Noncommutative localisation in algebraic K-theory I
  This article establishes, for an appropriate localisation of associative rings, a long exact sequence in algebraic K-theory. The main result goes as follows. Let A be an associative ring and let A-->B be the localisation with respect to a set sigma of maps between finitely generated projective A-modules. Suppose that Tor_n^A(B,B) vanishes for all n>0. View each map in sigma as a complex (of length 1, meaning one non-zero map between two non-zero objects) in the category of perfect complexes D^perf(A). Denote by <sigma> the thick subcategory generated by these complexes. Then the canonical functor D^perf(A)-->D^perf(B) induces (up to direct factors) an equivalence D^perf(A)/<sigma>--> D^perf(B). As a consequence, one obtains a homotopy fibre sequence K(A,sigma)-->K(A)-->K(B) (up to surjectivity of K_0(A)-->K_0(B)) of Waldhausen K-theory spectra.   In subsequent articles we will present the K- and L-theoretic consequences of the main theorem in a form more suitable for the applications to surgery. For example if, in addition to the vanishing of Tor_n^A(B,B), we also assume that every map in sigma is a monomorphism, then there is a description of the homotopy fiber of the map K(A)-->K(B) as the Quillen K-theory of a suitable exact category of torsion modules. 
Amnon Neeman, Andrew Ranicki