Academic literature on the topic 'Stock exchanges – Spain'
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Journal articles on the topic "Stock exchanges – Spain"
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Kowalski, Wojciech Szymon. "Economic Policy Towards Domestic Stock Exchanges." Studia Historiae Oeconomicae 35, no. 1 (December 20, 2017): 143–61. http://dx.doi.org/10.1515/sho-2017-0010.
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Abstract Over the past forty years, stock exchanges have undergone a number of transformations (legal, organizational and technological). They resulted both from general external conditions (including technological progress) as well as were the expression of various economic (structural) policies. Two of which seem to be basic. The first implemented in France, based on optimal centralization of stock exchange trading. The second one, implemented in Germany and Spain, expressing the concept of a complementary and effective combination of the potentials of the main trading floor and regional exchanges. Promisingly, especially in this latter dimension of experience together with the Edinburgh ‘stock market experiment’ that has just begun, they may reveal yet another not yet fully recognized characteristics of the stock market - the institutional exemplification of the market economy.
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Houpt, Stefan, and Juan Carlos Rojo Cagigal. "Capital market integration in Spain? Introducing the Bilbao Stock Exchange, 1891-1936." Revista de Historia Económica / Journal of Iberian and Latin American Economic History 28, no. 3 (December 2010): 535–73. http://dx.doi.org/10.1017/s0212610910000145.
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AbstractThis paper presents the first results of our most recent research on the Bilbao Stock Exchange (BSE) from its foundation in 1890 up to the Spanish Civil War. We examine the origin of the Exchange and follow its evolution over the first half-century of existence. To this end we introduce some of the stock exchange indexes we have calculated for Bilbao and put them into comparative perspective with the existing series on general economic and industrial activity and the indexes for other Spanish exchanges for the period considered. These comparisons show Bilbao’s evolution from a public debt-dominated market to an industrial exchange very much tied to regional development. Finally, we contrast the degree of financial market integration associated with the existing Spanish exchange indexes. Our analysis finds strong support for considering the BSE index as an industrial index and little evidence of capital market integration between the principal Spanish exchanges before the 1920s.
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Nasir, Adeel, Ștefan Cristian Gherghina, Mário Nuno Mata, Kanwal Iqbal Khan, Pedro Neves Mata, and Joaquim António Ferrão. "Testing Stock Market Efficiency from Spillover Effect of Panama Leaks." Journal of Risk and Financial Management 15, no. 2 (February 14, 2022): 79. http://dx.doi.org/10.3390/jrfm15020079.
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On 3 April 2016, Mossack Fonseca provided the historically most significant leak of its shareholder’s data for owning offshore companies. Shareholders include many political and influential figures around the globe, which causes a moral hazard. The study analyses the effects of Panama leak events on five stock exchanges to ensure the market efficiency and investor perception related to the Panama leaks. Event study methodology is used on five occasions associated with Panama papers, i.e., the resignation of the Prime Minister of Iceland on 5 April 2016, Jurgen Mossack’s resignation on 7 April 2016, the resignation of the Spanish Minister of Industry on 15 April 2016, the 450 personalities of Pakistan that were nominated in Panama papers on 15 April 2016, and the formation of an inquiry commission to inquire into the matter. The market efficiency of five stock exchanges was checked, i.e., the KSE 100 of Pakistan, the OMXIPI exchange of Iceland, the IBEX 35 of Spain, the New York stock exchange (NYSE), and S&P 500. The market remains efficient for most events and investor behaviour changes for one or two days around the event day (this event has concise term significant abnormal returns in all stock exchanges or concise term significant abnormal macroeconomic effects are observed in all stock exchanges).
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Bunget, Ovidiu-Constantin, Dorel Mateș, Alin-Constantin Dumitrescu, Oana Bogdan, and Valentin Burcă. "The Link between Board Structure, Audit, and Performance for Corporate Sustainability." Sustainability 12, no. 20 (October 13, 2020): 8408. http://dx.doi.org/10.3390/su12208408.
