ARTICLE | doi:10.20944/preprints202208.0196.v1
Subject: Social Sciences, Finance Keywords: Pricing currency risk; regime-switching; sectors equity markets; state of economy; C-Vine copulas; developed; emerging
Online: 10 August 2022 (09:32:45 CEST)
This paper investigates whether currency risk is priced differently in the different sectors (industrial, financial, and basic materials) of equity markets in a sample of developed United States of America (USA) and developing economies (Brazil, India, Poland, and South Africa). The paper makes use of the following techniques: (i) Univariate Autoregressive Fractionally Integrated Moving Average and Exponential General Autoregressive Conditional Heteroskedastic (ARFIMA-EGARCH), (ii) the Markov-Switching method (MS), and (iii) the Canonical Vine Copulas (C-Vine) techniques. Using a sample of daily data made of the foreign exchange rate against the domestic currency and equity market sectors; our findings show that there is an asymmetry effect between equities markets and the foreign exchange rate: there is a heterogeneous, strong, and positive dependence between the two. Higher equities prices are associated with depreciation of local currencies, according to US dollar (USD) exchange rates. In addition, we find that the selected emerging economies are pricing a positive and considerable currency risk. The pricing of currency risk has a varied effect in both regimes representing the states of the economy. In fact, when currency risk pricing has a beneficial impact on certain sectors of the economy, investors predict better returns.
ARTICLE | doi:10.20944/preprints201709.0035.v1
Subject: Social Sciences, Econometrics & Statistics Keywords: exchange traded funds; financial and energy sectors; co-volatility spillovers; spot and futures prices; generated regressors; Diagonal BEKK
Online: 11 September 2017 (04:35:24 CEST)
It is well known that that there is an intrinsic link between the financial and energy sectors, which can be analyzed through their spillover effects, which are measures of how the shocks to returns in different assets affect each other’s subsequent volatility in both spot and futures markets. Financial derivatives, which are not only highly representative of the underlying indices, but can also be traded on both the spot and futures markets, include Exchange Traded Funds (ETFs), a tradable spot index whose aim is to replicate the return of an underlying benchmark index. When ETF futures are not available to examine spillover effects, “generated regressors” are useful for constructing both Financial ETF futures and Energy ETF futures. The purpose of the paper is to investigate the co-volatility spillovers within and across the US energy and financial sectors in both spot and futures markets, by using “generated regressors” and a multivariate conditional volatility model, namely Diagonal BEKK. The daily data used are from 1998/12/23 to 2016/4/22. The data set is analyzed in its entirety, and are also subdivided into three distinct subsets. The empirical results show there is a significant relationship between the Financial ETF and Energy ETF in the spot and futures markets. Therefore, financial and energy ETFs are suitable for constructing a financial portfolio from an optimal risk management perspective, and also for dynamic hedging purposes.
ARTICLE | doi:10.20944/preprints201808.0279.v1
Online: 15 August 2018 (16:06:52 CEST)
Paper presents the energy policy of the Republic of Serbia with special attention to the energy situation on the government controlled territory. South Serbian autonomous province of Kosovo and Metohija is under UN jurisdiction since the 1999 according to UNSC Resolution 1244. Renewable energy sources are rarely used in Serbia with exception of energy from hydropower plants, but in this sector priorities in geothermal and energy coming from biomass recently increased. In natural gas sector, Serbia has the deal with Russia for construction of South Stream gas-line through Serbia and for construction of the first underground storage in depleted gas reservoir in Banatski Dvor. In 2008, Serbia also sold 51% of the government founded petroleum industry – NIS which has exclusive monopoly for exploitation of crude oil. Serbian government has complete monopoly in electric power sector. Electric power infrastructure became technologically obsolete, and operative efficiency is at very low level. Serbia has not yet decided whether Serbian Electric Power Industry – EPS will be privatized. District heating sector mostly natural gas fuelled is highly inefficient and it is in jurisdiction of local municipalities but also has social component dictated by central government.
ARTICLE | doi:10.20944/preprints202105.0015.v1
Subject: Social Sciences, Accounting Keywords: Structural Decomposition Analysis; Technological Change; Primary Sectors
Online: 3 May 2021 (16:55:58 CEST)
This paper deals with the structural decomposition input-output for the economic analysis of agriculture, forestry and fishing in six EU-28 countries (Austria, Belgium, France, Germany, Italy and Spain) in the 2010-2015 period. The objective is to determine the causes of changes in production in these sectors with a particular focus on disaggregation technological change by distribution factors associated with a specific normalisation of the Leontief inverse. In calculating the net multipliers, an attempt was made to exclude sectors' own consumption appropriately. However, the treatment of own consumption upon introducing a time factor requires further investigation to avoid questionable quantifications. In general, typical characteristics of primary sectors include the accumulation of a significant amount of their own consumption, facilitated by symmetric accounting. Therefore, attention is drawn to these sectors so as to reveal possible analysis techniques that will provide nuance or validate existing techniques.
