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Article
Publication date: 5 January 2015

Fuaida Harun, Roslina Ismail, Azman Jalar and Shahrum Abdullah

– This paper aims to analyze the effect of Au wire size and location of hook during wire pulling test to identify the variation of results obtained.

Abstract

Purpose

This paper aims to analyze the effect of Au wire size and location of hook during wire pulling test to identify the variation of results obtained.

Design/methodology/approach

Two hook locations, namely, location A and location B were used to analyze the effect of hook location. Location A was the same as the hook location required by MIL-STD-883E standard, whereas location B was located near to the second bond. The correlation between new purposed failure modes and MIL-STD-883E standard was developed to reflect on the pull strength with the physical failure.

Findings

It was observed that fine pitch Au wire has higher variation and lower process capability of pull strength. Au wire pulled by the hook at location B provides a more representative result compared to that at location A. Fifty per cent or more of Au remnant is required to be considered as a good and reliable Au wedge bond based on the new purposed failure modes.

Originality/value

The evaluation of gold (Au) wedge bond requires a new proper wire pulling test method. This is due to the large variation obtained from the application of current practice of wire pulling test.

Details

Microelectronics International, vol. 32 no. 1
Type: Research Article
ISSN: 1356-5362

Keywords

Book part
Publication date: 4 April 2024

Haoyu Gao, Ruixiang Jiang, Junbo Wang and Xiaoguang Yang

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…

Abstract

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.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-83753-865-2

Keywords

Article
Publication date: 24 February 2020

Yuan Cao, Desheng Wu and Lei Li

Non-financial corporate debt is one of the important sources of systematic risk in the real economy. Assessing a measure of systematic risk in corporation debt is currently a key…

Abstract

Purpose

Non-financial corporate debt is one of the important sources of systematic risk in the real economy. Assessing a measure of systematic risk in corporation debt is currently a key challenge. In this regard, we propose a two-tier risk contagion networks model.

Design/methodology/approach

Assessing a measure of systematic risk in corporation debt is currently a key challenge. In this regard, we propose a two-tier risk contagion networks model based on four dimensions: concept definition, data structure, risk contagion network construction, and risk measurement indicators construction. We take the Jiangsu bond issuer guarantee network as a sample area.

Findings

Taking the Jiangsu bond issuer guarantee network as a sample area, we find that there is a strong correlation between the debts of non-financial corporation in China, and it is easy to become a potential regional systematic risk source. In addition, our empirical research also reveals that external risk exposure and node degree of network are two key indicators when identifying key risk-contagion enterprises.

Originality/value

The main contributions of this study are two-fold. First, this article proposes a two-tier risk contagion networks model to measure systematic risk in non-financial corporation. Second, this article describes the structure of the corporate risk contagion network.

Details

Industrial Management & Data Systems, vol. 120 no. 7
Type: Research Article
ISSN: 0263-5577

Keywords

Article
Publication date: 1 February 1990

P.J. Spletter, C. MacKay, Y. Jee, C.T. Galanakis, N. Luijtjes and O.C. Woodard

MCC has been developing the use of flashlamp pulsed Nd:YAG laser technology to bond TAB leadframes to bumped IC die. With basic equipment, the process has been proven in a…

Abstract

MCC has been developing the use of flashlamp pulsed Nd:YAG laser technology to bond TAB leadframes to bumped IC die. With basic equipment, the process has been proven in a laboratory scale environment. As a result, MCC recently licensed a vendor to manufacture the equipment so that it can be used in prototype and later in production environments. This project was initiated to develop a benign alternative for thermocompression gang bonding, particularly for applications where IC bond pads would be located over active circuitry. In addition, because the laser beam's positions are computer controlled, the process has shown to be very desirable for bonding conventional devices with peripheral pads, especially in high product mix applications. Bond rates of 40 bonds/second have been demonstrated at MCC. The first production prototype will bond at 60–80 bonds/s and it is anticipated that, with further development, the full production equipment will bond at 200 bonds/s. The process that is most mature at the time of writing is for bonding tin plated copper leads to gold bumps. This system allows formation of reliable bonds because the formed bonds consist primarily of copper and gold. The bonds are at least as strong and reliable as with other methods of TAB bonding. Bonds with this metallurgical system have been subjected to severe environmental testing without failure. This paper will present results of laser inner lead bonding, the equipment used to develop it and the expectations of the future equipment as well as the future of the technology itself.

