ASSESSMENT OF DAY-OF-THE-WEEK EFFECT AND OTHER STOCK MARKET ANOMALIES: ROMANIAN EVIDENCE

I examine the existence of calendar anomalies, such as the day-of-the-week effect and January effect, on the Romanian stock market. The day-of-the-week effect was analyzed for the sample period 2002-2022 and three subperiods using a dummy regression. The estimation method for the regression was OLS after testing for normality. The January effect was analyzed for a similar sample period and three subperiods using Wilcoxon rank-sum test. Data were downloaded from Refinitiv Workspace. Even though the results indicate the presence of day-of-the-week and January effects for the Romanian BET index, the conditions on the market modified during the subsample periods. Thursday was the day with the second-lowest risk measured with the standard deviation and the highest return compared to the rest of the week at a 5% significance level. However, Tuesday had a higher return for the subsample period 2011-2022 at a 1% significance level. The January effect was confirmed only for the subsample period 2003-2007, which corresponded to the pre-crisis period and the impact diminished over time, which is a similar result as the ones from the specialized literature. The changing market conditions reduce the possibility of speculating from market anomalies

Discussing energy volatility and policy in the aftermath of the Russia–Ukraine conflict

The ongoing Russo–Ukrainian War has highly affected energy markets in the EU and worldwide, with different EU- and country-level emergency policy measures being advanced to tackle high energy prices. Despite the progress in green energy initiatives and the race toward climate neutrality by 2050, high energy prices are a matter of concern for all EU countries in the short-to-medium term. The current study investigates the energy price volatility in the aftermath of the Russia–Ukraine conflict, which is of high interest for designing effective government measures (such as monetary and energy policies) addressing the consequent changes occurring in employment, economic activity, commodity and food prices, and, ultimately, sustainable development. For the empirical analysis, we employed generalized autoregressive conditional heteroskedasticity models to capture the volatility of the following energy commodities: Brent crude oil, TTF natural gas, and UK natural gas. The empirical results reveal an elevated degree of persistence of the volatility, namely, that the generalized autoregressive conditional heteroskedasticity term has a slow decay and pronounced fluctuations for all the energy products. The vulnerability of the EU’s energy policy to geopolitical factors is highlighted, especially for gas, which could be due to its dependence on Russian imports. Moreover, the sanctions imposed by the EU on Russia, namely the sixth package of sanctions, have a minimal immediate effect on stabilizing energy returns. The study offers several policy recommendations to improve the resilience of the EU’s energy sector

Determination of VEGFR-2 (KDR) 604A>G Polymorphism in Pancreatic Disorders

Pancreatic disorders have a high prevalence worldwide. Despite the fact that screening methods became more effective and the knowledge we have nowadays about pancreatic diseases has enhanced, their incidence remains high. Our purpose was to determine whether single nucleotide polymorphism (SNP) of VEGFR-2/KDR (vascular endothelial growth factor receptor 2/kinase insert domain receptor) influences susceptibility to develop pancreatic pathology. Genomic DNA was extracted from blood samples collected from patients diagnosed with acute pancreatitis (n = 110), chronic pancreatitis (n = 25), pancreatic cancer (n = 82) and healthy controls (n = 232). VEGFR-2 (KDR) 604A>G (rs2071559) polymorphism frequency was determined with TaqMan allelic discrimination assays. Statistical assessment was performed by associating genetic polymorphism with clinical and pathological data. In both pancreatic disorders and healthy control groups the polymorphism we studied was in Hardy-Weinberg equilibrium. Association between increased risk for pancreatic disorders and studied polymorphism was statistically significant. KDR 604AG and AG + GG genotypes were more prevalent in acute pancreatitis and pancreatic cancer patients than in controls. These genotypes influence disease development in a low rate. No association was found between chronic pancreatitis and KDR 604AG and AG + GG genotypes. In Romanian cohort, we found an association between the KDR 604A→G polymorphism and acute pancreatitis and pancreatic cancer. Carriers of the -604G variant allele were more frequent among acute pancreatitis and pancreatic cancer than among controls, suggesting that KDR 604G allele may confer an increased risk for these diseases. In the future, more extensive studies on larger groups are necessary, in order to clarify the role of VEGFR2 polymorphisms in pancreatic pathology