Why Do Banks Ask for Collateral and Which Ones ?

This paper aims at testing empirically the three major theoretical reasons why banks resort to collateral: reduction of loan loss in the event of default, adverse selection, and moral hazard. This investigation is performed by testing whether the reasons vary according to the type of collateral. We use a unique dataset of bank loans granted to French distressed firms, which contains the full information on debt contract characteristics, including the cause of default, the type and the value of all collaterals. Our work suggests that information asymmetries are not of prime importance in the decision of the bank to secure a loan, as no type of collateral helps to solve adverse selection and moral hazard problems. The reduction of the loan loss and the observed-risk hypothesis may however explain the use of collateral.Collateral, Bank, Credit Risk.

Role of Surface Texture on Workpiece Angular Deformation in Cross Wedge Rolling

The cross wedge rolling process is commonly used for the manufacturing of shaft or for preforms, being used for preliminary operation of forming cycle. The presence of angular deformation produced during the rolling process is analyzed in this paper. This work shows some experimental results obtained on parts made of steel in semi-industrial condition. Visioplasticity technique is used to measure the angular displacement occurring in some sections with reference to the adjacent ones. Thus the test samples are prepared to include surface grooves filled up with quite similar steel grade. After rolling process, angular deformations are highlighted by observations and external deformation profile. Influence of surface texture of the forming area is experimentally demonstrated. Moreover, the numerical simulation with the software FORGE is used to verify the adequacy between the observed phenomena and forecasts which can be obtained today.Conclusions about the relative influence of friction factors on the internal stresses creation are finally presented to better identify potential occurrence of these phenomena. Strain diagrams are used to bring out the magnitude of angular variations depending on local plastic strain on parts. Possible consequences for process optimization are raised

Thermal exchange effects on steel thixoforming processes

Steel thixoforging is an innovative semi-solid forming process. It allows the manufacturing of complex parts and minimises the forming load. This work aims to identify and characterise the main feature zones of a thixoforging part. The material flow and the forging load are dependent on the thixoforging speed, the tool temperature and the initial temperature of the slug. The data are obtained for C38 thixoforging steel. A specific extrusion tool was designed that integrates the heating of the tool and the slug. This tool was set up on a high-speed hydraulic press. This work highlights the effects of heat exchange on the microstructure, the internal flow and the mechanical characteristics of thixoforging material. These heat exchanges depend primarily on the working speed and tool temperature. The internal flow is composed of three distinct zones. Among them, only semisolid zone is observed during working. The microstructures of thixoforming C38 steel consist of ferrite, pearlite and bainite

Contact Pressure Measurement System in Cross Wedge Rolling

In the cross wedge rolling process (CWR), plastic deformation is geared by a driving torque transmitted by friction on die surface. Friction plays a role which has to be further identified in this metal forming process. The local contact pressure between a cylindrical billet and flat dies seems to be a relevant parameter to characterize the severe contact conditions during the rolling. This paper deals with an experimental measurement technology, which has been designed and implemented on a semi-industrial CWR test bench with plate configuration. This measurement system using pin and piezoelectric sensor is presented, with an analysis of the system operation and design detail. Characterization of systematic error and calibration tests are then explained. Additional tests performed on hot steel preforms allow to check the ability of the contact pressure measurement system to resist under severe operating conditions. Realistic results for varying temperatures are then discussed

Hot Forging of a Cladded Component by Automated GMAW Process

Weld cladding is employed to improve the service life of engineering components by increasing corrosion and wear resistance and reducing the cost. The acceptable multi-bead cladding layer depends on single bead geometry. Hence, in first step, the relationship between input process parameters and the single bead geometry is studied and in second step a comprehensive study on multi bead clad layer deposition is carried out. This paper highlights an experimental study carried out to get single layer cladding deposited by automated GMAW process and to find the possibility of hot forming of the cladded work piece to get the final hot formed improved structure. The experiments for single bead were conducted by varying the three main process parameters wire feed rate, arc voltage and welding speed while keeping other parameters like nozzle to work distance, shielding gas and its flow rate and torch angle constant. The effect of bead spacing and torch orientation on the cladding quality of single layer from the results of single bead deposition was studied. A hot bending test at different temperatures of cladded plates with different dilution and nominal energy carried out

Cobalt-based superalloy layers deposited on X38CrMoV5 steel base metal by explosion cladding process

