Oil price shocks,geopolitical risks,and green bond market dynamics

This research explores the causal relation among oil price, geopolitical risks, and green bond index in the United States from December 2013 to January 2019. Unlike the conventional linear model specification used in earlier works, we evaluate causal relations based on Granger-causality in quantile analysis. Our empirical results reveal unidirectional Granger-causality from geopolitical risk to oil price at the extreme quantiles. We also observe a significant bi-directional causality from oil price to green bond index for the lower quantiles. Findings also reveal causality from geopolitical risk to green bond index in the lower quantiles of the distribution. Therefore, knowledge of these causal relationships can help policy makers to evaluate and implement effective policies to prevent sudden and substantial oil price shocks and geopolitical risk.     

United States oil and gas stock returns with multi-factor pricing models: 2008–2018

International oil demand is met by large government-owned producers, with remaining production divided between publicly traded Majors and Independents. This study compares publicly traded oil producer equity returns traded on the NYSE for the Majors and Independent US oil producers. Individual producer returns were related to equity and oil returns. Equity market risk is lower for large Majors and higher for smaller Independent rivals. Oil producers’ risk premiums associated with oil are smaller for large Majors and larger for smaller Independents. Natural gas returns generally do not affect producer returns. Major returns are inversely while smaller Independent returns are positively related to the size effect. Major oil producer returns are positively related to the value effect and negatively related to momentum.     

Modelling the nonlinear relationship between oil prices,stock markets,and exchange rates in oil-exporting and oil-importing countries

This article investigates the multivariate dependence between oil prices, equity markets, and exchange rates in certain oil-importing and oil-exporting countries by applying the vine copulas approach which offers a greater flexibility and permits the modelling of complex dependency patterns for high-dimensional distributions. Our results show that the dependence between oil and exchange rates is significantly negative during different periods of analysis, except for the British Pound and Japanese Yen exchange rates. This result indicates that oil may serve as a weak hedge against exchanges rates.     

Routines and the sustainable lock-out of Moroccan oil refineries

For many years, researchers have tried to shed light into the black box of economic agents to investigate the mechanisms that guide their actions. Evolutionary economists have used the concept of ‘routines’ to explain why some firms are more innovative than others. The case study on French and Moroccan oil refineries presented in this paper suggests that this concept can also be used to explore differences in the way these firms manage health, safety, and environmental (HSE) issues. An improved understanding of firms' HSE behaviour allows policy-makers to design policies that can foster the emergence of strong HSE routines and substantially improve firms' HSE performance. Results show that, in spite of low HSE regulatory pressures in Morocco, Samir oil refineries operating in the Kingdom have developed an HSE management routine. A tabled presentation of the HSE management routine of Samir and of the French group Total allows us to compare the HSE behaviour of these firms, and to suggest how new routines could trigger a lock-out from the low HSE performance of Samir.     

Disclosure of provisions for decommissioning costs in annual reports of oil and gas companies: A content analysis and stakeholder views

This study examines the extent of compliance with accounting disclosure requirements relating to provisions for decommissioning costs by oil and gas companies. We also investigate the views of stakeholders on the reporting practices of these companies. Using a content analysis approach, our findings reveal that compliance is substantially high, but companies tend to take a tick-box approach providing only minimum disclosure requirements. In semi-structured interviews, we find that disclosure decisions were driven by concerns about the credibility of information due to complexities in the accounting processes, regulatory requirements, lack of information demand and proprietary costs. These findings have policy implications.     

中外石油天然气行业会计准则的对比

针对石油天然气行业的特点,许多国家制定了本国的石油天然气准则。本文对比分析了国际财务报告准则、美国和我国石油天然气会计准则的内容,就我国石油天然气会计准则的进一步完善提出了几点建议。     

国际原油价格对我国新能源行业股票价格的波动溢出效应研究

在大气污染日益严峻的情况下,新能源行业受政府大力支持和投资者青睐。新能源与原油一定程度上互为替代品,理论上国际原油价格必然对我国新能源行业股票价格有显著的波动溢出效应,但有些学者却持反对态度,认为我国股票市场对外还没有完全开放,新能源行业发展又很不成熟,所以该溢出效应很难显著。文章运用VAR- Asymmetric- BEKK模型进行比较研究得出：在未去除我国整体股市行情因素时,国际原油价格波动对我国新能源行业股票价格波动溢出效应不显著;而在去除我国整体股行情因素时,国际原油价格波动对我国新能源行业股票价格波动溢出效应在1%显著性水平下显著。表明存在从国际原油价格向我国新能源行业股票价格的波动溢出效应,只是该溢出效应被我国股市总体行情掩盖了。     

油料检验使用标准样品分类现状分析

标准样品的多样性使其统一管理较为困难,而将标准样品分别归类可解决这一难题,并为钻研、探究标准样品提供便利,使工作内容更加丰富。标准样品的使用在油料的检验中必不可少,本文介绍标准样品在检验小麦硬度指数时发挥的重要作用,具体阐述标样的分类,并分析总结其表现特点。     

Precious metals,oil and the exchange rate: contemporaneous spillovers

We investigate the contemporaneous spillovers among precious metals, crude oil and the US$ exchange rate. We contend that conventional reduced-form vector autoregressive (VAR) models based on lead/lag relations do not fully capture the interactions among these series as these models ignore the contemporaneous effects. Using a Structural VAR model, we identify these contemporaneous spillovers, which are shown to be strong and asymmetric. We further show that not taking into consideration the contemporaneous interactions among these assets leads to inaccurate findings and inevitably to inaccurate interpretations of the causal relations among them.     

油轮空舱鉴定影响因素研究

由于当前技术水平的局限,国内外大型油轮装货前卸货后的底油量始终无法较为准确的测定,从而直接影响了装货和卸货的船测数据准确性。近年来,在舟山口岸进行清洗舱作业的大型油轮逐渐增加,根据海关监管的需要,船方委托我公司对所有外籍油轮最终清洗出来的油污水、含油量、油泥等进行数重量鉴定。通过对这些数据进行收集分析,发现实际清洗出来的油品数量与在日常的鉴定工作中对油轮的底油进行计量所得的数量有一定的差别。本文通过对影响底油量的一些因素逐一进行数据分析,从中得到一些经验和规律,以供鉴定人员在日常的船舱计量工作中作为参考。