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A clear understanding of the processes responsible for observed rock microstructures is essential for making reliable petrogenetic interpretations, including inferences made from chemical and isotopic analyses of minerals. This volume presents a comprehensive survey of rock microstructures, emphasising basic concepts and the latest methods, while highlighting potential pitfalls in the interpretation of the origin of rock microstructure. Richly illustrated with over 250 colour photographs, including more than 10 percent new photomicrographs and several mesoscopic images, it demonstrates the basic processes responsible for the wide variety of microstructures in igneous, metamorphic and sedimentary rocks. This second edition includes extensive updates to the coverage of igneous rocks as well as recent ideas on physical processes in migmatites and partial melting of sedimentary rocks. This practical guide will continue to be an invaluable resource to advanced students and early-career researchers of mineralogy, petrology and structural geology, as well as professional geologists and material scientists.
Rocks --- Metamorphism (Geology) --- Microstructure --- Materials --- Matter --- Morphology --- Micromechanics --- Stereology --- Petrology --- Analytical geochemistry --- Analysis --- Constitution --- Microstructure. --- Analysis.
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We propose testing asset-pricing models using multi-horizon returns (MHR). MHR serve as powerful source of conditional information that is economically important and not data-mined. We apply MHR-based testing to linear factor models. These models seek to construct the unconditionally mean-variance efficient portfolio. We reject all state-of-the-art models that imply high maximum Sharpe ratios in a single-horizon setting. Thus, the models do a poor job in accounting for the risk-return trade-off at longer horizons. Across the different models, the mean absolute pricing errors associated with MHR are positively related to the magnitude of maximal Sharpe ratio in the single-horizon setting. Model misspecification manifests itself in strong intertemporal dynamics of the factor loadings in the SDF representation. We suggest that misspecification of the dynamics of loadings arises from the common approach towards factor construction via portfolio sorts.
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