Failure Risk of Bar-Wrapped Pipe with Broken Bars and Corroded Cylinder

Bar-wrapped pipe (“BWP”) commonly used in pressure pipelines due to its reliability, cost effectiveness and durability. Failure of BWP can occur as a result of long term leakage and subsequent corrosion or as a result of leakage and deterioration of the reinforcing bars over time. The failure can also be the direct result of a transient pressure or other sudden catastrophic events. The consequence of failure may result in a significant disruption of operation and service for a water utility without any warning. This is a concern because assessing the condition of a damaged BWP is very challenging. In this paper, a nonlinear finite element analysis was used to evaluate the performance of a damaged BWP. For the structural evaluation, stresses and strains developed in the damaged BWP were evaluated. Cracking and spalling of the mortar lining will eventually lead to the corrosion of the steel components. In an effort to account for the steel deterioration, the model was adjusted by reducing the thickness of the steel cylinder. This study investigates the behavior of a deteriorating BWP under various levels of distress and various internal pressures. The results based on a 24-inch pipe transmission main, are used to define criteria to evaluate the performance of a damaged BWP. Based upon the finite element results obtained in this study, suggestions for future work are presented and discussed

The Role of Financial Inflexibility in Explaining Value Anomaly with‌ Emphasis on the Business Cycle

Partly on the issue that value stocks earn higher returns than growth stocks, there is agreement, but the interpretation of the cause is controversial and there is no clear explanation for this stock feature. According to investment-based asset pricing theory, the financial inflexibility is the reason for expected return of value firms covary more with recessions than the expected returns of growth firms. The present study seeks to determine the effectiveness of the value anomaly of financial inflexibility with attention to the business cycle. In order to achieve the research goals using systematic removal sampling method, the monthly data of 450 year - firm has been used during the period from 2008 to 2017. To test the research hypotheses, regression method using time series and panel data was used. The results of the research show that the financial inflexibility leads to a positive risk premium in the stock level and investment portfolios and value firms gain higher future returns than growth firms due to compensate for the risk of financial inflexibility, and Finally, the effect of financial inflexibility on stock risk premium is not constant during the business cycle, and in times of recession, value companies are more exposed to risk of financial inflexibility than growth companies