This study seeks to determine how economic policy uncertainty (EPU) influences investment decisions and the market value of the Pakistan Stock Exchange. The study examines investment and operational data from 249 energy and petroleum companies between 2015 and 2020, in addition to macroeconomic variables such as EPU. This study investigates the moderating effects of EPU on investments in fixed and intangible assets, as well as its effect on Tobin's Q and the market price per share. The outcomes demonstrate that EPU reduces the costs of both tangible and intangible assets for businesses. In addition, companies with a greater Tobin's Q and market price per share are more impacted by uncertain corporate investment policies. However, financial leverage is found to be negatively correlated with share price and positively correlated with earnings per share and earnings per unit. Tobin's Q is positively correlated with financial leverage, indicating that firms that raise capital through debt are more likely to create value for investors. The research indicates that market-dependent enterprises are more susceptible to the unpredictability of monetary policy. Eventually, the findings suggest that consistent and transparent economic policies may increase the efficiency of corporate investment.

In the evolving landscape of Portfolio Management (PM), the fusion of advanced machine 1 learning techniques with traditional financial methodologies has opened new avenues for innovation. 2 Our study introduces a cutting-edge model combining Deep Reinforcement Learning (DRL) with 3 a Non-stationary Transformer architecture. This model is specifically designed to decode complex 4 patterns in financial time series data, enhancing portfolio management strategies with deeper insights 5 and robustness. It effectively tackles the challenges of data heterogeneity and market uncertainty, 6 key obstacles in PM. Our approach integrates key macroeconomic indicators and targeted news 7 sentiment analysis into its framework, capturing a comprehensive picture of market dynamics. This 8 amalgamation of varied data types addresses the multifaceted nature of financial markets, enhancing 9 the model’s ability to navigate through the complexities of asset management. Rigorous testing 10 demonstrates the model’s efficacy, highlighting the benefits of blending diverse data sources and 11 sophisticated algorithmic approaches in mastering the nuances of PM.12

Uncertain price movement in staple food commodities puts agrarian economies at risk if not monitored and managed consistently. Hence, an attempt has been made to analyze the price behavior and integration across major wholesale and retail markets for rice and wheat in India. Monthly data (July 2000 to June 2022) on prices viz., wholesale and retail were sourced from the Food and Agriculture Organization and analyzed using growth rate, instability index, seasonal price index, Johansen’s test on cointegration, Granger causality test, and impulse response function. Findings indicated strong evidence of price dynamics in the selected markets in terms of spatial and temporal variation, clear-cut seasonality linking to production, and price divergence between wholesale and retail markets. Johansen’s test indicated a strong integration between wholesale and retail markets exhibiting unidirectional-, bidirectional- and no-causality. Impulse response analysis revealed that the selected wheat and rice markets are efficient in terms of ‘price discovery’ which takes place initially in the wholesale market, and then transmitted to the retail market. The study advocates decision-making information to the producers, traders, and consumers who have a potential interest in getting advantage of the price movement. It is concluded that strengthening market intelligence and reducing the distortion in markets will improve the existing overall performance.

The energy matrix worldwide has been going through difficulties in its discussions - such as irregular exploration, inefficient public policies, and arbitrariness concerning diplomatic and political definitions of those involved in this market. This work's general objective consists in analyzing associations and statistical inferences of the largest world oil producers, assimilating the contributions and singularities of this market from 1993 to 2020. Based on the Organization of the Petroleum Exporting Countries (OPEC), it was possible to identify the possible inferences and contributions of the ten largest oil producers in the world in more than two decades using statistical analysis through correlation, regression, and statistical analysis of variables. According to the research and the literature on the area, the oil market proposes support to its discussions, mainly in its productive approaches. It is possible to identify this market as a solid link to geopolitical actions, distributing the possibilities through economic bias and socio-cultural and historical factors on a global level.

The procedures used to create modern cars require extensive thought in various relevant scientific domains. Arguably, the most challenging obstacle facing the automobile sector is managing production facilities by integrating software production lines and CI/CD. All this is determined by market demands, the engine of a vehicle, and the complexity of assembling the entire car and installing its corresponding embedded software. As a result, concerns about various types of global change have grown, as well as the lack of the ability to use fossil fuels, creating a substantial impact on the purchase and sale of modern automobiles. The research foundation is reflected in covering strategies for the deployment and administration of software, as well as opportunities for business improvement in particular production processes. This article strives to provide a summary of a scientific investigation of original equipment manufacturers, market segmentation, and the effects of global market changes on automotive manufacturing by examining the correlation between certain changes in the purchase of a specific brand and the powertrain of a vehicle. The research tries to examine numerous datasets from the United States of America and Washington State, on the basis of which we may estimate possible future changes in the automotive industry’s sales.

The use of the un-indexed web, commonly known as the deep web and dark web, to commit or facilitate criminal activity has drastically increased over the past decade. The dark web is an infamously dangerous place where all kinds of criminal activities take place, despite advances in web forensics techniques, tools, and methodologies, few studies have formally tackled the dark and deep web forensics and the technical differences in terms of investigative techniques and artefacts identification and extraction. This research proposes a novel and comprehensive protocol to guide and assist digital forensics professionals in investigating crimes committed on or via the deep and dark web, the protocol named D2WFP establishes a new sequential approach for performing tasks and subtasks to improve the accuracy and effectiveness of current tools' output. Quantitative and qualitative research has been conducted by testing the protocol following a comprehensive and rigorous process in different scenarios and the obtained results show an apparent increase in the number of artefacts recovered when adopting D2WFP. The second contribution of D2WFP is the artefacts correlation and cross-validation which enables Digital Forensics professionals to better document and structure their analysis of host-based deep and dark web browsing artefacts.

The Metropolitan Economic Freedom Index (MEFI) ranks cities based on their support of free market enterprise. In its current state, MEFI purports to measure three constructs (government spending, taxation, and labor market freedom) with three equally weighted variables for each one, assuming perfect substitutability of variables. This study investigates the statistical consistency of MEFI through Confirmatory Factor Analysis. Multiple models investigate current variable selection by providing a potentially better indicator of labor market freedom, aggregation assumptions by removing the requirements for fixed and equal weights, and statistical consistency by evaluating the fit between the data and models. Results indicate that the current MEFI model is not statistically consistent with the data, that weighting of variables should not be equal, that variable selection should be investigated, and that constructs should be re-imagined. The models investigated provide an initial starting point for redefining MEFI.

In Brazil, the production of corn and soybeans has been growing significantly in recent years. Considering that the strategies for investing in the production of these crops are conditioned by production costs and risk, the objective of this article is to propose a simulation model that indicates the trend of production costs for these commodities, considering the dispersion and correlation of selected key variable prices and corn and soybean production costs practiced between the years of 2018 and 2022. Fifty specialized companies in the state of Sao Paulo, Brazil, provided data for this study, and Monte Carlo simulations showed that the total cost of corn production/ha is between USD 600.00 and USD 1150.00, with a level of certainty of 84.7%, and soybeans are in the range of USD 260.00 to USD 420.00, with a level of certainty of 86.4%. The model evidenced a trend of decreasing production costs for the crops for the 2023/24 and 2024/25 harvests, as the input with the greatest impact (fertilizer) is showing a downward trend. On the other hand, costs related to labor, soybean seed, and fungicides are showing an upward trend, while dolomitic limestone corrective remains stable.

This article provides a comprehensive analysis of the global gas and liquefied natural gas (LNG) markets. The article begins by discussing the increasing demand for gas and LNG, particularly in Asia, as countries aim to transition to cleaner sources of energy. It explores how market volatility has led to energy security interventions and lasting economic and emissions impacts. It then explores the global supply and demand dynamics, highlighting the structural change expected in the market and the competition between Europe and Asia for limited new LNG supply. The article also focuses on Europe's increased flexibility and dependence on LNG imports, which have risen by 60% to 121 million tonnes, offsetting lower Russian pipeline imports. Furthermore, the article delves into global supply and demand dynamics, how the market is expected to remain tight, and how record gas and LNG prices have led to demand reductions. Additionally, it analyzes the future outlook and investment needs, highlighting the continued uptake of gas in heavy-duty transport and the need for further investment to avoid a supply-demand gap. The article concludes with an analysis of the implications for the future of the global gas and LNG markets.

Liquidity providers for asset-pair pools with constant value distri- bution, such as Balancer pools, experience some impermanent loss whenever there is price divergence in the tokens’ fiat values. In this paper, we model this impermanent loss for geometric mean invariant pools by deriving a function of two parameters. We analyze our function graphically, showing that unevenly distributed pools with large weighting disparities best mitigate the risk of impermanent loss. We conclude by providing a general protocol for liquidity providers to choose a suitable pool based on their risk tolerance and profit goals.

The present study reports a critical review of NIO's business model, considering the evolving landscape of the electric vehicle market and servicing. The objective of this study is to develop a comprehensive framework that facilitates the identification of key elements characterizing a company's business model and highlights ongoing transformations, crucial for adaptation and survival in a rapidly changing environmental context. Focusing on the case study of NIO, a relatively young Chinese original equipment manufacturer (OEM) specializing in high-tech electric cars, the research delves into the challenging scenario of the Chinese electric vehicle market, which has recently faced a bubble in 2023. The market proliferation, supply chain disruptions, and price wars triggered by Tesla have resulted in a survival struggle for numerous automotive startups, leaving larger companies with increasing market shares. Despite facing adversities, NIO managed to secure a promising segment, catering to premium-range battery electric vehicles (BEVs), establishing a competitive advantage through differentiation. By pursuing ambitious investments, the company aims to create economies of scope and achieve cost leadership, venturing into new market sectors and vertically integrating the production chain. Given NIO's agility in adapting to market conditions, aggressive entry into new segments, and a strategic vision for the future, it serves as an excellent candidate for testing and validating the proposed framework. The research sheds light on NIO's trajectory and offers insights into its potential for sustained growth in the dynamic electric vehicle market.

