Transaction Cost and the Small Stock Puzzle: The Impact of Outliers in the NYSE, 1970-2000

In this article we study the effect of transaction costs on asset prices. We examine the characteristics of the actual extreme performers (Outliers), their stock prices, and transactions cost and link them to firm size. The analyses is based on data from the COMPUSTAT tapes with valid data for the bid and ask prices and the CRSP samples of all firms listed in the NYSE, AMEX, and NASDAQ during the period 1970-2000. Once transaction costs are taken into account, no positive abnormal returns are found for small firms. Transaction costs account fully for both the abnormality and the recent size discountability.Outliers, Transaction Costs, Size discount, NYSE, AMEX, NASDAQ

Design, fabrication, characterization and aging studies of solar selective absorber surfaces

Tese de Doutoramento - Programa Doutoral em Física (MAP- fis)Esta tese tem como objetivo o desenvolvimento de revestimentos para absorção seletiva da radiação solar, que tenham um elevado coeficiente de absorção solar (α) (> 95%), baixa emissividade (ε) (<12% a 400 ºC), e com elevada estabilidade térmica, acima de 400 ° C ao ar e acima de 600 ºC em vácuo, de modo a que possa ser usado em sistemas de concentração da radiação solar (CSP) que utilizem temperaturas elevadas. Os revestimentos são multicamadas, que têm quatro a cinco camadas, sendo as duas primeiras, uma barreira de difusão e um refletor de radiação infravermelha, tungsténio. As restantes são constituídas por uma estrutura de dupla camada para absorção da radiação solar e uma camada antirefletora. Para a configuração das camadas de absorção, foram utilizadas três soluções diferentes. As duas primeiras soluções baseiam-se em camadas de nitreto / oxinitreto de metais de transição, nomeadamente a partir de crómio (CrAlSiNx/CrAlSiNxOy) e tungsténio (WsiAlNx/WSiAlNxOy). A terceira solução é baseada em compósitos cerâmico-metal de AlSiOx:W. Camadas individuais das diferentes soluções foram depositadas em substratos de vidro, aço inoxidável (SS) e silício (Si) para estudar a composição química, estrutura, propriedades ópticas e mecânicas. Os espectros de transmitância e reflectância das camadas individuais, depositados em substratos de vidro, foram simulados com o software SCOUT, de modo a calcular a respetiva função dielétrica, as constantes ópticas espectrais e espessuras. As multicamadas foram desenhadas utilizando as constantes ópticas das camadas individuais, utilizando também o software SCOUT. Utilizando os resultados das simulações, as multicamadas foram depositadas em substratos de aço inoxidável utilizando a técnica de pulverização catódica por magnetrão e o desempenho dos revestimentos foi verificado por meio da sua absorção solar, da emissividade e do seu comportamento quando sujeitos a tratamentos térmicos ao ar e em vácuo. Diversas técnicas de caracterização foram utilizadas para estudar os revestimentos, nomeadamente por microscopia eletrónica de varrimento (SEM), espectrometria de retrodispersão de Rutherford (RBS), difração de raios X (DRX), espectroscopia de infravermelho com transformada de Fourier (FTIR), espectroscopia de fotoeletrões de raios-X (XPS), espectroscopia de raios-X por dispersão em energia (EDS), análise de detecção de recuo elástico por tempo de voo (TOF-ERDA), espectroscopia Raman e espectroscopia UV-VIS-NIR. Os revestimentos multicamada apresentados nesta tese mostraram boa estabilidade térmica e resistência à oxidação após o tratamento térmico em vácuo a 600 ºC ou 580 ºC e tratamento térmico ao ar a 400 ºC ou 450 ºC. A solução baseada na estrutura WSiAlNx/WSiAlOyNx apresentou os melhores resultados, em termos de estabilidade térmica, resistência à oxidação e coeficiente de absorção solar, enquanto a baseada em CrAlSiNx/CrAlSiNxOy apresentou os valores mais baixos de emissividade à temperatura de 400 ºC. As alterações no coeficiente de absorção solar (αsol) e na emissividade (ε) são insignificantes na