This work is the fruit of a collaboration between CETIM (CEntre Technique de l'Industrie de la Mécanique) and ENSAM. Authors are obliged of the “Commission Forge Du CETIM” for its financial support. Authors also acknowledge the support of AFF (“Association Française de Forge”), DNC Nobelclad and ThyssenKruppVDM.A grade 25 cobalt-based superalloy in the form of a sheet 5 mm in thickness and a steel substrate of type X38CrMoV5 are joined by explosion cladding. The macrostructure and microstructure of the interface and of the co-based superalloy layers are studied. The interface presents the form of wavelets with a period of 1000 µm and an amplitude of 250 µm. The superalloy grains are deformed during the cladding process with several slip systems appearing. Near to the interface, the superalloy grains elongate and tend to follow the geometry of the interface. Observation with a scanning electron microscope (SEM) reveals zones of localised fusion at the interface. The EDS analysis shows that these fusion zones are the result of mixing between the base and cladding plates. Radiocrystallographic analysis by X-ray diffraction reveals the presence of the f.c.c cobalt in the cobalt-based superalloy layer. Thus cobalt retains its crystallographic structure (f.c.c) after cladding process. Hardness is evaluated with reference to microstructure. Near the interface, the hardness of the superalloy is of the order of 600 HV1 kg. In the remainder of the thickness, hardness is of the order of 500 HV1 kg, being greater than that of the unplated superalloy (270 HV1 kg). The track obtained by an indentation test at the interface under a load of 100 kg exhibits no cracking. This tends to prove the good metallurgical bond at the interface

Overview of the mean of production used for FSW

The Friction Stir welding process is now introduced in production plants. More and more applications are developed and the most part of the work is now centered on the mean of production to be used. Institut de Soudure and Arts et Métiers ParisTech are working on this subject since mid of 2005. The results of this work is a recognize knowledge on the methodology for qualifying a Friction Stir Welding Equipment [1]. In the same time, and based on this work, Institut de Soudure has bought a new kind of Friction Stir Welding machine based on a KUKA Robot

Experimental investigation of the influence of the FSW plunge processing parameters on the maximum generated force and torque

The paper presents the results of an experimental investigation, done on the friction stir welding (FSW) plunging stage. Previous research works showed that the axial force and torque generated during this stage were characteristic for a static qualification of a FSW machine. Therefore, the investigation objectives are to better understand the relation between the processing parameters and the forces and torque generated. One of the goals is to find a way to reduce the maximum axial force and torque occurring at the end of the plunging stage in order to allow the use of a flexible FSW machine. Thus, the influence of the main plunge processing parameters on the maximum axial force and torque are analysed. In fact, forces and torque responses can be influenced by the processing parameter. At the end, a diagram presenting the maximum axial force and torque according to the processing parameters is presented. It is an interesting way to present the experimental results. This kind of representation can be useful for the processing parameters choice. They can be chosen according to the force and torque responses and consequently to the FSW machine capacities

Incidences de la sixième révision de la LAI sur le travail du MSP à l'Orif

Dans ce travail de recherche, j’ai traité des incidences de la sixième révision de la LAI sur le travail du MSP de l’Orif Sion. Pour ce faire, j’ai procédé de la manière suivante : Premièrement, j’ai effectué des recherches bibliographiques et des entretiens exploratoires. Dans un deuxième temps, la réalisation d’un questionnaire et l’interview de diverses personnes m’a permis de mieux cerner les incidences de cette loi sur le travail du MSP

Impact of experimental conditions on material response during forming of steel in semi-solid state

Semi-solid forming is an effective near-net-shape forming process to produce components with complex geometry and in fewer forming steps. It benefits from the complex thixotropic behaviour of semi-solids. However, the consequences of such behaviour on the flow during thixoforming, is still neither completely characterized and nor fully understood, especially for high melting point alloys. The study described in this paper investigates thixoextrusion for C38 low carbon steel material using dies at temperatures much lower than the slug temperature. Four different process parameters were studied: the initial slug temperature, the die temperature, the ram speed and the presence of a ceramic layer at the tool/material interface. The extruded parts were found to have an exact shape and a good surface state only if the temperature was below a certain value. This critical temperature is not an intrinsic material property since its value depends on die temperature and the presence of the Ceraspray©layer. Two kinds of flow were highlighted: a homogeneous flow controlled by the behaviour of the solid skeleton characterized by a positive strain rate sensitivity, and a non homogeneous flow (macro liquid/solid phase separation) dominated by the flow of the free liquid. With decreasing ram speed, heat losses increase so that the overall consistency of the material improves, leading to apparent negative strain rate sensitivity. Finally, some ways to optimise thixoforming are proposed