Financialisation of Natural Resources & Instability Caused by Risk Transfer in Commodity Markets

Understanding the connectedness of financial markets and hence possible sources of systematic risk is central to the debate on the process of financialisation and its consequences for financial stability. In this study, we examine the connectedness between commodity spot and futures prices by applying a novel frequency connectedness framework on data from January 1979 to December 2019 to measure the connectedness among financial variables. Focusing on the seven most widely traded commodities, including gold, silver, crude oil (WTI and BRENT), corn, soya and iron, we find that (i) volatility of the commodity derivatives (futures) contribute to the spot volatility and hence influence spot prices of the underlying commodities in international markets (ii) volatility spillover effects are stronger in the first four days of the shock, suggesting that shocks to the underlying asset volatility caused by its own fundamental are more prevalent and persistent in the long-term (iii) commodities futures volatility transmission is higher than spot price volatility transmission to the futures prices. Our findings shed new light on the relationship between the actual spot price of commodities and their derivatives and have crucial socio-economic implications in terms of financialisation of important commodities

Influence of Nano-Sized SiC on the Laser Powder Bed Fusion of Molybdenum

Consolidation of pure molybdenum through laser powder bed fusion and other additive manufacturing techniques is complicated by a high melting temperature, thermal conductivity and ductile-to-brittle transition temperature. Nano-sized SiC particles (0.1 wt%) were homogeneously mixed with molybdenum powder and the printing characteristics, chemical composition, microstructure, mechanical properties were compared to pure molybdenum for scan speeds of 100, 200, 400, and 800 mm/s. The addition of SiC improved the optically determined density and flexural strength at 400 mm/s by 92% and 80%, respectively. The oxygen content was reduced by an average of 52% over the four scan speeds analyzed. Two mechanisms of oxygen reduction were identified as responsible for the improvements: oxidation of free carbon and the creation of secondary phase nanoparticles. This study illustrates the promising influence of nanoparticle additions to refractory metals in laser powder bed fusion

Contribution of Matrix Metalloproteinase-9 to Cerebral Edema and Functional Outcome following Experimental Subarachnoid Hemorrhage

Background: Cerebral edema is an important risk factor for death and poor outcome following subarachnoid hemorrhage (SAH). However, underlying mechanisms are still poorly understood. Matrix metalloproteinase (MMP)-9 is held responsible for the degradation of microvascular basal lamina proteins leading to blood-brain barrier dysfunction and, thus, formation of vasogenic cerebral edema. The current study was conducted to clarify the role of MMP-9 for the development of cerebral edema and for functional outcome after SAH. Methods: SAH was induced in FVB/N wild-type (WT) or MMP-9 knockout (MMP-9(-/-)) mice by endovascular puncture. Intracranial pressure (ICP), regional cerebral blood flow (rCBF), and mean arterial blood pressure (MABP) were continuously monitored up to 30 min after SAH. Mortality was quantified for 7 days after SAH. In an additional series neurological function and body weight were assessed for 3 days after SAH. Subsequently, ICP and brain water content were quantified. Results: Acute ICP, rCBF, and MABP did not differ between WT and MMP-9(-/-) mice, while 7 days' mortality was lower in MMP-9(-/-) mice (p = 0.03; 20 vs. 60%). MMP-9(-/-) mice also exhibited better neurological recovery, less brain edema formation, and lower chronic ICP. Conclusions: The results of the current study suggest that MMP-9 contributes to the development of early brain damage after SAH by promoting cerebral edema formation. Hence, MMP-9 may represent a novel molecular target for the treatment of SAH. Copyright (C) 2011 S. Karger AG, Base

Meshfree finite differences for vector Poisson and pressure Poisson equations with electric boundary conditions

