes 09 May 2008 (has links)
Neste trabalho foram obtidos nanotubos de carbono de paredes múltiplas (MWNT). O crescimento apresentou alta densidade de nanotubos orientados perpendicularmente à superfície do substrato, com cerca de 20 m de comprimento e diâmetros entre cerca de 20 e 60 nm. Foram utilizados filmes catalisadores contendo ferro, depositados a partir de solução de nitrato de ferro (Fe(NO3)3.9H2O) em álcool etílico com concentrações que variaram entre 37 mmol/L e 1,2 mmol/L. Não foram notadas diferenças significativas entre os nanotubos crescidos com diferentes concentrações, com exceção da solução de 0,6 mmol/L onde não foi observado o crescimento de nanotubos. Os crescimentos de nanotubos de carbono foram efetuados em um reator CVD a plasma de microonda. Os resultados de espectroscopia Raman sugerem que os nanotubos de carbono obtidos neste trabalho correspondem a MWNT, apresentando alto grau de desordem estrutural. Foram realizados crescimentos diretos de nanotubos de carbono sobre as pontas comerciais de AFM, utilizando filmes de nitrato de ferro. Os nanotubos crescidos nas pontas apresentaram tendência em formarem aglomerados. Não foram obtidas pontas de AFM satisfatórias com este método. Outro método consistiu no crescimento de nanotubos de carbono em amostras planas de silício, utilizando filme catalisador de nitrato de ferro com posterior captura de nanotubos na extremidade da ponta, utilizando um microscópio AFM. Foram realizados 26 procedimentos, onde a maioria dos resultados não foi satisfatória. Apenas em dois dos procedimentos foram obtidos resultados muito bons com nanotubos de carbono retos e protuberantes emergindo das pontas. Ainda neste trabalho foi desenvolvido um método de reciclagem das pontas. O processo é de grande valia, pois a obtenção de pontas de AFM com nanotubos apresenta sucesso em apenas uma fração do número de tentativas, levando a inutilização de um número representativo de pontas. A reciclagem das pontas foi realizada por meio da corrosão dos nanotubos de carbono em plasma de hidrogênio. O equipamento utilizado para essa finalidade foi o próprio reator CVD a plasma de microonda, também utilizado para o crescimento dos nanotubos. / In this work multi walled carbon nanotubes (MWCNT) were obtained. The growth presented high density nanotubes oriented perpendicularly to the substrate, with about 20 m length and diameters between 20 and 60 nm. Catalytic films containing iron were used. These films were deposited from solution of iron nitrate (Fe(NO3)3.9H2O) in ethyl alcohol with concentrations that varied between 37 mmol / L and 1.2 mmol / L. It was not observed significant difference among the grown nanotubes obtained with different concentrations, except from the solution of 0.6 mmol / L, where the nanotubes growth was not observed. The growths of carbon nanotubes were obtained in a microwave plasma CVD reactor. The Raman spectroscopy suggests that the carbon nanotubes obtained in this work correspond to MWCNT, presenting high degree of structural disorder. Direct growths of carbon nanotubes on commercial AFM tips were performed, using films of iron nitrate. The nanotubes grown directly on the tips presented tendency in forming agglomerates. They were not obtained satisfactory AFM tips with this method. Another method consisted of carbon nanotubes growth on flat silicon substrates, using catalytic film of iron nitrate, with subsequent nanotubes capture at the extremity of the tip, using a microscope AFM. Altogether 26 procedures were performed, where most of their results were not satisfactory. In just two of these procedures were obtained very good results with straight and protuberant carbon nanotubes emerging of the tips. Still in this work a method of tip recycling was developed. The process is valuable, since the success in obtaining AFM tips with nanotubes occurs in just a fraction of the attempts, generating a representative number of lost tips. The tips recycling were performed through the corrosion of the carbon nanotubes in hydrogen plasma. The equipment used for this purpose was the microwave plasma CVD reactor, also used for carbon nanotubes growth.
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Fluid Tips for Training and CompetitionMaurer, Jaclyn, Houtkooper, Linda 02 1900 (has links)
2 pp. / discontinued 3/4/11 / Fluid intake tips for training and competition.
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Weight Gain Tips for AthletesHoutkooper, Linda, Maurer, Jaclyn, Mullins, Veronica 02 1900 (has links)
2 pp. / To gain weight, athletes need to consume more calories than they use. This weight gain will include water, fat, and protein in muscle. To limit the amount of fat gain and increase muscle gains, athletes need to use effective exercise training and nutrition programs.
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The physiology of plants as influenced by the incorporation into rooting media of refuse materialsMathieson, I. C. January 1988 (has links)
No description available.
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Observation of Drop Load of Dislocation Morphologies in Front of Crack Tips Of IF STEELHuang, Shi-yu 08 February 2006 (has links)
In this thesis, we use IF Steel to be the matrix which composition of carbon is 50ppm approaches Iron and belongs to the part of BCC structure. After we use the load 350kgf precrack, while the propagation rate approaching 2x10-5~3x10-5mm/cycle, we immediately drop the stress intensity factor(£Gk) to a level which is determined by the propagation rate of 9x10-7mm/cycle. Then we record the cycle number as P1, and after the crack tip continues to propagate, we record the cycle number again as P2, and between the period of (P2 ¡V P1), we take 4 sample which marks are 0.25(P2 ¡VP1), 0.5(P2 ¡VP1), 0.75(P2 ¡VP1), (P2 ¡VP1). By this way, we can find out the difference of microstructure of the crack tip from a high load level to a low one.
On this experiment, we observation the vein structure, dislocation walls, and so on. It proves that the same phenomenon could also be happened on BCC material, just like FCC material. As time goes by, after drop load, the stored energy is more and more strong. And the vein structure of reverse evolution would become the structure of dislocation cells of normal evolution. Then the crack would continue to propagate on the circumstances.
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Vi vet vem du borde vara : En studie över Veckorevyns självhjälpsjournalistik på 2000-taletOxblod, Aino, Rosengård, Emilia January 2015 (has links)
Den här C-uppsatsen undersöker hur tjejtidningen Veckorevyns självhjälpsjournalistik har sett ut och förändrats under perioden 2005–2014. Undersökningen har gjorts genom att analysera hur Veckorevyns artiklar med tips och råd – i uppsatsen kallat självhjälpsartiklar – har sett ut och utvecklats de senaste tio åren. Vi har använt oss av en kvalitativ textanalys samt bildanalys. Vi har också undersökt hur självhjälpsjournalistiska texter kan vara identitetsbildande för tidningens läsare med hjälp av John B Thompsons teori om identitetsbildning. Studien visade att Veckorevyns självhjälpsartiklar kan delas in i fyra kategorier: sex, relationer, träning och hälsa samt övrigt. Tilltalet i artiklarna har utvecklats från 2005 till 2014, men formen är densamma. Bilderna som hör till de undersökta artiklarna kan delas in i två kategorier – beskrivande bilder och generella kategoribilder. Under våra undersökningsår har inte bilderna utvecklats lika mycket som artiklarnas texter. Personerna på bilderna har samma typ av normativa utseende och utför liknande handlingar under alla år. Utifrån vår undersökning går det att konstatera att Veckorevyns självhjälpsjournalistik har utvecklats från 2005 till 2014 och att tidningens artiklar i hög grad påverkar sina läsares identitetsbildning.
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