Search results for: bond market

Authors: Mazin Mohammed Sarhan Sarhan

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This paper presents an experimental study of the bond behaviour of confined concrete beams reinforced with a chequer steel plate or a deformed steel bar by using the beam-bending pullout test. A total of three beams of 225 mm width, 300 mm height, and 600 mm length were cast and tested. All the beams had the same details of compression reinforcement and stirrups; two plain steel bars of 10 mm diameter (R10) were used for the compression reinforcement, and plain steel bars (R10) at a distance of 80 mm centre to centre were used for the stirrups. The first beam was reinforced with a deformed steel bar while the remaining beams were reinforced with horizontal or vertical chequer steel plates. The results showed no significant difference in the bond force between the beams reinforced with a deformed steel bar or a horizontal steel plate. The beam reinforced with a vertical steel plate considerably presented a bond force higher than the beam reinforced with a horizontal steel plate.

Keywords: bond, pullout, reinforced concrete, steel plate

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Authors: Meltem Gurunlu

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One of the central problems in corporate finance is the allocation of funds. This usually takes two forms: allocation of funds across firms in an economy or allocation of funds across projects or business units within a firm. The first one is typically related to the external markets (the bond market, the stock market, banks and finance companies) whereas the second form of the capital allocation is related to the internal capital markets in which corporate headquarters allocate capital to their business units. (within-group transfers, within-group credit markets, and within-group equity market). The main aim of this study is to investigate the nature of capital allocation dynamics by comparing the relevant studies carried out on external and internal capital markets with paying special significance to the business groups.

Keywords: internal capital markets, external capital markets, capital structure, capital allocation, business groups, corporate finance

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Authors: Sergey Podluzhnyy

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One of the most important tasks of investment and pension fund management is building decision support system which helps to make right decision on corporate bond portfolio formation. Today there are several basic methods of bond portfolio management. They are duration management, immunization and convexity management. Identified methods have serious disadvantage: they do not take into account credit risk or insolvency risk of issuer. So, identified methods can be applied only for management and evaluation of high-quality sovereign bonds. Applying article proposes mathematical model for building an optimal in case of risk and yield corporate bond portfolio. Proposed model takes into account the default probability in formula of assessment of bonds which results to more correct evaluation of bonds prices. Moreover, applied model provides tools for visualization of the efficient frontier of corporate bonds portfolio taking into account the exposure to credit risk, which will increase the quality of the investment decisions of portfolio managers.

Keywords: corporate bond portfolio, default probability, effective boundary, portfolio optimization task

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Authors: S. L. Tulasi Devi, Shivam Azad

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The primary objective of this study is to analyze the impact of green bond issuance on the stock prices of respective Indian companies. An event study methodology has been employed to study the effect of green bond issuance. For in-depth study and analysis, this paper used different window frames, including 15-15 days, 10-10 days, 7-7days, 6-6 days, and 5-5 days. Further, for better clarity, this paper also used an uneven window period of 7-5 days. The period of study covered all the companies which issued green bonds during the period of 2017-2022; Adani Green Energy, State Bank of India, Power Finance Corporation, Jain Irrigation, and Rural Electrification Corporation, except Indian Renewable Energy Development Agency and Indian Railway Finance Corporation, because of data unavailability. The paper used all three event study methods as discussed in earlier literature; 1) constant return model, 2) market-adjusted model, and 3) capital asset pricing model. For the fruitful comparison between results, the study considered cumulative average return (CAR) and buy and hold average return (BHAR) methodology. For checking the statistical significance, a two-tailed t-statistic has been used. All the statistical calculations have been performed in Microsoft Excel 2016. The study found that all other companies have shown positive returns on the event day except for the State Bank of India. The results demonstrated that constant return model outperformed compared to the market-adjusted model and CAPM. The p-value derived from all the methods has shown an almost insignificant impact of the issuance of green bonds on the stock prices of respective companies. The overall analysis states that there’s not much improvement in the market efficiency of the Indian Stock Markets.

