Backtesting portfolio value-at-risk with estimated portfolio weights

This article theoretically and empirically analyzes backtesting portfolio value-at-risk (VaR) with estimation risk in an intrinsically multi-variate framework. It particularly takes into account the estimation of portfolio weights in forecasting portfolio VaR and its impact on backtesting. It shows that the estimation risk from estimating portfolio weights and that from estimating the multi-variate dynamic model make the existing methods in a univariate framework inapplicable. It proposes a general theory to quantify estimation risk applicable to the present problem and suggests practitioners a simple but effective way to implement valid inference to overcome the effect of estimation risk in backtesting portfolio VaR. In particular, we apply our theory to the efficient mean-variance-skewness portfolio for a multi-variate generalized autoregressive conditional heteroscedasticity model with multi-variate general hyperbolic distributed innovations. Some Monte Carlo simulations and an empirical application demonstrate the merits of our method.     

Se doped nickel-molybdenum bimetal sulfide with enhanced electrochemical activity for hydrogen evolution reaction

In this work, we synthesized Se doped MoS₂@Ni₃S₂ with nanosheets coated nanorods structure supported on Ni foam (MoNiSeS). Firstly, MoS₂@Ni₃S₂ (MoNiS) nanorods was synthesized by hydrothermal method. After selenization treatment, MoSe₂ successfully formed on the edge of MoS₂ nanosheets and particle Ni₃S₂ transformed into NiSe, in which MoSe₂ and NiSe acted as new phase in MoNiSeS. The obtained MoNiSeS only needs a low overpotential of 68 mV to reach the current density of 10 mA cm^?2, and has a low Tafel plots of 72.77 mV dec^?1 and good electrochemical durability, whose electrochemical activity is much better than that of MoNiS and NiSeS, implying the introduction of Mo and Se is beneficial to improve the electrocatalytic performance of NiS for HER. In addition, the proper amount of Mo source, which has an effect on the morphology of product, has also been investigated. For MoNiSeS, the typical nanosheets coated nanarods expose more active sites and the synergic effects is good to the improvement of the catalytic activity. Meanwhile, WNiSeS has also been prepared using the same method and the corresponding results show that the electrochemical activity of WNiSeS is much better than that of NiSeS, proving the universality of this strategy.     

Effect of Temperature and Strain Rate on the Hot Deformation Behaviour of Ferritic Stainless Steel

Metals and Materials International - The flow behaviour and microstructure characteristics of a ferritic stainless steel were investigated using plain strain compression test on a Gleeble 3500...     

Study on the relationship between the particle size distribution and the effectiveness of the K‐powder fire extinguishing agent

The relationship between the particle size distribution and the extinguishing effectiveness of the new K‐powder fire extinguishing agent has been studied experimentally, to explore the reason of the great extinguishing efficiency exhibited by the new K‐powder fire extinguishing agent on Class B fire (liquid fuel fire). The results of the experiment showed that the extinguishing effectiveness increased along with the decrease of the particle size distribution. In addition, a sharp discontinuity appeared around the limiting size, about 40 μm. The powder with the particle size below 40 μm exhibited highly effective extinguishing with the minimum effective extinguishing concentration C_xr = 23 g·m^?3, while the powder with the particle size above 40 μm exhibited little fire extinguishing efficiency. Compared with other fire extinguishing agents produced by different substances, the new K‐powder fire extinguishing has the bigger limiting size. That means, in the same particle size distribution, the new K‐powder fire extinguishing agent contains more highly effective powder than others contain, and is more effective.     

