Search

This paper selects the data of corporate bond from 2005 to 2019, then divides them into long term bond and short term bond according to maturity of bond. Climate risk is found have significant impact on long term bond yield. Climate risk has no significant impact on short term bond yield. Callability has significant effect on both long term and short term bond yield, while callability has large effect on short term bond and relatively small effect on long term bond. The resale has significant effect on both long term and short term bond yield. The significant effect of the resale on short term bond yield explains large part of the short term bond yield. Issuance has significant impact on both long term and short term bond, with larger impact on short term bond yield. Maturity has significant effect on the yield of both long term and short term bond, and the effect is larger for short term bond. Bearish sentiment is negatively and significantly related to long term bond yield, but has no significant effect on short term bond yield. Credit ratings have large impact on long term bond yield and explain large part of this. However, credit ratings have no significant effect on short term bond yield. [ABSTRACT FROM AUTHOR]

The present study aimed to investigate an alternative evaporative cooling pad material made from mangosteen peel (MP) waste. Mangosteen peels were used to fill a 150 mm thick mesh container with a packing density of 180 kg/m3. A wind tunnel was constructed and utilized to experimentally evaluate the cooling performance of this organic-waste-based pad under hot and humid conditions (31–34 °C and 55–70% RH). The performance parameters assessed included pressure drop, temperature drop, saturation effectiveness, cooling capacity, and coefficient of performance (COP). The influence of air velocity (0.7, 1.0, 1.4, and 1.8 m/s) on these parameters was also examined. The results revealed that the saturation effectiveness of the MP pad ranged from 53% to 77% within the considered air velocity range. The maximum temperature drop (4.6 °C), saturation effectiveness (77%), cooling capacity (0.6 kW), and COP (3.5) were achieved when the system operated at 1.4 m/s. A comparative study showed that, at this velocity, the MP pad provided performance nearly equivalent to that of the commercial cellulose paper pad, except for the pressure drop. This result affirms the potential of mangosteen peels as a suitable wet medium for evaporative cooling applications. [ABSTRACT FROM AUTHOR]

[Display omitted] Solar interfacial evaporation is one of the most efficient and environmentally-friendly clean freshwater production technologies. Plasma metal nanoparticles are excellent optical absorption materials, but their high cost and inherent resonance narrow bandwidth absorption limit their application. In this work, commercial cellulose papers are used as substrates to synthesize Ag-Ni/cellulose paper by the seed-mediated method. The Ag-Ni/cellulose paper exhibits high light absorption at the full wavelength (200–2500 nm) resulting from the synergistic effect of localized surface plasmon resonance (LSPR) of Ag NPs and the interband transitions (IBTs) of Ni. Under one-sun irradiation (1 kW m−2), the energy utilization efficiency of Ag-Ni/cellulose paper is as high as 93.8%, and the water evaporation rate is 1.87 kg m−2 h−1. Diffusion inhibition experiment results show that the Ag-Ni/cellulose paper exhibits excellent antibacterial performance, and the antibacterial performance is highly related with Ag NPs content. These provide new opportunities for commercial production of competitive cost, green, and portable solar evaporators for different application sceneries. [ABSTRACT FROM AUTHOR]

In this work, a pricing model for a defaultable corporate bond with credit rating migration risk is established. The model turns out to be a free boundary problem with two free boundaries. The latter are the level sets of the solution but of different kinds. One is from the discontinuous second order term, the other from the obstacle. Existence, uniqueness, and regularity of the solution are obtained. We also prove that two free boundaries are C ∞. The asymptotic behavior of the solution is also considered: we show that it converges to a traveling wave solution when time goes to infinity. Moreover, numerical results are presented. [ABSTRACT FROM AUTHOR]

Two-dimensional (2D) materials have emerged as a promising functional filler in nanocomposites due to their unique anisotropy and resilience to harsh conditions. We report herein the use of Ti 0.91 O 2 nanosheets as a protective component against γ -irradiation to cellulose paper. The titanate nanosheets were prepared via a sequence of solid-state synthesis of lepidocrocite-type Cs 0.7 Ti 1.825 O 4 , proton exchange to H 0.7 Ti 1.825 O 4 ·H 2 O, and exfoliation with tetrabutylammonium hydroxide. The nanosheets were incorporated into the commercial cellulose filter paper by a simple dip coating up to 0.6 mg cm−2, equivalent to 10 wt% TiO 2. The nanosheets distribution was demonstrated by energy dispersive X-ray (EDX) mapping, synchrotron radiation X-ray tomographic microscopy (SRXTM), and atomic force microscopy (AFM). It is found that γ -irradiation (up to 50 kGy) destroyed the cellulose I β crystallinity of uncoated paper, but this is less pronounced in the cellulose/titanate nanosheets composite. This was also confirmed by the lack of a 235 nm-absorption characteristics of irradiation-induced decomposition product(s) in nanosheets-containing papers, which also exhibit UVA shielding property. The coated samples remained white while the uncoated ones were darkened with γ -irradiation. In addition, the nanosheets-coated papers showed dielectric permittivity, loss tangent, and AC conductivity which were invariant of the γ -dose, unlike those from the uncoated ones. Our work demonstrates the use of lead-free Ti 0.91 O 2 nanosheets as a γ -shielding component to slow down/prevent structural, optical, and electrical properties damages in cellulose paper, which could extend to other nature-derived materials. [Display omitted] • Simple dip coating of commercial filter paper into titanate nanosheets suspension. • Nanosheets loadings were confirmed by several techniques. • The nanosheets (0.6 mg cm−2, or 10 wt% TiO 2) prevent structural, optical, and electrical properties damages by γ -irradiation (up to 50 kGy). [ABSTRACT FROM AUTHOR]

