The exchange rate exposure of UK non-financial companies

Purpose – The purpose of this paper is to investigate the exchange rate exposure of UK nonfinancial companies from January 1981 to December 2001. Design/methodology/approach – The study employs different exchange rate measures and adopts an equally weighted exchange rate. The analyses are conducted at the firm level. All analyses are conducted by regressing the firm’s exchange rate exposure coefficients on its size, foreign activity variables and financial hedging proxies over the whole sample period. Findings – The findings show that a higher percentage of UK non-financial companies are exposed to exchange rate changes than those reported in previous studies. Generally, the results provide a stronger support for the suggested equally weighted rate as an economic variable, which affects firms’ stock returns. The results also show a high proportion of positive exposure coefficients among firms with significant exchange rate exposure, indicating a higher proportion of firms benefiting from an appreciation of the pound. Finally, the results also indicate evidence that firms’ foreign operations and hedging variables affect their sensitivity to exchange rate exposure. Practical implications – This study provides important implications for public policymakers who wish to understand links between policies that affect exchange rates and relative wealth effects. Originality/value – The empirical results of this study should help investors to examine how common stock returns react to exchange rate fluctuations when making financial decisions, and prove useful for financial managers when measuring exposure to foreign exchange rate changes.

A prospective clinical trial to evaluate the microbial barrier of a needleless connector

Needleless connectors are being increasingly used for direct access to intravascular catheters. However, the potential for microbial contamination of these devices and subsequent infection risk is still widely debated. In this study the microbial contamination rate associated with three-way stopcock luers with standard caps attached was compared to those with Y-type extension set luers with Clearlink® needleless connectors attached. Fifty patients undergoing cardiothoracic surgery who required a central venous catheter (CVC) as part of their peri- and postoperative management were studied for microbial contamination of CVC luers following 72 hrs in situ. Each patient's CVC was randomly designated to have either the three-way stopcocks with caps (control patients) or Clearlink® Y-type extension sets (test patients). Prior to, and following each manipulation of the three-way stopcock luers or Clearlink® devices, a 70% (v/v) isopropyl alcohol swab was used for disinfection of the connections. The microbial contamination of 393 luers, 200 with standard caps and 193 with Clearlink® attached, was determined. The internal surfaces of 20 of 200 (10%) three-way stopcock luers with standard caps were contaminated with micro-organisms whereas only one of 193 (0.5%) luers with Clearlink® attached was contaminated (P < 0.0001). These results demonstrate that the use of the Clearlink® device with a dedicated disinfection regimen reduces the internal microbial contamination rate of CVC luers compared with standard caps. The use of such needle-free devices may therefore reduce the intraluminal risk of catheter-related bloodstream infection and thereby supplement current preventive guidelines. © 2006 The Hospital Infection Society.

Role of reinforcement/matrix interfacial strength in fatigue crack propagation in particulate SiC reinforced aluminum alloy 8090

A study has been made of the influence of the reinforcement/matrix interfacial strength on fatigue crack propagation in a powder metallurgy aluminum alloy 8090-SiC particulate composite. The interfacial region has been altered by two separate routes, the first involving aging of the 8090 matrix, with the subsequent formation of precipitate free zones at the boundaries, and the second consisting of oxidizing the surface of the SiC particles before their incorporation into the composite. In the naturally aged condition, oxidation of the SiC leads to a reduction in fatigue crack growth resistance at higher values of stress intensity range ΔK. This is due to a proportion of the crack growth occurring through voids formed in association with many of the weak SiC interfaces which have retained a layer of thick surface oxide after processing. On overaging no difference in crack growth rate is discernible between the oxidized and unoxidized SiC composites. It is proposed that this is due to similar levels of interfacial weakening having occurred in both composites, indicating that this is an important factor in the reduction of the high ΔK crack growth resistance of the unoxidized SiC composite on aging.

