Analysis and test of superplastically formed titanium hat-stiffened panels under compression

Four hat-stiffened titanium panels with two different stiffener configurations were fabricated by superplastic forming/weld brazing and tested under a moderately heavy compressive load. The panels had the same overall dimensions but differed in the shape of the hat-stiffener webs; three panels had stiffeners with flat webs and the other panel had stiffeners with beaded webs. Analysis indicated that the local buckling strain of the flat stiffener web was considerably lower than the general panel buckling strain or cap buckling strain. The analysis also showed that beading the webs of the hat stiffeners removed them as the critical element for local buckling and improved the buckling strain of the panels. The analytical extensional stiffness and failure loads compared very well with experimental results

Shareholder Voting in Proxy Contests for Corporate Control, Uncontested Director Elections and Management Proposals

This paper surveys the empirical literature on shareholder voting, specifically on votes related to contested and uncontested director elections and on management proposals. While much of current theory depicts shareholder votes as an ineffective control on the board’s decision making, the empirical literature paints a more nuanced picture. When a proxy contest breaks out, shareholders wield immense influence. These contests tend to have significant benefits for the corporation, including facilitating a change in management, reducing unnecessary liquidity, and prompting the payout of dividends. Even in uncontested director elections, shareholders’ decisions to vote for or withhold their vote reflect the company’s performance. The decision to withhold has some albeit slight impact on improving corporate performance going forward. Finally, the evidence suggests that shareholders seriously scrutinize management proposals, instead of blindly following management. ISS and institutional investors have led the charge in this area. For votes on mergers and acquisitions, shareholders do not block all bad acquisitions but do push the scales towards maximizing company value. For management compensation proposals, shareholders appear largely unconcerned with the company’s performance but deeply concerned with how the plan dilutes share value. Overall, shareholder voting plays a significant role in corporate management that deserves further research

Democracy and Dysfunction: Rural Electric Cooperatives and the Surprising Persistence of the Separation of Ownership and Control

Since the 1930s, corporate law scholarship has focused narrowly on the public corporation and the problem of the separation of ownership and control-a problem many now believe has been mitigated or even solved. With rare exceptions, scholars have paid far less heed to other business forms that still play important roles in the American economy. In this Article, we examine a significant and almost completely overlooked business form, the Rural Electric Cooperative (REC). RECs were founded in a moment of optimism during the New Deal. As with other cooperatives, their organizational rules differed sharply from those of for-profit corporations. They were owned by their customers, with each customer-member having one vote irrespective of their energy consumption, and it was hoped these owners would provide active oversight of the REC\u27s managers and activities. Reality has proven otherwise. Corporate governance innovations of the last forty years have passed RECs by, leaving an organizational sector mired in governance dysfunctions stemming from the separation of ownership and control. Here we explain why RECs evolved as they did and why New Deal planners seized on the cooperative form to electrify the countryside; how significant governance problems have persisted, largely unaddressed, from the 1930s to today; and how a change in corporate governance rules, allowing for a market for corporate control in RECs, could fix some persistent problems in this still-important sector. Alternatively, we propose that RECs take up a new public role as rural broadband internet providers with a reinvigorated federal regulator to police governance failures

Shareholder Litigation in Mergers and Acquisitions

Using hand-collected data, we examine the targeting of shareholder class action lawsuits in merger & acquisition (M & A) transactions, and the associations of these lawsuits with offer completion rates and takeover premia. We find that M & A offers subject to shareholder lawsuits are completed at a significantly lower rate than offers not subject to litigation, after controlling for selection bias, different judicial standards, major offer characteristics, M & A financial and legal advisor reputations as well as industry and year fixed effects. M & A offers subject to shareholder lawsuits have significantly higher takeover premia in completed deals, after controlling for the same factors. Economically, the expected rise in takeover premia more than offsets the fall in the probability of deal completion, resulting in a positive expected gain to target shareholders. However, in general, target stock price reactions to bid announcements do not appear to fully anticipate the positive expected gain from potential litigation. We find that during a merger wave characterized by friendly single-bidder offers, shareholder litigation substitutes for the presence of a rival bidder by policing low-ball bids and forcing offer price improvement by the bidder

A Symplectic Integrator for Hill's Equations

Hill's equations are an approximation that is useful in a number of areas of astrophysics including planetary rings and planetesimal disks. We derive a symplectic method for integrating Hill's equations based on a generalized leapfrog. This method is implemented in the parallel N-body code, PKDGRAV and tested on some simple orbits. The method demonstrates a lack of secular changes in orbital elements, making it a very useful technique for integrating Hill's equations over many dynamical times. Furthermore, the method allows for efficient collision searching using linear extrapolation of particle positions.Comment: 15 pages, 2 figures; minor revisions; accepted for publication in the Astronomical Journa

Time-averaged aerodynamic loads on the vane sets of the 40- by 80-foot and 80- by 120-foot wind tunnel complex

Time-averaged aerodynamic loads are estimated for each of the vane sets in the National Full-Scale Aerodynamic Complex (NFAC). The methods used to compute global and local loads are presented. Experimental inputs used to calculate these loads are based primarily on data obtained from tests conducted in the NFAC 1/10-Scale Vane-Set Test Facility and from tests conducted in the NFAC 1/50-Scale Facility. For those vane sets located directly downstream of either the 40- by 80-ft test section or the 80- by 120-ft test section, aerodynamic loads caused by the impingement of model-generated wake vortices and model-generated jet and propeller wakes are also estimated