Keywords: green bonds, event study methodology, constant return model, market-adjusted model, CAPM

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Authors: A. Boulanoir, B. Ould Bouamama, A. Debiane, N. Achour

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The paper deals with robust Fault Detection and isolation with respect to parameter uncertainties based on linear fractional transformation form (LFT) Bond graph. The innovative interest of the proposed methodology is the use only one representation for systematic generation of robust analytical redundancy relations and adaptive residual thresholds for sensibility analysis. Furthermore, the parameter uncertainties are introduced graphically in the bond graph model. The methodology applied to the nonlinear industrial Electro-Mechanical Actuators (EMA) used in avionic systems, has determined first the structural monitorability analysis (which component can be monitored) with given instrumentation architecture with any need of complex calculation and secondly robust fault indicators for online supervision.

Keywords: bond graph (BG), electro mechanical actuators (EMA), fault detection and isolation (FDI), linear fractional transformation (LFT), mechatronic systems, parameter uncertainties, avionic system

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Authors: Aycan Gurluyer

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21st-century theatre has been shaped by lots of world-changing forces devastating human psychology and existence. Accepted as the greatest living English playwright, it is post-war British dramatist Edward Bond who uses a late-21st-century apocalyptic landscape as a weapon to question the human existence in his play 'Have I None?'. In this play, he tries to underline the degenerating and destructive effects of the society and environment on a couple whose lives are changed by an unexpected and annoying stranger. As victim of the society and the cultural corruption, the three vulnerable Bondian characters struggle for their expectations to find a place in this fictional world by sacrificing their own lives. Set in the 2077’s world, the play depicts that rigidly formed rules of the system/authority eliminates the existence of humans. According to Bond, the fascist practices of the governments/systems make people paralyzed in any way, so they choose to deny all realities by becoming biological beings or they gather to commit to suicide as troops. Our main aim is to underscore the questioning of the human existence by drawing the socio-political framework of the era, the capitalist system’s dehumanized individuals and their defence to survive, and what reality is in the 21st century, by focusing on Bond’s hallucinatory and tragic vision of the future in 'Have I None?'.

Keywords: Edward Bond, apocalyptic, existence, Have I None?

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Authors: S. Asad Ali Gillani, Ahmed Toumi, Anaclet Turatsinze

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After a certain period of time, the degradation of concrete structures is unavoidable. For large concrete areas, thin bonded cement-based overlay is a suitable rehabilitation technique. Previous research demonstrated that durability of bonded cement-based repairs is always a problem and one of its main reasons is deboning at interface. Since durability and efficiency of any repair system mainly depend upon the bond between concrete substrate and repair material, the bond between concrete substrate and repair material can be improved by increasing the surface roughness. The surface roughness can be improved by performing surface treatment of the concrete substrate to enhance mechanical interlocking which is one of the basic mechanisms of adhesion between two surfaces. In this research, bond tensile strength of cement-based overlays having substrate surface prepared using different techniques has been characterized. In first step cement based substrate was prepared and then cured for three months. After curing two different types of the surface treatments were performed on this substrate; cutting and sandblasting. In second step overlay was cast on these prepared surfaces, which were cut and sandblasted surfaces. The overlay was also cast on the surface without any treatment. Finally, bond tensile strength of cement-based overlays was evaluated in direct tension test and the results are discussed in this paper.

Keywords: concrete substrate, surface preparation, overlays, bond tensile strength

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Authors: Rebeca Ramirez Acosta, Sebastian Lenhoff

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Decision makers worldwide need to determine if the implementation of a new market mechanism will contribute to the sustainability and resilience of the power system. Due to smart grid technologies, new products in the distribution and transmission system can be traded; however, the impact of changing a market rule will differ between several regions. To test systematically those impacts, a market categorization has been compiled and organized in a smart grid market testing toolbox. This toolbox maps all actual energy products and sets the basis for running a co-simulation test with the new rule to be implemented. It will help to measure the impact of the new rule, based on the sustainable and resilience indicators.

Keywords: co-simulation, electricity market, smart grid market, market testing

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Authors: Firas Al-Mahmoud, Jean-Michel Mechling, Mohamed Shaban

