Onur Polat
Citations
Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.Working papers
- Matteo Bonato & Rangan Gupta & Christian Pierdzioch & Onur Polat, 2025.
"ESG Uncertainty and Forecasting Realized Volatility of Gold Returns: A Boosting Approach,"
Working Papers
202513, University of Pretoria, Department of Economics.
Cited by:
- Matteo Bonato & Oguzhan Cepni & Rangan Gupta & Christian Pierdzioch, 2025. "Electricity Sales and Forecasting of Stock Market Realized Volatility: A State-Level Analysis of the United States," Working Papers 202540, University of Pretoria, Department of Economics.
- Onur Polat & Dhanashree Somani & Rangan Gupta & Sayar Karmakar, 2025.
"Shortages and Machine-Learning Forecasting of Oil Returns Volatility: 1900-2024,"
Working Papers
202503, University of Pretoria, Department of Economics.
- Polat, Onur & Somani, Dhanashree & Gupta, Rangan & Karmakar, Sayar, 2025. "Shortages and machine-learning forecasting of oil returns volatility: 1900–2024," Finance Research Letters, Elsevier, vol. 79(C).
Cited by:
- Dhanashree Somani & Rangan Gupta & Sayar Karmakar & Vasilios Plakandaras, 2025. "Supply Bottlenecks and Machine Learning Forecasting of International Stock Market Volatility," Working Papers 202521, University of Pretoria, Department of Economics.
- Zhangying Li & O-Chia Chuang & Rangan Gupta & Elie Bouri, 2025. "The Roles of Global Supply Chain Pressure and Economic Conditions in Forecasting the VaR of Commodity Markets: A Quantile GARCH-MIDAS Approach," Working Papers 202528, University of Pretoria, Department of Economics.
- Massimiliano Caporin & Rangan Gupta & Sowmya Subramaniam & Hudson S. Torrent, 2025. "Supply Constraints and Conditional Distribution Predictability of Inflation and its Volatility: A Non-parametric Mixed-Frequency Causality-in-Quantiles Approach," Working Papers 202526, University of Pretoria, Department of Economics.
- Onur Polat & Juncal Cunado & Oguzhan Cepni & Rangan Gupta, 2024.
"Oil Price Shocks and the Connectedness of US State-Level Financial Markets,"
Working Papers
202438, University of Pretoria, Department of Economics.
- Polat, Onur & Cunado, Juncal & Cepni, Oguzhan & Gupta, Rangan, 2025. "Oil price shocks and the connectedness of US state-level financial markets," Energy Economics, Elsevier, vol. 141(C).
Cited by:
- Jiawen Luo & Jingyi Deng & Juncal Cunado & Rangan Gupta, 2025. "Forecasting GDP with Oil Price Shocks: A Mixed-Frequency Time-Varying Perspective," Working Papers 202523, University of Pretoria, Department of Economics.
- Aaron J. Amburgey, 2025. "How Election Shocks Impact Markets: Evidence from Sectoral Stock Prices," Papers 2504.02731, arXiv.org, revised Jun 2025.
- Jiawen Luo & Shengjie Fu & Oguzhan Cepni & Rangan Gupta, 2025. "The Role of Uncertainty in Forecasting Realized Covariance of US State-Level Stock Returns: A Reverse-MIDAS Approach," Working Papers 202501, University of Pretoria, Department of Economics.
- Su, Xianfang & He, Jian, 2025. "Does the crude oil return matter for the new energy vehicle-related industry markets? — A comparison of complete vehicles, energy systems, and raw materials," Energy Economics, Elsevier, vol. 144(C).
- Onur Polat & Rangan Gupta & Oguzhan Cepni & Qiang Ji, 2024.
"Can Municipal Bonds Hedge US State-Level Climate Risks?,"
Working Papers
202419, University of Pretoria, Department of Economics.
- Polat, Onur & Gupta, Rangan & Cepni, Oguzhan & Ji, Qiang, 2024. "Can municipal bonds hedge US state-level climate risks?," Finance Research Letters, Elsevier, vol. 67(PB).
Cited by:
- Rangan Gupta & Anandamayee Majumdar & Christian Pierdzioch & Onur Polat, 2024.
"Climate Risks and Real Gold Returns over 750 Years,"
Working Papers
202436, University of Pretoria, Department of Economics.
- Rangan Gupta & Anandamayee Majumdar & Christian Pierdzioch & Onur Polat, 2024. "Climate Risks and Real Gold Returns over 750 Years," Forecasting, MDPI, vol. 6(4), pages 1-16, October.
Articles
- Polat, Onur & Cunado, Juncal & Cepni, Oguzhan & Gupta, Rangan, 2025.
"Oil price shocks and the connectedness of US state-level financial markets,"
Energy Economics, Elsevier, vol. 141(C).
See citations under working paper version above.
- Onur Polat & Juncal Cunado & Oguzhan Cepni & Rangan Gupta, 2024. "Oil Price Shocks and the Connectedness of US State-Level Financial Markets," Working Papers 202438, University of Pretoria, Department of Economics.
- Demirer, Riza & Polat, Onur & Sokhanvar, Amin, 2025.
"Do oil price shocks drive systematic risk premia in stock markets? A novel investment application,"
Research in International Business and Finance, Elsevier, vol. 73(PA).
Cited by:
- Tariq Qaysi & Haider Mahmood, 2025. "The effects of foreign direct investment and oil rents on stock market trade in GCC countries: spatial analysis," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-11, December.
- Chen, Yufeng & Msofe, Zulkifr Abdallah & Wang, Chuwen & Chen, Minghui, 2025. "Oil price uncertainty, exchange rate volatility, and African stock markets: A nonparametric quantile-on-quantile analysis," International Review of Financial Analysis, Elsevier, vol. 105(C).
- Polat, Onur & Somani, Dhanashree & Gupta, Rangan & Karmakar, Sayar, 2025.
"Shortages and machine-learning forecasting of oil returns volatility: 1900–2024,"
Finance Research Letters, Elsevier, vol. 79(C).
