205 resultados para corporate bond price


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Small-scale, decentralized and community-owned renewable energy is widely acknowledged to be a desirable feature of low carbon futures, but faces a range of challenges in the context of conventional, centralized energy systems. This paper draws on transition frameworks to investigate why the UK has been an inhospitable context for community-owned renewables and assesses whether anything fundamental is changing in this regard. We give particular attention to whether political devolution, the creation of elected governments for Scotland, Wales and Northern Ireland, has affected the trajectory of community renewables. Our analysis notes that devolution has increased political attention to community renewables, including new policy targets and support schemes. However, these initiatives are arguably less important than the persistence of key features of socio-technical regimes: market support systems for renewable energy and land-use planning arrangements that systemically favour major projects and large corporations, and keep community renewables to the margins. There is scope for rolling out hybrid pathways to community renewables, via joint ownership or through community benefit funds, but this still positions community energy as an adjunct to energy pathways dominated by large, corporate generation facilities

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This article examines the mid-1840s expansion of the British railway network, which was associated with a large deterioration in shareholder value. Using a counterfactual approach and new data on railway competition, we argue that the expansion of the railway companies, and their subsequent decline in financial performance, was not due to managerial failure. Rather, the promotion of new routes by established railways and mergers with other companies was part of a managerial strategy to maintain incumbent positions, and may have been preferable to not expanding whilst their competitors did.

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We analyze a two-stage quantity setting oligopolistic price discrimination game. In the first stage firms choose capacities and in the second stage they simultaneously choose the share that they assign to each segment. At the equilibrium the firms focus more on the high-valuation customers. When the capacities in the first stage are endogenous, the deadweight loss does not vanish with the level of price discrimination, as it does in one-stage games and monopoly. Moreover, the quantity-weighted average price increases with the level of price discrimination as opposed to established results in the literature for one-stage games.

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It has frequently been argued that multinational companies are moving towards network forms whereby subsidiaries share different practices with the rest of the company. This paper presents large-scale empirical evidence concerning the extent to which subsidiaries input novel practices into the rest of the multinational. We investigate this in the field of human resources through analysis of a unique international data set in four host countries - Canada, Ireland, Spain and the UK - and address the question of how we can explain variation between subsidiaries in terms of whether they initiate the diffusion of practices to other subsidiaries. The data support the argument that multiple, rather than single, factor explanations are required to more effectively understand the factors promoting or retarding the diffusion of human resource practices within multinational companies. It emerges that national, corporate and functional contexts all matter. More specifically, actors at subsidiary level who seek to initiate diffusion appear to be differentially placed according to their national context, their place within corporate structures and the extent to which the human resource function is internationally networked.

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During the past twenty years, the UK has relied heavily on Public Private Partnerships (PPP) and especially the Private Finance Initiative in the procurement of infrastructure and services. Discussing the causes of the credit crunch and its effects on PPP, this paper notes that the provision of new public sector infrastructure and related services has been adversely affected by the impact of the credit crunch on Private Finance Initiatives (PFIs). These problems have arisen primarily from the unwillingness of commercial banks to replace collapsed PFI bond financing unless new PFI contracts reduce financial risks; which, in turn, is likely to increase the cost of these projects to the public sector. Additional financial strains have arisen for the UK government from the need to bail out collapsed PFI projects. Overall we find evidence that the UK commitment to PFI has not only increased immediate fiscal pressures on the UK when these have become least palatable, but has also created fiscal vulnerabilities at local and national levels which are likely to hamper the country’s ability to launch counter-cyclical responses to the ongoing crisis.

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The technique of externally bonding fiber-reinforced polymer (FRP) composites has become very popular worldwide for retrofitting existing reinforced concrete (RC) structures. Debonding of FRP from the concrete substrate is a typical failure mode in such strengthened structures. The bond behavior between FRP and concrete thus plays a crucial role in these structures. The FRP-to-concrete bond behavior has been extensively investigated experimentally, commonly using a single or double shear test of the FRP-to-concrete bonded joint. Comparatively, much less research has been concerned with numerical simulation, chiefly due to difficulties in the accurate modeling of the complex behavior of concrete. This paper presents a simple but robust finite-element (FE) model for simulating the bond behavior in the entire debonding process for the single shear test. A concrete damage plasticity model is proposed to capture the concrete-to-FRP bond behavior. Numerical results are in close agreement with test data, validating the model. In addition to accuracy, the model has two further advantages: it only requires the basic material parameters (i.e., no arbitrary user-defined parameter such as the shear retention factor is required) and it can be directly implemented in the FE software ABAQUS.

