Bond Ratings Research Articles

Development and evolution of mathematical and econometric models for the analysis of macroeconomic processes (including historical perspective) and their forecasting

Practical usefulness of factor-vector autoregression has been considered, which makes it possible to study macroeconomic processes impact on the monetary policy state, to conduct full-scale monitoring and to identify economic growth impact on monetary policy. Publications devoted to the issues of unstable economic development and mathematical models describing the process of economic dynamics under conditions of high inflation and unstable development have been analyzed. The basic scenario in economy has been given. Monetary policy impact on macroeconomic variables using vector autoregressive (VAR) models has been studied. The FAVAR model with international reserves as the monetary policy variable and MIACR where the responses of one-year government bond rate and consumer index were positive have been estimated as the main instruments. The impulse responses shown indicate that the Russian authorities had a lack of monetary policy independence due to the country’s high dependence on the oil and natural gas sectors, which does not reveal evidence of monetary policy impact on lower consumer prices.

Dressing Mechanism and Evaluations of Grinding Performance with Porous cBN Grinding Wheels

Cubic boron nitride (cBN) grinding wheels play a pivotal role in precision machining, serving as indispensable tools for achieving exceptional surface quality. Ensuring the sharpness of cBN grains and optimizing the grinding wheel's chip storage capacity are critical factors. This paper presents a study on the metal-bonded segments and single cBN grain samples using the vacuum sintering method. It investigates the impact of blasting parameters—specifically silicon carbide (SiC) abrasive size, blasting distance, and blasting time—on the erosive wear characteristics of both the metal bond and abrasive. The findings indicate that the abrasive size and blasting distance significantly affect the erosive wear performance of the metal bond. Following a comprehensive analysis of the material removal rate of the metal bond and the erosive wear condition of cBN grains, optimal parameters for the working layer are determined: a blasting distance of 60 mm, a blasting time of 15 s, and SiC particle size of 100#. Furthermore, an advanced simulation model investigates the dressing process of abrasive blasting, revealing that the metal bond effectively inhibits crack propagation within cBN abrasive grains, thereby enhancing fracture toughness and impact resistance. Additionally, a comparative analysis is conducted between the grinding performance of porous cBN grinding wheels and vitrified cBN grinding wheels. The results demonstrate that using porous cBN grinding wheels significantly reduces grinding force, temperature, and chip adhesion, thereby enhancing the surface quality of the workpiece.

Time Series Analysis of the Connection between Exchange Rate of EUR/USD, Bond Yields, and Trade Growth

In the context of the growing importance of global trade, the US dollar plays a crucial role as the currency for international transactions. The exchange rate of the dollar and the monetary policies of other countries influence each other. This study delves into the connection among the exchange rate of Euro/United States dollar (EUR/USD), the 10-year government bond rates with the international trade growth rates of 20 European countries from January 1991 to December 2016. By employing descriptive statistics, correlation analysis, regression modeling, and time series analysis, this research aims to uncover the underlying dependencies and predictive insights among these financial variables. The results indicate that the EUR/USD exchange rate has an insignificant impact on bond yields (R = 0.003), suggesting that other factors such as monetary policy, inflation expectations, and market liquidity play more significant roles. However, a weaker currency is linked to lower growth rates is shown by a strong negative correlation for the exchange rate and trade growth rates (R = 0.210). The multivariate regression model shows that bond yields and trade growth rates together explain 44.5% of the exchange rate variations, highlighting the interconnections among these economic variables. These findings highlight the necessity for policymakers to take these interconnected factors into account when developing economic and monetary policies to ensure stable and sustainable economic growth.

Photoinduced Nickel-Catalyzed Homolytic C(sp3)-N Bond Activation of Isonitriles for Selective Carbo- and Hydro-Cyanation of Alkynes.