See citations under working paper version above.
- Onur Polat & Dhanashree Somani & Rangan Gupta & Sayar Karmakar, 2025. "Shortages and Machine-Learning Forecasting of Oil Returns Volatility: 1900-2024," Working Papers 202503, University of Pretoria, Department of Economics.
- Polat, Onur & Ozcan, Burcu & Ertuğrul, Hasan Murat & Atılgan, Emre & Özün, Alper, 2024.
"Fintech: A Conduit for sustainability and renewable energy? Evidence from R2 connectedness analysis,"
Resources Policy, Elsevier, vol. 94(C).
Cited by:
- Huang, Jionghao & Li, Hongqiao & Chen, Baifan & Liu, Mengai & An, Chaofan & Xia, Xiaohua, 2025. "Revisiting the currency-commodity nexus: New insights into the R2 decomposed connectedness and the role of global shocks," International Review of Economics & Finance, Elsevier, vol. 98(C).
- Polat, Onur & Gupta, Rangan & Cepni, Oguzhan & Ji, Qiang, 2024.
"Can municipal bonds hedge US state-level climate risks?,"
Finance Research Letters, Elsevier, vol. 67(PB).
See citations under working paper version above.
- Onur Polat & Rangan Gupta & Oguzhan Cepni & Qiang Ji, 2024. "Can Municipal Bonds Hedge US State-Level Climate Risks?," Working Papers 202419, University of Pretoria, Department of Economics.
- Onur Polat, 2024.
"Interlinkages across US sectoral returns: time-varying interconnectedness and hedging effectiveness,"
Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-27, December.
Cited by:
- Polat, Onur & Cunado, Juncal & Cepni, Oguzhan & Gupta, Rangan, 2025.
"Oil price shocks and the connectedness of US state-level financial markets,"
Energy Economics, Elsevier, vol. 141(C).
- Onur Polat & Juncal Cunado & Oguzhan Cepni & Rangan Gupta, 2024. "Oil Price Shocks and the Connectedness of US State-Level Financial Markets," Working Papers 202438, University of Pretoria, Department of Economics.
- Polat, Onur & Cunado, Juncal & Cepni, Oguzhan & Gupta, Rangan, 2025.
"Oil price shocks and the connectedness of US state-level financial markets,"
Energy Economics, Elsevier, vol. 141(C).
- Polat, Onur & Demirer, Riza & Ekşi, İbrahim Halil, 2024.
"What drives green betas? Climate uncertainty or speculation,"
Finance Research Letters, Elsevier, vol. 60(C).
Cited by:
- Yao, Yinhong & Feng, Zhuoqi & Liu, Xueyong, 2025. "Heterogeneous information transmission between climate policy uncertainty and Chinese new energy markets: A quantile-on-quantile transfer entropy method," International Review of Financial Analysis, Elsevier, vol. 103(C).
- Polat, Onur & Ertuğrul, Hasan Murat & Sakarya, Burçhan & Akgül, Ali, 2024.
"TVP-VAR based time and frequency domain food & energy commodities connectedness an analysis for financial/geopolitical turmoil episodes,"
Applied Energy, Elsevier, vol. 357(C).
Cited by:
- Yun-Shi Dai & Peng-Fei Dai & St'ephane Goutte & Duc Khuong Nguyen & Wei-Xing Zhou, 2025. "Moment connectedness and driving factors in the energy-food nexus: A time-frequency perspective," Papers 2510.24174, arXiv.org.
- Yi, Qing & Jiang, Yuanying, 2025. "Time-frequency spillovers between carbon, fossil fuels, and clean energy markets: New insights from the TVP-VAR framework," Energy, Elsevier, vol. 323(C).
- Pham, Son Duy & Do, Hung Xuan & Nepal, Rabindra & Jamasb, Tooraj, 2025.
"Tail risk connectedness in the Australian National Electricity Markets: The impact of rare events,"
Energy Economics, Elsevier, vol. 141(C).
- Duy Pham, Son & Do, Hung Xuan & Nepal, Rabindra & Jamasb, Tooraj, 2024. "Tail Risk Connectedness in the Australian National Electricity Markets: The Impact of Rare Events," Working Papers 9-2024, Copenhagen Business School, Department of Economics.
- Xie, Qichang & Gong, Ruize & Yin, Lei & Xu, Xin, 2025. "Does extreme climate exacerbate the risk spillover in green finance markets? evidence from a multi-horizon investment perspective," Journal of International Money and Finance, Elsevier, vol. 151(C).
- Khan, Nasir & Mejri, Sami & Hammoudeh, Shawkat, 2024. "How do global commodities react to increasing geopolitical risks? New insights into the Russia-Ukraine and Palestine-Israel conflicts," Energy Economics, Elsevier, vol. 138(C).
- Zhu, Yanli & Yang, Xian & Zhang, Chuanhai & Liu, Sihan & Li, Jiayi, 2024. "Asymmetric multi-scale systemic risk spillovers across international commodity futures markets: The role of infectious disease uncertainty," Journal of Commodity Markets, Elsevier, vol. 36(C).
- Ni, Guohua & CHERIF, Houda HADJ & Chen, Zhenling, 2024. "Measuring dynamic spillovers between crude oil and grain commodity markets: A comparative analysis of demand and supply shocks," Finance Research Letters, Elsevier, vol. 67(PA).
- Chiappari, Mattia & Scotti, Francesco & Flori, Andrea, 2024. "Market responses to spillovers in the energy commodity markets: Evaluating short-term vs. long-term effects and business-as-usual vs. distressed phases," International Review of Financial Analysis, Elsevier, vol. 96(PB).
- He, Zhifang & Qian, Wanchuan & Miftah, Badir & Zoynul Abedin, Mohammad, 2025. "Quantile time-frequency spillovers among climate policy uncertainty, energy markets, and stock markets," International Review of Economics & Finance, Elsevier, vol. 103(C).
- Li Yang & Ya Gao, 2024. "Marketization of Energy Resources in China: An Environmental CGE Analysis," Sustainability, MDPI, vol. 16(4), pages 1-25, February.
