Article
Multidisciplinary Sciences
Shusheng Ding, Zhipan Yuan, Fan Chen, Xihan Xiong, Zheng Lu, Tianxiang Cui
Summary: This paper investigates the impact persistence of volatility spillover and illiquidity spillover of Chinese commodity markets, revealing that different commodity markets have different responsiveness to stock market shocks. The majority of traders in the gold market might be hedgers, making it more sensitive to stock market illiquidity shock, while agricultural markets like corn and soybean markets might be dominated by investors, responding to stock market volatility shocks.
Article
Agricultural Economics & Policy
Qianqian Mao, Yanjun Ren, Jens-Peter Loy
Summary: This study aims to detect price bubbles in China's agricultural commodity markets and examine contributing factors. Results show that market liquidity, speculation, world stocks-to-use, and exchange rates affect bubble occurrences differently in corn and soybeans markets. Future policy regulations should focus on commodity-specific factors to avoid bubbles in different markets.
CHINA AGRICULTURAL ECONOMIC REVIEW
(2021)
Article
Economics
Hao Wu, Huiming Zhu, Yiwen Chen, Fei Huang
Summary: This article investigates the time-frequency connectedness of categorical policy uncertainty, geopolitical risk, and Chinese commodity markets. The study finds heterogeneity across time scales and significant spillover effects during crisis periods.
Article
Management
Zhi Da, Ke Tang, Yubo Tao, Liyan Yang
Summary: Recent financialization in commodity markets has made it easier for institutional investors to trade a portfolio of commodities using commodity-indexed products. The study finds that daily exposure to index trading leads to price overshoots and reversals, as indicated by negative daily return autocorrelations, only among the commodities included in the index. This is because index trading spreads non fundamental noise to all the indexed commodities. The study provides direct evidence of such noise propagation using commodity news sentiment data.
MANAGEMENT SCIENCE
(2023)
Article
Business, Finance
Raphael Homayoun Boroumand, Thomas Porcher
Summary: This article analyzes the contagion risk between WTI crude oil prices and several major commodities markets. The study examines the dynamics of commodity connectedness and measures volatility contagion under various market conditions and commodity price cycles. The findings have implications for portfolio strategies and market regulation.
FINANCE RESEARCH LETTERS
(2023)
Article
Business, Finance
Keshab Shrestha, Babak Naysary, Sheena Sara Suresh Philip
Summary: This study analyzes the price discovery in four carbon exchange-traded funds (ETF) markets and finds that these markets are efficient. However, the cointegration test reveals that these ETFs are driven by multiple stochastic trends. Further analysis shows that iShares and SPDR markets are influenced by the same market force. The impact of COVID-19 on price discovery is also examined.
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
(2023)
Article
Economics
Romain Menier, Guillaume Bagnarosa, Alexandre Gohin
Summary: In this study of European vegetable oils, we analyze the daily dynamics of price volatility and price discovery in the context of high and volatile energy and food prices. We find that energy prices primarily impact the trends of vegetable oil prices, while stock-to-use ratios significantly influence the dynamics of variance and covariance, particularly when considering the specific cold filter plugging point. This technical detail robustly demonstrates the interplays among vegetable oils based on economic principles of complementarity and substitutability, even in the midst of the pandemic and geopolitical conflicts. Moreover, both marginal distributions and volatility dependence structures are related to distinct economic fundamentals, contributing to a better understanding of the market's complexity.
Article
Economics
Kyungsik Nam
Summary: Climate uncertainty has an impact on global commodity markets, especially during El Nino years; individual commodities such as maize and soybeans are more sensitive to climate uncertainty; climate uncertainty leads to negative supply shocks.
Article
Thermodynamics
Jianli Wang, Shushu Qiu, Ho Yin Yick
Summary: The newly established Shanghai crude oil futures market has significantly changed the relationships between domestic and global oil prices, exerting a dominant influence on the domestic market and playing a leading role in price discovery.
Article
Business
Wenwei Guo, Jing Tang, Hongjin Zhu, Xiaowen Ma
Summary: This study uses a dynamic spillover index method based on generalized variance decomposition to measure the volatility and return spillover effects of futures and spot markets on China's price levels. The results show that both domestic and foreign markets have time-varying effects on China's price levels, and major global crises exacerbate the overall volatility and return spillover effects. Additionally, the spillover effects of domestic and foreign markets on China's price levels are asymmetric. The study also finds that the longer the frequency of a cycle, the stronger the spillover effect on price fluctuations and the weaker the return spillover effect. Finally, the results suggest that China can use a combination of monetary easing and credit tightening to effectively control inflation.
EMERGING MARKETS FINANCE AND TRADE
(2022)
Article
Business, Finance
Yongmin Zhang, Shusheng Ding
Summary: The study reveals significant price movements across different commodity markets on a daily basis, driven by cross-sectional liquidity spillover effects. An cointegration relationship between individual commodity prices and the global price index can be established only if the liquidity effect is controlled. Instantaneous daily liquidity shocks have a negative impact on daily commodity returns, but do not significantly affect monthly returns.
