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Article
Publication date: 20 June 2022

Thomas C. Chiang

The purpose of this study is to present evidence as to whether the use of gold or silver can be justified as an asset to hedge against policy uncertainty and COVID-19 in…

Abstract

Purpose

The purpose of this study is to present evidence as to whether the use of gold or silver can be justified as an asset to hedge against policy uncertainty and COVID-19 in the Chinese market.

Design/methodology/approach

By using a GARCH model with a generalized error distribution (GED), this study specifies that the gold (or silver) return is a function of a set of economic and uncertainty variables, which include volatility from interest rate innovation, a change in economic policy uncertainty (EPU), a change in geopolitical risk (GPR) and volatility due to pandemic diseases, while controlling for stock market returns, inflation rates, economic growth and the Chinese currency value.

Findings

This study employs monthly data of gold and silver prices over the period from January 2002 to August 2021 to examine hedging behavior. Estimated results show that the gold return is positively correlated to the stock return and a rise in uncertainty from economic policy innovation, geopolitical risk, volatility due to US interest rate innovation as well as COVID-19 infection. This result suggests that gold cannot be used to hedge against a stock market decline, but can be used to hedge against uncertainty in general. However, the silver return only responds positively to a rise in uncertainty from the inflation rate and geopolitical risk. Evidence shows that silver returns are negatively correlated with stock returns, and display hedging characteristics. However, the evidence lacks statistically significance during the COVID-19 period, suggesting that the role of silver as a safe-haven asset against stock market turmoil is weak for this time period.

Research limitations/implications

More general nonlinear specifications can be developed. The tests may include different measures of uncertainty that interact with each other or with the lagged error terms. An implication of the model is that gold can be used to hedge against a broad range of uncertainties for economic policy change, political risk and/or a pandemic. However, the use of gold as an asset to hedge against a stock downturn in Chinese market should be done with caution.

Practical implications

This study has important policy implications as regards a choice in assets in formatting a portfolio to hedge against uncertainty. Specifically, this study presents empirical evidence on gold and silver return behavior and finds that gold returns respond positively to heightened uncertainty. Thus, gold is a good asset to hedge against uncertainty arising from policy innovations and infectious disease uncertainty.

Social implications

This paper provides insightful information on the choice of assets toward hedging against risk in the uncertainty market conditions. It provides information to investors and policy makers to use gold price movements as a signal for detecting the arrival of uncertainty. This study also provides information for demanding a risk premium for infectious disease.

Originality/value

This study empirically analyzes and verifies the role that gold serves as a safe haven asset to hedge against uncertainty in the Chinese market. This paper contributes to the literature by presenting evidence of risk/uncertainty premiums for holding gold against various sources of uncertainty such as economic policy uncertainty, geopolitical risk and equity market volatility due to US interest rate innovation and/or COVID-19. This study finds evidence that supports the use of a nonlinear specification, which demonstrates the interaction of uncertainty with the lagged change of infectious disease and helps to explain the gold/silver return behavior. Further, evidence shows that the gold return is positively correlated to the stock return. This finding contrasts with evidence in the US market. However, silver returns are negatively correlated with stock returns, but this correlation becomes insignificant during the period of COVID-19.

Details

China Finance Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 11 May 2020

Hsing-I. Hsiang, Chih-Cheng Chen, Liang-Fang Fan and Hao-Yin Cheng

The interaction between the silver powder and organic vehicle largely determines the rheological behavior of silver conductive paste. This study aims to prepare silver

Abstract

Purpose

The interaction between the silver powder and organic vehicle largely determines the rheological behavior of silver conductive paste. This study aims to prepare silver conductive paste with an organic vehicle system consisting of ethyl cellulose (EC) and terpineol/butyl carbitol acetate solvent mixtures. The study also aims to measure the rheological behaviors of the silver conductive pastes with different solvent mixtures, EC molecular weights and silver content, to investigate the interaction among the polymer, solvent and silver powder and determine the main factors affecting the thixotropic index and maximum silver content.

Design/methodology/approach

The rheological behaviors of silver conductive pastes with different solvent mixtures, EC molecular weights and silver content were investigated using viscometer.

