Portfolio risk and return between energy and non-energy stocks.

This paper aims to examine the potential for portfolio returns by adding together conventional and energy stocks with varying proportions. We examine the risk and return characteristics of a portfolio comprising energy and non-energy stocks from twenty countries. The period for daily data ranges from 2 July 1999 to 2 July 2021.

Correction: Information flow dynamics between geopolitical risk and major asset returns.

[This corrects the article DOI: 10.1371/journal.pone.

Tail spillover effects between cryptocurrencies and uncertainty in the gold, oil, and stock markets.

This study investigates tail dependence among five major cryptocurrencies, namely Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, and uncertainties in the gold, oil, and equity markets. Using the cross-quantilogram method and quantile connectedness approach, we identify cross-quantile interdependence between the analyzed variables. Our results show that the spillover between cryptocurrencies and volatility indices for the major traditional markets varies substantially across quantiles, implying that diversification benefits for these assets may differ widely across normal and extreme market conditions.

Information flow dynamics between geopolitical risk and major asset returns.

We quantify information flows between geopolitical risk (GPR) and global financial assets such as equity, bonds, and commodities, with a focus on the Russian-Ukrainian conflict. We combine transfer entropy and the I-CEEMDAN framework to measure information flows at multi-term scales. Our empirical results indicate that (i) in the short term, crude oil and Russian equity show opposite responses to GPR; (ii) in the medium and long term, GPR information increases the risk in the financial market; and (iii) the efficiency of the financial asset markets can be confirmed on a long-term scale.

Extreme dependencies and spillovers between gold and stock markets: evidence from MENA countries.

This study addresses whether gold exhibits the function of a hedge or safe haven as often referred to in academia. It contributes to the existing literature by (i) revisiting this question for the principal stock markets in the Middle East and North Africa (MENA) region and (ii) using the copula-quantile-on-quantile and conditional value at risk methods to detail the risks facing market participants provided with accurate information about various gold and stock market scenarios (i.e.

Impacts of COVID-19 outbreak, macroeconomic and financial stress factors on price spillovers among green bond.

We examine the impacts of the COVID-19 pandemic and global risk factors on the upside and downside price spillovers of MSCI global, building, financial, industrial, and utility green bonds (GBs). Using copulas, CoVaR, and quantile regression approaches, we show symmetric tail dependence between MSCI global GB and both building and utility GBs. Moreover, the upper tail dependence between MSCI global GB and financial GB intensified during COVID-19.

Global energy markets connectedness: evidence from time-frequency domain.

We examine the presence of dependence across 51 energy markets classified into different regions from Jan 2007 to June 2021. In order to examine the presence of dependence across different energy markets, we apply standard and threshold dependence measures proposed by Diebold and Yilmaz, Int J Forecast 28:57-66, (2012) and Baruník and Křehlík, J Financ Econ 16(2):271-296, (2018). We highlight the presence of strong dependence between the energy markets at both regional level and across other regions.

Uncertainty measures and inflation dynamics in selected global players: a wavelet approach.

This study investigates the dynamic relationship between economic policy uncertainty (EPU), geopolitical risks (GPR), the interaction of EPU and GPR (EPGR), and inflation in the USA, Canada, the UK, Japan, and China. We employ the continuous wavelet transform (CWT) to track the evolution of model variables and the wavelet coherence (WC) to examine the co-movement and lead-lag status of the series across different frequencies and time. To strengthen the WC, we apply the multiple wavelet coherence (MWC) to determine how good the linear combination of independent variables co-moves with inflation across various time-frequency domains.

Unbundling the dynamic impact of renewable energy and financial development on real per capita growth in African countries.

Industrialization is considered imperative for growth but energy transitions are paramount for inclusive and green growth especially for a region with low financial sector development to spur investment in renewable energy. This study thus unbundles the interrelation among renewable energy production, financial development, and real per capita growth in 32 selected African countries from the period of 1996 to 2018. These countries are categorized on the basis of oil-rich and non-oil-rich as well as income levels.

Military spending, financial development, and ecological footprint in a developing country: insights from bootstrap causality and Maki cointegration.

Military spending is required for national sovereignty, but it comes at a cost. The ecological consequences of military activities remain insufficiently investigated, especially in developing countries, where military spending is on the rise due to terrorism and civil unrest created by different secessionists' groups. As such, this study has a maiden attempt to address this gap by exploring the effects of military spending on the ecological footprint (EF) using the bootstrap causality test and the Maki (2012) cointegration test under multiple structural breaks.

The Return and Volatility Connectedness of NFT Segments and Media Coverage: Fresh Evidence Based on News About the COVID-19 Pandemic.

We study the relationship between return and volatility of non-fungible tokens (NFT) segments and media coverage during the outbreak of the COVID-19 pandemic in a connectedness framework. We document media coverage as a net transmitter of spillover for both the return and volatility of NFT segments. We find that NFTs representing the Utilities segment is a major transmitter of spillover.

The spatial distribution dynamic and convergence of CO emissions in Iran's provinces.

