Search results

We examine the relationship between macroeconomic news and fund price jumps, using high-frequency 5-min intraday data for Exchange Traded Funds (ETFs) and Listed Open-end Funds (LOFs) from 2019 to 2020.

We utilize the non-parametric jump test known as the LM method to detect fund price jumps. In addition, we perform Logistic regression to analyze the relationship between macroeconomic news and fund price jumps. Moreover, we use multiple linear regression to explore the relationship between fund price jumps and subsequent returns.

The probability of price jumps increases by 22.56% when macroeconomic news is released. Moreover, the returns associated with news-driven price jumps display a reversal pattern, and there is an asymmetric relationship in subsequent returns following macroeconomic shocks. Specifically, funds tend to exhibit lower returns after news-driven price jumps compared to those that are not influenced by news events.

In today's digital age, investors have unprecedented access to a wealth of information through the Internet and various communication platforms. News and market data can be instantly accessed and disseminated, allowing for swift dissemination of information to investors worldwide. However, despite this enhanced accessibility, investors continue to exhibit overreactions or underreactions to new information.

Macroeconomic news release provide crucial insights into the overall health and performance of the economy. By monitoring and analyzing these indicators, investors can gain valuable information that can guide their investment decisions. Furthermore, by fostering a transparent and reliable information disclosure systems, governments can play a critical role in ensuring the stability and transparency of the funds market.

The paper utilizes 5-min high-frequency data from funds and incorporates a comprehensive macroeconomic news information database. These methodological choices enhance the precision and reliability of the analysis, allowing for a more nuanced understanding of the relationship between macroeconomic news releases and fund price jumps.

The purpose of this paper is to investigate the morphology evolution and the composition transformation of Au-Sn intermetallic compounds (IMCs) of the new Au/Sn-5Sb-1Cu-0.1Ni-0.1Ag/(Au)Ni solder joint during the high temperature aging.

Sn-5Sb-1Cu-0.1Ni-0.1Ag solder balls (500 µm in diameter), heat sink with structure of 7.4 µm Au layer on 5 µm Ni-plated Cu alloy and Si chip with 5.16 µm plated Au were used to fabricate micro-solder joints. The joints were performed in a furnace at 150°C for 150, 250 and 350 h aging. The samples were polished and deep etched before analyzed by metallographic microscope and scanning electron microscopy, respectively. Energy dispersive x-ray spectroscopy was used to identify the composition of the IMCs.

ß-(Au,Ni,Cu)₁₀Sn phase is formed during the soldering process. The IMCs evolution has two periods during the aging. The first is the ξ-(Au,Ni,Cu)₅Sn, ξ-(Au,Cu)₅Sn and δ-AuSn were formed and grew to form a full-compound joint after about 150 h aging. The second is the conversion of the full-compound joint. The IMCs converted to ξ′ phase when the aging time extends to 250 h, and transformed to ε-(Au,Ni,Cu)Sn₂ and η-(Au,Ni,Cu)Sn₄ after 350 h aging. The thicker gold layer and thinner solder joint can promote the growth of the IMCs. ß-(Au,Ni,Cu)₁₀Sn emerged in Au/SnSb-CuNiAg/(Au)Ni in this research, which is not usually found.

The results in this study have a significant meaning for the application of the new Sn-5Sb-1Cu-0.1Ni-0.1Ag in harsh conditions.

Nanoparticles are not well dispersed in non‐polar organic solvents due to their hydrophilic property which limits their applications in lubricant oils. To improve the oil‐solubility of nanoparticles, a novel technology was used to prepare a kind of lubricant containing calcium borate nanoparticles.

The microstructures of the prepared nanoparticles were characterized by transmission electron microscope (TEM) and infrared spectra (IR). Tribological properties of calcium borate nanoparticles used as additive in base oil were evaluated using four‐ball tribotester and SRV tribotester, and the worn surface of the steel ball was investigated by Polarized microscope (PM) and X‐ray photoelectron spectroscopy (XPS). In addition, the dispersing stability and antioxidation property of lubricant containing nanoparticles were also studied.

The results indicate that the average size of the prepared nanoparticles is in the range of 50‐100 nm, and the surface of the nanoparticles was altered from hydrophilicity to hydrophobicity. At the same time, the nanoparticles can be well dispersed in the base oil totally under novel process which has no significantly negative effect on the antioxidation property. The results of tribological tests show that calcium borate nanoparticles under the novel process (CBNN) show better antiwear property and friction‐reducing property in base oil compared to calcium borate nanoparticles under tradition process (CBNT). Based on the results of PM and XPS, it can be deduced that a continuous resistance film containing depositions and the tribochemical reaction products such as B₂O₃, FeB, Fe₂O₃ and CaO formed during the sliding process.

The main innovative thought of this work lies in dealing with the oil‐solubility problem through the combination effect of surface modification and special blend process of lubricating oil, and this method was first used to prepare lubricant containing calcium borate nanoparticles. It should be helpful for the borate nanoparticles used as additives in engine oil, gear oil and other industrial lubricants.

The purpose of this paper is to investigate the tribological properties of novel phosphorous-nitrogen (P-N) type additives in water.

The tribological properties of the novel P-N additives in water are compared with a commercial lubricant additive of the P-N type using a four-ball machine. The tribological mechanism was investigated by X-ray absorption near-edge structure (XANES) spectroscopy.

The experimental results indicate that the phosphoramidate derivatives possess good anti-wear and friction-reducing properties. The XANES analysis shows that the prepared compounds can form a protective film containing phosphate and/or polyphosphate that affects the tribological behavior.

The purpose of this paper is to investigate the tribological properties of the novel P-N type additives in water.

The purpose of this paper is to study the tribological properties of a thiazole derivatives (T561), overbased alkyl benzene calcium sulfonate (T106A) compounded with T561 and overbased alkyl benzene magnesium sulfonate (T107) compounded with T561 in rapeseed oil (RSO).

A four-ball machine was used to evaluate the tribological properties of each compound and their combinations with T561 in RSO. Scanning electron microscopy, EDX and X-ray photoelectron spectroscopy were applied to analyze the tribofilm formed on the worn surfaces.

Results of tribotesting demonstrated that synergistic effects exist between the overbased sulfonates, T106A and T107, and the thiazole derivative, T561. The texts of tribofilm indicated that iron sulfide and iron oxides exist in T561 single agent lubricant film and two composite additives lubricant film, and no sulfates were detected. It suggested that the addition of alkyl benzene sulfonate did not hinder the formation of iron sulfides and iron oxides. Meanwhile, CaSO₄ (MgSO₄) and CaCO₃ (MgCO₃) were detected on the worn surface of the composite additives, which were not detected on the single agent friction surface.

A tribofilm mainly contains CaSO₄ (MgSO₄) and CaCO₃ (MgCO₃) formed on the worn surfaces, which is responsible for excellent extreme pressure and anti-wear properties of the compound agents because of their high melting point and high shear stress.