The authors propose in this study to evaluate financial performance applications for stock prices of the Indonesian Stock Exchange in manufacturing companies. The method of research used here is a quantitative descriptive method. In that statement, Indonesian Stock Exchange manufacturing companies between 2016 and 2018 are the population use in this research, using the sampling technique Purpose Sampling. This research uses secondary data from 2016 to 2018, the financial reports of Indonesian Stock Exchange manufacturing companies. The Indonesian stock exchange web site has been provided with all data sources at https://www.idx.co.id, and searching for www.google.id. Our analysis shows that book value prices and the net profit margin affect stock prices. The value of financial performance at the Indonesian Stock Bourses manufacturing companies' cost amounts to 64.5 percent, while other factors not listed in this study account for 35.4 percent.

This study aims to determine how the effect of interest rates and changes in the dollar exchange rate (USD) on the stock price. The type of research carried out in this research is quantitative research with the object of research, namely Bank Central Asia (BCA). The data used in this study comes from secondary data, namely from books, the internet, documents, and banking sites. This study indicates that the independent variable, namely the interest rate, has a significant negative effect on the joint-stock price index and the other independent variable, namely the dollar exchange rate (USD), has a significant positive effect on the joint-stock price index. The coefficient test results show that interest rates and exchange rates (USD) simultaneously affect stock prices, namely 67.2% while the remaining 32.8% is influenced by other factors.

The dataset reports a collection of earnings call transcripts, the related stock prices, and the related sector index. It contains a total of 188 transcripts, 11970 stock prices, and 1196 sector index values. Furthermore, all of these data originated in the period 2016-2020 and are related to the NASDAQ stock market. The data have been collected using Yahoo Finance and Thomson Reuters Eikon. Specifically, Yahoo Finance offered daily stock prices and traded volume. At the same time, Thomson Reuters Eikon has been used as source for the earnings call transcripts. The dataset can be used as a benchmark for the evaluation of several NLP techniques as well as machine learning algorithms for understanding their potential for financial applications. Moreover, it is also possible to expand the dataset by extending the period in which the data originated following a similar procedure.

The Estimation of systemic risk in India is still in its infancy stage. There are several methods which are available but none of the methods are fully compatible to forecast the systemic risk since under different circumstances the factors responsible for the risk differs. In this paper the systemic risk estimation in India being carried out based on spread in daily stock market price(Difference between the bid and ask price of a share) of the top 100 firms in India according to market capitalization for the period of July2007 to March 2016. The results were compared with the Financial Stability Report published by Reserve Bank Of India for the period of March 2010 to June 2016.The results clearly indicates that there exits relationship between market illiquidity represented by spread and risks associated with the Financial System. In most of the cases the Z score (deviation from the mean/Standard Deviation) of the spread has become negative which provides the spread which is farther from the mean, also a good indicator of volatility in market and risk to financial system. It is also seen that the Systemic Risk Survey conducted by Reserve Bank of India which started during October 2011 has supported the results.

Exclosures are used to regenerate native vegetation as a way to reduce soil erosion, increase rain water infiltration and provide fodder and woody biomass in degraded grazing lands. Therefore, this study assessed the impact of grazing exclosure on vegetation biomass, carbon sequestration and soil nutrients under five and ten years of grazing exclosures and freely grazed areas in Tigray, northern Ethiopia. Vegetation biomass, carbon stocks and soil nutrients increased with increasing grazing exclusion. However, open grazing lands and five years of grazing exclosure did not differ in aboveground biomass, above-and-belowground carbon stocks. Moreover, ten years of grazing exclosure had a higher (P<0.01) grass, herb and litter carbon stocks compared to five years exclosure and open grazing lands. The total carbon stock was higher for ten years exclosure (193.3 t C ha-1) than the five years exclosure (154.0 t C ha-1) and in open grazing areas (146.6 t C ha-1). Grazing lands closed for ten years had a higher SOC, organic matter, total N, available P, and exchangeable K+ and Na+ compared to five year’s exclosure and open grazing lands. Therefore, establishment of grazing exclosures had a positive effect in restoring degraded grazing lands, thus improving vegetation biomass, carbon sequestration potentials and soil nutrients under the changing climate and global warming.

The study tries to find out the impact of investors demographic variables on the return from the stock market. The data has been collected from the brokerage and Marchant banks for individual investors investments, return and demographic characteristics. The research covers the period from 2009 to 2021 and have a decade long enough to identify the trend. The structural break in the data also been adjusted to avoid any kind of endogeneity. The regression results suggest that demographic variables affect the investment pattern and beta return for the investors. the demographic variables such as education, location and experience have positive links with the beta whereas age and income show negative association. The education, income and experience variables are also found to be significant in the empirical analysis.

Many studies in the current literature annotate patterns in stock prices and use computer vision models to learn and recognize these patterns from stock price-action chart images. Additionally, current literature also use Long Short-Term Memory Networks to predict prices from continuous dollar amount data. In this study, we combine the two techniques. We annotate the consolidation breakouts for a given stock price data, and we use continuous stock price data to predict consolidation breakouts. Unlike computer vision models that look at the image of a stock price action, we explore using the convolution operation on raw dollar values to predict consolidation breakouts under a supervised learning problem setting. Unlike LSTMs that predict stock prices given continuous stock data, we use the continuous stock data to classify a given price window as breakout or not. Finally, we do a regularization study to see the effect of L₁, L₂, and Elastic Net regularization. We hope that combining regression and classification shed more light on stock market prediction studies.

The objective of this study is to determine the impact of COVID-19 on the performance of Pakistani Stock Market. This study uses the data of COVID-19 related positive cases, fatalities, recovers and the closing prices of PSX 100 index of the first half of 2020. The findings of the study suggest that only COVID-19 recoveries are influencing the performance of the index and the daily positive cases and fatalities are insignificantly related to the performance. Further studies can be performed by incorporating other variables such as economic growth, interest rate and inflation rate along with the COVID-19 related variables at a cross-country level.

