Thermomechanical effects in high-speed seal rubs

The analytical effort was aimed at development of numerical model of thermal and mechanical phenomena which occur during seal rub. Finite element programs were develped for studying the temperatures that result from frictional heating during rubs, and the plastic deformation which is caused by rub forces. The experiment phase was originally intended to aid in verification of the results of the analytical model. Experimental techniques were developed for measuring surface temperatures and deformations during single pass rubs. Modifications were made to the device to permit testing at both high and cryogenic temperatures. The results from the experiments are discussed

International diversification at home and abroad

We analyze foreigners' and domestic institutional investors' positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that investors might obtain substantial international diversification by investing at home. Using an international factor model, we show that exposure to foreign equity markets is indeed greater for domestic firms that are more diversified internationally, suggesting that at least some of the home-grown foreign exposure translates into international diversification benefits. After accounting for home-grown foreign exposure, the share of "foreign" equities in investors' portfolios nearly doubles, reducing (but not eliminating) the observed home bias. --home bias,international portfolio allocation,foreign exposure

Peer Mentors and Writing Center Tutors: What our collaborations taught us about serving the SJSU Freshmen Students

The Library Outpost, a satellite office of the campus’s Dr. Martin Luther King Jr. Library, seeks ways to reach out to First Year students who are new to writing research papers. One of our goals is to meet the First Year students on their own turf. Since the Peer Mentors and Writing Center tutors have peer relationships with the First year students, we want to learn how we can collaborate with them to provide services to the First year students. We surveyed the Peer Mentors and Writing Center Tutors to assess their perceptions of their own research skills, and their students’ research needs to guide the services and workshops offered by the Library Outpost

International Diversification at Home and Abroad

It is an established fact that investors favor the familiar%u2014be it domestic securities or, within a country, the securities of nearby firms%u2014and avoid investments that would provide the greatest diversification benefits. While we do not rule out familiarity as an important driver of portfolio allocations, we provide new evidence of investors%u2019 international diversification motive. In particular, our analysis of the security-level U.S. equity holdings of foreign and domestic institutional investors indicates that institutional investors reveal a preference for domestic multinationals (MNCs), even after controlling for familiarity factors. We attribute this revealed preference to the desire to obtain %u201Csafe%u201D international diversification. We then show that holdings of domestic MNCs are substantial and, after accounting for this home-grown foreign exposure, that the share of %u201Cforeign%u201D equities in investors%u2019 portfolios roughly doubles, reducing (but not eliminating) the observed home bias.

Is Home Bias in Assets Related to Home Bias in Goods?

Obstfeld and Rogoff (2000) have reinvigorated an old literature on the link between home bias in the goods market and home bias in the asset market by arguing that trade costs in the goods market can account for the observed portfolio home bias. The key link between home bias in the two markets is the real exchange rate. Home bias in consumption implies a different expenditure allocation across countries, which leads to different inflation rates when measured in the same currency. This leads investors from different countries to choose different portfolios to hedge against inflation uncertainty. An older partial equilibrium literature argued that such hedge portfolios are not large enough to produce substantial home bias. We link the general equilibrium and partial equilibrium literatures and show that in both the resulting home bias in the equity market depends on a covariance-variance ratio: the covariance between the real exchange rate and the excess return on home relative to foreign equity, divided by the variance of the excess return. Empirical evidence shows that this ratio and the implied home bias are close to zero, casting significant doubt on a meaningful link between home bias in the goods and asset markets. General equilibrium models that conclude otherwise imply a covariance-variance ratio that is at odds with the data.