Influence of macroscopic residual stress fields on fatigue crack growth measurement in SiC particulate reinforced 8090 aluminium alloy

The effect of residual stresses, induced by cold water quenching, on the morphology of fatigue crack fronts has been investigated in a powder metallurgy 8090 aluminium alloy, with and without reinforcement in the form of 20 wt-%SiC particles. Residual stress measurements reveal that the surface compressive stresses developed in these materials are significantly greater than in conventional metallurgy ingot 8090, because surface yielding occurs on quenching. The yield stresses of the powder route materials are greater than those of ingot produced 8090 and hence greater surface stresses can be maintained. In fatigue, severe crack front bowing is observed in the powder formed materials as a result of the reduction of the R ratio (minimum load/maximum load) by the compressive residual stresses at the sides of the specimen, causing premature crack closure and hence reducing the local driving force for fatigue crack growth ΔKeff. This distortion of the crack fronts introduces large errors into measurements of crack growth rate and threshold values of ΔK.

Fatigue crack propagation in nickel-base superalloys:effects of microstructure, load ratio, and temperature

The current state of knowledge and understanding of the long fatigue crack propagation behavior of nickel-base superalloys are reviewed, with particular emphasis on turbine disk materials. The data are presented in the form of crack growth rate versus stress intensity factor range curves, and the effects of such variables as microstructure, load ratio, and temperature in the near-threshold and Paris regimes of the curves, are discussed.

Fatigue crack propagation mechanisms in a thermally aged duplex stainless steel

Zeron 100 duplex stainless steel is susceptible to embrittlement following ageing at temperatures between 350 °C and 450 °C. The embrittlement is associated with cleavage of the age-hardened ferrite phase, initiated by deformation twinning. This can result in order of magnitude increases in the fatigue crack propagation rate. The effects of ageing on the mechanisms of fatigue crack propagation in Zero 100 are investigated, and a quantitative model is developed, accounting for the effects of hardness, temperature, stress level and microstructure on the fatigue crack growth rate. © 1994.

The influence of a coal gasifier atmosphere on fatigue crack growth rates in BS 4360 steel

Fatigue crack growth tests have been carried out in a number of gaseous environments in order to assess their effects on the crack propagation resistance of BS 4360 grade 50EE, a weldable structural steel. Crack growth rates at 25 °C are up to 20 times higher in hydrogen than in air, but there is no effect when hydrogen is present as a 30% constituent of a simplified product gas (SPG). Indeed, crack growth rates in such a mixture are slightly lower than those measured in air, being comparable with those observed in an inert environment. The other gases present in the SPG are CO, CO2 and CH4, and it is probable that the carbon monoxide is responsible for nullifying the embrittling effects of hydrogen, by preferentially adsorbing on to the surface of the steel and thus blocking hydrogen entry. Experimental observations suggest that oxygen has the same effect when small quantities are allowed to diffuse into a non-flowing hydrogen environment around a propagating crack. The results are encouraging in terms of the suitability of conventional structural steels such as BS 4360 for gas plant applications. The gas mixtures present in such an environment would not have the severe detrimental effects on fatigue crack growth resistance which result from the presence of 'pure' hydrogen. © 1993.

Hydrogen embrittlement contributions to fatigue crack growth in a structural steel

The detrimental effects of a hydrogen atmosphere on the fatigue resistance of BS 4360 steel have been assessed by a comparison of crack growth rates in air and hydrogen at a low cycling frequency (0.1Hz), and at a number of temperature (25, 50 and 80 °C). The crack propagation rates in air are almost independent of temperature over this range, but those measured in hydrogen differ by more than an order of magnitude between 25 and 80 °C. The greatest enhancement is seen at 25 °C and at high values of ΔK, the maximum occurring between 40–45 MPa √m at each temperature. There is little hydrogen contribution to crack growth at values of ΔK below 20 MPa √m for R = 0.1. The enhancement of crack growth rates is reflected by the presence of ‘quasi-cleavage’ facets on the fatigue fracture surfaces of specimens tested in hydrogen. These are most apparent where the greatest increases in growth rate are recorded. The facets show linear markings, which run both parallel and perpendicular to the direction of crack growth. The former are analogous to the ‘river’ lines noted on brittle cleavage facets, and reflect the propagation direction. The latter are more unusual, and indicate that facet formation by hydrogen embrittlement during fatigue is a step-wise process.