The exploration of strong chemical bonds as synthetic handles offers new disconnection strategies for the synthesis of functionalized molecules via transition metal catalysis. However, the slow oxidative addition rate of these covalent bonds to a transition metal center hampers their synthetic utility. Here, we report a C(sp3)-N bond activation strategy that bypasses thermodynamically challenging 2e- or 1e- oxidative addition via a distinct pathway in nickel catalysis. This strategy leverages a previously unknown activation pathway of photoinduced inner-sphere charge transfer of low-valent nickel(isonitriles), triggering a C(sp3)-N bond cleavage distal to the metal-ligand interaction to deliver nickel(cyanide) and versatile alkyl radicals. Utilizing this catalytic strategy, the selective intermolecular 1,2-carbocyanation reaction of alkynes with alkyl isonitriles as both alkylating and cyanating agents can be achieved, delivering a wide array of trisubstituted alkenyl nitriles with excellent atom-economy, regio-, and stereoselectivity under mild conditions. Furthermore, Markovnikov-selective hydrocyanation of aliphatic alkynes can be accomplished through the synergistic action of a photocatalyst utilizing isonitriles as the cyanation agents. Mechanistic investigations support the photogeneration of low-valent Ni(isonitrile) complexes that undergo photochemical homolysis of the C(sp3)-N bond to engage catalytic cyanation with alkynes.

Comparative Study of n-C5 Bond Dissociation Energies and H-Atom Abstraction via H for Alkane, Alcohol, Methyl Ether, Nitroso, Nitro, Nitrite, and Nitrate.

Energetic materials have a wide range of applications, for many of which new materials are constantly developed. For understanding how energetic materials are chemically converted, it is essential to systematically understand how relevant functional groups affect the stability and properties of such materials. Here, the impact of nitroso, nitro, nitrite, and nitrate functional groups on a pentyl moiety is studied theoretically, focusing on bond dissociation energies and H atom abstraction via Ḣ. The nitroso group is found to imply the strongest effects, while the nitro group appears to exert a stabilizing effect on the pentyl moiety. Importantly, the nitrogenated functional groups generally stabilize the pentyl moiety, in contrast to alcohol and methyl ether functional groups. Therefore, it is concluded that using analogies to the chemistries of the latter two functional groups for chemical kinetic modeling of nitrogenated functional groups is not adequate. Based on the presented bond dissociation energies and rate coefficients, it is to be expected that unimolecular bond fissions at the nitrogenated functional groups will dominate over a wide temperature range. Building on the provided data, future detailed chemical kinetic modeling efforts for nitroso, nitro, nitrite, and nitrate compounds can be aided or initiated.

Climate risk and split ratings: evidence from Korea

ABSTRACT This study examines the effects of climate risk on split ratings. Numerous studies have examined the correlation between financial reporting quality and split ratings. However, few studies have explored the effect of business ethics on split ratings. Thus, this study focuses particularly on environmental factors within the broader context of Environmental, Social, and Governance (ESG), that have recently attracted significant attention. We conducted a multiple regression analysis of the impact of climate risk on split ratings using a dataset of companies listed on the Korea Exchange. The analysis indicates that climate risk, which encompasses a firm’s greenhouse gas emissions and energy consumption, contributes to the split ratings of corporate bonds. This observation implies that heightened exposure to climate risk amplifies the likelihood of split ratings owing to diminished accounting transparency resulting from practices such as earnings management and a decline in the quality of disclosures. This study not only expands the understanding of the determinants of split ratings theoretically, but also offers investors empirically supported insights into the relevance of considering climate risk in their investment and credit decisions. Furthermore, this suggests the necessity for government policymakers to establish a monitoring system aimed at alleviating potential information asymmetry issues for firms facing elevated climate risk.

Faktor – Faktor yang Mempengaruhi Peringkat Obligasi

The research was conducted to examine the influence of Company Size, Debt to Equity Ratio, Profitability, and Liquidity on Company Bond Ratings in the Financing Institutions Subsector. The research uses a descriptive method with sample selection in the form of nine companies operating in the non-banking financial industry, especially in the financial institution sub-sector listed on the Indonesia Stock Exchange (BEI) from 2018 to 2022. Data analysis in the research uses descriptive analysis testing, multiple determination coefficient testing, hypothesis testing, and classical assumption testing with the help of statistical tools in the form of SPSS 26.0. Through the research carried out, the results obtained are as follows: 1) Partially, Company Size has a positive and significant influence on the bond rating value 2) Partially, the Debt to Equity Ratio has a negative and significant influence on the bond rating value 3) Partially, Profitability does not have a significant influence on the bond rating value 4) Partially, Liquidity does not have a significant influence on the bond rating value 5) Simultaneously, the Company Size, Debt to Equity Ratio, Profitability, and Liquidity variables have a significant influence on the Bond Rating variable.

