Construction and properties of volatility indices for Austria, Finland and Spain

The volatility index of the Chicago Board Options Exchange (VIX) is the first to have been introduced and it has attracted international imitators world-wide since it is considered as a barometer of investor fear. The aim of the paper is threefold. First, by following the VIX methodology, we construct a volatility index for three European countries (Austria, Finland and Spain) that do not have yet that piece of market information for investors. Second, we investigate the properties of the new volatility indices. In particular, we test their ability to act as fear indicators and as predictors of future returns. Moreover, we shed light on the term structure of the proposed volatility indices, by computing spot and forward implied volatility indices for different time to maturities (30, 60 and 90 days). Our results indicate that volatility indices are useful not only for investors to improve their trading decisions, but also for policy makers to choose the appropriate economic measure to guarantee stability in the market

Asymmetric Semi-Volatility Spillover in a Nonlinear Model of Interacting Markets

This paper develops an heterogeneous agents model with fundamentalists and chartists trading in two different speculative markets. It examines whether investors’ behaviour is related to the volatility and its dynamics. We find that investors’ heterogeneity in price trends and trading strategies can significantly explain asymmetry in semi-volatility transmission

An unusual traumatic ulceration of the tongue

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Architecture in iron in the city of XIX century : roof structures of theatres and covered markets in Palermo

In post-unification Palermo, components manufactured abroad were usually used for complementary iron structures (greenhouses and skylights, projecting roofs, staircases...), whereas, for more demanding works, more weight was given to the contribution of producers with experience gained in the field of metal construction. Analysis is here carried out on the works of greatest importance, from the roofs of the two major theatres to the roofing of food market structures; the finest technicians were employed and a critical debate was triggered in the city with regard to formal, static and building aspects

The Muqarnas Ceiling of the Palatina Chapel in Palermo

St. Peter’s Basilica inside the Royal Palace of Palermo, known as the Palatina Chapel, is one of the most popular medieval monuments in Sicily. Built between 1130 and 1163, it contains interesting wooden framings that represent both bearing and finishing structures.Studies about the Arab-Norman church have often concentrated on the very rich and suggestive decorative mosaic apparatus of walls and floorings, as well as the pictorial cycle of wooden ceilings. Knowledge about the constructive techniques adopted and, in particular, about the realization of the coverings, is very limited: there are wooden floors built at different levels, vaults and wooden ceilings and among these is the portion that covers the main nave, housing the muqarnas decorations.The fortunate coincidence of the restoration building yard made it possible to gain precious knowledge of this extraordinary wooden structure, also through a laser scanning survey of a significant area of the wooden ceiling, performed with a low range device. The collected data adequately represent the geometry and the state of conservation of the ceiling and have been used to develop a spatial and geometrical analysis of the muqarnas and relate it to the structural layout.The survey of the internal and external sides of the covering enabled us to investigate further the materials and constructive techniques employed in this ancient wooden ceiling. At the same time, we were also able to document the original structural system and the completion parts, its conservation status and the interventions and modifications it has undergone through many centuries

The façades along the Cassaro in Palermo: historical-building characterization, degradation, restoration norms for interventions

The good-will to operate in the old town privileging the history and the maintenance of historic buildings, is manifest in this study on the Vittorio Emanuele monumental street, the foundation axis of Palermo, and it’s architectural degraded and disfigured fronts. The search concerning sixty civil buildings is based initially on a cognitive process that includes historical analysis, geometric and dimensional survey, investigation on constituent materials and decay systems, in relation to environmental or anthropic causes. The study includes a design proposal that, according to the individuality of cases, it would represent an intervention code about some recurrent critical aspects on which it’s possible to intervene only applying codified procedures. The proposed designs show so an application to concrete cases, not abdicating to involve physical and economic urban environment: the re-qualification of building materials and architectural language would respect the historical image without depressing the market demands

Economic Analysis of an Innovative Scheme for the Treatment of Produced Waters

During the crude oil extraction processes, for each barrel of oil turns out an equivalent of 3 barrels of wastewaters on average. These wastes are known as Produced Waters (PWs) and their dramatic impact on the environment has attracted the attention of researchers in order to find an economic and efficient method for their treatment. Dealing with PWs is not easy: the long exposure with oil increases their hydrocarbon fraction, while the contact with the underground wells increases their concentration in salts and minerals. The direct discharge of PWs into the sea is obviously not allowed by law and PWs are usually re-injected into the well. The present work deals with a novel and innovative treatment chain (including assisted reverse electrodialysis (ARED) as dilution step) able to reduce both the salinity and organic content of PWs. The innovative scheme includes an ultrafiltration unit as pre-treatment, upstream an ARED unit for the PW dilution. Once the salinity level has been reduced down to a value affordable for a bioremediation step, PWs are sent to a bio-reactor, where the organic compounds are digested. Finally, a reverse osmosis unit is used to recover water from the treated PWs and to recycle it as diluted stream in the ARED unit. A techno-economic model was purposely developed in the present work to assess the economic feasibility of the proposed scheme. Preliminary results suggest that the treatment costs are lower than 5 € m-3 PW and fully competitive with current PWs treatment technologies

Salinity Reduction of Real Produced Waters via Assisted Reverse Electrodialysis

Produced waters (PWs) are waste streams generated during the crude oil extraction processes. The management of these wastewaters is complicated by the large volumes extracted during the oil recovery operations: these depends on the life of the oil-well: typically, 3 barrels of PWs on average are produced for each barrel of oil extracted. After oil separation, PWs are usually re-injected into the well, but this approach is not always possible without a preliminary and suitable treatment. Bioremediation techniques might be a good option, but they fail due to the PWs high salinity, which inhibit bacteria growth and metabolism. Thus, reducing their salinity upstream a bioremediation unit is a matter of crucial importance. To this aim, Assisted Reverse electrodialysis (ARED) along with the use of a dilute stream typically available on site is here proposed as a novel solution. In ARED an additional voltage is applied in the same direction of the salinity gradient through the membranes in order to enhance the passage of ions from the PW to the diluted solution, thus significantly reducing the required membrane area. An experimental campaign was carried out in order to assess the process feasibility. A fixed volume of real PWs was fed to a laboratory scale ARED unit. Each experimental test lasted for three days to reduce the salinity down to about 20 g l-1, a value compatible with the biomass metabolism for a downstream bioremediation step. Two different types of commercial membranes were tested and relevant energy consumptions were calculated. The long-runs performed did not show a significant loss of efficiency due to fouling, thus suggesting that ARED might a suitable technology for a pre-dilution of produced water

Spatial distribution and characterization of consumers of E-grocery services in sicily: Insights for sustainable urban logistics

The present research aims to provide new insights into e-commerce patterns. The study investigates the correlations between variables related to demographics, residence and online food and beverage purchasing habits. Data was acquired through the administration of an online questionnaire in 2022. The results helped identify the location of the city most affected by the analyzed phenomenon. The novelty of the research focused on the analyzed area of island type characterized by the strong food and wine traditions and the need to want to analyze what possible effects the growth in demand for e-grocery may have on certain parts of the city. The results laid the foundations for more profound studies on demand for e-grocery relative to an island context. Moreover, the findings make it possible to investigate in subsequent steps different types of correlations between socio-demographic and spatial variables connected to the dislocation of homes and the main poles of attraction for the purchase of physical and virtual food and drink markets