从《英汉石油大辞典》看石油科技新术语的构成特点

石油工业正以令人瞩目的速度迅猛发展:日新月异的勘探技术,层出不穷的新工艺新设备,水平钻井,三次采油,计算机的普及遥感技术的广泛应用……等等这些,都促成了相关石油英语新词汇的出现.新的石油科技术语有一些新的特点,例如这些新词或是原先就存在,但现在已经被赋予了新的含义;或是通过一定的构词方式生成新的术语.掌握了其构成特点,在翻译的时候就更更得心应手.     

Oil price shocks and credit spread: Structural effect and dynamic spillover

This study analyzes the heterogeneous response of U.S. credit spread to global oil price shocks by building an extended structural vector autoregressive model (SVAR), which can distinguish among the U.S. and non-US oil supply shocks, aggregated demand shocks and oil market-specific demand shocks behind the real oil prices. Meanwhile, a spillover index model developed by Diebold and Yilmaz (2012) (hereafter D.Y. (2012)) is used to estimate the link between oil price shocks and the U.S. credit spread over time. The results show that (i) the credit spread does not respond to global oil supply shocks and non-US oil supply shocks, but has a negative reaction to the U.S. oil supply shocks, aggregate demand shocks, and oil-market-specific demand shocks. (ii) There exists a close connectedness between oil price shocks and the U.S. credit spread, and the link fluctuates cyclically and relates to the economic cycle and the U.S. shale oil revolution. (iii) The spillover from different oil price shocks to the U.S. credit spread shows significant heterogeneity over time. Our findings suggest that policymakers and investors can better track the U.S. credit spread changes using oil price information.     

2008—2010年山东口岸主要进口原油品种的质量解析

对2008—2010年山东口岸主要进口原油品种的检测数据进行分析，并结合检验结果，对数据进行对比分析，得到山东口岸主要进口油种品质波动的一些趋势，为今后的原油进口以及检验工作提供一些参考。     

Oil price and FX-rates dependency

Oil prices and exchange rates against the dollar have both experienced long swings over the recent decade. Regardless of the great amount of research, some issues are still open to debate. In this vein, this paper focuses on the evolution of the relationship between oil prices and dollar exchange rates of 12 oil exporting and oil importing countries based on a dynamic copula approach. We use daily data for two 5-year periods between 2003 and 2013, taking the collapse of Lehman Brothers as the dividing point. Our results have four main implications: first, the intensity of relationship between oil prices and FX-rates has increased over time even if the peak of the financial crisis is included. Second, the increased tail dependency shows that extreme events are likelier to occur simultaneously for both series. Third, the dependency has become more dynamic after the financial crisis and is therefore better characterized by time-varying copulas. Finally, currencies of oil importers and oil exporters display a different dependency structure against the US dollar in the case of rising oil prices with the latter appreciating and the former depreciating.     

Effects of speculation and interest rates in a “carry trade” model of commodity prices

The paper presents and estimates a model of the prices of oil and other storable commodities, a model that can be characterized as reflecting the carry trade. It focuses on speculative factors, here defined as the trade-off between interest rates on the one hand and market participants' expectations of future price changes on the other hand. It goes beyond past research by bringing to bear new data sources: survey data to measure expectations of future changes in commodity prices and options data to measure perceptions of risk. Some evidence is found of a negative effect of interest rates on the demand for inventories and thereby on commodity prices and positive effects of expected future price gains on inventory demand and thereby on today's commodity prices.     

Direct and indirect oil shocks and their impacts upon energy related stocks

We attempt to consolidate (at least in part) the vast literature on oil shocks and stock returns by decomposing the influence of oil shocks into two channels of effect: ‘direct’ and ‘indirect’. Using a simple empirical asset pricing model, it is shown that oil shocks can affect stocks not only directly, but also indirectly through general market risk (which is shown to be due in part to oil shocks), or put another way that additional oil price risk exposure is embedded in the traditional market beta. As far as is known this is the first paper explicitly quantifying both effects together. By doing so we offer a more complete picture of when and how oil shocks impact stock returns, thus allowing investors to make more informed responses to oil shocks. The results are illustrated using daily data from all (active) listed energy related stock portfolios in the Asia Pacific Region, and are robust to structural instability and the specification of oil shock used.     

衍生交易、风险管理与公司治理——中航油事件反思

本文以中航油巨亏事件为例，分析了跨国企业的衍生交易、风险管理与公司治理之间的关系。研究发现，中航油巨亏事件的根本动囚是对衍生金融工具认识不足，以致没能很好遵循国际会计准则惯例并导致投资风险的增加。同时，中航油自身在企业风险管理上的弱化，又逐渐滋生了公司治理的内生性问题，即内控机制和监控机制的缺乏。因此，对企业风险的有效管理和公司治理的有效监督是解决当前跨国企业投资风险的最佳办法。     

The Death of a Market: Standard Oil and the Demise of 19th Century Crude Oil Exchanges

Review of Industrial Organization - From the mid-1870s through 1895, a commoditiesmarket in oil existed. Although its organizationwas primitive, it offered the varieties of commoditycontracts...     

Visiting the effects of oil price shocks on exchange rates: Quantile-on-quantile and causality-in-quantiles approaches

We employ the relatively novel quantile-on-quantile and causality-in-quantiles approaches to empirically address the effects of oil price shocks on exchange rates of developed and developing countries. We find the evidence of the effects of oil shocks on exchange rates vary across quantiles. In addition, the effects and causality of oil price shocks are asymmetric and the slope of the coefficient in quantile-on-quantile analysis shows a relatively extreme fluctuation. Furthermore, for the developed currencies, the Granger causal relationship in both the mean and the variance running from oil shocks to exchange rates is always evident at all quantiles, while for the developing countries, the causal flow in the first and second moments is insignificant at middle quantiles.     

Competitive Storage,Biofuels and the Corn Price

The use of corn as an ethanol feedstock has been stimulated by US biofuels policy. This has changed both the position and the slope of the corn demand curve and increased the pass-through from crude oil to corn prices. The principal constraints on ethanol consumption and production have been regulation (the biofuels mandate), capacity constraints in ethanol refining and the blend wall, which puts a ceiling on the ethanol content of gasoline. The incidence of these constraints has varied over time. We model these impacts within the competitive storage model using structural break regression analysis. Our analysis shows that the pass-through has varied over time in relation to the share of ethanol in total US corn use. Our analysis provides robust empirical evidence of an increase in the pass-through from crude oil to corn prices over the period from the start of the century to a high level over 2004–2008 when corn use in ethanol was growing very fast. This enhanced sensitivity was driven by competition for corn as an ethanol feedstock with stock demand exerting strong upward pressure on the corn price.