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The economic and social transformations, the bankruptcies recorded, and the financial crisis affecting all economies have increased the interest for the corporate governance concept. Our intention in this paper was to study the impact of corporate governance attributes on performance given the information published by the entities listed on five stock exchanges from Europe, namely the main market from Bucharest Stock Exchange (BSE) in Romania, the Athens Stock Exchange(ATHEX) main market in Greece, Financial Times Stock Exchange 100 Index (FTSE 100) from Great Britain, Spanish Stock Exchange 35 Index (IBEX 35) from Spain, and Warsaw Stock Exchange 20 Index (WIG 20) from Poland, between 2016–2018. Through mathematical modeling and multiple linear regression, we aimed to determine the extent to which corporate governance characteristics, firm characteristics, industry and stock market fixed effects, and random effects influence the performance of 226 entities included in our sample. The empirical findings revealed that CEO duality, the number of non-executive directors and women on board, audit committee, and audit opinion influenced performance measured by the Return on Assets (ROA) and Return on Equity (ROE) indicators. The ideas highlighted and the results obtained in this research contribute to the literature that analyzes the extent to which an effective governance determines the increase in performance, needed for a sustainable development.
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Comín, Francisco, and Joaquim Cuevas. "THE DEADLY EMBRACE BETWEEN THE BANKS AND THE STATE IN SPAIN, 1850-2015." Revista de Historia Económica / Journal of Iberian and Latin American Economic History 35, no. 3 (November 2, 2017): 387–414. http://dx.doi.org/10.1017/s0212610917000106.
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AbstractThis paper focusses on the financial relations between the banking sector and the Treasury in Modern Spain. Tax systems have been insufficient, generating a chronic budget deficit. This drove to irresponsible public debt management, being the State a serial defaulter until 1987. This prevented the budget deficits could be financed by sovereign debt issued on the stock exchanges, and forced the state to resort to banks (public and private). The new series of public debt banks portfolios evolution is explained by their pursuit of returns and by changes in banking regulation and financial repression, which favoured the bankingstatus quo. The paper analyses the causes of banking regulation, derived from the public borrowing policy and also from the banking lobbying strategy. It examines the consequences of the deadly banking-state embrace which brought about the interconnection between fiscal and banking crises.
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Lobo, Bruno F. S., and Luís M. P. Gomes. "Impact of M&A Announcements on Listed Firms in the Iberian Markets." Studies in Business and Economics 17, no. 3 (December 1, 2022): 132–50. http://dx.doi.org/10.2478/sbe-2022-0051.
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Abstract Mergers and/or acquisitions (M&A) are important business operations for firms that wish to diversify, become stronger and more competitive. The main objective of this paper is to investigate the impact of M&A announcements on the abnormal stock returns of firms listed on the Portugal and Spain stock exchanges. The empirical work analyzed 29 trades in the PSI-20 and 25 trades in the IBEX-35, since the year 2000, using the event study methodology. Most of the research investigates corporate combinations that take place in international markets and among large firms. Therefore, a first contribution of this paper is to study the phenomenon in smaller markets and firms. The results suggest that the two markets react differently to announcements of M&A. Overall, the findings seem to show that in the Portuguese market the joint firms present average gains and that in the Spanish market the joint firms present average losses, bidders have sharper reactions and targets have higher losses. The study also indicates that the abnormal returns of the Portuguese firms (especially the bidders) and the Spanish bidding firms tended to stabilize around a week after the announcement date. This conclusion is another useful contribution of the paper for academics and decision makers of corporate restructuring.
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Belesis, Nicholas D., Christos G. Kampouris, and Alkiviadis Th Karagiorgos. "The Effect of COVID-19 on the Value Relevance of European Firms’ Financial Statements." International Journal of Applied Economics, Finance and Accounting 14, no. 1 (September 16, 2022): 91–99. http://dx.doi.org/10.33094/ijaefa.v14i1.661.
