A Loading Device for Fracture Testing of Compact Tension Specimens in the Scanning Electron Microscope

A loading device for performing fracture experiments on compact tension specimens in the SEM has been designed. Its key elements are a piezoelectric translator for applying controlled displacements to the loading points on the specimen and a load cell to measure applied loads. The effective transmission of displacement from the piezoelectric driver to the specimen was found to be the major mechanical design problem. The peripheral equipment includes a function generator and a high voltage amplifier that drives the piezoelectric translator as well as a video overlay and standard video equipment to record the image continuously during the course of the experiment. A case study on alumina describes qualitative observations on the toughening mechanism, crack-interface bridging, operating in this material. Quantitative information pertaining to the closure stresses associated with this toughening mode can be obtained by measuring the crack profile

An evaluation of the risk and return of diversifying into forestry on a sheep farm using the capital asset pricing model

An evaluation of the risk and return of diversifying into forestry by an agricultural based portfolio consisting of the assets lamb, mutton and wool was investigated for the period 1976 to 1996 using the capital asset pricing model (CAPM). Beta coefficients were estimated for each of the assets by regressing the returns from the agricultural and forestry price series against those from the New Zealand stockmarket over this period, which provided an estimate of each assets' market (systematic) risk. The agricultural portfolio's risk and risk adjusted rate of return was estimated with and without the inclusion of forestry by weighting the average of the betas for each of the component assets. This allowed for the formation of the non-market and market risk­ return frontiers for agricultural investment, forestry investment, and agricultural investments combined. The results indicate that with increasing investment in forestry risk is reduced and returns are increased. Investment in forestry only, showed a nominal return of 9.2 percent and market risk of 4.5 percent (as measured by its standard deviation). The market risk (as measured by its standard deviation) and nominal return for the agricultural portfolio was 8.3 percent and 5.8 percent, respectively. The minimum market variance portfolio was calculated and consists of 65 percent forestry, 14 percent lamb, and 10.5 percent for both mutton and wool respectively offering a return of 8 percent and market risk of 0.02 percent (however, there is still non­ systematic risk remaining). The study also found that if farmers were to diversify into non-productive areas of their farms market risk will be reduced and returns increased. It was concluded that as a decision whether to diversify into forestry or not, diversification will reduce the risk and increase returns for the sheep farmers of New Zealand

Legislation and SME retailers – compliance costs and consequences

Purpose – The introduction, implementation and enforcement of new laws governing the conduct of business can result in substantial additional costs to retailers. Focusing on small to medium sized (SME) retailers in rural areas and market towns, the study reported here aims to provide an understanding of perceptions of potentially disproportionate implementation costs and the resulting consequences. Design/methodology/approach – A three-stage design was used. An exploratory focus group with representatives of the Rural Shop Alliance was followed by seven semi-structured depth-interviews with SME retail representatives. Thematic analysis of the qualitative findings formed the basis for a survey of SME retailers in five market towns. Findings – Findings show SME retailers' perceptions of the differential burden related to the impact of new legislation, with the key factors of direct cost, time costs and information costs. Consequently, business growth and the formalisation of staffing arrangements, in particular, can be obstructed. Generally, good relationships with Trading Standards and Environmental Health Officers are often driven by a need for reactive compliance rather than offering a proactive information and support mechanism. Practical implications – Findings clarify the nature of the differential burden of legislation to retail SMEs. The need for an “outcomes-for-business” driven proactive stance by local delivery agencies is highlighted. Ongoing support visits, telephone help lines and leaflets and the press rather than the internet are identified as key information sources. Originality/value – Both qualitative and quantitative evidence is brought together in the assessment of an area of concern to retail SMEs