This paper proposes a four-regime bivariate Markov regime-switching model to estimate the daily time-varying minimum variance hedge ratios for West Texas Intermediate (WTI) crude oil, and evaluates its in- and out-of-sample hedging performances with two-regime model, CC-GARCH, TVC-GARCH, and OLS...

Transient three-dimensional heat transfer numerical simulations were conducted to investigate a hybrid PCM (phase change materials) based multi-fin heat sink. Numerical computation was conducted with different amounts of fins (0 fin, 3 fins and 6 fins), various heating power level (2 W, 3 W...