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Mathematical Modeling of the Hot Strip Rolling of Microalloyed Nb,Multiply-Alloyed Cr-Mo,and Plain C-Mn Steels FULVIO SICILIANO,Jr.and JOHN J.JONASIndustrial mill logs from seven different hot strip mills(HSMs)were analyzed in order to calculatethe mean flow stresses(MFSs)developed in each stand.The schedules were typical of the processingof microalloyed Nb,multiply-alloyed Cr-Mo,and plain C-Mn steels.The calculations,based on theSims analysis,take into account work roll flattening,redundant strain,and the forward slip ratio.Themeasured stresses are then compared to the predictions of a model based on an improved MisakaMFS equation,in which solute effects,strain accumulation,and the kinetics of static recrystallization(SRX)and metadynamic recrystallization(MDRX)are fully accounted for.Good agreement betweenthe measured and predicted MFSs is obtained over the whole range of rolling temperatures.Theevolution of grain size and the fractional softening are also predicted by the model during all stagesof strip rolling.Special attention was paid to the Nb steels,in which the occurrence of Nb(C,N)precipitation strongly influences the rolling behavior,preventing softening between passes.The presentstudy leads to the conclusion that Mn addition retards the strain-induced precipitation of Nb;bycontrast,Si addition has an accelerating effect.The critical strain for the onset of dynamic recrystalliza-tion(DRX)in Nb steels is derived,and it is shown that the critical strain/peak strain ratio decreaseswith increasing Nb content;furthermore,Mn and Si have marginal but opposite effects.It is demon-strated that DRX followed by MDRX occurs under most conditions of hot strip rolling;during theinitial passes,it is due to high strains,low strain rates,and high temperatures,and,in the final passes,it is a consequence of strain accumulation.I.INTRODUCTION been achieved.The goal of the present research was,there-fore,to characterize strip rolling in terms of softening mecha-T HE metallurgical features of plate rolling are now nism,strain accumulation,grain size,and precipitation.Also,largely understood.[1–10]The long interpass times allow com-the rolling behavior of microalloyed Nb,plain C-Mn,andsome Cr-Mo grades will be considered and compared. plete static recrystallization(SRX)to take place if the steelAnother important point that arose from this study is that is being rolled above the interpass recrystallization stopthe levels of Mn and Si present in the steel appear to influence temperature(T nr),i.e.,in the absence of carbonitride precipi-the precipitation behavior during strip rolling.The occur-tation.Plate rolling below T nr leads to austenite pancaking,rence of precipitation changes the rolling load and must, because strain-induced precipitation prevents any furthertherefore,be accurately predicted.SRX from occurring.By contrast,during the very shortHodgson[15]has carried out an excellent analysis of the interpass times involved in rod rolling,neither SRX nordifferent types of mathematical models and has supplied a precipitation can take place,[11–14]and,in contrast to platelist of the advantages associated with the application of a rolling,the strain accumulation that takes place leads toparticular model to a given practical situation.According dynamic recrystallization(DRX)followed by metadynamicto this author,the main advantages are(1)a reduction in recrystallization(MDRX).Thus,the metallurgical character-the number of mill trials,(2)an evaluation of hardware istics of plate rolling,on the one hand,and of rod rolling,modifications,(3)the prediction of variables that cannot on the other hand,are now fairly clear.be measured,(4)an estimation of the effect of interactions, From the point of view of interpass time,strip rolling(5)the potential for performance enhancement,and(6) falls between the two processes discussed previously.Duringinexpensive research costs.the initial passes,when the interpass times are still relativelyThe applicability of any model must be intensively tested long,the metallurgical behavior is similar to plate rolling.in advance,preferably with industrial data.That is the As the interpass intervals become shorter,the characteristicsapproach that was employed here.After an improved accu-approach those of rod rolling.Because the classification of racy in predicting the operational parameters has been dem-strip rolling as being like plate rolling,on the one hand,or onstrated,the model can then be applied to production. like rod rolling,on the other,depends on chemistry and The analysis of mean flow stress(MFS)behavior as a rolling schedule as well as pass number,a relatively simple function of inverse absolute temperature permits identifica-and generally accepted analysis of this process has not yet tion of the main microstructural changes taking place duringrolling.These include SRX,DRX followed by MDRX,strainaccumulation,and phase transformation.Figure1illustratesthese phenomena schematically in the form of an MFS vs FULVIO SICILIANO,Jr.,Research Associate,and JOHN J.JONAS,1/T curve for a hypothetical five-pass schedule.Beginning Professor,are with the Department of Metallurgical Engineering,McGillat the first pass(on the left-hand,or high-temperature side), University,Montreal,PQ,Canada H3A2B2.Manuscript submitted March22,1999.there is a low-slope region,within which SRX occurs.The(a )Fig.1—Schematic representation of the evolution of MFS as a function of the inverse absolute temperature.Each characteristic slope is associated with a distinct metallurgical phenomenon.high temperature permits full softening to take place during the interpass interval.After pass 2,the lower temperature does not permit full softening,leading to strain accumula-tion.This accumulation then leads to the onset of DRX (as long as there is no precipitation),which is followed by MDRX between passes 3and 4.The analysis of MFS curves as described previously was first proposed by Boratto et al.[1]for determination of the (b )three critical temperatures of steel rolling (Ar3,Ar1,and Tnr ).[2,3,4]This technique has also been used to deduce that DRX occurs in seamless tube rolling [16,17]as well as in hot strip mills (HSMs).[18,19]Sarmento and Evans [19]came to similar conclusions in their analysis of industrial data from two HSMs.The main types of controlled rolling considered here are listed in the following paragraphs.Recrystallization-Controlled Rolling .In the schedules considered subsequently,as long as strip rolling is carried out above T nr ,SRX is considered to take place.Conversely,below T nr ,there is strain accumulation.Conventional-Controlled Rolling .Here,finishing is employed to flatten or “pancake”the austenite grains at temperatures below T nr .In this case,the particle pinning (c )resulting from the precipitation of Nb(C,N)retards or even Fig.2—Temperature-time diagrams comparing three rolling approaches:prevents the occurrence of recrystallization.In the absence (a )recrystallization controlled rolling,(b )conventional controlled rolling,of precipitation,as long as rolling is carried out below T nr and (c )dynamic recrystallization controlled rolling.for static recrystallization,the strain accumulation that takes place can trigger DRX followed by MDRX,leading to rapid softening between passes.In terms of mathematical model-ing,if there is no precipitation and the accumulated strain exceeds the critical strain,DRX is initiated,often causing caused by DRX when high strain rates are employed and large strains are applied (this corresponds to single-peak full and fast softening.This is usually associated with unpre-dictable load drops in the final passes.[20]behavior in the stress-strain curve).Circumstantial evidence for the occurrence of DRX in seamless tube rolling [16,17]and Dynamic Recrystallization-Controlled Rolling .This type of process consists of inducing DRX in one or more passes HSMs [18,19,21,22]can be found in the literature.Figure 2illustrates schematically the three different rolling during the rolling schedule.This can be done either by applying large single strains to the material or via strain paradigms described previously for a hypothetical five-pass schedule.The conditions associated with each type of rolling accumulation.Both methods allow the total strain to exceed the critical strain for the initiation of DRX.Some of the are displayed in Table I.Knowledge of the rolling parameters and process limitations associated with each method makesbenefits of this approach involve the intense grain refinementTable I.Mechanistic Conditions Pertaining to the Three Controlled Rolling TechniquesRole of Relation betweenType of T Range with Strain-Induced Precipitation andProcess Respect to T nr Precipitation RecrystallizationRCR above absence required SRX before precipitationCCR below presence required precipitation before SRX or DRX DRCR below absence required no SRX;DRX before precipitation possible the design of rolling schedules to fit the needs and B.Analysis of Mill Log Dataconstraints of each case.Logged data were collected from the following fiveHSMs:Dofasco seven-stand HSM(Hamilton,Canada), II EXPERIMENTAL PROCEDURE Algoma six-stand–2.69-m-wide HSM(Sault Ste.Marie,Canada),Sumitomo seven-stand HSM(Kashima,Japan), The present work combines the use of models developedSumitomo seven-stand HSM(Wakayama,Japan),and BHP from hot torsion test data and from the analysis of industrialsix-stand HSM(Port Kembla,Australia).Data from two mill logs.other HSMs were taken from the literature.[19]One is fromthe Usiminas six-stand HSM in Brazil,and the other is an A.Materials unidentified seven-stand HSM referred to here as“Davy.”Some1300logs were made available for analysis,of Various materials were tested and were divided into threewhich about300were examined in detail.The data that groups:microalloyed Nb(group A),multiply alloyed Cr-were employed consisted of interstand distances,work roll Mo(group B),and plain C-Mn(group C)steels.Tables IIdiameters,and pyrometer locations.For each strip,the fol-and III list the grades studied here.In group A(Table II),lowing data were used:chemical composition,strip width, some steels have low Si contents,with the same base compo-strip thicknesses before and after all passes(H and h,respec-sition(e.g.,AD5and AD6and AD7and AD8).Other typestively),work roll rotational speeds,roll forces,and tempera-have different Mn contents,with the same base compositiontures(mean values)for each pass,according to a model or (e.g.,AD9and AD10and AD2,AD3,and AD4).Theseto entry and exit temperatures.grades are used to study the influences of Mn and Si on theThe previous parameters were then employed to calculate precipitation of Nb(C,N)and on the critical strain/peakthe true strains,strain rates,interpass times,and MFSs, strain ratio.Table III gives the chemical compositions ofaccording to the Sims formulation.[4,23]The corrections for some of the multiply alloyed Cr-Mo and plain C-Mn gradesroll flattening,[24,25]redundant strain,and forward slip studied here.The steels used for the torsion tests are markedwith“TT.”between roll and strip[25]were taken into account in theseTable II.Chemical Compositions of the Niobium Steels Investigated(Group A)Steel Plant C Mn Si Nb Ti N*Al P S AA1TT Algoma0.050.350.0100.035—0.0040.0430.0080.006 AA2Algoma0.050.700.1000.053—0.0050.0450.0070.004 AA3Algoma0.060.700.1100.058—0.0050.0450.0080.004 AS1TT Sumitomo0.07 1.120.0500.0230.0160.0000.0290.0190.002 AS2TT Sumitomo0.09 1.330.0600.0360.0160.0030.0190.0170.020 AB BHP0.11 1.050.0100.031—0.0030.0400.0120.012 AD1Dofasco0.060.650.2250.020—0.0040.0350.0080.005 AD2Dofasco0.140.650.2250.020—0.0040.0350.0080.005 AD3Dofasco0.120.850.2250.020—0.0040.0350.0080.005 AD4Dofasco0.12 1.000.2250.020—0.0040.0350.0080.005 AD5Dofasco0.060.650.1150.030—0.0040.0350.0080.005 AD6Dofasco0.060.650.0100.030—0.0040.0350.0080.005 AD7Dofasco0.060.650.1150.045—0.0040.0350.0080.005 AD8Dofasco0.060.650.0100.045—0.0040.0350.0080.005 AD9Dofasco0.060.450.0100.008—0.0040.0350.0080.005 AD10Dofasco0.060.650.0100.008—0.0040.0350.0080.005 AD11Dofasco0.06 1.250.3250.0750.0240.0040.0350.0080.005 AD12Dofasco0.06 1.250.3250.080—0.0040.0350.0080.005 AM1“Davy”0.060.700.0700.050—0.0040.0510.0180.013 AM2“Davy”0.050.450.0200.020—0.0050.0470.0140.008 AU Usiminas0.110.540.0020.018—0.0040.0570.0140.008 *For the Dofasco grades,a mean value of40ppm N is listed here.The actual values are taken into account in the spreadsheets.Table III.Chemical Compositions of the Multiply-Alloyed and Plain C-Mn SteelsGroup Steel Plant C Mn Si Nb Ti Cr Mo V Ni N Al P S B BCM Sumitomo 0.280.520.220——0.830.15——0.0050.0260.0160.004BCMV Sumitomo 0.410.630.280—0.015 1.380.600.270.020.0060.0460.0130.001BCMVN Sumitomo 0.470.660.1700.0160.0160.980.970.120.460.0040.0420.0160.004CCA TT Algoma 0.030.270.010——————0.0040.0420.0080.010CS1TT Sumitomo 0.10 1.080.060——————0.0030.0200.0170.003CS2Sumitomo 0.450.760.210——————0.0050.0040.0170.004CD Dofasco 0.060.270.000——————0.0040.0350.0070.005CM “Davy”0.030.240.020——————0.0040.0420.0090.006CUUsiminas0.050.240.002——————0.0040.0300.0160.010calculations and were organized using MICROSOFT [1];here,the MFS (␴M )is a function of the strain,strain rate,temperature,and carbon content in weight percent.EXCEL*spreadsheet software.Some typical spreadsheet*MICROSOFT and EXCEL are trademarks of the Microsoft Corpora-␴M ϭexp ΂0.126Ϫ1.75C ϩ0.594C 2[1]tion,Redmond,WA.inputs and outputs are shown in Table IV .The same spread-sheet was used for the microalloyed Nb,multiply alloyed ϩ2851ϩ2968C Ϫ1120C 2T΃␧0.21␧˙0.13Cr-Mo,and plain C-Mn grades;this is because it does not consider microstructure but only mechanical parameters.According to the present method,the Sims formulation is employed to calculate and plot the MFS vs 1000/T for several bars.Because strip rolling reductions are applied at III.THE SUBMODELS APPLIED TO HOTSTRIP ROLLING various strains and strain rates,all the derived MFSs are“normalized”to ␧ϭ0.4and ␧˙ϭ5s Ϫ1.[27,28]An example of this approach for grade D5is illustrated A.The MFS Modelin Figure 3.It can be seen that Misaka’s equation overpre-dicts the MFSs obtained from the mill logs for this 0.03pct Improvement of the Misaka equationMisaka’s equation [26]has often been employed to specify Nb steel.On the other hand,it underpredicts the MFSs for some higher Nb grades.