Integration of the GCC Stock Markets

This study analyzes the short- and long-term interdependence among the Gulf Cooperation Council (GCC) stock markets, namely, Kuwait, Saudi Arabia, Bahrain, Emirates, and Oman. The study finds a solid long-term relationship among the GCC stock markets and that each market contributes significantly to that relationship. The short-term relationship is also supported through the causality tests as well as through impulse response functions. The analysis reveals the Kuwait stock market to be the most influential during the examined period. Also, a feedback exists between the Saudi and the Emirates stock markets. In order to corroborate the results, an ARDL model is specified and its results confirm the cointegration tests. Overall, the results place doubts against the investment diversification principle.

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On the Linkage between the Energy Market and Stock Returns: Evidence from Romania

Energies ◽

10.3390/en12081463 ◽

2019 ◽

Vol 12 (8) ◽

pp. 1463 ◽

Cited By ~ 1

Author(s):

Daniel Ştefan Armeanu ◽

Camelia Cătălina Joldeş ◽

Ştefan Cristian Gherghina

Keyword(s):

Stock Returns ◽

Capital Market ◽

Energy Market ◽

Hard Coal ◽

Impulse Response Functions ◽

Response Functions ◽

Short Term ◽

Market Participants ◽

Johansen Cointegration Test

his paper aims to establish whether the Romanian energy market has an influence on the good running of the associated capital market. In order to achieve this objective, we approached a series of econometric techniques that allowed us to study the cointegration between variables, the presence of short-term or long-term causality relationships, and the application of impulse-response functions to analyze how the BET index responds to the shocks applied. The empirical findings from the Johansen cointegration test, ARDL model, and VAR/VECM models confirmed both the presence of a long-term and short-term relationship between the energy market and capital market. From all energy market indicators, only hard coal presented a causal relationship with the BET index. We also noticed a unidirectional relationship from the WTI crude oil to the Romanian capital market. Our findings should be of interest to researchers, regulators, and market participants.

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The long-term linkages between direct and indirect property in Australia

Journal of Property Investment and Finance ◽

10.1108/jpif-01-2015-0005 ◽

2015 ◽

Vol 33 (4) ◽

pp. 374-392 ◽

Cited By ~ 4

Author(s):

Jaime Yong ◽

Anh Khoi Pham

Keyword(s):

Moving Average ◽

Property Market ◽

Short Term ◽

Content Type ◽

Property Data ◽

Cointegration Tests ◽

Causality Tests ◽

Asset Portfolio ◽

Asset Classes

Purpose– Investment in Australia’s property market, whether directly or indirectly through Australian real estate investment trusts (A-REITs), grew remarkably since the 1990s. The degree of segregation between the property market and other financial assets, such as shares and bonds, can influence the diversification benefits within multi-asset portfolios. This raises the question of whether direct and indirect property investments are substitutable. Establishing how information transmits between asset classes and impacts the predictability of returns is of interest to investors. The paper aims to discuss these issues.Design/methodology/approach– The authors study the linkages between direct and indirect Australian property sectors from 1985 to 2013, with shares and bonds. This paper employs an Autoregressive Fractionally Integrated Moving Average (ARFIMA) process to de-smooth a valuation-based direct property index. The authors establish directional lead-lag relationships between markets using bi-variate Granger causality tests. Johansen cointegration tests are carried out to examine how direct and indirect property markets adjust to an equilibrium long-term relationship and short-term deviations from such a relationship with other asset classes.Findings– The authors find the use of appraisal-based property data creates a smoothing bias which masks the extent of how information is transmitted between the indirect property sector, stock and bond markets, and influences returns. The authors demonstrate that an ARFIMA process accounting for a smoothing bias up to lags of four quarters can overcome the overstatement of the smoothing bias from traditional AR models, after individually appraised constituent properties are aggregated into an overall index. The results show that direct property adjusts to information transmitted from market-traded A-REITs and stocks.Practical implications– The study shows direct property investments and A-REITs are substitutible in a multi-asset portfolio in the long and short term.Originality/value– The authors apply an ARFIMA(p,d,q) model to de-smooth Australian property returns, as proposed by Bond and Hwang (2007). The authors expect the findings will contribute to the discussion on whether direct property and REITs are substitutes in a multi-asset portfolio.

