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Perry Sadorsky - One of the best experts on this subject based on the ideXlab platform.

  • The effect of oil Price Volatility on strategic investment
    Energy Economics, 2011
    Co-Authors: Irene Henriques, Perry Sadorsky
    Abstract:

    In this paper, we investigate how oil Price Volatility affects the strategic investment decisions of a large panel of US firms. This paper uses key insights from the real options literature to develop a model of a company's strategic investment and shows how changes in oil Price Volatility can impact strategic investment decisions. The model is estimated using recently developed generalized method of moment estimation techniques for panel data sets. Empirical results are presented to show that there is a U shaped relationship between oil Price Volatility and firm investment. This is consistent with the predictions from the strategic growth options literature. The results should be useful to decision makers, investors, managers, policy makers and others who need to make strategic investment decisions in an uncertain world. © 2010 Elsevier B.V.

  • the effect of oil Price Volatility on strategic investment
    Energy Economics, 2011
    Co-Authors: Irene Henriques, Perry Sadorsky
    Abstract:

    In this paper, we investigate how oil Price Volatility affects the strategic investment decisions of a large panel of US firms. This paper uses key insights from the real options literature to develop a model of a company's strategic investment and shows how changes in oil Price Volatility can impact strategic investment decisions. The model is estimated using recently developed generalized method of moment estimation techniques for panel data sets. Empirical results are presented to show that there is a U shaped relationship between oil Price Volatility and firm investment. This is consistent with the predictions from the strategic growth options literature. The results should be useful to decision makers, investors, managers, policy makers and others who need to make strategic investment decisions in an uncertain world.

Irene Henriques - One of the best experts on this subject based on the ideXlab platform.

  • The effect of oil Price Volatility on strategic investment
    Energy Economics, 2011
    Co-Authors: Irene Henriques, Perry Sadorsky
    Abstract:

    In this paper, we investigate how oil Price Volatility affects the strategic investment decisions of a large panel of US firms. This paper uses key insights from the real options literature to develop a model of a company's strategic investment and shows how changes in oil Price Volatility can impact strategic investment decisions. The model is estimated using recently developed generalized method of moment estimation techniques for panel data sets. Empirical results are presented to show that there is a U shaped relationship between oil Price Volatility and firm investment. This is consistent with the predictions from the strategic growth options literature. The results should be useful to decision makers, investors, managers, policy makers and others who need to make strategic investment decisions in an uncertain world. © 2010 Elsevier B.V.

  • the effect of oil Price Volatility on strategic investment
    Energy Economics, 2011
    Co-Authors: Irene Henriques, Perry Sadorsky
    Abstract:

    In this paper, we investigate how oil Price Volatility affects the strategic investment decisions of a large panel of US firms. This paper uses key insights from the real options literature to develop a model of a company's strategic investment and shows how changes in oil Price Volatility can impact strategic investment decisions. The model is estimated using recently developed generalized method of moment estimation techniques for panel data sets. Empirical results are presented to show that there is a U shaped relationship between oil Price Volatility and firm investment. This is consistent with the predictions from the strategic growth options literature. The results should be useful to decision makers, investors, managers, policy makers and others who need to make strategic investment decisions in an uncertain world.

Nicholas Minot - One of the best experts on this subject based on the ideXlab platform.

  • food Price Volatility in sub saharan africa has it really increased
    Food Policy, 2014
    Co-Authors: Nicholas Minot
    Abstract:

    The food Price crisis of 2007–2008 and recent resurgence of food Prices have focused increasing attention on the causes and consequences of food Price Volatility in international food markets and the developing world, particularly in sub-Saharan Africa. In this paper, we examine the patterns and trends in food Price Volatility using an unusually rich database of African staple food Prices. We find that international grain Prices have become more volatile in recent years (2007–2010) but no evidence that food Price Volatility has increased in the region. This contrasts with the widespread view that food Prices have become more volatile in the region since the global food crisis of 2007–2008. In addition, the results suggest that Price Volatility is lower for processed and tradable food than for nontradable food, that Volatility is lower in the major cities than in secondary cities, and that maize Price Volatility is actually higher in countries with the most active intervention to stabilize maize Prices. These findings suggest that greater attention should be given to the (high) level of food Prices in the region rather than Volatility per se, that regional and international trade can play a useful role in reducing food Price Volatility, and that traditional food Price stabilization efforts may be counterproductive.