[28]The trend of the Misaka equation the MFS for C-Mn steels during hot strip rolling.It will be used here as the basis for a modified equation that takes fits the mill log values reasonably well in the region where the slope is quite shallow (i.e.,at low 1/T or high T values).into account the effects of different alloying elements,such as Mn,Nb,and Ti.The Misaka equation is displayed in Eq.This indicates that full SRX is occurring between the passesTable IV .Example of the Spreadsheet Calculations Carried Out Using the Mill DataInputs:Data from mill logsRoll Radius Roll Speed Width Gage TemperatureRoll Force Pass (mm)(rpm)(mm)(mm)(ЊC)(Tonne)————30.60——F139433.9126417.339872157F239154.5126410.799512223F338179.212647.429152116F4365119.01264 5.109071691F5363147.11264 3.908961357F6376167.21264 3.148841264F7378172.012642.618721627Outputs Hitchcock Forward Nominal Total Strain Rate Interpass 1000/T Sims MFS Pass R Ј(mm)Slip Factor Strain Strain*(s Ϫ1)Time (s)(K Ϫ1)(MPa)F1403 1.100.660.7512.9 3.480.79116F2412 1.090.550.6125.2 2.140.82151F3416 1.080.430.4841.3 1.480.84179F4402 1.080.430.4772.7 1.010.85151F5428 1.060.310.3494.20.790.86178F6472 1.050.250.271150.630.86185F75611.040.210.23131—0.87250*Includes the redundant strain.effects of the other elements are considered to be linear over their concentration intervals.**Comparison of Tables II and III indicates that the Eq.[2](group A)steels (Table II)have only half the average Si levels (about 0.11)compared to the Eq.[4](group B)steels of Table III (about 0.22pct Si).At the time this analysis was carried out,no account was taken of the Si levels on the MFS and,therefore,on the rolling load.In retrospect,however,this would have been desirable,as it appears from a study of the previous relations that the introduction of such a term may have permitted the use of a single set of coefficients.B.Modeling of Grain Size and Fractional SofteningDuring a particular pass of a rolling schedule,the sum ofFig.3—Comparison of Misaka’s equation and the present equation (MFS*)the retained and applied strains will determine which soften-based on chemical composition and fitted to the mill (Sims)data in the ing mechanism (SRX or DRX ϩMDRX)will operate.SRX region.Here,the mill data for grade AD5(0.03pct Nb)are corrected Depending on the type of softening,different equations are to a constant strain of 0.4and a constant strain rate of 5s Ϫ1.then employed to specify the grain size and fractional soften-ing.In this section,a method is described that can be used to follow the microstructural evolution during multipass roll-in this region.A solution-strengthening factor can,therefore,ing.For now,no attention is paid to the exact onset of DRX,be added that allows Misaka’s equation to fit all grades.For and the critical strain is simply taken as a fixed fraction of compositions AS1,AS2,and AB,for example,a correction the peak strain.The example given subsequently involves for solute strengthening due to the high Mn content (1.12,modeling microstructural evolution in a plain C-Mn grade,1.33,and 1.08,respectively),allows Misaka’s equation to and the critical strain is considered to be 0.8␧p .The onset fit the mill values.[28]Another correction is still required for of DRX in Nb steels is discussed in the next section,IIIC.the occurrence of strain accumulation and DRX,which leads During rolling,the temperature decreases continuously.to departures from Misaka-type behavior at high values of Thus,the temperature adopted for each interpass interval 1/T (i.e.,low T ).For this purpose,the model by Yada and is taken as the average of the prior and subsequent pass Senuma [29,30,31]was adapted and tested.[25,27,29]This pro-temperatures.This assumption is employed because the pres-duced the following final MFS equation:ent equations were derived for isothermal conditions and the interpass times are short enough to allow the use of a MFS ϩNbϭ(MFS Misaka (0.768ϩ0.51Nb ϩ0.137Mn [2]single temperature value.In the present work,the recrystallization and grain-size ϩ4.217Ti))ϫ(1ϪX dyn )ϩK ␴ss X dynrelations described subsequently were incorporated into the Here,X dyn is the softening attributable to DRX,␴ss is theMICROSOFT EXCEL spreadsheet software,as shown in steady-state stress,and K ϭ1.14is a parameter that converts more detail in Section IV .The submodels involved here flow stress to MFS.were assembled by following a method developed for rod Equation [2]is valid over the following concentration rolling.[11]The recrystallization kinetics equations used here ranges:0.020to 0.080pct Nb,0.35to 1.33pct Mn,and 0are adaptations of the Avrami–Johnson–Mehl–Kolmogorov to 0.024pct Ti.This approach has been used successfully equation,with parameters that were selected to fit the mill to calculate the MFSs in plain C-Mn [25,27]as well as in Cr-data.Mo steels,[27,32]and the respective equations are displayed 1.Softening between passesin Eqs.[3]and [4],respectivelyA softening model uses parameters such as strain,strain MFS ϩC-Mn ϭ(MFS Misaka (0.768ϩ0.137Mn))[3]rate,initial grain size,and temperature to decide upon the mechanism and calculate the extent of softening.In an HSM,ϫ(1ϪX dyn )ϩK ␴ss X dynthe softening between passes can be calculated with the aid of an MFS equation and temperature corrections.In the The Mn concentrations studied ranged from 0.27to 1.08present work,the microstructural evolution equations were pct.For the multiply alloyed steels,the following relation tested directly using the spreadsheet for the three groups of is applicable:[27,32]steels.The t 0.5equation selected for each group is shown in MFS ϩCr-Moϭ(MFS Misaka (0.835ϩ0.51Nb ϩ0.098Mn Table V .Note that Eq.[6]is the only one available for the DRX ϩ0.128Cr 0.8ϩ0.144Mo 0.3ϩ0.175V [4]kinetics of Nb steels.A similar expression is employed for ϩ0.01Ni))ϫ(1ϪX dyn )ϩK ␴ss X dynthe multiply alloyed grades,as derived in a recent study.[32]For the C-Mn steels,several equations are available;how-Equation [4]is considered to apply to the following composi-ever,the one developed by Hodgson et al.[33,36]provided the tion ranges:0.52to 0.66pct Mn,0to 0.08pct Nb,0.83tobest fit to the mill logs.1.38pct Cr,0to 0.46pct Ni,0.15to 0.97pct Mo,and 0to 0.27pct V .Due to the high maximum concentrations of Cr2.Strain accumulation between passesPartial recrystallization between passes results in retained and Mo,the solution effects approached “saturation;”this is why exponents are employed in this expression.Thestrain,which must be added to the strain applied in theTable V .Equations Describing the Softening KineticsGroup Type EquationReferenceASRX t SRX 0.5ϭ(Ϫ5.24ϩ550[Nb])ϫ10Ϫ18␧(Ϫ4.0ϩ77[Nb])d 20exp (330,000/R T )[5]33DRXt MDRX 0.5ϭ4.42ϫ10Ϫ7␧˙(Ϫ0.59)exp (153,000/R T )[6]34,35B SRX32t 0.5ϭ1.57ϫ10Ϫ14иd 20и␧Ϫ2.9exp ΂271,000R T ΃[7]DRX32t 0.5ϭ1.84ϫͫ␧˙иexp ΂330,000R T΃ͬϪ0.86exp΂271,000R T΃[8]C SRX32,36t SRX0.5ϭ2.3ϫ10Ϫ15␧Ϫ2.5d 20exp΂230,000R T ΃[9]DRX14t MDRX 0.5ϭ0.4΂␧˙иexp ΂300,000R T΃΃Ϫ0.8exp΂240,000R T΃[10]subsequent stand.The accumulated strain in pass i (i Ͼ1)is small,d 0i ϩ1will be close to the original grain size,d 0i ;in the latter case,the grains only change their shapes because then becomes [37]of the applied strain.[11]␧a i ϭ␧i ϩK acc (1ϪX i Ϫ1)␧i Ϫ1[11]b.Grain growth after recrystallizationwhere X is the fractional softening and K acc is a constant.After complete recrystallization,the microstructure is sub-The value of K acc was reported in the literature as falling jected to grain growth;this is driven by the decrease in free between 0.5and 1.[11,37]The parameter K acc can be related energy associated with the grain boundaries.For the group to the rate of recovery.High rates of recovery result in less A and B steels,one single equation (Eq.[19])was employed accumulated strain.This is clear from the work of Gibbs et to describe grain growth:al.,[37]where longer interpass times led to K acc ϭ0.5and shorter interpass times (less recovery)to K acc ϭ1.In the present hot strip model,the K acc constant is assumed to be d 4.5ϭd 4.50ϩ4.1ϫ1023ϫt ip[19]1and the accumulated strain is used in all the calculations.The latter is considered to represent the average strain pres-ϫexp (Ϫ435,000/R T )ent within the material.3.Grain-size evolutionAlthough the previous equation was derived for Nb steels,a.Recrystallized grain sizeit is used here to describe grain growth in the multiply This calculation simply takes into account the initial grain alloyed steels as well.This is due to the lack of an equation size,strain,and/or strain rate.The grain size after SRX is for the multiply alloyed grades,and because the alloying well known to be strongly dependent on the prior strain and elements present in the group B grades make it more rea-only depends on the strain rate to a minor extent.On the other sonable to adopt an equation derived for Nb steels than hand,the grain sizes after MDRX are strongly dependent on one derived for C-Mn grades.The grain-growth kinetics the strain rate.[14,15,34–36,38–41]The equations used here are in Nb and multiply alloyed steels are,of course,expected listed in Table VI.to be slower than in plain C-Mn compositions due to solute The grain size pertaining to the entrance of a given pass drag.For the group C (C-Mn)steels,however,a group of is considered to be the “initial”grain size (d 0).Note that equations is available to describe grain growth.The the equations used to model the recrystallized grain sizes method used here was proposed by Hodgson et al.[11,36,44]for the steels pertaining to groups A and B are the same;and is a “pragmatic”one,based on both laboratory [44]and this is due to the lack of appropriate equations for the multi-industrial [11]observations.ply alloyed steels.It should be noted that there is a large difference between In the case of incomplete recrystallization,the initial grain the rate of growth during the first second of the interpass size for the following pass (d 0i ϩ1)can be calculated using interval and the remaining time.This difference may arise the following relation,[11,33,43]which specifies a kind of because of the large driving force for grain growth present “average”derived from the freshly formed and original in the initially fine-grained structure.Another possible effect grain sizes:concerns the presence of “deformation”vacancies immedi-ately after rolling,which could accelerate growth.[45]This d 0i ϩ1ϭd rex i ϫX 4/3i ϩd 0i (1ϪX i )2[18]transition was handled by adopting different grain-growth exponents for each stage [11]and by using the following With this formulation,when X i is close to 1,the initial grainsize for the following pass is d rex i .On the other hand,if X iequations.Table VI.Equations Describing the Recrystallized Grain SizeGroup Type Equation Ref.A SRX d SRXϭ1.1иd0.670и␧Ϫ0.67[12]42DRX34d MDRXϭ1370ϫ␧Ϫ0.13exp΂Ϫ45,000R T΃[13]B SRX d SRXϭ1.1иd0.670и␧Ϫ0.67[14]41DRX35d MDRXϭ1370ϫ␧Ϫ0.13exp΂Ϫ45,000R T΃[15]C SRX33,36d SRXϭ343иd0.40и␧Ϫ0.5exp΂Ϫ45,000R T΃[16]DRX33,36d MDRXϭ2.6ϫ104и΂␧˙иexp΂300,000R T΃΃Ϫ0.23[17]SRX,t ipϽ1s[20]Eq.[3],based on the Misaka equation.The observed andpredicted MFSs are compared in Table VIII,where the differ-ences between the three sets of MFSs are also shown(in d2ϭd2SRXϩ4.0ϫ107(t ipϪ4.32t0.5)exp΂Ϫ113,000R T΃percentage).The“basic”version of the prediction spreadsheet MDRX,t ipϽ1s[21]described previously,allowing for strain accumulation andDRXϩMDRX,is considered to be fully applicable to the d2ϭd2MDRXϩ1.2ϫ107(t ipϪ2.65t0.5)exp΂Ϫ113,000R T΃group C(C-Mn)grades.However,for Nb steels,the criticalstrain for the initiation of DRX must be accurately known,and agreement regarding this quantity is lacking in the litera-SRX,t ipϾ1s[22]ture.The actual precipitation start time during hot strip roll-ing is also an unknown quantity.In the next two sections d7ϭd7SRXϩ1.5ϫ1027(t ipϪ4.32t0.5)exp΂Ϫ400,000R T΃(C and D),some improved methods for the estimation ofthese two parameters will,therefore,be proposed anddescribed for the Nb grades.MDRX,t ipϾ1s[23]d7ϭd7MDRXϩ8.2ϫ1025(t ipϪ2.65t0.5)exp΂Ϫ400,000R T΃ C.Critical Strain for the Initiation of DRX4.Design of the microstructural-predictionThe critical strain for the onset of DRX is an important spreadsheet parameter employed in the mathematical modeling of micro-The previous equations describing the microstructuralstructural evolution and of rolling load.Knowledge of the events can now be organized into a spreadsheet.Basically,critical strain for the initiation of DRX is a requirement for the spreadsheet parameters displayed in Table VII are usedprediction of the operating softening mechanisms in hot as input data to simulate the microstructural changes taking working processes.place during hot rolling,in a pass-by-pass analysis.TheFor the present purpose,it is useful to express the critical starting grain size(after roughing and before strip rolling)strain for the initiation of DRX(␧c)as a function of the is adopted as100␮m for the C-Mn grades and as80␮mpeak strain(␧p),as determined from a stress-strain curve. for the others.The subsequent grain sizes are calculated This is because several equations are available to specify after recrystallization and grain growth,and the results con-the peak strain as a function of initial grain size,temperature, stitute the input data for the next pass.Both the accumulated and strain rate for Nb steels.The␧c/␧p ratio often lies strain as well as the redundant strain are employed through-between0.67and0.86[46]and is generally considered to be out the calculations.Some typical inputs and outputs of the0.8for plain C-Mn steels.Previous workers have reportedvalues for Nb steels as low as0.65.[34]The effects of Nb, microstructural-evolution spreadsheet are given in Table VII.The following example uses data from the Dofasco HSM,Mn,and Si were taken into account in a recent investiga-grade CD.tion,[47]and a fit was found for the␧c/␧p ratio.The method In C-Mn steels,mechanisms such as carbonitride precipi-used was to test several possible values of␧c/␧p and then tation followed by strain accumulation do not take place,soto select the ratio that provides the best fit to the Sims MFS only SRX as well as DRXϩMDRX effects are considered curve.This procedure,thus,specifies the conditions underwhich DRX will occur.Over100mill logs were tested in here.The observed MFS is calculated using the Sims formu-lation(from the mill data).Then,predictions are made using this way using the grades listed in Table I.The resulting。