Microwave dielectric properties of novel Mg3Ga2TiO8 ceramic

Mg3Ga2TiO8 ceramics were prepared using a solid-phase method. The ceramics sintered at 1440 °C exhibited excellent microwave dielectric properties (εr = 12.07, Q × f = 89,270 GHz, and τf = −40.7 ppm/°C). The typical spinel structure of the Mg3Ga2TiO8 ceramic was confirmed through Rietveld refinement and Raman spectroscopy. High-resolution transmission electron microscopy indicated local lattice distortion in the Mg3Ga2TiO8 ceramics, with a Vickers hardness of 12.53 GPa. The values of εr and Q × f for the Mg3Ga2TiO8 ceramics were affected by the relative density. The theoretical εr obtained from the C-M equation was lower than the measured εr, plausibly due to underestimation of the polarizability of the Ti ions. According to the P-V-L theory, Ti2-O1 has the highest fi value, contributing 29.92 % to εr. The contribution rate of the Ga2-O1 bond to U was 35.76 %, with the greatest impact on Q × f.

Effects of Institutional Investors’ Monitoring Characteristics on Bond Ratings

Effects of Institutional Investors’ Monitoring Characteristics on Bond Ratings

Air pollution and issuance credit spread of municipal investment bond

This paper explores the impact of city-level air pollution on the financing costs of local and regional governments (LRGs) in China. The empirical results demonstrate that cities with poor air quality face higher credit spreads on bonds issued by local financing platforms (LFPs), underscoring the critical role of air quality in determining LRGs financing costs. Air pollution negatively affects the credit rating of municipal investment bonds and increases fiscal pressure on LRGs. However, when LRGs invest more in environmental protection, reduce reliance on tax revenue, enforce stricter environmental regulations, and implement auditing policy for natural resources management, the adverse effect of air pollution on bond credit spreads are mitigated. This study enriches the research on whether and how air pollution affects bond issuance pricing and provides insights into strategies for reducing LFPs financing costs and addressing LRGs debt crises.

Design and Parameter Optimization of a Combined Rotor and Lining Plate Crushing Organic Fertilizer Spreader

To address the inefficient crushing of fertilizer during the mechanized spreading process caused by the caking of high-humidity organic fertilizer, a fertilizer spreader with a combined rotor and lining plate crushing mechanism was proposed in this paper. With the introduction of the basic structure and working principle of the spreader, a particle group model for an organic fertilizer consisting of both caked and bulk fertilizer was built, based on the Hertz–Mindlin model with bonding and the Hertz–Mindlin model with JKR contact, in EDEM to construct an organic fertilizer-crushing-and-spreading model. With the rotor speed, the axial distance of the hammer, and the number of circumferential hammer groups as the experimental factors and the maximum broken bond rate of the caked organic fertilizer and the minimum coefficient of variation of spreading uniformity as the experimental indices, the Box–Behnken test method was employed to establish regression equations for response surface analysis and multi-objective optimization of the test results. The results indicated that, when the rotor speed was 6.47 Hz, the axial distance of the hammer was 90.30 mm, the number of circumferential hammer groups was five, the broken bond rate reached 90.86%, and the coefficient of variation was 21.45%. Verification tests under these conditions showed a broken bond rate of 90.03% and a coefficient of variation of 22.12%, which were consistent with the optimization results. Therefore, our research provides a reference for the structural design of an organic fertilizer spreader and the optimization of its working parameters.

