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Records Added in March 2023
Records added in March 2023
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2426. LAPSE:2023.23770
Partial Pilot Allocation Scheme in Multi-Cell Massive MIMO Systems for Pilot Contamination Reduction
March 27, 2023 (v1)
Subject: Modelling and Simulations
Keywords: channel quality, large-scale fading coefficients, massive MIMO, pilot allocation, pilot contamination, pilot sequences
Inter-cell interference has been identified as one of the major challenges of multiple-input−multiple-output (MIMO)-enabled cellular systems. This problem occurs when the same pilot sets are reused across adjacent cells to save bandwidth for data transmission. As a result, so-called pilot contamination occurs, which cannot be mitigated with an increased number of serving antennas. In this work, we proposed a partial pilot allocation scheme (PPA) to tackle the pilot contamination problem and consequently improve the uplink throughput of users in multi-cell massive MIMO systems. This was achieved by using the large-scale characteristics of the fading channel to keep users with a weak channel condition out of the effect of severe interference during the pilot allocation process. Simulation results showed that the proposed scheme outperformed both smart pilot allocation (SPA) and conventional schemes. In particular, PPA improved the uplink rate by 30% compared to the SPA—a recently propose... [more]
2427. LAPSE:2023.23769
Spillovers to Renewable Energy Stocks in the US and Europe: Are They Different?
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: fossil fuels, renewable energy stocks, spillover effects
This paper examines the spillovers of return and volatility transmitted from fossil energies (crude oil and natural gas) and several important financial variables (stock market index, bonds, and the volatility index) to renewable stock markets in the US and Europe under the time-frequency domain frameworks. The total spillovers of return and volatility from all variables to renewable stock markets in the US are higher than those in Europe. Stock markets transmit the highest return spillovers to renewable energy stocks, which far exceed the spillovers from fossil energy to renewable energy stocks in both regions. In addition, both return and volatility spillovers could be enhanced, possibly due to specific events or sudden changes in prices. In particular, extreme events such as the Brexit referendum in 2016 influenced mostly the volatility spillovers across European markets. Moreover, the spillovers of return and volatility are contingent on frequency, and most return spillovers are co... [more]
2428. LAPSE:2023.23768
Improvement of Extracted Power of Pole Mounted Solar Panels by Effective Cooling Using Aluminum Heat Sink under Hot Weather and Variable Wind Speed Conditions
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: back surface cooling of photovoltaic panel, heat sink, photovoltaic (PV) cell, solar panel and excessive heat, solar panel performance
The increase in operating temperature of PV generators leads to degradation of their performance. These adverse effects of high temperatures are considered as one of the most important problems that solar panel operation faces in hot weather areas. A lot of research has been undertaken to study this aspect and find ways of limiting the harm caused by such high temperatures. To overcome this harm and to maintain the operating temperature of the PV cells within the optimum range specified by manufacturers, cooling the solar panels often becomes indispensable. This paper discusses the heat transfer through the solar panel layers and studies the effect of high temperature on the solar panel performance in a hot desert environment. It also presents the development of a new solar panel structure viz. by installing an aluminum heat sink to reduce the effect of temperature rise and thus improve the solar panel performance. The study focuses on a pole-mounted solar panel for a street lighting a... [more]
2429. LAPSE:2023.23767
Waste to Energy: Solid Fuel Production from Biogas Plant Digestate and Sewage Sludge by Torrefaction-Process Kinetics, Fuel Properties, and Energy Balance
March 27, 2023 (v1)
Subject: Environment
Keywords: biogas digestate, carbonized solid fuel, circular economy, Renewable and Sustainable Energy, sewage sludge, Sustainability, waste to carbon, waste to energy
Sustainable solutions are needed to manage increased energy demand and waste generation. Renewable energy production from abundant sewage sludge (SS) and digestate (D) from biogas is feasible. Concerns about feedstock contamination (heavy metals, pharmaceuticals, antibiotics, and antibiotic-resistant bacteria) in SS and D limits the use (e.g., agricultural) of these carbon-rich resources. Low temperature thermal conversion that results in carbonized solid fuel (CSF) has been proposed as sustainable waste utilization. The aim of the research was to investigate the feasibility of CSF production from SS and D via torrefaction. The CSF was produced at 200~300 °C (interval of 20 °C) for 20~60 min (interval 20 min). The torrefaction kinetics and CSF fuel properties were determined. Next, the differential scanning calorimetry (DSC) and thermogravimetric analysis (TGA) of SS and D torrefaction were used to build models of energy demand for torrefaction. Finally, the evaluation of the energy ba... [more]
