scholarly journals Is There an Issuance Premium for SRI Bonds?: Evidence from the Periods Before and After the COVID-19 Outbreak

2021 ◽  
Vol 50 (4) ◽  
pp. 369-409
Author(s):  
Hak-Kyum Kim ◽  
Hee-Joon Ahn
Keyword(s):  
Social Bonds ◽  
Bond Market ◽  
The Other ◽  
Bond Markets ◽  
Sample Analysis ◽  
Socially Responsible ◽  
Responsible Investment ◽  
South Korean ◽  
Before And After ◽  
Empirical Approaches

This study empirically examines whether there are any issuance premia for Socially Responsible Investment (SRI) bonds, using the data from the South Korean bond market from May 2018 to December 2020. We classify SRI bonds into three types: green, social, and sustainability. We divide the sample period into pre-COVID-19 and post-COVID-19 to understand how the pandemic has impacted the pricing of SRI bonds. We employ two empirical approaches: a matching sample analysis and a regression analysis that controls various bond and market characteristics. We find the following. First, significant issuance premia of at least 8bp existed for our sample of social bonds. However, we do not find any evidence of an issuance premium from the other two types of bonds. The premia on social bonds decreased significantly after the outbreak of COVID-19. As most studies have focused on green bonds, the literature on SRI bonds has largely been silent about social bonds and sustainability bonds. By focusing on these two less researched SRI bond types in addition to green bonds, we help expand our knowledge on SRI bond markets. Moreover, to the best of our knowledge, this is the first study to examine the SRI bond market in South Korea.

Changes in human skeletal muscle ultrastructure and force production after acute resistance exercise

1995 ◽  
Vol 78 (2) ◽  
pp. 702-708 ◽  
Author(s):  
M. J. Gibala ◽  
J. D. MacDougall ◽  
M. A. Tarnopolsky ◽  
W. T. Stauber ◽  
A. Elorriaga
Keyword(s):  
Resistance Exercise ◽  
Human Skeletal Muscle ◽  
Biceps Brachii ◽  
Force Production ◽  
The Other ◽  
Sample Analysis ◽  
Repetition Maximum ◽  
Muscle Ultrastructure ◽  
Single Bout ◽  
Before And After

Muscle ultrastructure and contractile properties were examined before and after a single bout of resistance exercise (8 sets of 8 repetitions at 80% of 1 repetition maximum). Eight untrained males performed the concentric (Con) phase of arm-curl exercise with one arm and the eccentric (Ecc) phase with the other arm. Needle biopsies were obtained from biceps brachii before exercise (Base), immediately postexercise from each arm (post-Con and post-Ecc), and 48 h postexercise from each arm (48 h-Con and 48 h-Ecc). Electron microscopy was used to quantify the presence of disrupted fibers in each sample. Analysis of variance revealed a greater (P < or = 0.05) proportion of disrupted fibers in post-Con, post-Ecc, 48 h-Con, and 48 h-Ecc samples compared with Base. Significantly more fibers were disrupted in post-Ecc (82%) and 48 h-Ecc (80%) samples compared with post-Con (33%) and 48 h-Con (37%), respectively. Voluntary and evoked strength measurements recovered to Base values within 24 h in the Con arm but remained depressed (P < or = 0.05) for 72–96 h in the Ecc arm. These data indicate that both the raising and lowering phases of weightlifting produced myofibrillar disruption, with the greatest disruption occurring during the lowering phase.

Development, Discernment, and Death: Dore on the South Korean Economy

2019 ◽  
Vol 92 (4) ◽  
pp. 715-728
Author(s):  
Hyung-Gu Lynn
Keyword(s):  
Human Capital ◽  
Economic Development ◽  
South Korea ◽  
Developmental State ◽  
Mortality Rates ◽  
The Other ◽  
South Korean ◽  
Korean Economy ◽  
Before And After ◽  
Investments In Education

Ronald Dore's 1977 article in Pacific Affairs, "South Korean Development in Wider Perspective," is a rare example of the scholar known for his writings on Japan applying his analytical lens on South Korea. What were some of this article's most notable areas of foresight and elision related to development studies? This essay answers this question by interpreting connections to publications before and after 1977 to analyze areas of insight under the rubric of "discernment" and overlooked subjects under "death." On one hand, Dore's essay was ahead of the curve in its deft foreshadowing of post-developmentalist, varieties of capitalism, and developmental state approaches to economic development. On the other, Dore sidestepped the effects of death on economic development in three forms: literal— effects of changing mortality rates on investments in education and human capital; industries related to death—wars, munitions production and arms expenditures; and the aftereffects of the death of a scholar—the revisiting and renewal of debates that can sometimes emerge as a result.

