Secondary market pricing behaviour around UK bond auctions

Using an event study approach, this article reports evidence that the UK Treasury bond market displayed anomalous pricing behaviour in the secondary market both immediately before and after auctions of seasoned bonds. Using a benchmark return derived from the behaviour of the underlying yield curve, the market offered statistically and economically significant excess returns, around the auctions held between 1992 and 2004. A cross-sectional analysis of the cumulative excess returns shows that the excess demand at the auctions is a key determinant of this excess return.

Volatility transmission between stock and bond markets

A two-factor no-arbitrage model is used to provide a theoretical link between stock and bond market volatility. While this model suggests that short-term interest rate volatility may, at least in part, drive both stock and bond market volatility, the empirical evidence suggests that past bond market volatility affects both markets and feeds back into short-term yield volatility. The empirical modelling goes on to examine the (time-varying) correlation structure between volatility in the stock and bond markets and finds that the sign of this correlation has reversed over the last 20 years. This has important implications far portfolio selection in financial markets. © 2005 Elsevier B.V. All rights reserved.

Measuring and assessing the effects and extent of international bond market integration

We review briefly the literature on international financial integration, especially as it pertains to bond market integration. This contextualizes the review we than provide of a number of papers contained in a special issue of this Journal. © 2005 Elsevier B.V. All rights reserved.

The strength of column-to-foundation joints in reinforced concrete

This thesis is concerned with the experimental and theoretical investigation into the compression bond of column longitudinal reinforcement in the transference of axial load from a reinforced concrete column to a base. Experimental work includes twelve tests with square twisted bars and twenty four tests with ribbed bars. The effects of bar size, anchorage length in the base, plan area of the base, provision of bae tensile reinforcement, links around the column bars in the base, plan area of column and concrete compressive strength were investigated in the tests. The tests indicated that the strength of the compression anchorage of deformed reinforcing steel in the concrete was primarily dependent on the concrete strength and the resistance to bursting, which may be available within the anchorage . It was shown in the tests without concreted columns that due to a large containment over the bars in the foundation, failure occurred due to the breakdown of bond followed by the slip of the column bars along the anchorage length. The experimental work showed that the bar size , the stress in the bar, the anchorage length, provision of the transverse steel and the concrete compressive strength significantly affect the bond stress at failure. The ultimate bond stress decreases as the anchorage length is increased, while the ultimate bond stress increases with increasing each of the remainder parameters. Tests with concreted columns also indicated that a section of the column contributed to the bond length in the foundation by acting as an extra anchorage length. The theoretical work is based on the Mindlin equation( 3), an analytical method used in conjunction with finite difference calculus. The theory is used to plot the distribution of bond stress in the elastic and the elastic-plastic stage of behaviour. The theory is also used to plot the load-vertical displacement relationship of the column bars in the anchorage length, and also to determine the theoretical failure load of foundation. The theoretical solutions are in good agreement with the experimental results and the distribution of bond stress is shown to be significantly influenced by the bar stiffness factor K. A comparison of the experimental results with the current codes shows that the bond stresses currently used are low and in particular, CPIlO(56) specifies very conservative design bond stresses .

Persistence in a random bond ising model of socio-econo dynamics

We study the persistence phenomenon in a socio-econo dynamics model using computer simulations at a nite temperature on hypercubic lattices in dimensions up to ve. The model includes a \social" local eld which contains the magnetization at time t. The nearest neighbour quenched interactions are drawn from a binary distribution which is a function of the bond concentration, p. The decay of the persistence probability in the model depends on both the spatial dimension and p. We nd no evidence of \blocking" in this model. We also discuss the implications of our results for possible applications in the social and economic elds. It is suggested that the absence, or otherwise, of blocking could be used as a criterion to decide on the validity of a given model in dierent scenarios.