2430. LAPSE:2023.23766
Climate Change Effect on Building Performance: A Case Study in New York
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: +1.5 degree, building energy consumption, building energy performance, climate change, cooling increase, IPCC, thermal comfort
The evidences of the influence of climate change (CC) in most of the key sectors of human activities are frequently reported by the news and media with increasing concern. The building sector, and particularly energy use in the residential sector, represents a crucial field of investigation as demonstrated by specific scientific literature. The paper reports a study on building energy consumption and the related effect on indoor thermal comfort considering the impacts of the Intergovernmental Panel on Climate Change (IPCC) 2018 report about temperature increase projection. The research includes a case study in New York City, assuming three different scenarios. The outcomes evidence a decrease in energy demand for heating and an increase in energy demand for cooling, with a relevant shift due to the summer period temperature variations. The challenge of the last decades for sustainable design was to increase insulation for improving thermal behavior, highly reducing the energy demand du... [more]
2431. LAPSE:2023.23765
Investigating the Interrelationships among Occupant Attitude, Knowledge and Behaviour in LEED-Certified Buildings Using Structural Equation Modelling
March 27, 2023 (v1)
Subject: Environment
Keywords: energy consumption, Knowledge and Behaviour, Structural Equation Modelling (SEM), occupant environmental attitude
The proliferation of residential building energy consumption and CO2 emissions has led many countries to develop buildings under the green rating systems umbrella. Many such buildings, however, fail to meet their designed energy performance, which is possibly attributable to occupant behaviour and unforeseen building usages. The research problem lies in the fact that occupant environmental behaviour is a complex socio-cultural-technical issue that needs to be addressed to achieve the desired energy savings. This study is novel as it investigates complex interrelationships between many observed and unobserved variables using data from four LEED-certified multi-residential buildings in the United Arab Emirates. Structural Equation Modelling was used to analyse the impact of three unobserved/latent variables: occupant environmental Attitude, Knowledge and Behaviour (AKB) with respect to occupant energy consumption, based on measured/observed variables. Although our Goodness-of-Fit values... [more]
2432. LAPSE:2023.23764
High-Resolution CFD and In-Situ Monitoring Based Validation of an Industrial Passive Air Conduction System (PACS)
March 27, 2023 (v1)
Subject: Modelling and Simulations
Keywords: building simulation, computational fluid dynamics (CFD) validation, natural ventilation (NV), passive air conduction system (PACS), wind towers
Natural driven ventilation is a widely used technique in hot and arid climate, but it is rarely known that it can lead to significant energy saving in a moderate climate too. In this paper, an existing building is presented that was designed with a passive air conduction system (PACS), where wind and buoyancy effects induce air to be exchanged without external energy needs. The aim is to show that the design methodology, using numerical simulation to give accurate results, is able to use them in further developments. Due to this design process, the specific building possesses numerous special properties, including airflow accelerating elements, solar-heated “chimneys”, and the indoor heat sources coming from the industrial technology. As the building has been constructed and was equipped with around 750 sensors (integrated and manual), it is possible to analyze the ongoing physical phenomenon in a highly detailed way and to collect the experienced dataset for further investigations. Th... [more]
2433. LAPSE:2023.23763
Doubly Fed Induction Generator Open Stator Synchronized Control during Unbalanced Grid Voltage Condition
March 27, 2023 (v1)
Subject: Process Control
Keywords: doubly fed induction generator (DFIG), sequence control, synchronization, voltage unbalance, wind energy system
In this paper, a systematic synchronization procedure is proposed for a doubly fed induction generator (DFIG) during unbalanced grid voltage conditions. The initial induced voltage at the open stator terminal is required to synchronize with the grid voltage in magnitude, frequency and phase. An open stator negative sequence rotor current controller is implemented with the conventional DFIG vector controller, which allows the induced stator voltage to become as unbalanced as the grid voltage, hence enabling a smooth connection. A brief comparison is provided for practical issues such as controller structure variation between DFIG open stator and normal operating conditions, and initial encoder rotor angle measurement offset. The procedure is validated experimentally on a 2.2 kW laboratory-scaled DFIG test bench.