In every economy, Stock markets are part of the key elements the build it up. A few decades ago, there has been a significant change in Ghana stock market returns (GSE). Our study examines the statistical and economic significance of investor sentiment, based on weather conditions/changes, on stock market returns. OLS models, assisted by unit root tests were employed in analyzing the data obtained from the Ghana stock exchange platform from 2000 to 2017. From our literature review, we discovered that investors’ perceptions play a central role in finalizing the direction of stock market returns. Regarding our empirical results, we tested whether weather variations influence the investment decisions of investors; we discovered that temperature and cloud cover significantly influences stock market returns. This is because of mood changes is associated with weather conditions variations. However, sunshine per our regression coefficient shows a statistically insignificant impact on investors’ investment choices. Precipitation to a large extend influence stock market activities further affecting its results negatively as our regression results depicted. We concluded stock brokerage firms, companies, and investors (foreign/local) must incorporate weather changes/effects when strategizing about their investment outcomes.

The assessment of biomass carbon stocks was conducted at plot scale as a sample to estimate for all vegetation areas by using destructive sampling and or allometric equation method. Remote sensing is one of the techniques can be used to estimate and mapping biomass carbon stock for the entire areas. The objectives of the study are the identification and determine the range of electromagnetic wave of Landsat 8 satellite data that most suitable for assessing and mapping biomass carbon stock distribution. This research analyses exponential regression equation between spectral radiance values (Lλi) for with biomass measurement results on the field to find the best correlation based on the coefficient of determination value (R2). It also analyses the relationship between field biomass and NDVI value (Normal Differences Vegetation Index) from satellite data. The study area consists of 54.9% bush (Bs), 24.5% scrub (Sc), 16.8% secondary forest (Sf), while the rest (3.8%) is a water body. The with average biomass carbon stock value 4.11 tons.ha-1, 64.43 tons.ha-1, and 85.36 tons.ha-1, for strata Sc, Bs, and Sf respectively. Spectral radiance of SWIR (Shortwave Infra-Red) band 6 is determined as a spectral characteristic that can be used to estimating carbon stock with following the equation Y= 12657(EXP(-0.642(Lλband6)) with r2 = 0.75. Correlation NDVI and field biomass showed the low r2 value (0.08), so in this study, NDVI cannot be used to estimate the biomass carbon stock.

The stock beta coefficient literature extensively discusses the proper methods for the estimation of beta as well as its use in asset valuation. However, there are relatively few references with respect to the appropriate time horizon that investors should utilize when evaluating the risk-return relationship of a stock. We examine the appropriate time horizon for beta estimation differentiating our results by sector according to the Industry Classification Benchmark. We employ data from the NYSE and we estimate varying lengths of beta employing data from 30 to 250 trading days. The constructed beta series is then examined for the presence of breaks using the endogenous structural break literature. Results show evidence against the use of betas that employ more than 90 trading days of data provisional to the sector under study.

We investigated the response of the Manila clam Venerupis philippinarum to possible temperature and salinity changes in a holding facility. First, clams were exposed to four temperatures for 15 days. Valve closure and survival of clams exposed to seawater at 18℃ were higher than that of those exposed to seawater at 24℃. Second, clams were exposed to six salinities for 15 days. Survival of clams exposed to two salinity fluctuation conditions (24–30 and 27–24 psu) was lower than that of clams exposed to constant 30 psu conditions. Valve closures of clams exposed to constant low salinity conditions (24 psu) and two salinity fluctuation conditions (24–30 and 27–24 psu) were higher than of those exposed to constant 30 psu conditions. Lastly, clams were exposed to two different temperatures and three different salinities conditions for 8 days. Valve closure and survival decreased significantly under the combination of 24℃ and 18 psu. These results suggest that an increase in temperature or a wider range of salinity fluctuations are detrimental to the survival of the Manila clam. The synergistic effect of temperature and salinity stressors may decrease the survival period of clams compared to the effect of a single stressor.

Complex models have received significant interest in recent years and are being increasingly used to explain the stochastic phenomenon with upward and downward fluctuation such as the stock market. Different from existing semi-variance methods in traditional integer dimension construction for two variables, this paper proposes a simplified multi-factorized fractional dimension derivation with the exact Excel tool algorithm involving the fractional center moment extension to covariance, which is a complex parameter average that is a multi-factorized extension to Pearson covariance. By examining the peaks and troughs of gold price averages, the proposed algorithm provides more insight into revealing underlying stock market trends to see who is the financial market leader during good economic times. The calculation results demonstrate that the complex covariance is able to distinguish subtle differences among stock market performances and gold prices for the same field that the two variable covariance may overlook. We take the London, Tokyo, Shanghai, Toronto and Nasdaq as the representative examples.

This paper aims to analyze the effects of Covid-19 on financial markets from the perspective of Complexity. The Covid-19 pandemic has caused turmoil in financial markets and is already one of the most important financial crises in history, causing a fall in several stock markets as well as great volatility. Unlike past crises, which in most cases were caused either by problems of fiscal deficits or in the financial system, this crisis has its origin in an epidemic disease, which occurred in Wuhan, China, and quickly spread across the globe affecting transport networks, commerce and finance, and will affect the public debt of many countries. This is a systemic situation in which there is a need to consider several interconnected systems, financial instability and high financial risk, something that econophysics and some complexity theorists already do. Therefore, this paper intends to show, theoretically, the systemic and complex character of the recent financial crisis caused by Covid-19.

