Benchmark Status in Fixed-Income Asset Markets

What is a benchmark bond? We provide a formal theoretical treatment of this concept that relates endogenously determined benchmark status to the location of price discovery and we derive its implications. We describe a rich but little used econometric technique for identifying the benchmark that is congruent with our theoretical framework. We apply this in the context of the US corporate bond market and to the natural experiment that occurred when benchmark status was contested in the European sovereign bond markets after the introduction of the Euro. We show that France provides the benchmark at most maturities in the Euro-denominated sovereign bond market and that IBM provides the benchmark in the 10 year maturity in the US corporate bond market.

Analysis of the admissions tests for teacher training in Spain and Finland: knowledge or competences

One of the most decisive factors in the quality of education and academic performance of students is quality, preparation and dedication of the teachers. The exquisite system of selecting candidates for teacher training programs is one of the fundamentals of success of the Finnish Education System. The responsibility of choosing the best students to convert them into teachers is a challenge that involves a significant reform of university admission. Achieving this goal involves the choice of strategies and educational tools in accordance to the complexity of the demands presented by the teaching profession in the digital age. This study describes, analyzes and compares the admission tests in the University of Spain (PAU) and Finland (VAKAVA), for those who wish to become professional educators, in order to understand the possible influence of these tests to select the most suitable candidates to develop into future teaching professionals. The results showed that in Spain, the entrance test to universities is developed in a general way for all the students that aspire to any field of knowledge, while in Finland, the test is specific and particular for students aspiring to the field of education. The results of this study can guide and encourage the necessary changes that have to be done in the admission tests to Spanish university in general and to teacher education faculties in particular.

Full-Scale Marine Exposure Tests on Treated and Untreated Concretes Initial 7-Year Results

An extensive chloride profiling program was undertaken on concrete pier stems erected in the vicinity of the Dornoch Bridge located at the Dornoch Firth in Northeast Scotland. The pier stems were 2 m (6.562 ft) high and octagonal in plan with 0.66 m (2.165 ft) wide faces. The piers were constructed in sets of three with the lowest of each set in the tidal zone and the highest in the atmospheric zone. The pier stems were placed in such a way that they would represent the exposure conditions of the actual bridge piers of the Dornoch Bridge. In all, six of the pier stems were made using plain ordinary portland cement (OPC) concrete (with three of these having the surface treated with silane); the remaining three pier stems had a concrete containing caltite as an additive. Three exposurezones were studied: the tidal zone, the splash zone, and the atmospheric zone. The tidal zone was further subdivided into two levels defined as low-level and high-level. Chloride profiles were obtained from the different regimes over a period of 7 years for all nine pier stems. This paper describes the nature of chloride ingress and the usefulness of diffusion parameters in classifying each exposure regimes. Furthermore, the effectiveness of silane and caltite in protecting concrete from chloride ingress in different exposure zones was studied.