2434. LAPSE:2023.23762
Reactive Power Control Method for Enhancing the Transient Stability Total Transfer Capability of Transmission Lines for a System with Large-Scale Renewable Energy Sources
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: reactive power control method, sensitivity between TSTTC and reactive power, TSTTC of transmission lines
With the increased proportion of intermittent renewable energy sources (RES) integrated into the sending-end, the total transfer capability of transmission lines is not sufficient during the peak periods of renewable primary energy (e.g., the wind force), causing severe RES power curtailment. The total transfer capability of transmission lines is generally restricted by the transient stability total transfer capability (TSTTC). This paper presents a reactive power control method to enhance the TSTTC of transmission lines. The key is to obtain the sensitivity between TSTTC and reactive power, while the Thevenin equivalent voltage is the link connecting TSTTC and reactive power. The Thevenin theorem states that an active circuit between two load terminals can be considered as an individual voltage source. The voltage of this source would be open-circuit voltage across the terminals, and the internal impedance of the source is the equivalent impedance of the circuit across the terminals.... [more]
2435. LAPSE:2023.23761
Experimental Investigation of the Viscosity Parameters Ranges—Case Study of Engine Oils in the Selected Viscosity Grade
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: energy-saving, engine oil, Stabinger, viscosity
The primary objective of the research was to compare the viscosity parameters of the same viscosity grade engine oils, as declared by the manufacturers, to the actual laboratory measurements. The secondary objective was to briefly investigate (1) what kind of information oil manufacturers provide in the product data sheets of the studied oils, and (2) the potential savings resulting from the use of the energy efficient oils. The study material consisted of 42 selected synthetic engine oils that belong to the 5W-30 viscosity grade. Stabinger SVM 3001 viscometer was used to determine kinematic viscosity at −20 °C, 40 °C, 100 °C and 130 °C. The HTHS (high temperature high shear), CCS (cold cranking simulator), FTIR (Fourier-transform infrared spectroscopy) and GC (Gas Chromatography) measurements were also performed for the samples that had the lowest and the highest kinematic viscosity. Large differences (5−25%) between oil producers’ declarations and the results of laboratory tests were... [more]
2436. LAPSE:2023.23760
Multi-Criteria Examination of Power-to-Gas Pathways under Stochastic Preferences
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: decision making, Energy Storage, fuzzy analytic hierarchy process, imprecise pairwise comparisons, power-to-gas, renewable energy integration
Power-to-gas is an energy storage and vector technology which can utilize off-peak power, assist in the integration of renewable power and provide needed fuel for industry and transportation. Further, power-to-gas is a useful technology for balancing surplus baseload and renewable energy generation with demand. There are numerous applications of power-to-gas in Europe, where renewable power is used to generate hydrogen for numerous applications. Examining each of these power-to-gas pathways across quantitative and qualitative criteria, this paper utilizes the stochastic fuzzy analytic hierarchy process to determine criteria weights. These weights are then fed to a multiple criteria decision analysis tool to determine the viability of each pathway for investors and policy makers. A sensitivity analysis is carried out by reprioritizing the criteria and re-evaluating the multiple criteria analysis. The two pathways that score highest under multiple criteria rankings are power-to-gas to mo... [more]
2437. LAPSE:2023.23759
Importance of Air Humidity and Contaminations in the Internal and External Transonic Flows
March 27, 2023 (v1)
Subject: Modelling and Simulations
Keywords: Computational Fluid Dynamics, condensation, relative humidity, transonic flow
The paper presents mathematical modelling of steam condensation in the atmospheric air transonic flows. A single-fluid model was employed. The model was validated against the in-house experimental studies of internal flow in nozzles and against benchmark tests available in literature i.e., RAE2822 transonic airfoil. The impact of air relative humidity on the condensation process under transonic flow conditions was examined. The paper shows that the impact of the condensation process in air transonic flow is non-negligible and has to be taken under consideration in flow simulations. The presence of air contaminants in form of small particles was considered too. Their crucial role in the change of the transonic flow structure was numerically confirmed.