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The main topic of this study was the value relevance of accounting information. It employed a sample of 1,645 companies listed on the stock exchanges of the top six European Economies (in terms of GDP) – France, Germany, Italy, the Netherlands, Spain and the United Kingdom – for the period 2010-2020. The study’s analysis was based on the Ohlson model and used linear regression. The paper examines the difference between these countries in terms of value relevance. In addition, the paper examines the effects that the Covid-19 pandemic outbreak had on the value relevance of financial statements. The purpose is to examine how investors have been affected by the pandemic and the influence it has had on the importance of financial statements and specific accounting variables. Furthermore, we compare the importance of the two most significant accounting variables, earnings and book value (equity) before and after the pandemic. The results suggest that the explanatory power of financial statements is almost the same for all countries, except Germany, where it is significantly higher. The explanatory power of financial statements decreased in all countries after the start of the pandemic. Moreover, in most countries, earnings seem to have lost value relevance compared with book value due to the financial crisis.
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Duppati, Geeta Rani, Frank Scrimgeour, and Albert Sune. "Relevance of corporate boards in driving performance in the period that covers financial crisis." Corporate Governance: The International Journal of Business in Society 19, no. 2 (April 1, 2019): 321–38. http://dx.doi.org/10.1108/cg-11-2016-0204.
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Purpose This paper aims to examine the relevance of boards in driving firm level performance. For this purpose, it considers firms listed on Ireland and Spain stock exchanges for the period 2005 to 2014, over a period that includes the global financial crisis. Design/methodology/approach This study uses panel data regression analysis to analyse the effects of board characteristics on performance and also uses alternate model specifications to test the significance of robustness of relationships. Findings The impact of board size on performance is negative and significant for Irish and Spanish firms for the study period. In general, the board independence has a positive effect on the performance of Spanish firms for the complete study period and suggests consistency with the resource dependency theory. Research limitations/implications The analysis suggests that in general, the non-executive and the board size do not affect the corporate performance of Irish and Spanish firms during the financial crisis. The fixed effects model suggests positive effects of gender diversity on performance for Spanish firms, while the random effects indicates negative relationship between gender diversity and performance for Irish companies. Practical implications The evidence on the Spanish firms suggests that female representation on the boards may be critical during the financial crisis Social implications The quota legislation on female board representation in Spain is yielding superior results over the soft law approach by Irish firms during the times of financial crisis period. Originality/value This study contributes to the literature on the corporate governance practices and performance of two countries that were strongly affected by the crisis in the European Union. As governments increasingly contemplate board gender diversity policies, this study offers useful empirical insights on Spanish and Irish firms.
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Urbano, Cláudia. "Similitudes and singularities of higher education systems in the Mediterranean countries: Historical construction, policy and evolution of key indicators." REGION 6, no. 1 (August 6, 2019): 25–44. http://dx.doi.org/10.18335/region.v6i1.207.
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Higher education is one of the most important key values for changes in societies and exchanges among different societies. Analysing higher education systems in Europe, it is clear that Southern Europe has been determining many differences with the rest of the continent, despite the effort of the Bologna Process to ensure comparability in the standards and quality of higher education qualifications.
Taking into account four Southern Europe countries – Portugal, Spain, Italy and Greece – and regarding their link to a certain Mediterranean culture, our proposal is to analyse these countries’ higher education systems, their growth, using indicators on educational stock, economic growth and development, supply and demand of higher education and economic indicators relating training and the economy such as graduated employment rates. Also education public policies will be considered in the analysis as they interfere in higher education systems’ trajectories. Comparing them we will be able to identify similitudes and singularities in these educational realities, leading us to conclude about the existence of a Southern European way of making higher education a specific value in Mediterranean culture.
This topic is even more important as it may be related to the recent key focus of EU activities in Southern Mediterranean region. The Mediterranean Strategy for Sustainable Development (MSSD) recognises that education in the Mediterranean needs strengthening by introducing sustainable development, through a holistic approach, into educational curricula, from primary school right up to higher education. The search for synergies between higher education research and innovation in the Mediterranean area already started. With our post-doctoral research project focusing on higher education and its links to societies, educational policies and national economies, our goal is to share some questions and to contribute to the debate on higher education reinforcing and enriching sociological analysis on higher education between Mediterranean countries.
