Testing co-volatility spillovers for natural gas spot, futures and ETF spot using dynamic conditional covariances

There is substantial empirical evidence that energy and financial markets are closely connected. As one of the most widely-used energy resources worldwide, natural gas has a large daily trading volume. In order to hedge the risk of natural gas spot markets, a large number of hedging strategies can be used, especially with the rapid development of natural gas derivatives markets. These hedging instruments include natural gas futures and options, as well as Exchange Traded Fund (ETF) prices that are related to natural gas stock prices. The volatility spillover effect is the delayed effect of a returns shock in one physical, biological or financial asset on the subsequent volatility or co-volatility of another physical, biological or financial asset. Investigating volatility spillovers within and across energy and financial markets is a crucial aspect of constructing optimal dynamic hedging strategies. The paper tests and calculates spillover effects among natural gas spot, futures and ETF markets using the multivariate conditional volatility diagonal BEKK model. The data used include natural gas spot and futures returns data from two major international natural gas derivatives markets, namely NYMEX (USA) and ICE (UK), as well as ETF data of natural gas companies from the stock markets in the USA and UK. The empirical results show that there are significant spillover effects in natural gas spot, futures and ETF markets for both USA and UK. Such a result suggests that both natural gas futures and ETF products within and beyond the country might be considered when constructing optimal dynamic hedging strategies for natural gas spot prices.

The ionized gas in the CALIFA early-type galaxies I. Mapping two representative cases: NGC 6762 and NGC 5966

As part of the ongoing CALIFA survey, we have conducted a thorough bidimensional analysis of the ionized gas in two E/S0 galaxies, NGC 6762 and NGC 5966, aiming to shed light on the nature of their warm ionized ISM. Specifically, we present optical (3745–7300 Å) integral field spectroscopy obtained with the PMAS/PPAK integral field spectrophotometer. Its wide field-of-view (1′ × 1′) covers the entire optical extent of each galaxy down to faint continuum surface brightnesses. To recover the nebular lines, we modeled and subtracted the underlying stellar continuum from the observed spectra using the STARLIGHT spectral synthesis code. The pure emission-line spectra were used to investigate the gas properties and determine the possible sources of ionization. We show the advantages of IFU data in interpreting the complex nature of the ionized gas in NGC 6762 and NGC 5966. In NGC 6762, the ionized gas and stellar emission display similar morphologies, while the emission line morphology is elongated in NGC 5966, spanning ~6 kpc, and is oriented roughly orthogonal to the major axis of the stellar continuum ellipsoid. Whereas gas and stars are kinematically aligned in NGC 6762, the gas is kinematically decoupled from the stars in NGC 5966. A decoupled rotating disk or an “ionization cone” are two possible interpretations of the elongated ionized gas structure in NGC 5966. The latter would be the first “ionization cone” of such a dimension detected within a weak emission-line galaxy. Both galaxies have weak emission-lines relative to the continuum[EW(Hα) ≲ 3 Å] and have very low excitation, log([OIII]λ5007/Hβ) ≲ 0.5. Based on optical diagnostic ratios ([OIII]λ5007/Hβ, [NII]λ6584/Hα, [SII]λ6717, 6731/Hα, [OI]λ6300/Hα), both objects contain a LINER nucleus and an extended LINER-like gas emission. The emission line ratios do not vary significantly with radius or aperture, which indicates that the nebular properties are spatially homogeneous. The gas emission in NGC 6762 can be best explained by photoionization by pAGB stars without the need of invoking any other excitation mechanism. In the case of NGC 5966, the presence of a nuclear ionizing source seems to be required to shape the elongated gas emission feature in the “ionization cone” scenario, although ionization by pAGB stars cannot be ruled out. Further study of this object is needed to clarify the nature of its elongated gas structure.

Identifying the role of natural resources in knowledge-based strategies of development

Knowledge has adopted a preferential role in the explanation of development while the evidence about the effect of natural resources in countries’ performance is more controversial in the economic literature. This paper tries to demonstrate that natural resources may positively affect growth in countries with a strong natural resources specialization pattern although the magnitude of these effects depend on the type of resources and on other aspects related to the production and innovation systems. The positive trajectory described by a set of national economies mainly specialized in natural resources and low-tech industries invites us to analyze what is the combination of factors that serves as engine for a sustainable development process. With panel data for the period 1996-2008 we estimate an applied growth model where both traditional factors and other more related to innovation and absorptive capabilities are taken into account. Our empirical findings show that according to the postulates of a knowledge-based approach, a framework that combines physical and intangible factors is more suitable for the definition of development strategies in those prosperous economies dominated by natural resources and connected activities, while the internationalization process of activities and technologies become also a very relevant aspect.

Evidence of Leishmania infantum infection in rabbits (Oryctolagus cuniculus) in a natural area in Madrid, Spain

Leishmaniasis is one of most important neglected zoonosis and remains endemic in at least 88 developing countries in the world. In addition, anthropogenic environmental changes in urban areas are leading to its emergency world-wide. Zoonotic leishmaniasis control might only be achieved by an integrated approach targeting both the human host and the animal reservoirs, which in certain sylvatic cycles are yet to be identified. Recently, hares have been pointed out as competent reservoirs of Leishmania infantum in Spain, but the role of other lagomorphs has not been clarified. Here, 69 rabbits (Oryctolagus cuniculus) from a natural area in Madrid in which a high density was present were analyzed using indirect (immunofluorescence antibody test, IFAT) and direct (PCR, culture) techniques. Fifty-seven (82.6%) of the animals were positive to at least one technique, with IFAT yielding the highest proportion of positive samples. L. infantum was isolated in 13% animals demonstrating the occurrence of infection in this setting. Our results suggest that rabbits could play a role of competent reservoir of L. infantum and demonstrate that the prevalence of infection is high in the analyzed area.