Details

Microelectronics International, vol. 7 no. 2
Type: Research Article
ISSN: 1356-5362

Open Access
Article
Publication date: 10 June 2022

Xinyi Huang, Fei Teng, Yu Xin and Liping Xu

This paper aims to study the effect of the establishment of bankruptcy courts on bond issuance market. This paper helps to predict that the introduction of bankruptcy courts in…

Abstract

Purpose

This paper aims to study the effect of the establishment of bankruptcy courts on bond issuance market. This paper helps to predict that the introduction of bankruptcy courts in China can mitigate price distortions caused by the implicit government guarantees and promote the development of the high-risk bond market.

Design/methodology/approach

This paper exploits the staggered introduction of bankruptcy courts across cities to implement a differences-in-differences strategy on bond issuance data. Using bonds issued in China between 2018 and 2020, the impact of bankruptcy courts on the bond issuance market can be analyzed.

Findings

This paper reveals that bond issuance credit spreads increase and is more sensitive to firm size, profitability and downside risk of issuance entity after the introduction of bankruptcy courts. It also reveals a substantive increase in bond issuance quantity and a decrease in issuer credit ratings following the establishment of bankruptcy courts. In addition, the increase of credit spreads is more prominent for publicly traded bonds, those whose issuers located in provinces with lower judicial confidence, bonds issued by SOEs and bonds with stronger government guarantees. Finally, the role of bankruptcy courts is more pronounced in regions with higher marketization.

Originality/value

This paper relates to previous studies that investigate the impact of laws and institutions on external financing. It helps provide new evidence to this literature on how improvements of efficiency and quality in bankruptcy enforcements relate to the marketization of bond issuance. The results provide further evidence on legal institutions and bond financing.

Details

China Accounting and Finance Review, vol. 24 no. 3
Type: Research Article
ISSN: 1029-807X

Keywords

Book part
Publication date: 8 August 2006

Allan Graham and John J. Maher

We examine the relationship that exists among bond ratings, bond yields, and various estimates of a firm's contingent environmental remediation liability using a sample of new…

Abstract

We examine the relationship that exists among bond ratings, bond yields, and various estimates of a firm's contingent environmental remediation liability using a sample of new bond issues. Our results indicate that the largest external EPA-based estimates of the firm's environmental obligations are significantly associated with a firm's bond rating, providing relevant incremental information beyond that supplied by the environmental accruals presented in the financial statements. Furthermore, while the accrued environmental liability is shown to have a direct association with the bond yield, the external EPA-based estimates provide an indirect relationship with the bond yield through their influence on the bond rating. These results contribute to the extant literature by empirically clarifying the role of various environmental liability estimates in establishing a firm's bond rating and further indicating their connection with the pricing of corporate debt.

Details

Environmental Accounting
Type: Book
ISBN: 978-0-76231-366-2

Content available
Article
Publication date: 13 May 2022

Brittany Cole, Michael A. Goldstein, Shane M. Moser and Robert A. Van Ness

In this paper, the authors document the existence of price clustering in the US corporate bond market.

Abstract

Purpose

In this paper, the authors document the existence of price clustering in the US corporate bond market.

Design/methodology/approach

Using a sample of 8,422,593 corporate bond trades in 2014, the authors find that over 18% (1,522,284 trades) of all bond trades end in a clustered price, defined as a price ending in 00, 25, 50, or 75.

Findings

Overall, the authors find that both bond rating category and risk, as measured by standard deviation of prices, play a role in price clustering; speculative grade bonds account for the majority of clustered prices. Clustered prices are more likely to have higher coupon rates, higher prices, and higher standard deviations of price than bonds with non-clustered prices. Regardless of size, both buy and sell dealer trades with customers (relative to interdealer trading) lead to an increase in price clustering. Dealers appear to use clustered prices when purchasing from and selling to institutions and, therefore, may use a clustered price to insulate themselves from the risk of asymmetric information. Additionally, the prevalence of clustered prices for retail-sized dealer sell trades suggests that dealers exercise dealer power over retail-sized traders.