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Junaedi, Dedi, and Faisal Salistia. "DAMPAK PANDEMI COVID-19 TERHADAP PASAR MODAL DI INDONESIA:." Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah 2, no. 2 (August 27, 2020): 109–38. http://dx.doi.org/10.47467/alkharaj.v2i2.112.
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ABSTRACT
This study aims to: (1) examine the influence of a pandemic on the development of the stock market (CSPI) in Indonesia; (2) analyzing the effect of externalities on the dynamics of stock market developments in Indonesia; and (3) examine whether differences in social distancing policies affect the dynamics of Indonesian capital market movements. The research method uses quantitative analysis with a dummy variable multiple regression approach. JCI as a bound variable, while the independent variable is the number of Covid-19 pandemic cases in Indonesia, China and Spain, then the movement of the FTSE100 stock indexes (London), Hangseng (Hong Kong) and NASDAQ (New York), as well as differences in social distancing policies in Indonesia (Indonesia) Task Force, WFH and PSBB). The results of the study concluded: The movement of the composite stock index (CSPI) on the Jakarta Stock Exchange is influenced by internal and external conditions. Internally the condition of the Covid-19 pandemic and social distancing (WFH and PSBB) policies in the country have influenced the dynamics of the stock market (indicated by the movement of the IHSG index on the JSX). Externally, the Covid-19 pandemic in China and Spain also influenced the dynamics of the stock market in Indonesia (IHSG index). Likewise, the dynamics of the stock market in Hong Kong (Hangseng), London (FTSE100) and News York (NASDAQ). The coronavirus pandemic in Indonesia, China, the dynamics of the Nasdaq stock market in New York, and the social dintancing (WFH and PSBB) policies had a negative impact on the movement of the JCI stock index. While the pandemic in Spain, the dynamics of the stock market in Hong Kong (Hangseng) and London (FTSE100) actually had a positive impact on stock market conditions in Indonesia (JSX).
Keywords: IHSG, Stock Market, Pandemic Covid-19, Social Distancing
Dissertations / Theses on the topic "Stock exchanges – Spain"
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IGLESIAS-RODRÍGUEZ, Pablo. "Ownership, governance and regulatory discretion of stock exchanges : a comparative study." Doctoral thesis, 2010. http://hdl.handle.net/1814/14522.
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Defence Date: 17 May 2010Examining Board: Prof. Fabrizio Cafaggi, European University Institute (Supervisor); Prof. Hans W. Micklitz, European University Institute; Prof. Katharina Pistor, Columbia University; Prof. Michel Tison, Ghent University
PDF of thesis uploaded from the Library digital archive of EUI PhD theses
This book provides a model for the evaluation of potential biased regulatory actions by stock exchanges in relation to their own governance as well as in relation to the governance and activity of their regulatees; based on the analysis of the ownership, governance, allocation of regulatory powers, discretion‘s exercise and rule‘s content, this book gives the reader a comparative analysis that addresses how different exchanges‘ organizational and regulatory structures can lead to different forms of biased regulation as well as externalities in the financial system. The book develops case studies regarding three major stock exchanges‘ holding companies (BME, the LSEG, and NYSE-Euronext) and the markets they operate in Spain, the UK, France and the US. One of the main findings of the book is the relation between the ownership/governance of exchanges and the quality of their regulatory output; stock exchanges subject to concentrated and path dependent ownership structures and weaker governance regimes in which there is low separation between the ownership of the exchange and its governance, tend to produce rules that maximize the interest of the persons exercising control over those exchanges. Moreover, these persons have the incentive to keep a lock on control because, by doing so, they extract important private benefits of control in the form of regulatory power and discretion that can be used in a biased manner in their own interest. This finding has important implications in terms of policy making; if there is such a relation between governance and regulatory output, efforts by public regulators should be put on the governance of exchanges in order to avoiding the possibilities of biased influence over exchanges‘ regulatory processes.
