The volatility spillover from the market to disaggregated industry stocks: the case for the US and UK

This article empirically investigates the volatility spillover of stock returns from the market to disaggregated industry sectors. Seventeen sectors from the US and UK stock markets are estimated by the GARCH technique based on daily data from 1973 to 2008. The key findings are two-fold. In the UK, whilst some industries are more sensitive to market volatility in a bear market than others, these disaggregated sectors are broadly affected in a similar way in a bull market. The volatility of foreign markets seems to have more impact than the domestic markets on some key industries in the US, suggesting the international integration for these sectors

Strain gage calibration

A temporary bonding system for accurately predetermining the individual apparent strain curve characteristics of the gages is used, and subsequently employs a computer to watch the apparent strain curves of the individual gages to determine which gages should be used together on transducers. The temporary bonding system requires a test block on which the gages are temporarily bonded, several thermocouples for monitoring temperature, and a data acquisition system for recording apparent strain data. Initially, a group of strain gages are attached to the test block using a bonding agent that disintegrates at high temperatures. The gages are then wired to an appropriate data acquisition and data, collected throughout a predetermined temperature excursion. Once the data is obtained, the test block is heated until the bonding agent disintegrates freeing the gages from the test block. The gages are then disconnected from the data acquisition system and cleaned, thereby ready for use on transducers

Fabrication of hollow ball bearings by diffusion welding

Two steel hemispheres are diffusion welded in an atmosphere of 0.00002 torr at a temperature of 2130 degrees F for 4 hours with a pressure of 4 psi holding the hemispheres together. Weld is accomplished with only microdeformation

Liquid switch is remotely operated by low dc voltage

A liquid switch which does not depend on any mechanical, gravitational, or inertial actuation is developed for use in space environments. It may be remotely operated on low dc voltage

Impact of World Bank lending in an adjustment-led growth model

Within a financial- and growth-programming framework, this paper develops a policy-driven growth model and addresses the effects of World Bank lending on economic growth in a sample of 30 countries, after having controlled for the effects of key macroeconomic variables. Both static and dynamic panel estimates suggest a positive significant effect of the rate of growth in World Bank lending on economic growth, conditional on other variables, namely changes in exchange rate, domestic credit growth, and inflation. Empirical evidence also reveals the positive effect of a macroeconomic policy index in this sample of developing countries

Circuit controls transients in SCR inverters

Elimination of starting difficulties in SCR inverters is accomplished by the addition of two taps of the output winding of the inverter. On starting or under transient loads, the two additional taps deliver power through diodes without requiring quenching of SCR currents in excess of normal starting load

The impact of the global financial crisis on industry growth

© 2014 The Authors. The Manchester School published by The University of Manchester and John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited and is not used for commercial purposes.This article has been made available through the Brunel Open Access Publishing Fund.This article investigates the real effects of the recent global financial crisis by using industry panel data across 82 countries. We find that industry growth indicators experienced a sharp drop following the crisis. However, a closer inspection indicates that an adverse effect is pronounced in industries that are more dependent on external finance, and also in those industries that rely on trade credit due to under-developed financial intermediation. It is also found that low- and lower-middle income countries tend to experience a lesser impact on growth. These findings provide new evidence of the negative externalities associated with credit-market friction

Can the persistence of a currency crisis be explained by fundamentals? Markov switching models for exchange market pressure

This paper investigates the contribution of fundamentals to the persistence of currency crises by identifying the determinants of high volatility in the exchange market pressure index (empi) for some new EU member states. The Markov switching model is utilised to identify the high volatility of empi, and a linear regression analysis is conducted to find the sources of the transition probability of the high volatility regime. The evidence does not seem to provide strong support for macroeconomic fundamentals, whereas it highlights the adverse movement of interest rates as the major determinant of the persistence of the currency crisis