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Rev Account Stud(2010)15:915–953DOI10.1007/s11142-009-9111-xManagement’s tone change,post earnings announcement drift and accrualsRonen FeldmanÆSuresh GovindarajÆJoshua LivnatÆBenjamin SegalPublished online:20August2009ÓSpringer Science+Business Media,LLC2009Abstract This study explores whether the management discussion and analysis (MD&A)section of Forms10-Q and10-K has incremental information content beyondﬁnancial measures such as earnings surprises and accruals.It uses a clas-siﬁcation scheme of words into positive and negative categories to measure the tone change in the MD&A section relative to prior periodic SECﬁlings.Our results indicate that short window market reactions around the SECﬁling are signiﬁcantly associated with the tone change of the MD&A section,even after controlling for accruals and earnings surprises.We show that management’s tone change adds signiﬁcantly to portfolio drift returns in the window of2days after the SECﬁling date through1day after the subsequent quarter’s preliminary earnings announce-ment,beyondﬁnancial information conveyed by accruals and earnings surprises. The drift returns are affected by the ability of the tone change signals to help predict the subsequent quarter’s earnings surprise but cannot be completely attributed to R.FeldmanData&Text Mining Laboratory,Jerusalem School of Business Administration,Hebrew University,Jerusalem91905,Israele-mail:Ronen.Feldman@huji.ac.ilindarajRutgers Business School,Newark and New Brunswick,Department of Accounting,Business Ethics,and Information Systems,Ackerson Hall,Room302B,180University Avenue,Newark,NJ07102-1897,USAe-mail:sureshg@J.Livnat(&)Stern School of Business Administration,New York University,10-76K-MEC Hall,44W.4th St.,New York City,NY10012,USAe-mail:jlivnat@B.SegalAccounting and Control Group,INSEAD,Boulevard de Constance,Fontainebleau77305,Francee-mail:Benjamin.Segal@916R.Feldman et al. this ability.We alsoﬁnd that the incremental information of management’s tone change depends on the strength of theﬁrm’s information environment. Keywords Textual analysisÁEarnings driftÁAccrualsÁEarnings surprisesÁManagement tone changeÁMD&AJEL Classiﬁcation G12ÁG14ÁM411IntroductionThere is a substantial body of literature inﬁnancial economics and accounting that examines the value relevance and information content of conventional quantitative factors in the pricing of stocks,using economic and statistical tools that have become increasingly sophisticated over the years.While there is no doubt that these studies have contributed to our understanding of the structure and characteristics of ﬁnancial markets,they have also led to the growing realization that incorporating information conveyed by quantitative factors alone may not be adequate to explain the movement of stock prices.As early examples of this growing realization in the ﬁnance literature,Shiller(1981),Roll(1988)and Cutler et al.(1989),demonstrate that stock prices cannot be explained by quantitative measures ofﬁrm fundamentals alone.In the accounting literature,Lev and Thiagarajan(1993)and Amir and Lev (1996)are two early examples of research that has shown the inadequacy of conventional quantitativeﬁnancial measures in pricing aﬁrm’s stock.There are many more recent papers in accounting andﬁnance that make the same point.1 It is not difﬁcult to understand why prior research has primarily focused on quantitative factors to study the formation and movement of stock prices. Quantitative data is easily available,is more objective,and certainly less controversial to incorporate than qualitative data.However,there is no reason to expect that market participants communicate solely through quantitative informa-tion.Firms and even the federal government(Boukus and Rosenberg2006) routinely provide qualitative information to investors through explanatory state-ments,disclosures,elaborations,clariﬁcations etc.,in different forums and media. Such disclosures have become even more frequent in recent years with transparency and good governance assuming high importance.Clearlyﬁnancial market participants would be expected to process and analyze these pieces of information (in addition to the quantitative data)provided to them while making their decisions. Consequently,analyzing the impact of these qualitative communications can only enhance our current understanding of theﬁnancial markets.The obvious difﬁculty in studying the role and impact of qualitative communi-cations in theﬁnancial markets is toﬁnd an objective quantitative measure of the information being conveyed.However,given recent developments in otherﬁelds of research that face similar problems(such as computer science,linguistics,psychology, and statistics),there are speciﬁc methods and tools available now that can be used to 1We discuss prior work relevant to our paper in our literature review below.Management’s tone change,earnings drift and accruals917 quantify the information content of verbal communications in a relatively objective fashion.Tetlock(2007)is,arguably,among the best known works to use these recently developed tools to quantify qualitative information and provide persuasive evidence on the incremental predictive content of qualitative verbal information.2He shows that the depth of pessimism expressed in a daily news column from The Wall Street Journal (titled Abreast of the Market and covering the stock market activity on the previous day)exerts a signiﬁcant downward(temporary)pressure on prices of the stock indices.3In a follow up,using similar tools for quantifying qualitative communica-tions,Tetlock et al.(2008)show that increases in the negative words used in The Wall Street Journal and the Dow Jones News Service columns about S&P500ﬁrms relative to prior stories predict larger negative shocks to future earnings.Furthermore,they also provide evidence that potential proﬁts could be made by trading on negative words from Dow Jones News Service—a timely news service.4From a methodological viewpoint,the Tetlock(2007)and Tetlock et al.(2008) papers are the main motivators for our work.5However,by focusing on news stories in the media,their work is more concerned with the information content of verbal communications by outsiders(media-persons).While these papers make a strong case for the predictive value of pessimism expressed by outsiders on stock prices and future earnings,they may not completely capture the views of mangers(or insiders),who are required to express their views in Securities and Exchange Commission(SEC)ﬁlings. It can be argued that managers are better informed than outsiders,and assuming that they truthfully report their views(under SEC scrutiny and penalty of litigation),their statements may have higher predictive ability than outsiders’reports.6 Our study investigates the information content of the‘‘tone change’’conveyed through management discussion and analysis(MD&A)disclosures for a large sample ofﬁrms.By‘‘tone change,’’we mean the optimism or pessimism of the information embedded in qualitative verbal disclosures by managers in the MD&A section ofﬁrms’periodic SECﬁlings as compared with prior periodicﬁlings of the sameﬁrm.We focus on the effects of management’s tone change on immediate and delayed stock returns beyond what is captured by preliminary earnings surprises and accruals,the two accounting variables best known to be informative about the future stock performance of theﬁrm.72The history of research trying to assess the information content of qualitative information is long.Our literature review below discusses earlier and contemporaneous works.3We discuss the speciﬁcﬁndings of Tetlock(2007)in some detail in our literature review.4The authors acknowledge that these proﬁts could be wiped out by transactions costs from high frequency trading.5We emphasize that while the Tetlock papers motivated our methodology in our paper,there are a number of other papers discussed later that are also related to our work.6Kothari and Short(2003)is probably theﬁrst paper to recognize this and examine the information content of MD&A disclosures in addition to the information content of analysts’forecasts and media reports using a methodology similar to Tetlock(2007)and Tetlock et al.(2008).However,they focus on the effects of the MD&A’s sentiment on theﬁrm’s cost of capital and risk(stock price volatility),not on their ability to predict future stock prices and earnings.7In an earlier version of this paper,we had also controlled for operating cashﬂows(OCF)with similar results to those obtained here.We have dropped the OCF in this version of the paper at the suggestion of an anonymous reviewer who pointed out that OCF and Accruals are correlated.918R.Feldman et al.Weﬁnd that the change in tone of the MD&A section of the SECﬁlings from prior periodicﬁlings,in fact,contains signiﬁcant information beyond accruals and earnings surprises.We show by regression analysis and by construction of buy-and-hold portfolio strategies,that the optimism,pessimism,and the differential optimistic tone change measure(the change in optimism net of pessimism)yield excess average stock returns over the short window surrounding theﬁling of the MD&As but also that returns continue to drift for longer periods that extend until after the subsequent quarter’s preliminary earnings announcement.As can be expected,the change in MD&A tone is incrementally more informative when the information environment surrounding theﬁrm(as measured by size and analyst following)is weaker.The tone change is also a weaker signal for valueﬁrms,which are typically more mature and easier to understand.We alsoﬁnd the tone change signal to have stronger implications forﬁrms with positive earnings surprises;this may be because these are cases where investors need additional information beyond quantitative disclosures.The implication is that the qualitative tone change expressed in MD&As can be potentially exploited to earn signiﬁcant excess returns over and above those associated with well known trading strategies based on accruals and earnings surprises alone.It should be emphasized,though,that consistent with most of the literature to date,the incremental contributions of using qualitative information beyond quantitative signals are not large when compared with the total unexplained variation in returns(that is,the incremental contribution to R2is statistically signiﬁcant,but the level of the R2still remains low).This implies that either the potential of qualitative information is low or that the tools we currently have to quantify qualitative information are too crude.Our results contribute in general to research on the information content and value relevance of SECﬁlings and mandated disclosures.Speciﬁcally,our paper contributes to the value relevance of disclosures in the MD&A statements.To the best of our knowledge,this is theﬁrst paper to measure and show that the tone change expressed by management through words(qualitative communications)in MD&A is associated with immediate market reactions and can also predict future stock prices beyond well-known measures of company performance.Ourﬁndings should be relevant to academics who are interested in such issues as market efﬁciency and how well public(especially qualitative)information is captured in security prices and to those academics who are concerned with the effects of the information environment on the associations between public information and security returns.The results of our study should also be of interest to policy-makers, because they show the incremental valuation relevance of required qualitative information.Since the tone change in SECﬁlings(which areﬁled regularly)can be used to improve portfolio performance beyond quantitative variables,our results should interest practitioners as well.8The rest of the paper is organized as follows:the next section reviews the relevant literature and motivates our research hypotheses.Section3describes the 8The set-up costs required for analyzing the tone change of qualitative disclosure may favor professional investors.Management’s tone change,earnings drift and accruals919 sample deﬁnes and describes the variables used in our paper.Section4presents our results,and Sect.5concludes.2Prior research and research questions2.1Prior researchBroadly speaking,there are two kinds of research relating to the valuation of corporate disclosures in the accounting literature,namely,the voluminous body of work that has examined the value relevance(or information content)ofﬁnancial disclosures9and the relatively smaller set of research papers that have studied the valuation of nonﬁnancial disclosures.Within the set of studies of value relevance of nonﬁnancial data there are two major subsets,namely,those that focus on quantiﬁable data and those that examine qualitative verbal expositions that elaborate and explain quantitative disclosures.Our research examines the information content of narratives from MD&A and so is related to the latter stream of research,that is, the value relevance of nonﬁnancial,nonquantitative disclosures.However,in examining the incremental value relevance of MD&A disclosures,we also control for the value relevance of otherﬁnancial variables that have been extensively documented by prior studies.We cite two papers that examine the incremental information content of quantitative non-ﬁnancial information.10Using a large sample ofﬁrms from1974 through1988,Lev and Thiagarajan(1993)show that certain non-audited quantitative information,such as order backlogs and the strength of their labor force,provide information for company valuation beyond the traditionalﬁnancial accounting information.Amir and Lev(1996)build on this theme by studying the value relevance ofﬁnancial and nonﬁnancial data for a sample of wireless communicationﬁrms andﬁnd thatﬁnancial data alone show very little value relevance,but if combined with quantitative nonﬁnancial data(speciﬁcally,proxies for potential customers)the value relevance of theseﬁnancial variables is considerably enhanced.Some of the early research relating to MD&A is mostly descriptive.Bagby et al. (1988)provide a historical review of MD&A and the social usefulness of qualitative disclosures within a broader framework of federally mandated disclosures using a critical examination of legal cases relating to mandated disclosures.Dieter and Sandefur(1989)outline the MD&A requirements mandated by the SEC and suggest guidelines on drafting an MD&A that would satisfy these regulations in form and substance.Shroeder and Gibson(1990)is among the earliest papers to try and quantify the readability quotient of the exposition in the MD&A and also the president’s letter. Borrowing techniques from the psychology literature,they construct the so-called9We refer the interested reader to the book by Beaver(1997)for a discussion and analysis of the value relevance ofﬁnancial disclosures.10These papers provide citations for the interested reader.920R.Feldman et al. Flesch Index scores(a measure of reading ease)using a standard formula based on the word length and sentence length and by also examining the general tenor of the language used(active vs.passive voice in sentence constructions),they conclude that MD&A statements are,in general,less than readable.One of the earliest papers in the accounting literature that use linguistic techniques to analyze narrative disclosures is Frazier et al.