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Nkongho, Mitteran Enow. "Long-run performance of corporate restructurings : evidence from the JSE." Diss., 2018. http://hdl.handle.net/10500/25117.
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This research has investigated the long-run performance of corporate restructurings through unbundling transactions on the JSE between 2000 and 2012. The corporate unbundling transactions considered by the research are spin-offs and sell-offs. From the two unbundling transactions, four samples were derived, that is, 21 spin-offs, 14 parent-spin-offs, 14 sell-offs and 20 parent-sell-offs. The share price performance of these samples was investigated by a matching firm methodology under the buy and hold abnormal returns.
The research found that positive abnormal returns are present for both samples for up to four years after unbundling. Secondly, with the exception of parent-sell-offs, significant abnormal returns were experienced by both samples for up to four years after unbundling. It was also found that a spin-off is a preferable corporate unbundling strategy to a sell-off over a long-run period. This research implies that companies with heavy structures should unbundle in order to unlock shareholders’ value.Business Management
M. Com. (Business Management)
Books on the topic "Stock exchanges – Spain"
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López, Mercedes Fuertes. La Comisión Nacional del Mercado de Valores. Valladolid: Editorial Lex Nova, 1994.
Find full textBook chapters on the topic "Stock exchanges – Spain"
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Losman, Elon, Isfenti Sadalia, and Chairul Muluk. "Optimal Return Analysis Using Ichimoku Kinko Hyo on the LQ45 Indonesia Stock Exchange." In Proceedings of the 19th International Symposium on Management (INSYMA 2022), 165–70. Dordrecht: Atlantis Press International BV, 2022. http://dx.doi.org/10.2991/978-94-6463-008-4_22.
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AbstractOne of the indicators used in technical analysis to analyze stock trends is Ichimoku Kinko Hyo. Ichimoku Kinko Hyo itself has four components: Tenkan Sen, Kijun Sen, Chikou Span, and Kumo. The four components can be used independently, in pairs, or as a whole. This study aims to analyze the rate of return of the variation of the Ichimoku Kinko Hyo component on the LQ45 Indonesia Stock Exchange and determine the type of variation that provides the optimal rate of return. This study used a qualitative method using secondary data types: chart images of issuers registered in LQ45 with the Neo HOTS application from January 2020 to December 2021. The sample was taken with the criteria: issuers must stay in LQ45 from January 2020 to December 2021. Data processing was carried out by backtesting simulations based on buy and sell signals generated by each Ichimoku Kinko Hyo component variation. Then, the return, Mean Absolute Deviation, and the number of issuers that generate profits from each of these variations were calculated to see the type of variation that gives the optimal return. The results of this study indicate that the least optimal return is generated from the use of the entire Ichimoku Kinko Hyo component, and the most optimal return is generated from the use of the Chikou Span component.
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Silva, Ana, Helena Inácio, and Elisabete Vieira. "Corporate Governance Characteristics and Audit Fees." In Organizational Auditing and Assurance in the Digital Age, 26–50. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-7356-2.ch002.
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The purpose of this chapter is to analyze the effect that corporate governance measures have in external audit fees in two countries where this matter is not much developed: Portugal and Spain. The analysis includes a sample of 39 listed companies on the Portuguese Stock Exchange and 104 listed companies on the Spanish Stock Exchanges for the years 2013 to 2015 using an OLS regression model. For the Spanish sample, the results show that the capital hold by the Board of Directors influence negatively external audit fees. The results are in accordance with the supplier perspective which states that better corporate governance practices decrease the control risk and, consequently, audit fees. On the other hand, the Board of Directors' diligence also affected external audit fees but positively, that is, the greater the number of meetings the greater the demand for an audit with quality which result in higher fees charged (demand perspective). For the Portuguese sample it can be observed that corporate governance characteristics do not affect external audit fees.
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Christopoulos, Apostolos G., Nikolaos Demiroglou, and Ioannis G. Dokas. "Interactions Between Macroeconomic Variables and Stock Market Indices." In Advances in Finance, Accounting, and Economics, 32–73. IGI Global, 2018. http://dx.doi.org/10.4018/978-1-5225-6114-9.ch002.
