Search results for "ta511"
showing 10 items of 82 documents
Forecasting the volatility of biofuel feedstock prices: the US evidence
2019
Given that, nowadays, 40% of the US corn crop is used for biofuel production, there is a growing concern that the rise in biofuel production might lead to an increase in food prices. However, it is also obvious that significant growth in biofuel use has minimized the demand for fossil fuel and has hence reduced the volume of carbon emissions. It is therefore crucial to model corn market volatility precisely because such an estimate could play a vital role in stabilizing food and biofuel market prices. For this purpose, we consider using the information content of the corn implied volatility (CIV) index to predict the corn futures market return volatility. Using symmetric and asymmetric GARC…
Soft Innovation Resources: Enabler for reversal in GDP Growth in the Digital Economy
2018
While Finland and Singapore have been maintaining world digital leaders position, they demonstrate interlaced contrast: high welfare with low GDP growth in Finland and higher GDP growth with lower welfare in Singapore. This provokes an uncaptured GDP postulate that Finnish wellbeing has developed more than one might conclude by GDP. However, a recent reversal in the GDP growth trend suggests the possibility that uncaptured GDP contributes to remove structural impediments in GDP growth.This paper demonstrates this hypothesis. An empirical analysis elucidating the inside the national accountings and institutional systems revealed that soft innovation resources have substituted for service cap…
Stature and long-term labor market outcomes: Evidence using Mendelian randomization.
2017
We use the Young Finns Study (N = ∼2000) on the measured height linked to register-based long-term labor market outcomes. The data contain six age cohorts (ages 3, 6, 9, 12, 15 and 18, in 1980) with the average age of 31.7, in 2001, and with the female share of 54.7. We find that taller people earn higher earnings according to the ordinary least squares (OLS) estimation. The OLS models show that 10 cm of extra height is associated with 13% higher earnings. We use Mendelian randomization, with the genetic score as an instrumental variable (IV) for height to account for potential confounders that are related to socioeconomic background, early life conditions and parental investments, which ar…
Gene-environment interactions between education and body mass: Evidence from the UK and Finland
2017
More education is associated with a lower body mass index (BMI) and likelihood of being overweight. However, since a large proportion of the variation in body mass is due to genetic makeup, it has been hypothesized that education may moderate the genetic risk. We estimate main associations between (i) education, (ii) genetic risk, and (iii) interactions between education and genetic risk on BMI and the probability of being overweight in the UK and Finland. The estimates show that education is negatively associated with BMI and overweightness, and genetic risk is positively associated. However, the interactions between education and genetic risk are small and statistically insignificant. pee…
Does education protect against depression? Evidence from the Young Finns Study using Mendelian randomization
2018
Using participants (N = 1733) drawn from the nationally representative longitudinal Young Finns Study (YFS) we estimate the effect of education on depressive symptoms. In 2007, when the participants were between 30 and 45 years old, they reported their depressive symptoms using a revised version of Beck's Depression Inventory. Education was measured using register information on the highest completed level of education in 2007, which was converted to years of education. To identify a causal relationship between education and depressive symptoms we use an instrumental variables approach (Mendelian randomization, MR) with a genetic risk score as an instrument for years of education. The genet…
Devil in disguise : does drinking lead to a disability pension?
2016
Abstract Objectives To examine whether alcohol consumption in adulthood is related to the incidence of receiving a disability pension later in life. Methods Twin data for Finnish men and women born before 1958 were matched to register-based individual information on disability pensions. Twin differences were used to eliminate both shared environmental and genetic factors. The quantity of alcohol consumption was measured as the weekly average consumption using self-reported data from three surveys (1975, 1981 and 1990). The disability pension data were evaluated from 1990–2004. Results The models that account for shared environmental and genetic factors reveal that heavy drinkers are signifi…
Childhood Physical Activity and Adulthood Earnings
2016
Purpose: This study examined the associations between childhood physical activity level and adulthood earnings. Methods: The data were drawn from the ongoing longitudinal Young Finns Study, which was combined with register-based Finnish Longitudinal Employer–Employee Data and registerbased parents_ background information from the Longitudinal Population Census of Statistics Finland. The study consisted of children who were 9 yr (n = 1257, 52% boys), 12 yr (n = 1662, 51% boys), and 15 yr (n = 1969, 49% boys) of age at the time when physical activity was measured. The children were followed until 2010, when they were between 33 and 45 yr old. Leisure-time physical activity in childhood was se…
Pricing of electricity futures based on locational price differences : The case of Finland
2018
We find that the pricing of Finnish electricity market futures has been inefficient during the latest 10 years, when the trading volumes of Electricity Price Area Differentials (EPADs) have more than doubled. Even though the calculated futures premium on EPADs is related to some risk measures and the variables capturing the demand and supply conditions in the spot electricity markets, there has been a significant positive excess futures premium in the Finnish market, and financial market participants should have been able to utilize this also in economic terms. This finding is new and relevant for the participants of the Nordic electricity markets also in the future, because both the specul…
How do policies for efficient energy use in the household sector induce energy-efficiency innovation? : An evaluation of European countries
2017
Abstract Research on innovation induced by climate-mitigation policy has been focused predominantly on the supply side of the energy system. Despite considerable climate-mitigation potential on the demand side, less attention is given to the innovation effect of policies addressing the household sector. Based on a comprehensive data set, including 550 policy measures over 30 years (1980–2009) and covering 21 European countries, we find—based on econometric estimations—that policies targeting efficient energy use in the household sector significantly increase the number of patented energy-efficiency inventions. A comparison of the different policy types reveals a particularly strong influenc…
New paradigm of ICT productivity – Increasing role of un-captured GDP and growing anger of consumers
2015
Abstract The dramatic advancement of the Internet has led all nations to an information communication technology (ICT) driven development trajectory. This trajectory has resulted in bi-polarization between ICT growing economies and ICT advanced economies. While the former enjoys a virtuous cycle between ICT advancement and productivity increase, the later has fallen into a trap of a vicious cycle between ICT advancement and productivity decrease. This paper identifies that this trap can be attributed to the two-faced nature of ICT in which advancement of ICT contributes to price increases due to functionality development while dramatic advancement of the Internet has resulted in price decre…