Characterization of Thin Walled Ti-6Al-4V Components Reduced via Electron Beam Melting

Direct-metal energy beam SFF processes typically produce layers by scanning the contours and then filling in the area within the contour. Process parameters used to solidify contours are often different from those for fill areas. It is to be expected, therefore, that the contour and fill area regions will have different microstructures. This can have important ramifications for thin walled components such as biomedical implants whose slices have very little fill area. This paper characterizes the metallurgical differences in contour and fill areas in titanium components produced via Electron Beam Melting. The implications of these properties for thin walled components are described.Mechanical Engineerin

Accruals, Cash-Flows and Tobin’s q : An Investment Perspective on Firm Accruals

Following Zhang (Accounting Review, 2007) we cast firm accruals in terms of short-term investment. Since many studies consider accruals as a smoothed measure of cash flows, we first adopt Zhang specification and augment the standard Jones model with a cash-flow variable. Second, if accruals are indeed a form of short-term investment they should also be influenced by firm’s performance as measured by Tobin’s q. Consequently we propose a new version of the accrual model including a proxy for Tobin’s q. Given that accounting data and Tobin’s q are generally measured with errors, we also introduce a new estimation method based on a modified version of the Hausman artificial regression, featuring an optimal weighting matrix composed of higher moments instrumental variable estimators. Our results suggest that all the key parameters of the accrual models are indeed systematically biased with measurement errors. More importantly, our findings largely qualify Zhang’s conjecture on accruals, as both cash-flows and Tobin’s q are found strongly significant regressors of firm accruals. Relatedly we find that the Tobin’s q augmented model better isolate discretionary accruals so that the residuals of the equation are particularly well-suited to forecast stock returns.Discretionary accruals; Earnings management; Investment; Measurement errors; Higher moments; Instrumental variable estimators.

Accruals, Investment and Errors-in-Variables

We formulate well-known discretionary accruals models in an investment setting. Given that accruals basically consist of short-term investment, we introduce, (i) cash-flows, as a proxy for financial constraints and other financial markets imperfections, and (ii) Tobin’s q as a measure of capital return. Accounting data and Tobin’s q being measured with errors, we propose an econometric method based on a modified version of the Hausman artificial regression which features an optimal weighting matrix of higher moments instrumental variable estimators. The empirical results suggest that all the key parameters of the discretionary accruals models studied are biased systematically with measurement errors.Discretionary accruals; Earnings management; Investment; Measurement errors; Higher moments; Instrumental variable estimators.

Carbon and Greenhouse Gas Accounting of Forest Operations in FPInterface

Developed by FPInnovations, FPInterface is an operational-level simulation platform for forest supply activities from the harvest site to the mill gate. The software can model, simulate and optimize forest operations directly from the GIS planning maps. The analysis is done at the block level for a forest management unit and provides the cost and volumes of all products harvested from the selected blocks. The basic platform allows for cost calculations of harvesting, road construction, transport and regeneration. Additional modules are also available for optimizing transport routes, biomass supply flow and cost estimates, operational scheduling and value chain decisions. The software offers a tactical and operational forest planning tool in the context of Canadian forest operations. FPInterface considers all fossil fuel inputs and biomass outputs based on product specifications, harvesting decisions, equipment selection, road network and stand conditions. Therefore, the software offers an opportunity for the development of functionalities for greenhouse gas emissions accounts and carbon budgets for woody feedstock. The main objective of this paper is to describe the calculation of carbon ratio in a module of the FPInterface software. Furthermore, a scenario analysis was conducted, where the usability of the module was demonstrated. The objectives of the analysis were to show the impact of tree size on carbon emissions and to compare different supply chains for biomass in terms of carbon ratios. Keywords: carbon emissions, forest planning, logging operations, biomass, FPInterface. Received 28 September 2010, Revised 21 January 2013, Accepted 27 January 2013

LES MODES DE DIVULGATION D'INFORMATIONS ENVIRONNEMENTALES : UNE ANALYSE INTERSECTORIELLES

Le présent article s'intéresse à la divulgation d'informations environnementales et s'appuie sur la théorie des coûts d'information et la théorie de la légitimité. Le but de l'étude est double : évaluer l'ampleur de la divulgation environnementale par Internet et; analyser les déterminants de la divulgation environnementale par médium traditionnel et sur le Web. En ce qui concerne les déterminants de la divulgation environnementale, il ressort des résultats que le degré d'asymétrie d'information, la capacité de l'entreprise de supporter des coûts exclusifs affectent la stratégie de divulgation environnementale, que ce soit dans les rapports annuels ou sur le Web. Le seul élément qui se dégage de la stratégie de communication sur le Web par rapport au rapport annuel est le niveau d'exposition de l'entreprise aux médias par rapport à sa performance environnementale. On constate une relation plus directe entre la communication environnementale par le Web en réponse aux pressions des médias que la communication dans le rapport annuel. Le même phénomène est observé en ce qui concerne l'information divulguée à la fois sur le Web et dans le rapport annuel. Autant pour le rapport annuel que pour le Web, la divulgation environnementale est tributaire du secteur d'activité et des caractéristiques propres aux entreprises : l'âge des immobilisations et la taille. Enfin, nous constatons un grand chevauchement entre la divulgation par médium traditionnel et la divulgation sur le Web. Bref, le potentiel du Web en tant que plate-forme de communication ne semble pas être pleinement exploité.Information environnementale; coûts exclusifs; coûts d'information; théorie de la légitimité

