Volatility Transmission Between Dow Jones Stock Index And Emerging Islamic Stock Index: Case Of Subprime Financial Crises

In the course of the recent global crisis, the stock shocks are distributed and transmitted from their homes in the developed stock market to emerging stock markets. By supporting the development of emerging stock markets, this study aims to see the transmission of volatility between the Dow Jones stock index and the Dow Jones emerging Islamic stock indiex. In this study we have divided the period into three, periods, before, during and after this crisis to demonstrate the resilience of the Islamic market index in response to the global financial crisis. Another aim of this study is to provide a new guide line for investors in emerging stock market before making investment decisions. The data are daily, going from 02/01/2005 until 31/12/2012. To measure the transmission we used bivariate BEKK-GARCH and DCC-GARCH model. The result shows that there is a transmission mainly during the crisis period which means that the crisis affects all the financial assets whether Islamic or not. The same result also shows the preference to invest in both Islamic and classical stock indexes since they are less risky

Volatility Transmission between Bond and Stock Markets: Case of Emerging Financial Markets

This paper attempts to investigate the transmission of market volatility between the emerging stock and bond markets. To examine this relation between the bond and stock market, we use the BEKK GARCH model; a decomposition approach of the multivariate GARCH (1, 1) model. The outcome of this study displays a significant relation between bond and stock index and the incidence of the interest rate in this transmission. Besides, there is a transmission of volatility between the bond and stock index demonstrated by the DCC GARCH graph.&nbsp

Volatility transmission between Dow Jones Stock Index and Emerging Bond Index

In this paper, we use a bivariate GARCH model to estimate simultaneously of the mean and the conditional variance between the Dow Jones stock index and some emerging bond indices. We used the DCC-GARCH model to graphically demonstrate the peaks of the volatility transmission. We examined this transmission using daily returns between July, 30, 2009 and January, 18, 2011 extracted from Datastream. Our results demonstrate that there is a significant transmission of shocks and volatility between the Dow Jones stock index and bond indices of the emerging countries. The results also confirm the idea that the crisis was transmitted from the United States to the emerging countries due to foreign investment made in these countries

The causal relationship among environmental quality, economic growth and energy use: new evidence from five OPEC countries

This paper aims to explore the relationships between environmental quality, economic growth and energy use. A panel data set of 25 years (1990-2014), for five OPEC countries (Algeria, Nigeria, Indonesia, Saudi Arabia and Venezuela) is used, and panel unit root tests, panel co-integration tests and panel Granger causality tests are employed as estimation strategies. Our results show that in the long-run there are two-way causal relationships between GDP and energy consumption for all countries. Bilateral causal relationships between GDP and CO2 emissions are also observed in all countries except Algeria where no causality is found. The same relationships are also observed between energy consumption and CO2 emissions in all countries with an exception for Venezuela where unidirectional causality running from CO2 to energy consumption is found

Liquidity and Credit Risk in the Emerging Financial Markets

In this paper, we examine the relationship between liquidity, liquidity risk and credit risk involved in emerging sovereign bonds after the subprime crisis period. In our study, we concentrate on the effect of liquidity and credit risk on liquidity in the emerging bond markets. Control variables, asymmetric information, amount outstanding, coupon, age and interest rate van provide assistance for a better understanding of this relationship. To explain the role of liquidity and credit risk in liquidity, we use panel data extracted from Datastream. Our result show that liquidity risk has a stronger impact on the liquidity of the bond market than credit risk

Characteristics of Desalination Brine and Its Impacts on Marine Chemistry and Health, With Emphasis on the Persian/Arabian Gulf: A Review

At a time when worldwide water shortage is increasing, seawater is being viewed as an inexhaustible supply of freshwater via the process of seawater desalination. As a result, seawater desalination is becoming more popular, especially in areas where freshwater is scarce, such as the Middle East and North Africa (MENA), which accounts for half of all global saltwater desalination activities. To enhance the efficiency of saltwater desalination, thermal and membrane-based desalination technologies are continually being developed and hybridized systems established. Brine is an unavoidable product of seawater desalination and is commonly disposed of in oceans and seas, where it has negative effects on the surrounding marine environment and its biodiversity due to the resultant increased salinity and temperature, as well as the presence of chemicals. Furthermore, the quality and amount of brine are influenced by several parameters, including the input quality and quantity, the desalination process, and the discharge method. The intensity of brine’s influence on the marine biota is determined by a number of factors; nevertheless, marine species differ in their tolerance to brine’s effects. Desalination technology is improving to maximize water recovery and reduce the volume of brine produced, with the objective of eventually reaching zero liquid discharge and limiting harmful effects on the marine environment. Meanwhile, proper systems for analyzing the effects of seawater desalination facilities on the marine ecology must be implemented. This review study will look at all of the factors that determine the physicochemical features of desalination brine, with a focus on its impact on marine chemistry and biodiversity. More crucially, the most cutting-edge brine management methods will be investigated for long-term desalination and a healthy marine ecosystem.This report was made possible by the NPRP award [NPRP11S-0110-180248] from the Qatar National Research Fund (a member of The Qatar Foundation). The statements made herein are solely the responsibility of the authors

