Impact of crude oil volatility on stock returns: Evidence from Southeast Asian markets

The study investigates the connection between international oil indices and Southeast Asian stock markets. The outcomes of both employed models, namely EGARCH and GARCH-jump, confirm the significant oil-stock linkage in Southeast Asian region. While the oil price fluctuations have positive effect on stock returns, the impacts of the implied crude oil volatility index (OVX) are negative, implying that the increase in level of future oil prices uncertainty leads to downward movement on stock markets. This association is relatively stronger in crisis period and symmetric in most markets, except for Malaysia and Philippines. The research also finds a relatively weak volatility transmission from oil market to the stock returns after controlling for the impact of the implied volatility index (VIX). Additionally, the study further reports the existence of GARCH effects in Southeast Asian stock markets. Besides, the results from EGARCH models illustrate that the previously negative shocks seem to have greater effects on the current volatility of stock returns in analyzed countries than the positive shocks. Furthermore, the jump effects are found in most markets, as evidenced by the estimates for GARCH-jump models. Generally, the volatility driven by abnormal information positively affects the volatility of return while the jump behavior has negative impact on return in Southeast Asian markets. Providing greater understandings about new markets in Southeast Asian area, the research could be utilized in improving investment decisions and gaining the advantages of international portfolio diversification.fi=Opinnäytetyö kokotekstinä PDF-muodossa.|en=Thesis fulltext in PDF format.|sv=Lärdomsprov tillgängligt som fulltext i PDF-format

An inquiry into the determinants of Vietnamese product export

Export led growth is the model of economic development that Vietnam has been following. While there are a great number of studies on the determinants of aggregate export of Vietnam, there are few that analyze the impacts of different factors on the export of different product groups. This paper aims at filling this gap in research on international trade of Vietnam. The results show that the fast GDP growth of Vietnam, the large population of importing countries, the wide economic gap between Vietnam and the importing countries, the depreciation of domestic currency, the free trade agreements that Vietnam signed and the shared border with the importing countries contribute to the increase of Vietnam’s export of all product groups. In contrast, the GDP of importing countries and population of Vietnam have no clear impacts on the export of any product groups.

Depth of powers of edge ideals of cycles and trees

Let $I$ be the edge ideal of a cycle of length $n \ge 5$ over a polynomial ring $S = \mathrm{k}[x_1,\ldots,x_n]$. We prove that for $2 \le t < \lceil (n+1)/2 \rceil$, $$\operatorname{depth} (S/I^t) = \lceil \frac{n -t + 1}{3} \rceil.$$ When $G = T_{\mathbf{a}}$ is a starlike tree which is the join of $k$ paths of length $a_1, \ldots, a_k$ at a common root $1$, we give a formula for the depth of powers of $I(T_{\mathbf{a}})$

BIM-based Competitive Advantages and Competitive Strategies for Construction Consultancy SMEs: A Case Study in Vietnam

Building Information Modelling (BIM) has been proven as an innovative approach to bring values to construction projects as well as stakeholders, including construction consultancy firms. BIM adoption could assist construction consultancy Small and Medium-sized Enterprise (SMEs) in enhancing their competitive capability. Using a case study with a pioneer BIM service providers &nbsp;which is an SME in Vietnam (the Consultant), the paper explores the core competences for delivering BIM services in relation with potential competitive advantages. Four typical BIM market segments have been discovered, which include: i) BIM strategic services, (ii) BIM services, (iii) BIM-enabled services, and (iv) BIM tools development. Exploring six BIM cases, the realized core competences of the Consultant which are reported in the paper include the BIM-related skillful human resources (both in-house and from external), BIM know-hows, reputation, and also the benefits from a BIM network that the Consultant established as an outcome of a granted BIM research project. Focusing on only the first three market segments, the Consultant has taken advantage of their core competences to deliver differentiation and focus strategies to compete and generate competitive advantages. Cost leadership strategies were not very successful in the case study due to that the economies of scale could not be met; however, they can be considered with the provision of BIM-enabled services, when BIM services are delivered together with other consultancy and/or construction services

