Deriving the Railway Mania

This article argues that the promotion boom which occurred in the railway industry during the mid 1840s was amplified by the issue of derivative-like assets, which let investors take highly leveraged positions in the shares of new railway companies. The partially paid shares which the new railway companies issued allowed investors to obtain exposure to an asset by paying only a small initial deposit. The consequence of this arrangement was that investor returns were substantially amplified, and many schemes could be financed simultaneously. However, when investors were required to make further payments it put a negative downward pressure on prices.

Lighting Strike Protection Systems

refers to composites that are specifically made/modified to provide more than one functionality. Typically, composites' main functionality is structural

Nonlinear numerical modelling of lightning strike effect on composite panels with temperature dependent material properties

This paper presents a physics based modelling procedure to predict the thermal damage of composite material when struck by lightning. The procedure uses the Finite Element Method with non-linear material models to represent the extreme thermal material behaviour of the composite material (carbon/epoxy) and an embedded copper mesh protection system. Simulation predictions are compared against published experimental data, illustrating the potential accuracy and computational cost of virtual lightning strike tests and the requirement for temperature dependent material modelling. The modelling procedure is then used to examine and explain a number of practical solutions to minimize thermal material damage. © 2013 Elsevier Ltd.