- Xu, Changxin & Chen, Zixu & Zhu, Wenjun & Zhi, Jiaqi & Yu, Yue & Shi, Changfeng, 2025. "Time-frequency spillover and early warning of climate risk in international energy markets and carbon markets: From the perspective of complex network and machine learning," Energy, Elsevier, vol. 318(C).
- Muneer M. Alshater & Onur Polat & Rim El Khoury & Seong-Min Yoon, 2024.
"Dynamic connectedness among regional FinTech indices in times of turbulences,"
Applied Economics Letters, Taylor & Francis Journals, vol. 31(7), pages 670-675, April.
Cited by:
- Onur Polat & Berna Doğan Başar & İbrahim Halil Ekşi, 2025. "Dynamic Interlinkages between the Twitter Uncertainty Index and the Green Bond Market: Evidence from the Covid-19 Pandemic and the Russian-Ukrainian Conflict," Computational Economics, Springer;Society for Computational Economics, vol. 65(5), pages 2873-2889, May.
- Naysary, Babak & Shrestha, Keshab, 2024. "Financial technology and ESG market: A wavelet-DCC GARCH approach," Research in International Business and Finance, Elsevier, vol. 71(C).
- Onur Polat, 2023.
"Dynamic interlinkages between cryptocurrencies, NFTs, and DeFis and optimal portfolio investment strategies,"
China Finance Review International, Emerald Group Publishing Limited, vol. 14(3), pages 430-455, August.
Cited by:
- Wen, Bohui & Xu, Jiaxiang & Zhang, Li & Hao, Jing & Zhang, Zhongyi, 2024. "Spatial correlation of local government implicit debt tail risks in China and its spillover effects on the banking system," International Review of Financial Analysis, Elsevier, vol. 96(PA).
- Wang, Zhan & Gao, Xiang & Gu, Jiahao, 2025. "Can cryptocurrencies improve portfolio diversification? Evidence from the prospect risk perspective," Research in International Business and Finance, Elsevier, vol. 76(C).
- Patel, Ritesh & Kumar, Sanjeev & Agnihotri, Shalini, 2025. "Unveiling the crypto-green nexus: A risk management and investment strategy approach through the lens of NFTs, DeFis, green cryptocurrencies, and green investments," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
- Umar, Zaghum & Polat, Onur & Choi, Sun-Yong & Teplova, Tamara, 2022.
"Dynamic connectedness between non-fungible tokens, decentralized finance, and conventional financial assets in a time-frequency framework,"
Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
Cited by:
- Gunay, Samet & Goodell, John W. & Muhammed, Shahnawaz & Kirimhan, Destan, 2023. "Frequency connectedness between FinTech, NFT and DeFi: Considering linkages to investor sentiment," International Review of Financial Analysis, Elsevier, vol. 90(C).
- Aharon, David Y. & Alon, Ilan & Vakhromov, Oleg, 2024. "Metaverse tokens or metaverse stocks – Who’s the boss?," Research in International Business and Finance, Elsevier, vol. 69(C).
- Goodell, John W. & Yadav, Miklesh Prasad & Ruan, Junhu & Abedin, Mohammad Zoynul & Malhotra, Nidhi, 2023. "Traditional assets, digital assets and renewable energy: Investigating connectedness during COVID-19 and the Russia-Ukraine war," Finance Research Letters, Elsevier, vol. 58(PA).
- Wan, Jieru & Yin, Libo & Wu, You, 2024. "Return and volatility connectedness across global ESG stock indexes: Evidence from the time-frequency domain analysis," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 397-428.
- Ali, Shoaib & Ijaz, Muhammad Shahzad & Yousaf, Imran, 2023. "Dynamic spillovers and portfolio risk management between defi and metals: Empirical evidence from the Covid-19," Resources Policy, Elsevier, vol. 83(C).
- Elie Bouri & Matteo Foglia & Sayar Karmakar & Rangan Gupta, 2024. "Return-Volatility Nexus in the Digital Asset Class: A Dynamic Multilayer Connectedness Analysis," Working Papers 202432, University of Pretoria, Department of Economics.
- Su, Xianfang & Zhao, Yachao, 2025. "Can fourth industrial revolution assets provide diversification benefits for traditional sectoral stocks? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
- Menvouta, Emmanuel Jordy & Serneels, Sven & Verdonck, Tim, 2023. "Practicable optimization for portfolios that contain nonfungible tokens," Finance Research Letters, Elsevier, vol. 55(PB).
- Ugolini, Andrea & Reboredo, Juan C. & Mensi, Walid, 2023. "Connectedness between DeFi, cryptocurrency, stock, and safe-haven assets," Finance Research Letters, Elsevier, vol. 53(C).
- Umar, Zaghum & Usman, Muhammad & Choi, Sun-Yong & Rice, John, 2023. "Diversification benefits of NFTs for conventional asset investors: Evidence from CoVaR with higher moments and optimal hedge ratios," Research in International Business and Finance, Elsevier, vol. 65(C).
- Nguyen, Minh Hong & Thanh, Binh Nguyen & Pham, Huy & Pham, Thi Thu Tra, 2025. "The determinants of funding liquidity risk in decentralized lending," Global Finance Journal, Elsevier, vol. 64(C).
- Xu, Danyang & Hu, Yang & Corbet, Shaen & Lang, Chunlin, 2024. "Return connectedness of green bonds and financial investment channels in China: Implications for hedging and regulation," Research in International Business and Finance, Elsevier, vol. 70(PA).
- Foglia, Matteo & Maci, Giampiero & Pacelli, Vincenzo, 2024. "FinTech and fan tokens: Understanding the risks spillover of digital asset investment," Research in International Business and Finance, Elsevier, vol. 68(C).
- Onur Polat & Berna Doğan Başar & İbrahim Halil Ekşi, 2025. "Dynamic Interlinkages between the Twitter Uncertainty Index and the Green Bond Market: Evidence from the Covid-19 Pandemic and the Russian-Ukrainian Conflict," Computational Economics, Springer;Society for Computational Economics, vol. 65(5), pages 2873-2889, May.
