Experimental characterization and comparison of planar and corrugated aluminum sheets

To evaluate the effect of the corrugation [1] on the mechanical behavior of aluminum plates, a corrugated sheet on aluminum alloy Al1050 is characterized under tensile mechanical tests at room temperature. To characterize anisotropic behavior of the material, tensile experiments are carried out in three different tensile directions i.e. 0, 45 and 90° with respect to the rolling direction. All experiments are performed until final failure using both planar and corrugated sheets for comparison issues. Concerning the experimental supplies, a tensile testing machine is used which can handle forces until 5 kN and can perform monotonic tensile as well as cyclic displacement and force controlled tests. The tensile machine is connected with a digital image correlation background. The measurement apparatus is equipped with two cameras for the detection of displacement fringes. The equipment is able to detect transversal and longitudinal displacements and calculate strain values at also virtual rectangular gauges or along straight lines. The responses of both planar and corrugated plates are compared in the macroscopic level within the force-displacement curves, damage localization zones and macroscopic crack propagation paths. The experimental data for Al1050 is quite interesting because it will be used for the material parameters identification of anisotropic elasto-plastic models combined with mixed hardening and isotropic damage [2]. The implemented models are validated later by comparisons between finite element simulations of Marciniack tests in the FE code Abaqus® and complementary experimental data

Buy The Rumor, Sell The News! What About Takeover Rumors?

This paper attempts to quantify the short-term impact of takeover rumors on target stock prices. The study was conducted on the French stock market between 1997 and 2011 and concerns 200 rumors that appeared in the media (news agencies, newspapers, and Web sites). Our results show that this particular kind of information has a significant impact on the prices of target companies around and after the date of rumor appearance. The best performance of target shares is observed 50 days after the dissemination of the rumors in the media, with an average return of 4%. This performance is mainly explained by three components:  credibility, rumor characteristics, and the anticipated effects of the takeover bid.

Modélisation et simulation numérique de l'emboutissage de tôle gaufrées

Ce papier présente nos travaux dans le cadre d'un projet portant sur la modélisation et la simulation numérique de l'emboutissage des tôles gaufrées. Un modèle de comportement incluant diverses natures d'écrouissage (isotrope et cinématique), diverses sources d'anisotropie et couplé à un endommagement isotrope ductile a été utilisé. Un exemple d'emboutissage complexe de tôle gaufrée est enfin présenté et discuté

Tracking stock, capital structure and strategic choice of restructuring

La variété des situations auxquelles sont confrontés les acteurs de la vie des affaires, et l’importance des sommes en jeu, constituent un aiguillon particulièrement stimulant pour la réflexion des spécialistes dans le domaine financier et juridique. Un engouement s’enracine également dans la tendance des marchés financiers à exiger une plus grande transparence dans la gestion des groupes diversifiés, dont la lisibilité financière est souvent réduite. Une telle exigence de lisibilité est au cœur de la définition des actions traçantes. Apparues outre-Atlantique au début des années 80, elles ont bénéficié, avec l’avènement de la nouvelle économie, d’un regain d’intérêt notable et d’un volume d’émission élevé sur le marché financier américain depuis les années 90. L’émission d’actions traçantes, mis à part leur nature hybride, constitue une mesure de restructuration assez particulière qui vient compléter la base d’études déjà constituée sur le thème de la restructuration de capitaux. Cette recherche a pour ambition de montrer comment introduire les actions traçantes sur le marché financier français et plus particulièrement, elle permettra d’élargir le choix des formes de restructuration qui seront présentés pour des entreprises souhaitant chercher de nouvelles sources de financement, se procurer de nouveaux moyens d’acquisition et atteindre l’objectif fondamental qui est celui de la création de valeur. De ce fait, l’émission d’actions traçantes se trouvera en concurrence avec d’autres formes de restructuration (scission et apport partiel d’actif). Par conséquent, on présentera les facteurs dont les entreprises devront tenir compte dans le choix des restructurations envisagées.The variety of situations faced by actors of the business concerning their field, and the importance of the amount of money involved, is considered as a mind moving element particularly for specialists in financial and legal matters. Enthusiasm is also rooted in the financial markets which tend to require greater transparency from groups, including financial visibility that is often reduced. Such a requirement is highly recommended in the definition of tracking stock. Emerged across the Atlantic in the early 80s, they have benefited, with the advent of the new economy, a noticeable income of interest and have increased since the early '90s until now through a large number of issuances on the U.S. financial market. The issuance of tracking stock, apart from its hybrid nature, contains a certain measure of restructuring rather special that completes the basis of studies already made on the subject of capital restructuring. This research also aims to show how to introduce tracking stock on the French financial market, and more particularly to expand the choice of forms of restructuring that will be presented to companies in hope to seek new funding sources, to obtain new ways of acquisition and achieve a fundamental objective which is the creation of value. Therefore, the issuing of tracking stock will have to compete with other forms of restructuring (spin-off, equity carve-out). Thus, we present the factors that companies should deem when choosing the restructuring proposed