ARTICLE | doi:10.20944/preprints202012.0632.v1
Subject: Medicine & Pharmacology, Allergology Keywords: antimicrobial use; antimicrobial residues; antimicrobial resistance; food and agriculture sectors; Tanzania
Online: 24 December 2020 (14:18:09 CET)
All infections are potentially curable as long as the etiological agents are susceptible to antimicrobials. The increased rate at which antimicrobials are becoming ineffective is a global health risk of increasing concern that threatens withdrawal of beneficial antimicrobials for disease control. Increased demand for food of animal origin, in particular eggs, meat and milk has led to intensification and commercial production systems where excessive use and misuse of antimicrobials may prevail. Antimicrobials, handled and used by farmers and animal attendants with no formal education may predispose to incorrect dosages, misuse, incorrect applications and non-adherence to withdrawal periods. A multimethod approach (desk review, field study and interviews) was used. Relevant establishments were also visited. High levels of resistance to penicillin G, chloramphenicol, streptomycin and oxytetracycline have been reported especially for Actinobacter pyogenes, Staphylococcus hyicus, Staphylococcus intermedius and Staphylococcus aureus from dairy cattle with mastitis and in humans. Similar trends were found in poultry where eggs and meat are contaminated with Escherichia coli strains resistant to amoxicillin + clavulanate, sulphamethoxazole and neomycin. An increasing trend of emerging multidrug resistant E. coli, Klebsiella pneumoniae, Staphylococcus aureus, and Salmonella was also found in food animals. An in-crease in methicillin resistant Staphlococcus aureus (MRSA) and extended-spectrum beta-lactamase (ESBL) in the livestock sector in Tanzania have been reported. Specific antimicrobials resistant to were ampicillin, augmentin, gentamicin, cotrimoxazole, tetracycline, amoxicillin, ampicillin, gentamicin, streptomycin, erythromycin, tetracycline, ciprofloxacin, nalidixic acid, azithromycin, chloramphenicol, tylosin, erythromycin, cefuroxime, norfloxacin and ciprofloxacin. An in-creased usage of antimicrobials for prophylaxis, anaphylaxis and therapeutics against pathogens and for growth promotion in livestock, aquaculture and crops production were observed. One Health strategic approach is advocated to combat AMR in the food and agriculture sectors in Tanzania. Practical recommendations include a) legislation review and implementation, b) AMU, AMR and AR awareness and advocacy among stakeholders along the value chain, c) strengthening of surveillance and monitoring programs for AMU, AMR and AR, d) enhance development and use of rapid and innovative diagnostic tests and promotion biosecurity principles and e) good husbandry practices. The utilization of this information to improve public health policies and reduce the burden of AMR will be beneficial.
ARTICLE | doi:10.20944/preprints201803.0047.v1
Subject: Social Sciences, Economics Keywords: organizational changes; ICT; management tools; work experience; employee outcomes; comparison of public and private sectors; linked employer-employee survey
Online: 6 March 2018 (16:30:15 CET)
We investigate the human sustainability of ICT and management changes using a French linked employer-employee survey on organizational changes and computerization (COI). We approach the human sustainability of changes through the evolutions of work intensity, skill utilization and the subjective relationship to work. We compare in the private sector and the State civil service the impacts of ICT and management changes on the evolution of these three dimensions of work experience. We find that when ICT and management changes are intense, they are positively associated in the public sector with work intensification and new knowledge. In the private sector ICT and management changes increase the use of skills, but at a rate decreasing with their intensity and without favoring the accumulation of new knowledge. However, their impacts on the subjective relationship to work are much stronger, with public sector employees expressing discouragement as well as the feeling of an increased effort-reward imbalance when private sector employees become more committed. We tested that the self-selection of employees, the specific sources and paths of changes and the implementation of performance pay did not explain this divergence. We identify two partial explanations: one is related with employee turnover in the private sector, the other one with the role of trade unions. These results suggest that the human sustainability of ICT and management changes depends on their intensity and on how their implementation takes into account the institutional context of the organization.