The Importance of the Macroeconomic Variables in Forecasting Stock Return Variance: A GARCH‐MIDAS Approach

This paper applies the GARCH‐MIDAS (mixed data sampling) model to examine whether information contained in macroeconomic variables can help to predict short‐term and long‐term components of the return variance. A principal component analysis is used to incorporate the information contained in different variables. Our results show that including low‐frequency macroeconomic information in the GARCH‐MIDAS model improves the prediction ability of the model, particularly for the long‐term variance component. Moreover, the GARCH‐MIDAS model augmented with the first principal component outperforms all other specifications, indicating that the constructed principal component can be considered as a good proxy of the business cycle. Copyright © 2013 John Wiley & Sons, Ltd.     

Microstimulation of inferotemporal cortex influences face categorization

The inferior temporal cortex (IT) of primates is thought to be the final visual area in the ventral stream of cortical areas responsible for object recognition. Consistent with this hypothesis, single IT neurons respond selectively to highly complex visual stimuli such as faces. However, a direct causal link between the activity of face-selective neurons and face perception has not been demonstrated. In the present study of macaque monkeys, we artificially activated small clusters of IT neurons by means of electrical microstimulation while the monkeys performed a categorization task, judging whether noisy visual images belonged to 'face' or 'non-face' categories. Here we show that microstimulation of face-selective sites, but not other sites, strongly biased the monkeys' decisions towards the face category. The magnitude of the effect depended upon the degree of face selectivity of the stimulation site, the size of the stimulated cluster of face-selective neurons, and the exact timing of microstimulation. Our results establish a causal relationship between the activity of face-selective neurons and face perception.     

含过量Fe和Si的铸态Al–Cu合金的拉伸性能和热裂敏感性

This study was undertaken to investigate the tensile properties and hot tearing susceptibility of cast Al–Cu alloys containing excess Fe (up to 1.5wt%) and Si (up to 2.5wt%). According to the results, the optimum tensile properties and hot tearing resistance were achieved at Fe/Si mass ratio of 1, where the α-Fe phase was the dominant Fe compound. Increasing the Fe/Si mass ratio above unity increased the amounts of detrimental β-CuFe platelets in the microstructure, deteriorating the tensile properties and hot tearing resistance. Decreasing the mass ratio below unity increased the size and fraction of Si needles and micropores in the microstructure, also impairing the tensile properties and hot tearing resistance. The investigation of hot-torn surfaces revealed that the β-CuFe platelets disrupted the tear healing phenomenon by blocking interdendritic feeding channels, while the α-Fe intermetallics improved the hot tearing resistivity due to their compact morphology and high melting point.     

Multistage interband cascade photovoltaic devices with a bandgapof 0.23 eV operating above room temperature

Interband cascade （IC） photovoltaic （PV）device structures, consisting of multiple discrete InAs/GaSb superlattice absorbers sandwiched between electronand hole barriers, were grown by molecular beam epitaxy.Details of the molecular beam epitaxy growth and materialcharacterization of the structures are presented. The dis-crete absorber architecture enables certain advantages, suchas high open-circuit voltage, high collection efficiency,high operating temperature, and smooth integration ofcascade stages with different bandgaps. The two- andthree-stage ICPV devices presented in this article operate atroom temperature with substantial open-circuit voltages ata cutoff wavelength of 5.3 μm （corresponding to a bandgapof 0.23 eV）, the longest ever reported for room temperaturePV devices. The device characteristics indicate a high levelof current matching and demonstrate the advantages of theinterband cascade approach in thermophotovoltaic celldesign.     

New approach for assessing the weldability of precipitation-strengthened nickel-base superalloys

A new procedure was proposed for evaluating the weldability of nickel-base superalloys. The theory is on the basis of two microstructural patterns. In pattern I, the weld microstructure exhibits severe alloying segregation, many low-melting eutectic structures, and low weldability. The weld requires a weaker etchant and a shorter time for etching. In pattern II, the weld microstructure displays less alloying segregation, low quantity of eutectic structures, and high weldability. The weld needs a stronger etchant and a longer time for etching. Five superalloys containing different amounts of Nb and Ti were designed to verify the patterns. After welding operations, the welds were etched by four etchants with different corrosivities. The weldability was determined by TG-DSC measurements. The metallography and weldability results confirmed the theoretic patterns. Finally, the etchant corrosivity and etching time were proposed as new criteria to evaluate the weldability of nickel-base superalloys.