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Abstract

High movements of asset prices constitute intrinsic elements of financial crises. There is a common agreement that extreme events are responsible for that. Making inference about the risk spillover and its effect on markets one should use such methods and tools that can fit properly for catastrophic events. In the paper Extreme Value Theory (EVT) invented particularly for modelling extreme events was used. The purpose of the paper is to model risky assets using EVT and to analyse the transfer of risk across the financial markets all over the world using the Granger causality in risk test. The concept of testing in causality in risk was extended to Spectral Risk Measure i.e., respective hypotheses were constructed and checked by simulation. The attention is concentrated on the Chinese financial processes and their relations with those in the rest of the globe. The original idea of the Granger causality in risk assumes usage of Value at Risk as a risk measure. We extended the scope of application of the test to Expected Shortfall and Spectral Risk Measure. The empirical results exhibit very interesting dependencies.
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Abstract

Holoparasitic genera within the family Orobanchaceae are characterized by greatly reduced vegetative organs; therefore, molecular analysis has proved to be a useful tool in solving taxonomic problems in this family. For this purpose, we studied all species of the genera Orobanche and Phelipanche occurring in Central Europe, specifically in Poland, the Czech Republic, Slovakia, and Austria, supplemented by samples mainly from Spain, France, Germany, and Ukraine. They were investigated using nuclear sequences (ITS region) and a plastid trnLtrnF region. The aim of this study was to examine phylogenetic relationships within Orobanche and Phelipanche from Central Europe; we focused on problematic species and aggregates, recent taxonomic changes in these (rank and secondary ranks), and host ranges. The most interesting results concern the exlusion of O. mayeri from O. alsatica aggr. Additionally, following the rules of traditional taxonomy, the correct names and types of some secondary ranks are given and, as a result of this, a new combination below the Phelipanche genus is made (P. sect. Trionychon). The host ranges of the investigated species in Central Europe include 102 species from 12 families, most often from Asteraceae. For this purpose, ca. 400 localities were examined in the field. Moreover, data acquired from the literature and European and Asian herbaria were used.
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