The objective of this study is to investigate the influence of the oil shocks caused by crude oil supply and demand on stock returns of Tehran Stock Exchange (TSE). For this purpose, a Structural Vector Autoregressive model (SVAR) has been estimated based on the monthly data (1991 to 2010) including world crude oil supply, world demand for industrial products, real price of the crude oil and real stock returns in TSE variables. Fluctuations of the real price of the crude oil are attributed to three structural shocks: World crude oil supply shocks, world crude oil demand shocks and world industrial products demand shocks. Furthermore, effects of these shocks on the real stock returns of TSE have been studied in this study. The results show that the oil supply shock has no significant impact on the stock returns, but the global demand shock and the oil specific demand shock have a significantly positive impact on the Stock Returns of Tehran Stock Exchange (TSE).

Crude oil commercial stocks are one of the main components of the oil market, and its fluctuations are important in the analysis of the oil market. The purpose of this study is to investigate the unprecedented accumulation of crude oil commercial stocks according to structural shocks and convenience yield, since the onset of crude oil prices decline. In this study, the effect of structural shocks on fluctuations of crude oil commercial stocks was analyzed in the form of a structural vector auto regression model (SVAR) over the period from 2006 to 2016. Also, for the first time, convenience yield is calculated using the inverse problem method. This paper has two innovations. First, it is the first time that convenience yield is calculated in the oil market using the inverse problem method. Second, for the first time, the dynamics of crude oil commercial stocks are analyzed expanding Killian’s SVAR Model (2009).The results show that from late 2014 onwards, mostly crude oil supply shocks and crude oil inventory demand shocks have contributed to oil commercial accumulation. Also results show that WTI futures term structure (spread) has been in contango based on the negative net convenience yield since October 2014 and has led to accumulating more crude oil commercial stocks with speculative purposes.

Due to overlap between stock markets and financial markets, this study was an attempt to examine the herding behavior in the Iranian stock market and the crude oil, foreign exchange and gold markets. For this purpose, in this research, monthly data between 2011 and 2020 for Tehran Stock Foreign exchange were used. The results of the study based on two criteria explaining herding behavior indicate the existence of herding behavior of the stock market and crude oil, gold and foreign exchange markets. The results also show that it has had different ef-fects on herding behavior in different periods. This issue has also been different in increasing and decreasing market periods. Therefore, gold is introduced as an important asset that influences herding behavior. Also, during the decreasing period of the stock market, herding behavior is not affected by the exchange and crude oil market, and in this period, the behavior of investors and investment risks in the stock market can be predicted without considering the exchange and crude oil market.

The study of dynamics and relations between markets has been one of the research subjects. This paper use state space in vector autoregressive moving average model (VARMA) to investigate the effect of gold and crude oil’s price uncertainty on stock returns of the bank. In space-state equation system, the state variable is estimated by the Kalman filter and the specified parameters of the model by the maximum likelihood method. The results showed that gold and crude oil’s price uncertainty has a negative and significant effect on stock returns of the bank and the gold price uncertainty has a major effect on the stock returns of the bank. And furthermore, crude oil’s price uncertainty has a positive and significant effect on gold price uncertainty. In this research, daily OPEC crude oil prices, gold price (Bahar Azadi Coin- Old design) and banks stock index during the period 1390 to 1396-Shahrivar were used.

In this Paper, we examined the upside and downside spillover effects between exchange rates, crude oil prices, gold prices and Tehran Stock Exchange. Due to special charachteristics of financial data, we used copula methods to assess correlation between returns of the markets and using VaR and CoVaR approachs we examined the risk spillovers between markets. Our data spans from 2006-07-19 to 2017-03-21.Results show that the correlations between returns of the exchange rates with the stock market and the crude oil prices with the exchange rates were symmetric but the correlations between returns of the gold prices with the stock market and crude oil prices with stock market were asymmetric and strong in the upper tails.CoVaR analysis shows that risk spillover effects between stock market and gold prices are stronger than the other variables. The relationship between exchange rates and oil prices with stock market are considered to be mostly between returns but there are some risk spillovers too. In most cases upper risk spillovers are stronger than lower ones.

Producing crude palm oil (CPO) will have side effect on producing palm oil mill effluent (POME). Besides of high COD /BOD contents, POME still contains high amount of nutrients (nitrogen, phosphor and mineral). Traditional treatment of palm oil mill effluent using facultative anaerobic method not fully eliminated COD and BOD into allowable limit. The objective of this research was to utilize phytoremediation technology to reduce COD, and nutrients of POME at various retention times and activated sludge concentration. The residence time was varied at 1-5 days and activated sludge at 35-60%. The result showed that water lettuce as aquatic plant in the first remediation process could reduce COD content up to 39.1% -59.66%, absorb nitrogen content up to 17.73% -30.78%, and absorb the phosphorus content up to 6.14% -18.46%. At the second remediation, the remediated POME was fed to Spirulina and the nutrients were consumed by 90%.

