Microstructural, texture, plastic anisotropy and superplasticity development of ZK60 alloy during equal channel angular extrusion processing

In this study, equal channel angular pressing (ECAP) was exploited to refine the grain size of a ZK60 magnesium alloy in multi-processing steps, namely at temperatures of 250˚C, 200˚C and 150˚C, producing an ultrafine-grained (UFG) structure. The microstructural development and texture evolution during ECAP were systemically investigated by electron backscattered diffraction (EBSD) analysis. The microstructure of the ECAP processed alloy was remarkably refined to an average grain size of 600 nm. During ECAP process the original fiber texture of the as-extruded alloy was gradually weakened and eventually replaced by a stronger texture component coinciding with ECAP shear plane. The ECAP processed material showed a proper balance of tensile as well as compression strength and tensile ductility at room temperature. Yield strength of 273 and 253 MPa in tension and compression, respectively, ultimate tensile strength of 298 MPa and fracture elongation of about 30% were obtained in the UFG alloy. A transition from ductile–brittle to ductile fracture consisting of very fine and equiaxed dimples was also found in the ECAP processed material. Compared to the as-received alloy, a combination of grain refinement and texture development in the UFG alloy gave rise to a notable reduction in mechanical asymmetric behavior at room temperature. The superplastic behavior of the as-extruded and ECAP processed alloy was also investigated at 200˚C with strain rate of 1.0×10-3 s-1. The concurrent effect of grain boundary sliding and favorable basal texture in the UFG alloy led to an achievement of elongation value of about 300% while, under similar testing conditions, the elongation of about 140% was obtained in the as-extruded alloy

Systemic risk and banking regulation: some facts on the new regulatory framework

The recent financial crisis highlighted the relevant role of the systemic effects of banks’ defaults on the stability of the whole financial system. In this work we draw an organic picture of the current regulations, moving from the definitions of systemic risk to the issues concerning data availability. We show how a more detailed flow of data on traded deals might shed light on some systemic risk features taken into account only partially in the past. In particular, we analyse how the new regulatory framework allows regulators to describe OTC derivatives markets according to more detailed partitions, thus depicting a more realistic picture of the system. Finally, we suggest to study sub-markets illiquidity conditions to consider possible spill over effects which might lead to a worsening for the entire system

Systemic importance of financial institutions: from a global to a local perspective? A network theory approach

After the systemic effects of bank defaults during the recent financial crisis, and despite a huge amount of literature over the last years to detect systemic risk, no standard methodologies have been set up until now. We aim to build a concise but comprehensive picture of the state of the art, illustrating the open issues, and outlining pathways for future research. In particular, we propose the analysis of some examples of local systems that attract the attention of the financial sector. This work is directed to both academic researchers and practitioners

Aluminium Foam and Magnesium Compound Casting Produced by High-Pressure Die Casting

Nowadays, fuel consumption and carbon dioxide emissions are two of the main focal points in vehicle design, promoting the reduction in the weight of vehicles by using lighter materials. The aim of the work is to evaluate the influence of different aluminium foams and injection parameters in order to obtain compound castings with a compromise between the obtained properties and weight by high-pressure die cast (HPDC) using aluminium foams as cores into a magnesium cast part. To evaluate the influence of the different aluminium foams and injection parameters on the final casting products quality, the type and density of the aluminium foam, metal temperature, plunger speed, and multiplication pressure have been varied within a range of suitable values. The obtained compound HPDC castings have been studied by performing visual and RX inspections, obtaining sound composite castings with aluminium foam cores. The presence of an external continuous layer on the foam surface and the correct placement of the foam to support injection conditions permit obtaining good quality parts. A HPDC processed magnesium-aluminium foam composite has been developed for a bicycle application obtaining a suitable combination of mechanical properties and, especially, a reduced weight in the demonstration part.Spanish government through the project CDTI: MAGNO CENIT project CEN-2008102

Assessing financial distress dependencies in OTC markets: a new approach by Trade Repositories data

After the recent financial crisis, it is undoubtedly recognized the importance of assessing not only the risk of distress for a single \financial entity", but also the distress dependencies between the different \entities", where by \entities" we mean in a broad sense any relevant cluster of products, risk factors, counterparties. In this paper, we focus on the Interest Rate Swap (IRS) segment as a significant fraction of the OTC market. We define a distress indicator by combining some distress drivers, such as averaged volumes, liquidity, volatility and bid-ask proxies. Hence, we analyse the distress dependencies among sub-markets identified by the segmentation of the IRS market according to contractual and financial features. We try to combine in an innovative way some new ingredients, namely the more granular data on OTC derivatives available from the trade repositories along with the classical JPoD approach introduced in the recent years by the IMF for studying the distress interdependence structure among financial institutions. The proposed technique seems to be quite promising. Indeed, the results are quite close to the practical intuition. At the best of our knowledge, this work is the first empirical study based on trade repositories' data for assessing systemic risk

From data to big data: the road of SMEs towards artificial intelligence

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If transparency in performance measurement becomes mandatory: towards better accountability?

In most industrialized countries (including Italy), the increasing financial pressure on public organizations and the need for accountability have led to renewed attention on measuring public performance. In Italy, in 2009, the Legislative Decree 150 mandated all public organizations to introduce a \u2018performance management cycle\u2019 and publish a performance plan (a multi-year programming tool), a performance report (regarding the results obtained), and a document formalizing the model, the phases, and the timing of the adopted performance measurement system. This paper aims to understand whether transparency obligations in performance measurement correspond to a higher degree of accountability for stakeholders or whether they create greater bureaucracy. This study focuses on Italian public healthcare organizations since they need to be much more accountable towards their stakeholders on the results obtained in comparison to other public organizations. The empirical analysis conducted shows that the legal obligations for transparency in performance measurement are still important in a country with civil law like Italy\u2014but they are not sufficient for improving accountability for stakeholders

Materials selection in a critical raw materials perspective

Critical Raw Materials (CRMs) are those raw materials that are economically and strategically important for the European economy but have a high-risk associated with their supply. Used in environmental technologies, consumer electronics, health, steel-making, defence, space exploration, and aviation, these materials are not only 'critical' for key industry sectors and future applications, but also for the sustainable functioning of the European economy. In this scenario, 'mitigating actions' need to be developed to reduce criticalities linked to the use of those raw materials. Recycling and substitution, when possible, are strategic solutions but a more efficient use of such CRMs in design, obtained by a correct alloy selection, is become nowadays mandatory.A method for metallic alloys selection in a CRMs perspective, based on the definition of the alloy critical index, is described. The proposed method allows selecting the alloy for the current application that minimizes its criticality associated to CRMs. The method is illustrated with examples. Keywords: Mechanical design, Materials selection, Critical raw material, Metallic materia