Dependence Structure between the Stock Market and the Foreign Exchange Rate Market via Copula Approach

在金融研究领域，金融资产收益率之间的相关关系一直是重要议题。研究者们通常使用Pearson统计量来度量收益率之间的线性相关关系，然而事实上，金融资产收益率之间普遍存在非线性关系，因而，使用copula函数来弥补线性测度的缺陷成为当下研究的热点问题。 本文主要使用copula函数来研究2005年至2017年间中国、香港和英国股票市场和外汇市场在极端情况下的联动效应。我们通过ARMA-GARCH过程来拟合股票收益率的时间序列和货币收益率的时间序列，同时使用copula函数拟合股票收益率和外汇收益率之间的相关关系。我们使用了四种不同的copula函数，包括高斯分布、学生t分布、Gumbel分布和R...The dependence structure between asset returns plays decisive role in financial industry. The main widely used measure is Pearson’s linear correlation. However, among other disadvantages it is unable to measure the non-linear dependence across financial assets, which is almost always the case we encounter in reality. To cover shortcomings of ordinary linear dependence, copula functions are used as...学位：经济学硕士院系专业：王亚南经济研究院_金融工程学号：2772015115476

Dendrochronological potential of drought-sensitive tree stands in Armenia for the hydroclimate reconstruction of the Lesser Caucasus

Existing high-resolution reconstructions of hydroclimate variability in the Caucasus are lacking tree-ring data from Armenian Plateau, the most continental part of the region. Our research presents the first dendrochronological investigation in Armenia. Juniper and oak tree-ring width chronologies were constructed, the longest spanning the last 140 years. The positive influence of spring–summer precipitation and the negative influence of temperature suggest drought stress at the investigated sites. Moving correlation analysis indicated a significant change over time in the sensitivity of investigated trees to climatic variability; juniper, previously sensitive to both temperature and precipitation, has shown especially strong precipitation signals in the recent decades since the local climate has turned more arid. Ongoing climate change increases drought stress in juniper, which may have further consequences on semiarid ecosystems. Our results reveal multiannual droughts recorded by tree rings, emerging in most parts of the Black Sea–Caspian Sea region

Understanding people’s interactions with urban greenspace: Case studies in Eastern Europe

This study explored and compared people’s interactions with urban greenspace (UGS) using case studies in three Eastern European countries – Armenia, Georgia and Ukraine. These countries have experienced radical changes in governance systems and socio-economic structures, characteristic of a transition from planned to market economies. Recently, Armenia, Georgia and Ukraine have been arenas for armed conflicts, which have dramatically heightened instability throughout the region. Urban planners in Eastern Europe therefore urgently need context-relevant knowledge to facilitate the critical work of (re-)building more inclusive, safe, resilient and sustainable cities. An unrestricted, self-selected online survey was used to collect data in 2021–2022. A total of 3573 respondents completed the survey (N = 1142 in Armenia, N = 1069 in Georgia and N = 1362 in Ukraine). We identified 12 key explanatory factors linked to the frequency of people’s interactions with UGS using multiple ordinal logistic regressions. The core findings are: (i) most factors are country-specific; (ii) age of respondents had a large effect on the frequency of UGS use in Armenia and Georgia, where older people were mostly infrequent users of UGS; (iii) those who lived further from UGS or could not access it on foot were less likely to use it often; and (iv) the only common key factor across three countries was that people who ‘do not want’ to use UGS are infrequent users. The study shows that only 10–18% of respondents were satisfied with the UGS availability and quality. Among many constraints related to UGS use, litter in UGS and lack of time were the most mentioned. Large parks were the most preferred types of UGS. Our findings confirm the need for urban planners in Eastern Europe to consider and integrate diverse factors influencing people’s willingness to interact with urban nature. A priority is to understand how to bring infrequent users to UGS, particularly older people in various cultural settings in Eastern European countries

Understanding people's interactions with urban greenspace:Case studies in Eastern Europe

This study explored and compared people's interactions with urban greenspace (UGS) using case studies in three Eastern European countries – Armenia, Georgia and Ukraine. These countries have experienced radical changes in governance systems and socio-economic structures, characteristic of a transition from planned to market economies. Recently, Armenia, Georgia and Ukraine have been arenas for armed conflicts, which have dramatically heightened instability throughout the region. Urban planners in Eastern Europe therefore urgently need context-relevant knowledge to facilitate the critical work of (re-)building more inclusive, safe, resilient and sustainable cities. An unrestricted, self-selected online survey was used to collect data in 2021–2022. A total of 3573 respondents completed the survey (N = 1142 in Armenia, N = 1069 in Georgia and N = 1362 in Ukraine). We identified 12 key explanatory factors linked to the frequency of people's interactions with UGS using multiple ordinal logistic regressions. The core findings are: (i) most factors are country-specific; (ii) age of respondents had a large effect on the frequency of UGS use in Armenia and Georgia, where older people were mostly infrequent users of UGS; (iii) those who lived further from UGS or could not access it on foot were less likely to use it often; and (iv) the only common key factor across three countries was that people who ‘do not want’ to use UGS are infrequent users. The study shows that only 10–18% of respondents were satisfied with the UGS availability and quality. Among many constraints related to UGS use, litter in UGS and lack of time were the most mentioned. Large parks were the most preferred types of UGS. Our findings confirm the need for urban planners in Eastern Europe to consider and integrate diverse factors influencing people's willingness to interact with urban nature. A priority is to understand how to bring infrequent users to UGS, particularly older people in various cultural settings in Eastern European countries.</p