NetFPGA Based OpenFlow Switch Extension for Energy Saving in Data Centers

The increasing demand for data centers in both scale and size has led to huge energy consumption. The cost and environmental impact of data centers increases due to large amounts of carbon emissions. One solution to this problem is to intelligently control the power consumption of switches used in data centers. This paper proposes an extension to OpenFlow switches to support different power saving modes. The extension includes defining new messages in the OpenFlow protocol stack and designing an OpenFlow Switch Controller (OSC) that is able to turn on/off switches and disable/enable ports. To prove the soundness of the proposed extension, the functions of an OSC has been integrated in a NetFPGA based OpenFlow switch used in the ECODANE framework. The results presented in this paper can also be used by the OpenFlow compliant switches manufacturer or by power aware research community

The influence of hardware impairment on the system performance of two-way relaying network

In this research, the system performance of the half-duplex two-way relay network under hardware impairment condition is presented and investigated. In this system model, the time switching protocol and amplify-and-forward (AF)-based are considered. First, of all, the analytical expressions of the outage probability, and achievable throughput with the exact closed form and asymptotic form were proposed and derived. Furthermore, the research results are derived and convinced by Monte-Carlo calculation. The numerical results demonstrated and convinced the analytical and the simulation results are agreed for all possible system parameters

Effect of Red Y2O3:Eu3+ phosphor on the color quality and luminous efficacy of the 7000K IPW-LEDs

In this study, we investigate the effect of concentration of the red Y2O3:Eu3+ phosphor on the Color Rendering Index (CRI), Color Quality Scale (CQS) and Lumen Output (LO) of the 7000K in-cup packaging white LEDs (IPW-LEDs). The physical model of the 7000K IPW-LEDs is conducted by Light Tools software. By varying the concentration of the red phosphor from 0% to 0.36%, we use the Light Tools software to investigate the CRI, CQS, and LO of the 7000K IPW-LEDs. From the research results, it can be observed that the CRI and CQS can be increased to 85 and 71, respectively. However, the LO has a decrease in the increasing trend of the red phosphor concentration. This paper provides the new recommendation for the manufacturing of the IPW-LEDs

The results of deep magnetotelluric sounding for studying the Nha Trang - Tanh Linh fault

The profile of deep magnetotelluric sounding (MT) from Duc Trong - Tuy Phong has been carried out in Lam Dong and Binh Thuan  provinces. The length of the Duc Trong - Tuy Phong profile is about 80 km with 15 stations and the distance between the stations measures about 5 km. Two-dimensional MT inversion was used to find a resistivity model that fits the data. The 2D resistivity model allows determining position and development formation of the Nha Trang - Tanh Linh  fault. This is the deep fault, which is showed by the boundaries of remarkable change of resistivity. In the near surface of the Earth (from ground to the depth of 6 km), the angle of inclination of this fault is about 60o; in the next part, the direction of the Nha Trang - Tanh Linh  faut is vertical. Geoelectrical section of the Nha Trang - Tanh Linh  profile shows that the resistivity of mid-crust is higher than that of lower-crust and of upper-crust

Changes in the levels of immunological markers after treatment in patients with allergic rhinitis

Introduction: Monitoring changes in the levels of immune markers is of great significance in evaluating the effectiveness of treatment in patients with allergic rhinitis. Objectives: Determine the change in the concentration of immune markers after treatment in patients with allergic rhinitis caused by cotton dust. Methods : A descriptive, single-group, comparative before and after intervention study on 52 patients with allergic rhinitis caused by cotton dust. Comparison of immunological markers results before and after 36 months of treatment. Results: Total IgE concentration after treatment decreased, the median decreased from 1227.756 U/mL to 676.805 UI/mL. Serum levels of IgG, IgG4, and IgG1 in patients after treatment increased compared to before (p< 0.001). The cytokines also changed in the direction of no longer responding toward allergy. Median IL-17 decreased from 1.752 mg/dL to 0.417 mg/dL. Conclusion: In patients with allergic rhinitis after specific sublingual desensitization treatment, IgE levels and cytokines such as IL-6 and IL-17 are significantly reduced and IgG, IgG4 and IgG1 levels are increased after treatment