In light of the recent pandemic, several COVID-19 vaccines were developed, tested and approved in a very short time, a process that otherwise takes many years. Above all, these efforts have also unmistakably revealed the capacity limits and potential for improvement in vaccine production. This review aims to emphasize recent approaches for targeted rapid adaptation and production of vaccines from an interdisciplinary multifaceted perspective. Using literature research, stakeholder analysis and a value proposition canvas, we reviewed technological innovations on the pharmacological level, formulation, validation and resilient vaccine production to supply bottlenecks and logistic networks. We identified four main drivers to accelerate the vaccine product life cycle: computerized candidate screening, modular production, digitized quality management and a resilient business model with corresponding transparent supply chains. In summary, the results presented here can serve as a guide and implementation tool for flexible, scalable vaccine production to respond swiftly to pandemic situations in the future.

This study assesses the dynamic relationship between macroeconomic factors and bank asset quality based on changes in the condition of stock market returns. A Generalized Method of Moments (GMM) model is employed, using panel data from 18 universal banks spanning the period 2007 to 2021. The analysis revealed that the real GDP growth rate, the average lending rate, and the real exchange rate represent a set of macroeconomic factors with a marked influence on banks' asset quality. In addition, a high inflation rate was found to exert an adverse effect on asset quality, as it affects borrowers' financial ability to meet loan repayment obligations. Furthermore, the study verified the existence of a positive relationship between market condition and asset quality, which implies that bank performance adapts to changes in market conditions as posited under the Adaptive Market Hypothesis (AMH). Bank managers should consolidate banks' asset bases during conditions of market stability to withstand periodic market fluctuations to boost trading momentum. Policy recommendations are suggested to foster a conducive business environment for bank stability.

This comprehensive review delves into gold market business management, covering historical perspectives, market dynamics, mining models, investment strategies, technology, regulations, global trends, and sustainability. Starting with a historical overview, it traces the gold market's evolution and analyzes supply-demand dynamics, price fluctuations, and geopolitical influences. The article scrutinizes gold mining models, evaluating environmental and social responsibilities, and explores financial management strategies, emphasizing risk and gold's role in portfolios. Examining technology's role, it highlights innovations in exploration, mining, and processing for improved efficiency and sustainability. The regulatory landscape analysis encompasses compliance challenges, environmental regulations, and ethical considerations, emphasizing global impacts. Global market trends are explored, identifying potential opportunities and challenges, offering strategic insights. The review concludes by evaluating sustainability practices, emphasizing environmental conservation, community engagement, and ethical sourcing.

The research is a deep study of the CBOE Volatility Index (VIX), which represent the market sentiments of the S & P 500 Index (SPX) over a period of 33 years. It evaluates how the two indexes perform in the stock market crash and how reliable VIX is in predicting market sentiments. The research distributes the market rally in two forms, and one is a trust rally, when investors are happy to see the market in a stable form, and investors' sentiments are positive towards the stock market. Second is a fear rally, where investors' sentiments are negative, and their outlook is bearish for various reasons. It observes the pattern of rallies, like the longest trust or fear rally, in which year and its duration. The research analyzes data to reach a meaningful conclusion and various inferences that can be drawn from the study of historical data.

This study estimates the effects of double long memory and structural breaks on the persistence level of six major cryptocurrency markets. We apply the Bai and Perron’s structural break test, Inclán and Tiao’s iterated cumulative sum of squares (ICSS) algorithm, and the fractionally integrated generalized autoregressive conditional heteroscedasticity (FIGARCH) model with different distributions. The results show that long memory and structural breaks characterize the conditional volatility of cryptocurrency markets and confirm our hypothesis that ignoring structural breaks leads to an underestimation of the persistence of volatility modelling. The ARFIMA-FIGARCH model with structural breaks and a skewed Student–t distribution fits the cryptocurrency market’s price dynamics well.

With the recent advances in Machine Learning (ML), several models have been successfully applied to financial and accounting data to predict the likelihood of companies’ bankruptcy. However, time series have received little attention in literature with a lack of studies on the application of Deep Learning sequence models as Recurrent Neural Networks (RNN) and the recent Attention-based models in general. In this research work, we investigated the application of Long Short Term Memory (LSTM) networks to exploit time series of accounting data for bankruptcy prediction. The main contributions of our work are the following: a) we have proposed a Multi-head LSTM that models each financial variable in a time window independently and compared it with a single-input LSTM and other traditional ML models. The Multi-head LSTM outperforms all the other models; b) We identify the optimal time series length for bankruptcy prediction to be equal to 4 years of accounting data; c) We made public the dataset we used for the experiments that include data from 8262 different public companies in the American stock market generated in the period between 1999-2018. Furthermore, we prove the efficacy of the Multi-head LSTM models in terms of lower false positives and better division of the two classes.

We have implemented quantum modeling mainly based on Bohmian Mechanics to study time series that contain strong coupling between their events. Compared to time series with normal densities, such time series are associated with rare events. Hence, employing Gaussian statistics drastically underestimates the occurrence of their rare events. The central objective of this study is to investigate the effects of rare events in the probability densities of time series from the point of view of quantum measurements. For this purpose, we first model the non-Gaussian behavior of time series using the multifractal random walk (MRW) approach. Then, we examine the role of the key parameter of MRW, λ, which controls the degree of non-Gaussianity, in quantum potentials derived for time series. Our Bohmian quantum analysis shows that the derived potential takes some negative values in high frequencies (its mean values), then substantially increases, and the value drops again for rare events. Thus, rare events can generate a potential barrier in the high-frequency region of the quantum potential, and the effect of such a barrier becomes prominent when the system transverses it. Finally, as an example of applying quantum potential beyond the microscopic world, we compute quantum potentials for the S&P financial market time series to verify the presence of rare events in the non-Gaussian densities and demonstrate deviation from the Gaussian case.

We analyze the upside and downside risk connectedness among international stock markets. We characterize the connectedness among international stock returns using the Diebold and Yilmaz spillover index approach and compute the upside and downside value-at-risk. We document that the connectedness level of the downside risk is higher than that of the upside risk and that stock markets are more sensitive when the stock market declines. We also find that specific periods (e.g., the global financial crisis, the European debt crisis, and the COVID-19 turmoil) intensify the spillover effects across international stock markets. Our results demonstrate that the EU, Ger-many, and the US acted as net transmitters of dynamic connectedness; however, Japan (JP), China (CH), and India (IN) acted as net receivers of dynamic connectedness during the sample period. These findings provide significant new information to policymakers and market participants.

The high penetration of intermittence resources in the energy market accelerates significantly the decarbonization process but, on the other hand, the electrical system has to face the problem of unbalances. Renewable Energies Sources (RES) are hard to precisely forecast, and power plants are not able to predict the amount of energy that they can provide far from the real time delivery. In this frame, the intraday market gets a fundamental role allowing agents to adjust their position close to the delivery time. In this work we suggest an agent-based model of intraday market combined with genetics algorithms to understand what the best strategy could be adopted by players in order to optimize the market efficiency in terms of welfare and unsold quantity. In the first part we show the effect on the market prices of different scenarios in which players aim at maximizing their revenues and selling/buying all their volumes. In the second part we show the effect of a particular genetic algorithm on the model, focusing on how agents can adapt their strategy to enhance the market efficiency. Comparative analyses are also performed to investigate how the welfare of the system increases as well as the unsold quantity decrease when genetic algorithm is introduced

Background: This research examines how market knowledge and artificial intelligence (AI) interact in different market designs such as business-to-business (B2B) settings while taking emerging technologies and the changing digitalization landscape into account. Objective: The main goal is to understand how AI affects market knowledge in different market designs such as business-to-business (B2B) contexts, taking into account language barriers, practical difficulties, and the revolutionary effects on decision-making and customer interactions. Result: They underscore the transformative potential of artificial intelligence (AI) by highlighting how it shapes market knowledge, encourages customized approaches, and improves marketing efficacy in the business-to-business (B2B) space. Conclusion: In order to create a path for responsible AI integration in B2B marketing, the study concludes with recommendations for standardized terminology related to AI, practical insights into implementation challenges, and ethical issues.

In Poland, there has recently been a lot of interest in the possible use of insects as a new food source. Since they have many nutritional and environmental advantages, insects are a promising and sustainable source of protein. Although, in many parts of the world insects are a highly valued food, in Poland the development of insect-based food has only recently started, and the availability of products on the market is constantly increasing. This study examines the market availability of food products with insect additives in Poland, considering both online and sta-tionary stores. The assortment of products was analyzed based on the country of origin, insect species, form of insects, and product category. Polish consumers have more access to in-sect-based food products than ever before, with whole insects, protein bars, and powdered ver-sions predominating the market's offers..