Tracking stock, capital structure and strategic choice of restructuring

La variété des situations auxquelles sont confrontés les acteurs de la vie des affaires, et l’importance des sommes en jeu, constituent un aiguillon particulièrement stimulant pour la réflexion des spécialistes dans le domaine financier et juridique. Un engouement s’enracine également dans la tendance des marchés financiers à exiger une plus grande transparence dans la gestion des groupes diversifiés, dont la lisibilité financière est souvent réduite. Une telle exigence de lisibilité est au cœur de la définition des actions traçantes. Apparues outre-Atlantique au début des années 80, elles ont bénéficié, avec l’avènement de la nouvelle économie, d’un regain d’intérêt notable et d’un volume d’émission élevé sur le marché financier américain depuis les années 90. L’émission d’actions traçantes, mis à part leur nature hybride, constitue une mesure de restructuration assez particulière qui vient compléter la base d’études déjà constituée sur le thème de la restructuration de capitaux. Cette recherche a pour ambition de montrer comment introduire les actions traçantes sur le marché financier français et plus particulièrement, elle permettra d’élargir le choix des formes de restructuration qui seront présentés pour des entreprises souhaitant chercher de nouvelles sources de financement, se procurer de nouveaux moyens d’acquisition et atteindre l’objectif fondamental qui est celui de la création de valeur. De ce fait, l’émission d’actions traçantes se trouvera en concurrence avec d’autres formes de restructuration (scission et apport partiel d’actif). Par conséquent, on présentera les facteurs dont les entreprises devront tenir compte dans le choix des restructurations envisagées.The variety of situations faced by actors of the business concerning their field, and the importance of the amount of money involved, is considered as a mind moving element particularly for specialists in financial and legal matters. Enthusiasm is also rooted in the financial markets which tend to require greater transparency from groups, including financial visibility that is often reduced. Such a requirement is highly recommended in the definition of tracking stock. Emerged across the Atlantic in the early 80s, they have benefited, with the advent of the new economy, a noticeable income of interest and have increased since the early '90s until now through a large number of issuances on the U.S. financial market. The issuance of tracking stock, apart from its hybrid nature, contains a certain measure of restructuring rather special that completes the basis of studies already made on the subject of capital restructuring. This research also aims to show how to introduce tracking stock on the French financial market, and more particularly to expand the choice of forms of restructuring that will be presented to companies in hope to seek new funding sources, to obtain new ways of acquisition and achieve a fundamental objective which is the creation of value. Therefore, the issuing of tracking stock will have to compete with other forms of restructuring (spin-off, equity carve-out). Thus, we present the factors that companies should deem when choosing the restructuring proposed

Experimental characterization and comparison of planar and corrugated aluminum sheets

International audienc

Can Increasing Environmental Policy Stringency Promote Financial Development? Evidence from Panel Cointegration and Granger non-causality

International audienc

Does Increasing Environmental Policy Stringency Enhance Renewable Energy Consumption in OECD Countries?

International audienceThe literature lacks enough evidence on the effect of environmental policy stringency on renewable energy consumption. Therefore, the main objective of this study is to investigate the causal effect of the revised version of the Environmental Policy Stringency Index (EPS) and its components on Renewable Energy Consumption (REC), taking into account environmental innovation, trade openness, economic growth and consumer price index. To this end, we carry out dynamic and static analyses of the yearly data of 32 OECD countries during the period from 1990 to 2019. The two-step system GMM estimator and the forward-orthogonal deviations-GMM technique are used to deal with the potential endogeneity, serial correlation and cross-sectional dependence in the dynamic regression, while the Driscoll-Kraay standard errors technique and quantile regression are employed to estimate the static model. Unlike the existing literature, our results reveal that increasing environmental policy stringency can promote renewable energy. Both market and non-market-based environmental policies and technical support policies show positive effects on green energy use. These results imply that OECD governments can play a vital role in achieving the goal of net zero CO2 emissions by 2050. Increasing the stringency of the policies that put a price on pollution (such as energy taxes) raises the cost of polluted energy use, leading to a shift toward clean energy under the substitution effect. In addition, increasing the public R&D expenditure on solar and wind energy technologies can reduce renewable energy costs and prices, thus facilitating its generation and diffusion

Experimental Characterization and Comparison of Plane and Corrugated Aluminium Sheets Behavior

International audienc

Can increasing environmental policy stringency promote financial development? Evidence from developed economies

International audienceDespite extensive research to explore the channels through which environmental policy stringency can affect economy, to our best knowledge, current literature has not yet studied its impact on financial development in the long term. To fill this void, the current study empirically examines the effect of environmental policy stringency index on financial development index and its components, which are financial institutions development index and financial markets development index, in 27 OECD countries during the period 1990–2015. We find a positive association between environmental policy stringency index and financial development. The results also revealed that the past values of environmental policy stringency index can help to predict financial development index and financial institutions development index. These results imply that financial development is a new channel through which increasing environmental policy stringency could promote economic growth. Moreover, these findings show that environmental policy stringency forms a new positive determinant of financial institutions development in OECD countries