maioria dos casos. Em alguns casos, só foram reveladas pequenas mudanças nas curvas de refletância após o primeiro passo de tratamento térmico, não aparecendo alterações nos passos subsequentes. No caso dos revestimentos baseados em CrAlSiNx / CrAlSiNxOy, após o tratamento térmico em vácuo a 600 ºC, verificou-se que ocorreu a difusão de átomos de tungsténio da camada de W para o substrato de aço inoxidável. Assim, foi introduzida uma camada de barreira de CrAlSiNx entre a camada de tungsténio e o substrato de aço e fetuado o respetivo estudo, tendo-se verificado a não ocorrência da difusão do W.This thesis has the objective to develop solar selective absorber coatings having simultaneously high solar absorptance (α) (>95%) and low emissivity (ε) (<12% at 400 ºC) together with high thermal stability above 400°C in air and above 600 ºC in vacuum, which could be used in the concentrated solar power (CSP) or in other high temperature applications. The coatings are multilayer stacks, that have four to five layers, being the first two, a barrier layer and a back-reflector tungsten layer. The remaining layers comprise a double film structure for phase interference finished by an antireflection layer. For the double absorption layer configuration, three different approaches have been used. The first two are based on transition metal nitride/oxynitride layers, namely from chromium as (CrAlSiNx/CrAlSiNxOy) and from tungsten as (WSiAlNx/WSiAlNxOy). Whereas, the third one is based on (AlSiOx:W) cermets. The single layers of each approach were deposited on glass, stainless-steel (SS) and silicon (Si) substrates to study their chemical composition, structure, optical and mechanical properties. The transmittance (T) and the reflectance (R) spectra of single thin layers, deposited on glass substrates, were modelled with the help of SCOUT software and the spectral optical constants and thicknesses were calculated. The multilayer designs were performed using the optical constants of the single layers and conducted with SCOUT software. The final multilayer stacks were deposited on stainless-steel substrates using DC magnetron sputtering technique and the functionality of the absorbers optical stacks was verified through solar absorptance, emissivity and accelerated thermal ageing treatments. All tandems and their individual layers were characterized by Scanning Electron Microscopy (SEM), Rutherford Backscattering Spectrometry (RBS), X-ray diffraction (XRD), Fourier-transform Infrared Spectroscopy (FTIR), X-Ray Photoelectron Spectroscopy (XPS), Energy Dispersive X-ray Spectroscopy (EDS), Time of flight Elastic Recoil Detection Analysis (TOF-ERDA), Raman spectroscopy and UV–VIS–IR spectroscopy. The absorber tandems presented in this thesis showed good thermal stability and oxidation resistance after vacuum annealing at 600 ºC or 580 ºC and air annealing at 400 ºC or 450 ºC. The approach based on WSiAlNx/WSiAlOyNx tandem showed the best thermal stability, oxidation resistance and it has higher solar absorbance, αsol, while the CrAlSiNx/ CrAlSiNxOy shows the lowest thermal emittance at the temperature (400 ºC). The variations in the solar absorptance (αsol) and the thermal emittance (ε) are negligible in most cases. In some cases, small variations in the reflectance curves after the first step of annealing were observed. After the annealing in vacuum at 600 ºC, tungsten diffusion from the back-reflection layer towards the stainless-steel substrate was found in the tandem based on CrAlSiNx/ CrAlSiNxOy. Thus, a CrAlSiNx barrier layer with higher nitrogen N content was included between the stainlesssteel substrate and tungsten. The influence of that barrier layer upon the W diffusion was also studied.Financial support of FCT, POCI and PORL operational programs through the project POCI- 01-0145-FEDER-016907 (PTDC/CTM-ENE/2882/2014), co-financed by European community fund FEDER

Prediction of Compressive Strength of Fibrous Composites Using Two Different Approaches