Climate change, the scarcity of fossil fuels, technical advances in clean energy, and the volatility of crude oil prices are just a few of the factors that have prompted the world to recognize clean energy as a viable alternative to dirty energy. As part of the Paris Climate Accord of 2015, many countries agreed to change their economies to be more sensitive to climate change. Due to this Accord, which increased interest from investors and decision-makers, investments in clean energy companies have benefited [1,2]. Clean energy stocks, which are a part of the larger world of tradable reserves, might experience pricing inefficiencies. In this paper, we investigate the multifractal scaling behavior and efficiency of green finance markets, as well as traditional markets like gold, crude oil, and natural gas between January 1, 2018, and March 9, 2023, which covers periods of low volatility and financial instability (2020 and 2022 events). To test the serial dependency (autocorrelation) and the efficient market hypothesis, in its weak form, we employed the Lo and Mackinlay test and the DFA method. The empirical findings demonstrated that both periods exhibit severe multifractal and significant asymmetry, indicating that the price indices under study are not at all efficient.

The new regulation was introduced to the franchise market of South Korea in that an applicant who wants to be a franchiser must set up direct retail stores and run them for at least one year before recruiting franchisees. Considering the purpose of the regulation, it is inferred that once franchisers run their own stores, their franchisees would be better off than otherwise. This paper addresses one reason that the Korea Fair Trade Commission has no choice but to introduce the regulation. Along the line, this paper investigates whether franchisees would have the more likelihood to make profit in the case of that franchisers operate their own stores. The result demonstrates that this case could be true since the operation of franchiser owned stores could be helpful in reducing cost of franchisees.

This paper analyzes the relationship between corporate social responsibility (CSR) and social impact within the oil industry in an emerging market (Peru). Following the emerging literature on the social impact field, and using the case study methodology, the findings show that the expected positive relationship is diverse depending on several factors. Specifically, the results reveal that companies must focus on community and environmental responsibility, together with stakeholders' involvement to achieve social impact. However, when companies are weak in any of the previous factors, then the social impact is only partially accepted or even withdrawn.

With the rise of internet technology and the growth of mobile communications, the global economy has undergone a significant transformation, shifting towards digital and soft markets. As a result, great efforts have been made to establish virtual marketplaces that provide customers with an exceptional shopping experience. One crucial aspect of this new paradigm is marketing, which has led to the emergence of a new stage known as E-marketing. In E-marketing, understanding customer behavior is of utmost importance. Marketing teams and companies are eager to gain insights into how different customer segments react to their products. Marketing strategies are now developed based on customer information such as financial status, location, age, gender, and more. As a result, the abundance of customer data generated by these new commerce technologies has surpassed the capabilities of traditional data analysis methods. To extract valuable knowledge from this vast amount of data, data mining technologies have come into play. Techniques such as clustering, classification, and prediction are utilized to mine marketing data and uncover hidden patterns and trends. The impact of data mining on E-marketing has been the subject of analysis in this study. A questionnaire-based review was conducted to collect the necessary data, which was then analyzed using SPSS 23 software. The study's results demonstrate that data mining can significantly enhance the performance of E-marketing by providing intelligent and efficient predictions of customer behaviour. Moreover, this technology offers similar advantages for end-customers as well. By leveraging the power of data mining, companies can gain valuable insights, tailor their marketing efforts, and ultimately provide better products and services to their customers in the digital marketplace.

The recent years have been marked by rapid growth in the field of "ESG finance," leading to the emergence and expansion of ESG ratings and rating agencies. This study seeks to examine how financial investors respond to updates in ESG ratings provided by two prominent ESG rating agencies: MSCI and Refinitiv. Specifically, the goal is to determine whether any potential positive or negative alterations in a company's sustainability ratings directly affect its market value. The chosen methodology for this investigation is the Event Study, a model employed to assess the influence of economic events on corporate valuations by analyzing their Cumulated Average Abnormal Returns (CAARs). Over 840 instances of rating updates (events) were analyzed using a sample of 75 companies across various industries, all listed on major stock exchanges. The findings indicate that shifts in sustainability ratings, as evaluated by the two rating agencies, do not have a significant impact on companies' market capitalization. Moreover, these outcomes remain consistent over time, suggesting that financial markets are not assigning increasing significance to ESG ratings. Potential explanations are offered and discussed in relation to existing literature on the subject.

The used car market has a high global economic importance, with more than 35 million cars sold yearly. Accurately predicting prices is a crucial task for both buyers and sellers to facilitate informed decisions in terms of opportunities or potential problems. Although various Machine Learning techniques have been applied to create robust prediction models, a comprehensive approach has yet to be studied. This research introduces two datasets from different markets, one with over 300,000 entries from Germany to serve as a training base for deep prediction models and a second dataset from Romania containing more than 15,000 car quotes used mainly to observe local traits. As such, we include extensive cross-market analyses by comparing the emerging Romanian market versus one of the world’s largest and most developed car markets, Germany. Our study uses several neural network architectures that capture complex relationships between car model features, individual add-ons, and visual features to predict used car prices accurately. Our models achieved a high R2 score exceeding 0.95 on both datasets, indicating their effectiveness in estimating used car prices. Moreover, we experimented with advanced convolutional architectures to predict car prices based solely on visual features extracted from car images. This approach exhibited transfer-learning capabilities, leading to improved prediction accuracy, especially since the Romanian training dataset is limited. Our experiments highlight the most important factors influencing the price, while our findings have practical implications for buyers and sellers in assessing the value of vehicles. At the same time, the insights gained from this study enable informed decision-making and provide valuable guidance in the used car market.

We aim to map the ESG patterns of emerging-market companies from 2018 to 2021 in order to determine whether the COVID-19 pandemic exerted any influence on sustainable corporate behavior. Thus, the ESG performances were assessed by applying the Kohonen neural network for clustering purposes at three main levels: i) ESG overall, including country and sectoral perspectives; ii) ESG thematic; and iii) ESG four-folded (stakeholder, perspective, management level, and focus strategic views). Our results show that emerging-market companies focus their ESG efforts on social and governance issues rather than on environmental. However, environmental, and social behavior differ more acutely than governance behavior across clusters. The ESG pillars country-level and eleven market-based economic sectors analysis corroborate the geographic and sector dependence of ESG performance. The thematic-level analysis indicate that operational activities and community issues received more attention, which suggests that emerging-market companies address distinct ESG topics according to their particularities and competitiveness. Furthermore, our empirical findings provide evidence that the ESG behavior of companies has changed over the course of the COVID-19 pandemic. Thus, our findings are relevant to policymakers involved in regulating ESG disclosure practices, investors focused on enhancing their sustainable investment strategies, and firms engaged in improving their ESG involvement.

Food insecurity remains a critical challenge in developing countries like Ethiopia. Majority of its population derive their livelihood from agriculture characterized by mixed farming systems. Smallholder farmers the principal actors of agriculture are also facing a rapidly increasing population and urbanization had been unable to be self-sufficient in food. This paper examines the role of commercialization on food security and its determinants in rural settings. We used cross-sectional data from 295 households randomly selected in northwest Ethiopia. Results from bivariate Tobit regression revealed both crop and livestock commercialization improves household food security but in quite different ways. The income from crop sales was instrumental in allowing households to buy additional foods while livestock sales foster crop diversity for own consumption by allowing them to purchase nonfood items. Thus, agriculture-food security nexus may not require the production systems to be subsistent. Improving commercialization with better access to off-farm employment and institutional services (credit and market infrastructure), and enhanced awareness of the extension towards promoting commercialization and diversified food consumption seem to be more promising. The research paper concludes commercialization is vital not just for economic growth and food security, but also for the smallholder agriculture in providing additional nutrition.

In this study, we employ the GARCH-MIDAS (Generalised Autoregressive Conditional Heteroskedasticity variant of Mixed Data Sampling) model to explore the predictability of commodity return volatility in relation to US climate policy uncertainty (CPU). Our analysis utilizes the 20-day annualized realized commodity volatility returns of nine global commodities (Aluminium, Cocoa, Coffee, Copper, Cotton, Rice, Soybean, Sugar, and Wheat) to construct the GARCH-MIDAS model, with Climate Policy Uncertainty (CPU) serving as the predictive variable. The outcomes of our investigation reveal a consistently positive and statistically significant relationship between CPU and the selected commodities. This implies that CPU effectively serves as a robust predictor of volatility in commodity returns. The implications drawn from our results suggest that climate change policies play a pivotal role in influencing economic activities within the commodity market. This underscores the substantial impact of climate change considerations on investment decisions and further emphasizes the integral role of climate change in shaping economic choices.