  • Food Price Volatility in Africa: Has it really increased?
    SSRN Electronic Journal, 2012
    Co-Authors: Nicholas Minot
    Abstract:

    The food Price crisis of 2007–2008 and recent resurgence of food Prices have focused increasing attention on the causes and consequences of food Price Volatility in international food markets and the developing world, particularly in Africa south of the Sahara. In this paper, we examine the patterns and trends in food Price Volatility using an unusually rich database of African staple food Prices. We find that international grain Prices have become more volatile in recent years (2007–2010) but no evidence that food Price Volatility has increased in the region. This contrasts with the widespread view that food Prices have become more volatile in the region since the global food crisis of 2007–2008. In addition, the results suggest that Price Volatility is lower for processed and tradable foods than for nontradable foods, that Volatility is lower in the largest (usually the capital) cities than in secondary cities, and that maize Price Volatility is actually higher in countries with the most active intervention to stabilize maize Prices. These findings suggest that greater attention should be given to the (high) level of food Prices in the region rather than Volatility per se, that regional and international trade can play a useful role in reducing food Price Volatility, and that traditional food Price stabilization efforts may be counterproductive.

  • food Price Volatility in sub saharan africa has it really increased
    2012 Conference August 18-24 2012 Foz do Iguacu Brazil, 2012
    Co-Authors: Nicholas Minot
    Abstract:

    The food Price crisis of 2007–2008 and recent resurgence of food Prices have focused increasing attention on the causes and consequences of food Price Volatility in international food markets and the developing world, particularly in sub-Saharan Africa. In this paper, we examine the patterns and trends in food Price Volatility using an unusually rich database of African staple food Prices. We find that international grain Prices have become more volatile in recent years (2007–2010) but no evidence that food Price Volatility has increased in the region. This contrasts with the widespread view that food Prices have become more volatile in the region since the global food crisis of 2007–2008. In addition, the results suggest that Price Volatility is lower for processed and tradable food than for nontradable food, that Volatility is lower in the major cities than in secondary cities, and that maize Price Volatility is actually higher in countries with the most active intervention to stabilize maize Prices. These findings suggest that greater attention should be given to the (high) level of food Prices in the region rather than Volatility per se, that regional and international trade can play a useful role in reducing food Price Volatility, and that traditional food Price stabilization efforts may be counterproductive. 2013 The Author. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/3.0/).

Fernando Perez De Gracia - One of the best experts on this subject based on the ideXlab platform.

  • Oil Price Volatility and stock returns in the G7 economies
    Energy Economics, 2016
    Co-Authors: Elena Maria Diaz, Juan Carlos Molero, Fernando Perez De Gracia
    Abstract:

    This study examines the relationship between oil Price Volatility and stock returns in the G7 economies (Canada, France, Germany, Italy, Japan, the UK and the US) using monthly data for the period 1970 to 2014. In order to measure oil Volatility we consider alternative specifications for oil Prices (world, nominal and real Prices). We estimate a vector autoregressive model with the following variables: interest rates, economic activity, stock returns and oil Price Volatility taking into account the structural break in the year 1986. We find a negative response of G7 stock markets to an increase in oil Price Volatility. Results also indicate that world oil Price Volatility is generally more significant for stock markets than the national oil Price Volatility.

Deb Chattopadhyay - One of the best experts on this subject based on the ideXlab platform.

  • Impact of Optimal Storage Allocation on Price Volatility in Energy-Only Electricity Markets
    IEEE Transactions on Power Systems, 2018
    Co-Authors: Amin Masoumzadeh, Ehsan Nekouei, Tansu Alpcan, Deb Chattopadhyay
    Abstract:

    Recent studies show that the fast growing expansion of wind power generation may lead to extremely high levels of Price Volatility in wholesale electricity markets. Storage technologies, regardless of their specific forms, e.g., pump-storage hydro, large-scale, or distributed batteries, are capable of alleviating the extreme Price Volatility levels due to their energy usage time shifting, fast-ramping, and Price arbitrage capabilities. In this paper, we propose a stochastic bilevel optimization model to find the optimal nodal storage capacities required to achieve a certain Price Volatility level in a highly volatile energy-only electricity market. The decision on storage capacities is made in the upper level problem and the operation of strategic/regulated generation, storage, and transmission players is modeled in the lower level problem using an extended stochastic (Bayesian) Cournot-based game. The South Australia (SA) electricity market, which has recently experienced high levels of Price Volatility, and a 30-bus IEEE system are considered as the case studies. Our numerical results indicate that 50% Price Volatility reduction in the SA electricity market can be achieved by installing either 430-MWh regulated storage or 530-MWh strategic storage. In other words, regulated storage firms are more efficient in reducing the Price Volatility than strategic storage firms.