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The long-term durability of fibre reinforced polymer (FRP) composites is often stated as being the main reason for the use of these materials. Indeed, structures externally or Near Surface Mounted (NSM) reinforced with Carbon Fibre Reinforcement Polymer CFRP are often in contact with temperature cycles and salt water immersion and other environmental conditions that reduce the expected durability of the system. Bond degradation is a frequent cause of premature failure of structural elements and environmental conditions are known to relate to such failures. The purpose of this study is to investigate the effect of environmental exposure on the bond for different CFRP strengthening systems. Bending tests were conducted to evaluate the bond with and without environmental exposure. The specimens were strengthened with CFRP sheets, CFRP plates and NSM CFRP rods embedded in two filling materials: epoxy resin and mortar. Then, they were exposed to up to 300 freeze–thaw cycles. One freeze–thaw cycle consisted of four stages according to ASTM or immersed in 3.5% salted tap water. A total of thirty-six specimens were prepared for this purpose. Results showed a decrease in ultimate bond strength for specimens strengthened by CFRP sheets that were immersed in salt water for 120 days, while a reduction was shown for CFRP sheet and plate bonded specimens that were subjected to 300 freeze–thaw cycles. Exposing NSM CFRP rod strengthened specimens, embedded in resin or mortar, to freeze–thaw cycles or to immersion in salt water does not affect the bond strength.

Keywords: durability, strengthening, FRP, bond, freeze–thaw

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Authors: Jeong-Min Lee, Hyunwoo Song, Yonseok Kim, Junghan Yun, Jungin Byun, Jae-Mean Koo, Chang-Sung Seok

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The Thermal Barrier Coating (TBC) prevents heat directly transferring from the high-temperature flame to the substrate. Top coat and bond coat compose the TBC and top coat consists of a ceramic and bond coat increases adhesion between the top coat and the substrate. The TBC technology drops the substrate surface temperature by about 150~200°C. In addition, the TBC system has a cooling system to lower the blade temperature by the air flow inside the blade. Then, as a result, the thermal gradient occurs inside the blade by cooling. Also, the internal stress occurs due to the difference in thermal expansion. In this paper, the finite element analyses (FEA) were performed and stress changes were derived according to the thermal gradient of the TBC system. The stress was increased due to the cooling, but difference of the stress between the top coat and bond coat was decreased. So, delamination in the interface between top coat and bond coat.

Keywords: gas turbine blade, Thermal Barrier Coating (TBC), thermal gradient, Finite Element Analysis (FEA)

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Authors: Howard Chitimira

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The European Union (EU) was probably the first body to establish multinational anti-market abuse laws aimed at enhancing the detection and curbing of cross-border market abuse activities in its member states. Put differently, the EU Insider Dealing Directive was adopted in 1989 and was the first law that harmonised the insider trading ban among the EU member states. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation (EU Market Abuse Directive) was adopted in a bid to improve and effectively discourage all the forms of market abuse in the EU’s securities and financial markets. However, the EU Market Abuse Directive had its own gaps and flaws. In light of this, the Market Abuse Regulation and the Criminal Sanctions for Market Abuse Directive were enacted to repeal and replace the EU Market Abuse Directive in 2016. The article examines the adequacy of the EU Market Abuse Directive and its implementation in the United Kingdom (UK) prior to the British exit (Brexit). This is done to investigate the possible implications of the Brexit referendum outcome of 23 June 2016 on the future regulation of market abuse in the UK.

Keywords: market abuse, insider trading, market manipulation, European Union, United Kingdom

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Authors: Thomas Gerstner, Bastian von Harrach, Daniel Roth

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The Monte Carlo pathwise sensitivities approach is well established for smooth payoff functions. In this work, we present a new Monte Carlo algorithm that is able to calculate the pathwise sensitivities for discontinuous payoff functions. Our main tool is the one-step survival idea of Glasserman and Staum. Although this technique yields to new terms per observation, while differentiating, the algorithm is still efficient. As an application, we use the results for a two-dimensional calibration of a Coco-Bond, which we model with different types of discretely monitored barrier options.

Keywords: Monte Carlo, discretely monitored barrier options, pathwise sensitivities, Coco-Bond

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Authors: C. R. Danielle, S. Erik, T. Patrick, M. Hugh

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In the last decade there has been an increase in demand for fine grinding due to the depletion of coarse-grained orebodies and an increase of processing fine disseminated minerals and complex orebodies. These ores have provided new challenges in concentrator design because fine and ultra-fine grinding is required to achieve acceptable recovery rates. Therefore, the correct design of a grinding circuit is important for minimizing unit costs and increasing product quality. The use of ball mills for grinding in fine size ranges is inefficient and, therefore, vertical stirred grinding mills are becoming increasingly popular in the mineral processing industry due to its already known high energy efficiency. This work presents a hypothesis of a methodology to predict the product size distribution of a vertical stirred mill using a Bond ball mill. The Population Balance Model (PBM) was used to empirically analyze the performance of a vertical mill and a Bond ball mill. The breakage parameters obtained for both grinding mills are compared to determine the possibility of predicting the product size distribution of a vertical mill based on the results obtained from the Bond ball mill. The biggest advantage of this methodology is that most of the minerals processing laboratories already have a Bond ball mill to perform the tests suggested in this study. Preliminary results show the possibility of predicting the performance of a laboratory vertical stirred mill using a Bond ball mill.