Background: Understanding the factors that influence the market entry, exit, and stability of community pharmacies (i.e., market dynamics) is important for stakeholders ranging from patients to health policymakers and small business owners to large corporate institutions. The purpose of this article is to provide an update to a 15-year ecological comparison for the market dynamics of Minnesota community pharmacies from 2002 to 2017 [1]. Objectives: The first objective was to update the 15-year study [1] by describing the market dynamics of community pharmacies for each county in the state of Minnesota every five years over a 20-year period (i.e., 2002-2022). The second objective was to update the 15-year study by describing the number and proportion of community pharmacies for each county in the state of Minnesota every five years over a 20-year period (i.e., 2002-2022) by (1) ‘Business Organization Structure’ and (2) ‘Pharmacy Type.’ The third and fourth objectives were new for the 2022 study. In response to evolutionary trends in the pharmacy market, objective three described the number of Minnesota licensed pharmacies located in-state and out-of-state between 2002 and 2022. Objective four described the primary type of service provided by licensed pharmacies categorized as out-of-state in 2002 and in 2022. Methods: Data were obtained from the Minnesota Board of Pharmacy, US Census Bureau, and Minnesota State Demographic Center for 2002, 2007, 2012, 2017, and 2022. Descriptive statistics were used to tabulate and summarize the findings and test associations between study variables. Results: Over the 20-year study period, the total number of community pharmacies in Minnesota remained steady. Findings for 2022 were similar to those for 2017 regarding the effects of population density and metropolitan designation on the market dynamics of community pharmacies and regarding the organizational structures and types of pharmacies. The findings revealed significant growth in the number of proportion of pharmacies licensed in Minnesota that were located out-of-state. In 2002, there were 283 of these pharmacies (19% of the total). By 2022, this grew to 960 (46% of the total). Over that 20-year period, the number of mail order and medical supply service pharmacies rose from 196 to 413. The number of specialty pharmacy distributors rose from 37 to 230 and the number of compounding pharmacies rose from 33 to 202. Discussion: The findings confirmed the shift over the past 20 years from traditional retail convenience models to healthcare access models based on population health metrics. National scalability was another detected shift in order to have profitable margins for some services and was feasible due to advances in technologies. Conclusion: The findings showed that community pharmacy distribution in Minnesota’s 87 counties shifted between 2002 and 2022 from traditional retail convenience models to healthcare access models based on population health metrics and to nationally scalable models based on economic pressures. This signals the need for not only new approaches for tracking community pharmacy market dynamics but also adjustments by community pharmacies to remain relevant in a new environment of patient care services.

Financial bubble prediction has been a significant area of interest in empirical finance, garnering substantial attention in the literature. This study aimed to detect and forecast financial bubbles in the Vietnamese stock market from 2001 to 2021. The PSY procedure, which involves a right-tailed unit root test to identify the existence of financial bubbles, was employed to achieve this goal. Machine learning algorithms were then utilized to predict real-time financial bubble events. The results revealed the presence of financial bubbles in the Vietnamese stock market during 2006-2007 and 2017-2018. Additionally, the empirical evidence supported the superior performance of the Random Forest and Artificial Neural Network algorithms over traditional statistical methods in predicting financial bubbles in the Vietnamese stock market.

This paper aims to measure the effects of delisting on stock returns for Vietnam stock market. The study employs a sample of 118 stocks that were compulsorily delisted from the market between January 2011 and December 2021. Using an event study methodology, the empirical findings confirm that the delisting has negative effects on stock returns in the Vietnam stock market. Specifically, results derived from tests show that the average abnormal return of delisted stocks continuously declines during three trading days following the announcement of delisting. Moreover, it is found that the differences in cumulative abnormal returns between post-delisting and pre-delisting periods are significantly negative for all tracking periods. Apart from the negative effect of delisting on stock abnormal returns, we also find that the impact of delisting on stock returns for smaller companies is greater than bigger companies.

Our research proposes two different training and modelling approaches of Generative Pre-trained Transformers (GPT) with specialized news feeds specific to the Spanish market: in-context example prompts and fine-tuned GPT models. Our findings indicate that integrating GPT insights into electricity price trend forecasting can result in more precise predictions and a deeper understanding of market dynamics. Through our research, we aim to provide insights to understand the capabilities of GPT solutions, and how those can be used to enhance prediction accuracy, ultimately supporting informed decision-making for stakeholders across the Spanish electricity market and companies whose margins heavily depend on electricity costs and price volatility.

This paper delves into the dynamics of asset pricing within Bachelier’s market model (BMM), elucidating the representation of risky asset price dynamics and the definition of riskless assets. It highlights the fundamental differences between BMM and the Black-Scholes-Merton market model (BSMMM), including the extension of BMM to handle assets yielding a simple dividend. Our investigation further explores Bachelier’s term structure of interest rates (BTSIR), introducing a novel version of Bachelier’s Heath-Jarrow-Morton model and adapting the Hull-White interest rate model to fit BMM. The study concludes by examining the applicability of BMM in real-world scenarios, such as those involving environmental, social, and governance (ESG)-adjusted stock prices and commodity spreads.

Management of Australia’s largest river system, the Murray-Darling Basin (MDB) is controversial, addressing conflicting demands from stakeholders, including irrigators, the agriculture industry, indigenous groups, and the environmental lobby. Oversight is concentrated in a single agency, the MDB Authority, but climate change and the water market have contributed to uncertainty over the Basin’s environmental sustainability. This paper reports on preliminary research in South Australia’s Riverland, one of Australia’s most important wine, citrus, nuts, and stone fruit production areas. It focuses on the Renmark Irrigation Trust (RIT), supplying water to irrigators, primarily horticulturalists. It investigates the chief risks perceived and future-plans in face of concerns over variable water flows and economic uncertainty. Using sequential mixed methods, a questionnaire survey supplied information from a sample of irrigators, covering land use, on-farm environmental actions, risks, decision making, recent and proposed changes to farm management, and attitudes to the MDB Plan and the water market. Focus groups and interviews then enabled key topics to be addressed in greater depth. The RIT’s contribution to river restoration is highlighted, with its plans for additional on-farm water stewardship investigated. There are high levels of uncertainty regarding future viability of smallholdings, including unintended consequences from the water market (e.g., increasing areas under water hungry almonds), the role of water brokers, and environmental viability of the river system linked to climate change. More optimistic voices point to increased diversity of production, resilience of the local horticultural industry, and new entrants in the form of hobby and part-time producers.

Energy transition is one of the greatest challenges facing humanity today. All micro, small, medium and large enterprises in operation will have to face it, and some can al-ready boast the first successes in this regard. This paper focuses on the involvement of these smallest players in energy transition. Micro and small entities are the largest part of the economy, having a great influence on its development. Looking at the wide scale of their activities, these entities are distinguished by a specific owner-manager relationship. This means that the final decision-making is influenced by business goals, but also by the manager's approach, their awareness of changes, and personal and other factors. Based on a structured and standardized survey questionnaire, the research was carried out using the Computer-Assisted Telephone Interviewing technique between April and May 2022 among owners of micro and small enterprises operating in Poland. The survey showed that active engagement of micro and small enterprises in energy efficiency initiatives is related to their market success and financial health.

This study investigates the influence of expectations and trust on farmers' decisions regarding contractual choices in land transfer. The dataset used for analysis consists of 1101 households in Guizhou Province. The research focuses on two aspects: the selection between written and oral contracts, and the decision to continue the contractual relationship. The findings reveal that farmers' choices are significantly affected by their expectations and levels of trust.Specifically, when farmers' expectations regarding the land transfer process are not met, they tend to prefer written contracts over oral ones. This preference can be attributed to the greater clarity and risk reduction offered by written contracts. On the other hand, higher levels of trust increase the likelihood of farmers continuing the land transfer contract, as trust fosters a sense of confidence and security in the ongoing relationship.Interestingly, trust also plays a moderating role. Farmers who have aligned expectations and high levels of trust are more inclined to opt for oral contracts. This preference for oral contracts can be attributed to their flexibility and emphasis on interpersonal relationships, allowing for better adaptation to the changing dynamics of land transfer.These findings contribute to a deeper understanding of the factors influencing farmers' decision-making processes regarding contractual choices in land transfer. They provide valuable insights for policymakers involved in land transfer, enabling them to optimize policies and facilitate farmers' decision-making processes.

In an increasingly changing world, critical thinking is one of the key skills that ensure organisations' competitive advantage. Thus, in higher education institutions there is an accelerating emphasis on developing critical thinking (CT) among students. This paper presents the results of three experimental courses (Pedagogy and didactics of financial accounting, Virtual Learning Environments in Economics, Business Communication), using a blended learning method, aimed at improving students' CT skills. The three courses were delivered by both higher education teachers and trainers from the labour market. After analysing the data from the three experimental courses, it will be possible to assess whether the intervention of labour market trainers contributed to the improvement of students' critical thinking skills, and, in particularly at the level of which components improvements have been identified.

Renewable energy sources are increasingly crucial for meeting global energy demands in an eco-friendly manner, particularly as the world shifts away from fossil fuels and faces higher volatility of the market prices. Portugal, a country with limited fossil fuel reserves and high energy dependency, has heavily invested in renewables in recent years. However, renewables like sunlight, wind, and water are inherently unsteady due to climate influences, resulting in energy production fluctuations. To mitigate this issue, energy storage systems are being deployed to stabilize renewable energy supply during production lulls. This project aims to assess an energy storage system and define technical specification in order to maximize profitability at the Finerge-owned Alto Douro wind farm. To achieve this, we've conducted an energy demand analysis, followed by simulations to assess system performance in relation to energy use and profit, while varying parameters such as power and efficiency. We've also compared commercial proposals from different battery manufacturers utilizing various technologies. Our findings suggest that high-power, quick charge-discharge lithium-ion batteries are the most suitable solution, given their efficiency and modularity. These attributes are vital for achieving current and future profitability.

