Contagion between United States and european markets during the recent crises

The main objective of this paper is to detect the existence of financial contagion between the North American and European markets during the recent crises. To accomplish this, the relationships between the US and the Euro zone stock markets are considered, taking the daily equity prices of the Standard and Poor’s 500 as representative of the United States market and for the European market, the five most representative indexes. Time Series Factor Analysis (TSFA) procedure has allowed concentrating the information of the European indexes into a unique factor, which captures the underlying structure of the European return series. The relationship between the European factor and the US stock return series has been analyzed by means of the dynamic conditional correlation model (DCC). Once the DCC is estimated, the contagion between both markets is analyzed. Finally, in order to explain the sudden changes in dynamic US-EU correlation, a Markov switching model is fitted, using as input variables the macroeconomic ones associated with the monetary policies of the US as well as those related to uncertainty in the markets. The results show that there was contagion between the United States and European markets in the Subprime and Global Financial crises. The two-regime Markov switching model has helped to explain the variability of the pair-wise correlation. The first regime contains mostly the financially stable periods, and the dynamic correlations in this regime are explained by macroeconomic variables and other related with monetary policies in Europe and US. The second regime is explained mainly by the Federal Funds rate and the evolution of the Euro/US Exchange rate.Peer ReviewedPostprint (published version

Inversion of transfer zones in salt-bearing extensional systems: insights from analogue modeling

This work uses sandbox analogue models to analyze the formation and subsequent inversion of a decoupled extensional system comprised of two segmented half-grabens with thick early syn-rift salt. The segmented half grabens strike perpendicular to the direction of extension and subsequent shortening. Rifting created first a basement topography that was infilled by model salt, followed by a second phase of extension and sedimentation, followed afterwards by inversion. During the second phase of extension, syn-rift syncline minibasins developed above the basement extensional system and extended beyond the confines of the fault blocks. Sedimentary downbuilding and extension initiated the migration of model salt to the basement highs, forming salt anticlines, reactive diapirs, and salt walls perpendicular to the direction of extension, except for along the transfer zone where a slightly oblique salt anticline developed. Inversion resulted in decoupled cover and basement thrust systems. Thrusts in the cover system nucleated along squeezed salt structures and along primary welds. New primary welds developed where the cover sequence touched down on basement thrust tips due to uplift, salt extrusion, and syn-contractional downbuilding caused by loading of syn-contractional sedimentation. Model geometries reveal the control imposed by the basement configuration and distribution of salt in the development of a thrust front from the inversion of a salt-bearing extensional system. In 3D, the interaction of salt migrating from adjacent syn-rift basins can modify the expected salt structure geometry, which may in turn influence the location and style of thrust in the cover sequence upon inversion. Results are compared to the northern Lusitanian Basin, offshore Portugal and the Is&agrave;bena area of the South-Central Pyrenees, Spain.</p

Cobalt free metallic binders for HVOF thermal sprayed wear resistant coatings

Thermal sprayed HVOF WC-based cermet coatings containing various metallic binders have been used in several different applications in industries that require abrasive sliding wear resistance, such as hydraulic pistons, shafts or bearings. The potential dangerousness and cost increase off cobalt-based metallic binders, underlining the challenge in reducing reliance on this metal as metallic binder in wear resistant coatings. The present work aims to study the feasibility of WC-NiMoCrFeCo, WC-CrC-Ni and WC-FeCrAl coatings, in contrast to conventional WCCoCr, by evaluating their microstructure, mechanical, tribological and corrosion resistance properties. Commercially feedstock powders were sprayed onto steel plates using a kerosene-fuelled HVOF WokaJet 400 gun. The WC-CoCr coating shows a slightly highest hardness than WC-NiMoCrFeCo and WC-FeCrAl coatings, showing a slight trend towards an increase in the wear rate as the coating hardness decreases. The WC-CrC-Ni coating is significantly the softest and least wear resistant coating, as a consequence of the presence of a high percentage of lower hardness CrC particles. Nevertheless, this coating shows similar corrosion resistance to of conventional WC-CoCr coating, while the WC-NiMoCrFeCo and WC-FeCrAl coatings show a slightly worse corrosion resistancPeer ReviewedPostprint (published version

Orientation domains: A mobile grid clustering algorithm with spherical corrections

An algorithm has been designed and tested which was devised as a tool assisting the analysis of geological structures solely from orientation data. More specifically, the algorithm was intended for the analysis of geological structures that can be approached as planar and piecewise features, like many folded strata. Input orientation data is expressed as pairs of angles (azimuth and dip). The algorithm starts by considering the data in Cartesian coordinates. This is followed by a search for an initial clustering solution, which is achieved by comparing the results output from the systematic shift of a regular rigid grid over the data. This initial solution is optimal (achieves minimum square error) once the grid size and the shift increment are fixed. Finally, the algorithm corrects for the variable spread that is generally expected from the data type using a reshaped non-rigid grid. The algorithm is size-oriented, which implies the application of conditions over cluster size through all the process in contrast to density-oriented algorithms, also widely used when dealing with spatial data. Results are derived in few seconds and, when tested over synthetic examples, they were found to be consistent and reliable. This makes the algorithm a valuable alternative to the time-consuming traditional approaches available to geologists

