This study investigates the relationship between energy metals and precious metals to assess their suitability as safe haven assets in clean energy investment portfolios. This study aims to conduct an effect analysis of the events that occurred during the years 2020 and 2022, characterized by substantial investments in the field of clean energy. The analysed period encompasses the period from 13 July 2018 to 11 July 2023. The study is carried out in multiple stages with the aim of investigating a highly tumultuous period in the global economy. To assess long-term relationships, the econometric methodology proposed by Gregory and Hansen will be employed. The research shows a positive association between energy metals (excluding nickel futures) and clean energy indexes, suggesting their potential as secure investments for green investors diversifying their portfolios. Additionally, the study confirms the reliability of precious metals, such as gold, silver, and platinum as safe havens for clean energy stock indexes. These findings highlight the stability that both energy and precious metals can offer within clean energy portfolios during market volatility, emphasizing their value in such investment strategies. In brief, this study affirms that energy and precious metals are invaluable pillars in the structure of clean energy portfolios, offering unwavering support during market turbulence.

This essay aims to analyze the impact of the 2020 global pandemic on the memory properties of the Eastern Europe stock markets, from the period between 1 January 2016 to 2 September 2020, the sample was divided in two subperiods: 1 January 2016 to 30 August 2019 (before Covid 19) and 2 September 2019 to 2 September 2020 (after Covid 19). To perform this analysis, different approaches were undertaken to analyze whether if: (i) the global pandemic (Covid-19) accentuated the exponentsDetrended Fluctuation Analysis (DFA)and theDetrended Cross-CorrelationAnalysis (𝑝𝐷𝐶𝐶𝐴) in the Eastern European stock markets?. The daily returns do not have normal distributions, they have negative asymmetries, leptocubtic, and also exhibit conditional heteroscedasticity. The exponents Detrended Fluctuation Analysis (DFA), during the Covid-19 period, range from 0.64 to 0.75, showing significant long memories in all markets, except for the SLOVAKIA market (0.45). When we compared the 2 subperiods, we found that 41 pairs of markets have cross-correlation coefficients without trend ( λDCCA) strong (out of 45 possible), and 4 pairs of markets decreased the 𝑟ℎ𝑜𝐷𝐶𝐶𝐴 in particular the markets ESTONIA-SLOVAKIA, LITHUANIA-SLOVAKIA, HUNGARY-SLOVAKIA, POLAND-SLOVAKIA. These findings show that the assumption of the market efficiency hypothesis may be in question, since the prediction of market movement can be improved if we consider the out-of-lag movements of the other markets, enabling the occurrence of arbitrage operations and some difficulties in portfolio diversification.

The objective of this article is to analyze the co-movements in the G7 stock markets, such as DJ index, S&P500 (representing the USA stock market), FTSE 100 (United Kingdom), S&P/TSX (Canada), DAX 30 (Germany), CAC 40 (France), Nikkei 225 (Japan), Italy Ds market (Italy) and the cryptocurrencies Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Crypto 10, during the period of February of 2018 to November of 2021. The results show that the cryptocurrencies BTC, ETH, and LTC increase the co-movements between their pairs, while the Crypto 10 index reduces the number of shocks when compared with the sub-period before COVID-19. Regarding the stock markets, DJ index kept the same level of shocks, whereas the Nikkei 225 decreased. For Germany (DAX), EUA (S&P500), Canada (S&P/TSX), United Kingdom (FTSE 100), France (CAC40), and Italy (Italy Ds Market) markets the results show an increase in movements during the global pandemic period. It is then possible to conclude the existence of evidence regarding synchronization and high co-movements, the results put at risk the implementation of efficient portfolio diversification strategies. These conclusions also open space for the market regulators to take steps to ensure better information on the dynamics of the international financial markets.