Paper with simultaneous fire-resistance and hydrophobicity have greatly potential applications in the fields of packing, storage and delivering information, which attracts increasing attention recently. Different from the traditional cellulose-based paper which is extremely easily damaged by water and fire, a new type of highly flexible, fire-resistant and hydrophobic paper based on Si 3 N 4 nanowires and polydimethylsiloxane (PDMS) is reported. Specially, the Si 3 N 4 @PDMS core-shell nanowires with 3D interlocking structure are designed, in which the Si 3 N 4 nanowires act as the inorganic fire-resistant frameworks and the PDMS shell with low surface energy provides the hydrophobic surface. The Si 3 N 4 @PDMS core-shell nanowires are intertwined and interlaced to form a highly flexible Si 3 N 4 @PDMS paper. The tensile strength of Si 3 N 4 @PDMS paper is 6.19 MPa, indicating the good mechanical property. The obtained Si 3 N 4 @PDMS paper has the characteristics of writability, fire-resistance and hydrophobicity. The high thermal stability of Si 3 N 4 nanowires makes Si 3 N 4 @PDMS paper exhibit excellent fire resistance. No obvious change is observed for the commercial paper with Si 3 N 4 @PDMS paper as the fire-shielding layer after heating for 30 min. In addition, the contact angles of water droplets are all greater than 110° over the surfaces of Si 3 N 4 @PDMS paper after mechanical damages, chemical corrosions and thermal treatments. Si 3 N 4 @PDMS paper can be used in oil/water separation and oil collection. More importantly, Si 3 N 4 @PDMS paper can be used for writing without being damaged by fire or water. The present work may inspire the development and application of functional paper and is expected to become a breakthrough in the traditional paper industry. [ABSTRACT FROM AUTHOR]

There is currently a lack of scientific reports on the use of composites based on UDMA resin containing HAp in conservative dentistry. The aim of this study was therefore to determine the effect of hydroxyapatite content on the properties of a hybrid composite used in conservative dentistry. This paper compares a commercial hybrid composite with experimental composites treated with 2% by weight (b/w), 5% b/w, and 8% b/w hydroxyapatite. The composites were subjected to bending strength, compression, and diametrical compression tests, as well as those for impact strength, hardness, and tribological wear. The obtained results were subjected to statistical analysis. Increased hydroxyapatite was found to weaken the mechanical properties; however, 2% b/w and 5% b/w hydroxyapatite powder was found to achieve acceptable results. The statistical analysis showed no significant differences. HAp is an effective treatment for composites when applied at a low concentration. Further research is needed to identify an appropriate size of HAp particles that can be introduced into a composite to adequately activate the surface and modification its composition. [ABSTRACT FROM AUTHOR]

In this paper we collect data of corporate bonds and government bonds issued from 2005 to 2019 from CSMAR database. Firstly, we make a stepwise regression analysis and research on the impact of climate risk, selling back and cross-market transaction on corporate bond yield. The impact of climate risk on corporate bond yield is positive because if carbon dioxide emission is more, the earth will be warmer and sea levels will be higher, then companies will face more climate risks and corporate bond yields will increase. The impact from the selling back on corporate bond yield is negative because if the bond can be resold, the risk will be lower and the bond yield will decrease. The impact of cross-market transaction on corporate bond yields is positive because if corporate bonds cannot be traded, the liquidity of corporate bonds will be low, and the risk will increase, then corporate bond yield will increase. Secondly, logarithmic regression analysis of climate risk factors shows that the climate risk is still significant and the model fits well. Selling back, cross-market trading and other factors are significant, and the pattern is more significant. Compared with the original model, it can better explain corporate bond yield. [ABSTRACT FROM AUTHOR]

This paper studies the impact of climate risk on the yields of corporate bonds with different credit ratings. We find the impact of climate risk on AAA rated corporate bonds. When climate risk increases, the yield of AAA rated corporate bonds increases. But it explains only a tiny fraction of corporate bond yields. The model is more significant after taking the logarithm of climate risk. After maturity is added to the model, both the impact from climate risk and from maturity on the yield of AAA rated corporate bonds is significant. But the impact of climate risk on AA+ corporate bond yields is not significant and the impact of selling back on the yield of AA+ corporate bonds is significant and negative. When the selling back increases, the yield of AA+ corporate bonds decrease. The impact from the issuance on the yield of AA+ corporate bonds is significant and positive. When the issuance increases, the yield of AA+ corporate bonds increase. For AA rated corporate bonds, the impact from the independent variables on the yield of AA rated corporate bonds is not significant. Model does not hold. [ABSTRACT FROM AUTHOR]