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Long-Term Equilibrium and Short-Term Dynamics between Metropolitan Housing Markets in China

Advanced Materials Research ◽

10.4028/www.scientific.net/amr.905.343 ◽

2014 ◽

Vol 905 ◽

pp. 343-347

Author(s):

Gao Lu Zou ◽

K.W. Chau

Keyword(s):

House Prices ◽

Housing Markets ◽

Small Sample ◽

Short Term ◽

Long Run ◽

Regional Markets ◽

Cointegration Tests ◽

Causality Tests ◽

Short Run

House prices across cities may form long-term relations. Geographic barriers could lead to lack of short-term dynamics. The paper aims to investigate the long-run equilibrium and/or short-run dynamics betweenmetropolitan house pricesin China. The study introduced two cointegration tests and various small-sample corrections. We conductedthe Toda-Yamamoto Granger causality tests. House prices betweencitiesin most regional markets did notshow long-term relations as well as short-term dynamics. Therefore, geographies andtransport costs between cities could reducethe centrifugal forces of city growth. Metropolitan housing markets are typically local.

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Determinants of Money Demand in Algeria: An Empirical Study Using Cointegration and Error Correction Model

Modern Applied Science ◽

10.5539/mas.v13n10p78 ◽

2019 ◽

Vol 13 (10) ◽

pp. 78

Author(s):

Mohammed Djebbouri ◽

Abdelkarim Mansouri ◽

Abderrahmane Tahi

Keyword(s):

Error Correction ◽

Money Demand ◽

Demand Function ◽

Real Income ◽

Error Correction Model ◽

Short Term ◽

Correction Model ◽

Cointegration Tests ◽

Short And Long Term

This investigation aims primarily to estimate the determinants of the demand function of money in its broad sense, in Algeria during the period 1980-2017. To accomplish this study, Cointegration and Error Correction Model (ECM) have been used. Thus, these tests proved the no stationary of time series which led us to apply the cointegration tests, so in the end we estimate the model with error correction. The results of this estimation show that the importance of determinants of money demand in the short and long term are ordered as follows: real income, the velocity of circulation of money (VM2) in the short and long term, the long-term exchange rate; in the short term its importance diminishes in favor of inflation, which has a decisive effect on the demand for money in the short term. The findings reveal that the money demand function is insensitive to the interest rate, which explains why speculation is generally regarded as a less important reason in Algeria.

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International Real Estate Review

International Real Estate Review ◽

10.53383/100189 ◽

2014 ◽

Vol 17 (3) ◽

pp. 359-394

Author(s):

Paul Gallimore ◽

◽

J. Andrew Hansz ◽

Wikrom Prombutr ◽

Ying Zhang ◽

...

Keyword(s):

Real Estate ◽

Portfolio Diversification ◽

Portfolio Performance ◽

Short Term ◽

Vector Autoregressive ◽

Real Estate Markets ◽

Market Portfolio ◽

Cointegration Tests ◽

Causality Tests

We investigate long-term cointegrative and short-term causal relations among seven U.S. sectoral REITs. First, cointegration tests identify one long-term cointegrative relation among five of the sectors, which suggests that two of the sectors are outside the cointegrative space. Second, short-term Granger causality tests identify three leading and two following cointegrated sectors. Third, a proposed vector autoregressive model indicates that a stronger cointegrating effect is induced by declining real estate markets and a multivariate sensitivity regression model shows that unexpected inflation significantly and negatively influences the cointegrative disequilibrium. Lastly, our cointegration-based portfolio performance analyses show that the inferior performance of the all-sector market portfolio stems from containing the redundant cointegrated sectors which shatter portfolio diversification.

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PEACE AND TOURISM: A NEXUS? EVIDENCE FROM DEVELOPED AND DEVELOPING COUNTRIES

The Singapore Economic Review ◽

10.1142/s0217590817470038 ◽

2019 ◽

Vol 64 (02) ◽

pp. 323-339 ◽

Cited By ~ 1

Author(s):

CHRISTOS KOLLIAS ◽

STEPHANOS PAPADAMOU

Keyword(s):

Developing Countries ◽

Impulse Response Functions ◽

Response Functions ◽

Short Term ◽

Promoting Effect ◽

Term Adverse Effect ◽

Causality Tests ◽

Global Peace ◽

Do So ◽

Short Term Adverse Effect

The paper empirically examines the nexus between tourism and peace. To do so, it uses in the analysis the recently developed composite Global Peace Index. The sample employed consists of 113 countries and covers the period 2008–2014. The methodology adopted includes PVAR Granger causality tests and impulse response functions. The sample was split into two income groups to allow for the possibility that the nexus differs between developed and developing countries. Findings reported herein indicate a temporary, very short-term adverse effect on tourism as a result of worsening levels of peacefulness only for the former group of countries. A peace promoting effect by tourism is established in the case of the latter group.

