How Can We Explain the Dynamics in Debt Maturities of Firms ?

CAHIERS DE RECHERCHE n°2014-01 E2The current paper examines the driving forces of debt maturity dynamics. This is the first attempt ever made to explain debt maturity dynamics from the perspectives of variations in conventional debt maturity determinants, firm's incentive to approach the target debt maturity and the influence of the existence of exxtreme of extreme debt maturity users

On Debt Maturities of Firms and Refinancing Risk: A Consideration of Heterogeneous Effects and Extreme Cases

CAHIER DE RECHERCHE n°2014-02 E2This paper investigates the research question of whether the previously identified factors affect debt maturity choices of the short maturity firms in the same way as the long maturity firms. We find great disparities in the effects of conventional factors across the debt maturity distribution, especially for firms present at the lower and the upper percentiles....

How Can We Explain the Dynamics in Debt Maturities of Firms ?

CAHIERS DE RECHERCHE n°2014-01 E2The current paper examines the driving forces of debt maturity dynamics. This is the first attempt ever made to explain debt maturity dynamics from the perspectives of variations in conventional debt maturity determinants, firm's incentive to approach the target debt maturity and the influence of the existence of exxtreme of extreme debt maturity users

Polysulfide Catalytic Materials for Fast-Kinetic Metal–Sulfur Batteries: Principles and Active Centers

Benefiting from the merits of low cost, ultrahigh-energy densities, and environmentally friendliness, metal–sulfur batteries (M–S batteries) have drawn massive attention recently. However, their practical utilization is impeded by the shuttle effect and slow redox process of polysulfide. To solve these problems, enormous creative approaches have been employed to engineer new electrocatalytic materials to relieve the shuttle effect and promote the catalytic kinetics of polysulfides. In this review, recent advances on designing principles and active centers for polysulfide catalytic materials are systematically summarized. At first, the currently reported chemistries and mechanisms for the catalytic conversion of polysulfides are presented in detail. Subsequently, the rational design of polysulfide catalytic materials from catalytic polymers and frameworks to active sites loaded carbons for polysulfide catalysis to accelerate the reaction kinetics is comprehensively discussed. Current breakthroughs are highlighted and directions to guide future primary challenges, perspectives, and innovations are identified. Computational methods serve an ever-increasing part in pushing forward the active center design. In summary, a cutting-edge understanding to engineer different polysulfide catalysts is provided, and both experimental and theoretical guidance for optimizing future M–S batteries and many related battery systems are offered

Polysulfide Catalytic Materials for Fast‐Kinetic Metal–Sulfur Batteries: Principles and Active Centers

Benefiting from the merits of low cost, ultrahigh‐energy densities, and environmentally friendliness, metal–sulfur batteries (M–S batteries) have drawn massive attention recently. However, their practical utilization is impeded by the shuttle effect and slow redox process of polysulfide. To solve these problems, enormous creative approaches have been employed to engineer new electrocatalytic materials to relieve the shuttle effect and promote the catalytic kinetics of polysulfides. In this review, recent advances on designing principles and active centers for polysulfide catalytic materials are systematically summarized. At first, the currently reported chemistries and mechanisms for the catalytic conversion of polysulfides are presented in detail. Subsequently, the rational design of polysulfide catalytic materials from catalytic polymers and frameworks to active sites loaded carbons for polysulfide catalysis to accelerate the reaction kinetics is comprehensively discussed. Current breakthroughs are highlighted and directions to guide future primary challenges, perspectives, and innovations are identified. Computational methods serve an ever‐increasing part in pushing forward the active center design. In summary, a cutting‐edge understanding to engineer different polysulfide catalysts is provided, and both experimental and theoretical guidance for optimizing future M–S batteries and many related battery systems are offered.DFG, 449814841, Organisch-Polyoxometallat-Co-Kristall-abgeleitete mesoporöse Metallcarbide/-nitride für die Wasserstofferzeugung aus Meerwasse