Keywords: bond ball mill, population balance model, product size distribution, vertical stirred mill

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Authors: Rajkamal Kumar, Sudhir Mishra

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The connections between various elements of concrete structures play a vital role in determining the durability of structures. These connections produce discontinuities and to ensure the monolithic behavior of structures, these connections should be carefully designed. The connections between concrete layers may occur in various situations such as structure repairing and rehabilitation or construction of huge structures with cast-in-situ or pre-cast elements, etc. Bond strength at the interface of these concrete layers should be able to prevent the progressive slip from taking place and it should also ensure satisfactory performance of the structure. Different approaches to enhance the bond strength at interface have been a major area of research. Nowadays, micro-concrete is getting popular as a repair material. Under this ambit, this paper aims to present the experimental results of connections between concrete layers of different age with artificial indentation at interface with two types of repair material: Concrete with same parent concrete composition and ready-mix mortar (micro-concrete), artificial indentations (grooves and holes) were made on the old layer of concrete to increase the bond strength. Curing plays an important role in determining the bond strength. Optimum duration for curing have also been discussed for each type of repair material. Different types of failure patterns have also been mentioned.

Keywords: adhesion, cohesion, compressive stress, micro-concrete, shear stress, slant shear test

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Authors: S. Avdasheva, D. Tsytsulina

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In many regulated industries over the world price cap as a method of price regulation replaces cost-plus pricing. It is a kind of incentive regulation introduced in order to enhance productive efficiency by strengthening sellers’ incentives for cost reduction as well as incentives for more efficient pricing. However pricing under cap is not neutral for competition in the market. We consider influence on competition on the markets where benchmark for cap is chosen from when sellers are multi-market. We argue that the impact of price cap regulation on market competition depends on the design of cap. More specifically if cap for one (regulated) market depends on the price of the supplier in other (non-regulated) market, there is sub-type of price cap regulation (known in Russian tariff regulation as ‘netback minus’) that enhance incentives to collude in non-regulated market.

Keywords: price regulation, competition, collusion

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Authors: Ziba Talaeizadeh, Taghi Ebadi

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Hospitals and medical centers generate a wide array of infectious waste on a daily basis, leading to pressing environmental concerns associated with proper disposal. Disposable plastic items and spun-bond clothing, commonly made from polypropylene, pose a significant risk of disease transmission, necessitating specialized waste management strategies. Incorporating these materials into bituminous asphalt production offers a potential solution, as it can modify asphalt mixtures and reduce susceptibility to cracking. This study aims to assess the crack resistance of asphalt mixtures modified with hospital spun-bond waste. Asphalt mixtures were prepared using the Marshall method, with spun-bond waste added in varying proportions (5% to 20%). The Semi-Circular Bending (SCB) test was conducted to evaluate asphalt fracture behavior under Mode I loading at controlled speeds of 5, 20, and 50 millimeters per minute and an average temperature of 25°C. Parameters such as fracture energy (FE) and Crack Resistance Index (CRI) were quantified. The results indicate that the addition of 10% to 15% spun-bond polypropylene polymer enhances the performance of the modified mixture, resulting in an 18% increase in fracture energy and an 11% reduction in cracking stiffness compared to the control sample. Further investigations involving factors like compaction level, bitumen type, and aggregate grading are recommended to address medical waste management and mitigate asphalt pavement cracking issues.

