1,721,041 research outputs found
Model-free moments: predictability of STOXX Europe 600 Oil & Gas future returns
Full text linkThe relationship between prices and volatility of energy assets (primarily oil and gas) is of paramount importance for investors and policy makers. We construct a volatility index for the European oil and gas market based on a model-free approach to obtain a European counterpart of US volatility indices for the energy market, such as the CBOE Crude Oil Volatility Index (OVX). Given that investors are averse to volatility of losses, but appreciate volatility of gains, we also derive risk measures that focus on positive and negative returns and their imbalance. We assess whether the constructed
indices have predictive power on future returns. We show that in the medium term all the risk indices behave as market greed indicators, whereas in the short term they behave as fear indicators since rises in risk indices are linked with negative returns. The implications for investors and policy-makers are outlined
Climate risk measures and main data providers
Full text linkESG (Environmental, Social, and Governance) ratings are becoming
increasingly significant in guiding financial investment decisions.
However, numerous studies have highlighted discrepancies in ESG ratings
across different data providers, primarily due to variations in the
methodologies they employ. To address this issue, we provide a summary
of the key ESG data providers, focusing on two distinct aspects: ESG
ratings for firms and ESG ratings for countries. These two topics are
essential in empirical analysis to attempt to integrate both dimensions—
firm and country—into the evaluation process for assessing whether they
play a significant role in defining climate risk. Moreover, this integration
aids in understanding the implications for climate risk premiums in the
stock market. By considering both the firm and country dimensions, we
can better capture the multifaceted nature of climate risk and its impact
on investment outcomes. The purpose of this report is twofold: first, we
retrieve information from websites concerning the ESG criteria and
methodologies of major climate indicator data providers, evaluating their
transparency and accountability, and highlighting the differences
between public and private sources. Second, we focus on alternative
measures of climate risk that should be used in empirical analysis. Indeed,
ESG ratings at both the company and country levels are not the only
measures of climate risk exposures. In particular, while ESG ratings or
solely the Environmental dimension are often used to assess transition
climate risk, they are less frequently applied to assess physical risk
A note on the Pastor et al. (2021) model
No full textIn this paper, we revise the asset pricing model of Lubo ˇ s Pˇ astor et al. (2021) by incorpo- ́
rating a penalty component into investors’ utility functions when they invest in firms
with lower ESG compliance (brown firms). Our model highlights the dual behavior of
investors who gain utility from investing in green firms (fully ESG-compliant) while
incurring disutility from holding brown firms. We introduce a formulation where
firms’ green characteristics are represented by a vector of ESG scores, with 1 for full
compliance and 0 for non-compliance. The penalty is defined as a function of the deviation from full ESG compliance, adjusted for each investor’s ESG preferences. This
leads to a modified CAPM equation that reflects both the non-pecuniary benefits of
green investments and the penalties for brown investments
Climate risk definition and measures: asset pricing models and stock returns
Full text linkThe aim of this study is to examine the literature on climate risk definition and measures and the impact of climate risk on stock returns. We review how asset pricing models (and their testable implications) consider climate risk as a residual systemic risk driver in excess of either standard market risk factors or latent factors identified with business and financial cycles. Firms less exposed to transition risk, in equilibrium, should face a lower cost of equity financing, given an expected return lower than the one associated with pollutant firms. The existence of a recent outperformance of realized returns on green stocks can be reconciled with unexpected shifts in investors tastes for green assets. Finally, we identify some issues regarding the empirical approach and suggest several potential areas for future research
Current advances in carbonaceous materials for analytical applications in liquid phase
No full textCarbonaceous materials, namely graphitized carbon black (GCB) and porous graphitic carbon (PGC), are an exciting class of stationary phases attracting remarkable attention due to their peculiar characteristics of retention behavior for non-polar and polar analytes, becoming an alternative to the typical reversed-phase stationary phases.The present review is focused on the recent and critical analytical applications of GCB and PGC in liquid phase applications. A comprehensive overview of GCB in sample preparation was done, primarily solid-phase extraction and related techniques. Traditional analytes, such as pesticides and hormones, are reviewed along with new applications, especially short-chain peptides and polar metabolites, where this sorbent allowed for filling a gap in sample preparation from complex biological matrices. The second part of the review article describes the applications of porous graphitic carbon in liquid chromatography and supercritical fluid chromatography. The discussion covers the most relevant analyte classes, with an extensive description of the advantages and disadvantages of PGC over other chromatographic techniques
Liposome protein corona characterization as a new approach in nanomedicine
No full textThis trends article describes the analytical approaches for the in-depth characterization of the protein corona on liposome nanoparticles. In particular, examples since 2014 are summarized according to the analytical approach. Traditional protein corona characterizations from in vitro static experiments are provided along with the newly introduced experimental setups for characterization of the protein corona by in vitro dynamic and in vivo studies. Additionally, a special attention is also devoted to the need for introduction of new experimental workflows for characterization of a much wider array of biomolecules. In the most recent years, an extension of the protein corona concept to the biomolecular corona was introduced, and the analytical targets are no longer restricted to proteins, but to other important biomolecules as well, as they can potentially affect the biodistribution and interaction of nanoparticles with the biological systems. The few recent examples in this field are discussed for the characterization of metabolites and lipids in the biomolecular corona with examples, also extending the discussion from liposome to other types of nanoparticles. A final discussion is provided on the potential key role of the most recent omics approaches in the study of the nano-bio interface, with an overview on top-down proteomics, which allows a better elucidation of proteoforms, and on lipidomics and metabolomics, which allow a comprehensive untargeted characterization of lipids and metabolites, respectively. [Figure not available: see fulltext.]
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Hannah Arendt: dalla denazionalizzazione al dominio totale
No full textPrendendo le mosse da un'articolata critica arendtiana all'efficacia dei diritti dell'uomo nell'opera Le origini del totalitarismo, l'intento di questo contributo è di analizzare il nesso tra la perdita di una comunità politica e l'esclusione dall'umanità ai danni di un individuo. Si tratta di un intreccio sviluppato da Arendt a proposito della condizione degli apolidi e di quanti, privi di status giuridico, non appartenendo più ad alcuna comunità di sorta diventano di fatto inesistenti per la legge. Questa riflessione, oltre a prestarsi a sviluppi per nuove espressioni dell'alterità nella realtà contemporanea, intende ripercorrere la traiettoria sottrattiva esperità nei campi che va dalla denazionalizzazione al dominio totale
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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