Investment and oil price volatility

In this note, we consider the relationship between oil price volatility and firm returns for 560 firms listed on the New York Stock Exchange. Using daily time series data from 2000 to 2008, we find that oil price volatility increases firm returns for the majority of the firms in our sample.Investment, oil price, volatility,

N.T. van der Merwe as denker

N.T. van der Merwe as thinker The philosophical legacy of N.T. van der Merwe is characterised as a profound concern for meaning, significance and nuance, especially as they are encountered and preserved in texts. This testifies to his inspiring pleasure in crafting rich texts himself, to his commendably thorough grasp of the history of thought and being filled with wonder and awe at the inexhaustible variety of the creation of God

Vaccination and Screening for the Prevention of Cervical Cancer: Health Effects and Cost-effectiveness

Cancer of the cervix uteri is the third most common cancer among women worldwide. The incidence and mortality in the Netherlands, however, are very low, partly because of an effective screening programme. Next to the well-known conventional Pap smear, other medical interventions are available and have been developed more recently to prevent death from cervical cancer. This is, amongst others, liquid-based cytology, HPV DNA screening, and HPV vaccination. This thesis presents health effects and cost-effectiveness of cervical cancer screening and HPV vaccination, in the Netherlands as well as internationally

Real oil prices and the international sign predictability of stock returns

We study the role of real oil prices on the directional predictability of excess stock market returns in the U.S. and 10 other countries using probit models. Previous studies have shown that oil price shocks have adverse effects on stock returns. We extend this literature by focusing on the sign component of excess returns. Our findings indicate that real oil prices are useful predictors of the direction of stock returns in a number of markets over and above commonly used predictors, but results vary substantially between countries. Interestingly, we find only limited evidence of asymmetric effects of oil price shocks.Peer reviewe

Volatility Transmissions between Oil Prices and Emerging Market Sectors: Implications for Portfolio Management and Hedging Strategies

This paper investigates the mechanisms of return and volatility transmissions between oil prices and five emerging market sector returns. For the empirical method, we utilize a recent and novel technique: Vector Autoregressive-Asymmetric GARCH (VAR-AGARCH) model. We find some significant cross shock and volatility linkages between oil prices and the sectors. However, our results manifest that the sector indices are not affected equally or simultaneously by movements in oil prices. Additionally, we compute the optimal holding weights and hedge ratios for the two-asset portfolio consisting of oil and each sector index. Our empirical findings have potential implications for investors and portfolio managers. Keywords: Emerging sector indices; oil prices; volatility transmission; optimal weights; hedge ratios JEL Classifications: C32; G1

The effects of oil price shocks on stock market volatility: Evidence from European data

The paper investigates the effects of oil price shocks on stock market volatility in Europe by focusing on three measures of volatility, i.e. the conditional, the realized and the implied volatility. The findings suggest that supply-side shocks and oil specific demand shocks do not affect volatility, whereas, oil price changes due to aggregate demand shocks lead to a reduction in stock market volatility. More specifically, the aggregate demand oil price shocks have a significant explanatory power on both current-and forward-looking volatilities. The results are qualitatively similar for the aggregate stock market volatility and the industrial sectors' volatilities. Finally, a robustness exercise using short-and long-run volatility models supports the findings

A Panel Data Analysis of the Impact of Macroeconomic Indicators on Firms’ Shares Performance in Nigeria

Abstract This paper contributes to the ongoing debate on whether the impact of macroeconomic indicators on the stock market is positive or negative or of no effect by analyzing the relationship between macroeconomic fundamentals and performance of quoted firms on the Nigerian Stock Exchange market. A sample of fifty (50) quoted firms across eight (8) major sectors of the market was selected for the study. The static panel regression technique was employed on monthly data sourced from the Nigeria Stock Exchange (NSE) and the Central Bank of Nigeria (CBN) between 2007:1 and 2013:12. Results from empirical findings reveal that varying impacts exist between the macroeconomic indicators and firm share returns in Nigeria. It goes further to affirm that inflation rate, interest rate and exchange rate are the major significant macroeconomic indicators driving firm share returns in Nigeria

