Drivers of green bond issuance and new evidence on the “greenium”

This paper examines whether a premium for green bonds, called “greenium”, found in previous studies, exists in primary and secondary bond markets. Using a universe of about 2000 green and 180,000 non-green bonds from 650 international issuers, we apply both propensity score matching and coarsened exact matching to determine a sample of conventional bonds that is most similar to the sample of green bonds. We find that green bonds have larger issue sizes and lower rated issuers, on average, compared to conventional bonds. The estimates show that the yield for green bonds is, on average, 15–20 basis points lower than that of conventional bonds, both on primary and secondary markets, thus a “greenium” exists.

A Comparative Analysis of Drivers of Secondary Market Liquidity in Financial Markets for Investment Analysis

The purpose of this chapter is to examine the drivers of secondary bond market and stock market liquidity for investment analysis after global financial crisis in Turkey. The literature in Turkey mainly focuses only on the volatility of return for driving liquidity in both bond and stock markets. However, it is argued that other types of volatilities including domestic and international volatilities have also a deteriorating impact on secondary market liquidity in Turkey. In this context, it is empirically tested whether the volatility and/or uncertainty that stem from the FED and ECB policies within the last 10 years had a negative impact on liquidity both in government bond and stock markets. Moreover, the impact of non-residents in bond and stock markets on secondary market liquidity is examined by including their holdings in stock and bond market.

First-Principle Investigation on the Secondary Bond in Stable mGeTe·nSb2Te3 Pseudo-Binary Chalcogenides

The Te-Te van der Waals-type secondary bond in stable mGeTe·nSb2Te3 (GST) pseudo-binary chalcogenides was investigated by means of ab initio calculations. The generalized gradient approximation of Perdew-Burke-Ernzerhof pseudopotential describes the Te-Te secondary bond very well. Whereas the local density approximation pseudopotential over-estimates the bond energy by underestimating the repulsive forces between the adjacent Te atoms. The electron localization function illustrates the chemical bonding nature of the Te-Te secondary bond. Our present results will shed insights on the secondary bonds in GST phase change materials.

Influence of the Interaction Potential Parameters on the Mechanical Response of Simulated Semi-Crystalline Polymeric Materials

The tensile deformation of a semi-crystalline lamellar structure was simulated using coarse-grain molecular dynamics. Interactions between statistical segments are described by Lennard-Jones potentials, with two types of interactions (primary and secondary bonds) defined for the amorphous and crystalline phases. The choice of the correct interaction potentials in coarsegrain simulations requires an understanding of the influence of each interaction potential parameter on the mechanical response. The present paper reports results from that study, following a design of experiments approach. It was found that the apparent modulus is mainly determined by the width of the secondary bond potential. The yield stress and the extent of deformation of the material at a fixed force level are influenced both by the width of the secondary bond potential and the depth of the potential well of the amorphous region. Thus, the tensile mechanical properties and behaviour of the specific lamellar structure under study seems to be mainly determined by the secondary interactions in the amorphous region.