Highly uncondensed lignin extraction in the novel green L-cysteine/lactic acid cosolvent system

Enhancing the efficient isolation of proto-lignin from lignocellulose using sustainable, environmentally friendly solvents has consistently been a key focus in the lignin-first biorefinery strategy for the past years. At the same time, achieving efficient extraction of highly uncondensed active lignin under acidic conditions has posed an insurmountable challenge. In this study, we develop an L-cysteine-assisted binary acidic cosolvent that efficiently separates the uncondensed lignin under 80 ∼ 90 °C treatment, resulting in a lighter color and a recovery yield of up to 60 %. The corresponding delignification rate reached 82.6 %. The obtained lignin exhibited an ideal retention rate (maximum 84.5 %) of alkyl aryl ether bonds (β–O–4) relative to the native lignin in raw material. The resulting residue was free from cellulose decomposition and yielded over 90 % cellulose with a surface-esterified structure. This study establishes a one-step L-cysteine-assisted stabilization methodology that overcomes the challenges of lignin condensation and allows for the fractionation of lignocellulose into highly uncondensed lignin and high-quality cellulose, thus offering new solutions for biorefinery.

Factors affecting bond ratings in BUMN Companies

Factors affecting bond ratings in BUMN Companies

Government social capital and bond credit ratings

Few studies have explored the impact of heterogeneous government investment on corporate bond ratings from the perspective of government social capital allocation. This paper examines the bond market's response to government social capital allocation, utilizing empirical data from the bond ratings of listed companies issued between 2008 and 2020. The analysis begins with a rational explanation, conceptual definition, and index construction of government social capital. The empirical research finds that government social capital allocation significantly enhances corporate credit ratings. Mechanism tests reveal that local governments provide “government support” signals through short-term and long-term borrowing, enabling firms to secure more long-term loans and reduce their default risk. These signals are captured by rating agencies, which then influence the rating outcomes. Heterogeneity tests indicate that the positive impact of government capital allocation on ratings is more pronounced during periods of corporate financial distress. Furthermore, foreign rating agencies are better able to capture signals of government social capital allocation, and their independence confirms that high ratings are not the result of rating inflation.

Split bond ratings: Evidence from Japanese credit rating agencies

This study examines why split bond ratings occur between credit rating agencies with different reputations in Japan. Using a sample of Japanese corporate bonds newly issued during the 2006–2021 period, I find that the ratings assigned by a less reputable Japanese rating agency (JCR) are significantly higher than those by a more reputable Japanese rating agency (R&I) for the same bonds because JCR is likely to rate the creditworthiness of bond issuers more highly than R&I. The disagreement between JCR and R&I over the creditworthiness of issuers causes split bond ratings. Moreover, bonds with multiple split ratings have higher yield spreads.

Influence of Phosphorus Modifier and Nature of the Support on the Properties of Palladium Catalysts in the Chemoselective Hydrogenation of Acetylenic Compounds

Efficient heterogeneous catalysts for the chemoselective hydrogenation of terminal and disubstituted alkynes and alkynols to monoenes based on Pd–P particles have been proposed. The influence of a zeolite support (Na-ZSM-5, MCM-41) and a phosphorus modifier on the properties of palladium catalysts in the semihydrogenation of acetylenic compounds is considered. It has been shown that promotion with phosphorus increases the activity of palladium catalysts in the hydrogenation of various acetylenic compounds from 2.5 to 30 times without reducing the selectivity for monoenes. High selectivity for monoenes is determined by both thermodynamic and kinetic factors. Using the example of the acetylenic alcohol hydrogenation the possibility of changing the ratio of hydrogenation rates of triple and double bonds as a result of varying the solvent nature and the structural order of the catalyst particles was demonstrated.

Why does uncovered interest parity fail empirically?

The Uncovered Interest Parity theory, predicated on perfect capital mobility and a floating exchange rate regime, faces challenges in real-world contexts marked by capital restrictions and diverse exchange rate regimes. This research investigates the validity of the UIP hypothesis in selected OECD countries, considering the role of capital control and de facto exchange rate regimes. By analyzing annual and monthly data, including immediate rates, short-term borrowing rates, and 10-year government bond rate differentials, several panel estimation techniques and alternative empirical models are employed. The results are robust to sub-sample analyses, alternative specifications of the empirical model, and different estimation methods. The study provides evidence supporting the UIP, particularly for immediate and short-term interest rates. The empirical examination underscores the necessity of accounting for the de facto floating exchange rate regime and capital flow restrictions when testing the UIP model. Consequently, the UIP hypothesis moves beyond being a theoretical fallacy and emerges as empirically verifiable, holding significant implications for policymakers and advancing the understanding of international finance.