Findings

The shear thinning became significant with increasing EC molecular weight. The EC solvation with higher molecular weight in solvent is better than that of EC with lower molecular weight. This leads to a stronger interaction between the silver powder and EC with higher molecular weight and consequently good silver particle dispersion. The relative viscosity of silver conductive paste at 10 s−1 increases significantly with increasing silver content, but the relative viscosity at 100 s−1 is much less sensitive to the silver content. The viscosities at low and high shear rate can be increased by increasing the silver content and EC molecular weight, respectively.

Originality/value

The interaction among the polymer, solvent and silver powder was investigated for the silver paste with high solid content. The main factors affecting the viscosities at high and low shear rates, thixotropic index and maximum silver content were determined.

Details

Circuit World, vol. 47 no. 1
Type: Research Article
ISSN: 0305-6120

Keywords

Article
Publication date: 1 February 1963

R.R. Benham

The choice of electrodeposited silver solely because of its corrosion resistance is infrequent since a thick deposit to overcome porosity is necessary. Nevertheless, its…

Abstract

The choice of electrodeposited silver solely because of its corrosion resistance is infrequent since a thick deposit to overcome porosity is necessary. Nevertheless, its anti‐corrosive properties are important in the very many applications in which it is used where this is not the first consideration. This article discusses modern techniques in plating which result in quicker plating times for a given thickness and describes methods for the reduction of tarnish. Trends and developments are reviewed.

Details

Anti-Corrosion Methods and Materials, vol. 10 no. 2
Type: Research Article
ISSN: 0003-5599

Article
Publication date: 22 May 2007

Jing Li Fang and Daniel K. Chan

This study seeks to examine the advantages of mildly alkaline immersion silver as a final finish for solderability in order to combat the shortcomings of acidity in some…

Abstract

Purpose

This study seeks to examine the advantages of mildly alkaline immersion silver as a final finish for solderability in order to combat the shortcomings of acidity in some popular immersion silver solutions.

Design/methodology/approach

The paper describes in detail the necessary steps in the mildly alkaline immersion silver process.

Findings

The process can overcome the problems of conventional acidic immersion silvers, especially in thermal shock and stress testing. Also it does not affect soldering or aluminium wire bonding.

Originality/value

This is arguably a pioneering study in that it posits the benefits of mildly alkaline immersion silver as a final finish for solderability.

Details

Circuit World, vol. 33 no. 2
Type: Research Article
ISSN: 0305-6120

Keywords

Article
Publication date: 1 March 1999

P. Bratin, Michael Pavlov and Gene Chalyt

This paper extends our study of the sequential electrochemical reduction analysis (SERA) technique for evaluation of various alternative finishes and it discusses the…

428

Abstract

This paper extends our study of the sequential electrochemical reduction analysis (SERA) technique for evaluation of various alternative finishes and it discusses the application of the SERA technique to assess the surface conditions of the silver finish. The tarnishing products of the silver formed under ambient and artificially created conditions were analyzed, the protective effect of an anti‐ tarnishing film was evaluated, and the influence of the elevated temperatures (reflow) on the stability of the organic inhibitor and the formation of the tarnishing film will be shown.

Details

Circuit World, vol. 25 no. 1
Type: Research Article
ISSN: 0305-6120

Keywords

Article
Publication date: 15 March 2022

Aktham Maghyereh and Hussein Abdoh

This study examines the extent to which gold and silver bubbles are correlated and which metal’s bubble spills over to the other. In addition, the overlap in bubble-like…

Abstract

Purpose

This study examines the extent to which gold and silver bubbles are correlated and which metal’s bubble spills over to the other. In addition, the overlap in bubble-like episodes for the two metals is demonstrated and the influence of crises (global financial crises, European debt crisis and the COVID-19 pandemic) on the development of these episodes is compared.

Design/methodology/approach

This study proposes a two-step approach. In the first step, price bubbles are identified based on the backward sup augmented Dickey–Fuller of Phillips et al. (2015a, 2015b) and modified by Phillips and Shi (2018). In the second step, the correlation in the contagion effect of the bubbles between the two precious metal prices is measured using a nonparametric regression with a time-varying coefficient approach developed by Greenaway-McGrevy and Phillips (2016).

Findings

The findings suggest that the safe-haven property of gold and silver during financial market turbulence induces excessive price increases beyond their fundamental values. Furthermore, the results indicate that bubbles are contagious among precious metal markets and flow mainly from gold to silver; these findings are associated with the period after 2005, particularly during the global financial crisis. A contagious bubble effect is not found between gold and silver during the coronavirus disease 2020 pandemic.