(1984).Using a computer program called WORDS to identify the most important words(or factors)that could be reasonably interpreted as positive or negative narrative themes for a sample of74 annual reports ofﬁrms in1978,they show that there are no signiﬁcant differences in managerial narratives across the ownership structure of theseﬁrms.They also provide evidence to support their hypothesis that the positive and negative factors (and the associated themes)can predict the cumulative abnormal annual returns for the next year(1979).11Pava and Epstein(1993)study the MD&A disclosures of25randomly selected ﬁrms during1989andﬁnd that while the disclosures provided adequate details of historical events,they did a better job of predictingﬁrm-speciﬁc,industry-speciﬁc, and economy-speciﬁc good news than predicting bad news for1990.They conclude that managers may be withholding disclosures related to bad news.In1989,the SEC issued guidelines to clarify what was expected in MD&A disclosures in an attempt to make them more informative.Hooks and Moon(1993) attempt to measure the differences between the actual and expected frequency of MD&A disclosures across a spectrum of disclosures that they classify as mandated to those that are classiﬁed as voluntary and show that these differences have decreased for certain items after the SEC MD&A guideline release in1989, indicatingﬁrms provide more disclosure in their MD&A after1989.While these studies are related to our work,their samples are small and limited to speciﬁc early years prior to revised SEC’s guidelines on MD&A and the availability of SECﬁlings on the Electronic Data Gathering,Analysis,and Retrieval(EDGAR) system.The small sizes and limited analysis of data is these early studies is understandable,given that they were constrained by the available computing power, data sets,and data analysis techniques available to them in those years.One of the more recent papers by Li(2008a)vividly illustrates the contrast between earlier studies and the current state of the art.Motivated by the SEC requirements thatﬁrms provide easy to read and plain disclosures,Li examines whether the readability and the writing style of annual corporate reports(including the MD&A section)of a large sample ofﬁrms during the years1993–2003can predict futureﬁrm earnings and ing measures from linguistics for readability and writing styles,Li concludes thatﬁrms with poor performance put out hard-to-read reports and that proﬁtableﬁrms with more complicated reports have a lower persistence of earnings butﬁnds that these measures do not correlate with future stock returns.Li(2008b) examines the tone and content of forward looking statements extracted from the MD&A section of a large sample of10-Ks and10-Qsﬁled with the SEC between 1994and2007using a computer intensive Bayesian learning algorithm(rather than the dictionary approach used by Tetlock and others including our paper)and shows 11The paper also discusses other applications of WORDS inﬁnance and accounting.Management’s tone change,earnings drift and accruals921 that tone of the forward looking statements has signiﬁcant predictive power for future earnings and liquidity.He also shows thatﬁrms with better current performance,lower accruals,smaller size,lower market-to-book ratio,and less return volatility tend to have more positive forward-looking statements in MD&As.12Bryan(1997)examines if the speciﬁc accounting related narratives from MD&A have incremental information content beyond quantitativeﬁnancial statement information regarding futureﬁnancial variables such as the directions of changes in future sales,future earnings per share,future operating cashﬂows,and future capital ing a sample of MD&A disclosures by250ﬁrms in1990(a year after clearer guidelines were issued by the SEC),heﬁnds that there is a strong association between MD&A disclosures and the direction of changes in the aforementioned futureﬁnancial variables3years into the future.In addition,he demonstrates that MD&A disclosures,especially the disclosure relating to capital expenditures,are signiﬁcantly associated withﬁnancial analyst forecasts and stock returns around the release date of MD&As.Bryan’s paper differs from our work in that we are interested in the predictive ability of the overall tone change of the MD&A rather than the contents of individual MD&A disclosures.He does not examine if abnormal stock returns can be earned or study the issue of post-announcement drift in stock prices.Furthermore,the content analysis by Bryan is subjective as opposed to the more objective tone change index used here and by Tetlock(2007)and Tetlock et al.(2008).Finally,our sample size is much larger and is drawn from years when the legal and disclosure environments are substantially different.There are few papers that examine the relationship between MD&A disclosures and analyst forecasts.One such paper is by Barron and Kile(1999).Using a large sample ofﬁrms drawn from1987through1989MD&A disclosures of26different industries and after controlling for quantitativeﬁnancial factors,they show a strong association between the accuracy of analysts’forecasts and the quality of MD&A disclosures(as measured by scores assigned by personnel at the SEC),especially disclosures relating to capital expenditures.Clarkson et al.(1999)document that MD&A disclosures are found to be useful to sell-side analysts who are members of the Toronto Society of Financial Analysts based on33responses to questionnaires. In addition,using a sample of55ﬁrms on the Toronto Stock Exchange in1991and 1992,they show that the levels and the changes in the quality of various sub-sections of the MD&A disclosures(where the quality of disclosures is a score provided by the Toronto Analysts)are generally determined by expectedﬁrm performance,ﬁnancing activities(mainly increased equityﬁnancing),ﬁrm size, independent press reports,and majorﬁrm related events.Cole and Jones(2004)use MD&A disclosures from a sample of150ﬁrms for the period1996through1999from the retail industry to show that certain types of quantiﬁable disclosures,(namely sales growth,store openings and closings and 12Interestingly,Li(2008b)alsoﬁnds that the information content of MD&As has not changed signiﬁcantly after the passage of the Sarbanes-Oxley Act.This may partially contradict theﬁndings of Loughran and McDonald(2008),whoﬁnd fewer strong modal words relative to weak ones after the passage of this act.922R.Feldman et al. capital expenditures),can predict future proﬁtability and are associated with contemporaneous stock returns.Sun(2007)examines the MD&A disclosures explaining inventory increases between1998and2002for568manufacturingﬁrms and shows that favorable explanations are associated with future proﬁtability and sales growth and thatﬁrms in growth industries and competitive industries tend to disclose more.Kothari and Short(2003)is perhaps theﬁrst accounting work to have used the General Inquirer classiﬁcation(which is one of two word lists that we use in this study)to assess the effects of the tone(as opposed to tone change used in our paper) expressed in MD&A disclosures on theﬁrm’s cost of capital.13They extend the work of Botosan(1997)by studying the effect of the positive and negative sentiments expressed in MD&A,analyst reports,and theﬁnancial press between 1996and2001on the cost of capital and risk(stock price volatility)for a sample of 887ﬁrms from four industries(technology,telecommunications,pharmaceutical, andﬁnancial).Theyﬁnd that aggregated(across all three sources)positive (favorable)disclosures decreased the cost of capital and the stock return volatility of theﬁrm,while negative(unfavorable)disclosures had the opposite effects. However,when disclosures are analyzed by sources,theyﬁnd that positive sentiments expressed in corporate MD&As do not have an effect on the cost of capital,while negative sentiments signiﬁcantly increase it.They attribute this to skepticism on the part of investors regarding positive disclosures(that is,they are viewed more as self serving)butﬁnd negative sentiments credible because management would not normally reveal bad news.Disclosures relating to analysts’sentiments seem to have no effect on the cost of capital,and this is attributed to the lack of credibility.They attribute this to the fact that analysts are seen to be reporting their sentiments after the market has already absorbed them.Finally,they ﬁnd that positive media stories and disclosures seem to decrease the cost of capital and negative disclosures increase it.14Related to this line of enquiry is Li(2006), who examines whether the risk sentiments and change in risk sentiments expressed in annual reports are associated with futureﬁrm performance and future stock ing a large sample of annual reports from1994to2005,Li constructs an intuitive quantitative measure of levels and changes in risk sentiments extracted from the text of these reports andﬁnds large increases in risk sentiments to be associated with lower future earnings and signiﬁcantly lower stock returns.We note that our paper differs from Kothari and Short(2003)in that we are not interested in analyzing the effects of soft disclosures on theﬁrm’s cost of capital or the variability of stock returns.We are also different from Li(2006),who is interested in the incremental effects of the subjective measures of references to risk changes in annual reports(including the MD&As)on future stock prices and 13Since managers usually use prior MD&As as a blueprint for producing a new and incremental MD&A, there could be considerable similarities in MD&As that are close in years.This suggests that our tone change measure may be a better measure of information content than the tone level measure used by Kothari and Short(2003).14This supports theﬁndings of Tetlock(2007),who shows similar results for a market index(Dow Jones).That is,when the media reports are pessimistic,the stock index price drops and market volatility increases.Management’s tone change,earnings drift and accruals923 earnings.We are not concerned with any measure of risk but rather with the incremental effects of general tone changes in MD&As on immediate and future stock returns.There are other differences between the Li(2006)paper and our work as well.He searches corporate disclosures for any mention of the word‘‘risk’’or related terms that are usually scattered throughout the periodic reports and does not restrict his search to MD&A section.We are solely concerned with MD&As. Furthermore,terms referring to risk may or may not have positive or negative content as we(and others such as Tetlock)deﬁne tone.While there may be some overlap in the words in Li’s set and ours,we use a much more comprehensive word list than Li.Finally,Li’smeasure of changes in risk sentiments is different from our tone change metric.15As mentioned before,the two papers that motivated our study are by Tetlock (2007)and Tetlock et al.(2008).They do not focus on pessimism and predictive content of MD&As but on news columns and releases.Tetlock(2007)uses the General Inquirer text analysis computer program to assess the negative quotient of The Wall Street Journal daily column Abreast of the Market from1984to1999and ﬁnds results consistent with pessimistic articles putting temporary downward pressures on market prices(Dow Jones stock index)and increasing trading volume in the New York Stock Exchange(NYSE).The increased volume of trade is consistent with microstructure theory that predicts high absolute values of pessimism should lead to a group of liquidity traders trading more and refutes the suggestion that the pessimism factor is a proxy for transaction costs(Tetlock 2007).16It is important to note that Tetlock(2007)ﬁnds that higher pessimism leads to higher volatility(risk)for the Dow Jones portfolio of stocks.This contradicts the intuition that higher pessimism should lead to lower returns,or equivalently,lower risk,suggesting that the pessimism factor captured by negative words may be distinct from risk.This is further corroborated by the fact that the effects of pessimism seem to be temporary and future stock returns reverse.17Continuing this line of research,Tetlock et al.(2008)examine the ability of media pessimism measured by the proportion of negative words in the real time stories news from Dow Jones News Service and daily news stories in The Wall Street Journal from 1984to2004relating to S&P500ﬁrms to predict future earnings and returns.They show that the change in the proportion of negative words(especially those relating toﬁrm fundamentals)in these news releases does convey information aboutﬁrm future earnings.They alsoﬁnd that the proportion of negative words in the timely news releases from Dow Jones News Service leads to lower stock returns the following trading day and that this trend persists over the next10days.These results remain robust even after controlling for other sources like analysts’forecasts, 15Li measures changes in risk sentiments simply as a change across consecutive years in the(log of)the numbers of occurrences of risk-related words rather than the standardized measure of tone change used in our paper,by Tetlock(2007)and by Tetlock et al.(2008).Tetlock et al.(2008)discusses the merits of using standardized metrics to measure changes in sentiments.16If the pessimism factor were a proxy for transactions costs,then higher levels of pessimism should lead to lower volumes of trading on the following periods(see Tetlock2007).17This reversal seems to be slower for smallﬁrms’stocks relative to stocks of bigﬁrms when the tests are run on stocks other than those in the Dow Jones Index.。