With the view toward enlivening the Chinese automobile market, this work seeks to develop a framework to reveal the tastes of Chinese car users from online user-generated content (UGC) and identify future product improvement orientation. We construct an importance-satisfaction gap analysis (ISGA) model based on sentiment analysis technique. Specifically, a novel unsupervised word-boundary-identified algorithm for the Chinese language is used to extract domain professional feature words and a set of sentiment scoring rules is constructed. By matching feature-sentiment word pairs, we calculate car users' satisfaction with different attributes based on the rules, and weigh the importance of attributes using TF-IDF method, which lay the statistic foundation for our ISGA model. We also take time into account and further analyze the ISGA model, aiming to provide new insight into the changing tastes of Chinese car users so as to suggest correct design positioning and resource allocation. The final evaluation results show that the method proposed in this paper, which integrates Chinese word-boundary-identified algorithm and sentiment lexicon matching rules, is well supported.

A simple bounded stochastic motion is employed for modelling equity price dynamics under shocks, where the prices are constrained to lie between two positive bounds. While the stochastic process has an inaccessible boundary, the other boundary is quasi-bounded, implying that the boundary can be breached if the probability leakage condition is met. The quasi-boundedness of the process at the boundary can thus provide an indicator of possible risk of equities under price shocks. Empirical calibration of model parameters of the proposed process for equities can be performed easily due to the availability of an analytically tractable probability density function which generates fat-tailed distributions consistent with empirical observations. The volatility and mean-reversion of the S&P500 dynamics calibrated by the process is positively and negatively co-integrated respectively with the VIX index representing the level of market distress. The process captures the high likelihood of Hertz’s default about two months earlier, using only information until that point, and before the firm filed for Chapter 11 bankruptcy in May 2020 as a result of the Covid-19 pandemic. Empirical calibration of the process for GameStop’s stock price shows that the short squeeze of the stock occurred when the condition for breaching an upper boundary was met on 14 January 2021, i.e., about two weeks before major short sellers closed out their positions with significant losses. The trading volume of the stock was positively co-integrated with the probability leakage ratio.

This study investigates the complex interplay between public sentiment, as captured through news titles and descriptions, and the stock prices of three major tech companies: Microsoft (MSFT), Tesla (TSLA), and Apple (AAPL). Leveraging advanced analytical methods including Pearson correlation, wavelet coherence, and regression analysis, this research probes the degree to which stock price fluctuations can be attributed to the polarity of media sentiment. The methodology combines statistical techniques to assess sentiment's predictive power on stock opening and closing prices, while wavelet coherence analysis unveils the temporal dynamics of these relationships. Results demonstrate a significant correlation between sentiment polarity and stock prices, with description polarity affecting Microsoft's opening prices, title polarity influencing Tesla's opening prices, and a positive impact of title polarity on Apple's closing prices. However, Tesla's stock showed no significant coherence, indicating a potential divergence in how sentiment affects stock behavior across companies. The study highlights the importance of sentiment analysis in forecasting stock market trends, revealing not only direct correlations but also lagged influences on stock prices. Despite its focus on large-cap tech firms, this research provides a foundational understanding of sentiment's financial implications, suggesting further investigation into smaller firms and other market sectors.

We are currently witnessing a strong global transition towards new, more sustainable models of development and consumption. This transition is both activating and highlighting a series of discrepancies between the various actors in agri-food marketing systems, including the institutions that govern regulatory and trade aspects. These discrepancies highlight how, on a global level, the agri-marketing system is unable to provide adequate responses to the new principles of sustainability that are increasingly expected by civil society. This inability is often linked to the phenomena of opportunism, information asymmetries and lock-in effects (resulting from the slowness or inability of some sectors or actors to evolve technologically and culturally). The control of all these factors is often ineffective and often involves high transaction costs . These conditions lead the global market into an ongoing state of failure, creating structural holes, in which new forms of exchange are born, in response to the principles mentioned above. We identify these as nested markets: hybrid market forms that, thanks to new information technologies, create a new form of proximity that transcends the classical concept of physical proximity. This new proximity directly links producers and consumers in relationships based mainly on two substantial values: reciprocity and reputation. Both of these values significantly reduce transaction costs which today play an increasing role in determining the form and repetition of exchanges. This condition is difficult to interpret from classical and neo-classical economic theories. To do so it is necessary to use a multidisciplinary approach. In this article we combine neo-institutional theory and network analysis to interpret phenomena that are increasingly emerging in all areas of the world. Using these two theories, and case studies from Brasil, North America, China and Europe, we try to highlight how the market is not only the place where the price of products and of their quantities are formed. Market is a complex social spaces, where more-or-less stable relationships are formed, based on the values of reciprocity and reputation that determine behaviour and codes of conduct aimed at containing opportunism and encouraging sustainable, autonomous, forms of self-regulation. These relationships are also the driving forces that ensure the ongoing continuation of the exchanges and the diffusion and preservation of knowledge over time and space. These relationships represent the beating heart of nested markets and their dynamic ability to adapt to the continuous changes that occur in the socio-economic and environmental context in which they are rooted. In this way sustainability is built as an expression of the co-production between different actors (producers, consumers, institutions) and natural resources.

Despite the shift to private sector-driven affordable housing in Nigeria for decades, the housing deficit has continued to increase to the disadvantage of low-income families. This paper explores the enabling strategies for stimulating private-driven affordable housing in Nigeria. A case study of the Millard Fuller Foundation projects was undertaken and semi structured interviews were administered to 12 residents of the estates and the developer to explore their experience and highlight the considerations for designing appropriate strategies. The data generated was analysed using thematic analysis with the support of Nvivo. The study identifies four major components of construction costs- land, design, materials, and finance that policy improvement can target to stimulate private investment. It shows that developers are likely to adopt practices that will reduce these costs with repercussions for end-users. Mindful of this, and the concern to make returns on investment, strategies should aim to harmonise both developers’ interest and that of the end-users through widespread infrastructural development to make land available in all locations, and incremental owner-building approach so that end users can take decisions for their housing. Furthermore, access to the National Housing Fund (NHF) mortgages should be enhanced by recognising supplementary incomes in the loan origination procedures

Keywords: Forest management; sustainability; FSC; PEFC; research; market share

This paper considers the theoretical framework of the consumption-based asset-pricing model and derives successive approximations of the modified basic pricing equation using Taylor series expansions of the investor’s utility function during the averaging time interval Δ. For linear and quadratic Taylor approximations we derive new expressions for the mean asset price, mean payoff, their volatilities, skewness and amount of asset that delivers max to investor’s utility. We introduce new market-based price probability determined by statistical moments of the market trade values and volumes. We show that the market-based price probability results zero correla-tions between time-series of n-th power of price pn and trade volume Un, but doesn’t cause statis-tical independence and we derive correlation between time-series of price p and squares of trade volume U2. The market-based treatment of the random trade price describes impact of the size of market trade values and volumes on price probability. Predictions of the market-based price probability at horizon T should match forecasts of statistical moments of the trade values and volumes at the same horizon T. The market-based price probability emphasizes direct dependence on random properties of market trades.

The Imbalance Cost Pass-Through (ICPT) is a flexible component of the Incentive Regulation (IBR) that empowers power producers to adjust tariffs in response to variable fuel prices, thereby enhancing the economic resilience of electricity generation. However, the cost of electricity generation is significantly influenced by the volatility of commodity prices, including coal, gas and LNG. In Malaysia, the Energy Commission has conducted biannual reviews of fuel and other generation costs. Any cost savings or increases identified during these reviews will be passed on to customers in the form of rebates or surcharges. Due to that reason, this study proposes ICPT price forecasting for the electricity market in Peninsular Malaysia. The study aims to construct an ICPT-related baseline model for the peninsular generation data by employing three forecasting methods. The forecasting performance is analysed by a Mean Absolute Percentage Error (MAPE). In findings, the ARIMA method is one of the most accurate forecasting methods for fuel prices compared to the Moving Average (MA) and LSSVM methods. The observed price differences between the ARIMA and LSSVM models for ICPT are minimal. The ICPT price for July-December 2022 and January-June 2023 is MYR 0.21/ kWh for ARIMA and MYR 0.18/kWh for LSSVM, which are close to the actual TNB’s ICPT tariff. As for the forecasting, the ICPT price is expected to drop for the next announcement. The findings of this study may contribute to a positive impact on the sustainability of the energy sector in Malaysia.

This article combines the traditional definition of portfolio risk with minimum spanning tree based “interconnectedness risk" to improve the equal risk contribution portfolio performance. We use betweenness centrality to measure an asset’s importance in a market graph (network). After filtering the complete correlation network to a minimum spanning tree, we calculate the centrality score and convert it to a centrality heuristic. We develop an adjusted variance-covariance matrix using the centrality heuristic, to bias the model to assign peripheral assets in the minimum spanning tree higher weights. We test this methodology using the constituents of the S&P 100 index. The results show that the centrality equal risk portfolio can improve upon the base equal risk portfolio returns, with a similar level of risk. We observe that during bear markets, the centrality-based portfolio can surpass the base equal risk portfolio risk.

The purpose of this paper is to summarize and share the field experiment results of KEPCO's project consortium to create a TSO-DSO-DERA interaction scheme. The field experiment was conducted based on the prequalification algorithm proposed in the previous research from the same consortium and was designed to verify the validity of the algorithm under realistic grid conditions. In addition, during the course of the field experiment, it was found that points that were missed or not given much importance in the existing prequalification algorithm could affect the completeness of the overall system, and then practical improvements were made to improve it. The demonstration results confirm that the proposed algorithm is effective in real-world grid environments and can help DSOs ensure the reliability of the distribution system while supporting DERA's participation in the wholesale market using the proposed prequalification scheme.

