Debt Maturity,Credit Risk,and Information Asymmetry: The Case of Municipal Bonds

Using a system of equations approach, this paper empirically tests the impact of credit quality, asset maturity, and other issuer and issue characteristics on the maturity of municipal bonds. We find that under conditions of lower information asymmetry that prevails in the municipal sector, higher‐rated bonds have longer maturities than low‐rated bonds. This result differs from that observed in the corporate sector. Overall, our results support the asset maturity hypothesis. In addition, our analysis finds that fundamentals matter. Issue features that provide additional protection or convenience to the investor tend to increase debt maturity.     

Interaction of size,book‐to‐market and momentum effects in Australia

This study seeks to disentangle the effects of size, book‐to‐market and momentum on returns. Initial results show that each characteristic has a role in explaining returns, but that there is interaction between size and momentum, as well as between size and book‐to‐market. Three key findings emerge. First, the size premium is the strongest, particularly in the loser portfolios. Second, the value premium is generally limited to the smallest portfolios. Third, the momentum premium is evident for the large‐ and middle‐sized portfolios, but loser stocks significantly outperform winner stocks in the smallest size portfolio. When these interactions are controlled with multivariate regression, we find a significant negative average relation between size and returns, a significant positive average relation between book‐to‐market and returns, and a significant positive average relation between momentum and returns.     

浅析拉西瓦水电站800kV SF6管道母线灰尘控制的新技术

拉西瓦水电站800kV输电通道采用AZZ公司生产的CGIT管道母线.该产品的微粒捕集器加环氧树脂绝缘子专利技术,大大降低了对安装环境的要求,提高了施工进度.同时采用新的耐压老练方式能让管母介质内残留的微粒永久的迁移到微粒捕集器装置内,以使其失去嫂应.     

浅析10kV配电线路设计技术要点

在电力工程中,配电线路的设计直接影响着供电企业的运行,本文主要探讨在电力工程中,针对10kV配电线路的设计技术要点。     

10kV配电线路保护的整定计算

10kV配电线路结构特点是一致性差,如有的为用户专线,只接带一、二个用户,类似于输电线路;有的呈放射状,几十台甚至上百台变压器T接于同一条线路的各个分支上;有的线路短到几百m,有的线路长到几十km;有的线路属于最末级保护,有的线路上设有开关站或有用户变电所等。     

10kV配电线路保护的整定计算

10kV配电线路结构特点是一致性差,如有的为用户专线,只接带一、二个用户,类似于输电线路;有的呈放射状,几十台甚至上百台变压器T接于同一条线路的各个分支上;有的线路短到几百m,有的线路长到几十km;有的线路由35kV变电所出线,有的线路由110kV变电所出线;有的线路上的配电变压器很小,最大不过100kVA,有的线路上却有几千kVA的变压器:有的线路属于最末级保护,有的线路上设有开关站或有用户变电所等.     

220kV电力施工现场常见问题分析与处理

220kV电力施工现场存在着诸多问题,也潜藏着一定危险因素。为最大限度地减少人身及设备等的损害,我们要认真分析电力施工现场存在的问题,并对这些问题进行科学合理的处理,有效防止事故进一步扩大。本文对220kV电力施工现场常见的问题及应急处理措施进行了具体分析。     

Agricultural price transmission across space and commodities during price bubbles

This article investigates agricultural price transmission during price bubbles. The empirical approach concerns the horizontal transmission of cereal prices both across different market places and across different commodities. The trade policy intervention put forward to mitigate the impact of price exuberance is considered. The analysis is performed using Italian and international weekly spot (cash) price data over years 2006–2010, a period of generalized turbulence of agricultural markets. Firstly, the properties of price time series are explored; then, interdependence across prices is specified and estimated by adopting appropriate cointegration techniques. Results suggest that the bubble had only a slight impact on the price spread and the temporary trade‐policy measure, when effective, has limited this impact.     

探析10kV配电网施工技术

在电力系统的建设中,配电网施工是其中一项基础性工作。本文探讨了10k V配电网的施工技术,希望能为10k V配电网施工的开展提供参考。     

孝义前营110千伏变电站变电设备状态检修分析

变电设备保持良好的状态是保障变电站正常和安全运转的基础,所以在日常的工作当中必须要高度重视对设备状态的检修。建立合理的维修和维护策略,及时的对设备进行检修和维护,既可以有效的提高设备的使用寿命,又能够降低由于设备故障而引起的重大事故。以下通过检修的必要性、检修重点以及对110kV实际检修例子进行了分析。