Recursos de colección

UTL Repository Universidade Técnica de Lisboa (37.462 recursos)

O Repositório Institucional da Universidade Técnica de Lisboa desenvolvido no âmbito do projecto RCAAP. Este repositório destina-se a recolher, preservar e disponibilizar o acesso às publicações científicas e didácticas de seis: Escolas da UTL: Faculdade de Medicina Veterinária, Instituto Superior de Agronomia, Instituto Superior de Economia e Gestão, Instituto Superior de Ciências Sociais e Políticas , Faculdade de Motricidade Humana, Faculdade de Arquitectura. O Instituto Superior Técnico, igualmente Escola Da UTL, tem repositório independente.

Mostrando recursos 1 - 4 de 4

  1. Special issue on energy economics : demand, prices, and welfare. Editor’s introduction

    Soares, Isabel; Afonso, Óscar
    - 29-jun-2018

  2. Does final energy demand in Portugal exhibit long memory? A fractional integration analysis

    Belbute, José Manuel; Pereira, Alfredo Marvão
    In this paper, we measure the degree of fractional integration in final energy demand in Portugal using an ARFIMA model with and without adjustments for seasonality. We consider aggregate energy demand as well as final demand for petroleum, electricity, coal, and natural gas. Our findings suggest the presence of long memory in all of the components of energy demand. All fractional-difference param- eters are positive and lower than 0.5 indicating that the series are stationary, although with mean reversion patterns slower than in the typical short-run processes. These results have important implications for the design of energy policies. As a...
    - 29-jun-2018

  3. Oil prices and stock returns : nonlinear links across sectors

    Pinho, Carlos; Madaleno, Mara
    We present evidence of an asymmetric relationship between oil prices and stock returns. The two regime multivariate Markov switching vector autoregressive (MSVAR) model allow us to capture the state shifts in the relationship between regional stock markets and sectors. Results suggest that oil price risk is significantly priced in the sample used. The impact is asymmetric with respect to market phases, and regimes have been associated with world economic, social and political events. Our study also suggests asymmetric responses of sector stock returns to oil price changes and different transmission impacts depending on the sector analyzed. There is a high...
    - 29-jun-2018

  4. Welfare effects of unbundling under different regulatory regimes in natural gas markets

    Brandão, António; Pinho, Joana; Resende, Joana; Sarmento, Paula; Soares, Isabel
    In this paper, we develop a theoretical model that enriches the literature on the pros and cons of ownership unbundling vis-a`-vis lighter unbundling frameworks in the natural gas markets. For each regulatory framework, we compute equilibrium outcomes when an incumbent firm and a new entrant compete a` la Cournot in the final gas market. We find that the entrant’s contracting conditions in the upstream market and the transmission tariff are key determinants of the market structure in the downstream gas market (both with ownership and with legal unbundling). We also study how the regulator must optimally set transmission tariffs in...
    - 29-jun-2018

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