- Abdullah, Mohammad & Sarker, Provash Kumer & Abakah, Emmanuel Joel Aikins & Tiwari, Aviral Kumar & Rehman, Mohd Ziaur, 2024. "Tail risk intersection between tech-tokens and tech-stocks," Global Finance Journal, Elsevier, vol. 61(C).
- Liao, Xin & Li, Qin & Chan, Stephen & Chu, Jeffrey & Zhang, Yuanyuan, 2024. "Interconnections and contagion among cryptocurrencies, DeFi, NFT and traditional financial assets: Some new evidence from tail risk driven network," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 647(C).
- Younis, Ijaz & Gupta, Himani & Du, Anna Min & Shah, Waheed Ullah & Hanif, Waqas, 2024. "Spillover dynamics in DeFi, G7 banks, and equity markets during global crises: A TVP-VAR analysis," Research in International Business and Finance, Elsevier, vol. 70(PB).
- Yousaf, Imran & Jareño, Francisco & Martínez-Serna, María-Isabel, 2023. "Extreme spillovers between insurance tokens and insurance stocks: Evidence from the quantile connectedness approach," Journal of Behavioral and Experimental Finance, Elsevier, vol. 39(C).
- Gök, Remzi, 2025. "Spillovers between cryptocurrency, DeFi, carbon, and energy markets: A frequency quantile-on-quantile perspective," The Quarterly Review of Economics and Finance, Elsevier, vol. 100(C).
- Foglia, Matteo & Plakandaras, Vasilios & Gupta, Rangan & Bouri, Elie, 2025. "Rare disasters and multilayer spillovers between volatility and skewness in international stock markets over a century of data: The role of geopolitical risk," International Review of Economics & Finance, Elsevier, vol. 101(C).
- Elsayed, Ahmed H. & Hoque, Mohammad Enamul & Billah, Mabruk & Alam, Md. Kausar, 2024. "Connectedness across meme assets and sectoral markets: Determinants and portfolio management," International Review of Financial Analysis, Elsevier, vol. 93(C).
- Eva Sánchez-Amboage & Verónica Crespo-Pereira & Matías Membiela-Pollán & João Paulo Jesús Faustino, 2024. "Tourism marketing in the metaverse: A systematic literature review, building blocks, and future research directions," PLOS ONE, Public Library of Science, vol. 19(5), pages 1-22, May.
- Jareño, Francisco & Yousaf, Imran, 2023. "Artificial intelligence-based tokens: Fresh evidence of connectedness with artificial intelligence-based equities," International Review of Financial Analysis, Elsevier, vol. 89(C).
- Lee, Min-Jae & Choi, Sun-Yong, 2024. "Insights into the dynamics of market efficiency spillover of financial assets in different equity markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 641(C).
- Abakah, Emmanuel Joel Aikins & Odoom, Raphael & Abdullah, Mohammad & Lee, Chi-Chuan & Rehman, Mohd Ziaur, 2025. "Marketing tokens and marketing stocks: Tail risk connections with portfolio implications," Research in International Business and Finance, Elsevier, vol. 75(C).
- Peng, Pin & Liang, Feifei & Fu, Yaping & Chen, Yanan & Qiu, Lin-shu & Qi, Haozhi, 2024. "Unraveling the dynamic nexus: Green cryptocurrencies and their role in sustainable market evolution," Energy, Elsevier, vol. 313(C).
- Ali, Shoaib & Naveed, Muhammad & Gubareva, Mariya & Vinh Vo, Xuan, 2024. "Reputational contagion from the Silicon Valley Bank debacle," Research in International Business and Finance, Elsevier, vol. 69(C).
- Wiesen, Thomas F.P. & Adekoya, Oluwasegun Babatunde & Oliyide, Johnson & Afatsao, Richard, 2024. "Does high volatility increase connectedness? A study of Asian equity markets," International Review of Financial Analysis, Elsevier, vol. 96(PB).
- Parrondo, Luz & Sala, Carlo, 2025. "Connectedness between traditional finance, cryptocurrencies and DeFi in the post COVID period," Finance Research Letters, Elsevier, vol. 76(C).
- Umar, Zaghum & Polat, Onur & Choi, Sun-Yong & Teplova, Tamara, 2022.
"The impact of the Russia-Ukraine conflict on the connectedness of financial markets,"
Finance Research Letters, Elsevier, vol. 48(C).
Cited by:
- Gaio, Luiz Eduardo & Stefanelli, Nelson Oliveira & Pimenta, Tabajara & Bonacim, Carlos Alberto Grespan & Gatsios, Rafael Confetti, 2022. "The impact of the Russia-Ukraine conflict on market efficiency: Evidence for the developed stock market," Finance Research Letters, Elsevier, vol. 50(C).
- AlKhazali, Osamah & Kirimhan, Destan & Rabbani, Mustafa Raza & Billah, Syed Mabruk & Shaik, Muneer, 2025. "Cryptocurrencies and alternative bonds: Novel evidence on co-movement and risk sharing," Global Finance Journal, Elsevier, vol. 67(C).
- Pandey, Dharen Kumar & Lucey, Brian M. & Kumar, Satish, 2023. "Border disputes, conflicts, war, and financial markets research: A systematic review," Research in International Business and Finance, Elsevier, vol. 65(C).
- Raluca Georgiana Robu & Alina Petronela Alexoaei & Valentin Cojanu & Dumitru Miron, 2024. "The cereal network: a baseline approach to current configurations of trade communities," Agricultural and Food Economics, Springer;Italian Society of Agricultural Economics (SIDEA), vol. 12(1), pages 1-20, December.
- Hassan, M Kabir & Boubaker, Sabri & Kumari, Vineeta & Pandey, Dharen Kumar, 2022.
"Border disputes and heterogeneous sectoral returns: An event study approach,"
Finance Research Letters, Elsevier, vol. 50(C).