Daily returns of the European corporate bond market are predicted using a penalized Lasso regression or Random forests. Predictions are utilized in investment strategies that allocate resources into risky position: interest-rate hedged corporate bonds or unhedged corporate bonds and risk-free position proxied by the Euro-Bobl futures that track the German government bonds. The strategies are more profitable with a lower risk than their passive alternatives, which only invest in corporate bonds (hedged or unhedged), but the daily rebalancing can be costly. Therefore, we examine the break-even transaction costs and suggest two approaches to lower the overall costs. Overall, even with costs, active strategies based on prediction can achieve higher returns with a lower risk. [ABSTRACT FROM AUTHOR]

Microfibrillated cellulose (MFC) was prepared from post-consumer old corrugated container (OCC) material, which was first disintegrated in water, cleaned to remove impurities, and then fibrillated by grinding. Those processed MFCs were treated with in-situ formation of calcium carbonate by adding calcium oxide and injecting carbon dioxide into the mixture up to the ratio of 1:40 (MFC: calcium carbonate) by weight. The MFCs had a dark brown color initially but turned into high brightness materials similar to commercial ground calcium carbonate (GCC) after the in-situ formation process. The MFCs that had calcium carbonate attached on their surfaces, which were lengthy and flexible, were called flexible calcium carbonate from OCC (FCCO). Paper containing FCCO gave higher bulk, higher stiffness, and higher tensile index without lowering smoothness when compared to the paper containing commercial GCC. However, brightness was slightly lowered because of initial low brightness of the OCC. This study also demonstrated the feasibility to substitute wood fibers up to 5% with FCCO without lowering essential properties for printing paper. Benefits of the waste paper are savings of both wood resources and production cost. [ABSTRACT FROM AUTHOR]

The aim of this study was to develop bio-based adhesives that can be used for various packaging papers. In addition to commercial paper samples, papers produced from harmful plant species in Europe, such as Japanese Knotweed and Canadian Goldenrod, were used. In this research, methods were developed to produce bio-based adhesive solutions in combinations of tannic acid, chitosan, and shellac. The results showed that the viscosity and adhesive strength of the adhesives were best in solutions with added tannic acid and shellac. The tensile strength with adhesives of tannic acid and chitosan was 30% better than with commercial adhesives and 23% for combinations of shellac and chitosan. For paper from Japanese Knotweed and Canadian Goldenrod, the most durable adhesive was pure shellac. Because the surface morphology of the invasive plant papers was more open and had numerous pores compared to the commercial papers, the adhesives penetrated the paper structure and filled the voids. There was less adhesive on the surface and the commercial papers achieved better adhesive properties. As expected, the bio-based adhesives also showed an increase in peel strength and exhibited favorable thermal stability. In summary, these physical properties support the use of bio-based adhesives use in different packaging applications. [ABSTRACT FROM AUTHOR]

In this paper Commercial Pilot Preparation inspired optimization (CPPIO) algorithm, Mindarinae and Formica fusca rapport inspired optimization (MFO) algorithm, Red-footed Booby optimization (BO) algorithm are applied to solve the problem. Key objective of the problem is Real power loss reduction, Voltage deviation minimization and Voltage stability enhancement. Main segment of the CPPIO modernization is grounded on the choice of trainer by the beginner and at that time the preparation done by the designated trainer to the beginner. Amongst the beginner population, chosen quantities of the preeminent associates are deliberated as trainers and remaining as beginner. Preparation of the beginner to become as commercial pilot by the trainer is the exploration segment of the algorithm. Mindarinae and Formica fusca rapport inspired optimization algorithm combines dissimilar exploration stratagems, which pretend the dissimilar cooperative actions which exist in the natural lifecycle of Mindarinae and Formica fusca. Thus, algorithm employs dissimilar entities that permit sustenance each other and can track dissimilar exploration courses. In the Exploitation segment two additional activities are required to advance exploitation subsequent to the Red-footed Booby flashes into the marine by elongated - profound nosedive and then a squat -trivial nosedive. Astute fish in the marine is frequently supplemented by an unexpected revolving drive to spurt the Red-footed Booby pursuit. Commercial Pilot Preparation inspired optimization (CPPIO) algorithm, Mindarinae and Formica fusca rapport inspired optimization (MFO) algorithm, Red-footed Booby optimization (BO) algorithm are verified in G01--G24 benchmark functions, Six, IEEE bus test systems and in Practical Unified Egyptian Transmission Network. In six bus IEEE test systems real power loss obtained by proposed algorithm is CPPIO- 11. 0069 (MW), MFO-11. 0043 (MW) and BO -11. 0036 (MW). In IEEE 30 bus system CPPIO- 4.49012 (MW), MFO-4.49009 (MW) and BO -4.49005 (MW). In IEEE 57 bus system CPPIO- 21.67901 (MW), MFO-21.67893 (MW) and BO -21.67889 (MW). In IEEE 118 bus system CPPIO- 113.54321 (MW), MFO- 113.54305 (MW) and BO -113.54298 (MW). In IEEE 300 bus system CPPIO- 360.0601 (MW), MFO-360.0589 (MW) and BO -360.0581 (MW). In IEEE 354 bus system CPPIO- 336.5153 (MW), MFO-336.5133 (MW) and BO -336.5129 (MW). In Practical Unified Egyptian Transmission Network CPPIO- 29. 0526 (MW), MFO-29. 0509 (MW) and BO -29. 0495 (MW). Real power loss reduction, Voltage deviation minimization and Voltage stability enhancement has been attained in the electrical power transmission network. [ABSTRACT FROM AUTHOR]