Three essays in empirical finance

Cette thèse se compose de trois chapitres distincts. Dans le premier chapitre, nous examinons si les facteurs explicatifs de la maturité de la dette précédemment identifiés dans la littérature ont des impacts qui varient en fonction du niveau de maturité de la dette en mettant l'accent sur les cas extrêmes. Nous constatons que les effets des déterminants classiques varient sensiblement en fonction de la distribution de la maturité de la dette. Ces effets sont beaucoup plus faibles pour les percentiles les plus bas et les plus élevés. Cela indique que le risque de refinancement est beaucoup plus contraignant à très court terme et beaucoup moins à très long terme. En revanche, le fait d'avoir accès ou non au financement public accentue ce phénomène d'hétérogénéité de l'impact des déterminants en fonction du niveau de maturité de la dette. Ce dernier point peut s'expliquer par le fait que le risque de refinancement est beaucoup plus important pour les entreprises n'ayant pas accès au financement public. En résumé, nos résultats confirment notre intuition concernant les impacts hétérogènes des déterminants de la maturité de la dette en fonction du niveau de maturité de la dette et en particulier dans les cas extrêmes. Dans le deuxième chapitre, nous examinons les choix de la maturité de la dette des entreprises dans une perspective dynamique. Premièrement, nos résultats mettent en évidence des effets moutonniers. Aussi bien en termes de niveaux de la maturité de la dette qu'en termes de modifications de la maturité de la dette, les entreprises reproduisent le comportement des entreprises du même secteur. Ce comportement moutonnier explique beaucoup plus les variations de la maturité des dettes que les caractéristiques propres des entreprises. Après avoir éliminé l'impact des variations de la structure par terme des taux d'intérêt, ce comportement moutonnier en réponse aux modifications de la maturité de la dette des entreprises du même secteur est encore plus conséquent. Deuxièmement, nous constatons une persistance de niveaux de maturité de la dette dans le temps, notamment pour les entreprises ayant des maturités de la dette très faibles. Le troisième chapitre analyse l'impact du « market timing » sur la maturité de la dette. Nous affirmons que les grandes entreprises affichant des fondamentaux solides ont tendance à émettre des dettes à long terme plutôt qu'à court terme en cas de surévaluation temporaire des titres de ces entreprises. En particulier, pour ce type d'entreprises, l'effet du timing domine celui du comportement moutonnier pendant les périodes de refinancement important. Pour les petites entreprises dont les fondamentaux sont faibles, l'effet du « market timing » est faible, tandis que celui du comportement moutonnier est conséquent.This dissertation is made of three distinct chapters. The first chapter investigates whether the effects of the previously identified factors vary along the debt maturity spectrum. Special emphasis is place on the extremely cases. Notably, we find that the effects of the conventional determinants vary substantially across the debt maturity distribution. Effect attenuation is observed at the lower and the higher debt maturity percentiles. The mechanism lies in the binding refinancing risk in the short extremes and the lessened refinancing risk in the long extremes. By contrast, the fact that a firm has access to public credit or not accentuates to a larger degree the heterogeneity in the observed effects of the included factors across the debt maturity distribution. This result can be explained by the argument that the refinancing risk is even more binding for firms without access to public credit. Altogether, our findings confirm our intuition concerning the heterogeneous effects of the conventional factors exerted along the debt maturity spectrum, especially for the extreme cases. In the second chapter, we examine debt maturity choices of firms from a dynamic perspective. Our results draw clear implications for a herding effect. Firms herd towards the levels as well as the changes of industry peers' debt maturities. Remarkably, this herding effect explains a much larger proportion of variation in debt maturity adjustment than firms' own characteristics. After eliminating the impact of changes in the yield curve, changes in peer firms' debt maturity policies drives debt maturity dynamics to a larger extent. Meanwhile, we find that debt maturity is persistent over time and that the persistence is primarily attributed to firms with short debt maturities. The third chapter analyzes the impact of market timing. We document that big firms with strong fundamentals attempt to “time” the issuance of long-term debts subsequent to temporary market mispricing. Particularly, for this type of firms, the effect of market timing dominates over that of herding during the periods firms raise large amounts of debts. For small firms with weak fundamentals, the effect of market timing is insignificant whereas the herding evidence is prominent

