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This paper aims to study the asset pricing implications for stock and bond markets in a long-run risks (LRR) model with regime shifts. This general equilibrium framework can not only generate sign-switching stock-bond correlations and bond risk premium, but also quantitatively reproduce various other salient empirical features in stock and bond markets, including time-varying equity and bond return premia, regime shifts in real and nominal yield curves, the violation of the expectations hypothesis of bond returns.

The researchers study the joint determinants of stock and bond returns in a LRR model framework with regime shifts in consumption and inflation dynamics. In particular, the means, volatilities, and the correlation structure between consumption growth and inflation are regime-dependent.

The model shows that the term structure of interest rates and stock-bond correlation are intimately related to business cycles, while LRR play a more important role in accounting for high equity premium than do business cycle risks.

This paper studies the joint determinants of stock and bond returns in a Bansal and Yaron (2004) type of LRR framework. This rational expectations general equilibrium framework can (1) jointly match the dynamics of consumption, inflation and cash flow; (2) generate time-varying and sign-switching stock and bond correlations, as well as generating sign-switching bond risk premium; and (3) coherently explain another long list of salient empirical features in stock and bond markets, including time-varying equity and bond return premia, regime shifts in real and nominal yield curves, the violation of the expectations hypothesis of bond returns.

This paper aims to describe a three-dimensional mathematical and numerical model based on finite volume method to simulate the fluid dynamics in weld pool, droplet transfer and keyhole behaviors in the laser-MIG hybrid welding process of Fe36Ni Invar alloy.

Double-ellipsoidal heat source model and adaptive Gauss rotary body heat source model were used to describe electric arc and laser beam heat source, respectively. Besides, recoil pressure, electromagnetic force, Marangoni force, buoyancy as well as liquid material flow through a porous medium and the heat, mass, momentum transfer because of droplets were taken into consideration in the computational model.

The results of computer simulation, including temperature field in welded plate and velocity field in the fusion zone were presented in this article on the basis of the solution of mass, momentum and energy conservation equations. The correctness of elaborated models was validated by experimental results and this proposed model exhibited close correspondence with the experimental results with respect to weld geometry.

It lays foundation for understanding the physical phenomena accompanying hybrid welding and optimizing the process parameters for laser-MIG hybrid welding of Invar alloy.

The purpose of this paper is to improve lubrication and anti-corrosion properties of the water-in-oil (W/O) microemulsion for rolling of copper strip and sheet to replace the traditional rolling oil.

The W/O microemulsion is prepared by using hydrogenated base oil, a deionized aqueous solution of 0.03 mol/L of Na2SO4 and composite emulsifier such as Sp20, Tx-7 or sodium petroleum sulfonate. Tribological behavior of the microemulsions and traditional cold rolling oil was conducted by MR-10A four-ball tester. The lubrication performance of microemulsion for cold rolling of copper strip was performed by cold-rolling experiment. The morphology of worn surface and the rolled copper was characterized. Anti-corrosion properties of microemulsion for rolled copper was investigated, and the corroded surface was analyzed by X-ray photoelectron spectrometer (XPS).

The results show that the extreme pressure and antiwear properties of the microemulsions have been improved; the average friction coefficient of the improved microemulsion is 0.065, which is 30% lower than the commercial cold rolling oil. For cold rolling of copper strip, the microemulsion has a higher thinning effect than the commercial cold rolling oil, and a smooth surface is obtained and the surface roughness (Sa) is decreased by 6.8%. The XPS analysis indicated microemulsion adsorbed on the copper surface mitigate the corrosion of oils.

This paper used the prepared W/O microemulsion as a new lubricant in the process of rolling for copper strip and sheet in industry, demonstrating the microemulsion has broad application prospects in the future.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-06-2020-0227/