Keywords: asphalt cracking, hospital waste, semi-circular bending test, spun-bond

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Authors: M. Ghasemi, F. Eskandari, B. Hamzehei, A. R. Arshi

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Bioelectric activity of nervous cells might be changed causing by various factors. This alteration can lead to unforeseen circumstances in other organs of the body. Therefore, the purpose of this study was to model a single neuron and its behavior under an initial stimulation. This study was developed based on cable theory by means of the Bond Graph method. The numerical values of the parameters were derived from empirical studies of cellular electrophysiology experiments. Initial excitation was applied through square current functions, and the resulted action potential was estimated along the neuron. The results revealed that the model was developed in this research adapted with the results of experimental studies and demonstrated the electrical behavior of nervous cells properly.

Keywords: bond graph, stimulation, nervous cells, modeling

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Authors: Benazzouz Djamel, Termeche Adel, Touati Youcef, Alem Said, Ouziala Mahdi

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This paper presents an approach which detect and isolate efficiently a fault in a system. This approach avoids false alarms, non-detections and delays in detecting faults. A study case have been proposed to show the importance of taking into consideration the uncertainties in the decision-making procedure and their effect on the degradation diagnostic performance and advantage of using Bond Graph (BG) for such degradation. The use of BG in the Linear Fractional Transformation (LFT) form allows generating robust Analytical Redundancy Relations (ARR’s), where the uncertain part of ARR’s is used to generate the residuals adaptive thresholds. The study case concerns an electromechanical system composed of a motor, a reducer and an external load. The aim of this application is to show the effectiveness of the BG-LFT approach to robust fault detection.

Keywords: bond graph, LFT, uncertainties, detection and faults isolation, ARR

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Authors: Zou Xuan, Liu Hongchen

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The ideal dentin desensitizing agent should not only have good biological safety, simple clinical operation mode, the superior treatment effect, but also should have a durable effect to resist the oral environmental temperature change and oral mechanical abrasion, so as to achieve a persistent desensitization effect. Also, when using desensitizing agent to prevent the post-operative hypersensitivity, we should not only prevent it from affecting crowns’ retention, but must understand its effects on bond strength of dentin adhesives. There are various of desensitizers and dentin adhesives in clinical treatment. They have different chemical or physical properties. Whether the use of desensitizing agent would affect the bond strength of dentin adhesives still need further research. In this in vitro study, we built the hypersensitive dentin model and post-operative dentin model, to evaluate the sealing effects and durability on exposed tubule by three different dentin desensitizers and to evaluate the sealing effects and the bond strength of dentin adhesives after using three different dentin desensitizers on post-operative dentin. The result of this study could provide some important references for clinical use of dentin desensitizing agent. 1. As to the three desensitizers, the hypersensitive dentin model was built to evaluate their sealing effects on exposed tubule by SEM observation and dentin permeability analysis. All of them could significantly reduce the dentin permeability. 2. Test specimens of three groups treated by desensitizers were subjected to aging treatment with 5000 times thermal cycling and toothbrush abrasion, and then dentin permeability was measured to evaluate the sealing durability of these three desensitizers on exposed tubule. The sealing durability of three groups were different. 3. The post-operative dentin model was built to evaluate the sealing effects of the three desensitizers on post-operative dentin by SEM and methylene blue. All of three desensitizers could reduce the dentin permeability significantly. 4. The influences of three desensitizers on the bonding efficiency of total-etch and self-etch adhesives were evaluated with the micro-tensile bond strength study and bond interface morphology observation. The dentin bond strength for Green or group was significantly lower than the other two groups (P<0.05).

Keywords: dentin, desensitizer, dentin permeability, thermal cycling, micro-tensile bond strength

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Authors: Jongho Park, Taekyun Kim, Jinwoong Choi, Sungnam Hong, Sun-Kyu Park

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Recently, the climate change is the one of the main problems. This abnormal phenomenon is consisted of the scorching heat, heavy rain and snowfall, and cold wave that will be enlarged abnormal climate change repeatedly. Accordingly, the width of temperature change is increased more and more by abnormal climate, and it is the main factor of cracking in the reinforced concrete. The crack of the reinforced concrete will affect corrosion of steel re-bar which can decrease durability of the structure easily. Hence, the elimination of the durability weakening factor (steel re-bar) is needed. Textile which weaves the carbon, AR-glass and aramid fiber has been studied actively for exchanging the steel re-bar in the Europe for about 15 years because of its good durability. To apply textile as the concrete reinforcement, the bond strength between concrete and textile will be investigated closely. Therefore, in this paper, pull-out test was performed with change of development length of textile. Significant load and stress was increasing at D80. But, bond stress decreased by increasing development length.