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The relationship between the performance of capital markets and changes in several macroeconomic variables has worried many researchers over time. This chapter focuses on two main areas: 1) the analysis of the behavior of per capita consumption and private investment expenditure using the model ARMA (m, n), and the impact of economic crisis on them, and 2) the examination of causal relationships between key macro-variables and selected key stock exchange indices. The analysis is carried out for the period 1995-2013 for Germany, Denmark, and Spain, which were selected on the basis of their economic position (GDP) in the European Union (E.U.). From the research, the authors found that the crisis of 2008-2009 had effects on households and businesses, which reduced their planning horizon with respect to consumption and investment. Regarding the second part of this study, the authors used the Granger causality test to find that the stock index DAX of Germany determines, to some extent, the changes in macroeconomic variables.
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Białek-Jaworska, Anna, and Renata Gabryelczyk. "Start-Ups and Spin-Offs in Biotechnology Sector in Poland." In Sustainable Business, 513–41. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-5225-9615-8.ch024.
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This chapter concerns the subject of research-developmental activity of biotech spin-offs in Poland with particular reference to their strategy, determinants of their development and determinants of their financial standing. In the chapter, the authors analyse the determinants of biotech spin-offs and start-ups development in Poland in the light of the research commercialisation cooperation on the universities-business line. The literature overview contains the definition of a process for the commercialisation of the results of research and development (R&D) activity and components of companies' business models. The chapter defines key activities in the development of business models in the context of the commercialisation process and the life cycle of the company, especially at the start up and early stage. Quality-quantitative analysis includes the business models of seven biotechnology spin-offs traded on the alternative market of the Warsaw Stock Exchange, especially the structure of their intellectual capital, R&D expenses in relation to received subsides and grants, third-party shares in start up equity, and the ability to realise the “Go Global” strategy.
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Białek-Jaworska, Anna, and Renata Gabryelczyk. "Start-Ups and Spin-Offs in Biotechnology Sector in Poland." In Biotechnology, 1293–321. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-8903-7.ch053.
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This chapter concerns the subject of research-developmental activity of biotech spin-offs in Poland with particular reference to their strategy, determinants of their development and determinants of their financial standing. In the chapter, the authors analyse the determinants of biotech spin-offs and start-ups development in Poland in the light of the research commercialisation cooperation on the universities-business line. The literature overview contains the definition of a process for the commercialisation of the results of research and development (R&D) activity and components of companies' business models. The chapter defines key activities in the development of business models in the context of the commercialisation process and the life cycle of the company, especially at the start up and early stage. Quality-quantitative analysis includes the business models of seven biotechnology spin-offs traded on the alternative market of the Warsaw Stock Exchange, especially the structure of their intellectual capital, R&D expenses in relation to received subsides and grants, third-party shares in start up equity, and the ability to realise the “Go Global” strategy.
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Białek-Jaworska, Anna, and Renata Gabryelczyk. "Start-Ups and Spin-Offs in Biotechnology Sector in Poland." In Advances in Human Resources Management and Organizational Development, 192–219. IGI Global, 2015. http://dx.doi.org/10.4018/978-1-4666-8216-0.ch010.
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This chapter concerns the subject of research-developmental activity of biotech spin-offs in Poland with particular reference to their strategy, determinants of their development and determinants of their financial standing. In the chapter, the authors analyse the determinants of biotech spin-offs and start-ups development in Poland in the light of the research commercialisation cooperation on the universities-business line. The literature overview contains the definition of a process for the commercialisation of the results of research and development (R&D) activity and components of companies' business models. The chapter defines key activities in the development of business models in the context of the commercialisation process and the life cycle of the company, especially at the start up and early stage. Quality-quantitative analysis includes the business models of seven biotechnology spin-offs traded on the alternative market of the Warsaw Stock Exchange, especially the structure of their intellectual capital, R&D expenses in relation to received subsides and grants, third-party shares in start up equity, and the ability to realise the “Go Global” strategy.