The Algiers Stock Exchange (ASE) is the only stock exchange in Algeria. It’s one of the newest and smallest emerging stock exchanges in the world. The focus of this paper is to model and forecast monthly returns of the ASE index (DZAIRINDEX) using The Box- Jenkins methodology. The period of this study is from Jun 2010 to July 2019. According to Akaike’s Information Criterion (AIC) estimator, the Seasonal Autoregressive Integrated Moving Average SARIMA(2,0,0)(0,0,1) is chosen as the best model for forecasting the monthly DZAIRINDEX returns. Diagnostic tests confirm that the fitted model is adequate, where the residuals of this model are normally distributed with no autocorrelation and no heteroskedasticity. The forecast of the monthly DZAIRINDEX returns for one year ahead using this model shows a decreasing fluctuations trend. Based on different measures of forecast accuracy such as ME, MAE, RMSE, MASE, we show that the forecast accuracy of SARIMA(2,0,0)(0,0,1) is acceptable and this model performs much better than a naïve model. These results could be used by the financial communities in Algeria to deal with stock exchange risks and to improve their decisions.

This paper identifies a dilemma in the relationship between R^2 and price efficiency: After comprehensively studying the R^2 change around 7 well-known corporate events, neither the traditional understanding of R^2 as price inefficiency, nor the behavioral way of R^2 as price efficiency can explain the observed R^2 change around the events. We adopt an alternative methodology to replace the standard difference-in-difference regression and directly decompose the R^2 change. We find that, due to the endogeneity of events, the changes of R^2 are over-estimated. We further propose that in the event study setting, the R^2 change may be simply the consequence of the inflow/outflow of some trend-chasing investors, and it may be detached from price (in) efficiency. Empirical evidences are consistent with this hypothesis.

China combines green energy and industrial policy in its power market reform with various policy initiatives, including price support scheme for electricity from renewable sources and subsidies in the push for broader use of greener energy. This study focuses on the impacts of power market reform on the stock price volatility of listed power companies: 1) we use the Iterative Cumulative Sums of Squares (ICSS) algorithm to identify structural break points in stock prices; 2) we analyze the characteristics of stock price volatility based on the GARCH model; 3) we report the impact of power regulation on stock price fluctuations based on the Autoregressive Distributed Lag (ARDL) model. The result suggests three structural breaks in China’s power stock price volatility were related to the promulgation of power market reform policies. We find that industrial policies promote the reduction of power stock price fluctuations and its impact on power stock price volatility is consistent in the long run. However, our study also indicates the recent policies related to renewable energy do not have a very significant impact on the power stock market.

In this paper, we focus on the impact of financial liberalization on stability of emerging stock market. We identify crises in a group of Latin American (Argentina, Brazil and Chile) and Asian countries (Philippines, Korea, Taiwan and Thailand) during 1975–2005. This paper aims to apply the methodology of CMAX method. Our results indicate that liberalization triggers more unstable stock market in the short run and generate several crises. Still, liberalization seems to generate more stable financial markets in the long run. Financial liberalization does not increase the frequency of crises in emerging countries and at long-term, crises are less several.

United Nations Framework Conventions on Climate Change (UNFCC) conventions in their conference of parties (COPs) has continuously considered and agreed reducing emission level in order to minimize the impact of global climate change. Reducing emission due to deforestation and degradation (REDD) ,was considered as one of the major activities in this regard during Kyoto protocol in 2009 which laid foundation for the participating countries to be compensated financially for reduced carbon emission. Mexico convention -2012 required the countries to develop and implement a transparent and consistent monitoring, reporting and verification (MRV) process. Later in Paris agreement-2015, the parties agreed to limit the global warming to 2 degree centigrade and with further efforts to 1.5-degree centigrade furthering entailing the parties to prepare and communicate nationally determined contributions (NDCs) every five years. Nepal aimed to decrease the average annual deforestation rate by 0.05 percent from existing 0.44 percent in the terai region and 0.1 percent in the Chure. Nepal decided to develop its forest reference level (FRL) in national level for the historical period 2000-2010 considering Carbon dioxide and carbon pools above and below ground. As per the Forestry Sector Strategy, Nepal aims to increase carbon stock growth by at least 5% by 2025 as compared to 2015 and decrease mean annual deforestation rate to 0.05. After major change in administrative division in Nepal, forest management responsibility has shifted down to the Sub-national level. But forest resource studies have not been conducted yet in these levels. Despite a small country, Nepal has at least four clear physiological regions. The amount of carbon stock stored by different forest type are different depending upon species distribution, carbon volume and density for each species, and their distribution along ecological and physiological regions. Sal (shorea Robusta), for example, having one of the highest carbon densities, is a major forest types in Nepal. The purpose of this study was to generate forest map of the country, calculate carbon stock, gain and loss, and their rate in each province due to deforestation/afforestation using remote sensing data. Further Sal forest map was generated and its contribution in carbon stock was calculated using averaged national carbon density as well as using regional density method. According to the study, around 5.1 million hectares of Nepali land was forest in 2015 increasing from 4.2 million hectares in 2005. However, Sal forest has decreased during the same period. Province 1 contributed the maximum (130 Tg) and Province 2 the minimum (40Tg) of Carbon stock in 2015. Using the conventional method of calculation with national average density (108.08 t/ha), a total of 36.7T CO2 yr-1 carbon sink was observed in the Country. Whereas, with the new approach of calculation, a total of 44.7 T CO2 e of carbon sink per year was estimated during the same period. This approach holds potential for qualifying as an MRV process of Nepal. The subnational level forest and carbon statistics produced during this study can be important assets for the better forest governance. This can also pave way for policy formation and preparation of action plan for sustainable forest management and intervention strategy and obtaining better financial incentives participating in the reduction of emission due to deforestation and forest degradation (REDD) plus programs.