This work presents an innovative application of optimal control theory to the strategic scheduling of battery storage in the day-ahead electricity market, with a focus on enhancing profitability while factoring in battery degradation. The study incorporates in the optimisation framework the cost of battery capacity degradation, the effects of capacity degradation and internal resistance degradation into dynamics. We employ a continuous-time representation of the dynamics, in contrast with many other studies that use a discrete-time approximation with rather coarse intervals. We adopt an equivalent circuit model coupled with empirical degradation parameters to simulate a battery cell’s behaviour and degradation mechanisms with good support from experimental data. Utilising direct collocation methods with mesh refinement allows for precise numerical solutions to the complex, nonlinear dynamics involved. Through a detailed case study of Belgium’s day-ahead electricity market, we determine the optimal charging and discharging schedules under varying objectives: maximizing net revenues, profits considering capacity degradation, and profits considering both capacity degradation and internal resistance increase due to degradation. The results demonstrate the viability of our approach and underscore the significance of integrating degradation costs into the market strategy for battery operators, alongside its effects on the battery’s dynamic behaviour. Our methodology extends previous work by offering a more comprehensive model that empirically captures the intricacies of battery degradation, including a fine and adaptive time domain representation, focusing on the day-ahead market, and utilising accurate direct methods for optimal control. The paper concludes with insights into the potential of optimal control applications in energy markets and suggestions for future research avenues.

The current study explores the problem of illiquidity in the corporate bond market and examines a broad set of liquidity proxies through empirical investigation. Purpose: The purpose of this paper is to give solution to the global issue of illiquidity in the corporate bond market. The problem is identified by many researchers and this paper attempts to find out the viable solution of the "fungibility route" as an alternative to the "liquidity route". Design/ Methodology: An Analysis of a sample size of 2,34,772 trade data of corporate bonds and a sample size of 2,00,607 trade data of G-securities is done to identify the problem. Findings / Solution proposed: A mathematical model based on credit risk differential and sensitivity differential is proposed to find out the fair value at which an illiquid bond can be swapped by a liquid bond. To arrive at the fair value of the illiquid bond, we have calculated risk adjusted discount rate using modified duration and credit risk differential. With our solution, it is possible to enhance the liquidity of the bond not directly but through fungibility route. Originality: the research is first of its kind in which solution is given to the global problem of corporate bond illiquidity. To execute the trade in the fungibility route, proposed parties involved are the Fungibility platform, the initiator, and the bidder. The derived fair value would facilitate trade and serve as an exit strategy for illiquid bond holders worldwide.

For a long time, a company's Product Development Process (PDP) was seen as supporting the operations department, although PDP decisions and mistakes have a considerable impact on market performance. This is critical even in agriculture where bad habits and practices in the PDP can lead rural producers to great losses. Therefore, this research investigated the effect on the market performance of rural products (banana) in the southern region of Brazil, based on two analyses: (i) how sustainability practices support the PDP phases and (ii) how the phases of the Product Life Cycle Assessment (LCA) mediate sustainability practices and PDP phases. This study presents a quantitative analysis using Confirmatory Factor Analysis (CFA) and hierarchical ordinary least squares (OLS) regression of data obtained from a survey of 110 rural producers who directly participate in the banana production and planning process in southern Brazil. Our results shows that sustainability practices support the PDP, and we confirm that the product development and post-development phase has an effect on market performance. In addition, we identified that in the pre-development phase of the PDP, dealing with rural products (bananas), the maturity stage of the LCA mediates sustainability. In the PDP development phase, we concluded that rural families that develop economic and environmental practices with their products in the market growth phase may have reduced results. As for the post-development phase of the PDP, we conclude that when companies invest in environmental and social practices, there is a complete mediation of the effect, where these practices lose strength if the product is in the introduction and maturity phases in the market. As originality, our study contributed to demonstrate value on the product life cycle for the product development process in agriculture using sustainability practices through a systemic approach, filling the gap in the literature due to the lack of research on these areas seen in an integrated way.

Market uncertainty has a significant impact on market performance. Previous studies put much efforts in investigations on market uncertainty related to information asymmetry and risk. However, they have neglected the uncertainty inherent in market transactions, which is also an important aspect of market performance, besides quantity of transactions and market efficiency. In this paper, we put forward the concept of transaction entropy to measure the market uncertainty and see how it changes with price. The definition of transaction entropy is the ratio of total information entropy of all traders to quantity of transactions, reflecting the level of uncertainty in making transactions. And the transaction entropy is the lowest at equilibrium, it will be decreasing in a shortage market, and increasing in a surplus market. Additionally, we make a comparison of total entropy of the centralized market with that of the decentralized market, revealing that the price filtering mechanism could effectively reduce market uncertainty. Overall, the introduction of transaction entropy enriches our understanding of market uncertainty and facilitates a more comprehensive assessment of market performance.

This paper examines the transformation of the Ukrainian stock market by analyzing daily returns from the PFTS stock index spanning 1995-2022. Segmented into sub-periods, it tests the hypothesis that the market's efficiency has grown over time. Various data properties, including persistence, volatility, normality, and resistance to anomalies, are explored using different statistical techniques and methods. Volatility, indicated by standard deviation, exhibits a general decreasing trend, suggesting a shift towards a more efficient market. Returns show no significant differences across sub-periods, except for 2005-2007. R/S analysis indicates the decrease of persistence in the market: a trend towards increased efficiency. Normality tests support a normal distribution of daily returns throughout sub-periods. An analysis of anomalies reveals the market's resilience to day-of-the-week effects, with no specific trends observed. The results suggest the absence of serious changes in data properties in the Ukrainian stock market over the time, means evolutionary processes over 25 years can’t be clearly observed. Reforms and changes have had limited impact, justifying continued reform for the market's evolution.

With the deepening of the diversification and openness of financial system, financial vulnerability, as an endogenous attribute of financial system, becomes an important measurement of financial security. Based on network analysis, we introduce network curvature indicator improved by Copula entropy as an innovative metric of financial vulnerability. Compared with previous network curvature analysis method, CE-based curvature proposed in this paper can measure market vulnerability and systematic risk with significant advantages.

Aiming to investigate the impact of strategic knowledge disclosure on the continuous realization of digital innovation in enterprises, this study examines data from 168 listed companies across three high-tech industries in China from 2012 to 2021. By examining investor trust, consumer trust, worker trust, and rival trust as mediating variables within the market trust dimension, this research explores the impact mechanism of strategic knowledge disclosure on the sustainability of input and output in digital innovation. The findings reveal that strategic knowledge disclosure significantly promotes both input and output sustainability in digital innovation. Specifically, investor trust positively mediates the relationship between strategic knowledge disclosure and the sustainability of digital innovation input. Similarly, consumer trust and worker trust positively mediate the association between strategic knowledge disclosure and both input and output sustainability in digital innovation. However, it is important to note that rival trust negatively mediates the link between strategic knowledge disclosure and both input and output sustainability in digital innovation. The research findings possess significant theoretical value and provide valuable guidance for promoting the sustainable development of digital innovation in enterprises.

In recent years, advancements in rooftop solar panel technology have sparked a revolution in the electricity markets. This has given rise to a new concept of energy exchange - the ability for consumers and producers to trade localized energy. This concept has been made possible by the emergence of blockchain technology, which has gained significant traction in the energy markets. Its unique ability to facilitate peer-to-peer (P2P) energy transactions has made it a promising solution for the trilemma of scalability, security, and decentralization. However, while blockchain technology has shown great potential, it is still in its early stages of development and has yet to reach its full potential. To fully understand the potential of blockchain technology in P2P energy trading, it is important to explore the trilemma in depth. This study proposes a blockchain-based scalability solution, with a focus on P2P energy trade. This strategy is supported by empirical modeling, utilizing data gathered from a trial case study. The results of this study demonstrate that the suggested technique outperforms base layer models in terms of scalability, while still maintaining the essential elements of security and decentralization. This proposed solution not only has the potential to revolutionize the energy markets, but also has broader implications. By providing a more secure and decentralized platform for P2P energy trading, it has the potential to address issues of energy distribution inequality and promote the adoption of renewable energy. With blockchain technology, individuals and communities have the opportunity to take control of their energy usage and production, reducing their reliance on traditional centralized energy systems. This not only has the potential to lower energy costs for consumers, but also contributes to the overall goal of reducing carbon emissions and mitigating the effects of climate change. The combination of rooftop solar panel technology and blockchain applications has the potential to create a significant shift towards decentralized and sustainable energy systems. This will not only benefit individuals and communities, but also have a positive impact on the environment and the global energy market as a whole. However, for this transition to occur, it is crucial that governments and energy companies continue to support and invest in these advancements.

For a long-only active equity manager (or investor), the ability to hedge the downside risk before a significant price correction is a valuable skill. The authors proposed constructing a signal that provides timing information for a manager to hedge the downside risk. This systematic signal can help a manager put on a hedge before the price corrections of the dot com bubble in 2000 and the global financial crisis in 2008. The signal is constructed for each GICS sector index in the S&P 500. When a sector’s PE indicates a high valuation and, at the same time, if the high valuation sector’s correlations with some other sectors are out of their historical norm, then these two conditions contribute a timing signal for the significant price swing of the index during the following six months. After observing the timing signal, managers can benefit significantly by hedging the downside risk. The signal can also be interpreted as the beginning of a high volatility regime for a sector.