기업의 지배구조와 신용등급 간의 비선형성에 대한 연구

This study examined whether there is a nonlinear characteristic between the independence of the audit committee and the credit rating that can function as a monitoring body. In addition, it was examined whether the results of this analysis have significant differences depending on the audit corporation. The analysis results show that, first, the independence of the audit committee showed a significant nonlinear relationship with the credit rating and credit rating of corporate bonds. This indicates that the independence of the audit committee increases to a certain level or higher, so that the more sufficient control and monitoring effects exist, the higher the credit rating can be. Second, the nonlinear relationship between the independence of the audit committee (the ratio of appointments) and the credit rating was significant in Big4 audit firms than in Non-Big4 audit firms.

Study on mechanical properties and molecular simulation of nano‐SiO2‐modified hybrid fiber reinforced polymer bar under the dry and alkaline environment

AbstractFiber reinforced polymer (FRP) bars have received extensive promotion and application in the structural engineering. However, due to the limitations inherent in using single material, FRP reinforced concrete structures often encounter issues, such as brittle failure and inadequate energy dissipation, particularly in complex natural environments and under various loading conditions. In this study, the preparation of nano‐SiO2‐modified carbon/basalt hybrid FRP bars was carried out using the pultrusion‐winding process and ultrasonic treatment. The objective was to investigate the influence of the fiber volume ratio and mass fraction of nano‐SiO2 on the mechanical properties of FRP bars under drying and alkaline conditions. Molecular dynamics simulations were performed to construct interface models between fibers and epoxy resin in order to elucidate the toughening mechanism of nano‐SiO2 and the degradation mechanism in alkaline conditions. The research results show that elevating the substitution rate of carbon fibers and incorporating nano‐SiO2 doping bring about alterations in the brittle fracture characteristics of BFRP bars and enhance the post‐yield performance and interlaminar shear properties of hybrid FRP bars, concurrently mitigating the degradation of mechanical properties induced by exposure to alkaline solutions. MD simulations indicate that the addition of nano‐SiO2 improves the binding rate of hydrogen bonds between BF and epoxy resin, resulting in a higher interfacial energy between BF/epoxy resin compared to CF/epoxy resin. Moreover, nano‐SiO2 effectively mitigates the impact of alkaline solutions on the formation of interfacial hydrogen bonds. The findings of this study serve as a valuable reference for the design and application of FRP reinforced concrete structures.Highlights Nano‐SiO2 modified B/CFRP bars made via extrusion‐winding & ultrasonic treatment. Improved mechanical properties and plastic deformation in Nano‐SiO2 modified B/C FRP bars. Nano‐SiO2 inhibits B/CFRP bars degradation in alkaline solution. Nano‐SiO2 bind more at BF/epoxy than CF/epoxy interface. Nano‐SiO2 reduces alkaline solution effect on interfacial H‐bonding.

PENGARUH MANAJEMEN LABA DAN RASIO KEUANGAN PERUSAHAAN TERHADAP NILAI PERINGKAT OBLIGASI

This research aims to analyze the influence of earnings management and financial ratios on bond rating values (Study of companies listed on the Indonesian Stock Exchange for the 2022 period). This type of research is associative research. The population in this study were 44 financial companies that issued bonds. Sampling in this study used a purposive sampling method with certain criteria, namely 44 bond issuing companies. The research variables in this study use Earnings Management proxied by Estimated Management Accruals (EDAit) and Solvency Ratio proxied by Debt to Equity Ratio (DER) and Activity Ratio proxied by Total Asset Turnover (TAT) as an independent variable, and Bond Rating Value as a variable dependent. The analysis method in this research uses Logistic Regression analysis techniques. The results of this research show that Earnings Management (EDAit) has no effect on the Bond Rating Value, the Solvency Ratio (DER) has a positive and significant effect on the Bond Rating Value, and the Activity Ratio (TAT) has no effect on the Bond Rating Value.