The soil has lost organic matter in the past centuries. Adding organic matter to soils is one of the management practices applied to recover the levels of soil carbon of the past. Is it a good practice to reduce global warming? In fact, one of the practices promoted to combat climate change is increasing soil organic matter. However, the addition of organic residues to the soil could facilitate the liberation of CO2 and wastes could also have no positive effects on soil properties. In this sense, what it is important is: a) to know which is the expected effect of the organic matter added to the soil; b) how this application alters the soil processes; c) which are the management practices that should be applied; d) how much is the real amount of carbon sequester by the soil and; e) the balance at short and long period after the application of the organic matter. The adequate strategy should be to favour the increment of biologically stabilized soil organic matter considering medium and long time. However, it is necessary to adapt the strategies to the local environmental conditions.

Allometric equations are used to estimate accurate biomass and carbon stock of forests. However, in Ethiopia only few allometric equations as compared to its floral diversity and species-specific allometric equations for Acacia species are still not developed in Ethiopia. The numbers of tree marked for sampling are Fifty-four (54) using preferential sampling. Diameter at breast height, wood density and tree height were collected as independent variables to predict species specific dry biomass of Acacia species. The new species-specific allometric models have been performed using linear regression analysis in the R software. The Above ground biomass (AGB) have been validated using quantitative statically using the pantropic model. Six candidate models have been developed for each species and four best models for each species of dry biomass was selected based on goodness-of-fit statistics and equation performance analysis of the candidate models. The best model for predicting above ground biomass for Acacia seyal is 0.20636*((DBH²)Hρ) ^0.53167, for Acacia polyacantha is 7.26982((DBH)²Hρ)^0.21750, for Acacia ethibcia is 29.01898*((DBH)²Hρ)^0.21518 and for Acacia toritolis is 3.82427*((DBH)²Hρ)^0.16748. The selected models are the best performing (P> 0.01) and higher adjusted R² (>80%) and has lower Akaike’s Information Criteria (AIC) and residual standard error (RSE) values as comparing the rest of the model. The validation of new developed biomass model using Tukey test indicated that significant variation of mean biomass (P<0.05) between the new developed model and the generalized model. The statistics model performance analysis of Nash-Sutcliffe efficiency (NSE) value is approaching to one, indicating that the new developed model has better performance model as compared with generalized model. Moreover, the percent bias of the new developed models is close to zero which indicates that the site-specific biomass models have more accurate estimator and the generalized biomass models have overestimated biomass for the four Acacia species.

Volatility is the most widespread measure of risk. Volatility modeling allows investors to capture potential losses and investment opportunities. This work aims to examine the impact of the two waves of COVID-19 infections on the return and volatility of the stock market indices of the euro area countries. The study also focuses on other important aspects such as time-varying risk premium and leverage effect. Thus, this investigation employed the Threshold GARCH(1,1)-in-Mean model with exogenous dummy variables. Daily returns of ten euro area stock indices from 4th January 2016 to 31th December 2020 has been used for the analysis. The results reveal that euro area stock markets respond differently to the COVID-19 pandemic. Specifically, the first wave of COVID-19 infections had a notable impact on stock market volatility of euro area countries with large and middle financial centres while the second wave had a significant impact only on stock market volatility of Belgium.

This study investigates the impact of global financial crisis and the present COVID-19 pandemic on daily and weekly Crude oil futures using four variants of ARMA-GARCH models: ARMA-sGARCH, ARMA-eGARCH, ARMA-TGARCH and ARMA- aPARCH with dummy variables We also investigated the persistence, half-life and backtesting of the models. This study therefore seeks to contribute to the body of literature on the impact of global financial crisis and the present COVID-19 pandemic on crude oil futures market. This investigation of the impact of global financial crisis and the COVID-19 on crude oil futures has not been much studied at present. We obtained and analyzed the daily and weekly crude oil futures from secondary sources. Daily crude oil futures used in this study covers the period from the 4th January 2000 to 27th April 2020 while the weekly crude oil futures covered from 2ndJanuary 2000 to 26th April 2020 . The global financial crisis period covered from 2nd July 2007 to 31st March 2009 and the current COVID-19 pandemic covered from 1st January 2020 to 27th April, 2020. The study used both student t and skewed student t innovations with AIC, goodness-of-test fit and backtesting to select the best model. Most of the estimated ARMA-GARCH models are supported by skewed student t distribution while most of the ARMA-GARCH models exhibited high persistence values in the presence of global financial crisis and the COVID-19 pandemic. In the overall, the estimated ARMA(1,0)-eGARCH(2,1) and ARMA(1,0)-eGARCH(2,2) model for daily crude oil futures and weekly crude oil futures respectively have been significantly impacted by the global financial crisis and the Present COVID-19 pandemic while the preferred estimated models also passed the goodness-of-test fit and backtesting.This study recommends shareholders and investors should think outside the box as crude oil futures tend to be affected by global financial crisis and COVID-19 pandemic while countries also that depend mostly on crude oil are encouraged to diversify their economy in other to survive and be sustained during financial and health crisis.

We examine the profitability of the momentum and contrarian strategies in three South Asian markets i.e. Bangladesh, India and Pakistan. We also analyze, whether credit risk influences momentum and contrarian return for these markets from 2008 to 2014. We use Distance-to-default (DD) of Kealhofer, McQuown and Vasicek (KMV) model as a measure of credit risk. We calculate the credit risk and form the momentum and contrarian strategies of the firms on the basis of high, medium and low risk. We find that in all three markets, the momentum and contrarian returns are significant for medium and high credit risk portfolios and no momentum and contrarian returns for low credit risk portfolios.

This paper examines the dynamic dependence structure of crude oil and East Asian stock markets at multiple frequencies using wavelet and copulas. We also investigate risk management implications and diversification benefits of oil-stock portfolios by calculating and comparing risk and tail risk hedging performance. Our results provide strong evidence of time-varying dependence and asymmetric tail dependence between crude oil and East Asian stock markets at different frequencies. The level and fluctuation of their dependencies increase as time scale increases. Furthermore, we find the time-varying hedging benefits differ at investment horizons and reduced over the long run.

