Average Interest Rate Caps

There exist a number of approximation methods for the price of average rate options, when the underlying asset is a currency or equity. Realistic pricing models for average interest rate caps based on interbank offered rates have not yet been published. In this paper we propose to adapt the methods of Levy (1992), Vorst (1992) and Rogers and Shi (1995) for average rate options to price average interest rate caps, and we compare their computational efficiencies. All three methods are very fast, compared to the Monte Carlo simulation. Two of them are fast enough for on-the-fly calculations. The underlying interest rate model we use is consistent with the observed term structure of the interest rate. Hence, the models developed here are suitable for practical implementation.     

Developments in plastics packaging for the transport of dangerous goods

Several interesting developments in plastics packagings and intermediate bulk containers (IBCs) for the transport of dangerous goods are of importance. Significant developments include the application of new materials and packaging concepts, the increasing re‐use of packaging and the possibility of the application of recycled material. How these developments have influenced or should influence the UN recommendations and regulations on the transport of dangerous goods is discussed. Further, the role of CEN and ISO standards, which are under development, is indicated. In this context, the European project CHEMPACK funded by the EC within the framework of the Standards, Measurements and Testing programme, is outlined. This project is executed in cooperation with raw materials manufacturers, packaging/IBC manufacturers and research institutes, and is coordinated by TNO. The aim of the project is to develop harmonized test methods and procedures for the assessment of the chemical compatibility of plastics packagings and IBCs. Copyright © 1999 John Wiley & Sons, Ltd.     

Epoxy—phenol—cardanol—formaldehyde systems: Thermogravimetry analysis and their carbon fiber composites

Systems consisting of epoxy resin and phenol-cardanol-formaldehyde (PCF) were prepared. The thermal characterization of the systems, investigated by thermogravimetry analysis, indicated that the increase of PCF content improves the thermal stability. Chemical resistance as well as mechanical properties of their carbon-fiber composites were also determined. The matrix-fiber interfacial study by scanning electron microscopy showed that the higher the PCF amounts in the system products, the better the interfacial bonding. © 1996 John Wiley & Sons, Inc.     

Polyester cure monitoring by means of different techniques

The cure of a set of polyester resin samples having different styrene contents has been monitored by means of Fourier transform infrared (FTIR) spectroscopy, differential scanning calorimetry (DSC), rheometry, and ultrasonic measurements. FTIR and DSC experimental data were used to calculate the cure kinetics using a freeradical polymerization model (multiple steps) and also an empirical model that considers the curing to involve only a single step. The dependence of viscosity on the degree of curing has been investigated at different shear rates. Finally, correlations among the results from the different techniques have been established and discussed in terms of the curing mechanism.