Search results for " Mark"

Stock Market Integration and the Global Financial Crisis

2014

We study the dynamics of stock market integration and its consequences during the recent financial crisis for twenty-three developed and sixty emerging markets. We find that integration increased slightly for emerging markets but decreased for developed countries during the crisis. Moreover, we argue that the high degree of integration propagated the crisis across the global financial markets at the beginning of the crisis, but it had little effect during the crisis. We also find that integration is mostly affected by financial openness, the institutional environment, and global financial uncertainty but that these determinants vary slightly between emerging and developed markets.

Small fish in big ponds : Connections of green finance assets to commodity and sectoral stock markets

2022

We analyze return and volatility connectedness of the rising green asset and the well-established US industry stock and commodity markets from September 2010 to July 2021. We find that the time-varying return and volatility connectedness have exhibited serious crisis jumps. Some individual assets of both the green and commodity markets are in connection to the US sectoral stock market returns, and the volatility connections are even more common than the return connections. Furthermore, some financial and economic uncertainty indicators manifest positive impacts from the volatility of some `big pond markets for e.g. commodities, whereas some others affect the connectedness negatively. Additi…

Finland’s great depression of the 1990s: Lessons about financial reform based on econometric macro evidence

2020

The paper re‐examines the Finnish Great Depression of the 1990s, based on an open macro model, with specific dummy variables to identify the initial effects of liberalized financial markets and capital mobility, and of the Russian trade collapse. It is shown that the explosive credit expansion resulting from the simultaneous liberalization of the financial markets and international capital movements in 1986 has played the most important role in explaining the uncontrolled growth and the subsequent depression in 1989 in real economic activity in Finland. Their effects were strengthened by a vicious circle between the financial and asset markets. The Russian trade collapse in 1991 had a small…

Effects of economic policy uncertainty on stock and bond market integration

2015

Tässä pro gradu – tutkielmassa tarkastellaan sitä , miten talouspoliitti nen epävarmuu s vaikut taa osake - ja korko markkina tuottojen väliseen yhteyteen . Tutkimuksessa saadut e mpiiriset havainnot viittaavat siihen, että kun reaalit alouden kasvu ylittää inflaati o- vauhdin , talouspoliittisen epävarmuuden kasvu on tekijä, joka vähentää osake - ja ko r- ko markkina tuottojen korrelaatiota . Sen sijaan kun inflaatio vauht i ylittää reaalitalouden kasvun, jota tässä tutkielmassa on mitattu S&P 500 i ndeksin osinkojen jaolla, kasvava talouspoliittinen epävarmuus vahvistaa osake - ja korkomarkkinatuottojen korrelaatiota . Tutkimus on toteutettu Yhdysvaltojen rahoitusmarkk inoiden aineistolle…

Essays on emerging financial markets, political institutions and development differences

2014

Determinants of current account balances

2011

A Stochastic Decision Process Model for Optimization of Railway and Tramway Track Maintenance by means of Image Processing Technique

2013

One of the key targets for an efficient transport network management is the search for proper maintenance policies to guarantee acceptable safety and quality standards in the travel and to optimize available resource allocation. Methodologically, the proposed model presented in this paper uses the stochastic dynamic programming and in particular Markov decision processes applied to the rail wear conditions for the railway and tramway network. By performing the integrated analysis of the classes of variables which characterize the rail quality (in terms of safety), the proposed mathematical approach allows to find the solutions to the decision-making process related to the probability of det…

Application of selected supervised classification methods to bank marketing campaign

2016

Supervised classification covers a number of data mining methods based on training data. These methods have been successfully applied to solve multi-criteria complex classification problems in many domains, including economical issues. In this paper we discuss features of some supervised classification methods based on decision trees and apply them to the direct marketing campaigns data of a Portuguese banking institution. We discuss and compare the following classification methods: decision trees, bagging, boosting, and random forests. A classification problem in our approach is defined in a scenario where a bank’s clients make decisions about the activation of their deposits. The obtained…

A characterization of the real estate market

2017

Aim: The aim of the study is to identify and discuss important features of the real estate market with particular emphasis on their economic dimension, as well as to demonstrate cause and effect relationships between these features and the functioning of the market (mainly Polish conditions were taken into account). Design / Research methods: In the main, research and literature studies were carried out, which concerned two basic directions, i.e. identification of essential features of the real estate market from the point of view of their economic dimension, and showing the relationship between these features and the efficient operation of the market. Conclusions / findings: Research and a…

Ricerca del saggio di capitalizzazione nel mercato immobiiare

2011

In the search of capitalization rate, the international valuation standards impose the reference to the data and the information of real estate market of the same segment or, very probably, in similar segments of the property being appraised. In this last case with adjustments of rents and market prices. The adjustments don’t concern the capitalization rate but rents and prices. Accordingly capitalization rate cannot be obtained by the rate other than real estate investments, for instance financial, because a property market segment, where data can be collected, always exists.