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The technique of externally bonding fibre reinforced polymer (FRP) composites has been becoming popular worldwide for retrofitting existing reinforced concrete (RC) structures. A major failure mode in such strengthened structures is the debonding of FRP from the concrete substrate. The bond behaviour between FRP and concrete thus plays a crucial role in these structures. The FRP-to-concrete bond behaviour has been extensively investigated experimentally, commonly using the pull-off test of FRP-to-concrete bonded joint. Comparatively, much less research has been concerned with the numerical simulation of this bond behaviour, chiefly due to difficulties in accurately modelling the complex behaviour of concrete. This paper proposes a robust finite element (FE) model for simulating the bond behaviour in the entire loading process in the pull-off test. A concrete damage plasticity model based on the plastic degradation theory is proposed to overcome the weakness of the elastic degradation theory which has been commonly adopted in previous studies. The model produces results in very close agreement with test data. © Tsinghua University Press, Beijing and Springer-Verlag Berlin Heidelberg 2011.

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The authors appreciate the discusser’s interest in the original paper and for the valuable discussion, which provides the opportunity to clarify and reiterate a few points made in the original paper. The comments and questions raised by the discusser are addressed in the following sections.

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There is an increasing use of the discrete element method (DEM) to study cemented (e.g. concrete and rocks) and sintered particulate materials. The chief advantage of the DEM over continuum based techniques is that it does not make assumptions about how cracking and fragmentation initiate and propagate, since the DEM system is naturally discontinuous. The ability for the DEM to produce a realistic representation of a cemented granular material depends largely on the implementation of an inter-particle bonded contact model. This paper presents a new bonded contact model based on the Timoshenko beam theory which considers axial, shear and bending behaviour of the bond. The bond model was first verified by simulating both the bending and dynamic response of a simply supported beam. The loading response of a concrete cylinder was then investigated and compared with the Eurocode equation prediction. The results show significant potential for the new model to produce satisfactory predictions for cementitious materials. A unique feature of this model is that it can also be used to accurately represent many deformable structures such as frames and shells, so that both particles and structures or deformable boundaries can be described in the same DEM framework. 

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Strengthening reinforced concrete (RC) structures by externally bonded FRP composites has been widely used for static loading and seismic retrofitting since 1990s. More recently many studies on strengthening concrete and masonry structures with externally bonded FRP for improved blast and impact resistance in protective engineering have also been conducted. The bond behaviour between the FRP and concrete plays a critical role in a strengthening system with externally bonded FRP. However, the understanding of how the bond between FRP and concrete performs under high strain rate is severely limited. Due to the dynamic characteristics of blast and impact loading, the bond behaviour between FRP and concrete under such loading is very different from that under static loading. This paper presents a study on the dynamic bond-slip behaviour based on both the numerical analysis and test results. A dynamic bond-slip model is proposed in this paper.

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Strengthening RC structures with near-surface mounted (NSM) fibre reinforced polymer (FRP) composites has a number of advantages compared with that with externally bonded (EB) FRP sheets/plates. As with EB FRP, the performance of the bond between NSM FRP and concrete is one of the key factors affecting the behaviour of the strengthened structure. This paper presents a numerical investigation into the behaviour of NSM FRP loaded at its both ends to simulate the NSM FRP-toconcrete bond between two adjacent cracks in RC members. The main objective of this study is to quantitatively clarify the effect of the bondline damage during slip reversal on the ultimate load (bond strength). The results show that the bondline damage has a significant effect on the load-carrying capacity of the NSM FRP-to-concrete bonded interface and should be considered in FE modeling of the interface.

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