Characterization of High Alloy Steel Produced Via Electron Beam Melting

Electron Beam Melting (EBM) is a direct-to-metal freeform fabrication technique in which a 4 kW electron beam is used to melt metal powder in a layer-wise fashion. As this process is relatively new, there have not yet been any independently published studies of the high alloy steel microstructural properties. This paper describes the EBM process and presents results of microstructural analyses on H13 tool steel processed via EBM.Mechanical Engineerin

Le coût implicite de la pollution industrielle imputé aux entreprises : une étude de valorisation

L’objet de la présente recherche est de quantifier l’incidence sur la valeur d’une entreprise de la prise en compte, par les investisseurs, de son bilan environnemental. Il est présumé qu’un coût implicite est imposé à chaque entreprise par les marchés boursiers selon la qualité de son bilan environnemental. Ce coût implicite n’apparaît pas aux états financiers de l’entreprise, mais son existence peut avoir des conséquences explicites sur sa performance financière future.La relation statistique entre le bilan environnemental d’une firme, mesuré par son niveau de pollution, et sa valeur boursière est quantifiée au moyen de deux modèles de valorisation : un premier modèle est basé sur l’équation comptable fondamentale (bilan) et un second, sur le bénéfice comptable, alors considéré comme indice de valeur. L’échantillon comprend des entreprises canadiennes cotées à la Bourse en provenance de trois secteurs d’activité différents.Pour les secteurs des pâtes et papiers, des produits chimiques et des raffineries, il apparaît que le marché attribue un coût implicite important à une mauvaise performance environnementale. Toutefois, pour le secteur de l’acier, des métaux et des mines, les résultats sont plus mitigés. En outre, il semble que le multiple de valorisation du bénéfice est plus élevé (plus faible) pour les entreprises (ne) se conformant (pas) aux normes environnementales.The purpose of this study is to evaluate how investors take a firm's industrial pollution into account when determining its stock market value. In fact, it is assumed that an implicit cost is attributed to a firm's stock market valuation as a result of its industrial pollution performance. Such a cost is deemed to be implicit since it does not appear in a firm's financial statements. However, its existence could well have an explicit impact of a firm's future financial performance.The relation between a firm's industrial pollution performance, as proxied by its water pollution level, and its stock market value is inferred from two valuation models: the first model relies on the accounting identity and focuses on the balance sheet while the second model relies on the income statement and focuses on reported net earnings. The sample is comprised of Canadian fîrms from three different industries that are listed on a major stock exchange.Results show that pulp and paper firms, as well as chemical and oil refining firms, appear to bear a significant implicit cost as a result of their industrial pollution. However, the magnitude of the implicit cost assigned to steel, metal and mining firms appears to be relatively weak. Moreover, it appears that firms' earnings multiples are higher (lower) if they (do not) conform to environmental regulations

Application of SFF to Preoperative Planning and Surgical Rehearsal for Treatment of Limb Deformities in Dogs

This report describes SFF-aided assessment and preoperative planning for treatment of bilateral multifocal pelvic limb deformities in a one-year old German Shepherd dog. CT scans were converted to solid models and stereolithography patterns were prototyped. RTV silicone molds were constructed and three sets of polyurethane patterns were cast for pre-surgical rehearsal. The paper compares traditional osteotomy planning procedures, planning via virtual prototypes, and planning with full-scale physical prototypes.Mechanical Engineerin

DETERMINANTS DE LA COMMUNICATION SOCIALE ET ENVIRONNEMENTALE DES ENTREPRISES FRANCAISES

Dans cette communication, nous nous proposons d'étudier les déterminants de la communication de l'information sociale et environnementale. L'outil d'analyse de cette divulgation est une grille de codage similaire à celle de Wiseman (1982) et Cormier et Magnan (1999 et 2003) adaptée au contexte légal et réglementaire français. Les résultats montrent qu'il y a une progression dans le niveau et la qualité de divulgation sociétale des entreprises françaises et que les paramètres de direction et de contrôle ont un impact sur le niveau et la qualité de cette divulgationDivulgation sociale; divulgation environnementale; coûts de l'information; gouvernance

Adaptive Slicing With the Sanders Prototype Inkjet Modeling System 259

This paper presents one of the first known in depth studies of the Sanders Prototype inkjet modeling process. A process capability study was performed in order to determine the relationship between process parameter levels and the resulting surface roughness. The data was used to create a predictive model of surface roughness using a backpropagation neural network. Test results indicate that the network is quite effective at generalizing to new process configurations. The predictive surface roughness model is used in a newly developed inkjet modeling adaptive slicing algorithm. On a region-by-region basis, the algorithm determines the fastest machine configuration that can be used to build a part while satisfying the surface roughness requirements. The adaptive slicing system has been tested, and results documenting substantial time and cost savings are presented.Mechanical Engineerin