全新版大学英语综合教程3课文原文与翻译完整版

unit 1 Mr. Doherty Builds His Dream LifeIn America many people have a romantic idea of life in the countryside. Many living in towns dream of starting up their own farm, of living off the land. Few get round to putting their dreams into practice. This is perhaps just as well, as the life of a farmer is far from easy, as Jim Doherty discovered when he set out to combine being a writer with running a farm. Nevertheless, as he explains, he has no regrets and remains enthusiastic about his decision to change his way of life.在美国，不少人对乡村生活怀有浪漫的情感。

许多居住在城镇的人梦想着自己办个农场，梦想着靠土地为生。

很少有人真去把梦想变为现实。

或许这也没有什么不好，因为，正如吉姆·多尔蒂当初开始其写作和农场经营双重生涯时所体验到的那样，农耕生活远非轻松自在。

但他写道，自己并不后悔，对自己作出的改变生活方式的决定仍热情不减。

Mr. Doherty Builds His Dream LifeJim Doherty1 There are two things I have always wanted to do -- write and live on a farm. Today I'm doing both. I am not in E. B. White's class as a writer or in my neighbors' league as a farmer, but I'm getting by. And after years of frustration with city and suburban living, my wife Sandy and I have finally found contentment here in the country.有两件事是我一直想做的――写作与务农。

全新版大学英语综合教程3课后翻译原文及答案

★unit1我们的计算机系统出了毛病，但我觉得问题比较小。

（minor）We have a problem with the computer system, but I think it’s fairly minor.父亲去世时我还小，不能独立生活。

就在那时，家乡的父老接过了养育我（my upbringing）的责任。

（at that point）My father died when I was too young to live on my own. The people of my hometown took over (responsibility for) my upbringing at that point.这些玩具必得在达到严格的安全要求后才可出售给儿童。

（requirement）The toys have to meet strict/tough safety requirements before they can be sold to children.作为新闻和舆论的载体（carrier），广播和电视补充了而不是替代了报纸。

（supplement, rather than）Radio and television have supplemented rather than replaced the newspaper as carriers of news and opinion.至于这本杂志，它刊载世界各地许多报纸杂志上文章的摘要。

（digest, when it comes to…）When it comes to this magazine, it is/ carries a digest of articles from many newspapers and magazines around the world.★unit2虽然受到全球金融危机后果的巨大影响，但是我们仍然相信我们能够面对挑战，克服危机。