Practical implications

The results suggest that financial market participants should consider portfolio weights in precious markets in light of the bubble correlation between gold and silver, especially during crises.

Originality/value

To the best of the authors’ knowledge, this is the first study that explores the correlation of bubble-like episodes between gold and silver.

Details

Studies in Economics and Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1086-7376

Keywords

Book part
Publication date: 20 November 2018

Ricardo Solis Rosales

This essay explores the critical vision of Francisco Barrera Lavalle about the Mexico’s Monetary Reform of 1905. In his critique, Barrera inserts an argument about the…

Abstract

This essay explores the critical vision of Francisco Barrera Lavalle about the Mexico’s Monetary Reform of 1905. In his critique, Barrera inserts an argument about the nature of the balance of payments in the Mexican economy: the disequilibria in Mexico’s trade balance were structurally recurrent given the characteristics of what the country exports: commodities and raw materials. Barrera believed that the authorities made the mistake of overvaluing the peso, assigning it a value higher than what silver currency was worth at the time on international markets. Barrera also dismissed the idea that monetary stability could be achieved by suspending the free coinage of silver currency. Finally, Barrera held that banks should be obligated to pay their banknotes in gold, as they were in Great Britain and in the United States, not in silver coins.

Details

Including a Symposium on Latin American Monetary Thought: Two Centuries in Search of Originality
Type: Book
ISBN: 978-1-78756-431-2

Keywords

Book part
Publication date: 8 November 2003

Elizabeth Emma Ferry

This essay uses Marx’s concept of commodity fetishism and Mauss’s description of the hau as the spirit that connects the giver to the gift to examine notions of…

Abstract

This essay uses Marx’s concept of commodity fetishism and Mauss’s description of the hau as the spirit that connects the giver to the gift to examine notions of production, value, and collectivity in the Santa Fe silver mining Cooperative in Guanajuato, Mexico. This case allows us to look at how fetishism on the one hand, and “hauism” on the other, can work together to form a hybrid form of value wherein silver participates in both commodified and giftlike processes. More broadly, it helps us to examine the relationship between the production of value and the production and legitimation of social groups.

Details

Anthropological Perspectives on Economic Development and Integration
Type: Book
ISBN: 978-0-76231-071-5

Article
Publication date: 20 January 2022

Xiuheng Zhang, Ningning Hu, Tianchi Chen and Songquan Wang

This study aims to prevent the sharp decline in the load-carrying capacity of lubricating oil film under harsh conditions of abrupt changes in friction interface…

Abstract

Purpose

This study aims to prevent the sharp decline in the load-carrying capacity of lubricating oil film under harsh conditions of abrupt changes in friction interface temperature, which is a major challenge in lubrication technology.

Design/methodology/approach

In this paper, we synthesized a series of silver pyrazole methylpyridine complexes containing a high metal concentration and minimal supporting organic ligands (complex 1 [Ag(LMe)]2(BF4)2, complex 2 [Ag(Li-Pr)n](BF4)n and complex 3 [Ag(LMe)(NO3)]2). The thermal decompose behavior of as-prepared silver complex was investigated by thermogravimetric analysis and X-ray photoelectron spectrometry (XPS). Four-ball friction testers were used to evaluate the friction and wear properties of lubricating oil in the temperature ranges associated with the operation of modern heavy machinery.

Findings

The complex decomposed silver particles at high-temperature, which could fill the pits on the friction surface, change the wear form of the friction pair and reduce the roughness of the friction surface. Reduction in both friction coefficients and wear scar diameters was obtained by adding silver complexes in oil. The lubricating oil, with the additive content of 1.5 Wt.%, has the best tribological performance, moreover, the lubricating performance of the silver complexes in oil were correlated with their concentration and thermal decomposed temperatures, respectively.

Originality/value

As a result, a series of silver pyrazole methylpyridine complexes as oil additives can support friction and wear reduction under abrupt high-temperature conditions are intended to be a controllable backup lubricant additive.

Details

Industrial Lubrication and Tribology, vol. 74 no. 2
Type: Research Article
ISSN: 0036-8792

Keywords

Expert briefing
Publication date: 15 February 2021

It lost almost all of this gain the following day, but remains broadly on an upward trend, after the price gained nearly 50% in 2020.

Details

DOI: 10.1108/OXAN-DB259524

ISSN: 2633-304X

Keywords

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