scholarly journals Promoting Social Bonds for Impact Investments in Asia

2021 ◽  
Keyword(s):  
Sustainable Development ◽  
Social Impact ◽  
Social Issues ◽  
Social Bonds ◽  
Bond Market ◽  
Social Bond ◽  
Current Status ◽  
Potential Contribution ◽  
Bond Markets ◽  
The Impact

Social bond markets have grown rapidly in Asia and around the world amid the coronavirus disease (COVID-19) pandemic. Today, the global social bond market is dominated by bonds that address pandemic-related social impact areas. To better understand the potential contribution of social bonds in tackling developing Asia’s most urgent social issues, this study reviews the current status and recent trends of global and Asian social bond markets. It further analyzes social impact areas that can be addressed by social bonds in both the short and long term. The study’s findings can help align finance with the Sustainable Development Goals and maximize the impact of the social bond market for sustainable development.

scholarly journals The corporate response to the socially responsible investment (SRI) index of the Johannesburg stock exchange (JSE)

2014 ◽  
Vol 12 (1) ◽  
pp. 399-405 ◽  
Author(s):  
Collins C Ngwakwe ◽  
Fulufhelo G Netswera
Keyword(s):  
Stock Exchange ◽  
T Test ◽  
Socially Responsible ◽  
Corporate Response ◽  
Responsible Investment ◽  
Responsible Investing ◽  
Johannesburg Stock Exchange ◽  
Significant Difference ◽  
Before And After ◽  
Corporate Social

This paper examines the trend in corporate response to the social responsible investing index (SRI) of the Johannesburg Stock Exchange (JSE). The motif of the paper is to discover how and if SRI drives corporates towards public declaration of their social responsible investments. The approach is archival with a descriptive and quantitative analysis of data drawn from the Johannesburg Stock Exchange. Descriptively, we charted a trend of the rate at which the JSE firms join the JSE SRI Index, and our findings indicate an upward trend from 2004 to 2013. Quantitatively, we examined the likely difference in corporate climate disclosure before and after the introduction of the Code for Responsible Investing in South Africa (CRISA). Our findings – using a T-Test of difference in means, indicate a significant difference in means, which apparently show that the CRISA may have added further impetus to corporate climate disclosure. In 2013, the JSE SRI deepened its stringency in measuring corporate responsible claims by assessing only the publicly available responsible information of corporations for inclusion in its SRI index. We thus evaluate possible difference in climate disclosure before and within the year of the new stringent criteria of measurement. Our second T-Test of difference in means also shows a significant difference in means, which signal that corporations exerted extra efforts in making the extent of their climate responsibility publicly available. We conclude that the JSE SRI, coupled with the CRISA motivates firms to improve on their public disclosure. We also conclude that the carbon disclosure project (CDP) is adding pragmatic momentum on the activities of JSE firms to strive towards their improvement in climate performance. Thus voluntary codes and indexes, in the absence of binding regulations, could spur corporate social and environmental initiative in a developing country

Understanding Socially Responsible Investing and Its Implications for Islamic Investment Industry

2019 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Mohd Nizam Barom
Keyword(s):  
Investment Decision ◽  
Socially Responsible Investing ◽  
Clear Understanding ◽  
Socially Responsible ◽  
Responsible Investment ◽  
Developed Economies ◽  
Responsible Investing ◽  
Screening Strategies ◽  
Investment Process ◽  
Islamic Investment

Understanding Socially Responsible Investing and Its Implications for Islamic Investment Industry // // // // // Social, ethical and environmental concerns have been used as important consideration for investment decision by an increasing number of investors. This can be seen by the size and growth of the socially responsible investment (SRI) industry in the developed economies. At the same time, scholars and commentators of Islamic finance have also called for Islamic investment industry to learn from the experience of SRI in incorporating social responsibility issues in the investment process, in line with the ethical principles of Islam and the overall objective of the Shari’ah (Maqasid al-Shari’ah). This would require Islamic investment sector to have a clear understanding of the SRI industry in order to effectively benefit from its experience. This is particularly critical due to the significant diversity of investors and complexity in the issues and strategies adopted in the SRI industry. Hence, this paper adds to the Islamic investment literature by providing an extensive  and systematic survey of SRI industry in terms of its (i) underlying motivations and values; (ii) issues of concerns; (iii) types of investors; and (iv) screening strategies. It then synthesizes these components within the context of the ‘value-based’ investors. This synthesized framework offers a useful tool for Islamic investment practitioners to understand the theoretical and practical aspects of SRI. Subsequently, the paper highlights important implications of the findings for Islamic investment industry in terms of the issues that it needs to consider in emulating SRI practices and a number of lessons that it can learn from the SRI experience.  