The workforce is digitizing. Leading consultancies estimate that algorithmic systems will replace 45 percent of human-held jobs by 2030. One feature that algorithms share with the human employees they are replacing is their capacity to cause harm. Even today, corporate algorithms discriminate against loan applicants, manipulate stock markets, collude over prices, and cause traffic deaths. Ordinarily, corporate employers would be responsible for these injuries, but the rules for assessing corporate liability arose at a time when only humans could act on behalf of corporations. Those rules apply awkwardly, if at all, to silicon. Some corporations have already discovered this legal loophole and are rapidly automating business functions to limit their own liability risk. This Article seeks a way to hold corporations accountable for the harms of their digital workforce: some algorithms should be treated, for liability purposes, as corporate employees. Drawing on existing functional characterizations of employment, the Article defines the concept of an "employed algorithm" as one over which a corporation exercises substantial control and from which it derives substantial benefits. If a corporation employs an algorithm that causes criminal or civil harm, the corporation should be liable just as if the algorithm were a human employee. Plaintiffs and prosecutors could then leverage existing, employee-focused liability rules to hold corporations accountable when the digital workforce transgresses. [ABSTRACT FROM AUTHOR]

Porous 3D composite materials are interesting anode electrodes for single chamber microbial fuel cells (SCMFCs) since they exploit a surface layer that is able to achieve the correct biocompatibility for the proliferation of electroactive bacteria and have an inner charge transfer element that favors electron transfer and improves the electrochemical activity of microorganisms. The crucial step is to fine-tune the continuous porosity inside the anode electrode, thus enhancing the bacterial growth, adhesion, and proliferation, and the substrate's transport and waste products removal, avoiding pore clogging. To this purpose, a novel approach to synthetize a 3D composite aerogel is proposed in the present work. A 3D composite aerogel, based on polydimethylsiloxane (PDMS) and multi-wall carbon nanotubes (MWCNTs) as a conductive filler, was obtained by pouring this mixture over the commercial sugar, used as removable template to induce and tune the hierarchical continuous porosity into final nanostructures. In this scenario, the granularity of the sugar directly affects the porosities distribution inside the 3D composite aerogel, as confirmed by the morphological characterizations implemented. We demonstrated the capability to realize a high-performance bioelectrode, which showed a 3D porous structure characterized by a high surface area typical of aerogel materials, the required biocompatibility for bacterial proliferations, and an improved electron pathway inside it. Indeed, SCMFCs with 3D composite aerogel achieved current densities of (691.7 ± 9.5) mA m−2, three orders of magnitude higher than commercial carbon paper, (287.8 ± 16.1) mA m−2. [ABSTRACT FROM AUTHOR]

Herein, we loaded cobalt-based zeolite imidazolate frameworks, ZIF-67 (Co), onto commercial filter paper to prepare catalytic filter paper (ZFP) for the in situ degradation of bisphenol A (BPA) in water by activating peroxymonosulfate. The results showed that ZIF-67 (Co) was densely and uniformly distributed on the surface of the filter paper. The prepared ZFP could effectively degrade BPA in situ through a gravity-driven filtration process. Specifically, when the flow rate of the BPA solution passing through ZFP was lower than 10 mL/min, 0.02 mM of BPA could be completely degraded by ZFP. Furthermore, ZFP showed promising water matrix adaptability, which could provide promising BPA degradation efficiency in a wide pH range or in the existence of multiple anions. The scavenging tests demonstrated that both sulfate radical and hydroxyl radical were generated for BPA degradation, in which hydroxyl radical was the dominant active species. The ZFP also exhibited promising long-time use stability with a high mineralization rate. This study provides a novel method to prepare high-efficient catalyst paper for the in situ organic pollutant removal in water media via a prompt filtration process. [ABSTRACT FROM AUTHOR]

Large corporations usually cover their capital and operating expenses by issuing bonds with fixed rates and different maturities. This paper proposes a multistage stochastic programming (MSP) model with multiple objectives to optimize bond issuance by satisfying the three common objectives of corporate managers, as follows: (i) Minimizing expected discounted cost under cash liquidity and financial leverage risk constraints. (ii) Minimizing financial leverage risk under expected discounted cost and cash liquidity risk constraints. (iii) Minimizing cash liquidity risk under expected discounted cost and financial leverage risk constraints. We measure liquidity risk as conditional payment-at-risk (C P a R), according to the corporation's financial characteristics. Financial leverage risk is captured by conditional financial leverage-at-risk C F L a R , which we design based on conditional value-at-risk (C V a R). Through empirical analysis of a company in China, we explore the efficient frontier curves for the three above objectives and provide the corresponding issuance compositions of an optimal bond portfolio. Our MSP model offers guidance for corporations on achieving a trade-off between cost and risk when issuing corporate bonds. [ABSTRACT FROM AUTHOR]