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Maternal Vaginal Ureaplasma spp. Colonization in Early Pregnancy Is Associated with Adverse Short- and Long-Term Outcome of Very Preterm Infants

Children ◽

10.3390/children8040276 ◽

2021 ◽

Vol 8 (4) ◽

pp. 276

Author(s):

Judith Rittenschober-Böhm ◽

Tanja Habermüller ◽

Thomas Waldhoer ◽

Renate Fuiko ◽

Stefan M. Schulz ◽

...

Keyword(s):

Preterm Infants ◽

Early Pregnancy ◽

Short Term ◽

Term Outcome ◽

Long Term Outcome ◽

Very Preterm Infants ◽

Very Preterm ◽

Vaginal Colonization ◽

Short And Long Term

Vaginal colonization with Ureaplasma (U.) spp. has been shown to be associated with adverse pregnancy outcome; however, data on neonatal outcome are scarce. The aim of the study was to investigate whether maternal vaginal colonization with U. spp. in early pregnancy represents a risk factor for adverse short- or long-term outcome of preterm infants. Previously, 4330 pregnant women were enrolled in an observational multicenter study, analyzing the association between vaginal U. spp. colonization and spontaneous preterm birth. U. spp. colonization was diagnosed via PCR analysis from vaginal swabs. For this study, data on short-term outcome were collected from medical records and long-term outcome was examined via Bayley Scales of Infant Development at 24 months adjusted age. Two-hundred-and-thirty-eight children were born <33 weeks gestational age. After exclusion due to asphyxia, malformations, and lost-to-follow-up, data on short-term and long-term outcome were available from 222 and 92 infants, respectively. Results show a significant association between vaginal U. spp. colonization and severe intraventricular hemorrhage (10.4% vs. 2.6%, p = 0.03), retinopathy of prematurity (21.7% vs. 10.3%, p = 0.03), and adverse psychomotor outcome (24.3% vs. 1.8%, OR 13.154, 95%CI 1.6,110.2, p = 0.005). The data suggest an association between vaginal U. spp. colonization in early pregnancy and adverse short- and long-term outcome of very preterm infants.

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Spatio-temporal associations of air pollutant concentrations, GP respiratory consultations and respiratory inhaler prescriptions: a 5-year study of primary care in the borough of Lambeth, South London

Environmental Health ◽

10.1186/s12940-021-00730-1 ◽

2021 ◽

Vol 20 (1) ◽

Author(s):

Mark Ashworth ◽

◽

Antonis Analitis ◽

David Whitney ◽

Evangelia Samoli ◽

...

Keyword(s):

Primary Care ◽

Negative Binomial ◽

Hospital Admissions ◽

Air Pollutant ◽

Respiratory Morbidity ◽

Short Term ◽

Short Term Exposure ◽

Short And Long Term ◽

Spatio Temporal

Abstract Background Although the associations of outdoor air pollution exposure with mortality and hospital admissions are well established, few previous studies have reported on primary care clinical and prescribing data. We assessed the associations of short and long-term pollutant exposures with General Practitioner respiratory consultations and inhaler prescriptions. Methods Daily primary care data, for 2009–2013, were obtained from Lambeth DataNet (LDN), an anonymised dataset containing coded data from all patients (1.2 million) registered at general practices in Lambeth, an inner-city south London borough. Counts of respiratory consultations and inhaler prescriptions by day and Lower Super Output Area (LSOA) of residence were constructed. We developed models for predicting daily PM2.5, PM10, NO2 and O3 per LSOA. We used spatio-temporal mixed effects zero inflated negative binomial models to investigate the simultaneous short- and long-term effects of exposure to pollutants on the number of events. Results The mean concentrations of NO2, PM10, PM2.5 and O3 over the study period were 50.7, 21.2, 15.6, and 49.9 μg/m3 respectively, with all pollutants except NO2 having much larger temporal rather than spatial variability. Following short-term exposure increases to PM10, NO2 and PM2.5 the number of consultations and inhaler prescriptions were found to increase, especially for PM10 exposure in children which was associated with increases in daily respiratory consultations of 3.4% and inhaler prescriptions of 0.8%, per PM10 interquartile range (IQR) increase. Associations further increased after adjustment for weekly average exposures, rising to 6.1 and 1.2%, respectively, for weekly average PM10 exposure. In contrast, a short-term increase in O3 exposure was associated with decreased number of respiratory consultations. No association was found between long-term exposures to PM10, PM2.5 and NO2 and number of respiratory consultations. Long-term exposure to NO2 was associated with an increase (8%) in preventer inhaler prescriptions only. Conclusions We found increases in the daily number of GP respiratory consultations and inhaler prescriptions following short-term increases in exposure to NO2, PM10 and PM2.5. These associations are more pronounced in children and persist for at least a week. The association with long term exposure to NO2 and preventer inhaler prescriptions indicates likely increased chronic respiratory morbidity.

