We propose a model to capture the dynamics of asset returns, with periods of crises that are characterized by contagion. In the model, a jump in one region of the world increases the intensity of ...jumps both in the same region (self-excitation) as well as in other regions (cross-excitation), generating episodes of highly clustered jumps across world markets that mimic the observed features of the data. We develop and implement moment-based estimation and testing procedures for this model. The estimates provide evidence of self-excitation both in the US and the other world markets, and of asymmetric cross-excitation, with the US market typically having more influence on the jump intensity of other markets than the reverse. We propose filtered values of the jump intensities as a measure of market stress and examine their out-of-sample forecasting abilities.
Due to the environmental impacts of fossil fuels, agro-industrial residues have become a viable alternative for a more ecological production of fuels. This research aims to investigate Brazil's ...participation in the technology developments by using biomass to produce second-generation ethanol. Searches were carried out using technological information contained in patent documents applied worldwide. The results showed an increase in the number of patents applied between 2006 and 2015, but not enough for the sector to reach technological maturity to deal with the great challenges faced by industrial plants on a commercial scale. Public investments have directly impacted the creation of inventions associated with second-generation ethanol. Among the players, Chinese public organizations stand out, as well as North American companies and, to a much less extent, Brazilian universities. Most private companies originated from traditional petrochemical sectors, evidencing a strategic movement of capital already established to meet the growing trends towards biofuels. Despite being the second-largest ethanol producer globally, Brazil has low national technological development. Even though a recent downturn was felt, it is concluded that the sector faces a favorable scenario in the production of biofuels for the coming decades, based on new technological routes.
This intervention responds to a series of articles—including one published in Antipode—on what is referred to as “new” state capitalism (NSC) or sometimes, simply, state capitalism. Our overarching ...argument is that by eliding state and institutionalist theory and, specifically, separating the analysis of state transformation from the power and leverage of social forces under late capitalism, NSC scholars end up offering an inaccurate, inchoate and incoherent conceptualisation and analysis of important phenomena. Our contention is that future work needs to return to socio‐relational analyses of the state, prioritising the power and leverage of social forces operating under patterns of accumulation characterised by more‐integrated‐than‐ever‐before global economic‐market relations and the concentration of productive and financial capital.
In this article was found that the Ukrainian stock market did not take the right place as required by the market economy. It was created without a clear legal framework, weak understan-ding and ...uncertain behavior of the state in relation to exchange activities, as well as the absence of a state regulator that would coordinate, supervise and organize the work of commodity exchanges.It should be noted that the increase in sales of agricultural products on commodity exchanges in recent years has been largely achieved through the registration of export contracts on accredited exchanges, which had no practical impact on the pricing process and stabilization of the agricultural market.Proven low activity of participants in the use of forward contracts in exchange trade leads to restraint of the development of exchange trade in commodity derivatives for agricultural products. The main directions of development of the exchange agricultural market, which should be: stabilization of the political and economic environment in the country; improvement of the mechanism of regulation of the domestic exchange agricultural market; creation of favorable organizational and legal conditions for attracting foreign speculative capital; increasing the financial stability of agricultural market participants; availability of an effective exchange infrastructure of commodity markets; providing access to the electronic information field; development of requirements for licensing of professional participants of the exchange commodity market; creation of the necessary level of material and technological support of domestic commodity exchanges.The process of implementation of the latter should take place in stages and requires the creation of the above organizational and economic conditions.Theoretical and methodical bases of formation of organizational and economic model of effective functioning of the commodity exchange market of Ukraine aimed at effective regulation of the wholesale market of agricultural products, as a whole, and creation of system of self-regulation of such market which will provide activation of turnover of pro-ducts and money at exchange auctions economic conditions of the shadow market, will contribute to thenecessary increase in efficiency of production and sale of products on the stock market, staff elimination of the agricultural sector and the creation of a system of effective state regulation of market prices for agricultural products, food and consumed by the agricultural sector material and technical resources circulating in the wholesale market and the formation of market infrastructure for effective management of reproduction and sale of marketable products.Keywords:futures; futures trading; agricultural products; world market; grain; stock market.
Existing approaches at explaining accelerated internationalization of born global firms are incomplete as they do not capture the learning that is undertaken by these firms and their founders prior ...to the firm's legal establishment. Building on the extant literature and drawing on the dynamic capabilities view of competitive strategy, this paper presents a conceptual model of born global firm internationalization. We conjecture that a set of dynamic capabilities that are built and nurtured by internationally-oriented entrepreneurial founders enable these firms to develop cutting-edge knowledge intensive products, paving the way for their accelerated market entry. We develop propositions and offer concluding remarks.
The article presents the question of the effect of the effectiveness of various elements of cultivation technologies on the competitiveness of Camelina sativa and the profitability of its cultivation ...on acidic, low–fertility sod-podzolic soils. Fertilizers are one of the fast-acting and effective factors in increasing the yield of Camelina sativa. It was established that introduction of mineral fertilizers had a significant impact on competitiveness of Camelina sativa seeds. Dependence of productivity elements and yielding capacity on crops has been determined. It was established that spring cruciferous crops had different seed productivity. According to the results of conducted research, it was found that the highest seed yielding capacity among spring cruciferous crops had spring Brassica napus L., but the oil content in Camelina sativa seeds was 46.53%, which is 4.08% more than in Brassica napus L. Therefore, oil outcome from the yield of Brassica napus L. and Camelina sativa was almost the same.
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