This study addresses interest rate sensitivity of emerging market corporate debt. Previous research suggests that interest rate sensitivity of corporate bonds depends on residual maturity of issues, creditworthiness of issuers, embedded options and other idiosyncratic factors. However, the dependence of interest rate sensitivity on phases of the business cycle has not received an appropriate academic attention. This paper provides empirical evidence and theoretical interpretation of a dichotomy of interest rate sensitivity across the phases of the cycle, and sheds light on how credit spreads respond to interest rates. The historical span of the research covers the period of 2004–2016. The findings imply that hedging interest rate risk ought to be a dynamic process and take into consideration where the economy is positioned in the current business cycle. This research provides important insights on the nature of interest rate sensitivity, capable of enhancing financial stability and improving efficiency of financial system. [ABSTRACT FROM AUTHOR]

This paper selects weekly transaction data from the Shenzhen Exchange and Shanghai Exchange for 2012 to 2018 to investigate factors including corporate size, the ration of book-to-market, default risk, term and credit rating that influence the corporate bond spread. It can be concluded that small firms prefer to issue high yield spread bonds while large firms issue bonds with low yield spreads. High (low) book-to-market firms issue high (low) yield spread bonds. The most important factors influencing corporate bond spread yield are default risk, terms, and credit ratings. We suggest that China Securities Regulatory Commission should encourage small firms to issue corporate bonds and there should be more kinds of credit ratings bonds in China bond market. [ABSTRACT FROM AUTHOR]

The article reports that COVID-19 pandemic sparked selling across an unprecedented array of asset classes. We examine market dysfunction in the corporate bond market and measures implemented by the Federal Reserve with the support of the U.S. Treasury to ensure access to capital markets credit for U.S. corporate bond issuers.

The article reports that i n March 2020, commercial paper markets experienced disruptions related to the outbreak of COVID-19 and its associated shutdowns. Investor flows out of money market funds were exacerbated by uncertainty about the impact of COVID-19 on businesses. Anecdotally, commercial paper investors were unwilling to extend credit to issuers except at very short maturities (less than five days).

This paper proposes a defaultable bonds pricing model extending the traditional spread process definition. The posited model is able to incorporate any potential cyclical, non-linear, or long-term process not fully captured by the stochastic behavior of the spot rate and the instantaneous default rate process. Under this framework, we analyze the empirical ability of our model to capture the spread dynamics of three different Investment-grade US Corporate bonds indexes. Our findings show that when compared to the Benchmark, our model improves the empirical performance reducing the yield spread mispricing by 35%, 37%, and 29% for the High grade, Upper medium grade, and Lower medium grade index, respectively. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of multidimension liquidity, credit risk, and the interaction between liquidity and credit risk on corporate bond spreads based on a large transaction data set from July, 2006 to June, 2016, including the monthly data of 3716 bonds in China. Our main findings reveal that liquidity premiums are the main parts of corporate bond spreads. The interaction between liquidity and credit risk plays a significant role in determining corporate bond spreads. In addition, the differences between the interbank market and the exchange market have a significant impact on corporate bond spreads in normal period, and the interaction between liquidity and credit risk has an enhanced impact on corporate bond spreads during financial crisis. We also find that the interaction between liquidity and credit risk will increase with the increase of liquidity risk and credit risk and it is a time-varying dynamic process. [ABSTRACT FROM AUTHOR]

In this study, we separately used a laboratory Hollander beater, a pilot scale 12″ single-disc refiner and an expanded trial with a commercial paper mold mill to investigate the feasibility of using thermal-alkali/enzyme pretreated rice straw semi-chemical mechanical pulp to substitute portions of old corrugated carton board (OCC) pulp in the paper industry. In the laboratory plan, sequential treatments of NaOH at a 5–10% dosage and enzymes at a 0.2–4% dosage were applied to rice straw, followed by beating using a Hollander beater for 1–2 h to complete the rice straw semi-chemical mechanical pulping process. When the NaOH dosage, enzyme dosage and refining time were 10%, 0.2% and 1 h, the best quality rice straw pulp was obtained. Along with the increase in NaOH dosage, the pulp freeness decreased significantly, and the pulp accepted rate increased. Enzymatic treatment enhanced rice straw quality only after NaOH dosage treatment, which then reacted with rice straw to increase the quality of pulp. In the expanded trial, the rice straw semi-chemical mechanical pulp was blended with OCC pulp (0%, 25%, 50%, 75% and 100%) to form handsheets. Along with an increase in rice straw proportions, the tensile index, burst index, and ring-crush index increased by 109–200%, 13–196%, and 124–187%, respectively. In an online commercial paper mold mill trial, blending rice straw pulp with OCC could successfully make paper-mold egg cartons, with both mill operation and product smoothness appearance being highly acceptable. [ABSTRACT FROM AUTHOR]