The gut microbiota plays an important role in the physiological activities of the host and affects the formation of important economic traits in agricultural animals. We investigated the effects of cecal microbiota on chicken weights using the Guizhou yellow chicken as a model. We collected experimental cohorts from chickens with high (HC, n=16) and low body weights (LC, n=16) and integrated microbial 16S rRNA gene sequencing and non-targeted serum metabolome data to explore the effect and its metabolic mechanism of cecal microbiota on market weight. The genera Lachnoclostridium, Alistipes, Negativibacillus, Sellimonas and Ruminococcus torques group were enriched in the HC group while Phascolarctobacterium was enriched in the LC group (P<0.05). Metabolomic analysis determined that pantothenic acid, luvangetin (2H-1-benzopyran-6-acrylic acid) and menadione (vitamin K) were significantly higher in HC serum while beclomethasone dipropionate (a glucocorticoid) and chlorophene (2-benzyl-4-chlorophenol) were present at higher levels in the LC group. The microbes enriched in HC that were significantly positively correlated with metabolites including pantothenic acid and menadione and negatively correlated with beclomethasone dipropionate and chlorophene. These results indicated that specific cecal bacteria in Guizhou yellow chickens alter the host metabolism and growth performance. This study provides a reference for revealing the mechanism of cecal microbe actions that affect chicken body weight.

Research background – In the conditions of a modern developed market economy, a rather important characteristic of the activities of a public company is its activity in the stock market (market activity), which involves the development of a dividend policy, which, on the one hand, should contribute to the achievement of the main goal of financial management - maximizing the material well-being of shareholders, and, on the other hand, take into account the interests of all other stakeholders interested in the activities of a public company (including potential investors) to ensure its sustainable development in the long term. Fulfillment of this requirement is possible only within the framework of a neutral approach to the implementation of the dividend policy of a public company.Purpose – The article is devoted to the consideration of the conceptual foundations for analyzing the sensitivity of key indicators of the activity of a public company in the stock market (market activity) to the main determining factors in the context of a neutral approach to the implementation of its dividend policy.Design/methodology/approach – The methodological basis of the study was the concept of a neutral approach to the dividend policy of a public company and the concept of sensitivity analysis, developed earlier by the author of this article.Findings – It is shown that the key indicators of the market activity of a public company include the dividend yield ratio, dividend coverage ratio, the expected price of an ordinary share, the dividend yield of an ordinary share and the quote ratio of an ordinary share (price and earnings ratio per ordinary share). An analysis of the sensitivity of these indicators to the main determining factors in the context of a neutral approach to the implementation of the dividend policy of a public company involves the construction of appropriate elasticity models that allow determining the change in key indicators of market activity depending on changes in the factors that determine them. The constructed elasticity models of the key indicators of market activity listed above can be used in predictive and analytical assessments of their changes, and also make it possible to identify the causes of these changes by calculating the impact on the specified elasticity of the determinants contained in their models, performed by the appropriate methods of factor analysis, under the conditions of a neutral approach to the implementation of the dividend policy of a public company.Originality/value – The author comes to the conclusion that the elasticity models developed by him for key indicators of the activity of a public company in the stock market in terms of the main factors determining them are a fairly effective tool for managing the market activity of a public company in the context of a neutral approach to the implementation of its dividend policy.

With the economic recession and the deterioration of the ecological environment becoming more and more prominent in the world, the sustainable operation of enterprises is facing the most difficult choice in history. For each responsible enterprise, it is crucial to choose the market power expansive strategy that can improve the realistic viability or the technological innovation strategy that can improve the future development potential. This is of great significance to reduce the negative external effects of the corporate social environment and ensure their sustainable development. In this paper, we select the data of 18 large listed petrochemical companies from 2003 to 2018 as samples and construct a linear regression model for empirical analysis. Meanwhile, we put forward more practical business management strategies for the sustainable development of petrochemical enterprises in developing countries in further research.

In this study, we investigate the growth of EV ownership among Swedish households. Through detailed socio-economic data and the Swedish vehicle register, we are able compare characteristics of households that bought an EV in 2016 with those that became EV owners in 2020. We are thus able to describe and analyse the transition from the early EV owners to the early majority. Unlike many prior studies in the field, which are based on surveys or interviews, this study relies on registry data, thereby encompassing all car owners in Sweden. In this study, we have also scrutinized the significance of ownership mode by distinguishing between households that have chosen to purchase a car and those that have chosen to lease one. The results show that the demand for EVs has reached new consumer groups, e.g. both younger and older car buyers, and that the option to lease a car privately has broadened the market for new cars in general, and for EV’s in particular.

This paper shows that the empirical distribution of cross-sectional analyst coverage in China's stock markets follows an exponential law in a given month from 2011 to 2020. The findings hold in both the emerging (Shanghai) and the developed market (Hong Kong). Moreover, the unique distribution parameter (i.e., mean) is directly related to the amount of market-wide information. Average analyst coverage exhibits a significant negative predictive power for stock-market uncertainty, highlighting the role of security analysts in diminishing the total uncertainty. The exponential law can be derived from the maximum entropy principle (MEP). When analysts, who are constrained by average ability in generating information (i.e., the first-order moment), strive to maximize the amount of market-wide information, this objective yields the exponential distribution. Contrary to the conventional wisdom that security analysts specialize in the generation of firm-specific information, empirical findings suggest that analysts primarily produce market-wide information for 25 countries. Nevertheless, it remains unclear why cross-sectional analyst coverage reflects market-wide information, this paper provides an entropy-based explanation.

The article was devoted to topics related to the courier market, electromobility and renewable energy sources. This is the direction in which the car market is currently heading. The current situation of transport in Poland and the electrification trends of the courier market in Poland and beyond were presented and discussed. The article presents the conducted research and analyzes it for a selected company, which at the same time constituted the achievement of the goal and the solution of the research problem. Much attention was focused on conducting AHP analysis and simulating route changes for selected regions. The study contains an introduction and a summary discussing the most important conclusions.

Identifying macroeconomic events that are responsible for dramatic changes of economy is of particular relevance to understand the overall economic dynamics. We introduce an open-source available efficient Python implementation of a Bayesian multi-trend change point analysis which solves significant memory and computing time limitations to extract crisis information from a correlation metric. Therefore, we focus on the recently investigated S&P500 mean market correlation in a period of roughly 20 years that includes the dot-com bubble, the global financial crisis and the Euro crisis. The analysis is performed two-fold: first, in retrospect on the whole dataset and second, in an on-line adaptive manner in pre-crisis segments. The on-line sensitivity horizon is roughly determined to be 80 up to 100 trading days after a crisis onset. A detailed comparison to global economic events supports the interpretation of the mean market correlation as an informative macroeconomic measure by a rather good agreement of change point distributions and major crisis events. Furthermore, the results hint to the importance of the U.S. housing bubble as trigger of the global financial crisis, provide new evidence for the general reasoning of locally (meta)stable economic states and could work as a comparative impact rating of specific economic events.

In this paper, we consider an economy, in which consumers exhibit unrealistic optimism, and show that such an economy is more likely to undergo early recessions and underinvestment rather than experiencing bubbles or overinvestment. In this model, each consumer incorrectly believes that a negative aggregate preference shock will hit all other consumers, but not herself. When consumers have such an unrealistic optimism, the output price must fall prematurely before the aggregate shock occurs. The reason is that if the price does not plummet today, all consumers would postpone making purchases by falsely expecting that an arbitrage opportunity will arise in the future when the aggregate shock hits the economy, in which case, the output market cannot clear. We also show that the government has the potential to improve welfare of the economy by providing subsidies, if the government judiciously selects the right timing for intervention.

Measuring the impact of land use regulation on the land market involves identifying and classifying relevant impact factors related to the land market. The objective of this study was to identify land market impact factors in the context of the introduction of land use regulation in Nepal. A desktop review was carried out to identify preliminary set of impact factors, which were reclassified through intuitive analysis based on the degree of thematic closeness. Perspective-based impact factors were identified through the qualitative analysis of primary data collected through semi-structured interviews with the Nepalese land market stakeholders. These independently derived impact factors were compared with the desktop literature review impact factors resulting in fourteen land market impact factors across four dimensions, including transaction cost, valuation, mortgage availability, taxation, and compensation across the economic dimension; lot size, subdivision restrictions, and coordination across the institutional dimension; awareness, expectation and proximity across the social dimension; and risk reduction, quality of residential land, and suitability of zoning classification across the environmental dimension. There was significant overlap and commonality across factors identified from both the literature review and semi-structured interviews. The land market impact factors determined in the study may be adapted and generalized across other countries and could be utilized to better understand the impacts of land policy decisions on urban planning and development. Further research is recommended on the process to operationalize the use of these factors to quantify the impact of land use regulation on different land markets.

With the increasing prominence of renewable energy sources providing flexibility to the power grid, there is a growing recognition of the need to expand virtual Energy Storage Systems (ESS) to replace traditional ESS, which faces challenges in terms of supply and scalability. Grid-connected microgrids can supply power stably and are being built, so they can be used as virtual ESS to provide flexibility to the power system. This study proposes an approach to determine the optimal Power Conversion System (PCS) and battery capacity for a Virtual Energy Storage System(VEES) based on a grid-connected microgrid incorporating Photovoltaic (PV) and ESS. In this paper, it is assumed that microgrids can provide flexibility to the grid by participating in the energy trading market, there are corresponding profits and penalties for order. Numerical examples are performed to demonstrate the effectiveness of the proposed method.