Conference papers on the topic "Stock exchanges – Spain"
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Fakhri, Muhammad Ananda, Isfenti Sadalia, and Amlys Syahputra Silalahi. "Analysis Performance of Stock Price of Spin Off Companies on the Indonesian Stock Exchange." In Economics and Business International Conference 2019. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0009199100690073.
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Bagão, Margarida, Rui Dias, Paula Heliodoro, and Paulo Alexandre. "THE IMPACT OF COVID-19 ON EUROPEAN FINANCIAL MARKETS: AN EMPIRICAL ANALYSIS." In Sixth International Scientific-Business Conference LIMEN Leadership, Innovation, Management and Economics: Integrated Politics of Research. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/limen.2020.1.
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The fast spread of coronavirus (COVID-19) had negative impacts on financial markets worldwide. It created uncertainty and a lack of confidence, causing unprecedented levels of risk, causing sharp losses to investors in a very short period. In view of these events, this essay aims to investigate the relationship between Covid-19 (confirmed cases and deaths), and the stock market indexes of Greece (ATG), France (CAC40), Germany (DAX 30), United Kingdom (FTSE 100), Italy (FTSE MID), Spain (IBEX 35), Ireland (ISEQ), and Portugal (PSI 20), from December 31st, 2019 to July 23rd, 2020. In order to achieve such an analysis, we want to validate if: the increase in cases and deaths resulting from Covid-19 have any connection with the financial markets under analysis? If so, do these connections cause shocks in European financial markets? The results suggest structure breaks, mostly, in March 2020. Covid-19 data (confirmed cases) integrate with the Covid-19 data series (deaths), with the Spanish market (IBEX 35), Greece (ATG), and Italy (FTSE MID). However, the Covid-19 data series (deaths), is synchronized with the Covid-19 data (confirmed cases), with the markets of Germany (DAX 30), France (CAC 40), Ireland (ISEQ), Italy ( FTSE MID), United Kingdom (FTSE 100) and Portugal (PSI 20), just does not synchronize with the Greek market (ATG). We can easily see that the Covid-19 data series (deaths) has a major impact on Europe's financial markets. The results of the VAR Granger Causality / Block Exogeneity Wald Tests model suggest 2 bidirectional causal relationships between confirmed cases and deaths from the Covid-19 virus. However, there were no shocks between Covid-19 data (confirmed cases and deaths) and the financial markets under analysis. As a final discussion, we consider that investors should avoid investments in the stock exchange, at least while this pandemic lasts, and rebalance their portfolios in hedging and/or sovereign debt assets, to mitigate risk and improve the efficiency of their portfolios.
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Guerreiro Ribeiro, Sergio, and Tyler Kimberlin. "High Efficiency Waste to Energy Power Plants Combining Municipal Solid Waste and Natural Gas or Ethanol." In 18th Annual North American Waste-to-Energy Conference. ASMEDC, 2010. http://dx.doi.org/10.1115/nawtec18-3567.
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A new WTE (Waste-to-Energy) power plant configuration combining municipal solid waste and gas turbines or landfill gas engines is proposed. The system has two objectives: increase the thermodynamic efficiency of the plant and avoid the corrosion in the MSW (Municipal Solid Waste) boiler caused by high tube metal temperatures. The difference between this concept and other existing configurations, such as the Zabalgarbi plant in Bilbao, Spain, is lower natural gas consumption, allowing an 80% waste contribution to the net energy exported or more. This high efficiency is achieved through four main steps: 1. introducing condensing heat exchangers to capture low temperature heat from the boiler flue gases; the stack temperature can drop to 70°C; 2. high steam temperatures in external superheaters using hot clean gases heated with duct burners; 3. mixing the exhaust gases of a small gas turbine with hot air preheated in a specially designed heat exchangers. The resulting temperature of this gas mixture is almost the same as a standard gas turbine but with the flow similar to that of a large machine with a higher O2 content; 4. After the duct burner and heat exchangers, the oxygen content of the clean gas mixture is still high, nearly 18%, and the temperature is approximately 200°C. The gas is then used as combustion air to the MSW boiler such that all the energy stays in the system. The efficiency can be as high as 33% for the MSW part of the plant and 49% for the natural gas system. Since the natural gas consumption is almost ten times less than the existing designs, it can be replaced by landfill gas or gasified ethanol or biodiesel. Currently an 850 ton/day plant is being designed in Brazil in partnership with a large power company. Other advantages include, self generation of internal power and lower steam superheating temperatures in the MSW boiler. This concept can be used with any grate design.