Keywords: bond strength, climate change, pull-out test, substitution of reinforcement material, textile

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Authors: Nasser Ghassembaglou, Abdullah Bolek, Oktay Yilmaz, Ertan Oznergiz, Hikmet Kocabas, Safak Yilmaz

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Nanofibers are effective material which have frequently been investigated to produce high quality air filters. As an environmental approach our aim is to achieve nanofibers by melting. In spun-bond systems extruder, spin-pump, nozzle package and attenuator are used. Molten polymer which flows from extruder is made steady by spin-pump. Regular melt passes through nozzle holes and forms fibers under high pressure. The fibers pulled from nozzle are shrunk to micron size by an attenuator, after solidification they are collected on a conveyor. In this research different designs of attenuator system have been studied and also CFD analysis have been done on them. Afterwards, one of these designs tested and finally some optimizations have been done to reduce pressure loss and increase air velocity.

Keywords: attenuator, nanofiber, spun-bond, extruder

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Authors: Howard Chitimira

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In Australia, the market abuse prohibition is generally well accepted by the investing and non-investing public as well as by the government. This co-operative and co-ordinated approach on the part of all the relevant stakeholders has to date given rise to an increased awareness and commendable combating of market abuse activities in the Australian corporations, companies, and securities markets. It is against this background that this article seeks to comparatively explore the general enforcement approaches that are employed to combat market abuse (insider trading and market manipulation) activity in Australia and South Africa. In relation to this, the role of selected enforcement authorities and possible enforcement methods which may be learnt from both the Australian and South African experiences will be isolated where necessary for consideration by such authorities, especially, in the South African market abuse regulatory framework.

Keywords: insider trading, market abuse, market manipulation, regulation

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Authors: Ould Bouamama, M. Bressel, D. Hissel, M. Hilairet

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Fuel cell (FC) is one of the best alternatives of fossil energy. Recently, the research community of fuel cell has shown a considerable interest for diagnosis in view to ensure safety, security, and availability when faults occur in the process. The problematic for model based FC diagnosis consists in that the model is complex because of coupling of several kind of energies and the numerical values of parameters are not always known or are uncertain. The present paper deals with use of one tool: the Linear Fractional Transformation bond graph tool not only for uncertain modelling but also for monitorability (ability to detect and isolate faults) analysis and formal generation of robust fault indicators with respect to parameter uncertainties.The developed theory applied to a nonlinear FC system has proved its efficiency.

Keywords: bond graph, fuel cell, fault detection and isolation (FDI), robust diagnosis, structural analysis

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Authors: Trisiladi Supriyanto

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Although much research has been done on the pricing benchmark both in terms of fiqh or Islamic economic perspective, but no substitution for the concept of interest (rate of interest) up to now in the application of Islamic Banking because some of the jurists from the middle east even allow the use of a benchmark rate such as LIBOR (London Interbank Offered Rate) as a measure of Islamic financial asset prices, so in other words, they equate the concept of rate of interest with the concept of rate of profit, which is the core reason (raison detre) for the replacement of usury as instructed in the Quran. This study aims to find the concept of rate of profit on Islamic banking that can create economic justice and stability in Islamic Banking and Capital market. Rate of profit that creates economic justice and stability can be achieved through its role in maintaining the stability of the financial system in which there is an equitable distribution of income and wealth. To determine the role of the rate of profit as the basis of the sharing system implemented in the Islamic financial system, we can see the connection of rate of profit in creating financial stability, especially in the asset-liability management of financial institutions that generate a stable net margin or the rate of profit that is not affected by the ups and downs of the market risk factors including indirect effect on interest rates. Furthermore, Islamic financial stability can be seen from the role of the rate of profit on the stability of the Islamic financial assets that are measured from the Islamic financial asset price volatility in Islamic Bond Market in Capital Market.

