Efficiency of chitosan and their combination with bentonite as retention aids in papermaking

In a previous work (Nicu et al. 2013), the flocculation efficiency of three chitosans differing by molecular weight and charge density were evaluated for their potential use as wet end additives in papermaking. According to the promising results obtained, chitosan (single system) and its combination with bentonite (dual system) were evaluated as retention aids, and their efficiency was compared with poly(diallyl dimethyl ammonium chloride) (PDADMAC) and polyethylenimine (PEI). In single systems, chitosan was clearly more efficient in drainage rate than PDADMAC and PEI, especially those with the lowest molecular weights; however, retention is considerably lower. This drawback can be overcome by using dual systems with anionic bentonite microparticles, with the optimum ratio of polymer:bentonite being 1:4 (wt./wt.). In dual systems, the differences in retention were almost negligible, and the difference in drainage rate was even higher, together with better floc reversibility. The most efficient chitosan in single systems was Ch.MMW, while Ch.LMW was the most efficient in dual systems. The flocculation mechanism of chitosan was a combination of patch formation, charge neutralization, and partial bridge formation, and the predominant mechanism depended on the molecular weight and charge density of the chitosan.

Risk premiumin the global creditMarkets: 2006-2012

¿What have we learnt from the 2006-2012 crisis, including events such as the subprime crisis, the bankruptcy of Lehman Brothers or the European sovereign debt crisis, among others? It is usually assumed that in firms that have a CDS quotation, this CDS is the key factor in establishing the credit premiumrisk for a new financial asset. Thus, the CDS is a key element for any investor in taking relative value opportunities across a firm’s capital structure. In the first chapter we study the most relevant aspects of the microstructure of the CDS market in terms of pricing, to have a clear idea of how this market works. We consider that such an analysis is a necessary point for establishing a solid base for the rest of the chapters in order to carry out the different empirical studies we perform. In its document “Basel III: A global regulatory framework for more resilient banks and banking systems”, Basel sets the requirement of a capital charge for credit valuation adjustment (CVA) risk in the trading book and its methodology for the computation for the capital requirement. This regulatory requirement has added extra pressure for in-depth knowledge of the CDS market and this motivates the analysis performed in this thesis. The problem arises in estimating of the credit risk premium for those counterparties without a directly quoted CDS in the market. How can we estimate the credit spread for an issuer without CDS? In addition to this, given the high volatility period in the credit market in the last few years and, in particular, after the default of Lehman Brothers on 15 September 2008, we observe the presence of big outliers in the distribution of credit spread in the different combinations of rating, industry and region. After an exhaustive analysis of the results from the different models studied, we have reached the following conclusions. It is clear that hierarchical regression models fit the data much better than those of non-hierarchical regression. Furthermore,we generally prefer the median model (50%-quantile regression) to the mean model (standard OLS regression) due to its robustness when assigning the price to a new credit asset without spread,minimizing the “inversion problem”. Finally, an additional fundamental reason to prefer the median model is the typical "right skewness" distribution of CDS spreads...