Data from the World Federation of Exchanges show that Brazil＇s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariat...Data from the World Federation of Exchanges show that Brazil＇s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariate forecasting models based on intraday data from the futures and spot markets of the BOVESPA index. The interest is to verify if there exist arbitrage opportunities in Brazilian financial market. To this end, three econometric forecasting models were built： ARFIMA, vector autoregressive （VAR）, and vector error correction （VEC）. Furthermore, it presents the results of a Granger causality test for the aforementioned series. This type of study shows that it is important to identify arbitrage opportunities in financial markets and, in particular, in the application of these models on data of this nature. In terms of the forecasts made with these models, VEC showed better results. The causality test shows that futures BOVESPA index Granger causes spot BOVESPA index. This result may indicate arbitrage opportunities in Brazil.展开更多
Much has been done in the wine production sector to promote sustainable development.Given its relevance in the economy and in society,it is fundamental to align its activities with the optimal use of resources and the...Much has been done in the wine production sector to promote sustainable development.Given its relevance in the economy and in society,it is fundamental to align its activities with the optimal use of resources and the regeneration and restoration of the natural system in agreement with the premises set by the Circular Economy(CE).The main interest of this work was,through a systematic literature review,to identify in the revised studies how the wine sector has incorporated the premises of CE in its activities.Six topics define the concerns addressed:water,solid waste,energy,chemical use,land use and ecosystems,in different parts of the chain:viticulture,winemaking and distribution.From the evaluation of 41 selected empirical studies,no clear definition regarding CE was found;however,the detailed analysis reveals aspects which incorporate CE practices such as the reduction of waste disposal by its treatment and recovery,the best use of resources at all stages of the process chain and the need to rethink and redesign current practices.The specific subjects identified were waste recovery,alternative energy sources such as biofuels production and water quality improvement.Land use,ecosystem impacts,and use of agrochemicals were not considered.展开更多
文摘Data from the World Federation of Exchanges show that Brazil＇s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariate forecasting models based on intraday data from the futures and spot markets of the BOVESPA index. The interest is to verify if there exist arbitrage opportunities in Brazilian financial market. To this end, three econometric forecasting models were built： ARFIMA, vector autoregressive （VAR）, and vector error correction （VEC）. Furthermore, it presents the results of a Granger causality test for the aforementioned series. This type of study shows that it is important to identify arbitrage opportunities in financial markets and, in particular, in the application of these models on data of this nature. In terms of the forecasts made with these models, VEC showed better results. The causality test shows that futures BOVESPA index Granger causes spot BOVESPA index. This result may indicate arbitrage opportunities in Brazil.
文摘Much has been done in the wine production sector to promote sustainable development.Given its relevance in the economy and in society,it is fundamental to align its activities with the optimal use of resources and the regeneration and restoration of the natural system in agreement with the premises set by the Circular Economy(CE).The main interest of this work was,through a systematic literature review,to identify in the revised studies how the wine sector has incorporated the premises of CE in its activities.Six topics define the concerns addressed:water,solid waste,energy,chemical use,land use and ecosystems,in different parts of the chain:viticulture,winemaking and distribution.From the evaluation of 41 selected empirical studies,no clear definition regarding CE was found;however,the detailed analysis reveals aspects which incorporate CE practices such as the reduction of waste disposal by its treatment and recovery,the best use of resources at all stages of the process chain and the need to rethink and redesign current practices.The specific subjects identified were waste recovery,alternative energy sources such as biofuels production and water quality improvement.Land use,ecosystem impacts,and use of agrochemicals were not considered.