Keywords: Rate of profit, economic justice, stability, equitable distribution of income, equitable distribution of wealth

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Authors: Uyi Kizito Ehigiamusoe

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The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson’s Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

Keywords: economic growth, investments, money market, money market challenges, money market instruments

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Authors: Dina H. Gabr, Mona A. El Bannan

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With growing worldwide concern for global warming, green finance has become the fuel that pushes the world to act in combating and mitigating climate change. Coupled with adopting the Paris Agreement and the United Nations Sustainable Development Goals, Green finance became a vital tool in creating a pathway to sustainable development, as it connects the financial world with environmental and societal benefits. This paper provides a comprehensive review of the concepts and definitions of green finance and the importance of 'green' impact investments today. The core challenge in combating climate change is reducing and controlling Greenhouse gas emissions; therefore, this study explores the solutions green finance provides putting emphasis on the use of renewable energy, which is necessary for enhancing the transition to the green economy. With increasing attention to the concept of green finance, multiple forms of green investments and financial tools have come to fruition; the most prominent are green bonds. The rise of green bonds, a debt market to finance climate solutions, provide a promising mechanism for sustainable finance. Following the review, this paper compiles a comprehensive green bond dataset, presenting a statistical study of the evolution of the green bonds market from its first appearance in 2006 until 2021.

Keywords: climate change, GHG emissions, green bonds, green finance, sustainable finance

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Authors: Yosra Mefteh Rekik

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A computational agent-based model of financial markets stresses interactions and dynamics among a very diverse set of traders. The growing body of research in this area relies heavily on computational tools which by-pass the restrictions of an analytical method. The main goal of this research is to understand how the stock market operates and behaves how to invest in the stock market and to study traders’ behavior within the context of the artificial stock markets populated by heterogeneous agents. All agents are characterized by adaptive learning behavior represented by the Artificial Neuron Networks. By using agent-based simulations on artificial market, we show that the existence of heterogeneous agents can explain the price dynamics in the financial market. We investigate the relation between market diversity and market efficiency. Our empirical findings demonstrate that greater market heterogeneity play key roles in market efficiency.

Keywords: agent-based modeling, artificial stock market, heterogeneous expectations, financial stylized facts, computational finance

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Authors: Galuh Pramesti

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In Indonesia, the rise of the middle class and consumer purchasing power has created a trend of shifting the traditional into a modern retail market. Development of the creative economy as an impact of the global economy has invaded the traditional market, due to low rents and minimum innovation, raising the issue of sustainability and urban resilience for survival of the traditional market. The study aims to understand the current market conditions by examining the challenges, resiliency, and identify the relationship between the traditional market and creative market. Using a single-case study approach as the research methodology, Santa Market has been chosen as the case study. It is a pilot project of collaboration between a traditional market and creative economy in Jakarta, Indonesia. The research was conducted as a qualitative study through in-depth interviews with the market vendors and the market management, besides a desk-based study of the leasing data and spatial analysis. The findings indicate traffic fluctuation as the main challenge. It is related to the tenant’s presence, rental fluctuation, gentrification, infrastructure, and market competition. Thus, the findings on resilience show a different response for creative and traditional markets. The traditional market’s response remained stable with minimum innovation, whereas the creative market relies on technological development. Regarding the relationship, supply and demand have become the main relationship occurring in Santa Market. It is then developed into the context of society and regulation. The conclusion provides recommendations for more solid regulation to protect the market tenants from stakeholder interests that can disrupt market viability, and a critical discussion on the concept of collaboration between traditional and creative markets. There is also a suggestion for further study on relation with the surroundings, to create a holistic study on how the collaboration can work well in the traditional market.

Keywords: creative economy, market sustainability, traditional market, urban resilience

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Authors: Yangsu Kwon, Hyo-Gyoung Kwak

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Nonlinear tendon constitutive model for nonlinear analysis of pre-stressed concrete structures are presented. Since the post-cracking behavior of concrete structures, in which bonded reinforcements such as tendons and/or reinforcing steels are embedded, depends on many influencing factors(the tensile strength of concrete, anchorage length of reinforcements, concrete cover, and steel spacing) that are deeply related to the bond characteristics between concrete and reinforcements, consideration of the tension stiffening effect on the basis of the bond-slip mechanism is necessary to evaluate ultimate resisting capacity of structures. In this paper, an improved tendon model, which considering the slip effect between concrete and tendon, and effect of tension stiffening, is suggested. The validity of the proposed models is established by comparing between the analytical results and experimental results in pre-stressed concrete beams.

Keywords: bond-slip, prestressed concrete, tendon, ultimate strength

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Authors: Ilhan Keskin, Hasan Bulent Kantarci

Abstract:

In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and non-interest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, islamic markets, non-interest bearing, rental certificates

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