Search results for "Rude"
showing 10 items of 1104 documents
Is the leadership of the Brent-WTI threatened by China's new crude oil futures market?
2020
Abstract The recent listing of a new crude oil futures contract on the Shanghai International Energy Exchange (INE) has reopened the debate over whether crude oil produced in different countries or locations constitutes a unified world oil market. The aim of this paper is to study the information flows among Brent, West Texas Intermediate (WTI) and the new Medium Sour Crude Oil (SC) futures contract listed on INE futures markets to assess whether the trading of this new futures contract has altered the dominant role of the most traded oil benchmarks in the world. A multiple regression model identifies the Brent futures market as the most influential market in the oil price discovery process…
El papel de las cooperativas de crédito en el sostenimiento de la España vaciada a través del capital social
2021
El sistema bancario viene experimentando grandes transformaciones, marcadas por la disminución del número de entidades y la concentración del negocio. Las cooperativas de crédito han logrado mantenerse relativamente aisladas de las turbulencias financieras de la pasada crisis gracias a políticas de inversión prudentes y la clara vocación territorial y de proximidad con el entorno, características que, junto con su carácter cooperativo, se han convertido en las principales fortalezas de este tipo de entidades de crédito. Por otra parte, la creciente desatención del sistema bancario hacia los territorios en retroceso demográfico ha propiciado la exclusión financiera de sus habitantes. En este…
Price and volatility dynamics between electricity and fuel costs: Some evidence for Spain
2012
Abstract The purpose of this study is to investigate the causal linkages between the Spanish electricity, Brent crude oil and Zeebrugge (Belgium) natural gas 1-month-ahead forward prices. Following Lutkepohl et al. (2004), we control for the presence of a structural change in the series and then we use the Johansen cointegration test and a vector error correction model (VECM) to embrace the analysis. Additionally, a multivariate generalized autoregressive conditional heteroskedastic (GARCH) model is applied to explore volatility interactions between the three markets involved in the study. Our findings reveal that Brent crude oil and Zeebrugge natural gas forward prices play a prominent rol…
Time-varying causality between crude oil and stock markets: What can we learn from a multiscale perspective?
2017
This paper investigates the presence of time-varying causal linkages in mean and variance between oil price changes and stock returns for six major oil-importing countries (France, Germany, Italy, Spain, the UK and the US) in a multiscale framework that combines wavelet analysis and a modified version of the dynamic causality test of Lu, Hong, Wang, Lai, and Liu (2014). The results show significant bidirectional causal relations between oil and stock markets at the different time horizons for all countries. The causal links tend to be stronger at coarser scales and in periods of financial turmoil, mainly during the recent global financial and European sovereign debt crises. This evidence pr…
Causal flows between oil and forex markets using high-frequency data: Asymmetries from good and bad volatility
2019
The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link. This paper investigates the causal linkages in volatility between crude oil prices and six major bilateral exchange rates against the U.S. dollar in the time-frequency space using high-frequency intraday data. Special attention is paid to the potential asymmetries in the causal effects between oil and forex markets. The wavelet-based Granger causality method proposed by Olayeni (2016) is applied to quantify the causal relations in the time and frequency domains simultaneously. Moreover, the realized semivariance approach of Barndoff-Nielsen et a…
Prudential supervisors' independence and income smoothing in European banks
2019
[EN] We investigate the role of prudential supervisors' independence in affecting income smoothing behavior in European banks. Powerful national supervisors are predicted to influence the accounting practices of their supervised entities, shaping the properties of the accounting numbers they prepare. In particular, we study whether greater independence of powerful supervisors from the government and from the industry is associated with lower income smoothing. We use the mandatory adoption of a single set of accounting standards in Europe as a shock to the influence of prudential supervisors over national banks' accounting practice. Our results confirm that political and industry independenc…
The Influence of Oil Price on Renewable Energy Stock Prices: An Analysis for Entrepreneurs
2020
Abstract This study investigates the relationship between oil price fluctuations and renewable energy stock returns using daily data on Brent crude oil prices and global renewable energy stock market indices between 29 November 2010 and 18 February 2020. The investigation is based on the existing evidence on positive correlations between stock prices and oil prices, but it also considers the shift from non-renewable to renewable sources of energy. A two-stage GARCH(1,1) model and a Granger causality test were applied. Our results show that volatility clustering is present in the renewable energy companies‘ stock prices, but, oil price volatility does not seem to induce any significant effec…
Los derechos de participación en Ecuador siete años después de la aprobación de la constitución: de derechos constituyentes a derechos constitucional…
2015
Con la voluntad de cambiar el modelo de democracia liberal representativa y dar mayor protagonismo a la participación popular, la nueva constitución ecuatoriana de 2008 reconoció todo un conjunto de nuevos derechos de participación. El presente artículo parte de la idea de que estos derechos, igual que los demás, pueden adquirir la forma de lo que llamaremos “derechos constituyentes” o “derechos constitucionales”. A partir de aquí, el artículo plantea que si bien existió una voluntad constituyente, así como la base jurídica suficiente en el texto constitucional de 2008, para poder desarrolla…
Infancia migrante y educación trasnacional en la frontera de México-Estados Unidos
2013
[EN] Child and youth migration, along with that of the general population, is not an isolated matter of modern-day. In this article we wish to reference the matter of child and youth migration and the educational consequences derived from this. In the matter that concerns us we intend to convey a vision of the current reality of the cross-country migration in the Mexico-United States border. Examining the variables we have observed, according to the profile of children and youths that migrate back and forth from one neighboring country to another along with the process of inclusion into or exclusion out of the educational system both in Mexico as well as in their neighboring country, as wel…
Das Eherecht Lettlands
1933
Izvilkums no: Rechtsverfolgung im internationaler Verkehr / Leske-Loewenfeld. - 2. Aufl. - Bd. 4 : Das Eherecht der europaischen Staaten und ihrer Kolonien, T. 1, Lfg. 2., S. 526-578.