Search results for " Markets"

EUA and sCER Phase II Price Drivers: Unveiling the reasons for the existence of the EUA-sCER spread

2011

International audience; This article studies the price relationships between EU emissions allowances (EUAs) - valid under the EU Emissions Trading Scheme (EU ETS) - and secondary Certified Emissions Reductions (sCERs)--established from primary CERs generated through the Kyoto Protocol's Clean Development Mechanism (CDM). Given the price differences between EUAs and sCERs, financial and industrial operators may benefit from arbitrage strategies by buying sCERs and selling EUAs (i.e. selling the EUA-sCER spread) to cover their compliance position as industrial operators are allowed to use sCERs towards compliance with their emissions cap within the European system up to 13.4%. Our central res…

Artificial Markets Modeling. Methods and Applications

2007

A COMPARATIVE STUDY OF PHENOMENOLOGICAL MODELS OF MR BRAKE BASED ON NEURAL NETWORKS APPROACH

2013

In this paper a full-scale commercially available magnetorheological (MR) brake installed in a semi-active suspension (SAS) system is modeled and simulated. Two well-known phenomenological hysteresis models are explored: Bouc–Wen and Dahl ones. In particular, influence of their parameters on the response is evaluated and assessed. The next step is to introduce the artificial neural networks and discuss their application in the field of systems identification. Subsequently, two feedforward neural networks are created and trained to estimate parameters characterizing each of the MR damper models described. The semi-active suspension (SAS) system equipped with a MR brake is described and the …

Detection and elimination of UHI effects in long temperature records from villages – A case study from Tivissa, Spain

2019

Abstract Since villages are usually regarded as part of the rural area, associated temperature records are assumed to be free of urban influences and might be used as unbiased reference data for city records. However, based on two years of data from a high temporal and spatial resolution sensor network, this study proves the development of a substantial UHI in the Spanish village Tivissa with intensities of >1.5 K in summer Tmin and Tmax compared to a rural reference. Hosting a meteorological station that has been relocated several times within Tivissa during its >100-year history, we here detail a method to remove UHI biases at past measurement sites to create a more reliable rural tempera…

BOOK REVIEWS: Bernard E. Harcourt , The Illusion of Free Markets; Punishment and the Myth of Natural Order

2015

The review presents the book The Illusion of Free Markets; Punishment and the Myth of Natural Order describing the contents and showing its historiographical view on the link between the market and legal order.

How credit ratings affect sovereign credit risk: cross-border evidence in Latin American emerging markets

2017

This article builds upon previous literature by providing a better understanding of how contagion changes in bordering sovereign CDS emerging markets resulting from credit rating events. To that end, we follow the novel GVAR methodology using data from six Latin American emerging countries during an extensive sample period from 2004 to 2014. Our findings show evidence for the existence of significant and asymmetric cross-border effects. In particular, a competition effect is observed before the event occurs, indicating that non-event countries suffer (benefit) from upgrades (downgrades) in Brazil, Mexico and Chile (in Argentina and Brazil). In contrast, an imitation effect is observed after…

Do sovereign ratings cause instability in cross-border emerging CDS markets?

2020

We analyse the cross-border transmission effect of credit ratings on sovereign CDSs covering a broad sample of emerging countries during the period 2004 to 2015. This study differentiates between the spillover and competition effects between and within geographical areas of emerging countries. We find substantial evidence of cross-border effects with asymmetric responses to upgrades and downgrades. The market reaction differs across regions, reflecting how the international and local impact of rating events are due to different types of effects. At the international portfolio level, the competitive effect is dominant over the spillover effect. Negative events in Asia benefit Africa (which i…

What You Should Know About Carbon Markets

2008

Since the entry into force of the Kyoto Protocol, carbon trading has been in continuous expansion. In this paper, we review the origins of carbon trading in order to understand how carbon trading works in Europe and, specifically, the functioning of the European Union Emission Trading Scheme (EU ETS) and the workings of several spot, futures and options markets where European Union Allowances are traded. As well, the linking of the EU ETS with the other United Nations carbon markets is also studied.

Disentangling the dynamics of social assistance: A linked survey—Register data cohort study of long-term social assistance recipients in Norway

2020

Social assistance is a means-tested benefit that is supposed to be a short-term, temporary economic support. Understanding why some individuals are in repeated or continuous need of social assistance is thus of obvious policy relevance, but the dynamics of social assistance receipt remain poorly understood. In 2005, a survey among long-term recipients of social assistance in Norway collected data on (a) childhood disadvantages, (b) health status, (c) health behaviors, (d) psychological resources, and (e) social ties, in addition to basic sociodemographic information. This rich survey data has been linked with tax register data from 2005–2013, enabling us to explore the detailed characterist…

Dominance and leadership in research activities: Collaboration between countries of differing human development is reflected through authorship order…

2017

Introduction Scientific collaboration is an important mechanism that enables the integration of the least developed countries into research activities. In the present study, we use the order of author signatures and addresses for correspondence in scientific publications as variables to analyze the interactions between countries of very high (VHHD), high (HHD), medium (MHD), and low human development (LHD). Methodology We identified all documents published between 2011 and 2015 in journals included in the Science Citation Index-Expanded categories’ of Tropical Medicine, Infectious Diseases, Parasitology, and Pediatrics. We then classified the countries participating in the publications acco…