Proton NMR studies of the electronic structure of ZrH/sub x/

The proton spin lattice relaxation times and Knight shifts were measured in f.c.c. (delta-phase) and f.c.t. (epsilon-phase) ZrH/sub x/ for 1.5 or = to x or = to 2.0. Both parameters indicate that N(E/sub F/) is very dependent upon hydrogen content with a maximum occurring at ZrH1 83. This behavior is ascribed to modifications in N(E/sub F/) through a fcc/fct distortion in ZrH/sub x/ associated with a Jahn-Teller effect

Asset liability modelling and pension schemes: the application of robust optimization to USS

This paper uses a novel numerical optimization technique - robust optimization - that is well suited to solving the asset-liability management (ALM) problem for pension schemes. It requires the estimation of fewer stochastic parameters, reduces estimation risk and adopts a prudent approach to asset allocation. This study is the first to apply it to a real-world pension scheme, and the first ALM model of a pension scheme to maximise the Sharpe ratio. We disaggregate pension liabilities into three components - active members, deferred members and pensioners, and transform the optimal asset allocation into the scheme’s projected contribution rate. The robust optimization model is extended to include liabilities and used to derive optimal investment policies for the Universities Superannuation Scheme (USS), benchmarked against the Sharpe and Tint, Bayes-Stein, and Black-Litterman models as well as the actual USS investment decisions. Over a 144 month out-of-sample period robust optimization is superior to the four benchmarks across 20 performance criteria, and has a remarkably stable asset allocation – essentially fix-mix. These conclusions are supported by six robustness checks

Statistical Confirmation of Empirical Observations Concerning Tool Mark Striae

Toolmarks produced by 44 sequentially manufactured screwdriver tips have been characterized for surface roughness using a profilometer. Toolmarks were produced in lead at angles of 30°, 60°, and 85°. A computer program developed to compare and match the profilometer data has been used to show that marks from a single tip produced at similar angles yield much higher correlation values than marks produced from the same tip but at different angles. This analysis provides statistical support for the widely-accepted empirical observation that toolmark striae must be reproduced at similar angles in order to be unambiguously identified as being made by a particular tool