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
(2021)
Article
Mathematics, Interdisciplinary Applications
Upananda Pani, Stefan Cristian Gherghina, Mario Nuno Mata, Joaquim Antonio Ferrao, Pedro Neves Mata
Summary: The study examines the price discovery function of bullion, metal, and energy commodity futures and spot prices, finding different leading relationships between spot and futures markets in price discovery, which can help market participants implement hedging and arbitrage strategies.
DISCRETE DYNAMICS IN NATURE AND SOCIETY
(2022)
Article
Management
John R. Birge, Timothy C. Y. Chan, J. Michael Pavlin, Ian Yihang Zhu
Summary: This study analyzes the relationship between spatial price integration and the features of the transportation network. The findings suggest a strong influence of network characteristics on price integration, particularly when there are capacity constraints. The study uses price decomposition and discrete optimization methods to capture spatiotemporal price variations indicative of network bottlenecks.
OPERATIONS RESEARCH
(2022)
Article
Environmental Studies
Zaghum Umar, Francisco Jareno, Ana Escribano
Summary: This study examines the interdependence between agricultural commodities and oil price shocks in terms of joint return and volatility. It finds that the directional return and volatility connectedness of oil risk shocks are higher than oil demand shocks, particularly during economic crises. The net return connectedness measure significantly increases during major crises, emphasizing differences between transmitters (Canola and Corn) and receivers (Orange Juice, Lean Hog, Sugar and Rubber) in agricultural commodity markets.
Article
Business, Finance
Alankrita Goswami, Berna Karali, Michael K. Adjemian
Summary: This study investigates the effectiveness of hedging in grain futures market and finds that the traditional minimum variance hedge ratio does not minimize profit variance when spot and futures prices do not converge. The study also shows that the hedge ratio's performance weakens during years with low carryover. These findings raise questions about the role of futures markets as risk management tools during nonconvergence episodes.
JOURNAL OF COMMODITY MARKETS
(2023)
Article
Nutrition & Dietetics
David C. Love, Frank Asche, Zach Conrad, Ruth Young, Jamie Harding, Elizabeth M. Nussbaumer, Andrew L. Thorne-Lyman, Roni Neff
Review
Fisheries
David C. Love, Frank Asche, Ruth Young, Elizabeth M. Nussbaumer, James L. Anderson, Robert Botta, Zach Conrad, Halley E. Froehlich, Taryn M. Garlock, Jessica A. Gephart, Andrew Ropicki, Joshua S. Stoll, Andrew L. Thorne-Lyman
Summary: Despite existing studies on seafood consumption, little is known about the types of seafood sold in retail outlets in the USA. Fresh seafood is regarded as valuable and important for new producers to succeed. Certain species like salmon and shrimp dominate national sales in the fresh and frozen categories.
REVIEWS IN FISHERIES SCIENCE & AQUACULTURE
(2022)
Article
Ecology
Frank Asche, Julia Bronnmann, Andreea L. Cojocaru
Summary: Several recent studies have found price premiums for wild seafood certified as sustainably produced, but little attention has been given to consumer preferences for sustainably certified farmed fish. This study is the first to investigate price premiums associated with an ecolabel for farmed seafood, specifically the ASC label. Results indicate the existence of price premiums for ASC-certified whitefish in the German market, varying by species, retailer, and brand.
ECOLOGICAL ECONOMICS
(2021)
Article
Fisheries
Max Nielsen, Peder Andersen, Frank Asche, Hans Ellefsen, Cecilia Hammarlund, Ayoe Hoff, Dadi Mar Kristofersson, Rasmus Nielsen, Heri A. Rogvi, Kristin Roll, Hordur Saevaldsson, Jarno Virtanen, Staffan Waldo
Summary: Market-based fisheries management systems provide incentives for reducing fleet size and employment, increasing earnings, and helping to resolve the tragedy of the commons, without necessarily causing the disappearance of small-scale fisheries. While economies of scale are often observed, market-based fisheries management does not always reduce the fleet of small vessels more than that of larger vessels. Proper regulation design is crucial for economic gains and the survival of small-scale fishing in the face of economies of scale.
FISH AND FISHERIES
(2022)
Editorial Material
Multidisciplinary Sciences
Frank Asche, Bixuan Yang, Jessica A. Gephart, Martin D. Smith, James L. Anderson, Edward Camp, Taryn M. Garlock, David C. Love, Atle Oglend, Hans-Martin Straume
Article
Environmental Sciences
Frank Asche, Atle Oglend, Martin D. Smith
Summary: The commons literature focuses on rules and behavior of resource users but pays less attention to individual effort. However, market conditions and resource prices are crucial in determining the exploitation effort in actual resource settings. Import competition in a globalized world, which is largely unexplored in the commons literature, can strongly influence the incentives for individual resource users. This study analyzes the US shrimp market and finds that globalization has changed the sources of price risk and compensation for domestic producers, as well as altered incentives to exploit the commons.
