Search results for: Rubia%20Gaur

Authors: Rubia Gaur, Surindra Suthar

Abstract:

The present study investigates the anaerobic co-digestion of duckweed (Lemna gibba) and waste activated sludge (WAS) of different proportions with acclimatized anaerobic granular sludge (AAGS) as inoculum in mesophilic conditions. Batch experiments were performed in 500 mL capacity reagent bottles at 300C temperature. Varied combinations of pre-treated duckweed biomass with constant volume of anaerobic inoculum (AAGS - 100 mL) and waste activated sludge (WAS - 22.5 mL) were devised into five batch tests. The highest methane generation was observed with batch study, T4. The Gompertz model fits well on the experimental data of the batch study, T4. The values of correlation coefficient were achieved relatively higher (R2 ≥ 0.99). The co-digestion without pre-treatment of both duckweed and WAS shows poor generation of methane gas.

Keywords: aquatic weed, biogas, biomass, Gompertz equation, waste activated sludge

Procedia PDF Downloads 258

Authors: Lidia Sanchis-Marco, Antonio Rubia

Abstract:

In this paper we analyze the state-dependent risk-spillover in different economic areas. To this end, we apply the quantile regression-based methodology developed in Adams, Füss and Gropp approach to examine the spillover in conditional tails of daily returns of indices of the banking industry in the US, BRICs, Peripheral EMU, Core EMU, Scandinavia, the UK and Emerging Markets. This methodology allow us to characterize size, direction and strength of financial contagion in a network of bilateral exposures to address cross-border vulnerabilities under different states of the economy. The general evidence shows as the spillover effects are higher and more significant in volatile periods than in tranquil ones. There is evidence of tail spillovers of which much is attributable to a spillover from the US on the rest of the analyzed regions, specially on European countries. In sharp contrast, the US banking system show more financial resilience against foreign shocks.

Keywords: spillover effects, Bank Contagion, SDSVaR, expected shortfall, VaR, expectiles

Procedia PDF Downloads 465

Authors: Lidia Sanchis-Marco, Antonio Rubia, Pedro Serrano

Abstract:

This paper studies the informational content of pricing errors in the term structure of sovereign CDS spreads. The residuals from a non-arbitrage model are employed to construct a Price discrepancy estimate, or noise measure. The noise estimate is understood as an indicator of market distress and reflects frictions such as illiquidity. Empirically, the noise measure is computed for an extensive panel of CDS spreads. Our results reveal an important fraction of systematic risk is not priced in default swap contracts. When projecting the noise measure onto a set of financial variables, the panel-data estimates show that greater price discrepancies are systematically related to a higher level of offsetting transactions of CDS contracts. This evidence suggests that arbitrage capital flows exit the marketplace during time of distress, and this consistent with a market segmentation among investors and arbitrageurs where professional arbitrageurs are particularly ineffective at bringing prices to their fundamental values during turbulent periods. Our empirical findings are robust for the most common CDS pricing models employed in the industry.

Keywords: credit default swaps, noise measure, illiquidity, capital arbitrage

Procedia PDF Downloads 540