Melanoidin is the hazardous dark brown byproduct generated during palm oil extraction in the crude palm oil industry. In this study, the laccase-producing consortium W3 (Bacillus licheniformis and Bacillus subtilis) was used to degrade melanoidin and decolorize palm oil mill effluent (POME). The microbial fuel cell (MFC) has been applied for enhancing decolorization and generation of electrical energy as a byproduct. The results displayed the maximal melanoidin removal of 95.20±0.10% was gained when the consortium W3 was added into the synthetic wastewater. While the maximal decolorization of 75.10±0.12% and 73.91±0.23% were gained from the sterile POME and raw POME respectively without chemical addition. Moreover, the power output of 2.13±0.05 W/m3 or 0.27±0.01 W/m2 was achieved from the POME-fed MFC with W3. This study gained new knowledge of using the laccase-producing bacterial consortium integrated with MFC for melanoidin removal from the POME and generation of electrical power as an alternative energy source.

Oil is one of the strategic commodities in any country because it is an important input of production process. According to negative impact of oil price fluctuations on the various sectors of the Iranian economy, stock market performance is an obstacle for investors based on results and performance respectively. So, we need a detailed understanding of oil price changes on the stock index. Determination of oil prices depends on many factors, most of which are beyond the control of the producer of oil. This issue depends on oil revenues affected by fluctuations of oil prices .This paper examines the volatility of oil prices on the Stock Exchange Volatility index using a multivariate GARCH model and employs monthly data for the period May 2001 to March 2016. The stationary test as well as test ARCH, to infer the existence of Arch on the variables, using the approach BEKK volatility in crude oil prices and efficiency regarding the Tehran Stock Exchange Index has been investigated. results of this study show the significant negative relationship between volatility in crude oil prices and volatility in Tehran Stock Exchange Index and There is also a significant negative relationship between exchange rate fluctuations and show that volatility returns Tehran Stock Exchange index exists.

Considering the major impact which changes in the real exchange rate and crude oil prices have on various sectors of Iran''s economy and the importance of the financial markets role in economic growth and development، this paper aimed to investigate the effects of the changes in real exchange rate and crude oil prices on Tehran stock exchange using the Markov-Switching''s nonlinear models. To this end، daily data which belonged to the following periods were used: 20:03: 2005 - 13:10: 2010 The result of the estimations obtained through the Markov Switching Models indicated that MSIAH model with two regimes out of the various MS model are the most suitable ones. The result of the research showed that the changes in the exogenous variable of real exchange rate and the crude oil price have lagging positive effect on the Stock Exchange Index. Moreover، the effects of these changes with two lagging time intervals are significant and negative. The practical implications of these findings could be beneficial to the investors and policy makers who need to be aware of the exact nature of the effects which changes in the exchange rate and crude oil prices have on the stock exchange index.

The palm industry generates several waste products. Some of this waste, such as palm kernel meal, has not been fully optimized for processing. Therefore, this study sought to determine whether fermented palm kernel meal with various types of sugar (fructose, glucose, maltose, and sucrose) added could be utilized as a substrate for black soldier fly larvae. This study investigated the use of fermented palm kernel meal with various types of sugar added at a proportion of five per cent as a substrate for black soldier fly larvae. Fermented palm kernel meal without added sugar was used as a control substrate. Seven-day-old larvae were fed fermented palm kernel meal as an experimental substrate for 22 days and harvested on the final day, when their weight and length were measured and they were processed into meal and oil to evaluate their nutritional composition.  The addition of sugars to fermented palm kernel meal made no significant difference to the final weight or crude fat value of the larvae, but improved crude protein. The addition of glucose significantly increased the length of the larvae and increased their lauric acid value. However, glucose-added fermented palm kernel meal significantly reduced the relative percentage of total unsaturated fatty acids and the quantities of linolelaidic, a-linolenic, and nervonic acid compared to the larvae fed on substrates with other added sugars. Meanwhile, fructose-added substrate resulted in significantly higher crude protein and moisture values, but significantly lower ash and carbohydrate values than those of other groups. Sucrose-added substrate resulted in a considerable improvement in ash content; magnesium; the relative percentage of total unsaturated fatty acids; arachidic, erucic, and docosadienoic acid; phosphorus; sodium; and iron values in the larvae. The larvae grown in the substrate with added maltose had a significantly higher accumulation of phosphorus, sodium, and iron, but showed significantly lower palmitoleic acid than other larvae groups. Calcium and potassium were accumulated better in the larvae grown on fermented palm kernel meal with added either glucose, maltose, or sucrose than other substrates. of the various waste products generated by the palm industry, some, including palm kernel meal, have not yet been entirely processed. This study’s findings offer insights into managing the fermented palm kernel meal, which can be converted into valuable biomass with black soldier fly larvae, making the waste more sustainable and rich in nutrients. The addition of various sugars to fermented palm kernel meal improved the growth and nutritional value of the black soldier fly larvae. These results may help in building a process for the effective treatment of palm kernel meal for black soldier fly larvae production, which could further develop the feed industry and manage palm industry waste effectively by generating high protein meal as a step in creating a circular bioeconomy.