This paper presents two different approaches to predict the compressive strength of fibrous composites using three-dimensional analysis. These approaches are based on the optimization of compressive stress resulting from the relationship between the compressive stress of the fibrous composite and the shear strength of the matrix material. The first approach is an estimation of compressive strength based on the actual initial misalignment of fibers in the rotated plane. The second approach is an approximation of compressive strength in accordance with the components of the initial fiber misalignment relative to the global axes of the fibrous composite material. The initial fiber misalignment is defined as a curve in the form of a cosine function that has components on the two planes containing the longitudinal axis and defined by initial misalignment angles. Equilibrium equations are then derived for an infinitesimal element along the axis of the fibers using the total potential energy principle. Maximum compressive strength is calculated using the corresponding shear stresses and shear deformations in the matrix, since shear is the dominant mode of failure. The compressive strength corresponding to the shear mode is found to be related to the tangent shear modulus of a fibrous composite material. The two different approaches are used to study the following composites: Carbon/epoxy XAS/914C saturated and dry, Carbon/Peek AS4/PEEK (APC-2), AS4/E7K8, Glass-Vinyl Ester, Glass-Polyester and unidirectional HTS40/977-2. The results obtained in this paper are found to agree well with experimental results and theoretical results available in literature

The Possibility of Accounting Information Systems to Support the Standard costs: Analytical study Insurance Sector – Jordan

This study examines the evaluation of the relationship between accounting information systems &amp; standard costs, researchers have used a sample of 27 insurance companies belonging to the insurance sector listed on the Amman Stock Exchange Securities, The study discussed at several major themes are: The standard cost system, as partial of the cost accounting information system and has a strong relationship with the budgeting system. Evaluation of performance using a standard cost system as a method of cost control. Standard costing system remains appropriate with the new business environment. The study found many of the results was the most important focusing on objective accounting information system and the possibility to support the standard costs, so as to ensure make true decisions or correct decisions taken previously, this would preserve the continuity of the enterprise and increases the useful life or its product age, and guarantee them a competitive advantage in the business environment. Keywords: Insurance Company, AIS (Accounting Information Systems), Standard Cost, ASE (Amman Security Exchange), Insurance Sector

Accurate leakage current models for MOSFET nanoscale devices

This paper underlines a closed forms of MOSFET transistor’sleakage current mechanisms inthe sub 100nmparadigm.The incorporation of draininduced barrier lowering (DIBL), Gate Induced Drain Lowering (GIDL) and body effect (m) on the sub-threshold leakage (Isub) wasinvestigated in detail. The Band-To-Band Tunneling (IBTBT) due to the source and Drain PN reverse junction were also modeled witha close and accurate model using a rectangularapproximation method (RJA). The three types of gate leakage (IG) were also modeled and analyzed for parasitic (IGO), inversion channel (IGC), and gate substrate (IGB).In addition, the leakage resources due to the aggressive reduction in the oxide thickness

Importance of Financial Analysis for Published Financial Information to Predict the Stocks Behavior (Case study-ASE –Industrial Sector-Jordan)

This study aimed to identify the dimensions of the financial analysis and its advantages and how to benefit from it; in predicting stock prices by testing group of financial ratios and find a model quantitatively can be relied upon to predict the price per share of the industrial sector in the Amman Stock Exchange in order to help investors make rational decisions when they the investment process. To achieve this purpose has been tested three financial ratios for a sample of 30 companies listed their shares in the financial market, where data has been relying on published financial statements for its annual information. These ratios have been analyzed using the method of statistical known as a multiple regression to find the best model for the industrial sector of the financial market, which includes group of ratios (Many Variables) of Finance in which they can predict the price of stock in companies listed on the Amman Stock Exchange by this classification. Has been reached model for the industry where it appeared that the industry was affected by several variables affect the share price of this sector is the ratio of market value to book value and the percentage of the book value per ordinary share and the study concluded that it can rely on a set of financial ratios for each of the sectors (classified by the Palestine Securities Exchange) to predict the price of the arrow, study also recommended increased attention to the financial statements and transparency in the preparation and disclosure of the data and prepared according to international accounting standards, and it can an investor rely on financial analysis of the financial statements when making investment decisions. Keywords: Capital Asset Pricing Model (CAP.M), General Accounting Accepted Principle (GAAP), Earnings per Share (EPS), Book Value of share, Market Value of share, Stock Price

