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Article
Publication date: 25 February 2022

Dezhong Xu, Bin Li and Tarlok Singh

The purpose of this study is to investigate the relationship between gold–platinum price ratio (GP) and stock returns in international stock markets. The study addresses three…

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Abstract

Purpose

The purpose of this study is to investigate the relationship between gold–platinum price ratio (GP) and stock returns in international stock markets. The study addresses three empirical questions: (1) Does GP have robust predictive power in international stock markets? (2) Does GP outperform other macroeconomic variables in international stock markets? (3) What is the relationship between GP and stock market returns during economic recessions?

Design/methodology/approach

The study mainly uses OLS regressions to perform empirical tests for a comprehensive set of 17 advanced international stock markets and overall world market. The monthly data is used for the period January 1978 to July 2019, 499 observations for each market.

Findings

The study finds that the first-difference of GP (ΔGP), not the initial-level of GP, has strong predictive power for stock returns, both in short- and long-time horizons. The results remain robust after controlling for a number of macroeconomic predictors. The out-of-sample test results are significant, confirming the robustness of the predictive power of ΔGP.

Originality/value

This study is the first to examine the ability of the ΔGP to predict stock returns, and provide novel evidence on the relationship between ΔGP and international stock markets. The study draws on behavioral finance theory, specifically the myopic loss aversion, the herd effect and the limited attention theory, to explain the predictability of stock returns in international stock markets.

Details

International Journal of Managerial Finance, vol. 19 no. 2
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 10 August 2015

Dezhong Liao, Jieyu He, Lixin Mao and Yixue Xu

The aim of this work is to synthesize neopentyl glycol oligoesters based on adipic acid and rapeseed oil (NOAR) which may be used as the renewable and environmentally acceptable…

243

Abstract

Purpose

The aim of this work is to synthesize neopentyl glycol oligoesters based on adipic acid and rapeseed oil (NOAR) which may be used as the renewable and environmentally acceptable base fluids to replace mineral oils in the future.

Design/methodology/approach

Oligomeric intermediates were synthesized in the first esterification of neopentyl glycol with adipic acid and characterized by Gas Chromatography-Mass Spectrometer (GC-MS) to calculate the average oligomerisation degree. NOAR were synthesized in the second esterification of oligomeric intermediates with rapeseed oil fatty acid. The effects of average oligomerisation degree on the viscosity, viscosity index, pour point, oxidative stability and biodegradability of NOAR were investigated; the tribological properties and thermal stability of NOAR were evaluated by four-ball tribometer and TGA, respectively.

Findings

Results show that with the increase of average oligomerisation degree from 2.10 to 4.34, the viscosity of NOAR increased from 101.1 to 182.0 (mm2/s) at 40°C and 18.3 to 30.1 (mm2/s) at 100°, respectively, and their oxidation stability can be improved as well. The yields of NOAR were 83.3-89.4 per cent, and the evaluated properties were as follows: viscosity index of over 200, pour point of below −43°C, biodegradation rate of more than 96 per cent, maximum non-seizure load (PB value) of 784 N, wear scar diameters of 0.40 mm and thermal decomposition temperature of higher than 300°C.

Originality/value

This work provides a method to synthesize rapeseed oil-based oligoesters which can serve as the renewable and environmentally acceptable base fluids with tunable viscosity by controlling the oligomerisation degree of esterification.

Details

Industrial Lubrication and Tribology, vol. 67 no. 5
Type: Research Article
ISSN: 0036-8792

Keywords

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