Kenneth R. Szulczyk

Market Penetration of Biodiesel

This research examines in detail the technology and economics of substituting biodiesel for diesel #2. This endeavor examines three areas. First, the benefits of biodiesel are examined, and the technical problems of large-scale implementation. Second, the biodiesel production possibilities are examined for soybean oil, corn oil, tallow, and yellow grease, which are the largest sources of feedstocks for the United States. Examining in detail the production possibilities allows to identity the extent of technological change, production costs, byproducts, and greenhouse gas (GHG) emissions. Finally, a U.S. agricultural model, FASOMGHG was used to predict market penetration of biodiesel, given technological progress, variety of technologies and feedstocks, market interactions, energy prices, and carbon dioxide equivalent prices. FASOMGHG has several interesting results. First, diesel fuel prices have an expansionary impact on the biodiesel industry. The higher the diesel fuel prices, the more biodiesel is produced. However, given the most favorable circumstances, the maximum biodiesel market penetration is 9% in 2030 with a wholesale diesel price of

Could Bioenergy Be Used to Harvest the Greenhouse: An Economic Investigation of Bioenergy and Climate Change?

4 per gallon. Second, the two dominant sources of biodiesel are from corn and soybeans. Sources like tallow and yellow grease are more limited, because they are byproducts of other industries. Third, GHG prices have an expansionary impact on the biodiesel prices, because biodiesel is quite GHG efficient. Finally, U.S. government subsidies on biofuels have an expansionary impact on biodiesel production, and increase market penetration at least an additional 3%.

Cross-sectional and time-series momentum returns and market dynamics: evidence from Japan

Bioenergy interest has been greatly stimulated by the fuel price rises in the late 2000s. Bioenergy is seen as a way to protect against the rising fossil fuel prices and the political insecurity of importing petroleum from the Middle East. Furthermore, growing evidence suggests that combustion of fossil fuels is precipitating climate change (Intergovernmental Panel on Climate Change 2007). Thus, at present three factors may influence the prospects for bioenergy: (1) increases in crude oil prices, (2) concerns for national energy security matters, and (3) concerns for climate change and global warming.

Moving in the right direction to fight financial crime: prevention and detection

ABSTRACT We test the behavioural theories of overconfidence and underreaction on cross-sectional (CS) and time-series (TS) momentum returns in the Japanese stock markets. Both CS and TS momentum returns are large and significant when the market continues in the same state and turns into losses when the market transitions to another state, consistent with the overconfidence but not the underreaction model. We find that TS conditional momentum returns exceed conditional CS momentum returns because of its active position since TS takes a net long (short) position following UP (DN) markets while CS is a zero-cost strategy irrespective of the market state. Finally, we find no relation between idiosyncratic volatility (IV) and momentum returns which is not supportive of either the overconfidence or underreaction model but implies that IV is not a significant limit to arbitrage in Japan.

Does Investor Sentiment Predict the Near-Term Returns of the Chinese Stock Market?: Investor Sentiment in China

The purpose of this paper is to identify current measures taken for financial crime’s prevention and detection in the context of Indonesia.,This study is based on data from articles in Indonesian newspapers relating to the current financial crimes, current measures of preventing financial crimes in Indonesia and based on the literature review.,There are some attempts to combat financial crimes in Indonesia, both internally and externally. The attempts that have been made for the internal scope are the enactment of anti-money laundering law, the new monitoring system of financial institutions and the formation of a superintendent institution. The attempts that have been made for the external scope are the agreement between Indonesia’ financial intelligence unit Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK), and other countries’s financial intelligence unit, the affiliation member of the Asia/Pacific Group on Money Laundering (APG) to combat financial crimes through strengthening its anti-money laundering and terror financing capabilities.,This paper presents an overview of current prevention and detection measures in the context of Indonesia, and it is hoped that this paper will contribute to the current discussion of eliminating financial crimes.

Cross-Sectional and Time-Series Momentum Returns and Market Dynamics: Evidence from Japan

Recent evidence on the relationship between investor sentiment and subsequent monthly market returns in China shows that investor sentiment is a reliable momentum predictor since an increase (decrease) in investor sentiment leads to higher (lower) future returns. However, we suggest that momentum predictability of investor sentiment originates from the boom and bust period of 2006–2008 (the bubble period hereafter). The bubble period is characterized by several months of sustained optimism followed by several months of sustained pessimism, with the market consequently earning high (low) returns following high (low) sentiment months. Therefore, we find a strong positive association between investor sentiment and subsequent market returns during the bubble period. However, investor sentiment has a negligible impact on subsequent monthly market returns once we exclude the bubble period.

Is Investor Sentiment a Reliable Predictor in China

We test the behavioural theories of overconfidence and underreaction on cross-sectional (CS) and times-series (TS) momentum returns in the Japanese stock markets. Both CS and TS momentum returns are large and significant when the market continues in the same state and turns into losses when the market transitions to another state, consistent with the overconfidence but not the underreaction model. We find that TS conditional momentum returns exceed conditional CS momentum returns because of its active position since TS takes a net long (short) position following UP (DN) markets while CS is a zero-cost strategy irrespective of the market state. Finally, we find no relation between idiosyncratic volatility and momentum returns which is not supportive of either the overconfidence or underreaction model but implies that idiosyncratic volatility is not a significant limit to arbitrage in Japan.

Kazakhstan – The Rise of the Asian Panther

Recent evidence on the relationship between investor sentiment and subsequent monthly market returns in China shows that investor sentiment is a reliable momentum predictor since an increase (decrease) in investor sentiment leads to higher (lower) future returns. However, we suggest that momentum predictability of investor sentiment originates from the boom and bust period of 2006-2008 (the bubble period hereafter). The bubble period is characterized by several months of sustained optimism followed by several months of sustained pessimism, with the market consequently earning high (low) returns following high (low) sentiment months. Therefore, we find a strong positive association between investor sentiment and subsequent market returns during the bubble period. However, investor sentiment has a negligible impact on subsequent monthly market returns once we exclude the bubble period.

Market penetration of ethanol

The Republic of Kazakhstan witnessed incredible economic growth with its real GDP growing at least 9% per year between 2000 and 2007. One must ask, is this economic growth sustainable? This paper examines Kazakhstan’s current development and the factors that would impact its economic growth and prosperity. Kazakhstan shares many characteristics with the Asian Tigers, such as strong international investment, a low tax burden, a small government debt, a well-developed banking system, a paternalistic managing style, and citizens possessing entrepreneurial drive. Unfortunately, Kazakhstan’s economic development differs from the Asian Tigers. Although Kazakhstan has immense mineral and petroleum wealth, its bureaucratic, corrupt, overbearing legal system could prevent Kazakhstan from reaping this wealth. Then the Dutch Disease and Resource Curse further complicate matters. Finally, Kazakhstan joined the new Customs Union with the Russian Federation and Belarus, aligning its economic growth to Russia’s economy.