Rheological Behavior of the A356 Alloy in the Semisolid State at Low Shear Rates

To control the semisolid processing of aluminum alloys produced by the additive manufacturing technique, an exhaustive knowledge of their rheological behavior is required. In the semisolid state, metallic materials can show rheological characteristics similar to those of polymers, so semisolid state shaping is one of the currently considered routes for additive manufacturing with metallic materials. In this work, an approximation of the rheological control of the A356 aluminum alloy for its subsequent 3D manufacturing was carried out at a very low shear rate. A continuous cooling rheometer was designed and used, evaluating the influence of different process parameters on the viscosity variation of the aluminum alloy in the semisolid state. The results show an anomalous flow variation, indicating dilatant, and not thixotropic behavior, for very low shear rates.Peer ReviewedPostprint (published version

Decorartive PVD coatings as an environmentally clean alternative to chrome plating

Peer ReviewedPostprint (published version

The effect of heat treatment on hardness and drye wear properties of a semisolid processed aluminium alloy

Semisolid AlSiMg casting alloys are attractive alternatives for automotive and aeronautical applications. In this work the effects of heat treatments on hardness and tribological properties of A356 aluminium alloy obtained by Sub-Liquidus Casting (SLC) were studied. The optimum heat treatment conditions, in which the material presents the maximum hardening and wear resistance values, were determined. Heat treatment conditions investigated included: A356 SLC as cast, T5 and T6. Furthermore, AC-46500 and A6061/T6 were analyzed for comparison. The tribological properties of the samples were investigated by pin-on-disc tests at 5 N and 0.05 and 0.1 m·s-1 in dry conditions. The samples were studied by SEM-EDX techniques in order to determine the wear mechanisms and the determination of the products produced during the tests. The maximum hardness and the lowest dry wear rate were obtained through T6 thermal treatment condition.Peer ReviewedPostprint (published version

Spatio-temporal patterns of Pyrenean exhumation revealed by inverse thermo-kinematic modeling of a large thermochronologic data set

Large thermochronologic data sets enable orogen-scale investigations into spatio-temporal patterns of erosion and deformation. We present the results of a thermo-kinematic modeling study that examines large-scale controls on spatio-temporal variations in exhumation as recorded by multiple low-temperature thermochronometers in the Pyrenees mountains (France/Spain). Using 264 compiled cooling ages spanning ∼200 km of the orogen, a recent model for its topographic evolution, and the thermo-kinematic modeling code Pecube, we evaluated two models for Axial Zone (AZ) exhumation: (1) thrust sheet–controlled (north-south) exhumation, and (2) along-strike (east-west) variable exhumation. We also measured the degree to which spatially variable post-orogenic erosion influenced the cooling ages. We found the best fit for a model of along-strike variable exhumation. In the eastern AZ, rock uplift rates peak at ≥1 mm/yr between 40 and 30 Ma, whereas in the western AZ, they peak between 30 and 20 Ma. The amount of post-orogenic (2.5 km in the west. The data reveal a pattern of exhumation that is primarily controlled by structural inheritance, with ancillary patterns reflecting growth and erosion of the antiformal stack and post-orogenic surface processes.publishedVersio

3D reconstruction of syn-tectonic strata deposited during the inversion of salt-related structures : insights from the Llert syncline (South-central Pyrenees)

The Llert syncline is located in the South-central Pyrenees, between the eastern termination of the EW-trending Cotiella Basin and the north-western limb of the NS-trending Turbón-Serrado fold system. The Cotiella Basin is an inverted upper Coniacian-lower Santonian salt-floored post-rift extensional basin developed along the northern Iberian rift system. The Turbón-Serrado fold system consists of upper Santonian - Maastrichtian contractional salt-cored anticlines developed along an inverted transfer zone of the Pyrenean rift system. Based on field research, this paper presents a 3D reconstruction of the Llert syncline in order to further constrain the transition between these oblique salt-related structures. Our results suggest that the evolution of the Llert syncline was mainly controlled by tectonic shortening related to the tectonic inversion of the Cotiella Basin synchronously to the growth of the Turbón-Serrado detachment anticline, and by the pre-compressional structural framework of the Pyrenean rift system. Our contribution provides new insight into the geometric and kinematic relationships of structures developed during the inversion of passive margins involving salt

Modelación numérica de sedimentación subacuática sintectónica: efecto de la presencia de fallas normales y zonas de relevo en la distribución de sedimento.

Las fallas normales y las zonas de relevo son comunes en contextos extensivos y juegan un papel importante en la distribución de sedimento. Este control está bien estudiado en condiciones subaéreas, pero no es así en condiciones subacuáticas, donde los estudios son escasos. En estos casos, la modelación numérica puede ser una buena herramienta para entender y complementar la sedimentación sintectónica. En esta contribución, se presenta un nuevo modelo numérico (que combina deformación tectónica con sedimentación clástica) para estudiar el relleno sedimentario en una cuenca extensiva y, concretamente, en la zona de relevo entre fallas normales. Para este caso, se han definido diferentes configuraciones variando tres parámetros: (1) estructura; (2) tasa de desplazamiento de las fallas; y (3) localización del área fuente. La comparación entre los diferentes experimentos permite concluir que, la configuración estructural condiciona la sedimentación de los diferentes tipos de sedimento creando asimetrías en la distribución de sedimentos. Aún así, los correspondientes cinturones de facies (sedimento mayoritario) no reflejan esa asimetría y, por lo tanto, la posición de las fallas en profundidad. Además, la dirección de transporte condiciona el patrón de distribución llegando a obtener arquitecturas de depósito complejas con aparentes terminaciones estratigráficas que pueden inducir a errores interpretativos (terminaciones aparentes de estratos) en áreas sin información litológica