The link between crude oil price and stock returns of the Group of Seven(G7)countries(Canada,France,Germany,Italy,Japan,the United Kingdom,and the United States)was analyzed in this study using monthly data from Janua...The link between crude oil price and stock returns of the Group of Seven(G7)countries(Canada,France,Germany,Italy,Japan,the United Kingdom,and the United States)was analyzed in this study using monthly data from January 1999 to March 2020.We adopt a similar approach to Kilian(Am Econ Rev 99(3):1053–1069,2009)and construct a structural vector autoregression framework to decompose crude oil price shocks into oil supply shock,oil aggregate demand shock,and oil-specific demand shock.We then explore the distinct effects of different kinds of oil price shocks from various sources.Based on the decomposed oil price shocks,we apply the connectedness approach and QQ regression to find time-varying co-movements and tail dependence between oil price shocks and G7 stock returns.There is no general correlation between the decomposed oil prices and stock returns in these countries.The effects of oil price shocks on stock returns across different stock market conditions appear to be heterogeneous.Oil supply shock appears to be a net transmitter of spillover effects for all G7 countries within the sample period.展开更多
A supply chain resilience model is established based on the biological cellular resilience theory to analyze the impact of the supplier relationship on supply chain resilience. A scenario where the market demand is ch...A supply chain resilience model is established based on the biological cellular resilience theory to analyze the impact of the supplier relationship on supply chain resilience. A scenario where the market demand is changed suddenly by some undesired events is considered. The results reveal that enhancing collaboration with a more resilient supplier can significantly improve supply chain resilience and reduce supply chain losses. It is also found that enhancing the supplier relationship can significantly benefit supply chain resilience if the collaborative intensity is relatively low, and it has less effect if supply chain members have already collaborated closely. Thus, enhancing the supplier relationship to a limited intensity is a relatively effective and economic method to strengthen supply chain resilience.展开更多
基金This work is supported by the National Natural Science Foundation of PRC(71971098).
文摘The link between crude oil price and stock returns of the Group of Seven(G7)countries(Canada,France,Germany,Italy,Japan,the United Kingdom,and the United States)was analyzed in this study using monthly data from January 1999 to March 2020.We adopt a similar approach to Kilian(Am Econ Rev 99(3):1053–1069,2009)and construct a structural vector autoregression framework to decompose crude oil price shocks into oil supply shock,oil aggregate demand shock,and oil-specific demand shock.We then explore the distinct effects of different kinds of oil price shocks from various sources.Based on the decomposed oil price shocks,we apply the connectedness approach and QQ regression to find time-varying co-movements and tail dependence between oil price shocks and G7 stock returns.There is no general correlation between the decomposed oil prices and stock returns in these countries.The effects of oil price shocks on stock returns across different stock market conditions appear to be heterogeneous.Oil supply shock appears to be a net transmitter of spillover effects for all G7 countries within the sample period.
基金The National Natural Science Foundation of China(No.71171050,71390333)the National Key Technology R&D Program of China during the 12th Five-Year Plan Period(No.2013BAD19B05)+1 种基金the Scientific Innovation Research of College Graduates in Jiangsu Province(No.CXZZ12_0107)the Scientific Research Foundation of Graduate School of Southeast University(No.YBJJ1237)
文摘A supply chain resilience model is established based on the biological cellular resilience theory to analyze the impact of the supplier relationship on supply chain resilience. A scenario where the market demand is changed suddenly by some undesired events is considered. The results reveal that enhancing collaboration with a more resilient supplier can significantly improve supply chain resilience and reduce supply chain losses. It is also found that enhancing the supplier relationship can significantly benefit supply chain resilience if the collaborative intensity is relatively low, and it has less effect if supply chain members have already collaborated closely. Thus, enhancing the supplier relationship to a limited intensity is a relatively effective and economic method to strengthen supply chain resilience.