自考英语二课后习题答案

《大学英语自学教程》（上册）课后习题答案(珍藏版)Unit 1 (3)Text A (3)Text B (3)Grammar Exercises (4)Unit 2 (5)Text A (5)Text B (6)Grammar Exercises (6)Unit 3 (6)Text A (6)Text B (7)Grammar Exercises (7)Unit 4 (9)Text A (9)Text B (10)Grammar Exercises (10)Unit 5 (11)Text A (11)Text B (12)Grammar Exercises (12)Unit 6 (12)Text A (12)Text B (13)Grammar Exercises (13)Unit 7 (15)Text A (15)Text B (15)Grammar Exercises (16)Unit 8 (17)Text A (17)Text B (17)Grammar Exercises (18)Unit 9 (19)Text A (19)Text B (20)Grammar Exercises (20)Unit 10 (21)Text A (21)Text B (22)Grammar Exercises (22)Unit 11 (23)Text A (23)Text B (24)Grammar Exercises (24)Unit 12 (25)Text A (25)Text B (26)Grammar Exercises (26)Unit 13 (27)Text A (27)Text B (28)Grammar Exercises (28)Unit 14 (28)Text A (28)Text B (29)Grammar Exercises (30)Unit 15 (31)Text A (31)Text B (32)Grammar Exercises (32)Unit 16 (33)Text A (33)Text B (34)Grammar Exercises (34)Unit 17 (35)Text A (35)Text B (36)Grammar Exercises (37)Unit 18 (38)Text A (38)Text B (39)Grammar Exercises (39)Unit 19 (39)Text A (39)Text B (40)Grammar Exercises (41)Unit 20 (42)Text A (42)Text B (43)Grammar Exercises (43)Unit 21 (44)Text A (44)Text B (44)Unit 22 (45)Text A (45)Text B (46)Unit 23 (46)Text A (46)Text B (47)Unit 24 (49)Text A (49)Text B (50)Unit 25 (50)Text A (50)Text B (51)Unit 1Text AExercises for the TextI.1.d2.a3.c4.d5.dII.1.task2.intelligent3.research4.clue5.conclusion6.repeatmunicate8.purpose9. probably 10.outlineIII.1.Instead of2.therefore3.more...than4.even5.First of all6.because7.on the otherhand 8.finally 9.looking for 10.ConverselyIV.1.Research shows that successful language learners are similar in many ways.nguage learning is active learning.Therefore,successful learners should look for every chance to use the language.nguage learning should be active,independent and purposeful.4.Learning a language is different from learning maths.5.The teacher often imparts successfull language learning experiences to us.Vocabulary ExercisesI.1.a.success b.successful c.successfully2.a.indepence b.depend c.dependent3.a.covered b.uncover c.discovered4.a.purposeful b.purposefully c.purposeII.1.inexact2.technique3.outlinedmunicate5.regularly6.clues7.intelligent 8.incomplete 9.similar10.statementIII.1.disagree2.independent3.incomplete4.inexact5.uncoverIV.1.They find it hard to master a foreign language.2.The research shows that successful men are similar in many ways.3.Successful language learners do not only depend on the book or the teacher.4.We are willingto help our friends.5.We should learn new things independently,actively,and purposefully.Text BExercises for the TextI.1.T2.F3.T4.F5.T6.F7.F8.F9.T 10.FII.1.With the help of their fingers2."I am thirsty."3.tea,coffee,wine,beer and soda-water4.Put his hands on his stomach5.nothing but drinks6.much more exact7.meanings and can be put together into sentences8.form new sentences9.talk10.speakVocabulary ExercisesI.1.b2.a3.c4.e5.dII.1.B2.A3.B4.D5.A6.A7.C8.C9.C 10.BGrammar ExercisesI.whether 连词 towards 介词second 数词 hour 名词repeat 动词 successful 形容词not 副词 probably 副词than 连词 because 连词which 连词 even 副词intelligent 形容词 differ 动词regular 形容词 some 形容词/代词/副词into 介词 oh 感叹词seem 系动词 communicate 动词II.1.Let 动词 round 介词2.fresh 形容词 for 介词3.leave 名词 call 动词 on 介词 if 连词 spare 动词4.Even 副词 it 代词5.Where 连接副词 will 名词6.after 介词 calm 名词7.seem 系动词 those 代词 makes 名词8.without 介词 return 名词9.strict 形容词 work 动词10.news 名词 live 形容词 meeting 名词III.(斜体为主语，带下划线的为谓语）1.Most adults would disagree with this statement.2.How much time did they allow you for doing the work.3. I had a visit from Mary yesterday.4. China's stand on this questionis clear to all.5.Warm clothes protest against the cold of winter.6.What we need is more practice.7.There doesn't seem to be much chance of my getting job.8.In those days the cost of living rose by nearly 4 percent.9.There are a number of people interested in the case.10.Every means has been tried but without much result.IV.1.a magazine (宾语）last night （状语）2.in need (定语）indeed (定语）3.outside your area (定语）telephoning long distance （主语补足语）4.your children (宾语）all day （状语）5.his direction （宾语）French （宾语）6.me (宾语）plenty of exercises (不定式宾语）7.long (宾语）to London （状语）8.those (宾语）who help themselves (从句作定语）9.her （宾语）above others （宾语补足语）10.to build a hotel in the village (定语）of the foreigners （定语）Unit 2Text AExercises for the TextI.1.a2.c3.a4.a5.cII.1. Income tax is a certain percentage of the salaries paid to the goverment.2. Graduated income tax means the percentage of the tax(14 to 70 percent) increases as a person's income increase.3. Property tax is that people who own a home have to pay taxes on it.4. Exercise tax is charged on cars in a city.5. Sales tax is a percentage charged to any item which you buy in that state.III.1.due2.depends on3.diverse4.consists of5.simila6.tends toplaining about8.In addition to9.issue 10.agreed onIV.1.How much do you charge for a haircut.2.We are trying to use funds for the Red Cross.3.He has earned a good reputation for honsety.4.We pay taxes in exchange for government services.5.An open letter protests the government's foreign policy.V.1.Every citizen is obliged to pay taxes.(It is obligatory on every citizen to pay taxes)(It is every citizen's duty to pay taxes.)2.Americans often say that there are two things they can be sure of in life.3.There are generally three levels of government in the United States; therefore,there are three types of taxes.4.Some states charge income tax in addition to a sales tax.5.Americans complain that taxes are too high and the government uses them in the wrong way. Vocabulary ExercisesI.1.a. percent b. percentage c. percent2.a. adds b. addition c. additional3.a. confused b. confusing c. confusion4.a. complained b. complain c. complaintII.1.charge2.departmen3.due4.diverse5.earns6.vary7.property8.leading9.funds 10.tends III.1.China leads the world with silk products.2.In addition to an income tax some states charge a sales tax.3.The sales tax varies from price to price of any item you buy.4.People often complain about the increasing price.5.His mother says that he spends too much time on TV every day.Text BExercises for the TextI.1.F2.F3.F4.T5.T6.T7.T8.F9.T 10.FII.1.attracts2.leisure3.available4.limited5.estimateIII.1.decided on2.approved3.estimate4.carried over5.put up with6.characteristic ofIV.1.B2.C3.B4.A5.C6.DGrammar ExercisesI.1.SV2.SVO3.SVOC4.SVC5.SVO6.SVOC7.SVOC8.SVO9.SVOO 10.SVOC11.SVOC 12.SVC 13.SVOC 14.SVOO 15.SVCII.1.prefer2.insisted3.need4.make5.remember6.look7.worked8.was9.sounds 10.gaveIII.1.B2.C3.D4.A5.B6.C7.A8.D9.A 10.DIV.1.The two languages are different/not similar in many way.2.The deaf and dumb can neigher speak nor hear.3.The Englishman speaks a very good Italian.4.Could you pass me a cup of coffee.5.At this time he felt thirsty and hungry.6.Yesterday evening she asked me to wait for her at the gate of the restaurant.7.When did you get up this morning.8.The story sounds interesting,but it is not true.9.The meat and macaroni cost me 25 yuan.10.She oftern teaches the children to sing English songs.Unit 3Text AExercises for the TextI.1.d2.d3.c4.b5.dII.1.long/wide2.across3.deep4.around5.highIII.1.The,/,/2.The3.the,the4./5./,a6./,the7./ 8.The,the,the 9.The,the10./IV.1.unwilling2.avarage3.take4.runs5.SupposeV.1.On the avarage there are 1,000 vistors a day.2.The Atlantic Ocean is only as half as the Pacific,but it is moar than 4,000 miles wide.st night it took him a long time to get to sleep.4.There are so many ads on TV that it is to remember how many there are.5.Many wrong ideas about the Atlantic made the people in Columbus'days unwilling to sail westward.Vocabulary ExercisesI.1.a.sailed b.sailor c.sail(n.)2.a.willing b.unwillingly c.unwilling3.a.unusual ual ually4.a.average(n.) b.average(a.) c.averaged(v.)II.1.peak2.crew3.average4.blils5.unusual6.highway7.narrow 8.salty 9.spot10.affectedIII.1.The sailors were afraid that might meet bad weather.2.The mountain is half as high as Mount Tai.3.On the average there are 45 students in every class of the school.4.The climate affects the growth of plants.5.My work keeps pilling up.Text BExercises for the TextI.1.T2.T3.F4.T5.F6.T7.T8.T9.F 10.TII.1.three2.the earth's gravitational pull.3.it is near4.29.55.its own/reflects6.disc7.the old moon in the new moon's arms.8.outline9.the old earth in the new earth's arms10.nightVocabulary ExercisesI.1.d2.b3.a4.c5.eII.1.C2.C3.B4.A5.D6.C7.B8.B9.B 10.DGrammar ExercisesI.depend--dependence explain--explanationform--formation conclude--conclusioninform--information move--movementmean--meaning govern--governmentgraduate--graduation similar--aimilarityconfuse--confusion pay--paymentagree--agreement advertise--advertisementannounce--announcement add--additiondecide--decision use--usefulnessattract--attraction mix--mixtureII.science--scientific sulless--sullessfulresponse--responsible color--colorfulnation--national revolution--revolutionaryaddition--additional help--helpfulperson--personal meaning--meaningfulaccept--acceptable use--usefulwood--wooden act--activeIII.disagree eimpractical independentuncover inexact incompletedisorder unhappy informalinpossible inactive uncertaindischarge dishonest impoliteIV.1.try n. 尝试；试验经过许多次尝试后，他们终于取得了成功。