2438. LAPSE:2023.23758
Analysis and Design of a High-Performance Traction Motor for Heavy-Duty Vehicles
March 27, 2023 (v1)
Subject: Other
Keywords: electric vehicles, finite-element method, heavy-duty vehicles, interior permanent magnet synchronous motor, traction motor
Due to environmental issues and depletion of resources, global attentiveness in electric vehicles (EVs) is growing. In particular, research on high specification motors for driving large EVs has attracted a lot of attention. In this study, an analysis and design process for a motor that can be universally applied in heavy vehicles to reduce environmental pollution was introduced. Motors for driving heavy vehicles require high specifications. Thus, an interior permanent magnet synchronous motor (IPMSM) with a delta-shaped magnet array was used to improve the torque and power characteristics. A step skew rotor structure was also used to dampen vibration and noise by minimizing the high-order harmonics in the cogging torque. The proposed analysis and design approach also reduces the total harmonic distortion (THD) of the back electromotive force (EMF). The effectiveness of the proposed analysis and design process and the usefulness of the resulting high-performance traction motor for heav... [more]
2439. LAPSE:2023.23757
Adaptive Control of DC Voltage in Three-Phase Three-Wire Shunt Active Power Filters Systems
March 27, 2023 (v1)
Subject: Process Control
Keywords: adaptive control, DC voltage, dSPACE 1103, PI controller, shunt active power filter
This paper is focused on an adaptive controller for the direct current (DC) voltage in three-phase three-wire shunt active power filters systems. Although the controller structure of the proportional-integral (PI) type is determined off-line and does not change, the prescribed DC voltage and the controller parameters are calculated in an adaptation block, depending on the non-active power to be compensated. The adaptive control is based on the design expressions for the DC circuit of the shunt active power filter found by the authors, based on the detailed analysis of its operation, during the active filtering. The performances of the proposed adaptive control and its advantages compared to the classical control (where the prescribed DC voltage and the controller parameters are constant) were first determined on the virtual model of a laboratory setup. Then, the adaptive control was implemented on the dSPACE 1103 control board, which allowed the experimental determinations that prove a... [more]
2440. LAPSE:2023.23756
A Real-Time Dynamic Fuel Cell System Simulation for Model-Based Diagnostics and Control: Validation on Real Driving Data
March 27, 2023 (v1)
Subject: Process Control
Keywords: experimental data, fuel cell system simulation, fuel cell vehicle, model-based control and diagnostics, real-time model
Fuel cell systems are regarded as a promising candidate in replacing the internal combustion engine as a renewable and emission free alternative in automotive applications. However, the operation of a fuel cell stack fulfilling transient power-demands poses significant challenges. Efficiency is to be maximized while adhering to critical constraints, avoiding adverse operational conditions (fuel starvation, membrane flooding or drying, etc.) and mitigating degradation as to increase the life-time of the stack. Owing to this complexity, advanced model-based diagnostic and control methods are increasingly investigated. In this work, a real time stack model is presented and its experimental parameterization is discussed. Furthermore, the stack model is integrated in a system simulation, where the compressor dynamics, the feedback controls for the hydrogen injection and back-pressure valve actuation, and the purging strategy are considered. The resulting system simulation, driven by the set... [more]
2441. LAPSE:2023.23755
Pressure Loss Reduction in an Innovative Directional Poppet Control Valve
March 27, 2023 (v1)
Subject: Modelling and Simulations
Keywords: CFD analysis, directional control valve, flow resistance, poppet valve, pressure loss reduction
This article presents the results of computational fluid dynamics (CFD) analysis of an innovative directional control valve consisting of four poppet seat valves and two electromagnets enclosed inside a single body. The valve has a unique design, allowing the use of any poppet valve configuration. Both normally opened (NO) and normally closed (NC) seat valves can be applied. The combination of four universal valve seats and two electromagnets gives a wide range of flow path configurations. This significantly increases the possibility of practical applications. However, due to the significant miniaturization of the valve body and the requirement to obtain necessary connections between flow paths, multiple geometrically complex channels had to be made inside the body. Hence, the main purpose of work was to shape the geometry of the flow channels in such a way as to minimize pressure losses. During the CFD analyses velocity distribution in flow channels and pressure distribution on the wa... [more]
2442. LAPSE:2023.23754
A Comprehensive Review of Strategies and Approaches for Enhancing the Performance of Thermoelectric Module
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: Energy Efficiency, performance improvement approaches, TE module, thermoelectric conversion, thermoelectric cooler