This paper examines the effect of chronotype on the delinquent credit card payments and stock market participation through preference channels. Using an online survey of 455 individuals who have been working for 3 to 8 years in companies in mainland China, the results reveal that morningness is negatively associated with delinquent credit card payments. Morningness also indirectly predicts delinquent credit card payments through time preference, but this relationship only exists when individuals’ monthly income is at low and average level. On the other hand, financial risk preference accounts for the effect of morningness on stock market participation. Consequently, an additional finding is that morningness is positively associated with financial risk preference, which contradicts previous finding in the literature. Finally, based on the empirical evidence, we discuss the plausible mechanisms that may drive these relationships and the implications for theory and practice. The current study contributes to the literature by examining the links between circadian typology and particular financial behaviours of experienced workers.

This paper employs the two-step procedure developed by Cheung and Ng (1996) to analyze the causality-in-mean and causality-in-variance between the housing and stock markets of the UK. The empirical findings make two key contributions. First, although previous studies have indicated a one-way causal relation from the housing market to the stock market in the UK, this paper discovered a two-way causal relation between them. Second, a causality-in-variance as well as a causality-in-mean was detected from the housing market to the stock market.

“Money has always been something of an embarrassment to economic theory. Everyone agrees that it is important; indeed, much of macroeconomic policy discussion makes no sense without reference to money. Yet, for the most part theory fails to provide a good account for it.” (Banerjee and Maskin, 1996, p. 955)The debate about whether or not a growth imperative exists in debt based, interest bearing mone- tary systems has not yet been settled. It is the goal of this paper to introduce a new perspective in this discussion.For that purpose an SFC computational model is constructed which simulates a post Keynesian Endogenous Money system without including economic parameters such as production, wages, consumption and savings. A case is made that isolating the monetary system allows for better analysis of the inherent properties of such a system.Loan demands, which are assumed to happen, are the driving force of the model. Simulations can be run in two modes, each based on a different assumption. Either the growth rate of the money stock is assumed to be constant or the loan rate, expressed as a percentage of the money stock, is assumed to be constant.Simulations with varying parameters are run in order to determine the conditions under which the model converges to stability, which is defined as converging to a bounded debt rate.The analysis shows that stability of the model is dependent on net bank profit ratios, expressed relative to their debt assets, remaining below the growth rate of the money stock. Based on these findings it is argued that the question about the existence of a growth imperative in debt based, interest bearing monetary systems needs to be reframed. The question becomes whether a steady state economy can realistically support such a system without destabilising it. In order to answer this question real world behavior of economic actors must be included in the model.It is concluded that there are indications that it might not be feasible for a steady state economy to support a stable debt based, interest bearing monetary system without strong interventions. However, more research is necessary for a definite answer. Real world observable data should be analysed through the lens of the presented model to bring more clarity.

Savannas and adjacent vegetation types like gallery forests are highly valuable ecosystems contributing to several ecosystem services including carbon budgeting. Financial mechanisms such as REDD+ have provided an opportunity for developing countries to alleviate poverty through conservation of its forestry resources. For availing this opportunity carbon stock assessments are essential. Therefore, a research study at two protected areas i.e. Nazinga Game Ranch and Bontioli Nature Reserve, in Burkina Faso was conducted with the objective of assessing carbon Mg C ha-1 in aboveground biomass (AGB)dry of trees in different formations of the south-sudanian savanna in Burkina Faso, West Africa. Similarly analysis of various vegetation parameters was also conducted to understand the overall vegetation structure of these two protected areas. For estimating AGBdry, existing allometric equation for dry tropical woody vegetation types was used. The Importance Value Index (IVI) and Family Importance Value (FIV) were estimated through standard procedures. Various linear and non-linear regression analyses were conducted to test the relationships between carbon and other parameters such as DBH, height and basal area (BA). The results showed that both sites collectively contain mean carbon of 3.41 ± 4.98 Mg C ha-1. Amongst different vegetation types, gallery forests recorded the highest mean carbon of 9.38 ± 6.90 Mg C ha-1. The highest IVI of 115.56 at Nazinga Game Ranch was recorded for Anogeissus leiocarpa. Similarly, highest IVI of 98.59 was recorded for Mitragyna inermis at Bontioli Nature Reserve. The highest FIV was recorded for Combretaceae for both of the sites. To our knowledge, this was the first study conducted to assess the carbon stocks at the two protected areas in southern Burkina Faso. The study therefore was an attempt for addressing the knowledge gap particularly on carbon stocks of protected savannas. It could serve as a baseline for carbon stocks for future initiatives such as payment for environmental services and REDD+ at these areas.

This paper provides attempts to formalize Hayek’s theory of knowledge. It has been theoretically shown that exponential income distribution is a spontaneous order of the well-functioning market economy. We show that this theoretical result is supported by the empirical evidence from the United Kingdom and China. In particular, we empirically show how the income structure of China evolved towards an exponential distribution after the market-oriented economic reformation. Furthermore, we strictly prove that, if the income structure of an economy obeys an exponential distribution, the income summation over all households leads to an aggregate production function with Hicks-neutral-like technical progress, in which the technology factor is exactly equal to society’s information stock that is a result of combining all of decentralized decisions.

This study will investigate different signals and events/news that determined the stock market's movements. As we know, many factors affect the stock market on a daily, weekly, and monthly basis, e.g., rate of interest, exchange rate, and oil prices, etc. Our research will investigate the impact of daily events/news in the KSE-100 index due to several policies announced and events/news in the country because the daily movements in the stock market can be determined only by different signals and events/news. Time series data is collected daily for particular reasons from "The News" (Daily Newspaper, Sunday edition) from 2010 to 2019. The results of this study show that political and global news affects the stock market index ferociously. For investors, the investment in blue chips is not less than a safe haven. When day-to-day transactions are concerned, there is always a higher panic attack than the herd behaviour in the stock exchange. Investors tend to make prompt responses to negative rather than positive news, which makes them risk averters. Our finding also confirmed that the ARCH/GARCH model is better than the simple OLS method concerning stock market upheaval.