Credit rating announcement and bond liquidity: the case of emerging bond markets

Purpose: This study examines the effect of the informational content of local credit rating announcements in emerging markets on the liquidity of their bond markets. This study analyses the liquidity of bonds in various emerging bond markets using a sample of nine countries: Argentina, Mexico, Peru, Hungary, Poland, Spain, Turkey, Hong Kong and Greece. The sample includes daily data on sovereign bonds that go from July 2009 to July 2017. The main focus is on the period before and after the sovereign debt crisis. This study notes that the bond liquidity is affected due to the sign of the rating granted by the rating agencies for each country. Design/methodology/approach: This study aims to question the sources of liquidity problem of sovereign bonds issued by the emerging countries. The study’s database consists of daily data of all nine emerging countries for the period from July 2009 to July 2017. Panel data were collected from the Datastream database. Findings: This study first directly tests the information content of bond ratings announcements and their effect on bond market liquidity. Next, the impact of rating changes on sovereign bond liquidity around the rating announcements is studied. Rating changes can affect sovereign bond's price, trading and liquidity around the announcement date. In particular the rating changes that move the bonds out of the investment grade category can elicit selling pressure or even fire sale of the fallen angels. Originality/value: This research aims to present data on the prices of sovereign bonds that react to changes in credit rating by studying the price movements around the announcement of changes in credit rating. The literature is very rich in studies on credit rating changes on stocks and corporate bonds, but this study is perhaps the first attempt on sovereign bonds

Evidence of the drying technique’s impact on the biomass quality of Tetraselmis subcordiformis (Chlorophyceae)

Abstract Rapid drying, cost-effective and safe, will increase the viability of using microalgae for several bio-industrial applications. In this study, five different drying techniques of microalgal biomass were investigated. These include freeze drying, oven drying, air drying, sun drying, and microwave drying. Morphology, metabolite content, FAME profiling, chlorophyll content, total organic carbon, and total nitrogen were analyzed. Results showed that the freeze-drying technique preserves the highest amounts of chlorophyll, proteins, and lipids. Oven drying underperformed as it retained the lowest amount of chlorophyll, protein, and lipid content. More importantly, FAME profiling results showed that air drying was the best technique in maintaining the highest amount of polyunsaturated fatty acids and more specifically docosahexaenoic acid (DHA). Furthermore, this process requires the least capital and energy needs. The findings from this study confirmed that the drying technique affects the microalga biomass quality. Graphical Abstrac

Algal-algal bioflocculation enhances the recovery efficiency of Picochlorum sp. QUCCCM130 with low auto-settling capacity

Large-scale production of microalgal biomass is still considered non-viable due to the high cost and energy required for harvesting. A fast, cost-effective, and successful harvesting technique has become widely sought after in microalgal biotechnology applications. Algal-algal bioflocculation was adopted for the current study, pH and the ratio between species were selected as two parameters to be optimised. Picochlorum sp. QUCCCM130, Nannochloris sp. QUCCCM31 and Tetraselmis sp. QUCCCM50 presenting a cell size of ?2 ?m, ?5 ?m, and ?15 ?m, respectively, were selected to be subjected to the harvesting optimisation experiments. Results showed that self-settlement capacity increased with cell size and can be indirectly related to a decreased zeta potential of larger cells which enhances the Van der Waals attractive forces. Furthermore, it was noted that pH enhanced the self-settlement capacity of small-sized cells as well that are unable to self-settle. Algal-algal bioflocculation efficiency is dependent on the ratio between species with different sizes, increasing with a higher proportion of larger size microalgal cells. Mixing three microalgae together at pH 10 led to the appearance of large flocs in which the larger cells surrounded the smaller cells. Microscopic observation confirmed that Tetraselmis sp. held the small cells inside the flocs using their flagella. Thus, we can conclude that mixing microalgal cells in a specific ratio and at a specific pH increases the recovery efficiency of small-sized microalgae that can be difficult to harvest, such as Picochlorum sp. QUCCCM130. 2023 The AuthorsThis publication was made possible by the NPRP grant # [ NPRP8-1087-1-207 ] from the Qatar National Research Fund (a member of Qatar Foundation). Open Access funding provided by the Qatar National Library.Scopu