- M.Kabir Hassan & S. Boubaker & Vineeta Kumari & D.K. Pandey, 2022. "Border Disputes and Heterogeneous Sectoral Returns: An Event Study Approach," Post-Print hal-04454685, HAL.
- Shroff, Sumita & Agrawal, Nidhi & Paliwal, Udai Lal & Yadav, Miklesh Prasad, 2025. "How do selected asset classes react to sudden shocks? Evidence from Israel-Hamas conflict using Event Study approach," Research in International Business and Finance, Elsevier, vol. 75(C).
- Umar, Zaghum & Bossman, Ahmed & Choi, Sun-Yong & Vo, Xuan Vinh, 2023. "Are short stocks susceptible to geopolitical shocks? Time-Frequency evidence from the Russian-Ukrainian conflict," Finance Research Letters, Elsevier, vol. 52(C).
- Mirzat Ullah & Kazi Sohag & Svetlana Doroshenko & Oleg Mariev, 2025. "Examination of Bitcoin Hedging, Diversification and Safe-Haven Ability During Financial Crisis: Evidence from Equity, Bonds, Precious Metals and Exchange Rate Markets," Computational Economics, Springer;Society for Computational Economics, vol. 66(1), pages 835-867, July.
- Jeong, Woojin & Park, Seongwan & Lee, Seungyun & Son, Bumho & Lee, Jaewook & Ko, Hyungjin, 2024. "Influence and predictive power of sentiment: Evidence from the lithium market," Finance Research Letters, Elsevier, vol. 68(C).
- Singh, Amanjot & Patel, Ritesh & Singh, Harminder, 2022. "Recalibration of priorities: Investor preference and Russia-Ukraine conflict," Finance Research Letters, Elsevier, vol. 50(C).
- Younis, Ijaz & Du, Anna Min & Gupta, Himani & Shah, Waheed Ullah, 2024. "Dynamic spillover effects and interconnectedness of DeFi assets, commodities, and Islamic stock markets during crises," International Review of Financial Analysis, Elsevier, vol. 96(PA).
- Azimli, Asil & Kalmaz, Demet Beton, 2025. "The impact of Russia’s Geopolitical Risk on stock markets’ high-moment risk," Economic Systems, Elsevier, vol. 49(1).
- Muneer Shaik & Mustafa Raza Rabbani & Mohd Atif & Ahmet Faruk Aysan & Mohammad Noor Alam & Umar Nawaz Kayani, 2024. "The dynamic volatility nexus of geo-political risks, stocks, bond, bitcoin, gold and oil during COVID-19 and Russian-Ukraine war," PLOS ONE, Public Library of Science, vol. 19(2), pages 1-16, February.
- Wang, Yi-Ran & Ma, Chao-Qun & Ren, Yi-Shuai, 2022. "A model for CBDC audits based on blockchain technology: Learning from the DCEP," Research in International Business and Finance, Elsevier, vol. 63(C).
- Recep Ali Küçükçolak & Necla İlter Küçükçolak & Sami Küçükoğlu, 2024. "The impact of the Russia–Ukraine crisis on oil and gas shares: an event study approach," International Journal of Economic Policy Studies, Springer, vol. 18(1), pages 325-340, February.
- Katarzyna Czech & Michał Wielechowski & Richard Barichello, 2023. "The shock of war: do trade relations impact the reaction of stock markets to the Russian invasion of Ukraine?," Ekonomista, Polskie Towarzystwo Ekonomiczne, issue 1, pages 14-27.
- Piotr Fiszeder & Marta Ma³ecka, 2022. "Forecasting volatility during the outbreak of Russian invasion of Ukraine: application to commodities, stock indices, currencies, and cryptocurrencies," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 17(4), pages 939-967, December.
- Kwaku Boafo Baidoo, 2022. "Time-Varying Effect of Short Selling on Market Volatility During Crisis: Evidence from COVID-19 and War in Ukraine," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 8(2), pages 233-243.
- Cifuentes-Faura, Javier & Mohammed, Kamel Si & Alofaysan, Hind, 2024. "The connectedness and structural changes among green and conventional energy markets with CO2 emissions in the United States," Economic Analysis and Policy, Elsevier, vol. 83(C), pages 80-94.
- Gong, Xiao-Li & Jia, Kai-Wen & Xiong, Xiong, 2025. "How major geopolitical events affect tail risk contagion in global crude oil markets —evidence from the Russia-Ukraine conflict," International Review of Economics & Finance, Elsevier, vol. 103(C).
- Kumari, Vineeta & Kumar, Gaurav & Pandey, Dharen Kumar, 2023. "Are the European Union stock markets vulnerable to the Russia–Ukraine war?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
- Onur Polat, 2024. "Interlinkages across US sectoral returns: time-varying interconnectedness and hedging effectiveness," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-27, December.
- Szczygielski, Jan Jakub & Charteris, Ailie & Obojska, Lidia & Brzeszczyński, Janusz, 2025. "Energy in turmoil: Industry resilience to uncertainty during the global energy crisis," Applied Energy, Elsevier, vol. 389(C).
- Long, Huaigang & Demir, Ender & Będowska-Sójka, Barbara & Zaremba, Adam & Shahzad, Syed Jawad Hussain, 2022. "Is geopolitical risk priced in the cross-section of cryptocurrency returns?," Finance Research Letters, Elsevier, vol. 49(C).
- Xie, Yutang & Cao, Yujia & Li, Xiaotao, 2023. "The importance of trade policy uncertainty to energy consumption in a changing world," Finance Research Letters, Elsevier, vol. 52(C).
- Papathanasiou, Spyros & Syriopoulos, Theodore & Kenourgios, Dimitris & Koutsokostas, Drosos, 2025. "Sailing through uncertainty: Shipping's role in financial shock transmission and hedging strategies," Global Finance Journal, Elsevier, vol. 67(C).
- Umar, Muhammad & Riaz, Yasir & Yousaf, Imran, 2022. "Impact of Russian-Ukraine war on clean energy, conventional energy, and metal markets: Evidence from event study approach," Resources Policy, Elsevier, vol. 79(C).