[Display omitted] • GDLs with patterned hydrophobicity have been investigated for PEFCs. • Three different wettability patterns have been proposed. • Their effect on the fuel cell performance was compared to the uniformly treated GDLs. • GDLs with patterned hydrophobicity showed superior fuel cell performance. • The patterned GDLs demonstrated less oxygen transport resistance. Flooding of the cathode due to water accumulation is one of the biggest limiting factors in the performance of polymer electrolyte fuel cells (PEFCs). This study therefore attempts to solve this issue by fabricating gas diffusion layers (GDLs) with differently patterned hydrophobic regions. The GDLs in three different patterns (triangular, diamond, and inverted-triangular) were prepared by brushing a Polytetrafluoroethylene (PTFE) solution onto commercial carbon papers through a mask and tested in PEFCs. The patterned GDLs results in superior performance in all cases compared to a uniformly PTFE-treated GDL. Notably, the oxygen transport resistance is significantly reduced, indicating that the water accumulation in the cathode is avoided. This is attributed to the patterned hydrophobicity gradient providing distinct pathways for water and oxygen. The GDL with triangular patterning displays the highest peak power density, due to the fact that the untreated less hydrophobic region is in direct contact with the cathode outlet in this case, facilitating the removal of excess liquid water. Overall, the study confirms that the GDLs with patterned hydrophobicity could be used to enhance the performance of commercial PEFC systems by facilitating water management, potentially leading to improved efficiency and durability. [ABSTRACT FROM AUTHOR]

In this paper, we conduct an empirical evaluation of currency hedging (FXH) strategies designed for Latin American investors managing portfolios of US assets with performance measured in their local currency. By analyzing the volatility and value-at-risk (VaR) of the hedged portfolio, our results reveal that FXH is inefficient in lowering portfolio risk when applied to underlying foreign risk-assets like equities and low credit quality corporate bonds. Conversely, a significant reduction in volatility is evident with FXH when the investments are in safer assets, such as high-grade government and corporate bonds. • We focused on Latin American investors that invest in assets denominated in USD. • We studied effectiveness of FX hedging strategies on reducing portfolio risk. • There are no optimal strategies when the portfolio is composed by risky assets. • Hedging currency risk is recommended for high-quality assets. [ABSTRACT FROM AUTHOR]

The role of green financing in propelling corporate green transformation and sustainable growth has attracted a lot of interest. Regarding their function in promoting corporate green transformation, green bonds—a crucial part of green finance—pose an important research question. This study, targeting Chinese A-share listed corporates, employing double machine learning models, aims to delve into the impact and mechanisms of green bond issuance on corporate green transformation. The findings indicate that issuing green bonds significantly drives corporate green transformation, especially in state-owned, smaller-scale, and non-manufacturing firms, where the impact is more evident. Further analysis discloses that green bond issuance primarily facilitates corporate green transformation through its functions in green investment and financing, green regulatory compliance, and green governance. This study serves as a theoretical reference, guiding businesses in seizing emerging opportunities in the green bond market and actively undertaking green transformation projects, thereby catalyzing a comprehensive economic transition. [ABSTRACT FROM AUTHOR]

An eco-friendly time indicator (TI) was developed using cellulose-based materials. The TI comprises a dye, copy paper, nanofibrillated cellulose (NFC) film, and filter papers coated with NFC slurry and/or paraffin-free biowax. A suitable dye and its conditions were determined by observing the dye solutions and the migration pattern at the different concentrations. Commercial filter papers were prepared, and the dye migration rate, depending on physical properties, was evaluated. NFC was coated to control the dye migration rate of filter paper. In addition, biowax was used to impart hydrophobicity to filter papers used for supporting NFC films, storing the dye, and allowing the migration of dye. Finally, a TI was fabricated using those components. Methylene blue was selected as a dye for the TI due to its deep color and high solubility. The results showed that the key property of filter paper affecting the dye migration rate was the pore size. The migration rate could be reduced when NFC was coated on both sides of the filter paper. Since biowax modified the hydrophobicity of filter paper surface, it was used to make the NFC film-supporting paper, location for dye storage, and bottom-layer. In conclusion, a multilayered TI could be assembled using cellulose-based materials. [ABSTRACT FROM AUTHOR]

Today, the toilet paper market offers product types with varying number of plies, providing better mechanical strength and liquid absorption. Several tissue paper perforation systems exist, and the best commonly applied is a top-cutting mechanism that includes an oblique blade, a combined oblique blade, or a simple spiral blade. The perforation efficiency must be high to have an easy sheet separation from the roll of the toilet paper, which does not always occur. Hence, consumer satisfaction can depend on the perforation performance. To study this, a laboratory perforation system was used to perforate different commercial toilet papers (in brands and number of plies) and evaluate their perforation efficiency. A finite element method (FEM) was used to simulate the curve of the progression of perforation efficiency as a function of the cut distance. The main findings were a stabilization of the perforation efficiency from a cut distance of 6 mm and a 15% increase in the cut distance for the laboratory blade to match the industrial perforation efficiency. The FEM analysis confirmed the behavior of the evolution of perforation efficiency with the increase of the cut distance. [ABSTRACT FROM AUTHOR]

We developed a dual-reputational rating shopping model to introduce public and institutional reputations. Investor's and regulator's penalty rates are described as public and institutional reputations, respectively. We achieved the available conditions of single-rating and dual-rating regulations to prevent rating inflation in this model. To examine the regulatory effects of different types of regulations on Chinese corporate bond ratings, we utilize panel ordered logit models. Theoretical analysis and empirical tests show that, when the reputation effect is low, the single-rating regulation is better at improving rating quality, and when the reputation effect is high, the dual-rating regulation induces rating agencies to provide more accurate ratings. Compared to the regulatory effects of the single-rating and the multi-rating regulations, the dual-rating regulation most effectively improves the rating quality of corporate bonds and prevents rating inflation. [ABSTRACT FROM AUTHOR]

