Modelling and testing volatility spillovers in oil and financial markets for USA, UK and China

The primary purpose of the paper is to analyze the conditional correlations, conditional covariances, and co-volatility spillovers between international crude oil and associated financial markets. The paper investigates co-volatility spillovers (namely, the delayed effect of a returns shock in one physical or financial asset on the subsequent volatility or co-volatility in another physical or financial asset) between the oil and financial markets. The oil industry has four major regions, namely North Sea, USA, Middle East, and South-East Asia. Associated with these regions are two major financial centers, namely UK and USA. For these reasons, the data to be used are the returns on alternative crude oil markets, returns on crude oil derivatives, specifically futures, and stock index returns in UK and USA. The paper will also analyze the Chinese financial markets, where the data are more recent. The empirical analysis will be based on the diagonal BEKK model, from which the conditional covariances will be used for testing co-volatility spillovers, and policy recommendations. Based on these results, dynamic hedging strategies will be suggested to analyze market fluctuations in crude oil prices and associated financial markets.

Spectral damage model for lighted museum paintings: Oil, acrylic and gouache

A spectral aging test was developed to estimate the photochemical damage of oil, acrylic and gouache paints exposed to permanent lighting. The paints were irradiated at seven different wavelengths in the optical range to control and evaluate their spectral behaviour. To reach this objective, boxes with isolated aging cells were made. In each of box, one LED of a different wavelength and one photodiode were installed. Inside the boxes, the temperature of an exhibit area was recreated through a thermocouple sensor that controlled the temperature using a fan. The heat produced by the LED was dissipated by a thermal radiator. Moreover, to evaluate the exposure time dependence of the irradiation level, the test was performed using two different irradiation levels in ten exposure series. After each series, the spectral reflectance was measured, and the data collected for each paint and wavelength were used to develop a model of damage produced by the interaction between the spectral radiant exposure and the paint.