- Li, Xiafei & Yang, Shuangpeng & Luo, Keyu & Liang, Chao, 2024. "Spillover relationships between international crude oil markets and global energy stock markets under the influence of geopolitical risks: New evidence," International Review of Financial Analysis, Elsevier, vol. 96(PA).
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"Russia-Ukraine war and G7 debt markets: Evidence from public sentiment towards economic sanctions during the conflict,"
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- Małgorzata Tarczynska-Luniewska & Iwona Bak & Uma Shankar Singh & Guru Ashish Singh, 2022. "Economic Crisis Impact Assessment and Risk Exposure Evaluation of Selected Energy Sector Companies from Bombay Stock Exchange," Energies, MDPI, vol. 15(22), pages 1-25, November.
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- Faroque Ahmed & Kazi Sohag, 2025. "Spillover effects of separated oil price shocks on regional financial stress amidst Russia–Ukraine and global geopolitical tensions: a novel GVAR approach," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 15(3), pages 593-639, September.
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- Rim El Khoury & Muneer M. Alshater & Onur Polat, 2025. "Japanese stock market sectoral dynamics: A time and frequency analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1249-1274, April.
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"Oil price shocks and the connectedness of US state-level financial markets,"
Energy Economics, Elsevier, vol. 141(C).
- Onur Polat & Juncal Cunado & Oguzhan Cepni & Rangan Gupta, 2024. "Oil Price Shocks and the Connectedness of US State-Level Financial Markets," Working Papers 202438, University of Pretoria, Department of Economics.
- Hadad, Elroi & Malhotra, Davinder & Vasileiou, Evangelos, 2024. "Risk spillovers and optimal hedging in commodity ETFs: A TVP-VAR Approach," Finance Research Letters, Elsevier, vol. 70(C).
- Umar, Zaghum & Mokni, Khaled & Escribano, Ana, 2022. "Connectedness between the COVID-19 related media coverage and Islamic equities: The role of economic policy uncertainty," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
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"Geopolitical Shocks And Commodity Market Dynamics: New Evidence From The Russian-Ukraine Conflict,"
NBER Working Papers
31950, National Bureau of Economic Research, Inc.
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- Szczygielski, Jan Jakub & Charteris, Ailie & Obojska, Lidia & Brzeszczyński, Janusz, 2025. "What does energy price uncertainty reveal about the global energy crisis?," International Review of Financial Analysis, Elsevier, vol. 104(PB).
- Chen, Yongfei & Wei, Yu & Bai, Lan & Zhang, Jiahao, 2023. "Can Green Economy stocks hedge natural gas market risk? Evidence during Russia-Ukraine conflict and other crisis periods," Finance Research Letters, Elsevier, vol. 53(C).
- Bossman, Ahmed & Umar, Zaghum & Agyei, Samuel Kwaku & Teplova, Tamara, 2023. "The impact of the US yield curve on sub-Saharan African equities," Finance Research Letters, Elsevier, vol. 53(C).
- Fakhrul Hasan & Manaf Al-Okaily & Tonmoy Choudhury & Umar Kayani, 2024. "A comparative analysis between FinTech and traditional stock markets: using Russia and Ukraine war data," Electronic Commerce Research, Springer, vol. 24(1), pages 629-654, March.
- Ohikhuare, Obaika M. & Oyewole, Oluwatomisin J., 2025. "Asymmetric connectedness among the G7 REITs market: How important are oil returns, climate policy uncertainty, and geopolitical risks?," Research in Economics, Elsevier, vol. 79(2).
- Pandey, Dharen Kumar & Al-ahdal, Waleed M. & Rusere, Warren & Ali, Azwadi & Nor, Safwan Mohd, 2024. "Impact of firm characteristics and country-level governance on global energy stocks during crises," Research in International Business and Finance, Elsevier, vol. 72(PA).
- Ballis, Antonis & Karagiorgis, Ariston & Anastasiou, Dimitrios & Kallandranis, Christos, 2025. "Cryptocurrency dynamics during global crises: Insights from Bitcoin’s interplay with traditional markets," International Review of Economics & Finance, Elsevier, vol. 103(C).
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- Umar, Zaghum & Hadad, Elroi & Phiri, Andrew & Teplova, Tamara, 2025. "Dynamics of asymmetric connectedness among magnificent seven technology giants: Insights from QVAR analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 101(C).
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- Ahmed BenSaïda, 2023. "The linkage between Bitcoin and foreign exchanges in developed and emerging markets," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
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- Mariem Gaies & Walid Chkili, 2023. "Dynamic correlation and hedging strategy between Bitcoin prices and stock market during the Russo-Ukrainian war," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 307-319, June.
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- Faruk Urak, 2025. "Unraveling Turkish agricultural market challenges: Consequences of COVID‐19, Russia–Ukraine conflict, and energy market dynamics," Agribusiness, John Wiley & Sons, Ltd., vol. 41(2), pages 307-341, April.
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- Maria Elena Giuli & Alessandro Spelta, 2023. "Wasserstein barycenter regression for estimating the joint dynamics of renewable and fossil fuel energy indices," Computational Management Science, Springer, vol. 20(1), pages 1-17, December.
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"High-frequency stock market connectedness in G-7: evidence from time-frequency domains,"
International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 24(1/2), pages 16-28.
Cited by:
- Nupur Moni Das & Bhabani Sankar Rout & Yashmin Khatun, 2023. "Does G7 Engross the Shock of COVID 19: An Assessment with Market Volatility?," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 30(4), pages 795-816, December.
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"Fiscal sustainability analysis in EU countries: a dynamic macro-panel approach,"
Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 12, pages 219-241, June.
Cited by:
- Sávai, Marianna, 2025. "Költségvetési fenntarthatóság a koronavírus-járvány után. A visegrádi országok adósságdinamikájuk tükrében [Fiscal sustainability based on debt-dynamics: evidence from the Visegrad countries after ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 757-776.
- Onur Polat & Eylül Kabakçı Günay, 2021.