基于综合用电煤耗的电力高质量发展评价指标研究及应用

煤电平均供电煤耗作为评价能源系统效率的指标已在行业内广泛应用。但该项指标无法很好地反映一个国家、地区的用电结构与用电能耗水平。为此，参照行业内普遍采用的火电厂发电煤耗和供电煤耗指标，定义“综合用电煤耗”，即用户每用1 kW?h电“消耗”的标准煤量（单位:g/(kW?h)）。在此基础上，提出“综合发电煤耗”与“综合供电煤耗”的概念，形成完整的指标评价体系。对近年典型省份指标值的研究表明，该指标体系能够很好地反映供给侧国家、省区或企业的发电结构与电能生产能耗水平。这一指标体系能够为正确理解和计算用电、输电与电能替代项目的化石能源消耗量及其排放量提供依据。     

Densification mechanism during reactive hot pressing of B4C-ZrO2 mixtures

The densification behaviors of pure B₄C and B₄C-ZrO₂ mixtures were compared during hot pressing. The results showed that in-situ formed ZrB₂ effectively enhanced the densification process of B₄C-ZrO₂ mixtures, more significantly during the intermediate stage. Within the relative density ranging from 0.75 to 0.90, the B₄C-15?wt%ZrO₂ mixture (B15Z) achieved the maximum densification rate as twice much as that of pure B₄C. The stress exponent n>3 indicated plastic deformation was the dominant densification mechanism of B15Z. The viscosities of plastic flow were evaluated using Murray-Rodger-William equation and the viscosity of B15Z was only a quarter of that in pure B₄C. The sintering activation energy was calculated to be 305.9?kJ/mol for pure B₄C and 197?kJ/mol for B15Z, respectively. It was proposed that the lower viscosity of plastic flow and activation energy accelerated the sliding and propagating motions of plastic flow, by which underlain the enhanced densification behaviors of B₄C-ZrO₂ mixtures.     

Ferroelastic domain structure and phase transition in single-crystalline [PbZn1/3Nb2/3O3]1-x[PbTiO3]x observed via in situ x-ray microbeam

(1-x)Pb(Zn_1/3Nb_2/3)O₃-xPbTiO₃ ((1-x)PZN-xPT in short) is one of the most important piezoelectric materials. In this work, we extensively investigated (1-x)PZN-xPT (x = 0.07–0.11) ferroelectric single crystals using in-situ synchrotron μXRD, complemented by TEM and PFM, to correlate microstructures with phase transitions. The results reveal that (i) at 25 °C, the equilibrium state of (1-x)PZN-xPT is a metastable orthorhombic phase for x = 0.07 and 0.08, while it shows coexistence of orthorhombic and tetragonal phases for x = 0.09 and x = 0.11, with all ferroelectric phases accompanied by ferroelastic domains; (ii) upon heating, the phase transformation in x = 0.07 is Orthorhombic → Monoclinic → Tetragonal → Cubic. The coexistence of ferroelectric tetragonal and paraelectric cubic phases was in-situ observed in x = 0.08 above Curie temperature (T_C), and (iii) phase transition can be explained by the evolution of the ferroelectric and ferroelastic domains. These results disclose that (1-x)PZN-xPT are in an unstable regime, which is possible factor for its anomalous dielectric response and high piezoelectric coefficient.     

Regulation of sensory nerve conduction velocity of human bodies responding to annual temperature variations in natural environments

The extensive research interests in environmental temperature can be linked to human productivity / performance as well as comfort and health; while the mechanisms of physiological indices responding to temperature variations remain incompletely understood. This study adopted a physiological sensory nerve conduction velocity (SCV) as a temperature‐sensitive biomarker to explore the thermoregulatory mechanisms of human responding to annual temperatures. The measurements of subjects’ SCV (over 600 samples) were conducted in a naturally ventilated environment over all four seasons. The results showed a positive correlation between SCV and annual temperatures and a Boltzmann model was adopted to depict the S‐shaped trend of SCV with operative temperatures from 5°C to 40°C. The SCV increased linearly with operative temperatures from 14.28°C to 20.5°C and responded sensitively for 10.19°C‐24.59°C, while tended to be stable beyond that. The subjects’ thermal sensations were linearly related to SCV, elaborating the relation between human physiological regulations and subjective thermal perception variations. The findings reveal the body SCV regulatory characteristics in different operative temperature intervals, thereby giving a deeper insight into human autonomic thermoregulation and benefiting for built environment designs, meantime minimizing the temperature‐invoked risks to human health and well‐being.