In recent years, thermoelectric (TE) technology has been emerging as a promising alternative and environmentally friendly technology for power generators or cooling devices due to the increasingly serious energy shortage and environmental pollution problems. However, although TE technology has been found for a long time and applied in many professional fields, its low energy conversion efficiency and high cost also hinder its wide application. Thus, it is still urgent to improve the thermoelectric modules. This work comprehensively reviews the status of strategies and approaches for enhancing the performance of thermoelectrics, including material development, structure and geometry improvement, the optimization of a thermal management system, and the thermal structure design. In particular, the influence of contact thermal resistance and the improved optimization methods are discussed. This work covers many fields related to the enhancement of thermoelectrics. It is found that the main... [more]
2443. LAPSE:2023.23753
Model-Based Data Driven Approach for Fault Identification in Proton Exchange Membrane Fuel Cell
March 27, 2023 (v1)
Subject: System Identification
Keywords: flooding in PEMFC, membrane drying fault, model-based data driven approach, proton exchange membrane fuel cell (PEMFC), water management monitoring
This paper develops a model-based data driven algorithm for fault classification in proton exchange membrane fuel cells (PEMFCs). The proposed approach overcomes the drawbacks of voltage and current density assumptions in conventional model-based fault identification methods and data limitations in existing data driven approaches. This is achieved by developing a 3D model of fuel cells (FC) based on semi empirical model, analytical representation of electrochemical model, thermal model, and impedance model. The developed model is simulated for membrane drying and flooding faults in PEMFC and their effects are identified for the action of varying temperature, pressure, and relative humidity. The ohmic, concentration, activation and cell voltage losses for the simulated faults are observed and processed with wavelet transforms for feature extraction. Furthermore, the support vector machine learning algorithm is adapted to develop the proposed fault classification approach. The performanc... [more]
2444. LAPSE:2023.23752
An Inspired Machine-Learning Algorithm with a Hybrid Whale Optimization for Power Transformer PHM
March 27, 2023 (v1)
Subject: Process Control
Keywords: fault diagnosis, hybrid whale optimization, Machine Learning, power transformer system, probabilistic neural network
The burgeoning prognostic and health management (PHM) engineering technology with superior performance has lately received extensive attention in the academic circle. Nevertheless, the various types of faults of the power transformer often lead to less accurate predictions and the instability of the power system. To address these problems, a power transformer PHM model with a hybrid machine learning method-approach is proposed in this paper. The model uses intelligent sensors to obtain dissolved gas analysis (DGA) data for fault diagnosis of the power transformer system, so as to compress the complexity of features (gas types) in the power transformer. In particular, to enhance the robustness of the model, we adopt a modified differential evolution whale optimization algorithm (MDE-WOA) to optimize the probabilistic neural network (PNN), namely, the classification performance of the model is improved by updating the smoothing factor ( σ ) of PNN. In addition, compared with other op... [more]
2445. LAPSE:2023.23751
Towards Non-Mechanical Hybrid Hydrogen Compression for Decentralized Hydrogen Facilities
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: activated carbons, electrochemical compressors, hydrogen compression, hydrogen storage, non-mechanical compressors
The cost of the hydrogen value chain needs to be reduced to allow the widespread development of hydrogen applications. Mechanical compressors, widely used for compressing hydrogen to date, account for more than 50% of the CAPEX (capital expenditure) in a hydrogen refueling station. Moreover, mechanical compressors have several disadvantages, such as the presence of many moving parts, hydrogen embrittlement, and high consumption of energy. Non-mechanical hydrogen compressors have proven to be a valid alternative to mechanical compressors. Among these, electrochemical compressors allow isothermal, and therefore highly efficient, compression of hydrogen. On the other hand, adsorption-desorption compressors allow hydrogen to be compressed through cooling/heating cycles using highly microporous materials as hydrogen adsorbents. A non-mechanical hybrid hydrogen compressor, consisting of a first electrochemical stage followed by a second stage driven by adsorption-desorption of hydrogen on ac... [more]
2446. LAPSE:2023.23750
A Gini Coefficient-Based Impartial and Open Dispatching Model
March 27, 2023 (v1)
Subject: Planning & Scheduling
Keywords: economy, generation scheduling, Gini coefficient, impartial and open dispatching, mixed integer quadratic programming