Reports on the topic "Stock exchanges – Spain"
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Malkinson, Mertyn, Irit Davidson, Moshe Kotler, and Richard L. Witter. Epidemiology of Avian Leukosis Virus-subtype J Infection in Broiler Breeder Flocks of Poultry and its Eradication from Pedigree Breeding Stock. United States Department of Agriculture, March 2003. http://dx.doi.org/10.32747/2003.7586459.bard.
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Objectives 1. Establish diagnostic procedures to identify tolerant carrier birds based on a) Isolation of ALV-J from blood, b) Detection of group-specific antigen in cloacal swabs and egg albumen. Application of these procedures to broiler breeder flocks with the purpose of removing virus positive birds from the breeding program. 2. Survey the AL V-J infection status of foundation lines to estimate the feasibility of the eradication program 3. Investigate virus transmission through the embryonated egg (vertical) and between chicks in the early post-hatch period (horizontal). Establish a model for limiting horizontal spread by analyzing parameters operative in the hatchery and brooder house. 4. Compare the pathogenicity of AL V-J isolates for broiler chickens. 5. Determine whether AL V-J poses a human health hazard by examining its replication in mammalian and human cells. Revisions. The: eradication objective had to be terminated in the second year following the closing down of the Poultry Breeders Union (PBU) in Israel. This meant that their foundation flocks ceased to be available for selection. Instead, the following topics were investigated: a) Comparison of commercial breeding flocks with and without myeloid leukosis (matched controls) for viremia and serum antibody levels. b) Pathogenicity of Israeli isolates for turkey poults. c) Improvement of a diagnostic ELISA kit for measuring ALV-J antibodies Background. ALV-J, a novel subgroup of the avian leukosis virus family, was first isolated in 1988 from broiler breeders presenting myeloid leukosis (ML). The extent of its spread among commercial breeding flocks was not appreciated until the disease appeared in the USA in 1994 when it affected several major breeding companies almost simultaneously. In Israel, ML was diagnosed in 1996 and was traced to grandparent flocks imported in 1994-5, and by 1997-8, ML was present in one third of the commercial breeding flocks It was then realized that ALV-J transmission was following a similar pattern to that of other exogenous ALVs but because of its unusual genetic composition, the virus was able to establish an extended tolerant state in infected birds. Although losses from ML in affected flocks were somewhat higher than normal, both immunosuppression and depressed growth rates were encountered in affected broiler flocks and affected their profitability. Conclusions. As a result of the contraction in the number of international primary broiler breeders and exchange of male and female lines among them, ALV-J contamination of broiler breeder flocks affected the broiler industry worldwide within a short time span. The Israeli national breeding company (PBU) played out this scenario and presented us with an opportunity to apply existing information to contain the virus. This BARD project, based on the Israeli experience and with the aid of the ADOL collaborative effort, has managed to offer solutions for identifying and eliminating infected birds based on exhaustive virological and serological tests. The analysis of factors that determine the efficiency of horizontal transmission of virus in the hatchery resulted in the workable solution of raising young chicks in small groups through the brooder period. These results were made available to primary breeders as a strategy for reducing viral transmission. Based on phylogenetic analysis of selected Israeli ALV-J isolates, these could be divided into two groups that reflected the countries of origin of the grandparent stock. Implications. The availability of a simple and reliable means of screening day old chicks for vertical transmission is highly desirable in countries that rely on imported breeding stock for their broiler industry. The possibility that AL V-J may be transmitted to human consumers of broiler meat was discounted experimentally.