From the angle of research and development (R&D) input, this paper analyzes how bond financing affects corporate total factor productivity (TFP). Based on the 2007–2019 data on listed enterprises, the influence and action mechanism of bond financing on corporate TFP were empirically examined. The results show that bond financing significantly boosts corporate TFP. The mechanism analysis reveals that bond financing promotes TFP by stimulating corporate R&D input. The research sheds new light on the relationship between finance and TFP from the perspective of bond financing and provides a reference for policymakers to boost corporate TFP by promoting bond financing. [ABSTRACT FROM AUTHOR]

This study investigates the factors impacting the price difference between the interbank market and the exchange market for the same bond using a large transaction dataset from July 2006 to June 2016 in China. We find that market liquidity and macrofactors mainly affect the price difference between the two markets for the same bond. And individual bond liquidity explains only a small part of the price difference. We also find that the interaction between liquidity and credit risk is an important factor affecting the price difference, and the effect is greater during financial crisis. [ABSTRACT FROM AUTHOR]

Perforation is used in multilayer tissue products, such as toilet and kitchen papers, as part of the converting process. Perforation facilitates the detachment of consecutive sheets by the user. The compromise between the strength required to detach a perforated sheet and the strength required to break a sheet affects the perforation efficiency. In this work, the mechanical behaviors of 15 commercial papers from different European producers were studied. A morphological analysis of the materials was performed, followed by the determination of their perforation efficiency (through tensile tests). A qualitative analysis of the cuts quality, along with a quantitative analysis of the same cuts dimensions was performed through an optical system. Finally, the stress concentration in the holes and the influence of the cuts distance were analyzed using a finite element model implemented in Abaqus/Standard finite element software. The results showed that a cut distance of 2.0 mm should not be used in these types of papers, and the perforation efficiency increased with the cut distance, regardless of the number of plies in the toilet paper. The stress concentration factor was also determined to have a limit value of 0.11. Papers above this limit value tear at the perforation line, as desired. [ABSTRACT FROM AUTHOR]

It was proposed that pre-hydrolysing tule (Typha domingensis Pers) would make it possible to produce handsheets with strength-related properties similar to those of conventional commercial paper, in addition to valorizable hemicelluloses. The hypothesis was tested with a biorefining scheme involving autohydrolysis. Conditions were optimized to maximize the extraction of hemicelluloses while preserving glucan integrity. The autohydrolysis at a liquid to solid ratio of 13 at 141 °C for 45 min (optimized conditions) provided a commercially useful liquor containing primarily tule hemicelluloses. The autohydrolysis of tule before alkaline extraction made it possible to obtain a valuable liquid phase comprising between 23.3% and 71.6% of all hemicelluloses in the raw material. The gross heating value for the hydrolyzed tule was increased (1.6% to 7.9 %) with respect the raw material. The solid phase was subjected to soda-anthraquinone pulping. The yield, ethanol extractives, kappa number, viscosity, glucan, xylan, Klason lignin, soluble lignins, as well as the tensile index were evaluated. Tule was found to be amenable to industrial processing for the production of quality cellulose derivatives. Autohydrolysis provided valorizable liquor in addition to solid that yielded soda-anthraquinone pulp having properties similar to those obtained in its absence, but using milder operating conditions. [ABSTRACT FROM AUTHOR]

This paper proposes a generalized bond pricing model, accounting for all the effects of credit risk, liquidity risk, and their correlation. We use an informed trading model to specify the bond liquidity payoff and analyze the sources of liquidity risk. We show that liquidity risk arises from reduced information accuracy and market risk tolerance, and it is market risk tolerance that links credit and liquidity. Then, we extend the traditional bond pricing model with only credit risk by incorporating liquidity risk into the framework in which the probabilities of the two risk events are estimated by a joint distribution. Using numerical examples, we analyze the role of the correlation between credit and liquidity in bond pricing, especially during a financial crisis. We document that the varying correlation between default and illiquidity explains the phenomenon of bond death spiral observed in a financial crisis. Finally, we take the US corporate bond market as an example to demonstrate our conclusions. [ABSTRACT FROM AUTHOR]

Among the different metal nanoparticles for formulating inkjet-based conductive inks, gold remains the best choice for fabricating different patterns on economical and bio-degradable substrates such as commercial photo papers for developing low-cost sensing devices. Formulating customized gold nanoparticle (AuNPs) inks remains challenging as the ink must meet specific physical, chemical and rheological properties to achieve appropriate jettable behaviour and printable characteristics. It should exhibit well-controlled viscoelastic response for the smooth and optimized flow through the nozzles and then cure immediately to facilitate the shape retention of deposited feature. In this work, the jettability window definition framework using dimensionless numbers such as Re, We, Ca, and Z are defined for the aqueous-based AuNPs inks synthesized via ultrasonic spray pyrolysis technique and formulated into three concentration levels of 300, 600, and 1200 ppm. A theoretical CFD based simulation study is conducted to observe the ink droplet formation behaviour at different droplet velocities through inkjet nozzle. Among these formulated inks, 1200 ppm shows the most favourable behaviour as obtained through the simulation and jettability window results. It is tested further to see how different printing settings, like pulse voltage and number of repetitions, affected the continuity and density of the ink, affecting the quality of the printed AuNPs. This work demonstrates the process capabilities of inkjet printing technology by testing the formulated AuNPs ink. [Display omitted] [ABSTRACT FROM AUTHOR]

