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This article unveils first the lead–lag structure between the confirmed cases of COVID-19 and financial markets, including the stock (DJI), cryptocurrency (Bitcoin) and commodities (crude oil, gold, copper and brent oil) compared to the financial stress index. Second, this paper assesses the role of Bitcoin as a hedge or diversifier by determining the efficient frontier with and without including Bitcoin before and during the COVID-19 pandemic.

The authors examine the lead–lag relationship between COVID-19 and financial market returns compared to the financial stress index and between all markets returns using the thermal optimal path model. Moreover, the authors estimate the efficient frontier of the portfolio with and without Bitcoin using the Bayesian approach.

Employing thermal optimal path model, the authors find that COVID-19 confirmed cases are leading returns prices of DJI, Bitcoin and crude oil, gold, copper and brent oil. Moreover, the authors find a strong lead–lag relationship between all financial market returns. By relying on the Bayesian approach, findings show when Bitcoin was included in the portfolio optimization before or during COVID-19 period; the Bayesian efficient frontier shifts to the left giving the investor a better risk return trade-off. Consequently, Bitcoin serves as a safe haven asset for the two sub-periods: pre-COVID-19 period and COVID-19 period.

Based on the above research conclusions, investors can use the number of COVID-19 confirmed cases to predict financial market dynamics. Similarly, the work is helpful for decision-makers who search for portfolio diversification opportunities, especially during health crisis. In addition, the results support the fact that Bitcoin is a safe haven asset that should be combined with commodities and stocks for better performance in portfolio optimization and hedging before and during COVID-19 periods.

This research thus adds value to the existing literature along four directions. First, the novelty of this study lies in the analysis of several financial markets (stock, cryptocurrencies and commodities)’ response to different pandemics and epidemics events, financial crises and natural disasters (Correia et al., 2020; Ma et al., 2020). Second, to the best of the authors' knowledge, this is the first study that examine the lead–lag relationship between COVID-19 and financial markets compared to financial stress index by employing the Thermal Optimal Path method. Third, it is a first endeavor to analyze the lead–lag interplay between the financial markets within a thermal optimal path method that can provide useful insights for the spillover effect studies in all countries and regions around the world. To check the robustness of our findings, the authors have employed financial stress index compared to COVID-19 confirmed cases. Fourth, this study tests whether Bitcoin is a hedge or diversifier given this current pandemic situation using the Bayesian approach.

The purpose of this study is to reveal the lead–lag structure between international crude oil price and stock markets.

The methods used for this study are as follows: empirical mode decomposition; shift-window-based Pearson coefficient and thermal causal path method.

The fluctuation characteristic of Chinese stock market before 2010 is very similar to international crude oil prices. After 2010, their fluctuation patterns are significantly different from each other. The two stock markets significantly led international crude oil prices, revealing varying lead–lag orders among stock markets. During 2000 and 2004, the stock markets significantly led international crude oil prices but they are less distinct from the lead–lag orders. After 2004, the effects changed so that the leading effect of Shanghai composite index remains no longer significant, and after 2012, S&P index just significantly lagged behind the international crude oil prices.

China and the US stock markets develop different pattens to handle the crude oil prices fluctuation after finance crisis in 1998.

The purpose of this paper is to propose a new tool for stock investment risk management through studying stocks with what kind of characteristics can be predicted by individual investor behavior.

Based on comment data of individual stock from the Snowball, a thermal optimal path method is employed to analyze the lead–lag relationship between investor attention (IA) and the stock price. And machine learning algorithms, including SVM and BP neural network, are used to predict the prices of certain kind of stock.

It turns out that the lead–lag relationships between IA and the stock price change dynamically. Forecasting based on investor behavior is more accurate only when the IA of the stock is stably leading its price change most of the time.

One limitation of this paper is that it studies China’s stock market only; however, different conclusions could be drawn for other financial markets or mature stock markets.

As for the implications, the new tool could improve the prediction accuracy of the model, thus have practical significance for stock selection and dynamic portfolio management.

This paper is one of the first few research works that introduce individual investor data into portfolio risk management. The new tool put forward in this study can capture the dynamic interplay between IA and stock price change, which help investors identify and control the risk of their portfolios.

This paper assesses the co-movement between Pax gold and six fiat currencies. It also investigates the optimal time-varying hedge ratios in order to examine the properties of Pax gold as a diversifier and hedge asset.

This paper examines the volatility spillover between Pax gold and fiat currencies using the framework of wavelet analysis, BEKK-GARCH models and Range DCC-GARCH. Moreover, this paper proposes to use the covariance and variance structure obtained from the new range DCC-GARCH framework to estimate the time-varying optimal hedge ratios, the optimal weighs and the hedging effectiveness.

