Stock Market Volatility, Risk Attitude and the Demand for Money in the UK

Is stock market volatility an important determinant of money demand in the UK? If yes, what is the driving force behind that effect? In a cointegration framework, we find that volatility in share prices is an important positive determinant of money demand, alongside standard variables and the stock price level. By studying different stock market indexes effects, we find that the risk aversion of investors is an important force behind the effect, implying that the effect is due to investors’ flight to safer assets in times of volatile stock prices

Investment Opportunities Forecasting: Extending the Grammar of a GP-based Tool

In this paper we present a new version of a GP financial forecasting tool, called EDDIE 8. The novelty of this version is that it allows the GP to search in the space of indicators, instead of using pre-specified ones. We compare EDDIE 8 with its predecessor, EDDIE 7, and find that new and improved solutions can be found. Analysis also shows that, on average, EDDIE 8's best tree performs better than the one of EDDIE 7. The above allows us to characterize EDDIE 8 as a valuable forecasting tool

Solvent-free manufacture of methacrylate polymers from biomass pyrolysis products

Biomass pyrolysis liquid is functionalised into a potential replacement for petrochemical derived methacrylates used in resins, adhesives and binders

La función autocaptura en marcapasos VVIR. Experiência del estudio multicéntrico

La función de Autocaptura verifica la captura latido a latido. La búsqueda automática del umbral de estimulación, ajusta el potencial de salida 0.3 V. por encima del valor medido. Ante la pérdida de captura de un estímulo, el sistema emite un segundo impulso de 4.5 V. a los 65 mseg. para conseguir captura, evitando con ello pausas del ritmo cardíaco. La función de Autocaptura nos ofrece por ello una estimulación segura de bajo consumo. El sistema ha sido incorporado a un marcapasos VVI R de 12.8 gr. de peso y 5.9 cm3 de volumen, de estimulación unipolar y detección bipolar. Presentamos la experiencia de un estudio multicéntrico que incluye 113 pacientes, 57 hombres y 56 mujeres. La edad media fue de 76 anos (45 - 93). La indicación ECG fue de fibrilación auricular con pobre respuesta ventricular en el 84% de los casos y de bloqueo A-V en el restante 16%. Se han revisado los protocolos de 112 controles de alta hospitalaria, 107 de 30 dias, 94 de 3 meses y 49 de 6 meses. En todos los casos se ha practicado un registro Holter de 24 horas al mes de la implantacion. EI valor medio de umbral de estimulación en el momenta de la implantación fue de 0.6 V., a 1 mes de 1.3 V., a los 3 meses de 1.3 V. Y a los 6 meses de 1.2 V. Los valores medios medidos de onda R intrínseca / onda R evocada fueron en la implantación de 14.7/10.2 mV., al mes 16.8/ 10.0 mV., a los 3 meses 16.5/10.2 mV. ya los 6 meses 17.5/10.2 mV. Se ha calculado un consumo medio de 3.9 ± 0.8 mAo con 10 que la longevidad del generador resulta de entre 7 y 8 anos. El análisis latido a latido de 3.7 millones de estímulos de los registros Holter, nos confirma que cada perdida de captura ha sido detectada y seguida de un estímulo de seguridad efectivo. Conclusion: La función Autocaptura posee la habilidad de cambiar automaticamente el potencial de salida en consonancia con el umbral de estimulación, y por ello nos permite olrecer una terapia de estimulacion segura y liable con bajo consumo energético

Mechanical behaviour of additively manufactured lunar regolith simulant components

Additive manufacturing and its related techniques have frequently been put forward as a promising candidate for planetary in-situ manufacturing, from building life-sustaining habitats on the Moon to fabricating various replacements parts, aiming to support future extra-terrestrial human activity. This paper investigates the mechanical behaviour of lunar regolith simulant material components, which is a potential future space engineering material, manufactured by a laser-based powder bed fusion additive manufacturing system. The influence of laser energy input during processing was associated with the evolution of component porosity, measured via optical and scanning electron microscopy in combination with gas expansion pycnometry. The compressive strength performance and Vickers microhardness of the components were analysed and related back to the processing history and resultant microstructure of the lunar regolith simulant build material. Fabricated structures exhibited a relative porosity of 44 – 49% and densities ranging from 1.76 – 2.3 g cm-3 , with a maximum compressive strength of 4.2 ± 0.1 MPa and elastic modulus of 287.3 ± 6.6 MPa, the former is comparable to a typical masonry clay brick (3.5 MPa). The 2 AM parts also had an average hardness value of 657 ± 14 HV0.05/15, better than borosilicate glass (580 HV). This study has shed significant insight into realizing the potential of a laser-based powder bed fusion AM process to deliver functional engineering assets via in-situ and abundant material sources that can be potentially used for future engineering applications in aerospace and astronautics

Retained strength of UHTCMCs after oxidation at 2278 K

In the frame of Horizon 2020 European C3HARME research project, the manufacture of ZrB2-based CMCs was developed through different processes: slurry infiltration and sintering, radio frequency chemical vapour infiltration (RF-CVI) and reactive metal infiltration (RMI). To assess the high temperature stability, room temperature bending strength was measured after oxidizing the samples at 2278 K and compared to the strength of the as-produced materials. Microstructures were analysed before and after the thermal treatment to assess the damage induced by the high temperature oxidation. Short fibre-reinforced composites showed the highest retained strength (>80%) and an unchanged stress–strain curve

Testing approach to new fibre-reinforced UHTC materials in the C3HARME project

In space applications, very high temperatures are often a driving environmental condition for certain technologies. This is especially true for the engines of rockets and for re-entry systems where thermal protection is vital. With current state-of-the-art systems of both types, there are in some cases materials used which are simply consumed because temperatures are so high, there is no choice of a material able to withstand the conditions. In order to overcome these restraints, Ultra-high-temperature ceramics (UHTC) provide an option in terms of the pure temperature capability of the material. However, bulk UHTC materials so far suffered from the problem of rather low mechanical properties and especially size limitations due to thermal shock sensitivity. If this situation could be improved by introducing a fibre reinforcement and combining the advantages of UHTC with the robustness of Ceramic Matrix Composites (CMC), the resulting UHTCMC materials could open up a whole new world of possibilities for new designs and flight regimes of the systems mentioned. The C3HARME project aims at exactly that. The goal is to develop new fibre-reinforced UHTC types and to significantly improve the maturity of them to a level of TRL 5-6. In order to do so, the thermo-mechanical characterization of samples and components is of great importance. A multitude of different tests are done to get the full data set of all the relevant properties from room temperature up to very high temperatures as they are encountered in the application scenario. The talk will give an overview about the characterization strategy and the individual tests and facilities applied with some of the results already obtained