We demonstrate how meshfree finite difference methods can be applied to solve vector Poisson problems with electric boundary conditions. In these, the tangential velocity and the incompressibility of the vector field are prescribed at the boundary. Even on irregular domains with only convex corners, canonical nodal-based finite elements may converge to the wrong solution due to a version of the Babuska paradox. In turn, straightforward meshfree finite differences converge to the true solution, and even high-order accuracy can be achieved in a simple fashion. The methodology is then extended to a specific pressure Poisson equation reformulation of the Navier-Stokes equations that possesses the same type of boundary conditions. The resulting numerical approach is second order accurate and allows for a simple switching between an explicit and implicit treatment of the viscosity terms.Comment: 19 pages, 7 figure

On the nature of candidate luminous blue variables in M33

Luminous blue variables (LBVs) are expected to play an important role in massive stellar evolution as well as being the progenitors of some of the most luminous supernovae known. In this paper we provide a multiwavelength study of the population of (candidate) LBVs identified within M33. New spectra provide an observational baseline of >4yr with respect to published data, which is well suited to identifying LBV outbursts. Multi-epoch optical and mid-IR surveys of M33 further constrain the variability of the sample and permit a search for dusty circumstellar ejecta. Spectroscopic and photometric variability appears common amongst the sample, although in many cases further observations will be required to determine its physical origin. Nevertheless, we report a new outburst of M33 Var C, while the transition of the WNLh star B517 to a cooler B supergiant phase between 1993-2010 confirms an LBV classification. Proof-of-concept quantitative analysis is provided for Romano's star; the results being consistent with the finding that its bolometric luminosity varies during its LBV excursions. The combination of the temperature and luminosity of two stars, the B hypergiant [HS80] 110A and the cool hypergiant B324, appears to be in violation of the empirical Humphreys-Davidson limit. Mid-IR observations demonstrate that a number of candidates appear associated with hot circumstellar dust, although no objects as extreme as Eta Carinae are identified. The combined multiwavelength dataset suggests that the population of LBVs studied is contaminated by stars demonstrating the B[e] phenomenon. Of these, a subset of optically faint, low luminosity stars associated with hot dust are of particular interest since they appear similar to the likely progenitors of SN 2008S and the 2008 NGC300 transient, albeit suffering less intrinsic extinction. [ABRIDGED]Comment: 23 pages, 14 figures, accepted for publication in Astronomy and Astrophysic

Valence and Charge-transfer Optical Properties for Some Si\u3csub\u3en\u3c/sub\u3eC\u3csub\u3em\u3c/sub\u3e (m, n ≤ 12) Clusters: Comparing TD-DFT, Complete-basis-limit EOMCC, and Benchmarks from Spectroscopy

Accurate optical characterization of the closo-Si12C12 molecule is important to guide experimental efforts toward the synthesis of nano-wires, cyclic nano-arrays, and related array structures, which are anticipated to be robust and efficient exciton materials for opto-electronic devices. Working toward calibrated methods for the description of closo-Si12C12 oligomers, various electronic structure approaches are evaluated for their ability to reproduce measured optical transitions of the SiC2, Si2Cn (n = 1–3), and Si3Cn (n = 1, 2) clusters reported earlier by Steglich and Maier [Astrophys. J. 801, 119 (2015)]. Complete-basis-limit equation-of-motion coupled-cluster (EOMCC) results are presented and a comparison is made between perturbative and renormalized non-iterative triples corrections. The effect of adding a renormalized correction for quadruples is also tested. Benchmark test sets derived from both measurement and high-level EOMCC calculations are then used to evaluate the performance of a variety of density functionals within the time-dependent density functional theory (TD-DFT) framework. The best-performing functionals are subsequently applied to predict valence TD-DFT excitation energies for the lowest-energy isomers of SinC and Sin−1C7−n (n = 4–6). TD-DFT approaches are then applied to the SinCn (n = 4–12) clusters and unique spectroscopic signatures of closo-Si12C12 are discussed. Finally, various long-range corrected density functionals, including those from the CAM-QTP family, are applied to a charge-transfer excitation in a cyclic (Si4C4)4 oligomer. Approaches for gauging the extent of charge-transfer character are also tested and EOMCC results are used to benchmark functionals and make recommendations

