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This study employs a bivariate EGARCH model to examine the Taiwan Futures Exchange's regular and after-hours trading, focusing on the critical aspects of spillover and expiration effects, as well as volatility clustering and asymmetry. The objective of this study is to observe the impact on the trading sessions in Taiwan by the influences of the European and American markets, focusing on the essential roles of the price discovery function and risk disclosure effectiveness of the regular hours trading. This research is imperative considering the increasing interconnectedness of global financial markets and the need for comprehensive risk assessment for investment strategies. It also examines the hedging behavior of after-hours traders, thereby aiming to contribute to pre-investment analysis by future investors. This examination is vital for understanding the dynamics of after-hours trading and its influence on market stability. Results indicate price continuity between both trading sessions, with regular trading often determining after-hours price ranges. Consequently, after-hours price changes can inform regular trading decisions. This finding highlights the importance of after-hours trading for shaping market expectations. Significant profit potential exists in after-hours trading open interest, which serves speculative and hedging purposes. While regular trading volatility influences after-hours trading, the reverse is not true. This suggests Taiwan market information poses a higher risk impact than European and American market data, emphasizing the unique position of the Taiwan market in the global financial ecosystem. After-hours trading volatility reflects the absorption of international market information and plays a crucial role in advance revelation of risks. This underscores the importance of after-hours trading in global risk management and strategy formulation. [ABSTRACT FROM AUTHOR]

The focus of this study is to investigate the causal relationships between global surface temperature changes and various relevant economy-related factors and to provide a clearer regime for authorities. The study reveals that the growth rate of production-based CO2 productivity and energy consumption in industrial, service, and transport sectors positively correlates with global surface temperature changes, aggravating the problem in the long run. However, it is evident that, on the one hand, the energy efficiency of industrial and service sectors needs to be highly scrutinized to address the mitigation issues of global surface temperature change. On the other hand, the contributions of the agricultural and transport sectors are not obvious due to their bidirectional causal relationships with respect to global surface temperature changes. Thus, improving energy efficiency and consumption in these sectors should also be a significant concern. Furthermore, the study highlights the positive causal relationship between population density and the contribution of renewable energy to global surface temperature change. Although population density aggravates the issue, the use of renewable energy confronts it. The contribution from empirical evidence presented in this study emphasizes the need for industries to improve their energy efficiency and consumption in order to mitigate global surface temperature changes. [ABSTRACT FROM AUTHOR]

The soft commodity is a high-frequency trading market. We use the right-tailed unit root tests of Phillips et al. to investigate asset bubbles within and to detect explosive episodes on each soft commodity sample date set. Our empirical test uses weekly data from New York soft commodity market and finds bubbles existed in each of the soft commodities. The test model allows us to exam each bubble's origination and termination dates using date-stamping in the recursive procedure. We found that the soft commodities bubble is more relevant to the man-made factor. [ABSTRACT FROM AUTHOR]

We adopt the wavelet method to provide better measures of the dynamic correlations between the US and major emerging government bond yields, revealing the structural changes from a three-dimensional analysis. The study concludes two wavelet-based empirical results. First, there are significant positive correlations between the underlying three country pairs of government bonds, exhibiting the synchronicity in time-frequency basis. Second, US government bonds lead every emerging country government bond over the time scales. It shows that US government bonds, on behalf of the developed government bond markets, have an important role in leading and guiding emerging government bonds. The findings remind international investors of the reduced benefits of diversification on global bond investment portfolios and paying greater attention to the influences of US government bond market when managing investment portfolios. [ABSTRACT FROM AUTHOR]