Quench propagation and protection analysis of the ATLAS Toroids

The ATLAS superconducting magnet system consists of the Barrel Toroid, two End Cap Toroids and the Central Solenoid. However, the Toroids of eight coils each are magnetically separate systems to the Central Solenoid. The Toroids are electrically connected in series and energized by a single power supply. The quench protection system is based on the use of relatively small external dump resistances in combination with quench-heaters activated after a quench event detection to initiate the internal dump of stored energy in all the coils. A rather strong quench-back effect due to eddy-currents in the coil casings at the transport current decay is beneficial for the quench protection efficiency in the event of heater failures. The quench behaviour of the ATLAS Toroids was computer simulated for normal operation of the quench protection system and its complete non-operation (failure) mode. (3 refs)

Quench propagation and detection in the superconducting bus-bars of the ATLAS magnets

The ATLAS superconducting magnet system comprising Barrel (BT) and End-Cap Toroids (ECT) and also Central Solenoid (CS) will store more than 1.5 GJ of magnetic energy. The magnet system will have many superconducting busbars, a few meters long each, running from the current leads to Central Solenoid and Toroids as well as between the coils of each Toroid. Quench development in the busbars, i.e., the normal zone propagation process along the busbar superconductors, is slow and exhibits very low voltages. Therefore, its timely and appropriate detection represents a real challenge. The temperature evolution in the busbars under quench is of primary importance. Conservative calculations of the temperature were performed for all the magnets. Also, a simple and effective method to detect a normal zone in a busbar is presented. A thin superconducting wire, whose normal resistance can be easily detected, is placed in a good thermal contact to busbar. Thus, the wire can operate as straightforward and low-noise quench-detector. (4 refs)

On the lease rate, convenience yield and speculative effects in the gold futures market

By examining data on the gold forward offered rate (GOFO) and lease rates over the period 1996- 2009, we conclude that the convenience yield of gold is better approximated by the lease rate than the interest-adjusted spread of Fama & French (1983). Using the latter quantity, we study the relationship between gold leasing and the level of COMEX discretionary inventory and exhibit that lease rates are negatively related to inventories. We also show that Futures prices have increasingly exceeded forward prices over the period, and this effect increases with the speculative pressure and the maturity of the contracts

Breaking into the blackbox: Trend following, stop losses and the frequency of trading - The case of the S&P500

In this article, we compare a variety of technical trading rules in the context of investing in the S&P500 index. These rules are increasingly popular, both among retail investors and CTAs and similar investment funds. We find that a range of fairly simple rules, including the popular 200-day moving average (MA) trading rule, dominate the long-only, passive investment in the index. In particular, using the latter rule we find that popular stop-loss rules do not add value and that monthly end-of-month investment decision rules are superior to those which trade more frequently: this adds to the growing view that trading can damage your wealth. Finally, we compare the MA rule with a variety of simple fundamental metrics and find the latter far inferior to the technical rules over the last 60 years of investing

Momentum meets value investing in a small European market

In this paper, we investigate two prominent market anomalies documented in the finance literature – the momentum effect and value-growth effect. We conduct an out- of-sample test to the link between these two anomalies recurring to a sample of Portuguese stocks during the period 1988–2015. We find that the momentum of value and growth stocks is significantly different: growth stocks exhibit a much larger momentum than value stocks. A combined value and momentum strategy can generate statistically significant excess annual returns of 10.8%. These findings persist across several holding periods up to a year. Moreover, we show that macroeconomic variables fail to explain value and momentum of individual and combined returns. Collectively, our results contradict market efficiency at the weak form and pose a challenge to existing asset pricing theories.info:eu-repo/semantics/publishedVersio

Investor Sentiment for Real Assets: The Case of Dry Bulk Shipping Market*

We investigate the role of sentiment and its implications for real assets. Using shipping sentiment proxies that capture market expectations, valuation, and liquidity, we construct sentiment indices for the dry bulk shipping market. Evidence suggests that sentiment affects the monthly returns of real assets. The empirical findings also show that market sentiment serves as a contrarian indicator for future cycle phases in all sectors. Furthermore, a sentiment-based trading simulation exercise on the sale and purchase of vessels shows that investors can benefit from higher returns compared to the buy-and-hold benchmark, while partially offsetting the highly volatile nature of the shipping industry