The role of emerging economies in the global price formation process of commodities: Evidence from Brazilian and U.S. coffee markets

Bohl, Martin T.; Gross, C. J.; Souza, Waldemar Antônio da Rocha de

doi:10.1016/j.iref.2018.11.002

Cited by 14 publications

(8 citation statements)

References 40 publications

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“…The pattern of high efficiency showed by the ROB during the full-period, P 1 and P 5 , as well as by the ARA in P 3 , is expected for these commodities since coffee is the most liquid and oldest contract traded in the Brazilian Exchange (B3). Therefore, traders and market agents tend to respond faster to changes in the market information [78,79].…”

Section: Resultsmentioning

confidence: 99%

Quantifying the Predictability and Efficiency of the Cointegrated Ethanol and Agricultural Commodities Price Series

2019

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Ethanol is an energy commodity and a biofuel that has contributed to mitigate the use of fossil fuels. Nonetheless, the environmental benefits derived from the use of ethanol can occur at the expense of the agricultural commodities prices, affecting their volatilities and efficiency. This problem occurs because most of the raw materials currently used to produce biofuels, such as corn in the US, sugarcane in Brazil and oilseeds in Europe, are also important global commodities. This work adopts several mathematical tools, namely the Detrended Fluctuation Analysis, fractal dimension, and the Hurst and Lyapunov exponents. This set of tools measures the market efficiency and the prices’ predictability for the ethanol and some agriculture commodities that revealed price transmission (cointegration), in a previous work. The results show that, in general, the ethanol has a lower predictability horizon than the other commodities. Moreover, it is discussed a quantitative measure to assess the market performance, by means of the efficiency index. We observe that the ethanol efficiency is similar to the other agricultural commodities evaluated.

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Section: Resultsmentioning

confidence: 99%

Quantifying the Predictability and Efficiency of the Cointegrated Ethanol and Agricultural Commodities Price Series

2019

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“…Serra (2011) examined the price links between crude oil, ethanol, and sugar prices in Brazil using a semiparametric GARCH model. Bohl et al (2019) studied the volatility linkage between Brazilian coffee futures and spot prices with the futures contract traded at the Intercontinental Exchange (ICE), employing a trivariate multivariate GARCH model. Nonetheless, to our knowledge, this is the first study to investigate the spillover effect encompassing both futures and cash markets, as well as different commodities.…”

Section: Review Of Literaturementioning

confidence: 99%

Dynamic connectedness between energy markets and the Brazilian cash market: An empirical analysis pre‐ and post‐COVID‐19

Palazzi,

Assaf,

Klotzle

2023

Journal of Futures Markets

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Brazil's significant commodity production is internationally recognized, yet the absence of a mature futures market exposes it to price risks and international shocks. This study explores the dynamic connectedness between commodity futures and the Brazilian cash markets, using a time‐varying parameter vector autoregressive model. We also assess COVID‐19's impact on this connectedness. We find a significant influence of oil prices on Brazilian ethanol prices, and particularly emphasize the Heating Oil spillover effect on ethanol in the post‐COVID‐19 era. We also note the ascension of Brazilian soybean spot markets' international significance since 2017, amplifying their role in global grain price discovery. Finally, by computing hedge ratios and effectiveness between commodity futures contracts and Brazilian spot prices, our study reveals soybean cash price as the most effective hedge. These insights deepen comprehension of connectedness within Brazilian commodity markets, thereby guiding investors and policymakers in strategic energy policy decisions.

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“…Furthermore, it is valid to analyze Brazilian consumers' responses toward native advertisements once Brazil has an essential role in the world economy (Bohl et al, 2019), and there are still few studies on ad management in emerging economies since most of them are concentrated in North America and Europe (Khang et al, 2016). Source: Author's own work…”

Section: Context Of the Studymentioning

confidence: 99%

Generation Z response toward sponsorship disclosure on Instagram: Where do they look? What do they perceive? How do they act?

Rocha

Lourenção

Teixeira

et al. 2023

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Purpose This paper aims to analyze the visual attention, transparency perception and attitude of Brazilian women from generation Z toward sponsorship disclosures with a different number of text messages used in native advertisements made by a digital influencer. Design/methodology/approach A quantitative and multi-method experiment was conducted through a within-subjects experimental design with 149 women. The eye-tracker assessed visual attention and questionnaires measured transparency perception of sponsorship and attitude toward native advertisements. To analyze eye-tracking and transparency perception data, Friedman’s analysis of variance was used. Structural equations were modeled for analyzing attitude data. Findings The quantitative results indicate that disclosures with a single textual message obtain more visual attention than multiple textual messages. However, sponsorship disclosures with multiple textual messages obtain the best transparency perception and generate a better attitude toward native advertisements. Research limitations/implications This study extends the theory by investigating the relationship between visual attention to sponsorship disclosure with a different number of textual messages and the target audience's responses to them. Practical implications The analysis of Brazilian generation Z women's responses to native ads might contribute to companies, marketing professionals and digital influencers obtaining great visual attention, transparency perception and attitude toward ethical and transparent ads to this audience. Originality/value To the best of the authors’ knowledge, this is the first study to analyze Brazilian generation Z women's visual attention, transparency perception and attitude toward sponsorship disclosure with single and multiple textual messages in native advertisements.

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The role of emerging economies in the global price formation process of commodities: Evidence from Brazilian and U.S. coffee markets

Cited by 14 publications

References 40 publications

Quantifying the Predictability and Efficiency of the Cointegrated Ethanol and Agricultural Commodities Price Series

Quantifying the Predictability and Efficiency of the Cointegrated Ethanol and Agricultural Commodities Price Series

Dynamic connectedness between energy markets and the Brazilian cash market: An empirical analysis pre‐ and post‐COVID‐19

Generation Z response toward sponsorship disclosure on Instagram: Where do they look? What do they perceive? How do they act?

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