Wavelet coherence method reveals that, at low frequency, large zone of co-movements appears for the pairs Pax gold/EUR, Pax gold/JPY and Pax gold/RUB. Further, the BEKK results show unidirectional (bidirectional) transmission effects between Pax gold and EUR, GBP, JPY and CNY (INR, RUB) fiat currencies. Moreover, the Range DCC results show that the Pax gold and the fiat currency returns are weakly correlated with low coefficients close to zero. Thus, Pax gold seems to serve as a safe haven asset against the systematic risk of fiat currency markets. In addition, the results of optimal weights show that rational investor should invest more in Pax gold and less in fiat currencies. Concerning the hedge ratios results, the findings reveal that the INR (JPY) fiat currency appears to be the most expensive (cheapest) hedge for the Pax-gold market. However, the JPY’s fiat currency appears to be the cheapest one. As for hedging effectiveness results, the authors found that hedging strategies including fiat currencies–Pax gold pairs are most likely to sharply decrease the portfolio’s risk.

A comprehensive understanding of the relationship between Pax Gold and fiat currencies is crucial for refining portfolio strategies involving cryptocurrencies. This research underscores the significance of grasping volatility transmissions between these currencies, providing valuable insights to guide investors in their decision-making processes. Moreover, it encourages further exploration into the interdependencies of digital currencies. Additionally, this study sheds light on effective contagion risk management, particularly during crises such as Covid-19 and the Russia–Ukraine conflict. It underscores the role of Pax Gold as a safe-haven asset and offers practical guidance for adjusting portfolios across various economic conditions. Ultimately, this research advances our comprehension of Pax Gold’s risk-return profile, positioning it as a potential hedge during periods of uncertainty, thereby contributing to the evolving literature on cryptocurrencies.

This study’s primary value lies in its pioneering empirical examination of the time-varying correlations and scale dependence between Pax Gold and fiat currencies. It goes beyond by determining optimal time-varying hedge ratios through the innovative Range-DCC-GARCH model, originally introduced by Molnár (2016) and distinguished by its incorporation of both low and high prices. Significantly, this analysis unfolds within the unique context of the Covid-19 pandemic and the Russian–Ukrainian conflict, marking a novel contribution to the field.

The optimal material microstructures in pure material design are no longer efficient or optimal when accounting macroscopic structure performance with specific boundary conditions. Therefore, it is important to provide a novel multiscale topology optimization framework to tailor the topology of structure and the material to achieve specific applications. In comparison with porous materials, composites consisting of two or more phase materials are more attractive and advantageous from the perspective of engineering application. This paper aims to provide a novel concurrent topological design of structures and microscopic materials for thermal conductivity involving multi-material topology optimization (material distribution) at the lower scale.

In this work, the effective thermal conductivity properties of microscopic three or more phase materials are obtained via homogenization theory, which serves as a bridge of the macrostructure and the periodic material microstructures. The optimization problem, including the topological design of macrostructures and inverse homogenization of microscopic materials, are solved by bi-directional evolutionary structure optimization method.

As a result, the presented framework shows high stability during the optimization process and requires little iterations for convergence. A number of interesting and valid macrostructures and material microstructures are obtained in terms of optimal thermal conductive path, which verify the effectiveness of the proposed mutliscale topology optimization method. Numerical examples adequately consider effects of initial guesses of the representative unit cell and of the volume constraints of adopted base materials at the microscopic scale on the final design. The resultant structures at both the scales with clear and distinctive boundary between different phases, making the manufacturing straightforward.

This paper presents a novel multiscale concurrent topology optimization method for structures and the underlying multi-phase materials for thermal conductivity. The authors have carried out the concurrent multi-phase topology optimization for both 2D and 3D cases, which makes this work distinguished from existing references. In addition, some interesting and efficient multi-phase material microstructures and macrostructures have been obtained in terms of optimal thermal conductive path.

The usage of additive manufacturing (AM) technology in industries has reached up to 50 per cent as prototype or end-product. However, for AM products to be directly used as final products, AM product should be produced through advanced quality control process, which has a capability to be able to prove and reach their desire repeatability, reproducibility, reliability and preciseness. Therefore, there is a need to review quality-related research in terms of AM technology and guide AM industry in the future direction of AM development.

This paper overviews research progress regarding the QC in AM technology. The focus of the study is on manufacturing quality issues and needs that are to be developed and optimized, and further suggests ideas and directions toward the quality improvement for future AM technology. This paper is organized as follows. Section 2 starts by conducting a comprehensive review of the literature studies on progress of quality control, issues and challenges regarding quality improvement in seven different AM techniques. Next, Section 3 provides classification of the research findings, and lastly, Section 4 discusses the challenges and future trends.