This research contributes to the development of theories regarding the relationship between Corporate Social Responsibility (CSR) and investment decisions. Acquisition of stock returns that exceed normal predictions depends on the successful implementation of Good Corporate Governance (GCG). This study aims to examine investors' reactions to information on CSR disclosure in several countries that are members of the Association of Southeast Asian Nations (ASEAN). Furthermore, this study also examines the role of implementing GCG in strengthening the impact of CSR disclosure on investor relations as measured by abnormal stock returns. The sampling technique used was purposive Sampling. The research was conducted on Manufacturing Companies in countries that are members of ASEAN during 2017-2019. The estimation model used to analyze data is a multiple regression model. The results showed that CSR information was able to increase investors' positive reactions. Meanwhile, GCG practice is proven to strengthen the impact of CSR information on investment decisions. Other variables involved in this study, namely audit quality, company size, debt level, and sales growth, are not proven to influence abnormal stock returns.

Prediction of stock groups values has always been attractive and challenging for shareholders. This paper concentrates on the future prediction of stock market groups. Four groups named diversified financials, petroleum, non-metallic minerals and basic metals from Tehran stock exchange are chosen for experimental evaluations. Data are collected for the groups based on ten years of historical records. The values predictions are created for 1, 2, 5, 10, 15, 20 and 30 days in advance. The machine learning algorithms utilized for prediction of future values of stock market groups. We employed Decision Tree, Bagging, Random Forest, Adaptive Boosting (Adaboost), Gradient Boosting and eXtreme Gradient Boosting (XGBoost), and Artificial neural network (ANN), Recurrent Neural Network (RNN) and Long short-term memory (LSTM). Ten technical indicators are selected as the inputs into each of the prediction models. Finally, the result of predictions is presented for each technique based on three metrics. Among all algorithms used in this paper, LSTM shows more accurate results with the highest model fitting ability. Also, for tree_based models, there is often an intense competition between Adaboost, Gradient Boosting and XGBoost.

Does the choice of proxy for stock market development matter? This paper suggests that the growth effect of stock market development is sensitive to the choice of proxy and using alternative financial development indicators have practically no influence on the results. We found that using either the stock market capitalization to GDP ratio or the stock market returns; have a positive and significant effect on growth. However, we cannot make same conclusion when one uses either the ratio of total value of trades on the major stock exchanges to GDP or stock market turnover ratio to proxy for stock market development as the coefficient on these variables were found to be statistically insignificant. The indexes extracted from principal component analysis confirm the sensitivity of the effect to the choice of proxy. This finding suggest that stock market development is a conceptual terms, thus, representing it with single indicators make it impossible to identify which stock market development indicators have a significant positive growth effects.

This research article focused on discovering appropriate liquidity risk concerns in the financial Sector. Primarily, it deals with the appropriate liquidity factors that affect financial performance services pertained to several liquidity crises and the respective liquidity measures. Liquidity is considered the primary constraint. The Liquidity Ratios are the defective condition of calculating the financial performance services and their respective status. For fulfilling this performance service status prediction, this research use calculation for consistency index procedure. Liquidity index-based predictions have collaborated concerning the price movement in the stock market. The Liquidity will affect the trading and market transparency whenever the price moment varies. To control this trading and not market transparency of liquidity index be employed the greedy approach for estimating the most factor affected by the liquid index. Hence, this research elaborates on the greedy approach today with 25 essential financial factors. Each Panther will have combined with the tractor-confirmed liquidity crisis whenever the factors of liquidity crisis are combined with the actual financial factor, the minimum and maximum Degree of matching are calculated. This calculation determines the factors that affected the Liquidity concerning their exact, Plugin, subsume, and fail condition. Eventually, the search concludes the determination of factors affecting Liquidity concerning the actual finance factor and liquidity crisis. Finally, the result was concluded with the Degree of matching and their efficiency of finding liquidity factors with a successful reasonable result. Based on the Degree of matching result, this research found the actual reason for Liquidity with the help of various financial factors

The widespread integration and growing dependence among currency, stock and commodity markets make these markets often very vulnerable to shocks and at risk of collapse at the same time. As a result, these trends threaten the sustainability of the entire financial system. In this study, we explore the spillovers and nonlinear dependences between the seven major foreign ex-change rates, crude oil and gold prices, a global stock price index, and oil and stock implied volatility indices as proxy variables for global risk factors by em-ploying directional spillover network approach. We also use multi-scale de-composition method and nonlinear causality test between these variables to capture multi-level relationships at short and long horizons. Major findings are summarized as follows. First, from the multi-scale decomposition analysis, we identify that Granger causality test results and the direction and strength of return spillovers change with the level of decomposition. Second, the results of nonlinear causality tests show variation in both the significance and direction of Granger causality relationships between the decomposed currency and other series at different timescales, especially for the decomposed oil, gold, and OVX series. Third, the measured directional spillover indices identify the EUR as the largest contributor of connectedness to the other series. The central role of the EUR is a net transmitter of connectedness to gold, oil, the GBP, JPY, and CHF.

Finding the key factor and possible "Newton's laws" in financial markets has remained the central issue in this area. However, with the development of information and communication technologies, financial models are becoming more and more realistic but complex which is contradictory to the objective law “Greatest truths are the simplest”. Therefore, this paper attempts to discover the most critical parameter and establishes an evolutionary model which is independent of micro features. In the model, information is the only key factor and stock price is the emergence of the collective behavior. The statistical properties of the model are significantly similar to the real market. It also explains the correlations of stocks within an industry, which provide a new idea for the study of key factors and core structures in the financial market.

