Commodities and Macroeconomic Factors: Unconditional Volatility Measures

Abstract:

This study focuses on the measurement of spillover effects from macroeconomic factors to commodity volatility. It argues that such measurement is sensitive to volatility computation and to causality testing. To this end, I analyze two commodity data sets-gold and the Continuous Commodity Index (1969-2011), and twenty-four Dow Jones futures indexes (1991-2011)-and various macroeconomic indicators. I conclude that the macroeconomic factors that influence volatility generally depend on the commodity under consideration. I also explore whether commodities of the same class experience volatility shifts around the same dates, and find that this is not the case except for energy commodities.     

Assessing Selectivity and Market Timing Performance of Mutual Funds for an Emerging Market: The Case of Turkey

This paper derives and analyzes the selectivity and market timing performance of the mutual funds for the Turkish economy for the financial crisis period by employing high-frequency data. The determinants of these derived abilities are investigated within a regression analysis. The results suggest weak evidence about selection ability and some evidence about superior market timing quality. They also indicate that management fees are negatively correlated with the ability measure, which is quite surprising. Experience emerges as an important factor, especially for market timing ability.     

上市公司区域差异效应分析

东中西三大地带上市公司之间的区域差异是客观存在的,这种差异对区域经济发展产生了不同程度的正面效应和负面影响。随着社会经济的发展,上市公司与区域经济的关联性会大大加强。     

油气田科研院所如何开展质量管理小组活动

根据油气田科研院所产品的特点。从活动范围、活动程序、各自的特点、目的、关注点等方面论述了科研项目研究活动与QC小组活动的异同。并结合实例对科研院所如何开展QC小组活动进行了阐述。     

Bidding asymmetries in multi-unit auctions: Implications of bid function equilibria in the British spot market for electricity

This paper introduces and tests Bid Function Equilibria (BFE) in the British spot market for electricity. BFE extend von der Fehr and Harbord's (1993) multi-unit auction model of wholesale electricity markets by allowing firms to have heterogeneous costs for different generating units. Pure-strategy equilibria in BFE predict asymmetric bidding by producers: a single firm (the “price-setter") bids strategically while other firms (“non-price-setters") bid their costs. We test for asymmetries in firms' bid functions in the British spot market between 1993 and 1995 and find strong empirical support for the theory. We conclude that BFE have important implications for the design and governance of electricity markets.     

实践"三个代表"做好团结各界、凝聚人心的工作

团结各界、凝聚人心的工作是新形势新任务对政协工作的根本要求。做好这项工作,必须全面贯彻“三个代表”重要思想,发挥政协的优势,履行职能,在发展社会主义政治文明中发挥应有的作用,进而在全面建设小康社会中,进一步开创人民政协工作的新局面。     

促进我国会展业发展的对策研究

本文提出了在环境保护中“追本清源”的观点 ,重点阐述了加强环境法规 ,强调在实际工作中必须严格执行法规和实行环境监测控制 ,同时讨论了环境会计 (绿色会计 的建立和环境信息披露问题。     

影响江苏省高新区发展的关键因素分析

本文首先介绍了江苏省高新区发展的基本状况,在此基础上分析了江苏省高新区发展中存在的问题,然后重点讨论了影响江苏省高新区发展的几个关键因素,不仅分析了这些影响因素产生的原因而且提出了相应的对策措施。     

石油及液体石油产品静态计量技术

介绍了石油静态计量基础知识,包括物理特性、大罐的标定、温度、液位、含水的测量方法,最后给出了标准计算顺序。     

建设河北沿海经济强省框架下的外贸SWOT分析

近几年河北外贸发展迅猛,但在全国以及全世界贸易中的地位还很微弱。面对信息科技的挑战,以及历史遗留的产业结构等问题的困扰,河北外贸要抓住"建设沿海经济强省"这一历史机遇,充分利用环渤海经济区的综合发展优势,实现竞争力的全面提升。