[BSHM meetings] Topics in the history of financial mathematics: early commerce to chaos in modern stock markets

This account provides an overview of the study day, entitled 'Topics in the History of Financial Mathematics: Early commerce to chaos in modern stock markets,' held by the British Society for the History of Mathematics jointly with Gresham College, at Gresham College, London on 25th April 2008. The series of talks explored the development of mathematics and mathematical techniques in a commercial and financial context.

The financial crisis and nuclear power

An assessment of the impact of the financial crisis on the prospects for new nuclear power plant orders worldwide.

Private equity: financial investors, public services, and employment

The report surveys the activity of private equity and other financial investors in the water, waste and healthcare sectors in Europe. It includes the appraisal of a WEF study on employment effects.

The effect of ownership structure, country governance, and financial development on the capital structure of unlisted eastern European firms

This paper investigates the determinants of capital structure for a sample of 20,713 unlisted firms from 11 eastern European countries over the period 1994-2004. We employ usual firm-specific financial variables as well as country-specific variables that describe the degrees of governance structure and financial development of each country. Using regression analysis, our results indicate that firm ownership concentration and country governance structure are insignificant explanatory variables to the degree of leverage of the firms in our sample. On the other hand, indicators of country financial development are robust determinants of capital structure. However, the marginal explanatory power of country-specific variables is small. We conclude that firm-specific characteristics are decisive in capital structure.

Comparisons between “sand blast” and “centripetal effect accelerator” type erosion testers

There are two major types of erosion testing devices that are used throughout the world for quantifying particle impact erosion against a solid surface. The first of these uses pressurised air to accelerate abrasive particles through a nozzle so that they impinge upon a target specimen. The second adopts a rotating disc to accelerate abrasive particles using the centripetal effect so that they impinge upon a series of targets arranged around the periphery of the disc. This paper reports the findings of a collaborative project that was designed to compare the performance and results obtained from a rig of each of the two types mentioned above. The sand blast type rig was provided by The Department of Powder Science Technology (POSTEC) at The Telemark Technological Research and Development Centre (TEL-TEK), Porsgrunn, Norway while the centripetal effect accelerator was provided by The Wolfson Centre for Bulk Solids Handling Technology, University of Greenwich, London, UK. The test programme included tests against a wide range of materials that are commonly used in pneumatic handling facilities. (Pneumatic handling is a means of conveying and transporting powders and granular solid materials in bulk in industrial process plant, through pipelines using a gas as the carrier medium.) Olivine sand was used as the abrasive and it was projected against the test specimens at velocities and concentrations commensurate with those seen in pneumatic conveyors. In all instances the materials used in the test programme were taken from the same batch so that scatter of experimental results due to specimen variation was minimised. The paper contains a series of recommendations for erosion testing equipment. A discussion based on the results and their applicability to the prediction of wear in pneumatic conveyors concludes the paper.

A comparison of the gas-blast and centrifugal-accelerator erosion testers: The influence of particle dynamics

The gas-blast and centrifugal-accelerator testers are the two most commonly used erosion testers. An experimental and analytical study was made of the effect of particle characteristics (size, shape and concentration) on particle dynamics in each of these testers. Analysis showed that in the gas-blast tester both particle velocity and the dispersion angle of the particle jet were relatively sensitive to the particle characteristics. Particle characteristics, within the ranges studied, had little influence in the centrifugal accelerator tester. Consequently, during an erosion test, the range of particle velocities and dispersion angles in the gas-blast tester ismuch wider than in the centrifugal-accelerator tester. It was concluded that the centrifugal-accelerator tester gave closer control of the important erosion test parameters and therefore more consistent erosion test measurements. However, one drawback of the centrifugal-accelerator tester is the need to account for erosion effects associated with the impact of rotating particles, an inherent feature of this tester.