ENVIRONMENTAL RESEARCH LETTERS
(2022)
Article
Fisheries
Taryn Garlock, James L. Anderson, Frank Asche, Martin D. Smith, Edward Camp, Jingjie Chu, Kai Lorenzen, Stefania Vannuccini
Summary: This article discusses the factors contributing to the sustainability of fisheries in terms of environmental, economic, and social aspects. The analysis shows that different management approaches have varying contributions to different dimensions of sustainability. Furthermore, the study emphasizes the importance of collaboration between fisheries institutions and other public and private institutions for the development of sustainable fisheries.
FISH AND FISHERIES
(2022)
Article
Green & Sustainable Science & Technology
Rachel E. Scroggins, Jillian P. Fry, Mark T. Brown, Roni A. Neff, Frank Asche, James L. Anderson, David C. Love
Summary: Fisheries and aquaculture industries heavily rely on fossil fuels, but there is a need to transition to renewable energy for reducing carbon emissions and achieving global planetary health goals. This study found that renewable energy makes up a small proportion of energy use in catfish aquaculture and wild-caught salmon sectors in the United States. Barriers to implementing onsite renewables include cheap electricity costs and diurnal energy use in the catfish industry, and the short duration of the fishing season in the wild-caught salmon industry. However, there is a desire for more regional renewable energy technologies in the wild-caught salmon industry to lower electricity costs and increase reliability.
JOURNAL OF CLEANER PRODUCTION
(2022)
Article
Green & Sustainable Science & Technology
Mark T. Brown, Silvio Viglia, Dave Love, Frank Asche, Elizabeth Nussbaumer, Jillian Fry, Ray Hilborn, Roni Neff
Summary: This study examines the environmental dependency and sustainability of wild caught sockeye salmon fishery in Alaska and Atlantic salmon aquaculture in Norway. The results indicate that labor and services have a significant impact on both production systems at the processing stage, with a high emergy sustainability index (ESI) for the sockeye fishery.
JOURNAL OF CLEANER PRODUCTION
(2022)
Review
Fisheries
David C. Love, Frank Asche, Jessica A. Gephart, Jiafeng Zhu, Taryn Garlock, Joshua S. Stoll, James Anderson, Zach Conrad, Elizabeth M. Nussbaumer, Andrew L. Thorne-Lyman, Martin W. Bloem
Summary: This study examines the relationship between seasonality in seafood production and consumption in the United States. It reveals that there are significant seasonal increases in consumption around December and March, and that consumption in Spring and Summer aligns with domestic fishing production. The peak seasons in Alaska strongly influence the national landings.
REVIEWS IN FISHERIES SCIENCE & AQUACULTURE
(2023)
Article
Economics
Francois-Charles Wolff, Frank Asche
Summary: Using a dataset of up-stream fish sales in Atlantic France, this study examines the price differences in a highly heterogeneous market and emphasizes the importance of transaction mode.
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION
(2022)
Review
Fisheries
Samson Afewerki, Frank Asche, Bard Misund, Trine Thorvaldsen, Ragnar Tveteras
Summary: Global aquaculture production has experienced rapid growth in recent decades, largely due to innovative advancements in production processes and competitiveness. However, there is a lack of studies examining the long-term impacts of these innovations on the aquaculture industry and the innovation system as a whole. This paper reviews the innovation process in the Norwegian salmon aquaculture industry since its inception in 1970, with a focus on the increasing industry complexity and the role of suppliers in driving innovation. These insights are relevant to the global aquaculture industry, as salmon is one of the most technologically advanced species, and innovations in this sector can be adapted for other species and different production systems as well.
REVIEWS IN AQUACULTURE
(2023)
Article
Fisheries
Taryn Garlock, Frank Asche, James L. Anderson, Jana Hilsenroth, Kai Lorenzen, Ruth Beatriz Mezzalira Pincinato, Ragnar Tveteras
Summary: Blue foods are highly diverse and contribute to global food security. Fisheries production is more diverse than aquaculture production, with social and economic factors being as important as biophysical factors in influencing diversity. Weak governance diminishes the diversity of fisheries, while aquaculture has the potential to provide more accessible food to lower income groups due to economies of scale.
REVIEWS IN FISHERIES SCIENCE & AQUACULTURE
(2023)
Article
Food Science & Technology
David C. Love, Frank Asche, Jillian Fry, Ly Nguyen, Jessica Gephart, Taryn M. Garlock, Lekelia D. Jenkins, James L. Anderson, Mark Brown, Silvio Viglia, Elizabeth M. Nussbaumer, Roni Neff
Summary: This study investigates the loss and waste in the aquatic food supply chain in the United States and finds significant differences among species, production technology, origin, and supply chain stage. Import-related production losses contribute over a quarter of total losses, necessitating multinational efforts to address these issues. The findings of this study are important for prioritizing solutions and addressing data gaps.
Article
Fisheries
Frank Asche, Hans-Martini Straume, Taryn Garlock, Ulf Johansen, Sturla F. Kvamsdal, Rune Nygaard, Ruth B. M. Pincinato, Ragnar Tveteras
Summary: The impact of COVID-19 on seafood exports from Norway has been minimal, indicating that the market and supply chains were resilient enough to withstand the shocks caused by the pandemic.
AQUATIC LIVING RESOURCES
(2022)