According to the existing widely applied impartial and open dispatching models, operation fairness was mainly emphasized, which severely restricted the optimization space of the economy of the overall system operation and affected the economic benefits. To solve the above problems, a scheduling model based on Gini coefficient under impartial and open dispatching principle is proposed in this paper, which can consider the balance between the fairness and economy of system operation. In the proposed model, the Gini coefficient is introduced to describe the fairness of electric energy completion rate among different generation units in the form of constraint conditions. Because the electricity production schedule can reflect the economic income of the electric power enterprise, and the Gini coefficient is used as an economic statistical indicator to evaluate the fairness in the overall distribution of income in social statistics, it is more appropriate to be used to measure the fairness o... [more]
2447. LAPSE:2023.23749
Analysis of the Potential for Gas Micro-Cogeneration Development in Poland Using the Monte Carlo Method
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: cogeneration, Energy, household, micro-cogeneration, Monte Carlo
Micro-cogeneration (mCHP) is a promising solution for the generation of heat and electricity in households, it contributes to reducing carbon dioxide emissions in countries where the production of electricity is mainly based on fossil fuels. Its dissemination in Poland faces barriers in the form of high purchase prices in relation to electricity productivity. In this work 1% of the household population in Poland was analyzed using the Monte Carlo method. It was found that for mCHP to become economically profitable for a group of at least 10,000 households, its price should fall from around 18,000 euros (711.5 euros/kWth and 18,000 euros/kWe) to 4800 euros (189.7 euros/kWth and 4800 euros/kWe) and for 100,000 households to 4100 euros (162.1 euros/kWth and 4100 euros/kWe). These calculations were made for fixed gas and electricity prices. The analysis also included cases of various changes in gas and energy prices. Faster growth of electricity prices than gas prices reduce the profitabil... [more]
2448. LAPSE:2023.23748
Hedging Strategies of Green Assets against Dirty Energy Assets
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: clean energy stocks, crude oil, determinants, dirty energy assets, energy ETF, green bonds, hedge
Previous studies argue that the relationships between clean/green and dirty energy assets are time-varying, but there is a lack of evidence on the hedging ability of clean energy stocks and green bonds for dirty assets, such as crude oil and an energy stock index exchange traded fund (ETF), and the portfolio implications. Furthermore, potential drivers of the dynamics of the hedge portfolio returns are still unknown. To address these research gaps, the authors provide an extensive analysis of the hedging ability of clean/green assets against two dirty energy assets (crude oil prices and energy ETF) using daily data from 3 January 2012 to 29 November 2019. Using corrected dynamic conditional correlation models, the authors model correlation and then compute hedge ratios and hedging effectiveness, which all seem to vary with time. The results from hedging effectiveness indicate that investors should follow a dynamic hedging strategy and that clean energy stocks are more effective hedge t... [more]
2449. LAPSE:2023.23747
On Mixed Convection Squeezing Flow of Nanofluids
March 27, 2023 (v1)
Subject: Materials
Keywords: gamma-alumina nanoparticles, MHD effect, mixed convection, numerical solutions, squeezing flow
In this article, the impact of effective Prandtl number model on 3D incompressible flow in a rotating channel is proposed under the influence of mixed convection. The coupled nonlinear system of partial differential equations is decomposed into a highly nonlinear system of ordinary differential equations with aid of suitable similarity transforms. Then, the solution of a nonlinear system of ordinary differential equations is obtained numerically by using Runge−Kutta−Fehlberg (RKF) method. Furthermore, the surface drag force C f and the rate of heat transfer N u are portrayed numerically. The effects of different emerging physical parameters such as Hartmann number (M), Reynold’s number (Re), squeezing parameter ( β ), mixed convection parameter λ , and volume fraction ( φ ) are also incorporated graphically for γ — alumina. Due to the higher viscosity and thermal conductivity ethylene-based nanofluids, it is observed to be an effective common bas... [more]
2450. LAPSE:2023.23746
Can Crude Oil Serve as a Hedging Asset for Underlying Securities?—Research on the Heterogenous Correlation between Crude Oil and Stock Index
March 27, 2023 (v1)
Subject: Energy Systems
Keywords: hedging, oil price, stock markets, wavelet coherence
In the increasingly frequent global financial turmoil, investors prefer to invest in stable assets to hedge risks. Crude oil naturally has dual use value as a general commodity and as a financial asset, which has attracted wide attention. In this paper, we adopt a wavelet coherence analysis to study the standard of crude oil as a hedging asset and analyze the dynamic correlation of crude oil and stock market price fluctuations in the four economies of the United States, Japan, China and Hong Kong at different frequencies. The empirical evidence shows that crude oil can be conditionally used as a hedging asset for underlying securities. From the perspective of space, crude oil is suitable for investors in China’s stock market as a hedging asset, while for stock markets in the US, Japan and Hong Kong, the ability of crude oil to hedge risk has been greatly weakened. From the perspective of investment term, although crude oil cannot be regarded as a hedging asset for long-term investment,... [more]
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