The influence of V addition on the structure, mechanical properties, and oxidation behaviour of TiAlSiN coatings deposited by DC magnetron sputtering

The influence of V content on the morphology, structure, hardness (H) and reduced Young's modulus (E), adhesion, and oxidation resistance of TiAlSiN coatings is investigated. The coatings were produced by DC reactive magnetron sputtering, with increasing V contents from 0, 4.8 and 11.0 at.%. All coatings exhibit a fcc type structure. The coating with 4.8 at.% of V shows the highest values of H and E, whereas the values are similar for the reference coating and the coating with 11.0 at.% of V. The coatings adhere well to the substrates and show a dense and compact columnar growth extending from the adhesive interlayer to the top surface of the coatings. The dynamic thermal gravimetric oxidation curves reveal that V additions decreases the onset point of oxidation significantly and degrades the oxidation resistance of the coatings. A dual oxide layer is formed on the top surface of the reference coating: an outer porous Ti–Al–O rich layer with plate-like features on the top, which classified to TiO2 (rutile and anatase) and Al2O3 phases, and an inner Ti–Si–O rich layer with Al depletion that identified as mixture of amorphous Si–O and Ti–Si–O protective oxides. The diffusion of V to the top surface governs the oxidation process of the V-containing coatings, i.e. increasing V concentration leads to disrupt the formation of the protective continuous oxide layers easily.This research is sponsored by national funds through FCT e Fundação para a Ciência e a Tecnologia, under the projects: UIDB/00285/2020, SMARTLUBdref. “POCI-01-0145-FEDER-031-807”. MCTool21 project “Manufacturing of cutting tools for the 21st century: from nano-scale material design to numerical process simulation” (reference: POCI-01-0247-FEDER-045940), co-financed by the European Regional Development Fund, through Portugal 2020 (PT2020), and by the Competitiveness and Internationalization Operational Programme (COMPETE 2020).info:eu-repo/semantics/publishedVersio

January reversal in the US weekend effect;

Average returns for small firm size portfolios tend to decrease during the week in January, with Monday returns highest and Friday lowest. More striking are the results after controlling for Mondays and Fridays in the first and the last 3 weeks of January. Monday returns in this first week are significantly positive and inversely related to size. Monday returns are also significantly positive for the small firm size portfolio in the last 3 weeks of January. But returns on Friday are insignificantly different from zero after controlling for Fridays in the first week and the last three weeks of January. The first Monday in January is particularly critical to the reversal of the end-of-the-week effect at the turn-of-the-year, with abnormal demand for stocks following the first weekend of a new calendar year possibly responsible for this anomaly within an anomaly

Multi-layer solar selective absorber coatings based on W/WSiAlNx /WSiAlOyNx/SiAlOx for high temperature applications

A simulated and an experimental design of multilayer solar selective absorber coatings for high temperature applications is presented in this study. The optical tandem is composed of four layers deposited by magnetron sputtering on stainless steel substrates at room temperature. The first is a back-reflector tungsten layer, that is followed by two absorption layers based on WSiAlNx/ WSiAlOyNx structure for phase interference. The final layer is an antireflection layer of SiAlOx. The design was conducted with the help of SCOUT software creating a multilayer model based on transmittance (T) and reflectance (R) spectra of individual thin layers deposited on glass substrates. The final design shows simultaneously high solar absorptance α=96.0% and low emissivity ε=10.5% (calculated at 400 °C) together with high thermal stability at 450 °C, in air, and 600 °C in vacuum for 400 h and 300 h, respectively.FCT -Fuel Cell Technologies Program(PTDC/CTM-ENE/2882/2014)info:eu-repo/semantics/publishedVersio