We study a global panel of green and conventional corporate bonds to assess the borrowing cost advantage at issuance for green bond issuers. We find that, on average, green corporate bonds have a ...yield spread that is between 3 and 8 basis points lower relative to conventional bonds, depending on the regression specification. We link this borrowing cost advantage, or “greenium,” to demand pressure at issuance, highlighting a key mechanism through which the greenium is allocated. We find that a significant greenium emerges only as of 2019, coinciding with the growth of the sustainable asset management industry following EU regulation. While green bond governance and external review appear to matter for the greenium, the credibility of the underlying projects has little impact. Instead, the greenium is unevenly distributed to large, investment-grade issuers, primarily within the banking sector and developed economies. These findings have implications for the role of green bonds in incentivizing meaningful green investments throughout the global economy.
The fluorescence behaviour of lignocellulose in
Pinus sylvestris
L. was studied under the influence of moisture. Fluorescence excitation-emission-matrices (EEMs) of the solid wood surfaces were ...recorded. Two emission peaks were identified, one attributed to lignocellulose, the other to pinosylvins. The two peaks were successfully modelled with PARAFAC2-deconvolution. Lignocellulose showed excitation-dependent emission. Its emission was quenched and blue-shifted by moisture, while pinosylvin showed none of these properties. The quenching efficiency was proportional to the moisture content (linear Stern–Volmer plot), a phenomenon first demonstrated for wood in this study. Potential mechanisms for the moisture quenching are discussed, with clustering-triggered emission best explaining most of the observed peculiarities. The strong influence of moisture on the fluorescence of pine wood suggests that carbohydrates, or interactions between carbohydrates and lignin, play an important role in lignocellulose fluorescence.
The need for a reliable database and a corresponding methodology to predict service life of wood and wood-based products emanates from the European Construction Products Directive, as well as from a ...strong interest by the building industry. A literature review on decay-influencing factors and on previous approaches to implement methods and tools for service life estimations was the basis for a concept for service life prediction of wooden components. The effect of various indirect decay factors was found to be reducible to a few direct decay factors, with material resistance, as well as wood moisture content, wood temperature and their dynamics among the key factors for fungal decay. Approaches that consider only indirect factors, e.g. climate indices, suffer from poor correlation with service life or decay rates. Therefore, the overall consideration of all possible influences, reduced on the key direct decay factors in first instance, is recommended. To fill a theoretical model with a reliable database, various data sources need to be considered, in decreasing order of priority: in-service performance, field test data, laboratory test data, survey analysis and expert opinion.
Scots pine sapwood (Pinus sylvestris L.) and Douglas fir heartwood (Pseudotsuga menziesii Franco) specimens were exposed in double layer field trials at 23 different European test sites under ...different exposure conditions (in total 27 test sets). The material climate in terms of wood moisture content (MC) and wood temperature was automatically monitored over a period of up to 7 years and compared with the progress of decay. The overall aim of this study was to establish dose-response relationships between climate factors and decay as a basis for the service life prediction of wood. The “Scheffer Climate Index” based on weather data collected at official meteorological stations at the different test sites poorly correlated with the corresponding decay progress and was therefore not a suitable tool for estimating site-specific decay potential. In contrast, the use of the combined material climatic parameters MC and wood temperature led to a feasible dose-response function and turned out to be a useful basis for service life prediction of wood.
In this study, Scots pine sapwood (Pinus sylvestris L.) and Douglas fir heartwood (Pseudotsuga menziesii Franco) specimens were exposed in double layer field trials at four different exposure sites ...and under different exposure conditions (in total ten test sets). The material climate of wood in terms of wood moisture content (MC) and wood temperature was automatically monitored over a period of 6 years and compared with the progress of decay. The aim of this study was to highlight the interrelationship between microclimate, material climate, and decay as a basis for the establishment of dose-response functions to be used for service life prediction of wood and wood-based products. Differences in resulting decay dynamics between the test sites as well as between the different types of exposure were quantified and discussed with respect to corresponding microclimatic and material climatic conditions. The time between the beginning of exposure and the first occurrence of visible decay varied between the sites and influenced the total decay development. The fundamental importance of direct decay factors, such as MC and wood temperature, were underlined and basic requirements for establishing dose-response-functions to be used in service life prediction models were derived.
Zearalenone (ZEN) is a common mycotoxin, for which only reductive metabolites have been identified so far. We now report that ZEN is extensively monohydroxylated by microsomes from human liver in ...vitro. Two of the major oxidative metabolites arise through aromatic hydroxylation and are catechols. Their chemical structures have been unambiguously determined by using deuterium-labeled ZEN and by comparison with authentic reference compounds. Moreover, both catechol metabolites of ZEN were substrates of the enzyme catechol-O-methyl transferase. One of the monomethyl ethers represented the major metabolite when ZEN was incubated with rat liver slices, thus demonstrating that catechol formation also takes place under in vivo-like conditions. Out of ten major human cytochrome P450 (hCYP) isoforms only hCYP1A2 was able to hydroxylate ZEN to its catechols with high activity. Catechol formation represents a novel pathway in the metabolism of ZEN and may be of toxicological relevance.
The impact of heat-treatment temperature (180, 200, 210, 220 and 240°C) and various heat-treatment durations on selected biological, mechanical, optical and physical properties of thermally modified ...timber (TMT) was determined. The suitability of different measures for prediction of the treatment intensity was also investigated. Resistance to impact milling (RIM), lightness L*, equilibrium moisture content (EMC), and antiswelling efficiency (ASE) were correlated with corresponding fungal resistance achieved by heat treatments. The results show that the decrease in mass by heat treatments is a suitable measurand to describe the treatment intensity, which is a product of treatment temperature and duration, where the impact of temperature is dominant over the impact of time. The properties examined showed a strong reciprocally proportional relationship with the decrease in mass. Different correlations were found for the various treatment temperatures: the higher the temperature applied, the lower the decrease in mass required for an equivalent improvement in certain wood properties, e.g. biological durability, EMC and dimensional stability. However, mass loss by Poria placenta correlated well with RIM, lightness L*, EMC and ASE of the different heat-treated specimens, depending on the heat-treatment temperature. Consequently, a reliable estimation of improved fungal resistance of TMT, as well as quality control of TMT in general, requires certain process information.
The widespread adoption of digital health technologies such as smartphone-based mobile applications, wearable activity trackers and Internet of Things systems has rapidly enabled new opportunities ...for predictive health monitoring. Leveraging digital health tools to track parameters relevant to human health is particularly important for the older segments of the population as old age is associated with
multimorbidity
and higher care needs. In order to assess the potential of these digital health technologies to improve health outcomes, it is paramount to investigate which digitally measurable parameters can effectively improve health outcomes among the elderly population. Currently, there is a lack of systematic evidence on this topic due to the inherent heterogeneity of the digital health domain and the lack of clinical validation of both novel prototypes and marketed devices. For this reason, the aim of the current study is to synthesize and systematically analyse which digitally measurable data may be effectively collected through digital health devices to improve health outcomes for older people. Using a modified PICO process and PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) framework, we provide the results of a systematic review and subsequent meta-analysis of digitally measurable predictors of morbidity, hospitalization, and mortality among older adults aged 65 or older. These findings can inform both technology developers and clinicians involved in the design, development and clinical implementation of digital health technologies for elderly citizens.
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