Heat and mass transfer in membrane distillation used for desalination with slip flow

A theoretical model for the transport phenomena in an air gap membrane distillation is presented. The model is based on the conservation equations for the mass, momentum, energy and species within the feed water solution as well as on the mass and energy balances on the membrane sides. The slip flow occurs due to the hydrophobic properties of the membrane. The slip boundary condition applied on the feed saline solution-membrane interface is taken into consideration showing its effects on process parameters particularly permeate flow, heat transfer coefficient and thermal efficiency. The theoretical model was validated with available experimental data and was found to be in good agreement especially when the slip condition is introduced. Increasing slip length from zero to 200 μm was found to increase the permeate flux and the thermal efficiency by 33% and 1.7% respectively.

2-(3-Hydroxy-propyl)isoindoline-1,3-dione:Competition among hydrogen-bond acceptors

The title compound, C11H11NO3, has two mol-ecules in the asymmetric unit, which differ in the orientation of their side-chain OH groups, allowing them to form inter-molecular O - H⋯O hydrogen bonds to different acceptors. In one case, the acceptor is the OH group of the other mol-ecule, and in the other case it is an imide O=C group. This is the first example in the N-substituted phthalimide series in which independent mol-ecules have different types of acceptor. Mol-ecular-orbital calculations place the greatest negative charge on the OH group. © 2008 International Union of Crystallography.

Experimental and theoretical studies on six-membered ring hydrogen bond systems in crystalline drug substances

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Highly selective Pd/titanate nanotube catalysts for the double-bond migration reaction

Pd(II) and Pd(0) catalysts supported onto titanate nanotubes (H2Ti3O7) were prepared by an ion-exchange technique. The catalysts are characterised by narrow size distribution of metal nanoparticles on the external surface of the nanotubes. Pd(II) catalysts show high selectivity toward double-bond migration reaction versus hydrogenation in linear olefins. The catalytic activity exhibits a volcano-type dependence on the metal loading, with the maximum activity observed at ca. 8 wt%. The Pd(II) was shown to be rapidly reduced to Pd(0) by appropriate choice of solvent. Prereduced Pd(0) catalysts were found to be less active toward double-bond migration and more selective toward hydrogenation. The DBM reaction was faster in protic solvents, such as methanol or ethanol. © 2006 Elsevier Inc. All rights reserved.

The side effects of quantitative easing:evidence from the UK bond market

We examine the returns to UK government bonds before, during and between the phases of quantitative easing to identify the side effects for the market itself. We show that the onset of QE led to a sustained reduction in the costs of trading and removed some return regularities. However, controlling for a wide range of market activity, including issuance and QE announcements, we find evidence that investors could have earned excess returns after costs by trading in response to the purchase auction calendar. Drawing on economic theory, we explore the implications of these findings for both the efficiency of the market and the costs of government debt management in both the short and long run.

Observed and predicted hydrogen bond motifs in crystal structures of hydantoins, dihydrouracils and uracils

A survey of crystal structures containing hydantoin, dihydrouracil and uracil derivatives in the Cambridge Structural Database revealed four main types of hydrogen bond motifs when derivatives with extra substituents able to interfere with the main motif are excluded. All these molecules contain two hydrogen bond donors and two hydrogen bond acceptors in the sequence of NH, C = O, NH, and C=O groups within a 5-membered ring (hydantoin) and two 6-membered rings (dihydrouracil and uracil). In all cases, both ring NH groups act as donors in the main hydrogen bond motif but there is an excess of hydrogen bond acceptors (two C=O able to accept twice each) and so two possibilities are found: (i) each carbonyl O atom may accept one hydrogen bond or (ii) one carbonyl O atom may accept two hydrogen bonds while the other does not participate in the hydrogen bonding. We observed different preferences in the type and symmetry of the motifs adopted by the different derivatives, and a good agreement is found between motifs observed experimentally and those predicted using computational methods. We identified certain molecular factors such as chirality, substituent size and the possibility of C-H⋯O interactions as important factors influencing the motif observation. © 2012 The Royal Society of Chemistry and the Centre National de la Recherche Scientifique.