In the course of the development of the naphtha isomerization process1•2 the equilibrium constants for the isomeric hexanes were determined. Although the equilibrium constants for butanes and pentanes3•4 have been repeatedly investigated, few experimental data have appeared for the hexanes.Two papers5•6 have appeared on the direct experimental determination of the equilibrium constants for the hexanes but they were limited to 25 and 80°, respectively. The hexane equilibria were calculated over a wide range of temperatures from the precise measurements of the heats of combustion and best available entropy data.7 In the present investigation the hexane equilibria were studied directly over the temperature range 21 to 204°and side reactions were reduced to a minimum by the use of hydrogen and cyclic decomposition inhibitors. The experiments were carried out on a fraction of Mid-Continent light naphtha containing both Cfi and Ce hydrocarbons.Packing gland (see detail)(1) B.

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This paper investigates the sources of time-varying risk for the US stock and bond markets. The model captures the change in the risk premium due to each market's own volatility risk and the covariance risk. We test for the effects of macroeconomic news on time-varying volatility as well as time-varying covariance, and whether such news induces time-varying risk premia in either of the markets. We find that stocks and bonds have higher volatility on the day of macroeconomic announcements. This higher volatility is transitory but because it can be anticipated, it induces increases in the risk premium in both markets.

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