The trading mechanism, cross listed stocks:A comparison of the Paris Bourse and SEAQ-International

This paper studies the behaviour of returns for a sample of cross-listed stocks, listed on both the Paris Bourse and SEAQ-International in London. The aim of the paper is to discover which market adjusts to fundamental news more quickly, the home market of Paris or SEAQ-International. We find that prices in London adjust to changes in their fundamental value more slowly than Paris prices, despite the ability to quickly arbitrage between the two markets. We suggest that this finding may reflect the type of trading, which takes place in the two markets and differences associated with the reporting of large trades. We also estimate the amount of noise present in the two markets and show that the Paris market is more noisy than London. © 2003 Published by Elsevier B.V.

Anisotropic characterization of crack growth in the tertiary flow of asphalt mixtures in compression

Asphalt mixtures exhibit primary, secondary, and tertiary stages in sequence during a rutting deterioration. Many field asphalt pavements are still in service even when the asphalt layer is in the tertiary stage, and rehabilitation is not performed until a significant amount of rutting accompanied by numerous macrocracks is observed. The objective of this study was to provide a mechanistic method to model the anisotropic cracking of the asphalt mixtures in compression during the tertiary stage of rutting. Laboratory tests including nondestructive and destructive tests were performed to obtain the viscoelastic and viscofracture properties of the asphalt mixtures. Each of the measured axial and radial total strains in the destructive tests were decomposed into elastic, plastic, viscoelastic, viscoplastic, and viscofracture strains using the pseudostrain method in an extended elastic-viscoelastic correspondence principle. The viscofracture strains are caused by the crack growth, which is primarily signaled by the increase of phase angle in the tertiary flow. The viscofracture properties are characterized using the anisotropic damage densities (i.e., the ratio of the lost area caused by cracks to the original total area in orthogonal directions). Using the decomposed axial and radial viscofracture strains, the axial and radial damage densities were determined by using a dissipated pseudostrain energy balance principle and a geometric analysis of the cracks, respectively. Anisotropic pseudo J-integral Paris' laws in terms of damage densities were used to characterize the evolution of the cracks in compression. The material constants in the Paris' law are determined and found to be highly correlated. These tests, analysis, and modeling were performed on different asphalt mixtures with two binders, two air void contents, and three aging periods. Consistent results were obtained; for instance, a stiffer asphalt mixture is demonstrated to have a higher modulus, a lower phase angle, a greater flow number, and a larger n1 value (exponent of Paris' law). The calculation of the orientation of cracks demonstrates that the asphalt mixture with 4% air voids has a brittle fracture and a splitting crack mode, whereas the asphalt mixture with 7% air voids tends to have a ductile fracture and a diagonal sliding crack mode. Cracks of the asphalt mixtures in compression are inclined to propagate along the direction of the external compressive load. © 2014 American Society of Civil Engineers.

Implementation of pseudo J-integral based Paris’ law for fatigue cracking in asphalt mixtures and pavements

Pavement analysis and design for fatigue cracking involves a number of practical problems like material assessment/screening and performance prediction. A mechanics-aided method can answer these questions with satisfactory accuracy in a convenient way when it is appropriately implemented. This paper presents two techniques to implement the pseudo J-integral based Paris’ law to evaluate and predict fatigue cracking in asphalt mixtures and pavements. The first technique, quasi-elastic simulation, provides a rational and appropriate reference modulus for the pseudo analysis (i.e., viscoelastic to elastic conversion) by making use of the widely used material property: dynamic modulus. The physical significance of the quasi-elastic simulation is clarified. Introduction of this technique facilitates the implementation of the fracture mechanics models as well as continuum damage mechanics models to characterize fatigue cracking in asphalt pavements. The second technique about modeling fracture coefficients of the pseudo J-integral based Paris’ law simplifies the prediction of fatigue cracking without performing fatigue tests. The developed prediction models for the fracture coefficients rely on readily available mixture design properties that directly affect the fatigue performance, including the relaxation modulus, air void content, asphalt binder content, and aggregate gradation. Sufficient data are collected to develop such prediction models and the R2 values are around 0.9. The presented case studies serve as examples to illustrate how the pseudo J-integral based Paris’ law predicts fatigue resistance of asphalt mixtures and assesses fatigue performance of asphalt pavements. Future applications include the estimation of fatigue life of asphalt mixtures/pavements through a distinct criterion that defines fatigue failure by its physical significance.