Short fatigue crack growth behaviour:data analysis effects

Consideration of the influence of test technique and data analysis method is important for data comparison and design purposes. The paper highlights the effects of replication interval, crack growth rate averaging and curve-fitting procedures on crack growth rate results for a Ni-base alloy. It is shown that an upper bound crack growth rate line is not appropriate for use in fatigue design, and that the derivative of a quadratic fit to the a vs N data looks promising. However, this type of averaging, or curve fitting, is not useful in developing an understanding of microstructure/crack tip interactions. For this purpose, simple replica-to-replica growth rate calculations are preferable. © 1988.

Surface damage and near-threshold fatigue crack growth in a Ni-base superalloy in vacuum

Fatigue crack growth rate tests have been performed on Nimonic AP1, a powder formed Ni-base superalloy, in air and vacuum at room temperature. These show that threshold values are higher, and near-threshold (faceted) crack growth rates are lower, in vacuum than in air, although at high growth rates, in the “structure-insensitive” regime, R-ratio and a dilute environment have little effect. Changing the R-ratio from 0.1 to 0.5 in vacuum does not alter near-threshold crack growth rates very much, despite more extensive secondary cracking being noticeable at R= 0.5. In vacuum, rewelding occurs at contact points across the crack as ΔK falls. This leads to the production of extensive fracture surface damage and bulky fretting debris, and is thought to be a significant contributory factor to the observed increase in threshold values.

Effects of grain size and microstructure on threshold values and near threshold crack growth in powder-formed Ni-base superalloy

Threshold stress intensity values, ranging from ∼6 to 16 MN m −3/2 can be obtained in powder-formed Nimonic AP1 by changing the microstructure. The threshold and low crack growth rate behaviour at room temperature of a number of widely differing API microstructures, with both ‘necklace’ and fully recrystallized grain structures of various sizes and uniform and bimodal γ′-distributions, have been investigated. The results indicate that grain size is an important microstructural parameter which can control threshold behaviour, with the value of threshold stress intensity increasing with increasing grain size, but that the γ′-distribution is also important. In this Ni-base alloy, as in many others, near threshold fatigue crack growth occurs in a crystallographic manner along {111} planes. This is due to the development of a dislocation structure involving persistent slip bands on {111} planes in the plastic zone, caused by the presence of ordered shearable precipitates in the microstructure. However, as the stress intensity range is increased, a striated growth mode takes over. The results presented show that this transition from faceted to striated growth is associated with a sudden increase in crack propagation rate and occurs when the size of the reverse plastic zone at the crack tip becomes equal to the grain size, independent of any other microstructural variables.

A Prototype of an Extension to the UDDI Registry Allowing Pubilcation and Search Based on Subjective Evaluations

The paper has been presented at the International Conference Pioneers of Bulgarian Mathematics, Dedicated to Nikola Obreshko and Lubomir Tschakalo , So a, July, 2006.

Crack initiation in asphalt mixtures under external compressive loads

Crack initiation was studied for asphalt mixtures under external compressive loads. High tensile localized stresses e direction of the external loads. A quantitative crack initiation criterion the edges of compressed air voids lead to the growth of wing cracks in thon was derived using pseudostrain energy balance principle. Bond energy is determined and it increases with aging and loading rate while decreases with temperature. Cohesive and adhesive cracking occur simultaneously and a method was proposed to determine the individual percentage. The crack initiation criterion is simplified and validated through comparing the predicted and measured compressive strength of the asphalt mixtures.

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.

Crack Theory with Singularities at the Boundary

2002 Mathematics Subject Classification: 35S15, 35J70, 35J40, 38J40