This paper presents a review on quality control in seven different techniques in AM technology and provides detailed discussions in each quality process stage. Most of the AM techniques have a trend using in-situ sensors and cameras to acquire process data for real-time monitoring and quality analysis. Procedures such as extrusion-based processes (EBP) have further advanced in data analytics and predictive algorithms-based research regarding mechanical properties and optimal printing parameters. Moreover, compared to others, the material jetting progresses technique has advanced in a system integrated with closed-feedback loop, machine vision and image processing to minimize quality issues during printing process.

This paper is limited to reviewing of only seven techniques of AM technology, which includes photopolymer vat processes, material jetting processes, binder jetting processes, extrusion-based processes, powder bed fusion processes, directed energy deposition processes and sheet lamination processes. This paper would impact on the improvement of quality control in AM industries such as industrial, automotive, medical, aerospace and military production.

Additive manufacturing technology, in terms of quality control has yet to be reviewed.

The purpose of the paper is to study the variation of optimal burnout angle at the end of the ascent phase and the optimal control deflection during the glide phase, that would maximize the downrange performance of a hypersonic boost-glide waverider, with variation in heat rate and integrated heat load limit.

The approach used is to model the boost phase so as to optimize the burnout conditions. The nonlinear, multiphase, constraint optimal control problem is solved using an hp-adaptive pseudospectral method.

The constraint heat load results for the waverider configuration reveal that the integrated heat load can be reduced by more than half with only 10 per cent penalty in the overall downrange of the hypersonic boost-glide vehicle, within a burnout speed range of 3.7 to 4.3 km/s. The angle-of-attack trim control requirements increase with stringent heat rate and integrated heat load bounds. The normal acceleration remains within limits.

The trajectory results imply lower thermal protection system weight because of reduced heat load trajectory profile and therefore lower thermal protection system cost.

The research provides further study on the trajectory design to the hypersonic boost-glide vehicles for medium range application.

The purpose of this paper is to study thermal (natural) convection in nine different containers involving the same area (area= 1 sq. unit) and identical heat input at the bottom wall (isothermal/sinusoidal heating). Containers are categorized into three classes based on geometric configurations [Class 1 (square, tilted square and parallelogram), Class 2 (trapezoidal type 1, trapezoidal type 2 and triangle) and Class 3 (convex, concave and triangle with curved hypotenuse)].

The governing equations are solved by using the Galerkin finite element method for various processing fluids (Pr = 0.025 and 155) and Rayleigh numbers (10³ ≤ Ra ≤ 10⁵) involving nine different containers. Finite element-based heat flow visualization via heatlines has been adopted to study heat distribution at various sections. Average Nusselt number at the bottom wall ( Nub¯) and spatially average temperature (θ^) have also been calculated based on finite element basis functions.

Based on enhanced heating criteria (higher Nub¯ and higher θ^), the containers are preferred as follows, Class 1: square and parallelogram, Class 2: trapezoidal type 1 and trapezoidal type 2 and Class 3: convex (higher θ^) and concave (higher Nub¯).

The comparison of heat flow distributions and isotherms in nine containers gives a clear perspective for choosing appropriate containers at various process parameters (Pr and Ra). The results for current work may be useful to obtain enhancement of the thermal processing rate in various process industries.

Heatlines provide a complete understanding of heat flow path and heat distribution within nine containers. Various cold zones and thermal mixing zones have been highlighted and these zones are found to be altered with various shapes of containers. The importance of containers with curved walls for enhanced thermal processing rate is clearly established.

This paper aims to propose an analytical thermal three-dimensional model that allows an efficient evaluation of the thermal effect of the laser-scanning path. During manufacturing by laser powder bed fusion (LPBF), the laser-scanning path influences the thermo-mechanical behavior of parts. Therefore, it is necessary to validate the path generation considering the thermal behavior induced by this process to improve the quality of parts.

The proposed model, based on the effect of successive thermal flashes along the scanning path, is calibrated and validated by comparison with thermal results obtained by FEM software and experimental measurements. A numerical investigation is performed to compare different scanning path strategies on the Ti6Al4V material with different stimulation parameters.

The simulation results confirm the effectiveness of the approach to simulate the thermal field to validate the scanning strategy. It suggests a change in the scale of simulation thanks to high-performance computing resources.

The flash-based approach is designed to ensure the quality of the simulated thermal field while minimizing the computational cost.