Search results

This work examines the effects of strain rate on the effective yield strength of high-strength steel at elevated temperatures, through tensile coupon tests at various strain rates, to propose appropriate reduction factors considering the strain rate effect.

The stress–strain relationships of 385 N/mm2, 440 N/mm2 and 630 N/mm2-class steel plates at elevated temperatures are examined at three strain rate values (0.3%/min, 3.0%/min and 7.5%/min), and the reduction factors for the effective yield strength at elevated temperatures are evaluated from the results. A differential evolution-based optimization is used to produce the reduction-factor curves.

The strain rate effect enhances with an increase in the standard design value of the yield point. The effective yield strength and standard design value of the yield point exhibit high linearity between 600 and 700 °C. In addition to effectively evaluating the test results, the proposed reduction-factor curves can also help determine the ultimate strength of a steel member at collapse.

The novelty of this study is the quantitative evaluation of the relationship between the standard design value of yield point at ambient temperature and the strain-rate effect at elevated temperatures. It has been observed that the effect of the strain rate at elevated temperatures increases with the increase in the standard design value of the yield point for various steel strength grades.

In this study, the effects of strain rate on the bending strength of full-scale wide-flange steel beams have been examined at elevated temperatures. Both full-scale loaded heating tests under steady-state conditions and in-plane numerical analysis using a beam element have been employed.

The load–deformation relationships in 385 N/mm²-class steel beam specimens was examined using steady-state tests at two loading rate values (0.05 and 1.00 kN/s) and at two constant member temperatures (600 and 700 °C). Furthermore, the stress–strain relationships considering the strain rate effects were proposed based on tensile coupon test results under various strain rate values. The in-plane elastoplastic numerical analysis was conducted considering the strain rate effect.

The experimental test results of the full-scale steel beam specimens confirmed that the bending strength increased with increase in strain rate. In addition, the analytical results agreed relatively well with the test results, and both strain and strain rate behaviours of a heated steel member, which were difficult to evaluate from the test results, could be quantified numerically.

The novelty of this study is the quantification of the strain rate effect on the bending strength of steel beams at elevated temperatures. The results clarify that the load–deformation relationship of steel beams could be evaluated by using in-plane analysis using the tensile coupon test results. The numerical simulation method can increase the accuracy of evaluation of the actual behaviour of steel members in case of fire.

This study aims to fill a gap in the literature by providing evidence for a “greenium” in the primary Sukuk market. The term “greenium” is defined in the study as the lower cost of capital or reduced yields that green Sukuk may offer compared to non-green Sukuk, reflecting investor willingness to accept lower returns for green investments. Therefore, the main aim of this study is to investigate the potential role of “greenium” as an incentive for issuers to fund eco-friendly projects, contributing to a sustainable environment.

This study uses propensity score matching techniques to provide an accurate comparison of pricing differences between green and non-green Sukuk issued in global primary markets during the period 2017–2022.

The results reveal that green Sukuk signify a “greenium” effect. This suggests that investors find green Sukuk attractive, willing to accept lower returns. Given the positive investor response to green initiatives in the market, issuers can capitalize on the growing demand for green Sukuk, leading to low-cost funding.

This study makes an important contribution to the literature at the interface of Islamic finance and environmental sustainability. In particular, it stands out by focusing on the pricing dynamics in the green Sukuk market and highlights the potential benefits of issuing green Sukuk to help achieve sustainability goals while providing access to lower cost of capital for the transition to a low-carbon economy.

This chapter investigates the cost of public debt for firms using a comprehensive sample consisting of 17,368 industrial bond issues from 1970 to 2011. The empirical evidence shows that yield spreads for seasoned bond issues are significantly lower than those for initial bond issues. This seasoning effect is robust across different sample periods, subsamples, and model specifications. On average, the yield spreads for seasoned bond issues are around 50 bps lower than those for initial bond issues. This difference cannot be explained by other bond and firm characteristics. The seasoning effect is more pronounced for firms with higher levels of uncertainty, lower information disclosure quality, and longer time intervals between the first and subsequent issues. Our empirical findings provide supportive evidence for the extant theories that aim to rationalize the information role in determining the cost of capital.

This paper aims to measure the trade price impact of a recent regulatory disclosure intervention in municipal securities secondary markets, which required broker-dealers to disclose securities trading information on a near-real-time and continuing basis.

The author analyzes trade price outcomes in the preintervention and postintervention regimes using a suite of time series estimations that give heteroskedasticity-robust standard errors (Prais–Winsten and Cochrain–Orcutt), accommodate higher-order lag structure in the error term (autoregressive integrated moving average) and account for volatility clustering in the time series (generalized autoregressive conditional heteroskedasticity).

Results show that regulatory disclosure intervention significantly improved trade price efficiency in municipal securities secondary markets as daily trade price differential and volatility both declined market-wide after the disclosure intervention.

The sample consists of trades in State of California general obligation bonds; therefore, empirical findings may not be generalizable to other states, local governments and different types of bonds.

The findings highlight voluntary information disclosure as a practical and effective mechanism in disclosure regulation of municipal securities secondary markets.

Only a small body of work exists that examines information disclosure regulation in municipal securities secondary markets; therefore, this paper expands knowledge on the topic and should provide renewed impetus for regulatory efforts aimed at improving the efficiency of municipal capital markets.

This paper develops a debt-run model to study the effects of liquidity injections on debt markets in the presence of a renegotiation option. In the model, creditors decide when to withdraw their funding and equityholders can renegotiate the contract terms of debt. We show that when equityholders have a large bargaining power, liquidity injections into distressed firms can rather cause more aggressive runs from their creditors, hurting the debt value. This outcome occurs because equityholders can strategically utilize the renegotiation option as a bankruptcy threat, pushing down the debt value below the potential liquidation value of the firm. In such a scenario, a deterred default resulting from emergency capital injections could be detrimental to creditors.