Commodity Future Price Premiums – Case EU ETS

The purpose of this thesis was to study commodity future price premiums and their nature on emission allowance markets. The EUA spot and future contracts traded on the secondary market during EU ETS Phase 2 and Phase 3 were selected for empirical testing. The cointegration of spot and future prices was examined with Johansen cointegration methodology. Daily interest rates with a similar tenor to the future contract maturity were used in the cost-of-carry model to calculate the theoretical future prices and to estimate the deviation from the fair value of future contracts, assumed to be explained by the convenience yield. The time-varying dependence of the convenience yield was studied by regression testing the correlation between convenience yield and the time to maturity of the future contract. The results indicated cointegration between spot and future prices, albeit depending on assumptions on linear trend and intercept in cointegration vector Dec-14 and Dec-15 contracts. The convenience yield correlates positively with the time-to-maturity of the future contract during Phase 2, but negatively during Phase 3. The convenience yield featured positive correlation with spot price volatility and negative correlation with future price volatility during both Phases 2 and 3.

Helsingin kartta 1932 ; Helsinki ympäristöineen

Mittakaavat laskettu janamittakaavasta

Utkast till en geologisk karta öfver Spetsbergen : enligt iaktagelser under de svenska expeditionerna 1858, 1861 och 1864 / af C. W. Blomstrand, O. Torell och A. E. Nordenskiöld

1 kartta.

Carta particolare che mostra il Capo Buona Speranza con il mare verso ponte è con l'isole di Tristan d'Acunha è di Martin Vaz : la longitudine comincia da l'isola di Pico d'Aasores [i.e. Pico Azores] : d'America carta XVIII

Julkaisussa: Dell' arcano del mare di Ruberto Dudleo ... parte qvarta del libro sesto. Vol III

M. Martin Helwigs erste Land-Charte vom Herzogthum Schlesien : nebst einer Erklärung zu finden Bresslau in der Grassischen Buchdruckeren

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

M. Martin Helwigs erste Land-Charte vom Herzogthum Schlesien

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

Utkast till en geologisk karta öfver Spetsbergen af A. E. Nordenskiöld : enligt iaktagelser under de svenska expeditionerna 1858, 1861 och 1864 / af C. W. Blomstrand, O. Torell och A. E. Nordenskiöld

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

Forecasting financial weather - can we foresee market sentiment? Spectrum of stock price behavior - NYSE case study

The desire to create a statistical or mathematical model, which would allow predicting the future changes in stock prices, was born many years ago. Economists and mathematicians are trying to solve this task by applying statistical analysis and physical laws, but there are still no satisfactory results. The main reason for this is that a stock exchange is a non-stationary, unstable and complex system, which is influenced by many factors. In this thesis the New York Stock Exchange was considered as the system to be explored. A topological analysis, basic statistical tools and singular value decomposition were conducted for understanding the behavior of the market. Two methods for normalization of initial daily closure prices by Dow Jones and S&P500 were introduced and applied for further analysis. As a result, some unexpected features were identified, such as a shape of distribution of correlation matrix, a bulk of which is shifted to the right hand side with respect to zero. Also non-ergodicity of NYSE was confirmed graphically. It was shown, that singular vectors differ from each other by a constant factor. There are for certain results no clear conclusions from this work, but it creates a good basis for the further analysis of market topology.

Regime-Switching in the Impact of Oil Price Shocks on Stock Market Volatility: Evidence from Oil-Importing and Oil-Exporting Countries

Research has highlighted the adequacy of Markov regime-switching model to address dynamic behavior in long term stock market movements. Employing a purposed Extended regime-switching GARCH(1,1) model, this thesis further investigates the regime dependent nonlinear relationship between changes in oil price and stock market volatility in Saudi Arabia, Norway and Singapore for the period of 2001-2014. Market selection is prioritized to national dependency on oil export or import, which also rationalizes the fitness of implied bivariate volatility model. Among two regimes identified by the mean model, high stock market return-low volatility regime reflects the stable economic growth periods. The other regime characterized by low stock market return-high volatility coincides with episodes of recession and downturn. Moreover, results of volatility model provide the evidence that shocks in stock markets are less persistent during the high volatility regime. While accelerated oil price rises the stock market volatility during recessions, it reduces the stock market risk during normal growth periods in Singapore. In contrast, oil price showed no significant notable impact on stock market volatility of target oil-exporting countries in either of the volatility regime. In light to these results, international investors and policy makers could benefit the risk management in relation to oil price fluctuation.

Purje-väylä kartta Saimaan vesillä Kiviluodosta Joensuuhun / valmistanut majori C. Lönneström vuonna 1864 ; uusi v. 1927 väylien suhteen korjattu painos.

1/35,700 osa luonnollisesta suuruudesta.

Purje-väylä kartta Saimaan vesillä Saviluodosta Muuraissaareen / valmistanut majori C. Lönneström vuonna 1864 ; uusi v. 1928 väylien suhteen korjattu painos.

1/35,700 osa luonnollisesta suuruudesta.