"Cryptocurrency connectedness nexus the COVID-19 pandemic: evidence from time-frequency domains,"
Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 38(5), pages 946-963, May.
Cited by:
- Kingstone Nyakurukwa & Yudhvir Seetharam, 2023. "Higher moment connectedness of cryptocurrencies: a time-frequency approach," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 47(3), pages 793-814, September.
- Bouteska, Ahmed & Sharif, Taimur & Abedin, Mohammad Zoynul, 2023. "Volatility spillovers and other dynamics between cryptocurrencies and the energy and bond markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 1-13.
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- Muhammad Naveed & Shoaib Ali & Aviral Kumar Tiwari, 2025. "Tracing the ties that bind: navigating the static and dynamic connectedness between NFTs and equity markets in ASEAN based on QVAR-approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-29, December.
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- Izunna Anyikwa & Andrew Phiri, 2023. "Connectedness and spillover between African equity, commodity, foreign exchange and cryptocurrency markets during the COVID-19 and Russia-Ukraine conflict," Future Business Journal, Springer, vol. 9(1), pages 1-18, December.
- Wang, Xuetong & Fang, Fang & Ma, Shiqun & Xiang, Lijin & Xiao, Zumian, 2024. "Dynamic volatility spillover among cryptocurrencies and energy markets: An empirical analysis based on a multilevel complex network," The North American Journal of Economics and Finance, Elsevier, vol. 69(PA).
- Huseyin Polat & Onur Polat & Aydin Cetin, 2020.
"Detecting DDoS Attacks in Software-Defined Networks Through Feature Selection Methods and Machine Learning Models,"
Sustainability, MDPI, vol. 12(3), pages 1-16, February.
Cited by:
- Hubert Szczepaniuk & Edyta Karolina Szczepaniuk, 2022. "Applications of Artificial Intelligence Algorithms in the Energy Sector," Energies, MDPI, vol. 16(1), pages 1-24, December.
- Babangida Isyaku & Mohd Soperi Mohd Zahid & Maznah Bte Kamat & Kamalrulnizam Abu Bakar & Fuad A. Ghaleb, 2020. "Software Defined Networking Flow Table Management of OpenFlow Switches Performance and Security Challenges: A Survey," Future Internet, MDPI, vol. 12(9), pages 1-30, August.
- Mazhar Javed Awan & Umar Farooq & Hafiz Muhammad Aqeel Babar & Awais Yasin & Haitham Nobanee & Muzammil Hussain & Owais Hakeem & Azlan Mohd Zain, 2021. "Real-Time DDoS Attack Detection System Using Big Data Approach," Sustainability, MDPI, vol. 13(19), pages 1-19, September.
- Polat, Onur & Ozkan, Ibrahim, 2019.
"Transmission mechanisms of financial stress into economic activity in Turkey,"
Journal of Policy Modeling, Elsevier, vol. 41(2), pages 395-415.
Cited by:
- Liu, Yongtuan & Wang, Kewei, 2024. "Asymmetric impacts of coal prices, fintech, and financial stress on clean energy stocks," Resources Policy, Elsevier, vol. 92(C).
- Pirgaip, Burak & Arslan-Ayaydin, Özgür & Karan, Mehmet Baha, 2021. "Do Sukuk provide diversification benefits to conventional bond investors? Evidence from Turkey," Global Finance Journal, Elsevier, vol. 50(C).
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- Marina Yu. Malkina & Rodion V. Balakin, 2023. "The Relation of Financial and Industrial Stresses to Monetary Policy Parameters in the Russian Economy," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 104-121, June.
- M. Yu. Malkina, 2024. "Real Income Stress in Russian Regions Amid the Pandemic and Sanctions," Regional Research of Russia, Springer, vol. 14(2), pages 109-125, June.
- Ozcelebi, Oguzhan, 2020. "Assessing the impacts of financial stress index of developed countries on the exchange market pressure index of emerging countries," International Review of Economics & Finance, Elsevier, vol. 70(C), pages 288-302.
- Dong, Xueqin & Huang, Lilong, 2024. "Exploring ripple effect of oil price, fintech, and financial stress on clean energy stocks: A global perspective," Resources Policy, Elsevier, vol. 89(C).
- Xuan Lv & Menggang Li & Yingjie Zhang, 2022. "Financial Stability and Economic Activity in China: Based on Mixed-Frequency Spillover Method," Sustainability, MDPI, vol. 14(19), pages 1-22, October.
- Jabbour, George M. & Mansour-Ichrakieh, Layal, 2025. "“Dollarization vs. bitcoinization in Türkiye: Which is more dangerous for the financial market?”," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 100(C).
- Haddou, Samira, 2022. "International financial stress spillovers to bank lending: Do internal characteristics matter?," International Review of Financial Analysis, Elsevier, vol. 83(C).
- Panagiota Makrychoriti & Fotios Pasiouras & Menelaos Tasiou, 2022.
"Financial stress and economic growth: The moderating role of trust,"
Kyklos, Wiley Blackwell, vol. 75(1), pages 48-74, February.
- Panagiota Makrychoriti & Fotios Pasiouras & Menelaos Tasiou, 2022. "Financial stress and economic growth: The moderating role of trust," Post-Print hal-05085115, HAL.
- Salmanzadeh-Meydani, N. & Fatemi Ghomi, S.M.T., 2019. "The causal relationship among electricity consumption, economic growth and capital stock in Iran," Journal of Policy Modeling, Elsevier, vol. 41(6), pages 1230-1256.
- Ugur Korkut Pata & Ojonugwa Usman & Godwin Olasehinde-Williams & Oktay Ozkan, 2024. "Stock Returns, Crude Oil and Gold Prices in Turkey: Evidence from Rolling Window-Based Nonparametric Quantile Causality Test," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(3), pages 779-797, September.
- Sen, Chitrakalpa & Chakrabarti, Gagari, 2024. "Exploring the risk dynamics of US green energy stocks: A green time-varying beta approach," Energy Economics, Elsevier, vol. 139(C).
