Does oil price variability affect the long memory and weak form efficiency of stock markets in top oil producers and oil Consumers? Evidence from an asymmetric MF-DFA approach

This study examines the asymmetric multifractality and the market efficiency of the stock markets in the countries that are the top crude oil producers (USA, KSA, Canada and Russia) and consumers (Brazil, China, India, and Japan) using an asymmetric multifractal detrended fluctuation analysis (A-MF-DFA) method. The results show evidence of an asymmetric multifractal nature for all markets. Moreover, the multifractality is stronger in the upward movement of the market returns, except in China. The degree of efficiency of the stock markets is shown to be time-varying and experienced a decrease during the 2008 global financial crisis (GFC), but an upside trend occurred during the recent oil price crash followed a significant decline during COVID-19. The stock markets have an anti-persistent feature during GFC and COVID-19, whereas they exhibit a long-term persistent feature during oil price crash. More interestingly, the efficiency of the stock markets of crude oil producers is lower in general than that of oil consumers. Furthermore, the efficiency of the stock market is lower in the downward movement of the market returns than in the upward movement. Asymmetry and oil price uncertainty index are the key driver of the stock markets and can serve as predictor of the stock market dynamics of top oil producers and top oil consumers particularly during COVID-19 and oil price crash.     

浅议我国规避“石油资源诅咒”的法律制度构建

石油资源禀赋本应对一个国家或地区的经济增长起到极大的推动作用,然而世界上拥有丰富的石油资源却陷入经济停滞甚至倒退的国家比比皆是,陷入所谓的"石油资源诅咒"陷阱。从经济学中的"资源诅咒"理论入手,通过分析挪威、尼日利亚等国"石油资源诅咒"现象出现的原因,认为规避"石油资源诅咒"最有效的措施是要制定完善的相关法律制度。结合我国石油资源型城市的发展现状,提出了从制定《石油资源法》,建立石油基金制度、石油资源生态补偿制度、石油资源权利金制度,以及完善竞争法律制度等方面构建我国石油资源型城市规避"石油资源诅咒"的法律制度体系。     

抽油机井检泵周期可靠性预测模型与实际应用

本文选用三参数威布尔分布建立了检泵周期概率密度分布模型,以全油田检泵作业井的检泵周期为统计样本,对检泵周期威布尔分布的参数值进行了回归分析,建立了检泵周期可靠性预测模型,预测可靠度与实际可靠度曲线吻合度较好。     

Language sentiment in fundamental and noise trading: evidence from crude oil

ABSTRACT

Recent research has found the language sentiment in financial news to be a substantial driver of prices in financial markets, though there are two diametrically opposed interpretations for this: either markets perceive news sentiment as fundamental information (thus leading to changes in the valuation of assets) or news sentiment conveys a noise signal (thus contributing to the stochastic component of prices). The opposite roles are resolved in the context of crude oil prices by decomposing price movements into two components referring to fundamental and noise trading. Contrary to theoretical arguments in prior literature, we find empirical results supporting both interpretations.     

The non-linear relationship between oil prices and stock prices: Evidence from oil-importing and oil-exporting countries

This paper investigates the long-run dynamics between stock and oil prices over the period from March 13, 2001 to August 25, 2017 using the Rafailidis and Katrakilidis (2014) approach, which includes the structural breaks in the relationship between the variables in a Dynamic Ordinary Least Squares model. The approach verifies the existence of cointegration and asymmetry. The main results indicate that when using nonlinear approaches, we can find cointegration and asymmetry. For oil-exporting countries, a positive long-term relationship was found between oil and stock prices. In this case, the wealth effect prevailed for these countries. For oil-importing countries with developed economies, a negative signal was found, confirming that in these economies the business cost channel prevailed. However, oil-importing countries with emerging economies have experienced a positive sign in the long-term relationship, probably due to the economic cycle. In addition, only the United States has seen asymmetric adjustments in the long-term relationship between oil and stock prices.     

实行农田灌溉“以电代油”,促进节能减排

加强农村电网建设,提高农灌电力设施供电能力,可降低灌溉成本,减轻农民负担。而且通过＂以电代油＂,能有效节约能源,减少有害物质的排放,缓解石油紧张,对我国实现节能减排目标,建设节约型社会具有重要意义。     

对新疆实施油气资源税改革与可持续增加地方财力的思考

中央决定从2010年6月1日起,率先在新疆进行原油、天然气资源税改革,新疆资源税的率先改革将令世人关注和瞩目。新疆实施资源税改革以来,总体上呈现出运行良好、稳步推进的局面,增加地方财力的效应已初步显现。但在这一过程中也存在一些问题,如计税价格的确定、综合减征率逐年递增而实际征收率逐年递减等问题,因而提出将原油计税价格由结算价改为基准价、2年～3年调整一次综合减征率、调整中外合作开采油（气）田资源税政策等建议。     

常减压装置炼制大庆原油的腐蚀原因分析

大庆原油进入开采末期,原油性质不断劣化,原油助剂的加入降低了电脱盐效率,导致设备装置及管线的腐蚀日益严重。分析了原油炼制过程中常减压蒸馏装置的高温及低温部位的腐蚀机理,结合装置的特点及目前的腐蚀情况,对炼制大庆原油的常减压蒸馏装置需开展的防腐措施进行了阐述。     

资源整合与粮食现代物流问题研究

我国粮油加工转化企业虽然经过20多年的竞争和整合,"小、弱、散"问题依然存在,现代物流及供应链管理理念淡薄,因此整合资源、建立物流联盟、实施先进的企业管理对于促进粮食安全显得非常重要和紧迫。本文从粮油加工企业的角度谈物流资源整合问题,指出了粮食现代物流发展中的主要问题,企图通过资源整合促进粮油加工转化与粮食现代物流协调发展。     

用米糠油制取生物柴油

论述了用米糠油为原料,甲醇作酯化剂,在催化剂的作用下制取生物柴油的方法。