Hysteresis and precession of a swirling jet normal to a wall

Interaction of a swirling jet with a no-slip surface has striking features of fundamental and practical interest. Different flow states and transitions among them occur at the same conditions in combustors, vortex tubes, and tornadoes. The jet axis can undergo precession and bending in combustors; this precession enhances large-scale mixing and reduces emissions of NOx. To explore the mechanisms of these phenomena, we address conically similar swirling jets normal to a wall. In addition to the Serrin model of tornadolike flows, a new model is developed where the flow is singularity free on the axis. New analytical and numerical solutions of the Navier-Stokes equations explain occurrence of multiple states and show that hysteresis is a common feature of wall-normal vortices or swirling jets no matter where sources of motion are located. Then we study the jet stability with the aid of a new approach accounting for deceleration and nonparallelism of the base flow. An appropriate transformation of variables reduces the stability problem for this strongly nonparallel flow to a set of ordinary differential equations. A particular flow whose stability is studied in detail is a half-line vortex normal to a rigid plane-a model of a tornado and of a swirling jet issuing from a nozzle in in a combustor. Helical counter-rotating disturbances appear to be first growing as Reynolds number increases. Disturbance frequency changes its sign along the neutral curve while the wave number remains positive. Short disturbance waves propagate downstream and long waves propagate upstream. This helical instability causes bending of the vortex axis and its precession-the effects observed in technological flows and in tornadoes.V. Shtern, J. M

Hysteresis and precession of a swirling jet normal to a wall

Interaction of a swirling jet with a no-slip surface has striking features of fundamental and practical interest. Different flow states and transitions among them occur at the same conditions in combustors, vortex tubes, and tornadoes. The jet axis can undergo precession and bending in combustors; this precession enhances large-scale mixing and reduces emissions of NOx. To explore the mechanisms of these phenomena, we address conically similar swirling jets normal to a wall. In addition to the Serrin model of tornadolike flows, a new model is developed where the flow is singularity free on the axis. New analytical and numerical solutions of the Navier-Stokes equations explain occurrence of multiple states and show that hysteresis is a common feature of wall-normal vortices or swirling jets no matter where sources of motion are located. Then we study the jet stability with the aid of a new approach accounting for deceleration and nonparallelism of the base flow. An appropriate transformation of variables reduces the stability problem for this strongly nonparallel flow to a set of ordinary differential equations. A particular flow whose stability is studied in detail is a half-line vortex normal to a rigid plane-a model of a tornado and of a swirling jet issuing from a nozzle in in a combustor. Helical counter-rotating disturbances appear to be first growing as Reynolds number increases. Disturbance frequency changes its sign along the neutral curve while the wave number remains positive. Short disturbance waves propagate downstream and long waves propagate upstream. This helical instability causes bending of the vortex axis and its precession-the effects observed in technological flows and in tornadoes.V. Shtern, J. M

Charge Delocalization in Self-Assembled Mixed-Valence Aromatic Cation Radicals

The spontaneous assembly of aromatic cation radicals (D+•) with their neutral counterpart (D) affords dimer cation radicals (D2+•). The intermolecular dimeric cation radicals are readily characterized by the appearance of an intervalence charge-resonance transition in the NIR region of their electronic spectra and by ESR spectroscopy. The X-ray crystal structure analysis and DFT calculations of a representative dimer cation radical (i.e., the octamethylbiphenylene dimer cation radical) have established that a hole (or single positive charge) is completely delocalized over both aromatic moieties. The energetics and the geometrical considerations for the formation of dimer cation radicals is deliberated with the aid of a series of cyclophane-like bichromophoric donors with drastically varied interplanar angles between the cofacially arranged aryl moieties. X-ray crystallography of a number of mixed-valence cation radicals derived from monochromophoric benzenoid donors established that they generally assemble in 1D stacks in the solid state. However, the use of polychromophoric intervalence cation radicals, where a single charge is effectively delocalized among all of the chromophores, can lead to higher-order assemblies with potential applications in long-range charge transport. As a proof of concept, we show that a single charge in the cation radical of a triptycene derivative is evenly distributed on all three benzenoid rings and this triptycene cation radical forms a 2D electronically coupled assembly, as established by X-ray crystallography