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Paleolithic Diet—Effect on the Health Status and Performance of Athletes?

Nutrients ◽

10.3390/nu13031019 ◽

2021 ◽

Vol 13 (3) ◽

pp. 1019

Author(s):

Barbara Frączek ◽

Aleksandra Pięta ◽

Adrian Burda ◽

Paulina Mazur-Kurach ◽

Florentyna Tyrała

Keyword(s):

Blood Pressure ◽

Body Mass ◽

Positive Impact ◽

Model Assessment ◽

Paleolithic Diet ◽

Short Term ◽

Positive Effects ◽

Short And Long Term ◽

The Impact

The aim of this meta-analysis was to review the impact of a Paleolithic diet (PD) on selected health indicators (body composition, lipid profile, blood pressure, and carbohydrate metabolism) in the short and long term of nutrition intervention in healthy and unhealthy adults. A systematic review of randomized controlled trials of 21 full-text original human studies was conducted. Both the PD and a variety of healthy diets (control diets (CDs)) caused reduction in anthropometric parameters, both in the short and long term. For many indicators, such as weight (body mass (BM)), body mass index (BMI), and waist circumference (WC), impact was stronger and especially found in the short term. All diets caused a decrease in total cholesterol (TC), low-density lipoprotein cholesterol (LDL-C), and triglycerides (TG), albeit the impact of PD was stronger. Among long-term studies, only PD cased a decline in TC and LDL-C. Impact on blood pressure was observed mainly in the short term. PD caused a decrease in fasting plasma (fP) glucose, fP insulin, and homeostasis model assessment of insulin resistance (HOMA-IR) and glycated hemoglobin (HbA1c) in the short run, contrary to CD. In the long term, only PD caused a decrease in fP glucose and fP insulin. Lower positive impact of PD on performance was observed in the group without exercise. Positive effects of the PD on health and the lack of experiments among professional athletes require longer-term interventions to determine the effect of the Paleo diet on athletic performance.

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Induction of cell wall phenolic monomers as part of direct defense response in maize to pink stem borer (Sesamia inferens Walker) and non-insect interactions

Scientific Reports ◽

10.1038/s41598-021-93727-2 ◽

2021 ◽

Vol 11 (1) ◽

Author(s):

P. Lakshmi Soujanya ◽

J. C. Sekhar ◽

C. V. Ratnavathi ◽

Chikkappa G. Karjagi ◽

E. Shobha ◽

...

Keyword(s):

Induced Defense ◽

Stem Borer ◽

Defense Responses ◽

Short Term ◽

Mechanical Wounding ◽

Leaf Tissues ◽

Short And Long Term ◽

Insect Interactions ◽

Induced Defense Responses

AbstractPink stem borer (PSB) causes considerable yield losses to maize. Plant–insect interactions have significant implications for sustainable pest management. The present study demonstrated that PSB feeding, mechanical wounding, a combination of mechanical wounding and PSB regurgitation and exogenous application of methyl jasmonate have induced phenolic compound mediated defense responses both at short term (within 2 days of treatment) and long term (in 15 days of treatment) in leaf and stalk tissues of maize. The quantification of two major defense related phenolic compounds namely p-Coumaric acid (p-CA) and ferulic acid (FA) was carried out through ultra-fast liquid chromatography (UFLC) at 2 and 15 days after imposing the above treatments. The p-CA content induced in leaf tissues of maize genotypes were intrinsically higher when challenged by PSB attack at V3 and V6 stages in short- and long-term responses. Higher p-CA content was observed in stalk tissues upon wounding and regurgitation in short- and long-term responses at V3 and V6 stages. Significant accumulation of FA content was also observed in leaf tissues in response to PSB feeding at V3 stage in long-term response while at V6 stage it was observed both in short- and long-term responses. In stalk tissues, methyl jasmonate induced higher FA content in short-term response at V3 stage. However, at V6 stage PSB feeding induced FA accumulation in the short-term while, wounding and regurgitation treatment-induced defense responses in the long-term. In general, the resistant (DMRE 63, CM 500) and moderately resistant genotypes (WNZ ExoticPool) accumulated significantly higher contents of p-CA and FA content than susceptible ones (CM 202, BML 6) in most of the cases. The study indicates that phenolic mediated defense responses in maize are induced by PSB attack followed by wounding and regurgitation compared to the other induced treatments. Furthermore, the study confirmed that induced defense responses vary with plant genotype, stage of crop growth, plant tissue and short and long-term responses. The results of the study suggested that the Phenolic acids i.e. p-CA and FA may contribute to maize resistance mechanisms in the maize-PSB interaction system.

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