• Environmental and Resource Economics Review
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• v.24 no.4
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• pp.657-677
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• 2015

We employ a 3 regime-threshold vector error correction models (TVECM) to investigate the nonlinear dynamic adjustments of three marker crude oil prices such as WTI (West Texas Intermediate), Brent and Dubai. Especially we deal with 3 combinations of oil prices including WTI-Brent, WTI-Dubai and Brent-Dubai in order to analyze the dynamic adjustments of the prices based on the effects of the price spreads among these crude oil prices. Our daily spot prices data run from 2001.1.3 to 2014.12.31. We found that each combination is cointegrated over the period. WTI had dropped significantly in 2010 which had affected the movements of the spreads. To accomodate this fact, we divide the period into two sub-periods: 2000.1.3-2009.12.31 and 2010.1.1-2014.12.31. It is found that each combination is cointegrated in both sub-periods. Moroever, in the first sub-period, all three oil prices are shown to follow nonlinear dynamic adjustments. In the second sub-period, however, TVECM is better than VECM(vector error correction model) for WTI-Dubai and Brent-Dubai while VECM performs better for WTI-Brent. The transaction costs are estimated to be reduced for the second sub-period for WTI-Dubai and Brent-Dubai compared to the first sub-period.

• Environmental and Resource Economics Review
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• v.22 no.4
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• pp.671-689
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• 2013

Transmission mechanisms of volatility between two crude oil markets (WTI and Brent markets) have drawn the attention of numerous academics and practitioners because they both play crucial roles in portfolio and risk management in crude oil markets. In this context, we examined the volatility linkages between two representative crude oil markets using a VECM and an asymmetric bivariate GARCH model. First, looking at the return transmission through the VECM test, we found a long-run equilibrium and bidirectional relationship between two crude oil markets. However, the estimation results of the GARCH-BEKK model suggest that there is unidirectional volatility spillover from the WTI market to the Brent market, implying that the WTI market tends to exert influence over the Brent market and not vice versa. Regarding asymmetric volatility transmission, we also found that bad news volatility in the WTI market increases the volatility of the Brent market. Thus, WTI information is transmitted into the Brent market, indicating that the prices of the WTI market seem to lead the prices of the Brent market.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.17 no.3
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• pp.1-7
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• 2017

This paper proposes a discrete logarithm algorithm that largely reduces execution times of Pollard's Rho and Brent's algorithm in obtaining ${\gamma}$ from ${\alpha}^{\gamma}{\equiv}{\beta}$(mod p). The proposed algorithm can be distinguished from the conventional Brent's algorithm by three major features: it sets an initial value as $x_0={\alpha}{\beta}$ in lieu of $x_0=1$; replaces $y=x_i$, ($i=2^k$) pointer with $y_j{\leftarrow}x_i$, ($i=2^k$, $1{\leq}j{\leq}10$) for a Queue the size 10; and detects collision of ${\beta}_{\gamma}$, ${\beta}_{{\gamma}^{\prime}}$, ${\beta}_{{\gamma}^{-1}}$ instead of ${\beta}_{\gamma}$. This Queue method has reduced the execution time of Pollard's Rho algorithm with $x_0=y_0=1$ by 65.02%, and that of Brent's algorithm with $x_0=1$ by 47.80%.

• 정보보호뉴스
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• s.138
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• pp.34-37
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• 2009

• Journal of Navigation and Port Research
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• v.46 no.4
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• pp.385-391
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• 2022

In this study, a multivariate time series analysis was conducted to identify various variables that impact ocean freight rates in addition to supply and demand factors. First, we used the ClarkSea Index, Clarksons Average Bulker Earnings, and Clarksons Average Tanker Earnings provided by the Shipping Intelligence as substitute variables for the dependent variable, ocean freight. The following ndependent variables were selected: World Seaborne Trade, World Fleet, Brent Crude Oil Price, World GDP Growth Rate, Industrial Production (IP OECD) Growth Rate, Interest Rate (US$ LIBOR 6 Months), and Inflation (CP I OECD) through previous studies. The time series data comprise annual data (1992-2020), and a regression analysis was conducted. Results of the regression analysis show that the World Seaborne Trade and Brent Crude Oil P rice impacted the ClarkSea Index. Only the World Seaborne Dry Bulk Trade impacted the Clarksons Average Bulker Earnings, World Seaborne Oil Trade, Brent Crude Oil Price, IP, and CP I on the Clarksons Average Tanker Earnings.

• Environmental and Resource Economics Review
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• v.15 no.3
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• pp.479-504
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• 2006

This paper analyzes a price discovery process for international crude oils including the WTI, Brent and Dubai. Error correction model is employed considering non-stationarity property of crude oil price and the contemporaneous causality is constructed by graph theory to analyze the short-term causality. The empirical analysis for January 4., 1999 to July 15., 2005 reveals that the Brent price interconnects between the WTI price and the Dubai price. This result implies the substantial influence of the Brent price as a marker oil.

• KEPCO Journal on Electric Power and Energy
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• v.5 no.2
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• pp.127-130
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• 2019

• KEPCO Journal on Electric Power and Energy
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• v.5 no.1
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• pp.49-52
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• 2019

• The Journal of Korea Institute of Information, Electronics, and Communication Technology
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• v.3 no.4
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• pp.70-75
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• 2010

In this paper, was designed Algorithm Brent. this Algorithm can be used in the medical optical system. Optical signals are transmitted using optical fibers and integrated Optic. Developed Algorithm finds the maximum of the transmitted signal intensity. Optical system is made for Laser-Diode, HeNe-Laseer, controller for stepping motor, glass fiber and integrated Optic, etc. In this paper, two algorithms were investigated.

• Proceedings of the Korea Water Resources Association Conference
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• 2005.09b
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• pp.1112-1113
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• 2005