An empirical model for log yield from trees is established and applied in microeconomics of carbon storage in a boreal spruce estate. The transition from pulpwood to sawlogs is a smoother function of stem diameter in the empirical data, in comparison to literature values. Correspondingly, the value transition of trees along with increasing size is gentler. Due to price premium of sawlogs from clearcuttings, all economically feasible treatment schedules terminate in clearcutting. Best capital return rates are gained with two heavy thinnings from above before clearcutting. Present carbon emission prices allow moderate carbon storage increment if the increment is compensated by proportional carbon rent. Doubling the present carbon prices would allow strong carbon storage increments if compensated by carbon rent. Application of nonproportional carbon rent is proposed.

The expense of carbon sequestration in terms of capital return deficiency is investigated at estate level, in the case of a fertile boreal estate dominated by spruce forest. Thinnings from below result as a high expense of increased rotation age, thinnings from above as a small expense. The expense of increased timber stock is greater than any proportional carbon rent based on present carbon prices. Application of non-proportional carbon rent is proposed.

Salmon farming has been blamed for the collapse of the sea trout (Salmo trutta) fishery in Loch Maree on Scotland’s west coast despite the absence of any direct evidence. Stocks of west coast demersal marine fish, especially around the Clyde Estuary have also declined over a similar time span. The decline of these marine fish stocks can be attributed to the removal of the “three-mile fishing limit” in 1984 by UK Government legislation. Sea trout inhabit the same inshore waters as targeted demersal fish and can be caught as by-catch. Comparisons of the decline of demersal species and the sea trout from Loch Maree and the west coast show a high degree of correlation. Stocks of whiting (Merlangius merlangus) from inshore waters have found to consist of small fish which mirrors the stock makeup of the Loch Maree sea trout stock.

Fossil-based emissions can be avoided through using wood in place of non-renewable raw materials as energy and materials. However, increasing wood harvest influences forest carbon stocks. This effect may reduce the overall climate benefit of wood use significantly but is widely overlooked. We carried out a systematic review of simulation studies and compared differences in forest carbon and amount of wood harvested between more and less intensive wood harvest scenarios for three different time perspectives; short (1-30 years), mid (31-70 years) and long (71-100 years). Out of more than 450 reviewed studies 44 provided adequate data. Our results show that increased harvesting reduced carbon stocks over 100 years in temperate and boreal forests roughly 1.6 (stdev 0.9) t_C per t_C harvested. The value proved to be robust when outliers explicitly influenced by other factors than change in harvest rate, such as increase in fertilization or forest area, were removed. Interestingly, no significant difference in carbon impacts was found for average values of boreal and temperate forests or between short and long time-horizons. However, impacts tend to be greatest in the mid-term. This carbon balance indicator that we estimated can be interpreted as carbon debit of wood harvest in forests. It is significant compared with the typical GHG credits in technosphere generated by avoiding fossil emissions in substitution and increase in carbon storage in harvested wood products, and should not be ignored. Our estimates provide default values that can directly be included in GHG balances of products or assessment of mitigation policies and measures related to wood use. However, more systematic scenarios and transparent data in which different factors influencing forest carbon stocks are separately studied are clearly required to provide better constrained estimates for specific forest types.

With the increasing of copper consumption, the in-use stock of copper tends to increase. This paper used the “average use life method” to quantify the amount of copper in-use stock, and calculated the average age of in-use stock. It was indicated that the total in-use stock had an overall smooth trends, and reached its peak in 2007 was about 68.9 Mt (million tons), in addition, in-use stock per capita reached its peak ,234 kg/capita in 2001. The results demonstrated that during the period 1992-2002, the average age of copper in-use stock was continually decreased, but gradually increased since the year 2003. The fixed assets depreciation method used in this paper is applied to analyze depreciated copper in-use stock, and to analyze the relationship with economic indicator (GDP). It is demonstrated that it was inconsistent with the theory of Environmental Kuznets Curve (EKC) before 2000, this might be the demand for copper in the service sector is greater than the reduced strength of alternatives. Finally, scenario analysis of future copper in-use stock and depreciated copper in-use stock per capita in the U.S. were presented. The corresponding average age of the in-use stock will have a slight rise in the next decade.

Mangrove forests store and sequester large area-specific quantities of blue carbon (C_org). Except for tundra and peatlands, mangroves store more C_org per unit area than any other ecosystem. Mean mangrove C_org stock is 738.9 Mg C_org ha⁻¹ and mean global stock is 6.17 Pg C_org, which equates to only 0.4–7% of terrestrial ecosystem C_org stocks but 17% of total tropical marine C_org stocks. Seagrasses sequester more C_org per unit area than mangroves (179.6 g C_org m⁻²·a⁻¹) but twice the C_org sequestered by mangroves globally (15 Tg C_org a⁻¹). Mangroves sequester only 4% (range 1.3–8%) of C_org sequestered by terrestrial ecosystems, indicating that mangroves are a minor contributor to global C storage and sequestration. CO₂ emissions from mangrove losses equate to 0.036 Pg CO₂-equivalents a⁻¹ based on rates of C sequestration but 0.088 Pg CO₂-equivalents a⁻¹ based on complete destruction for conversion to aquaculture and agriculture. Mangrove CO₂ emissions account for only 0.2% of total global CO₂ emissions but 18% of CO₂ emissions from the tropical coastal ocean. Despite significant data limitations, the role of mangrove ecosystems in climate change mitigation is globally insignificant but may be more significant and effective at the national and regional scale.