814高考成绩册

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814200115李文庄1159114026320629农村应届麻江中学高三（9）814200039潘昌娇11711611625720626农村应届麻江中学高三（9）814200512丰德鑫1179612026620619农村应届麻江中学高三（9）814200481胡文婷10612411225420616城市应届麻江中学高三（9）814200007支成凤10912811323420604农村应届麻江中学高三（9）814200582王聪11511611923320603城市应届麻江中学高三（9）814200215刘太梅10511010825920602农村应届麻江中学高三（9）814200030文琴11910511524220601农村应届麻江中学高三（9）814200426叶思颖1121179725520601城市应届麻江中学高三（9）814200086罗祥东11012110624220599农村应届麻江中学高三（9）814200094潘宁贵11510111125120598城市应届麻江中学高三（9）814200018杨洋11111011224220595农村应届麻江中学高三（9）814200379吴方美1221039425520594农村应届麻江中学高三（11）814200034张文轩12410210723820591城市应届麻江中学高三（9）814200093罗家玉10310110625420584农村应届麻江中学高三（10）814200004罗娟1119310725120582农村应届麻江中学高三（9）814200449秦瑶10910810723820582农村应届麻江中学高三（9）814200439黎承芳9711312822220580农村应届麻江中学高三（9）814200634兰方芳998912025020578城市往届麻江中学高三（19）814200019杨秀婷11810310223320576农村应届麻江中学高三（9）814200143谈福桃1129911023520576农村应届麻江中学高三（9）814200208王化艺1059310625220576农村应届麻江中学高三（9）814200038王才飞11010710823020575农村应届麻江中学高三（9）814200002杨桃11210310823120574农村往届麻江中学高三（19）814200477赵华情1109611323520574农村应届麻江中学高三（11）814200237杨仁刚1111295425920573农村往届麻江中学高三（19）814200363陈雪梅1159110923820573农村应届麻江中学高三（10）814200260陶有美1128911223920572农村应届麻江中学高三（9）814200243王辰晨11011110922120571城市应届麻江中学高三（9）814200253罗文燕1109410823920571农村往届麻江中学高三（19）814200323张宇1047810926020571农村应届麻江中学高三（11）814200013陈相材112919725020570农村应届麻江中学高三（9）814200214陆春1268812021620570农村应届麻江中学高三（9）814200502陶家礼1051049524420568农村应届麻江中学高三（9）814200153金婧112829625420564农村应届麻江中学高三（9）814200370杨通乐1169810922120564农村应届麻江中学高三（15）814200640胡莎莎1128112422520562农村应届麻江中学高三（10）814200405朱万梅1097910824320559农村应届麻江中学高三（11）814240729田仁美1108010824120559农村应届麻江中学高三（11）814200109张治春1081029423320557农村应届麻江中学高三（10）814200458蒋涵逸1001021032510556城市应届麻江中学高三（9）814200084彭方君107959223920553农村应届麻江中学高三（9）814200543王琨110918524620552城市应届麻江中学高三（17）814200597曾维凤112921142340552农村往届麻江中学高三（19）814200003赵菁114998523220550农村应届麻江中学高三（10）814200050王大东1011178822420550农村应届麻江中学高三（10）814200519文金珠1081009522620549农村往届麻江中学高三（19）814240647李时兴114857425620549农村应届麻江中学高三（10）814200632范光琴10110410222120548农村应届麻江中学高三（9）814200080王颖1101008822920547城市应届麻江中学高三（9）814200246吴兴云1086511623620545农村应届麻江中学高三（15）814200359张小杰1051028723120545农村应届麻江中学高三（11）814200040田龙美105899223720543农村应届麻江中学高三（9）814200116王萍萍1098710722020543农村应届麻江中学高三（11）814200221韩佩松95898925020543农村应届麻江中学高三（12）814200317李时进101939823120543农村应届麻江中学高三（10）814200101艾波114105952270541农村应届麻江中学高三（9）814200564龙国庆104877825220541农村应届麻江中学高三（9）814200089周璐106931072340540城市应届麻江中学高三（9）814200416倪影1026311024520540城市应届麻江中学高三（15）814200641熊琴辉95959123920540农村往届麻江中学高三（19）814200403王光婷107949122720539农村应届麻江中学高三（11）814200438杜彩凤107978523020539农村应届麻江中学高三（15）814200242金仕琴115827724420538农村往届麻江中学高三（19）814200252王承龙110935825620537农村应届麻江中学高三（9）814200559文金泉103969322520537农村应届麻江中学高三（11）814200368吴兴福918510123820535农村应届麻江中学高三（11）814200316唐堂1008310222920534农村应届麻江中学高三（10）814200487段从利951018723120534农村往届麻江中学高三（19）814200644潘其荣1047211921920534农村应届麻江中学高三（10）814200338陆清丽979411320920533农村应届麻江中学高三（11）814200482杨枝桃124747324120532农村应届麻江中学高三（10）814200009罗祥秀1048210022520531农村应届麻江中学高三（11）814200410柯发娣116938521720531农村应届麻江中学高三（9）814200418熊飙1028110322520531城市应届麻江中学高三（9）814200609龙祖霞105679024920531农村应届麻江中学高三（11）814200068刘国菊958912120520530农村应届麻江中学高三（9）814200325彭方芝95959522520530农村应届麻江中学高三（14）814200623冯蝶121721042330530农村应届麻江中学高三（10）814200626潘承承1051019620820530农村往届麻江中学高三（19）814200225杨亚兰968810322220529农村应届麻江中学高三（11）814200283王顺英105708325020528农村往届麻江中学高三（19）814200563陈雪116809022220528农村应届麻江中学高三（11）814200256曹德艳107841032330527农村应届麻江中学高三（10）814200298徐欢10281992450527农村应届麻江中学高三（10）814200036陈国盛97986424620525农村应届麻江中学高三（10）814200103王家菊103709024220525农村应届麻江中学高三（12）814200209潘忠秀105859522020525农村应届麻江中学高三（11）814200376金庆群88979422620525农村应届麻江中学高三（9）814200569罗启欢1068011320620525农村应届麻江中学高三（11）814200157刘太菊1076610522620524农村应届麻江中学高三（11）814200181刘进叶100869322520524农村应届麻江中学高三（11）814200320李昌美90839523620524农村往届麻江中学高三（19）814200179金贵花110928721320522农村往届麻江中学高三（19）814200216王成龙105848622720522农村应届麻江中学高三（11）814200339孟源源109908721620522农村应届麻江中学高三（9）814200386文娇娥1041067921320522农村应届麻江中学高三（11）814200310田洪梅114778922120521农村应届麻江中学高三（9）814200562朱莉106827423920521城市应届麻江中学高三（11）814200567罗祖秀1057510421720521农村应届麻江中学高三（11）814200043龙星100669523920520农村应届麻江中学高三（11）814200066徐鸿江100886824420520农村应届麻江中学高三（14）814200176蒙应雪93858523720520农村应届麻江中学高三（11）814200191文香1056010722820520农村应届麻江中学高三（11）814200306李兴春95779123720520农村往届麻江中学高三（19）814200272罗红花110739522120519农村应届麻江中学高三（9）814200419李秀章96946124820519农村应届麻江中学高三（12）814200342文心雨1096010922020518农村应届麻江中学高三（10）814200357王晓清101908122620518农村应届麻江中学高三（9）814200433田茂华106761112250518农村应届麻江中学高三（10）814200071罗荣112798322320517农村应届麻江中学高三（16）814200177熊育红116110832080517农村往届麻江中学高三（19）814200474孙大银96907723420517农村应届麻江中学高三（13）814200592刘先荣95839822120517农村应届麻江中学高三（13）814200314文光兰1058510120520516农村应届麻江中学高三（11）814200092熊绍明1051094823220514农村往届麻江中学高三（19）814200173龙玉都111928*********农村应届麻江中学高三（10）814200217韦传静1086710121820514农村应届麻江中学高三（11）814200025文礼楏1116511220520513农村应届麻江中学高三（15）814200374李璇96968221920513农村往届麻江中学高三（19）814200267吴文芳98807124220511农村应届麻江中学高三（10）814200067杨贵朝110605027020510农村应届麻江中学高三（17）81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0199李梦媛97544720820426城市应届麻江中学高三（12）814200292陈维锡8742702270426农村应届麻江中学高三（13）814200369蒙万银110324721720426农村往届麻江中学高三（19）814200387韦兴丽9649702110426农村应届麻江中学高三（17）814200490姜丽9662602080426农村往届麻江中学高三（19）814200528吴原美93377719920426农村应届麻江中学高三（14）814200589杨义平88616319420426农村应届麻江中学高三（15）814200229雷荣蓉96437019620425农村应届麻江中学高三（17）814200530蔡正红94326521320424农村应届麻江中学高三（12）814240664王大献93745218520424农村往届麻江中学高三（19）814200604罗仕菊94554620820423农村应届麻江中学高三（17）814200581刘明勇97612322120422农村往届麻江中学高三（19）814200097冯静9980811610421农村应届麻江中学高三（17）814200472熊贤丽94196522320421农村应届麻江中学高三（12）814240704魏友宏84466620520421城市应届麻江中学高三（18）814250756龙朝琴102586717420421农村应届麻江中学高三（16）814250765王建平87784119520421农村应届麻江中学高三（18）814200028杨玉晨100513621320420城市应届麻江中学高三（18）814200079甘文清99395121120420农村应届麻江中学高三（13）814200195王瑶90227920920420城市应届麻江中学高三（13）814240658彭世禧106415319920419农村应届麻江中学高三（18）814200240李念康107603020120418城市应届麻江中学高三（18）814200254赵祥鑫94415121120417农村应届麻江中学高三（13）814200280文雪梅92485420220416农村应届麻江中学高三（13）814200430蒙世连90546918320416农村应届麻江中学高三（15）814200471王犇102594918620416农村应届麻江中学高三（15）814250749张道婧97527217520416城市应届麻江中学高三（15）814200104黄静10252731880415农村应届麻江中学高三（13）814200284潘虎军100246121020415农村应届麻江中学高三（15）814200447顾耀97456618720415城市应届麻江中学高三（10）814200479杨显金90344023120415农村应届麻江中学高三（12）814200552陈昌艳86366820520415农村应届麻江中学高三（14）814240663金培军85723720120415农村应届麻江中学高三（18）814200300陈常怿97426419120414农村应届麻江中学高三（17）814200558杨兴鹏92515819320414农村应届麻江中学高三（12）814200583王鑫95318018820414农村应届麻江中学高三（12）814200628杨兴珍86507618220414农村应届麻江中学高三（15）814200108蒙世月98346919220413农村应届麻江中学高三（14）814200400韦运昌93404321720413农村应届麻江中学高三（14）814200428杨盛梅97274822120413农村应届麻江中学高三（13）814200144罗国宏96592621120412农村应届麻江中学高三（16）814200235吴丽华98535518620412农村应届麻江中学高三（12）814200424吴翠翠105294721120412农村应届麻江中学高三（17）814250805金琳辉93378218020412城市应届麻江中学高三（10）814200059吴源翠104325420120411农村应届麻江中学高三（12）814200175李德飞104285620320411农村应届麻江中学高三（13）814200238龙靖91495719420411城市应届麻江中学高三（15）814200127吴和丽96346119920410农村应届麻江中学高三（17）814200141单凯宏104187419420410农村应届麻江中学高三（14）814200518罗欢99318217820410农村应届麻江中学高三（16）814200557石从军96396519020410农村应届麻江中学高三（15）814250768金沙92347219220410农村应届麻江中学高三（18）814200102吴庆华103295620120409农村应届麻江中学高三（12）814200223毛玉峰98495318920409城市应届麻江中学高三（15）814240654喻文88414221820409城市应届麻江中学高三（17）814240665赵尚香99435519220409农村应届麻江中学高三（13）814200365田洪艳93327319020408农村应届麻江中学高三（12）814200590宋培琴98535718020408农村应届麻江中学高三（15）814240709王承飞99312423420408农村应届麻江中学高三（18）814240716罗基云98593519620408农村应届麻江中学高三（15）814200130唐成净9723881990407农村应届麻江中学高三（15）814250734龙安敏87545419220407农村应届麻江中学高三（15）814240648罗洪文98267418820406农村应届麻江中学高三（14）814200304蔡芬芬89416918620405农村往届麻江中学高三（19）814200504毛道娟96365220120405农村往届麻江中学高三（19）814200573杨平89535818520405农村应届麻江中学高三（14）814240690李银91542921120405农村应届麻江中学高三（18）814250785文玉梅104375818620405农村应届麻江中学高三（18）814250792罗元丽91425120120405农村应届麻江中学高三（16）814200020文增伟82683519920404农村应届麻江中学高三（14）814250747杨显芳92512921120403农村应届麻江中学高三（18）814200044罗时松96753717420402农村往届麻江中学高三（19）814200063许训菊10446531990402农村应届麻江中学高三（12）814200412黄月媛96395619120402农村应届麻江中学高三（16）814200638龙真燕9954571920402农村应届麻江中学高三（14）814200012朱正银92476218020401农村应届麻江中学高三（15）814200132文德洪100503519620401农村应届麻江中学高三（14）814200137杨桃仙8641612130401农村应届麻江中学高三（16）814200287田仁凤9146572070401农村应届麻江中学高三（17）814200524庄敬敬102256718720401农村应届麻江中学高三（15）814250753吴光霞88455918920401农村应届麻江中学高三（12）814200514金明红92226819820400农村应届麻江中学高三（13）814250736杨显江92284721320400农村应届麻江中学高三（14）814250783杨兴敏90503920120400农村应届麻江中学高三（18）814200029罗林莉93397816920399农村应届麻江中学高三（13）814200613魏如红9131951820399农村应届麻江中学高三（13）814250763李永会93514718820399农村应届麻江中学高三（18）814200001金元益89326818920398农村应届麻江中学高三（14）814200355王佳梅99554018420398农村应届麻江中学高三（12）814200269龚志敏9042671970396农村应届麻江中学高三（17）814240702罗加美97334620020396农村应届麻江中学高三（18）814200222邓承安9565581770395农村应届麻江中学高三（16）814200125殷利媛10750421950394农村往届麻江中学高三（19）814200637龙红梅91517815420394农村应届麻江中学高三（15）814200142王佳英88356118920393农村应届麻江中学高三（14）814200453赵光泽84416118720393农村往届麻江中学高三（19）814200575钱时凤9550621850392农村应届麻江中学高三（13）814200069金仕银82307818120391农村应届麻江中学高三（16）814250794成英云95265919120391农村应届麻江中学高三（18）814200062熊银芝99343819920390农村应届麻江中学高三（14）814200201李富洋90573518820390农村应届麻江中学高三（14）814200224陈跃森97374918720390农村应届麻江中学高三（12）814200362邓继辉9938462070390农村应届麻江中学高三（16）814200429陆育霞9231592080390农村应届麻江中学高三（12）814200537文际池94346118120390农村应届麻江中学高三（12）814200037陆增义92342621720389农村应届麻江中学高三（16）814200100文远康94513019420389农村应届麻江中学高三（12）814200389杨燕93505517120389农村应届麻江中学高三（17）814240682杨光鸾89453420120389农村应届麻江中学高三（13）814200045陆启英85377117420387农村应届麻江中学高三（12）814200058杨湖91391821920387农村应届麻江中学高三（16）814200532金毕云80537515920387农村应届麻江中学高三（14）814240701陈其丹9145531980387城市应届麻江中学高三（18）814200384王星伟96483818420386农村往届麻江中学高三（19）814200517李婷9346671800386农村应届麻江中学高三（17）814240724熊仕珩95506116020386农村应届麻江中学高三（18）814250799杨清莎93274320320386农村应届麻江中学高三（18）814200198孙明芳103256217520385农村应届麻江中学高三（16）814200495范秀凯95483518720385农村应届麻江中学高三（14）814200571王成勇92443819120385农村应届麻江中学高三（12）814240696陈德全9041551990385农村应届麻江中学高三（18）814200139文强92355618120384农村应届麻江中学高三（17）814200156杨月73646716020384农村往届麻江中学高三（19）814200158甘绍莹92377615920384农村应届麻江中学高三（12）814200401杨涛102273020520384农村应届麻江中学高三（13）814200539刘文韬934034197203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Wanagel, J., Sass, S.L., and Batterman, B.W., Phys. Stat. Sol. (a), 10, 49-57 (1972)ቤተ መጻሕፍቲ ባይዱ 72Wan2: Wanagel, J., Sass, S.L., and Batterman, B.W., Phys. Stat. Sol. (a), 11, K97-K100 (1972). 72Wesl: Westlake, D.G. and Mueller, M.H., Proc. Int. Meeting on Hydrogen in Metals, Jiilich, 1972, 66-75; abstract available in Ber. Bun. Gesellschaft fiir Phys. Chem., 76(8), 757 (1972). 72Wes2: Westlake, D.G., Ockers, S.T., Mueller, M.H., and An~terson, K.D., Met. Trans., 3, 1709-1710 (1972). 73Asal: Asano, H. and Hirabayashi, M., Phys. Stat. Sol. (a), 15, 267-279 (1973). 73Asa2: Asano, H. and Hirabayashi, M., Phys. Stat. Sol. (a), 16, 67-72 (1973). 73Can: Canelli, R. and Mazzolai, F.M., Appl. Phys., 1, 111-118 (1973). 73Cha: Chang, H.Y. and Wert, C.A., Acta Met., 21, 1233-1242 (1973). 73Wes: Westlake, D.G. and Ockers, S.T., Met. Trans., 4, 1355-1357 (1973). 74Aro: Arons, R.R., Bohn, H.G. and Liitgemeier, H., J. Phys. Chem. Solids, 35, 207-214 (1974). 74Cam: Cambini, M., Serreels, R., and Gevers, R., Phys. Star. Sol. (a), 21, K57-K59 (1974). 74Kle: Kleppa, O.J., Dantzer, P., and Melnichak, M.E., J. Chem. Phys., 61, 4048-4058 (1974). 74'lhk: Takano, S. and Suzuki, T., Acta Met., 22, 265-274 (1974). 75Fuk: Fukai, Y. and Kazama, S., Scripta Met., 9, 1073-1076 (1975). 75Wes: Westlake, D.G. and Ockers, S.T., Met. Trans., 6A, 399-402 (1975). 76Asal: Asano, H., Abe, Y., and Hirabayashi, M., Acta Met., 24, 95-99 (1976). 76Asa2: Asano, H., Abe, Y., and Hirabayashi, M., J. Phys. Soc. Jpn., 41, 974-976 (1976). 76Ent: Entin, I.R., Somenkov, V.A., and Shil'shtein, S.Sh., Fiz. Tver. Tela., 18, 2965-2970 (1976) in Russian; TR: Soy. Phys.-Solid State, 18, 1729-1734 (1976).