[Display omitted] • Facile and scalable self-assembly of perylene diimide polymer with carbon paper. • Effective facilitation of carrier separation by π-π built-in electric field. • Narrowed band gap and low VB due to the VB tail states induced by π-π interactions. • Enhanced photocatalytic water oxidation activity of the PDIP/CP photocatalyst sheet. • Suitability of the PDIP/CP photocatalyst sheet for large-scale applications. Photocatalytic water splitting is a highly promising future energy technology. In contrast to the extensive work on particulate photocatalysts, there is still a lack of sufficient investigation for regularized photocatalysts. Here, from perylene diimide polymer (PDIP) and commercial carbon paper (CP), we develop a self-assembled PDIP/CP photocatalyst sheet that is easily scalable and can be used for photocatalytic water oxidation. Driven by strong interfacial π-π interactions, the PDIP spontaneously adsorbs onto the CP, which leads to a narrowed band gap, down-shifted VB edge, and enhanced separation of the photogenerated charge carriers of the PDIP. Under visible light, the PDIP/CP photocatalyst sheet shows significantly enhanced photocatalytic water oxidation activity (4 h cumulative oxygen evolution is 1.7 times higher than that of the powder-suspended system) and considerable cycling stability. The PDIP/CP photocatalyst sheet has the potential for large-scale device applications. [ABSTRACT FROM AUTHOR]

Porous carbon encapsulated non-precious metal nanocatalysts have recently opened the ways towards the development of high-performance water remediation and energy conversion technologies. Herein, we report a facile, scalable and green synthetic methodology to fabricate porous carbon encapsulated transition metal nanocatalysts (M@TP: M = Cu, Ni, Fe and Co) using commercial tissue paper. The morphology, crystalline structure, chemical composition and textural properties of the M@TP nanocatalysts were thoroughly characterized. The catalytic activity of the M@TP nanocatalysts was investigated for the degradation of Congo red (CR) via peroxymonosulfate activation. Co@TP-6 was found to be the most active catalyst allowing 97.68% degradation in 30 min with a higher rate constant of 0.109 min−1. The nanocatalysts also displayed a carbon shell thickness-dependent electrocatalytic hydrogen evolution reaction (HER) activity, most likely due to the shielding effect of the carbon layers over the electron transfer (ET) processes at the metal core/carbon interfaces. Remarkably, the Ni@TP-6 electrocatalyst, with the smaller carbon shell thickness, showed the best electrocatalytic performance. They delivered an ultralow onset potential of −30 mV vs RHE, an overpotential of 105 mV at a current density of 10 mA·cm−2 and an excellent electrochemical stability to keep the 92% of the initial current applied after 25000 s, which is comparable with the HER activity of the state-of-the-art Ni-based catalysts. [ABSTRACT FROM AUTHOR]

In the present analysis, a new experimental pilot plant system for exploring resin-impregnated paper (RIP) bushing technology was conducted. Experimental and numerical studies were carried out on the resin infusion and impregnation processes in the paper condenser core of a RIP bushing. An innovative approach for the molding process (named molding method B) of a commercial RIP bushing was implemented. For this method, the homogeneity of the paper winding process was controlled precisely. The filling process was conducted by gravity due to the difference of heights between two vacuumed chambers and from bottom to top in the mold. The flow front position and infusion time were measured experimentally and used to obtain the axial permeability of the paper condenser core analytically and numerically. The results indicate that the molding methods have a significant effect on the RIP bushing quality, homogeneous filling, and impregnating process time. Also, it was found that homogeneity of the paper winding process and, consequently, uniform axial velocity of resin flow in the radial direction is the most effective factor to eject the air. Finally, it was recognized that the determination of axial permeability in the case of transient flow is novel in comparison with conventional procedures such as Darcy relation of steady flows. By decreasing the paper thickness from 0.3 to 0.2 mm, the permeability decreased from 8.84 × 10−10 to 4.52 × 10−10 m2. The microstructure of the core illustrates that the axial permeability of the crepe paper condenser core is considerably affected by the variation of the paper thickness. [ABSTRACT FROM AUTHOR]

In this work, two colourimetric sensors for metal ions detection are presented. The devices are obtained by fixing two classical dyes, Eriochrome Black T (EBT) and 1-(2-pyridylazo)-2-naphthol (PAN), on the commercial paper sheet "Colour Catcher®" (here named under the acronym CC) generally used in the washing machine to prevent colour run problems. The devices are optical sensors, since the indicator dye, fixed on the solid material, changes its spectral properties (colour and hence UV-vis spectrum) upon contact with the metal ion solution. We used the partial least squares (PLS) regression for obtaining the relationship between the metal ion content and the UV-vis spectrum change of each sensor. [ABSTRACT FROM AUTHOR]