In the dynamic landscape of Sabah's socio-economic development, the integration of AI technologies holds both promise and challenge. While AI has the potential to drive economic growth, enhance productivity, and elevate quality of life, it also brings forth concerns regarding job displacement, skill gaps, and unequal distribution of benefits. The latest research problem in the realm of AI and employment in Sabah revolves around ensuring inclusive and sustainable development amidst this technological disruption. This encompasses two key dimensions: skill development and education, and labor market dynamics. Addressing the research questions necessitates a multifaceted approach. Firstly, in the realm of skill development and education, there is a critical need to assess the adequacy of existing programs in equipping the workforce with AI-driven skills. Strategies such as promoting STEM education, fostering digital literacy, and facilitating lifelong learning initiatives, particularly among marginalized communities, are essential. Additionally, fostering collaboration between stakeholders and implementing curriculum reforms are pivotal steps in enhancing the alignment between educational curricula and the demands of an AI-driven economy.

Green and low-carbon development has become an important embodiment of China's path to becoming a strong agricultural country. How to enable agricultural enterprises to better adopt green technologies and conduct production and operation with the concept of sustainable development has become a key link. This article utilizes a structural equation model (SEM) to analyze the role paths and mediating effects of organizational learning ability and policy orientation in agricultural enterprises' market orientation and willingness to adopt green technologies[ The definition of green technology in this paper refers to Guo Kesha, Tian Xiaoxiao. Green technology and green transformation of industrial development mode [J]. Tianjin Social Sciences, 2024 (02) :99-107, including green manufacturing (production) technology and green service technology.]. The results show that market orientation, organizational learning ability, and policy effectiveness have significant direct positive impacts on the willingness to adopt; market orientation has a significant positive impact on agricultural enterprises' organizational learning ability, organizational learning ability has a significant positive impact on policy orientation, and market orientation has a significant positive impact on policy effectiveness; the results of mediation analysis also indicate that learning ability has a significant mediating effect between market orientation and willingness to adopt, and policy effectiveness has a significant mediating effect between market orientation and willingness to adopt. Through difference analysis, it is believed that the mediating effects of the three paths are equally important, and organizational learning ability and policy effectiveness play a partial mediating role in agricultural enterprises' willingness to adopt green technologies. Based on this, policy suggestions are proposed to improve enterprises' own organizational learning ability, increase the promotion of policies related to green technologies, improve relevant policies for the application of green technologies, and increase research and development efforts for green technologies.

This article delves into the complex landscape of Bitcoin halving events, analyzing the historical context and implications of these pivotal occurrences within the cryptocurrency ecosystem and on its sustainability within the landscape of financial technologies. Through an examination of past halving events in 2012, 2016, and 2020, this study meticulously scrutinizes the conditions and prices of Bitcoin before and after each halving. By synthesizing data and trends from previous events, this article aims to uncover patterns and insights that illuminate the impact of Bitcoin halving on market dynamics and sustainability, movement of the price level, reached peaks and price troughs. Furthermore, this research presents a comparative analysis of past halving events, drawing parallels and distinctions to elucidate the evolving nature of Bitcoin's price movements and market sentiment surrounding these milestone events. Looking towards the future, this study estimates predictions and expectations for the upcoming Bitcoin halving. By unraveling the intricate relationship between Bitcoin halving events and market behavior, this article seeks to provide a comprehensive understanding of the broader implications for Bitcoin's trajectory and the evolving landscape of the cryptocurrency market and its sustainability.

Our aim is at three feels: i) study safe haven properties of sectoral CDS; ii) study hedging effectiveness and measure the diversification benefits of introducing them in both Conventional and Islamic stock markets portfolios and iii) compare these results with VSTOXX, Gold and Bitcoin indices. To do this, we estimate time varying hedge ratio using (A)DCC and GOGARCH models and then deduce hedging effectiveness.. We follow the same methodology for each sub-period and each refit to test the effect of bubble crypto currency and COVID-19 pandemic on hedging effectiveness. Empirical results show the superiority of industrial CDS sectoral index to hedge both conventional and Islamic stock markets whether long or short term despite that their performances were reduced slightly during the second and third periods. VSTOXX and Others sectoral CDS indices offers Hedging performances that are generally better than Bitcoin and gold.

Emergence of COVID-19 had profound impact on global stock markets, including Indian mar-ket. Key indices like NIFTY50 and Sensex dropped by approximately 40% within two months in 2020, which also affected major mutual funds, leading to significant depreciation of their Net Asset Value. Securities and Exchange Board of India (SEBI) allows mutual funds to use deriva-tives for hedging purposes, capped at 100% of the scheme's net assets covering debt, equity, and derivatives. However, circular amendment by SEBI in January-2019 permitted covered call strat-egies on constituent stocks of Sensex and NIFTY50 for mutual fund schemes, excluding ETFs and Index Funds. This study investigated whether mutual funds increased their derivative us-age as risk mitigation strategy during COVID-19 pandemic, analyzing derivative holdings from 2019-2023. Surprisingly, findings indicated a decline in derivative holdings in 2020 compared to pre-pandemic levels. Statistical tests and performance evaluation metrics such as T-test, F-test, Treynor Ratio, Sharpe Ratio, and Jensen's calculations were employed to assess mutual fund performance. Although derivative-holding mutual funds didn't outperform benchmarks in aver-age returns, it showcased significantly reduced volatility, offering investors favorable risk-return trade-offs. research sheds light on derivative utilization in Mutual Fund industry, potentially in-forming regulators, fund managers, and investors in their decision-making

This paper explores the application of machine learning (ML) algorithms in predicting trends in the fixed bond market, where traditional analytical methods have proven inadequate. Focusing on various ML techniques such as supervised and unsupervised learning, neural networks, and deep learning, the study evaluates their effectiveness in forecasting market movements. It details a series of experiments in which different ML models are rigorously trained and tested against historical bond market data. The findings reveal that models employing time series analysis and advanced deep learning show marked potential in accurately predicting bond market trends. Additionally, the paper delves into the challenges and limitations inherent in these ML approaches, including data requirements and the risk of model overfitting. Finally, it proposes directions for future research, emphasizing the integration of ML into broader financial market analysis.

The present paper examines the impact of herding behavior on market capitalization in the Egyptian stock market before and after the disclosure of environmental-social-governance scores (ESG Score Index). This line of thought and research contributes to the literature on the interrelationships between ESG factors and market dynamics. Consequently, the evolving landscape of how to sustain investments in emerging markets like Egypt can be enlightened. Two main hypotheses were tested in the paper. The first hypothesis is on the expected significant impact of herding behaviour on market capitalization. The second hypothesis is on the expected positive impact of ESG on the relationship between herding behaviour and market capitalization. Panel data analysis using data extracted from financial statements of 22 Egyptian EGX 30 companies, over the period 2018-2023 will be used. This is to control for the cross-section and time characteristics of the research sample. The empirical findings reveal a positive significant effect of herding behavior on market capitalization before disclosing ESG scores. Another finding is that after the implementation of mandatory ESG disclosure, the relationship between herding behavior and market capitalization is strengthened. Moreover, it is empirically evident that companies with higher ESG performance attract more investments and higher valuations. The importance of ESG in shaping investment decision-making, enhancing transparency, and market dynamics has important policy implications.

In India, where the transport sector contributes significantly to CO2 emissions, there has been a growing shift towards electric vehicles (EVs), particularly in the three-wheeler segment. Traditional auto-rickshaws, a staple in urban transportation, are often powered by internal combustion engines, leading to pollution and high fuel consumption. Electric three-wheelers, or e-rickshaws, have emerged as a cleaner, more efficient alternative, with zero tailpipe emissions. However, the successful adoption of electric three-wheelers depends on understanding the preferences and challenges faced by auto-rickshaw drivers, who are key to the Intermediate Public Transport (IPT) system. Based on this motivation, the study contributed to the literature by analyzing stated preference survey data from 2,403 respondents who purchased electric tricycles in 2023. We provide insights into the relationship between consumer demographics (such as age, income, gender, education), Vehicle operations, Vehicle financing and Electrification perspective and their preferences for specific electric and fuel tricycle segments. Finally, we estimate consumers' preference for electric tricycles and fuel tricycles. To do this, we use a discrete choice model and estimate the impact factor of Indian consumers in purchasing electric tricycles to obtain market penetration strategies for future electric tricycles.

This paper aims to provide an evaluation of how Value Added Tax (VAT) policy alterations influence market liquidity, trading volume, and stock performance. To fill the existing literature gap on the direct effect of (VAT) adjustments on stock market dynamic, particulate within the banking industry. The study employs an event study methodology to analyse the immediate and medium-term effects on bank stocks listed in markets subject to a (VAT) adjustments. The core of the study analysis is anchored around two pivotal events, the initial application of (VAT) on 1st January 2018, and the subsequent (VAT) increase to 15% on 1st July 2020 using MATLAB R2022b. The study analysis encompasses the period immediately before and after the introduction and subsequent increase (VAT) in kingdom Saudi Ariba (KSA) employing an eleven sample comprises the (KSA) largest banks with a ±7 days window period from the event. The analysis revels that the imposition of 5% (VAT) lead a substation downturn in trading volume and stock returns of 9.5%, and 39.5%, subsequently. While when the (VAT) was increased by 15% the market exhibited a mixed but ultimately positive response of 3.3% trading volumes increases and 128.7% average stock return recovery.