Charge‐shift bonds (CSBs) constitute a new class of bonds different than covalent/polar‐covalent and ionic bonds. Bonding in CSBs does not arise from either the covalent or the ionic structures of ...the bond, but rather from the resonance interaction between the structures. This Essay describes the reasons why the CSB family was overlooked by valence‐bond pioneers and then demonstrates that the unique status of CSBs is not theory‐dependent. Thus, valence bond (VB), molecular orbital (MO), and energy decomposition analysis (EDA), as well as a variety of electron density theories all show the distinction of CSBs vis‐à‐vis covalent and ionic bonds. Furthermore, the covalent–ionic resonance energy can be quantified from experiment, and hence has the same essential status as resonance energies of organic molecules, e.g., benzene. The Essay ends by arguing that CSBs are a distinct family of bonding, with a potential to bring about a Renaissance in the mental map of the chemical bond, and to contribute to productive chemical diversity.
New description of valence bonding: The vertices of the triangle in the figure are labeled with the three variables of electron‐pair bonding, Φcov , Φion , and REcs (charge‐shift resonance energy), which lead to three families of valence bonding, covalent, ionic, and charge‐shift bonding, respectively. A variety of tricky bonding situations such as dative bonds, coordinative bonds, 3e‐bonds, and hypervalent bonds can be best described by charge‐shift bonding.
We examine the extent to which institutional investors herd in the U.S. corporate bond market and the price impact of their herding behavior. We find that the level of institutional herding in ...corporate bonds is substantially higher than what is documented for equities, and that sell herding is much stronger and more persistent than buy herding. The price impact of herding is also highly asymmetric. While buy herding facilitates price discovery, sell herding causes transitory yet large price distortions. Such price destabilizing effect of sell herding is particularly pronounced for speculative-grade, small, and illiquid bonds, and during the financial crisis.
This article reports the results of an experiment designed to assess the impact of lastsale trade reporting on the liquidity of BBB corporate bonds. Overall, adding transparency has either a neutral ...or a positive effect on liquidity. Increased trans is not associated with greater trading volume. Except for very large trades, spreads on newly transparent bonds decline relative to bonds that experience no transparency change. However, we find no effect on spreads for very infrequently traded bonds. The observed decrease in transaction costs is consistent with investors' ability to negotiate better terms of trade once they have access to broader bond-pricing data.
Using micro-level data, we construct a credit spread index with considerable predictive power for future economic activity. We decompose the credit spread into a component that captures firm-specific ...information on expected defaults and a residual component- the excess bond premium. Shocks to the excess bond premium that are orthogonal to the current state of the economy lead to declines in economic activity and asset prices. An increase in the excess bond premium appears to reflect a reduction in the risk-bearing capacity of the financial sector, which induces a contraction in the supply of credit and a deterioration in macroeconomic conditions. PUBLICATION ABSTRACT
We report here on the status of research on halogen bonds and other σ‐hole interactions involving p‐block elements in Lewis acidic roles, such as chalcogen bonds, pnictogen bonds and tetrel bonds. A ...brief overview of the available literature in this area is provided via a survey of the many review articles that address this field. Our focus has been to collect together most review articles published since 2013 to provide an easy entry into the extensive literature in this area. A snapshot of current research in the area is provided by an introduction to the virtual special issue compiled in this journal, comprising 11 articles and entitled `Halogen, chalcogen, pnictogen and tetrel bonds: structural chemistry and beyond.'
A compilation of review articles on σ‐hole interactions published since 2013 is presented alongside an overview of the 11 articles in the special issue on this topic.
Momentum in Corporate Bond Returns Jostova, Gergana; Nikolova, Stanislava; Philipov, Alexander ...
The Review of financial studies,
07/2013, Volume:
26, Issue:
7
Journal Article
Peer reviewed
This paper documents significant momentum in a comprehensive sample of 81,491 U.S. corporate bonds with both transaction and dealer-quote data from 1973 to 2011. Momentum is driven by noninvestment ...grade (NIG) bonds. Momentum profits have increased over time, along with the growth of this segment. From 1991 to 2011, they average 59 basis points (bps) per month across all bonds and 192 bps in NIG bonds. NIG bonds issued by private firms earn even higher profits (282 bps). Momentum profits do not appear to compensate for risk or persist as a result of trading frictions. Bond momentum is not just a manifestation of equity momentum.
An efficient palladium-copper catalyzed regioselective C-C bond cleavage/C-H bond activation/C-C bond reformation reaction to synthesize 9,9-diaryl-xanthenes has been developed. A variety of ...9,9-diaryl-xanthenes were synthesized in moderate to good yields by 9H-xanthene-9-carboxylic acid/2-(9H-xanthen-9-yl)-cycloketones and aromatics bearing electron-donating functional groups through the decarboxylation/de-cycloalkanonylative coupling reactions.
Rollover Risk and Credit Risk HE, ZHIGUO; XIONG, WEI
The Journal of finance (New York),
April 2012, Volume:
67, Issue:
2
Journal Article
Peer reviewed
Open access
Our model shows that deterioration in debt market liquidity leads to an increase in not only the liquidity premium of corporate bonds but also credit risk. The latter effect originates from firms' ...debt rollover. When liquidity deterioration causes a firm to suffer losses in rolling over its maturing debt, equity holders bear the losses while maturing debt holders are paid in full. This conflict leads the firm to default at a higher fundamental threshold. Our model demonstrates an intricate interaction between the liquidity premium and default premium and highlights the role of short-term debt in exacerbating rollover risk.
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