This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal t...This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.展开更多
Low-impact development （LID） technologies, such as bioretention areas, rooftop rainwater harvesting, a_nd xeris_caping can co_ntrol stormwater runoff, supply non-potable water, and landscape open space.TillS study e...Low-impact development （LID） technologies, such as bioretention areas, rooftop rainwater harvesting, a_nd xeris_caping can co_ntrol stormwater runoff, supply non-potable water, and landscape open space.TillS study examines a hybrid system （HS） that combines LID technologies with a centralized water system to lessen the burden on a conventional system （CS）. CS is defined as the stormwater collection and water supply infrastructure, and the conventional landscaping choices in the City of Atlanta. The study scope is limited to five single-family residential zones （SFZs）, classified R-1 through R-5, and four multi-family residential zones （MFZs）, classified RG-2 through RG-5. Population density increases from 0.4 （R-1） to 62.2 （RG-5） persons per 1,000 m2. We performed a life cycle assessment （LCA） comparison of CS and HS using TRACI 2.1 to simulate impacts on the ecosystem, human health, and natural resources. We quantified the impact of freshwater consumption using the freshwater ecosystem impact （FEI） indicator. Test results indicate that HS has a higher LCA single score than CS in zones with a low population density; however, the difference becomes negligible as population density increases. Incorporating LID in SFZs and MFZs can reduce potable water use by an average of 50%. and 25%,respectively.; however, water savings are negligible in zones with high population density （i.e., RG-5） due to the diminished surface area per capitaavailable for LID technoogies. The results demonstrate that LID technologies effectively reduce outdoor water demand and therefore would be a good choice to decrease the water consumption impact in the City of Atlanta.展开更多
基金supported by FCT,I.P,the Portuguese national funding agency for science,research and technology under the Project UIDB/04521/2020.
文摘This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.
基金Acknowledgements This research was sponsored by the Brook Byers Institute for Sustainable Systems, Hightower Chair, and the Georgia Research Alliance at the Georgia Institute of Technology. This work was also supported by a grant for ＂Resilient Interdependent Infrastructure Processes and Systems （RIPS） Type 2： Participatory Modeling of Complex Urban Infrastructure Systems （Model Urban SysTems）,＂ （#0836046） from National Science Foundation, Division of Emerging Frontiers in Research and Innovations （EFRI）. The authors also acknowledge the support of Crittenden and Associates.
文摘Low-impact development （LID） technologies, such as bioretention areas, rooftop rainwater harvesting, a_nd xeris_caping can co_ntrol stormwater runoff, supply non-potable water, and landscape open space.TillS study examines a hybrid system （HS） that combines LID technologies with a centralized water system to lessen the burden on a conventional system （CS）. CS is defined as the stormwater collection and water supply infrastructure, and the conventional landscaping choices in the City of Atlanta. The study scope is limited to five single-family residential zones （SFZs）, classified R-1 through R-5, and four multi-family residential zones （MFZs）, classified RG-2 through RG-5. Population density increases from 0.4 （R-1） to 62.2 （RG-5） persons per 1,000 m2. We performed a life cycle assessment （LCA） comparison of CS and HS using TRACI 2.1 to simulate impacts on the ecosystem, human health, and natural resources. We quantified the impact of freshwater consumption using the freshwater ecosystem impact （FEI） indicator. Test results indicate that HS has a higher LCA single score than CS in zones with a low population density; however, the difference becomes negligible as population density increases. Incorporating LID in SFZs and MFZs can reduce potable water use by an average of 50%. and 25%,respectively.; however, water savings are negligible in zones with high population density （i.e., RG-5） due to the diminished surface area per capitaavailable for LID technoogies. The results demonstrate that LID technologies effectively reduce outdoor water demand and therefore would be a good choice to decrease the water consumption impact in the City of Atlanta.