Trois essais en finance empirique

This dissertation is made of three distinct chapters. The first chapter investigates whether the effects of the previously identified factors vary along the debt maturity spectrum. Special emphasis is place on the extremely cases. Notably, we find that the effects of the conventional determinants vary substantially across the debt maturity distribution. Effect attenuation is observed at the lower and the higher debt maturity percentiles. The mechanism lies in the binding refinancing risk in the short extremes and the lessened refinancing risk in the long extremes. By contrast, the fact that a firm has access to public credit or not accentuates to a larger degree the heterogeneity in the observed effects of the included factors across the debt maturity distribution. This result can be explained by the argument that the refinancing risk is even more binding for firms without access to public credit. Altogether, our findings confirm our intuition concerning the heterogeneous effects of the conventional factors exerted along the debt maturity spectrum, especially for the extreme cases. In the second chapter, we examine debt maturity choices of firms from a dynamic perspective. Our results draw clear implications for a herding effect. Firms herd towards the levels as well as the changes of industry peers' debt maturities. Remarkably, this herding effect explains a much larger proportion of variation in debt maturity adjustment than firms' own characteristics. After eliminating the impact of changes in the yield curve, changes in peer firms' debt maturity policies drives debt maturity dynamics to a larger extent. Meanwhile, we find that debt maturity is persistent over time and that the persistence is primarily attributed to firms with short debt maturities. The third chapter analyzes the impact of market timing. We document that big firms with strong fundamentals attempt to “time” the issuance of long-term debts subsequent to temporary market mispricing. Particularly, for this type of firms, the effect of market timing dominates over that of herding during the periods firms raise large amounts of debts. For small firms with weak fundamentals, the effect of market timing is insignificant whereas the herding evidence is prominent.Cette thèse se compose de trois chapitres distincts. Dans le premier chapitre, nous examinons si les facteurs explicatifs de la maturité de la dette précédemment identifiés dans la littérature ont des impacts qui varient en fonction du niveau de maturité de la dette en mettant l'accent sur les cas extrêmes. Nous constatons que les effets des déterminants classiques varient sensiblement en fonction de la distribution de la maturité de la dette. Ces effets sont beaucoup plus faibles pour les percentiles les plus bas et les plus élevés. Cela indique que le risque de refinancement est beaucoup plus contraignant à très court terme et beaucoup moins à très long terme. En revanche, le fait d'avoir accès ou non au financement public accentue ce phénomène d'hétérogénéité de l'impact des déterminants en fonction du niveau de maturité de la dette. Ce dernier point peut s'expliquer par le fait que le risque de refinancement est beaucoup plus important pour les entreprises n'ayant pas accès au financement public. En résumé, nos résultats confirment notre intuition concernant les impacts hétérogènes des déterminants de la maturité de la dette en fonction du niveau de maturité de la dette et en particulier dans les cas extrêmes. Dans le deuxième chapitre, nous examinons les choix de la maturité de la dette des entreprises dans une perspective dynamique. Premièrement, nos résultats mettent en évidence des effets moutonniers. Aussi bien en termes de niveaux de la maturité de la dette qu'en termes de modifications de la maturité de la dette, les entreprises reproduisent le comportement des entreprises du même secteur. Ce comportement moutonnier explique beaucoup plus les variations de la maturité des dettes que les caractéristiques propres des entreprises. Après avoir éliminé l'impact des variations de la structure par terme des taux d'intérêt, ce comportement moutonnier en réponse aux modifications de la maturité de la dette des entreprises du même secteur est encore plus conséquent. Deuxièmement, nous constatons une persistance de niveaux de maturité de la dette dans le temps, notamment pour les entreprises ayant des maturités de la dette très faibles. Le troisième chapitre analyse l'impact du « market timing » sur la maturité de la dette. Nous affirmons que les grandes entreprises affichant des fondamentaux solides ont tendance à émettre des dettes à long terme plutôt qu'à court terme en cas de surévaluation temporaire des titres de ces entreprises. En particulier, pour ce type d'entreprises, l'effet du timing domine celui du comportement moutonnier pendant les périodes de refinancement important. Pour les petites entreprises dont les fondamentaux sont faibles, l'effet du « market timing » est faible, tandis que celui du comportement moutonnier est conséquent

Mutation of Cellulose Synthase Gene Improves the Nutritive Value of Rice Straw

Rice straw is an important roughage resource for ruminants in many rice-producing countries. In this study, a rice brittle mutant (BM, mutation in OsCesA4, encoding cellulose synthase) and its wild type (WT) were employed to investigate the effects of a cellulose synthase gene mutation on rice straw morphological fractions, chemical composition, stem histological structure and in situ digestibility. The morphological fractions investigation showed that BM had a higher leaf sheath proportion (43.70% vs 38.21%, p0.05) was detected in neutral detergent fiber (NDFom) and ADL contents for both strains. Histological structure observation indicated that BM stems had fewer sclerenchyma cells and a thinner sclerenchyma cell wall than WT. The results of in situ digestion showed that BM had higher DM, NDFom, cellulose and hemicellulose disappearance at 24 or 48 h of incubation (p<0.05). The effective digestibility of BM rice straw DM and NDFom was greater than that of WT (31.4% vs 26.7% for DM, 29.1% vs 24.3% for NDFom, p<0.05), but the rate of digestion of the slowly digested fraction of BM rice straw DM and NDF was decreased. These results indicated that the mutation in the cellulose synthase gene could improve the nutritive value of rice straw for ruminants

Sovereign-Bank Diabolic Loop: The Government Procurement Channel

We show that banks' lending exposure to rms with government procurement con- tracts can amplify the diabolic loop between sovereigns and banks. Using the scal austerity measures implemented during the 2010-2011 European sovereign debt crisis as a shock to government procurement, we nd that banks with higher exposure to these rms reduced lending signi cantly more than banks with lower exposure, controlling for rm-speci c credit demand. The reduction in credit supply is economically as important as the e ect of banks' sovereign debt holdings, and a ected both rms with and without government contracts. Firms with lending relationships with a ected banks experienced lower sales growth, assets growth, employment growth, and investment. This decrease in real economic activity is likely to reduce tax revenue, further amplifying the diabolic loop.info:eu-repo/semantics/submittedVersio