The 2020 Russia-Saudi Oil Price War was an economic war triggered in March 2020 by Saudi Arabia in response to Russia’s refusal to reduce oil production to keep oil prices at a moderate level. In view of these events, this study aims to analyze oil shocks (WTI) in the eastern European stock markets, namely the stock indices of Hungary (BUX), Croatia (CROBE), Russia (MOEX), Czech Republic (PRAGUE), Slovakia (SAX 16), Slovenia (SBI TOP), Bulgaria (SOFIX), from September 2019 to January 2021. The results show mostly structural breakdowns in March 2020, while the VAR Granger Causality/Block Exogeneity Wald Tests model shows two-way shocks between oil (WTI) and the stock markets analyzed. These findings show that the hypothesis of portfolio diversification may be called into question. As a final discussion, we consider that investors should avoid investments in stock markets, at least as long as this pandemic last, and rebalance their portfolios into assets considered “safe haven” for the purpose of mitigating risk and improving the efficiency of their portfolios.

The study aims to examine the financial efficiency of the textile and clothing industries in Portugal using official statistical data. The main objective is to assess the relationship between spending on research and development and return on assets. The study analyzes the performance of various subsectors of the textile and clothing industries, presenting the relationship between investments in research and development and the operating return on assets over various economic periods. The study adopted data envelopment analysis, classifying decision-making units based on average efficiency levels. The results highlight sectors of manufacture of textiles for technical and industrial use, manufacture of other textiles, production of outerwear, and manufacture of workwear as the most efficient. In contrast, sectors of manufacture of clothing and accessories, manufacture of knitwear, and leather clothing show lower levels of efficiency. From 2003 to 2022, the textile industry exhibited the highest levels of financial efficiency, with an above-average ratio between spending on research and development and return on assets. However, sectors of knitwear manufacturing and textile finishing have maintained a more or less constant level of financial efficiency. The analysis highlights the need for targeted interventions to increase the financial efficiency of different subsectors within the textile and clothing industries. It is evident that there are varying levels of financial efficiency across these sectors, and the need for benchmarking periods can help identify areas for improvement and set achievable goals. AcknowledgmentThis article is financed by Instituto Politécnico de Setúbal [Polytechnic Institute of Setúbal].

The fast spread of coronavirus (COVID-19) had negative impacts on financial markets worldwide. It created uncertainty and a lack of confidence, causing unprecedented levels of risk, causing sharp losses to investors in a very short period. In view of these events, this essay aims to investigate the relationship between Covid-19 (confirmed cases and deaths), and the stock market indexes of Greece (ATG), France (CAC40), Germany (DAX 30), United Kingdom (FTSE 100), Italy (FTSE MID), Spain (IBEX 35), Ireland (ISEQ), and Portugal (PSI 20), from December 31st, 2019 to July 23rd, 2020. In order to achieve such an analysis, we want to validate if: the increase in cases and deaths resulting from Covid-19 have any connection with the financial markets under analysis? If so, do these connections cause shocks in European financial markets? The results suggest structure breaks, mostly, in March 2020. Covid-19 data (confirmed cases) integrate with the Covid-19 data series (deaths), with the Spanish market (IBEX 35), Greece (ATG), and Italy (FTSE MID). However, the Covid-19 data series (deaths), is synchronized with the Covid-19 data (confirmed cases), with the markets of Germany (DAX 30), France (CAC 40), Ireland (ISEQ), Italy ( FTSE MID), United Kingdom (FTSE 100) and Portugal (PSI 20), just does not synchronize with the Greek market (ATG). We can easily see that the Covid-19 data series (deaths) has a major impact on Europe's financial markets. The results of the VAR Granger Causality / Block Exogeneity Wald Tests model suggest 2 bidirectional causal relationships between confirmed cases and deaths from the Covid-19 virus. However, there were no shocks between Covid-19 data (confirmed cases and deaths) and the financial markets under analysis. As a final discussion, we consider that investors should avoid investments in the stock exchange, at least while this pandemic lasts, and rebalance their portfolios in hedging and/or sovereign debt assets, to mitigate risk and improve the efficiency of their portfolios.