This paper aims to quantify the effect of the deadly novel coronavirus (COVID-19) pandemic outbreak on Chinese stock market performance. Shanghai Stock Exchange Composite Index and its component sector indices are examined in this study. The pandemic is represented by a lockdown dummy, new COVID-19 cases and a dummy for 3 February 2020. First, descriptive analysis is performed on these indices to compare their performances before and during the lockdown period. Next, regression analysis with Exponential Generalized Autoregressive Conditional Heteroscedasticity specification is estimated to quantify the pandemic effect on the Chinese stock market. This paper finds that health care, information technology and telecommunication services sectors were relatively more pandemic-resistant, while other sectors were more severely hurt by the pandemic outbreak. The extent to which each sector was affected by pandemic and sentiments in other financial and commodity markets were reported in details in this paper. The findings of this paper are resourceful for investors to avoid huge loss amid pandemic outburst and the China Securities Regulatory Commission in handling future pandemic occurrence to cool down excessive market sentiments.

This paper intends to examine whether a company’s policy of dividend would impact or influence the price fluctuation of respective common stock in the designated stock market particularly in Hong Kong. Hence, there are 354 companies in Hong Kong which are all listed company on the Stock Exchange of Hong Kong (HKEX), were chosen as sample data for analysis with their audited financial information ranged from 2001 to 2020. Two proxies, the yield and the ratio of pay-out of dividend were widely adopted for the measurement of the effect of dividend policy and the possible influence on the volatility of respective common stock price by employing two statistical models, which are the model of fixed and random effects to provide accurate regression coefficients. With the results from the model of fixed effects, the yield and the pay-out ratio of dividend have been found statistically associated to the price volatilization of respective common stock in Hong Kong. The statical results in this study also find the yield and the ratio of pay-out of dividend are apparently and negatively associated to the price volatilization of respective common stock in Hong Kong. The research outcomes will be a reference for further study on different variables may have effects or volatilize the price of common stock price particularly in Hong Kong capital market.

Deep reinforcement learning (DRL) has achieved significant results in many Machine Learning (ML) benchmarks. In this short survey we provide an overview of DRL applied to trading on financial markets, including a short meta-analysis using Google Scholar, with an emphasis on using hierarchy for dividing the problem space as well as using model-based RL to learn a world model of the trading environment which can be used for prediction. In addition, multiple risk measures are defined and discussed, which not only provide a way of quantifying the performance of various algorithms, but they can also act as (dense) reward-shaping mechanisms for the agent. We discuss in detail the various state representations used for financial markets, which we consider critical for the success and efficiency of such DRL agents. The market in focus for this survey is the cryptocurrency market.

The forest transition – or forest-area transition – has been put forward as a land-use concept by A.S. Mather in 1992 (The forest transition. Area 24, 367-379), to describe the historical trend generally observed in the forest area of developed countries, embodied in a V-shaped curve of the forest area over time, and that may serve as a paradigm to understand and anticipate deforestation in the developing world. Well in line with a geographical approach to forests, forest transition has thus been defined as one-dimensional, forest area being the reference state variable. From a forestry perspective, the analysis appears to be reductive, as forests are described by many other state variables than area, including forest growing stock, composition in tree species, or stand structure. Whether the drivers of forest transition (population dynamics, economic modes of production and consciousness, as classified by Mather) also impact these other forest state variables in a general way thus comes forth as a logical issue.From a deductive analysis of forest transition drivers, and from forest trends brought to light in Europe, France, and at other places in the world, we here argue that the forest transition concept can be extended to a multi-dimensional space of forest attributes, characterized by typical ideal dynamics. Cumulative impacts onto forests and irreversible losses in forest biodiversity over a forest transition are hence highlighted. Global change, as a parallel consequence of countries’ developing process, further appears as one additional albeit less coupled dimension of forest transition, as it modifies forest productivity and vitality over time. Since forest ecosystem services and forest profitability primarily depend on such attributes, we argue that the extension of the forest transition concept has significance for land-use change and forest protection issues. A prospect on future changes in the forests of developed countries with the European space as a benchmark is finally proposed that leads to extend the temporal significance of forest transition. Though poorly described, returning forests on abandoned agricultural lands are significant, and deserve greater attention.

Efficient textual data distributions (TDD) alignment and generation are open research problems in textual analytics and NLP. It is presently difficult to parsimoniously and methodologically confirm that two or more natural language datasets belong to similar distributions, and to identify the extent to which textual data possess alignment. This study focuses on addressing a segment of the broader problem described above by applying multiple supervised and unsupervised machine learning (ML) methods to explore the behavior of TDD by (i) topical alignment, and (ii) by sentiment alignment. Furthermore we use multiple text generation methods including fine-tuned GPT-2, to generate text by topic and by sentiment. Finally we develop a unique process driven variation of Kullback-Leibler divergence (KLD) application to TDD, named KL Textual Distributions Contrasts (KL-TDC) to identify the alignment of machine generated textual corpora with naturally occurring textual corpora. This study thus identifies a unique approach for generating and validating TDD by topic and sentiment, which can be used to help address sparse data problems and other research, practice and classroom situations in need of artificially generated topic or sentiment aligned textual data.

The purpose of this study is to examine the relationship between the institutional investors which can affect financial performance for corporate sustainability on the income smoothing. Therefore, this study focus on the connection between the nature of stock rights and income smoothing in China. For this study, hypotheses were established on the relationship each state-controlled companies, income smoothing, and information equilibrium of individual investors, and empirical analysis was conducted through related variables. The analysis results are summarized in three categories as follows. First, this research finds that state-controlled firms (CONTs) prefer income smoothing activities compared to non-state-controlled firms for the long-term sustainable development of firms using data from 2011 to 2019. Second, this study found out that Institutional investors support the behavior of CONTs to smooth their earnings because this behavior is seen as an attempt by CONTs to convey valuable private information to other investors. Third, we was able to discover that institutional investors' monitoring effect is predominantly driven by pressure-resistant institutional investors. This research complements the lack of empirical research on income smoothing and enable to give a guideline that the type of stock rights is a critical key determinant of participation in income smoothing activities for stable growth and sustainability in the future.