Volatility spillovers for spot, futures, and ETF prices in energy and agriculture

The agricultural and energy industries are closely related, both biologically and financially. The paper discusses the relationship and the interactions on price and volatility, with special focus on the covolatility spillover effects for these two industries. The interaction and covolatility spillovers or the delayed effect of a returns shock in one asset on the subsequent volatility or covolatility in another asset, between the energy and agricultural industries is the primary emphasis of the paper. Although there has already been significant research on biofuel and biofuel-related crops, much of the previous research has sought to find a relationship among commodity prices. Only a few published papers have been concerned with volatility spillovers. However, it must be emphasized that there have been numerous technical errors in the theoretical and empirical research, which needs to be corrected. The paper not only considers futures prices as a widely-used hedging instrument, but also takes an interesting new hedging instrument, ETF, into account. ETF is regarded as index futures when investors manage their portfolios, so it is possible to calculate an optimal dynamic hedging ratio. This is a very useful and interesting application for the estimation and testing of volatility spillovers. In the empirical analysis, multivariate conditional volatility diagonal BEKK models are estimated for comparing patterns of covolatility spillovers. The paper provides a new way of analyzing and describing the patterns of covolatility spillovers, which should be useful for the future empirical analysis of estimating and testing covolatility spillover effects.

Estudio genético HLA en poblaciones iraníes: epidemiología, antropología y farmacogenética

The HLA system is the most polymorphic genetic system described in humans. It consists of several closely linked loci encoding cell surface glycoproteins whose best known function is activating immune system response through antigenic presentation. New loci and new alleles have been described since the discovery of this genetic system and the presently available DNA typing and sequencing of these new alleles have increased the variety of HLA allelism. Due to the fact that HLA gene frequencies have a large degree of variability and a remarkable geographical correlation, HLA genes are an important and useful tool to infer genetic background and ethnical composition of modern human populations and also for tracing migration of ancient ones. In addition, certain combinations of contiguous alleles due to the strong linkage disequilibrium between HLA neighbouring loci show a characteristic frequency or are distinctive in many present day populations. Thus, HLA genetic system is a unique tool for studying the origin of relatively isolated groups, like Turkmen, Azeri and Kurd people, the populations under study, living in North Iran, in the surrounding area of Caspian Sea. Finally, HLA polymorphism is crucial for the compatibility between donor and receptor in organ transplantation and several HLA alleles have been linked to diseases and to response to drug treatments, which accomplishes relationships of certain variants with different pathologies treatment including AIDS. This is important in personalized treatments design. Turkmen could be descendants of Oghuz tribes from Seljuq branch coming from Transoxiana region (Central Asia) contemporarily to the foundation of the Seljuk Empire in 10th century AD. Conversely, this people could belong to another group within the Oghuz, arriving to Iran five centuries later. Migrations of this people were initially developed peacefully, being vassals of the Safavid Empire, and later by violent raids. They speak a language belonging to the Turkish-Oghuz group. In Iran, Turkmen live in Golestan province, mainly in Türkmensähra (“Turkmen plain”) area and amount 1.5 million people (2% of Iranian population). Most of this people are Sunni Muslims...