Resurrecting the (C)CAPM: A Cross-Sectional Test When Risk Premia are Time-Varying

AbstractA net immersed in fractal-induced turbulence exhibit a transient time-varying deformation. The anisotropic, inhomogeneous square fractal grid (SFG) generated flow interacts with the flexible net to manifest as visible cross-sectional undulations. We hypothesize that the net’s response may provide a surrogate in expressing local turbulent strength. This is analysed as root-mean-squared velocity fluctuations in the net, displaying intensity patterns dependent on the grid conformation and grid-net separation. The net’s fluctuation strength is found to increase closer to the turbulator with higher thickness ratio while presenting stronger fluctuations compared to regular-square-grid (RSG) of equivalent blockage-ratio, σ. Our findings demonstrate a novel application where 3D-reconstruction of submerged nets is used to experimentally contrast the turbulence generated by RSG and multilength scale SFGs across the channel cross-section. The net’s response shows the unique turbulence developed from SFGs can induce 9 × higher average excitation to a net when compared against RSG of similar σ.

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Time-Varying Convergences of Environmental Footprint Levels between European Countries

Energies ◽

10.3390/en14071813 ◽

2021 ◽

Vol 14 (7) ◽

pp. 1813

Author(s):

Durmuş Çağrı Yıldırım ◽

Seda Yıldırım ◽

Seyfettin Erdoğan ◽

Işıl Demirtaş ◽

Gualter Couto ◽

...

Keyword(s):

Ecological Footprint ◽

Unit Root Test ◽

Data Availability ◽

European Countries ◽

Time Varying ◽

Cross Sectional ◽

Ecological Footprints ◽

Window Method ◽

International Policies ◽

Rolling Window

This study proposes the time-varying nonlinear panel unit root test to investigate the convergence of ecological foot prints between the EU and candidate countries. Sixteen European countries (such as Albania, Austria, Belgium, Denmark, France, Germany, Greece, Italy, Luxembourg, Netherlands, Poland, Portugal, Romania, Spain, Sweden and Turkey) and analysis periods are selected according to data availability. This study proposes a cross-sectional Panel KSS with Fourier to test the convergence of the ecological footprints. Then, we combine this methodology with the rolling window method to take into account the time-varying stationarity of series. This study evaluated sub-components of ecological footprints separately and provided more comprehensive findings for the ecological footprint. According to empirical findings, this study proves that convergence or divergence does not show continuity over time. On the other side, this study points out the presence of divergence draws attention when considering the properties of the sub-components in general. As a result, this study shows that international policies by EU countries are generally accepted as successful to reduce ecological footprint, but these are not sufficient as expected. In this point, it is suggested to keep national policies to support international policies in the long term.

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