Originality/value

This paper contributes to the literature on price clustering by examining trade price clustering of corporate bonds. It is different from previous papers on price clustering in equities. Given that bonds tend to be priced off of yield, it is unusual that trade prices cluster. It also demonstrates what kind of bonds cluster and with which customers dealers trade at clustered prices. It parallels other research in demonstrating dealer power over retail-sized traders.

Details

China Finance Review International, vol. 12 no. 3
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 1 March 2010

Paul L. Solano

A recent study found state bond bank participants continually realize considerable interest cost savings. Savings were calculated as differences in interest costs of bond bank…

Abstract

A recent study found state bond bank participants continually realize considerable interest cost savings. Savings were calculated as differences in interest costs of bond bank loans and the bond offerings participants would have sold as alternatives to loans, (alternative market offerings). The present evaluation determines the sources of the savings. Savings are generated by not only differences in issue characteristics of bond bank issues and alternative market offerings, but also differential impacts of the same market forces and institutional factors on the interest costs of both types of sales. These findings verify that bond bank issues and alternative market offerings sell in different sub-markets, and confirm municipal bond market segmentation.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 22 no. 1
Type: Research Article
ISSN: 1096-3367

Article
Publication date: 21 September 2010

Subhankar Nayak

Although the pervasive influence of investor sentiment in equity markets is well documented, little is known about behavioral manifestations in bond markets. In this paper, we…

2078

Abstract

Although the pervasive influence of investor sentiment in equity markets is well documented, little is known about behavioral manifestations in bond markets. In this paper, we explore the impact of investor sentiment on corporate bond yield spreads. Our results reveal that bond yield spreads co‐vary with sentiment, and sentiment‐drivenmispricings and systematic reversal trends are very similar to those for stocks. Bonds appear underpriced (with high yields) during pessimistic periods and overpriced (with low yields) when optimism reigns. Consequent reversals result in predictable trends in post‐sentiment yield spreads.When beginning‐of‐period sentiment is low, subsequent yield spreads are low; high sentiment periods are followed by high spreads. High‐yield bonds (low ratings, Industrials and Utilities, extreme maturities or low durations, specially if low rated) demonstrate greater susceptibility to mispricings due to sentiment compared to low‐yield bonds. The incremental yield spread gap between highand low‐yield bonds converges subsequent to periods of low sentiment, and diverges after high sentiment. Equity attributes marginally influence the impact of sentiment on bond spreads, but mostly for distressed bonds only.

Details

Review of Behavioural Finance, vol. 2 no. 2
Type: Research Article
ISSN: 1940-5979

Keywords

Article
Publication date: 8 May 2023

Emmanuel Joel Aikins Abakah, Aviral Kumar Tiwari, Johnson Ayobami Oliyide and Kingsley Opoku Appiah

This paper investigates the static and dynamic directional return spillovers and dependence among green investments, carbon markets, financial markets and commodity markets from…

Abstract

Purpose

This paper investigates the static and dynamic directional return spillovers and dependence among green investments, carbon markets, financial markets and commodity markets from January 2013 to September 2020.

Design/methodology/approach

This study employed both the quantile vector autoregression (QVAR) and time-varying parameter VAR (TVP-VAR) technique to examine the magnitude of static and dynamic directional spillovers and dependence of markets.

Findings

Results show that the magnitude of connectedness is extremely higher at quantile levels (q = 0.05 and q = 0.95) compared to those in the mean of the conditional distribution. This connotes that connectedness between green bonds and other assets increases with shock size for both negative and positive shocks. This further indicates that return shocks spread at a higher magnitude during extreme market conditions relative to normal periods. Additional analyses show the behavior of return transmission between green bond and other assets is asymmetric.

Practical implications

The findings of this study offer significant implications for portfolio investors, policymakers, regulatory authorities and investment community in terms of carefully assessing the unique characteristics offered by each markets in terms of return spillovers and dependence and diversifying the portfolios.

Originality/value

The study, first, uses a relatively new statistical technique, the QVAR advanced by Ando et al. (2018), to capture upper and lower tails’ quantile price connectedness and directional spillover. Therefore, the results possess adequate power against departure from mean-based conditional connectedness. Second, using a portfolio of green investments, carbon markets, financial markets and commodity markets, the uniqueness of this study lies in the examination of the static and dynamic dependence of the markets examined.

Details

International Journal of Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1743-9132

Keywords

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