It is essential to study CO emissions intensity as the most critical factor affecting temperature increase and climate change in a country like Iran, which ranked seven regarding CO emissions intensity. Investigating the convergence of CO emissions intensity is essential in recognizing its dynamics in identifying the effectiveness of government environmental policies. In this paper, using the Markov chain and spatial Markov chain methods, the convergence of CO emissions intensity from fossil-fuel consumption has been investigated in 28 provinces of Iran from 2002 to 2016.

COVID-19 pandemic's impact on intraday volatility spillover between oil, gold, and stock markets.

This study examines the volatility spillovers between the US stock market (S&P500 index) and both oil and gold before and during the global health crisis (GHC). We apply the FIAPARCH-DCC model to the 15-minute intraday data. The results showed negative (positive) conditional correlations between the S&P500 and gold (oil).

Investigation of economic and financial determinants of carbon emissions by panel quantile regression analysis: the case of Visegrád countries.

This study determines the impacts of gross domestic product, domestic bank credits given to private sector, and military expenditures on carbon emissions based on 1990-2019 time period. The panel quantile regression approach is applied for the Visegrád group countries. Our empirical results reveal that domestic bank credit given to private sector has a positive and meaningful impact on carbon emissions at medium and high quantile levels.

Liquidity connectedness in cryptocurrency market.

We examine the dynamics of liquidity connectedness in the cryptocurrency market. We use the connectedness models of Diebold and Yilmaz (Int J Forecast 28(1):57-66, 2012) and Baruník and Křehlík (J Financ Econom 16(2):271-296, 2018) on a sample of six major cryptocurrencies, namely, Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Monero (XMR), and Dash. Our static analysis reveals a moderate liquidity connectedness among our sample cryptocurrencies, whereas BTC and LTC play a significant role in connectedness magnitude.

Dynamic spillovers between the term structure of interest rates, bitcoin, and safe-haven currencies.

This study examines the connectedness between the US yield curve components (i.e., level, slope, and curvature), exchange rates, and the historical volatility of the exchange rates of the main safe-haven fiat currencies (Canada, Switzerland, EURO, Japan, and the UK) and the leading cryptocurrency, the Bitcoin.

Renewable energy-economic growth nexus revisited for the USA: do different approaches for modeling structural breaks lead to different findings?

It can be observed from the existing energy literature the previous papers investigating the influence of renewables consumption on GDP for the USA commonly ignore structural breaks in the US economy. Hence, the purpose of this paper is to examine the impact of renewable energy consumption on economic growth for the USA using quarterly data over the period 1977Q1-2019Q3 through unit root and cointegration methods based on different approaches in modelling structural breaks. Our empirical evidence confirms that all unit root tests give similar outputs and show all the variables become stationary at 1st differences.

Are there wages from "sin"? Working conditions spillover from paying bribe in Vietnam.

This paper examines how bribe payment by enterprises in Vietnam affects employees' working conditions, particularly wage benefits and other non-monetary compensations. We exploit the variation in the interaction of the score for the transparency of the local government in a specific province, the district-sector share of enterprises engaging in bribe payment, and the sector average size of the enterprise owner's social network that are public officers as an exogenous variation in the likelihood of engaging in bribe payment. The results of the analysis reveal that when an enterprise pays bribe, it reduces the wages of its employees by approximately 27.

Gold and US sectoral stocks during COVID-19 pandemic.

In this study, we examine the hedging relationship between gold and US sectoral stocks during the COVID-19 pandemic. We employ a multivariate volatility framework, which accounts for salient features of the series in the computation of optimal weights and optimal hedging ratios. We find evidence of hedging effectiveness between gold and sectoral stocks, albeit with lower performance, during the pandemic.

Examining the temporal impact of stock market development on carbon intensity: Evidence from South Asian countries.

The growing size of stock market in the South Asian countries might have contributed to raising the level of industrial production and energy consumption. This upturned energy usage might have widened the scope for carbon emissions because these nations heavily rely on fossil fuels. In this milieu, therefore, in the present study, we assessed the impacts of stock market development, per capita income, trade expansion, renewable energy solutions, and technological innovations on carbon intensity in the four South Asia countries from 1990 to 2016.

Does energy consumption reinforce environmental pollution? Evidence from emerging Asian economies.

Steadily improving per capita income level, energy consumption, and delivery of financial services in South and Southeast Asian countries has remained a subject of discussion among policymakers. Because these endeavors have not only elevated their growth trajectory but also widened the scope for carbon emissions, especially in the preceding two decades. In order to confirm this argument, therefore, in the present study, we intended to examine their dynamic impacts on carbon emissions.

Directional spillover effects and time-frequency nexus between oil, gold and stock markets: Evidence from pre and during COVID-19 outbreak.

The Covid-19 crisis has been spread rapidly throughout the world so far. However, how deep and long the turbulence would depend on the success of solutions taken to deter the spread of Covid-19, the impacts of government policies may be prominent to alleviate the current crisis. In this article, we investigate the spillover effects and time-frequency connectedness between S&P 500, crude oil prices, and gold asset using both the spillover index of Diebold and Yilmaz (2012) and the wavelet coherence to evaluate whether the time-varying dynamic return spillover index exhibited the intensity and direction of transmission during the Covid-19 outbreak.