Arthroscopy in Arthrosis: Is It Worth it? A case Presentation

2018 ◽  
Vol 69 (8) ◽  
pp. 2232-2235
Author(s):  
Marius Moga ◽  
Mark Edward Pogarasteanu ◽  
Antoine Edu
Keyword(s):  
Clinical Status ◽  
Loose Body ◽  
Point Of View ◽  
The Other ◽  
Joint Range Of Motion ◽  
Objective Evidence ◽  
Before And After ◽  
Total Knee ◽  
Joint Range

The role of arthroscopy in incipient and mild arthrosis, even combined with proximal tibial ostetomy, is well known and well documented. On the other hand, its role in the treatment of advanced arthrosis of the large joints, especially the knee, is a subject of controversy. The proponents of the use of arthroscopy in advanced arthrosis claim that meniscectomy, synovectomy, ostophytectomy, chondral lesion stabilization, arthroscopic release, plica and loose body removal greatly improve the quality of life for most patients, especially if followed by the use of viscoelastic injection, by diminishing pain and improving joint range of motion. The opponents claim that, even though the advantages are clear in the cases that refuse arthroplasty, in all the other cases the surgical indication should be total knee arthroplasty, as the clinical relief is temporary, but with all the risks of a surgical intervention. We have conducted an overview of the recent literature, in order to find objective evidence to sustain either point of view. We focused on articles published that included an objective measurement of before and after clinical status through clinical scores and objective measurements. We also focused on the follow-up period and on the evolution of the pathology after arthroscopy.

Antimicrobial Effect of 940 nm Diode Laser based on Photolysis of Hydrogen Peroxide in the Treatment of Periodontal Disease

2018 ◽  
Vol 69 (8) ◽  
pp. 2081-2088 ◽  
Author(s):  
Alin Alexandru Odor ◽  
Edwin Sever Bechir ◽  
Deborah Violant ◽  
Victoria Badea
Keyword(s):  
Hydrogen Peroxide ◽  
Laser Therapy ◽  
Diode Laser ◽  
Antimicrobial Effect ◽  
The Other ◽  
Control Group ◽  
Group 4 ◽  
Periodontal Bacteria ◽  
Severe Periodontitis ◽  
Before And After

Moderate and severe periodontitis represents a challenge in the non-surgical periodontal therapy. Due to the lack of evidence regarding the antimicrobial effectiveness of 940 nm diode laser in periodontal treatment, this study aimed to evaluate the antimicrobial effect of hydrogen peroxide (H2O2) photolysis performed with 940 nm diode laser in the treatment of moderate and severe periodontitis. Twenty-five patients with 100 teeth were selected for this pilot study. The test teeth were randomly assigned to one of the four treatment groups: Group 1: scaling and root planning (SRP) (control group); and the following experimental groups: Group 2: H2O2; Group 3: 940 nm diode laser therapy; Group 4: 940 nm diode laser therapy and H2O2. Clinical examinations, like probing depth (PD), clinical attachment level (CAL) and bleeding on probing (BOP) were performed before and after the treatment. The microbiological evaluation, effectuated before and after the treatment, included nine periodontal bacteria species and investigated by means of real-time PCR assay. The clinical and bacterial differences in the tested groups, was assessed between control group and the other three experimental groups, as well as between the experimental groups. The total bacteria load was reduced for all four studied groups. Group 4 (diode laser + H2O2) showed significant bacterial reduction of the major periodontal bacteria like Pg., Tf., Td., Pi., Pm., Fn (p[0.001) than the other 3 groups (p]0.001). Also the periodontal clinical parameters, like PD, CAL and BOP showed a significant reduction after the photolysis of H2O2 with the 940 nm diode laser (p[0.001). Differences between tested groups showed a significant beneficial results in regard to Group 4.It is suggested that the photoactivation of H2O2 with the 940 nm diode laser can be used successfully in adjunctive to the non-surgical periodontal treatment as a bactericidal tool.

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