1,153 research outputs found
Bank Funding Strategy After the Bail-in Announcement
No full textEuro area countries have recently moved to a new centralized bail-in framework by removing implicit public guarantees. Our paper analyzes banks’ funding strategies after the bail-in proposal. We show that Euro area banks relied more on cheaper and better protected sources of funding, such as deposits, and reduced fund collection from sources with a weaker creditor
protection, such as bonds
Effects of the new resolution regime in European banking
No full textFinancial stability is a pillar of the financial market well-functioning. After the last financial crisis, policymakers harmonised European regulation in banking. The European Banking Union revised the resolution of failing banks. I make use of a natural experiment, made possible by the introduction of the bail-in regulation, to analyse the effects of this revision on the banking system. The analysis concerns the changes in funding strategies of banks, the holdings of bonds issued by banks, and the reaction of equity holders. It aims to assess whether financial stability has been strengthened by the change in banks’ resolution policy and whether other issues arise from it. As result, banks changed their funding strategy, shrinking their balance-sheets and relying more on deposits; the mis-selling of bonds was partly counteracted, generating a potential hazard for financial stability since banks bought bonds issued by other banks; finally, it emerges that the bail-in mechanism was deemed credible by equity-holders, as demonstrated by their smooth reaction once the rules were set. This analysis presents a high degree of external validity as it can be extended to other countries and other change in resolution regulation
ESG resilience in conflictual times
No full textMeasuring the market reaction to a series of announcements related to gas rationing, we find that stock returns of firms with high ESG scores are less affected than their peers. Negative abnormal returns caused by the escalation of the Russia–Ukraine conflict are significantly less pronounced for firms with high scores in the environmental pillar of their ESG evaluation. This effect is mainly driven by the efficient usage of natural resources and low carbon emissions. This evidence is robust to different asset-pricing model specifications. Our findings suggest that higher environmental commitment makes companies more resilient to geopolitical shocks affecting the market price of fossil resources. Interestingly, the evidence in favour of ESG resilience mainly comes from countries more dependent on energy import
Bail-in in action
No full textIn the aftermath of the European sovereign debt crisis, the question of who should bear the burden of banking crises has been a cornerstone of the new supervisory framework in Europe. We evaluate the bail-in regulation (BRRD) for bank bond holdings using a proprietary database covering holdings of all euro-denominated securities. We focus on hard-to-value bailinable bank bonds and show that banks increased their holdings of bailinable bank bonds while households and non-financial corporations reduced their holdings of bailinable bonds issued by riskier banks
Giulia Veronica Varisco
No full textThe headword explains the biography and the contribution of the author Giulia Varisco to the children's literatur
Ytterbium Disilicate/Monosilicate Multilayer Environmental Barrier Coatings: Influence of Atmospheric Plasma Spray Parameters on Composition and Microstructure
No full textfirst_pagesettingsOrder Article Reprints
Open AccessArticle
Ytterbium Disilicate/Monosilicate Multilayer Environmental Barrier Coatings: Influence of Atmospheric Plasma Spray Parameters on Composition and Microstructure
by Giulia Di Iorio,Laura Paglia *ORCID,Giulia PedrizzettiORCID,Virgilio GenovaORCID,Francesco MarraORCID,Cecilia BartuliORCID andGiovanni PulciORCID
INSTM Reference Laboratory for Materials and Surface Engineering, Sapienza University of Rome, Eudossiana 18, 00184 Rome, Italy
*
Author to whom correspondence should be addressed.
Coatings 2023, 13(9), 1602; https://doi.org/10.3390/coatings13091602
Original submission received: 10 August 2023 / Revised: 31 August 2023 / Accepted: 11 September 2023 / Published: 13 September 2023
Downloadkeyboard_arrow_down Browse Figures Review Reports Versions Notes
Abstract
SiC/SiC ceramic matrix composites (SiCf/SiC CMCs) are regarded as the new materials for the hot-section components of aircraft gas turbine engines, since they have one-third of the density of metallic superalloys, a higher temperature capability, good mechanical strength, and excellent thermal shock resistance. However, high-temperature water-vapor-rich combustion gases can induce severe surface recession phenomena in SiC/SiC leading to component failure. For this reason, it is necessary to design protective coatings, i.e., environmental barrier coatings (EBCs), able to protect the SiC/SiC surface in combustion environments. In the present work, ytterbium monosilicate (Yb2SiO5), stable when exposed to water vapor at high temperatures, and ytterbium disilicate (Yb2Si2O7), characterized by a thermal expansion coefficient closer to that of the substrate, were selected for a multilayer EBC system. EBCs were processed using the atmospheric plasma spray (APS) technique. A set of deposition parameters were tested, varying the power of the torch, and the composition and microstructure of the deposited coatings were studied in terms of porosity, crack density, and post-deposition phase retention by performing SEM, EDS, and XRD analysis. The results allow for the definition of the influence of deposition parameters on the final properties of multilayer EBC coatings
Correction to: Safety and Psychological Outcomes of Tandem t:Slim X2 Insulin Pump with Control-IQ Technology in Children, Adolescents, and Young Adults with Type 1 Diabetes: A Systematic Review
No full textThe second author name was incorrectly published as Giula Maria Smylie. The correct name is Giulia Marie Smylie. The original article has been corrected
- …