URBAN FLOOD CONTROL IN THE NETHERLANDS: A HISTORY

ABSTRACTThe Netherlands has a long-standing tradition of protection flood. The article investigates how flood control has taken shape over the last two centuries, and addresses the question how this phenomenon influenced the spatial appearance of Dutch waterfronts. The hypothesis underpinning this paper is that centralization of flood control measures in the Netherlands increased the protection level of these waterfronts but also added to the uniformity of coastal resorts. Centralization also decreased the responsiveness of flood control measures to local needs, which explains the contemporary quest for measures catered to local interests in the Netherlands. To do so, the paper explores the major changes in the approach towards flood control since 1800, and identifies the spatial impact of flood control measures on urban communities. Additionally, it identifies the major drivers for changes in flood protection measures.RESUMENLos Países Bajos tienen una tradición de larga data en lo que respecta a la protección contra las inundaciones. Este artículo investiga de qué manera la protección contra inundaciones ha tomado forma durante los dos últimos siglos, y aborda la cuestión de cómo este fenómeno a influido en el aspecto espacial de frentes de agua holandesas. La hipótesis que sustenta este trabajo es que la centralización de las medidas de protección contra inundaciones en los Países Bajos aumentó el nivel de protección de estos frentes de agua, pero además contribuyó a la uniformidad de los centros turísticos costeros. La centralización también redujo la capacidad de respuesta de las medidas de protección contra las inundaciones a las necesidades locales, lo que explica la búsqueda contemporánea de medidas atentas a estos intereses. Para ello, el documento analiza los principales cambios en el enfoque hacia la protección contra las inundaciones desde 1800, e identifica su impacto territorial en las comunidades urbanas. Además, identifica los principales impulsores de los cambios en las medidas de protección contra inundaciones

Real oil prices and the international sign predictability of stock returns

We study the role of real oil prices on the directional predictability of excess stock market returns in the U.S. and ten other countries using probit models. Previous studies have shown that oil price shocks have adverse effects on stock returns. We extend this literature by focusing on the sign component of excess returns. Our findings indicate that real oil prices are useful predictors of the direction of stock returns in a number of markets over and above commonly used predictors, but results vary substantially between countries. Interestingly, we find only limited evidence of asymmetric effects of oil price shocks

Het Deïsme overwonnen : Gerrit Achterbergs gedicht 'Deïsme' gelezen tegen de achtergrond van de gereformeerde verbondstheologie

Gert Marchal is een theoloog met een brede armslag. Zijn publicaties getuigen niet alleen van zijn expertise op het gebied van de exegese en de theologie van het Nieuwe Testament, maar ook van zijn nauwe verbondenheid met het belijden van de kerk der eeuwen. Beide aspecten komen ook naar voren in de pastorale bewogenheid waarmee hij hartstochtelijk is blijven zoeken naar antwoorden op levensvragen waarvoor de gemeente zich in deze tijd gesteld ziet. Tussen al die regels door die hij geschreven heeft kunnen we echter ook iets anders ontdekken. Ik doel met deze opmerking op zijn grote belezenheid in moderne literatuur en poëzie. Gert Marchal is een mens die gevoelig is voor het werk van dichters en schrijvers van vroeger en nu, die voor hem het onzegbare konden en kunnen verwoorden. Van deze luisterende betrokkenheid op de moderne literatuur en poëzie zijn in zijn oeuvre talloze voorbeelden te geven. In deze bijdrage wil ik hem - ter markering van zijn emeritaat en met dank voor wat ik van hem geleerd heb - een interpretatie van een van de gedichten van Gerrit Achterberg aanbieden. Het gaat om het gedicht ‘Deïsme’ (Verzamelde Gedichten, 922; voortaan geciteerd als VG)) dat hierboven is weergegeven. Zonder twijfel heeft hij in zijn werk als predikant en columnist meer dan eens naar dit gedicht verwezen