Interdependence of Macroeconomics Variables, Stock Market Returns and Stock Market Volatility in Latin America

This thesis examines the interdependence of macroeconomic variables, stock market returns and stock market volatility in Latin America between 2000 and 2015. Argentina, Brazil, Chile, Colombia, Mexico and Peru were chosen as the sample markets, while inflation, interest rate, exchange rate, money supply, oil and gold were chosen as the sample macroeconomic variables. Bivariate VAR (1) model was applied to examine the mean return spillovers between the variables, whereas GARCH (1, 1) – BEKK model was applied to capture the volatility spillovers. The sample was divided into two smaller sub-periods, where the first sub-period covers from 2000 to 2007, and the second sub-period covers from 2007 to 2015. The empirical results report significant shock transmissions and volatility spillovers between inflation, interest rate, exchange rate, money supply, gold, oil and the selected markets, which suggests interdependence between the variables.

Effects of orange winemaking variables on antioxidant activity and bioactive compounds

AbstractAscorbic acid, carotenoids and polyphenols stand out among the orange juice natural antioxidants. The winemaking process affects their bioavailability and bioactivity. Antioxidant activities (AA) were estimated in different process conditions to asses those properties. The AA and their correlation with ascorbic acid, total phenolics and carotenoids content were calculated. The variables and levels analyzed were: pasteurized and natural must (PJ and NJ), pH 3.5 and 4.0 and fermentation temperatures at 10°C and 20°C. Statistically significant differences (α=0.05) were found among bioactive compounds concentrations. Antioxidant compounds concentration was higher in raw material than in orange wine. Juice pasteurization caused the major losses while subsequent vinification affects them to a lesser extent. Highest antioxidants retention was measured in wines from JN fermented at pH 3.5 and 10 °C (JN-3.5-10) followed by wines from JP and fermented at the same conditions (JP-3.5-10). AA determined by DPPH showed a positive and close correlation with FRAP, while ABTS showed a low correlation with former assays. Juice pasteurization process and fermentation temperature influenced bioactive compound reduction which correlates with the AA variation.

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1912/06/16 (A1,N3).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1913/02/02 (A2,N36).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1894/07/22 (A1,N3).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1912/10/06 (A1,N19).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1895/09/15 (A2,N23).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1912/09/01 (A1,N14).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1912/08/11 (A1,N11).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1912/09/08 (A1,N15).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1912/12/08 (A1,N28).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1912/12/29 (A1,N31).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1913/07/20 (A3,N8).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1912/08/18 (A1,N12).

Paramé mondain : Echo des plages de Paramé et de Rothéneuf, programme hebdomadaire du casino de Paramé, "puis sous-titre variables"

1913/06/01 (A3,N1).