- Doering, Jana & Kizys, Renatas & Juan, Angel A. & Fitó, Àngels & Polat, Onur, 2019.
"Metaheuristics for rich portfolio optimisation and risk management: Current state and future trends,"
Operations Research Perspectives, Elsevier, vol. 6(C).
Cited by:
- Jelić, Marko & Batić, Marko & Krstić, Aleksandra & Bottarelli, Michele & Mainardi, Elena, 2023. "Comparative analysis of metaheuristic optimization approaches for multisource heat pump operation," Renewable and Sustainable Energy Reviews, Elsevier, vol. 188(C).
- Bingchun Liu & Mingzhao Lai, 2025. "RETRACTED ARTICLE: Advanced Machine Learning for Financial Markets: A PCA-GRU-LSTM Approach," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 3140-3174, March.
- Doruk Şen & Cem Çağrı Dönmez & Umman Mahir Yıldırım, 2020. "A Hybrid Bi-level Metaheuristic for Credit Scoring," Information Systems Frontiers, Springer, vol. 22(5), pages 1009-1019, October.
- Markus Vogl, 2022. "Quantitative modelling frontiers: a literature review on the evolution in financial and risk modelling after the financial crisis (2008–2019)," SN Business & Economics, Springer, vol. 2(12), pages 1-69, December.
- Martín Egozcue & Luis Fuentes García & Ričardas Zitikis, 2023. "The Slicing Method: Determining Insensitivity Regions of Probability Weighting Functions," Computational Economics, Springer;Society for Computational Economics, vol. 61(4), pages 1369-1402, April.
- Christopher Bayliss & Marti Serra & Armando Nieto & Angel A. Juan, 2020. "Combining a Matheuristic with Simulation for Risk Management of Stochastic Assets and Liabilities," Risks, MDPI, vol. 8(4), pages 1-14, December.
- Angel A. Juan & Peter Keenan & Rafael Martí & Seán McGarraghy & Javier Panadero & Paula Carroll & Diego Oliva, 2023. "A review of the role of heuristics in stochastic optimisation: from metaheuristics to learnheuristics," Annals of Operations Research, Springer, vol. 320(2), pages 831-861, January.
- Doruk Şen & Cem Çağrı Dönmez & Umman Mahir Yıldırım, 0. "A Hybrid Bi-level Metaheuristic for Credit Scoring," Information Systems Frontiers, Springer, vol. 0, pages 1-11.
- Alexander Nikiporenko, 2023. "Time-limited Metaheuristics for Cardinality-constrained Portfolio Optimisation," Papers 2307.04045, arXiv.org.
- Onur Polat, 2019.
"Systemic risk contagion in FX market: A frequency connectedness and network analysis,"
Bulletin of Economic Research, Wiley Blackwell, vol. 71(4), pages 585-598, October.
Cited by:
- Qi, Haozhi & Wu, Tiantian & Chen, Hao & Lu, Xiuling, 2023. "Time-frequency connectedness and cross-quantile dependence between carbon emission trading and commodity markets: Evidence from China," Resources Policy, Elsevier, vol. 82(C).
- Ouyang, Yingbo & Xie, Chi & Li, Kelong & Mo, Tingcheng & Feng, Yusen, 2024. "How does tail risk spill over between Chinese and the US stock markets? An empirical study based on multilayer network," International Review of Financial Analysis, Elsevier, vol. 95(PC).
- Pramod C. Mane & Nagarajan Krishnamurthy & Kapil Ahuja, 2023. "Resource availability in the social cloud: An economics perspective," Bulletin of Economic Research, Wiley Blackwell, vol. 75(2), pages 541-566, April.
- Arief Hakim & A N M Salman & Yeva Ashari & Khreshna Syuhada, 2022. "Modifying (M)CoVaR and constructing tail risk networks through analytic higher-order moments: Evidence from the global forex markets," PLOS ONE, Public Library of Science, vol. 17(11), pages 1-39, November.
- Fernanda Fuentes & Rodrigo Herrera, 2020. "Dynamics of Connectedness in Clean Energy Stocks," Energies, MDPI, vol. 13(14), pages 1-19, July.
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"The Interaction between Oil Price and Financial Stress: Evidence from the U.S. Data,"
Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue 3.
Cited by:
- Sheng, Xin & Kim, Won Joong & Gupta, Rangan & Ji, Qiang, 2023.
"The impacts of oil price volatility on financial stress: Is the COVID-19 period different?,"
International Review of Economics & Finance, Elsevier, vol. 85(C), pages 520-532.
- Xin Sheng & Won Joong Kim & Rangan Gupta & Qiang Ji, 2021. "The Impacts of Oil Price Volatility on Financial Stress: Is the COVID-19 Period Different?," Working Papers 202184, University of Pretoria, Department of Economics.
- Dagher, Leila & Hasanov, Fakhri, 2022.
"Oil Market Shocks and Financial Instability in Asian Countries,"
MPRA Paper
116079, University Library of Munich, Germany.
- Fakhri Hasanov & Leila Dagher, 2021. "Oil Market Shocks and Financial Instability in Asian Countries," Discussion Papers ks--2021-dp018, King Abdullah Petroleum Studies and Research Center.
- Dagher, Leila & Hasanov, Fakhri J., 2023. "Oil market shocks and financial instability in Asian countries," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 182-195.
- Hong, Yanran & Wang, Lu & Liang, Chao & Umar, Muhammad, 2022. "Impact of financial instability on international crude oil volatility: New sight from a regime-switching framework," Resources Policy, Elsevier, vol. 77(C).
- Zhang, Xiheng & Liu, Jiayu & Zhang, Kaiqi & Robert, James, 2023. "Analysis of firm performance in presence of oil price shocks: Importance of skilled management," Resources Policy, Elsevier, vol. 86(PA).
- Sheng, Xin & Kim, Won Joong & Gupta, Rangan & Ji, Qiang, 2023.
"The impacts of oil price volatility on financial stress: Is the COVID-19 period different?,"
International Review of Economics & Finance, Elsevier, vol. 85(C), pages 520-532.
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