It is widely accepted that, for some industries, competition across countries is" economically important and that this competition is strongly affected by exchange rate changes." This paper explores the validity of this view using weekly stock return data on 320 industry pairs" in six countries from 1975 to 1997. It is found that common shocks to industries across countries" are more important than competitive shocks. Weekly exchange rate shocks explain almost" nothing of the relative performance of industries. Using returns measured over longer horizons the importance of exchange rate shocks increases slightly and the importance of common shocks" to industries increases more substantially. Both industry and exchange rate shocks are more" important for industries that produce goods traded internationally, but the importance of these" shocks is economically small for these industries as well.

International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis of Stock Returns

A deep learning ensemble approach for crude oil price forecasting

A novel hybrid method for crude oil price forecasting

Algae are common all over the Earth. Due to their rich chemical composition and content of bioactive substances they have been used in many fields of industry. Their gelling, thickening and stabilizing properties have led to the development of such products as agar, alginate and carrageenan. Moreover, algae are used in the food industry as food supplements and an addition to functional food. Algae are also added to meat products, such as pasty, steaks, frankfurters and sausages, as well as to fish, fish products, and oils, to improve their quality. Cereal-based products, such as pasta, flour and bread, are another group of products enriched with algae. Due to their properties algae may also be used for construction of fermented functional food. Fermented products containing algae are, most of all, dairy products, such as cheese, cream, milk deserts, yoghurt, cottage cheese, and processed cheese. Combination of fermented products offering a high content of lactic acid bacteria with algae possessing biologically active metabolites of natural origin allows not only to compose products with a high content of nutrients, but also to create a brand new segment of fermented food.

Algae in food: a general review.

A novel hybrid method of forecasting crude oil prices using complex network science and artificial intelligence algorithms

Effects of Chlorella powder on the growth of lactic acid bacteria, ripening velocity and organoleptic properties in Appenzeller cheese were investigated. Added levels of Chlorella powder were 0, 0.5, 1.0 and 2.0%. The lactic acid bacteria count was higher in cheese added with Chlorella than those in the control cheese. The pH of cheese increased gradually after 3 weeks, reaching pH at 15 weeks of maturation, and the pH was slightly lower in Chlorella added cheese than in control cheese. The soluble nitrogen compounds, non casein nitrogen (NCN) and non protein nitrogen (NPN), in Appenzeller cheese increased during 15 weeks of ripening, and they were higher in Chlorella added cheese than in control cheese. Electrophoresis of cheese proteins revealed that caseins were degraded more rapidly in Chlorella cheese as the level of Chlorella increased so that the cheese with 2% Chlorella could have developed a bitter taste and a stench by an excessive degradation of proteins. Sensory scores of the cheese ripened for 15 weeks were diminished as the level of Chlorella increased especially the cheese added with 2% Chlorella obtained significantly lower values of sensory scores than control cheese. Among the Chlorella cheeses, 0.5% Chlorella added cheese showed the highest score in overall sensory preference. From the results, the adequate level of Chlorella powder being added to produce an Appenzeller cheese product with acceptable quality was suggested to be 0.5%.

http://www.koreascience.or.kr:80/article/JAKO200606142042601.pdf

Quality Properties of Appenzeller Cheese Added with Chlorella

The objective of this article is to empirically investigate a causal relation between investor’s sentiment and price movements for the NYMEX crude oil futures market from 1999 to 2009. With Wang’s (2003) methodology, I construct an actual position-based sentiment index for two types of investors, speculators and hedgers, and then the Granger-causality is tested between investor’s sentiment and price movements. Most of case studies with different sub-periods reveal that price movements cause the investor’s sentiment but not vice-versa, which confirms that the investors alter their investing sentiment based on market price movements. However, from August 2007 to June 2008, when the oil prices sharply increase before the market started collapsing, it is found that investor’s sentiment does cause price. Such interesting result supports that the role of investor’s sentiment is more likely to be significant when the market is excessively bullish. In addition, the effect of speculator’s sentiment on prices during the bullish market status is estimated to be negative, which is consistent with a classical host of speculation-based theories advocating that speculators stabilise price movements.

Causality test between investor’s sentiment and price movements: a case study of the NYMEX crude oil futures market

The purpose of this paper is to empirically investigate exchange rate exposure of Korean oil-refining and petrochemical firms whose profit structure highly depends on exchange rate changes. The primary finding is that about 50% out of the total sample firms is significantly exposed to exchange rate changes when the changes are sizable. In terms of exchange rate type, a bilateral rate between US dollar and Korean won is found to be more effective for estimating significant exposure of the Korean oil-refiners and petrochemicals rather than an industry-specific exchange rate index. In addition, using the Fama and French decomposition approach, this paper finds exposure sensitivity factors with results that conglomerate affiliation, number of employees, or business scope diversification significantly lowers degree of exposure.

Estimating Exchange Rate Exposure of Trade-intensive Firms: Application to Korean Oil-refiners and Petrochemicals

This article analyses whether the effect of exchange rate changes on firms’ returns, known as the ‘exchange rate exposure’ of firms, varies with the nature of exchange rate movements. Using Banglad...

The Nature of Exchange Rate Movements and Exchange Rate Exposure: The Bangladesh Case:

Exchange Risk Exposure of Korean SMEs: Issues in Firm Location, Exchange Rate Type, and Exchange Rate Changes Size☆

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