大学英语精读3课文(第三版)_中英文对照

课文翻译Unit 1TextA young man finds that strolling along the streets without an obvious purpose can lead to trouble with the law. One misunderstanding leads to another until eventually he must appear in court for trial……一个青年发现，在大街上毫无明显目的地游逛会招致警方的责罚。

误会一个接一个发生，最终他只得出庭受审……A Brush with the Law与警察的一场小冲突I have only once been in trouble with the law. 我平生只有一次跟警方发生纠葛。

The whole process of being arrested and taken to court was a rather unpleasant experience at the time, but it makes a good story now. 被捕和出庭的整个过程在当时是一件非常不愉快的事，但现在倒成了一篇很好的故事。

What makes it rather disturbing was the arbitrary circumstances both of my arrest and my subsequent fate in court. 这次经历令人可恼之处在于围绕着我的被捕以及随后庭上审讯而出现的种种武断专横的情况。

It happened in February about twelve years ago. 事情发生在大约12年前，其时正是2月。

I had left school a couple of months before that and was not due to go touniversity until the following October. 几个月前我中学毕业了，但上大学要等到10月。

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As a result of the fast development of new materials, urged by the demand of more durable and resistant materials, fibre reinforced plastic composites (FRP) were introduced as replacement for the reinforcing steel. Carbon FRP has been used since the seventies in the space industry, where the requirement for lightweight, high-tensile strength, corrosion and high temperature resistance is essential. Recently, in Brazil and many other countries, FILl) composites (mainly carbon) have been used in strengthening slabs (of bridges and parking floors), beams (of
Materials and Structures/Mat~riaux et Constructions,Vol.35, Januanj-February 2002, pp 50-58
Strength of short concrete columns confined with CFRP sheets
I
1. I N T R O D U C T I O N
External confinement has been successfully applied to concrete columns in order to increase their strength and ductility or to recover them from eventual deterioration originated from different sources. In early constructions, concrete-filled steel tubes were used for some of the reasons mentioned above. The main disadvantages of this technique are the high cost for maintenance against corrosion, the low fire resistance and the heavy weight of the tubes. 1359-5997/02 9 R.ILEM 50
The confinement of concrete columns provided by carbon fibre reinforced plastic (CFRP) sheets can be an efficient technique for their structural strengthening. The principal advantages of this technique are the high strength-to-weight ratio, good fatigue properties, noncorroding characteristics of the CFRP, and the facility of its application. An experimental research program, that included tests on 54 short column specimens, was carried out to investigate the gain in strength and ductility of concrete columns externally confined by CFRP wrapping. The variables studied were the column cross section shape (circular, square and rectangular) and the amount of confinement expressed in the number of CFRP sheet layers applied to the models (one or two layers). On the basis of the obtained results, equations were proposed to calcuhte the confined concrete strength and the ultimate confined concrete strain as a function of the confining lateral stress for each of the cross section geometry used, circular, square and rectangular. The estimations given by these equations and by those from formulas encountered in the literature were compared with the experimental ones and general conclusions were, finally, drawn.
Shehata,Carneiro,Shehata
bridges and buildings), columns (of bridges, buildings and piers), concrete walls, tunnels, silos and tanks. Many research works are being developed, in different research centres, in order to study the behaviour of RC elements strengthened with FRP and to provide relevant data for designers. With respect to concrete columns, several research works aimed to develop expressions to quantify the effects of confinement on their strength and ductility. As early as 1903, Consider~ [1] developed a research program to study the behaviour of concrete columns reinforced with spirals. Most of the studies that followed were about concrete columns mainly confined with internal reinforcement, few confined with external steel tubes and, recently, limited number confined with external FRP. This work presents the preliminary results of an experimental study on the behaviour of short concrete columns, with different cross sections (circular, square and rectangular), externally confined with CFRP sheets. The obtained experimental strengths and ultimate strains are here compared with the ones given by the equations proposed in this work and others available in the literature. It is worth noting that a model for accurate prediction of the stress-strain curve of composite confined concrete is rather complex to obtain due to the number of variables that affect it. The factors that greatly influence this curve are the concrete characteristics (modulus of elasticity, strength and Poisson ratio), the modulus of elasticity and strength of the composite, the cross section geometry (circular, square or rectangular) and column cross section size. In the case ofrectangnlar cross section the degree of rectangularity affect the stress-strain curve, while in both square and rectangular cross sections the curve is also influenced by the radius to which the corners of the section are rounded off, in order to avoid the breakage of the fibres. As, for practical design, it is sufficient to know the compressive strength and ultimate strain of the confined concrete, this work focus only on the evaluation of their values and no attempts are made to obtain the complete stress-strain curve of the confined concrete. In the ULS, the composite strength and the section geometry determine the confining stress. Hence, in the ULS the elastic characteristics of both concrete and the composite will have no influence on the strength of confined concrete. In fact, this is only true when the full development of the fibre strength occurs before any excessive damage to the core concrete takes place. On the contrary, if the core concrete suffers from extensive damage at the time of full development of composite strength, the confined concrete strength is lower than in the case of slightly damaged concrete core. According to the modified Mohr-Coulomb failure criterion, the strength of concrete under a triaxial state of stress is given by: