Exchange Rules Research Articles

How Governments Impede the Development of Professional Football: The Case of Iran

The commercialization of European football has been heavily criticized by supporters and academic scholars alike. Such criticism ignores, however, the flaws and problems that non-commercialized or state-controlled football systems face. Therefore, the current paper examines how restrictive government policies impede the development of professional football in Iran. We demonstrate that due to the lack of property rights, rudimentary rules of exchange, political control of the football sector and discrimination against women, Iranian football is deprived of substantial revenues and development prospects. State ownership of clubs results in underinvestment and security problems. While Iran represents a rather extreme example, the problems encountered might be representative for other state-centered football systems.

Editorial Introduction: Substructural Logics and Metainferences

The concept of substructural logic was originally introduced in relation to limitations of Gentzen’s structural rules of Contraction, Weakening and Exchange. Recent years have witnessed the development of substructural logics also challenging the Tarskian properties of Reflexivity and Transitivity of logical consequence. In this introduction we explain this recent development and two aspects in which it leads to a reassessment of the bounds of classical logic. On the one hand, standard ways of defining the notion of logical consequence in classical logic naturally induce substructural logics when admitting more than two truth values; on the other hand, these substructural logics give rise to hierarchies of metainferences that can be used to approximate classical logic at different levels.

International legal frameworks of cooperation between Ukraine and FRONTEX

The article is devoted to the research of the main directions of cooperation between Ukraine and the European Border and Coast Guard Agency (FRONTEX). The main acts of international and national legislation that determine the legal framework and regulate the mechanisms of interaction are analyzed. The article notes the dual role of FRONTEX in cooperation with Ukraine, which involves both direct interaction with the national competent authority in the field of migration and border management, and through the provision of support based on international agreements.
 The author points out four main mechanisms of cooperation between the Agency and the SBGS, namely: 1) operational cooperation through information exchange networks; 2) cooperation within EU initiatives; 3) cooperation within technical assistance projects initiated and financed by the Agency; 4) cooperation on the basis of working The author singles out four main mechanisms of cooperation between the Agency and the DPSU, namely: 1) operational cooperation through information exchange networks; 2) cooperation within EU initiatives; 3) cooperation within technical assistance projects initiated and financed by the Agency; 4) cooperation on the basis of working arrangements. The last of the listed mechanisms is the most effective and includes such areas of cooperation as information exchange, personnel training, interaction in the scientific and research sphere, joint operational activities, etc. At the same time, the article notes that changes in migration processes, expansion of the Agency's mandate, strengthening of cooperation between FRONTEX and Ukraine require improvement of legal regulation. It is proposed to review the Working Arrangement on operational cooperation between FRONTEX and the DPSU and to establish in it a number of important elements that will apply to the rules of information exchange, including confidential; processing and protection of personal data; guarantees of protection of fundamental rights; conditions and procedures for financing activities coordinated by the Agency; dispatch of liaison officers, etc.
 The author emphasizes that the conclusion of an updated version of the Working Arrangement on Operational Cooperation and the signing of the Status Agreement should be important measures that will contribute to the approximation of national legislation and law enforcement practice to European standards in the field of protection and surveillance of borders.

Crude Oil Price Shocks and Stock Market Volatility: Evidence From China

As the first international futures variety in China, crude oil futures, its price influence and function play has attracted much attention at home and abroad, from the perspective of market performance, crude oil futures have had a greater impact on the capital market since its launch, and what needs to be further studied is the quantitative degree and complexity of the impact of crude oil futures price fluctuations on stock market fluctuations. The daily data from March 26, 2018 to July 5, 2022 were selected to study the influence of domestic crude oil futures prices on domestic Shanghai and Shenzhen stock index by Granger causality, cointegration test and smooth transition regression model. The study shows that the price and yield of domestic crude oil futures have a one-way guiding effect on the domestic Shanghai and Shenzhen stock indexes and yields, but their guiding effect on the Shenzhen component index is greater than that of the Shanghai Composite Index. Domestic crude oil futures prices and Shanghai and Shenzhen stock indexes have a long-term similar negative cointegration relationship. The positive and negative impact of the domestic crude oil futures price yield on Shanghai and Shenzhen stock index yields is non-linear and asymmetrical, but the mechanism of impact on the two stock markets is different, for the Shanghai stock market, the negative impact of the crude oil futures price yield is greater than the positive shock impact, for the Shenzhen stock market, the positive impact of the crude oil futures price yield is greater than the negative shock impact, and the impact on both stock markets was limited .Therefore, for domestic crude oil futures to become the global crude oil price benchmark, they also need to be continuously improved in terms of national policies, industry supervision, exchange rules and market system construction.

Audit committee financial expertise and information asymmetry

PurposeThe purpose of this study is to examine the association between audit committee expertise and asymmetric information in the US equity market.Design/methodology/approachThe authors use measures of information asymmetry for 705 US firms (5,260 firm-year observations) over the period from 2007 to 2018, and use the theory of expertise (Ericsson and Smith, 1991) to examine the association between audit committee financial expertise and information asymmetry. The authors use multiple econometric approaches such as firm fixed-effect regression and two-stage ordinary least squares regression to control for possible endogeneity and reverse causality and find that the results remain the same.FindingsThe authors find that the existence of an audit committee with financial expertise is negatively and significantly associated with information asymmetry. The authors further provide empirical evidence through which audit committee financial expertise affects the firm’s informational environment. Additional analysis supports the argument that the audit committee’s financial expertise enhances the firm’s informational environment by increasing (decreasing) analyst following (dispersion).Research limitations/implicationsOne limitation to consider, like most studies on audit committees, is that the authors do not examine the actual role performed by the audit committee. The authors focus on the characteristics stipulated by the Sarbanes–Oxley Act 2002 and stock exchange rules regarding the financial expertise of audit committee members only.Practical implicationsThis study is useful to policy makers, standard setters, investors, activists, managers, lenders and various stakeholders who rely on the financial statements of firms with an expert audit committee on board. The outcome of this study promotes recruiting audit committees with financial expertise due to the assumed benefits of this trait to the US firm.Social implicationsThe results of this study are not event-dependent and therefore have persistent effects, which is important to the evaluation of the usefulness of a regulation. This study promotes recruiting audit committees with financial expertise on boards because of the assumed benefits to the firm and investors.Originality/valueThis study is the first to document that financial expertise of audit committee characteristics is not only negatively related to the magnitude of information asymmetry but also driven by the financial expertise of audit committee members rather than chairs.

Ritual Economy, or How Much Is Spent on A Wedding in Central Asia

The article describes the rituals that form a complex of wedding traditions in the countries of Central Asia. We are talking about rites (pre-wedding, wedding and post-wedding) and related expenses. Observance of traditions imposes heavy financial obligations on the families of the bride and groom, driving them into credit burden and depriving them of economic well-being for many years. Why do families participate in this wasteful excess? What drives them? The article focuses on decoding the institute of Central Asian wedding. The article is based on interviews with students from Central Asian countries studying in Moscow. Arrival in Moscow indicates a willingness to accept values conventionally called "Western". Representatives of the westernized youth critically evaluate the economy of weddings, seeing no sense in following traditions that condemn families to excessive waste. In their opinion, the reproduction of the ritual economy is supported by public opinion and is based on the fear of the family to spoil the reputation. The wedding turns into an act of demonstrative generosity, which confirms the social status of families.Students reconstruct the logic of parents in terms of being forced to follow certain rules under vigilant social control: the rule of the reciprocal exchange of gifts; demonstration of social status and maintaining the prestige of the family; competition between the families of the bride and groom; confirmation of membership in a related clan; showing loyalty within the official hierarchy, investing in a career. Despite the legislative restrictions on the scale of weddings adopted in Uzbekistan and Tajikistan no impressive results have been achieved. The discrepancy between social expectations threaten to turn into reputational losses. People continue to pay tribute to the requirements of the ritual economy, going to all sorts of tricks in order not to fall under the sanctions of the state

A blockchain-based IoT data marketplace

The (IoT) is growing steadily, and so is the number of data that is generated by (IoT) devices. This makes it difficult to find and leverage relevant data (and data sources) without a data marketplace. Such a marketplace provides a platform to enable different parties, e.g., sensor operators and service providers, to trade their data. Today, most data marketplaces are based on centralized solutions, which may become a single point of failure and come with expensive infrastructure, trust problems, and privacy issues. Therefore, we propose the application of blockchain technology to implement a data marketplace for the IoT. Within the proposed marketplace, smart contracts are used to implement various functionalities and enforce the rules of the data exchange. The marketplace also includes a proxy, a broker, and (GUIs) to enable data trading. To show the applicability of the proposed data marketplace, we analyze the costs arising from the utilization of smart contracts.

Методика визначення результативності державного регулювання виробництва продукції сільського господарства

Abstract. Introduction. The article highlights methodical determinations of the effectiveness of state regulation of agricultural production, taking into account the creation of state food reserves. Problematic issues in the procurement of food products for state needs according to certain exchange rules are reflected. The results of research by scientists on state planning according to the main parameters of regulating the development of all agricultural production, the methodology of which is programmatic planning, are given. The category of arguments for the need for state regulation of the agricultural market, which are primarily related to the food security of the country, is singled out. In general, the state of state support for product manufacturers in European and other countries in the light of modern integration processes is indicated. The components of the elements of the budget program, groups of performance indicators of such a program, as well as how such indicators should be determined and confirmed are defined. Conclusions were made regarding the fact that the basis of state support for the production of agricultural products is a program-target method, which should ensure the effectiveness of the use of budget funds and the food security of the country. Purpose. The main goal of the study is the economic essence of determining the effectiveness of state regulation of agricultural production, determining the main directions for ensuring the effectiveness of the use of budget funds and development of conclusions. Results. The essence of determining the effectiveness of state regulation of the production of agricultural products is given, and the state of state support for commodity producers in European and other countries is indicated. According to the results of research by scientists regarding state planning, the methodology is programmatic planning, which will contribute to the harmonious combination of public and personal interests on the basis of the implementation of the state program for regulating the development of the agrarian sector of Ukraine. This approach is based on state support for the production of agricultural products, which is primarily associated with the country's food security. It is also determined that effective indicators contribute to qualitative and quantitative analysis of the state of implementation and implementation of relevant budget programs in terms of targeted financial support. Conclusions. are made regarding the relevance of state regulation of agricultural production, the methodology of which is based on the program-target method. The performance indicators reflect the effectiveness of the use of budget funds, the ratio of achieved results and expenditures under specific budget programs.

Dynamic Smart Numbering of Modular Cargo Containers

In this paper, the authors identify the existence of container imbalance that occurs in different types of ports, depending on the type of inbound and outbound cargo they serve. The authors further analyze international trade realities and maritime companies’ requirements and identified inefficiencies. A comprehensive review of the relevant container regulations and identification standards is performed. Based on their findings, a paradigm change is proposed in the form of a modular container solution that uses disruptive digital technologies to ensure dynamic container identification (numbering) that can be exploited to overcome such inefficiencies. The technical requirements for coupling and decoupling operations are identified, along with detailed analysis of the requirements for embedded electronic components. Considering the strict container data exchange rules, the required changes in global container tracking systems are identified and explained. Coupling, decoupling, and serial number assignment procedures are proposed along with analysis of the measured lead times. Modularization and dynamic smart numbering are identified as viable disruptive technologies to address the global container imbalance. The authors contribute to the existing research on maritime transport sustainability by proposing a modular container solution, exploiting disruptive digital technologies, and clearly defining the prerequisites for the global introduction of the solution as a part of the digital transformation portfolio of involved stakeholders managing global container movements.

Checking the rule of information exchange on possible evidence at the pre-trial hearing

Article 83 of the Criminal Procedure Code of Georgia regulates the exchange of evidence obtained by the parties. The article discusses the legislative regulation relating to the first part of Article 83 of the Criminal Code of the Russian Federation, and talks about the legally misunderstood content associated with it. Changes are proposed to legally correctly formulate the content of Article 83 1 1 of the Code of Criminal Procedure, revising the practice of exchanging information about possible evidence in accordance with the rules established before the pre-trial hearing. With regard to the exchange of information on possible evidence, I mean the wrong practice, in particular, the issue of including the testimony of witnesses of the opposing party in its list of evidence. The form of the request for the transfer of evidence and its practical implications are also discussed.

КОМУНІКАТИВНА ВЗАЄМОДІЯ ВИКЛАДАЧА І КУРСАНТА В ПРОЦЕСІ ФОРМУВАННЯ КУЛЬТУРИ ПРОФЕСІЙНОГО МОВЛЕННЯ У ЗАКЛАДІ ЛЬОТНОЇ ВИЩОЇ ОСВІТИ

The article reveals the peculiarities of the dialogical form of communication in the process of foreign language training in the institution of higher flight education. This article notes that a direct realization of professional communication of the air traffic controller in the workplace is performed via radio exchange. Civil aviation radio communication is an act of speech interaction, the exchange of professional information between the aircraft crew and ground control services and/or other aircraft, carried out through high-quality communication channels. The content of such communication is determined by the real circumstances in the ATC area, which are expressed in graphic and audiovisual form on the screens of instruments and consoles. The article also mentions that in the organization of the educational process, in particular, today and in the training of future air traffic controllers, as a way to exchange these messages often use one-way communication. Thus, the informational side of learning is preferred and procedurally underestimated is the fact that students quickly assimilate ready-made knowledge and the inability to independently acquire and use it. Such a monologue hinders the individualization of learning, taking into account the personal beginnings of the student and his self-realization, it does not correspond to the communicative component of modern life. The article also pays attention to the fact that radio exchange presupposes the presence of two parties - participants in radio exchange, which are the crew commander on the air side, and on the ground side - the controllers of interacting air traffic control points. The relations between the communicating participants are determined by the established rules of radio exchange. Among the two communicators, the representative of the control service is the main one, because it is he who transmits instructions on board the aircraft and monitors the movement of the aircraft; yes, communicators have their own functions in dialogue.

The Politics of Market Change towards Sustainability: Revisiting Germany’s Policy Support Framework for Renewables

Legislative efforts for renewables-based energy decarbonisation hinge upon the support and commitment from different stakeholders holding often conflicting positions regarding disruptive processes of socio-technical transformation. However, the evolving acceptance of market actors on the policy-driven promotion of renewables over time remains under-scrutinised. Simultaneously, despite growing attention to power and politics in sustainability transitions, limited efforts remain invested for elucidating the political-economic nature of the market-based selection environments they are operationalised through, highlighting the need for a more systematic comprehension of the “politics of selection”. To address these shortcomings, this paper provides a more refined understanding of the role of policy-driven markets and its participating agents in facilitating/hindering innovation diffusion and broader (system-wide) sustainability transitions. To do so, it showcases a longitudinal case study of the politics underlying Germany’s evolving feed-in policy support framework for orchestrating a market-mediated diffusion of renewables (1980s–2020). Based on policy analysis and semi-structured interviews, the study traces the changing acceptance and ensuing strategic (re)actions of market actors to the emergence and evolution of Germany’s market for electricity from renewable energy sources. Results show how different market participants effectively shape the selection environments they operate in by proactively contesting/deluding the design features of the support policies organising their economised relations (e.g., market entry conditions, exchange rules, remuneration levels, pricing schemes, etc.). Such efforts are undertaken through legal means and market framing strategies targeting the affordability of policy support costs, coupled with the strategic use of policy instrumentation as a vehicle to further expand/retain their market shares to the detriment of competing actors.

Review and Improvement of Consumer Rights Protection under the WeChat Business Model

Wechat business is a model in the development of network economy. It has the characteristics of fast information dissemination and simple business model. As an emerging group of online sellers, it has almost no application to the rule of Seven-day unreasonable return and exchange. With the expansion of the influence of wechat merchants, the lack of application of this rule has greatly infringed on the rights and interests of consumers. To promote the standardized development of Seven-day unreasonable return of wechat merchants, it is necessary to improve the law on the definition of wechat subject behavior, improve the supervision system of wechat registration, and build a wechat credit evaluation and dispute resolution mechanism. Starting from the phenomenon of system establishment, from the perspective of law and system, improve the means and methods of standardizing the business behavior of wechat merchants, in order to solve the infringement of consumers' rights and interests caused by the Seven-day unreasonable return system of wechat merchants at this stage, and promote the prosperity and development of wechat merchants and other network economic behaviors in China.

Related Party Transactions on the London Stock Exchange: What Works and What Does Not?

The rules governing companies listed on the Main Market of the London Stock Exchange (LSE) and its Alternative Investment Market (AIM) fill an important gap in the general law regulating related party transactions (RPT). The regulatory techniques used in these ‘Exchange rules’ are principally disclosure to the market at the time of the transaction and, in a more limited range of cases under the Main Market rules, prior approval of the transaction by a majority of the uninvolved shareholders. This article investigates the outcomes of these rules by analysing the RPT announcements made by companies on these two markets over a twelve-month period beginning in June 2019. These announcements related to nearly 500 RPT. The article concludes that neither mechanism works at an optimum level. The Main Market shareholder approval requirements catch only a small number of companies, predominantly outside the FTSE 350. The disclosure rules omit an important element in the information the market needs, namely the company’s analysis why the transaction is considered fair. In cases where there is an operative shareholder approval requirement (from whatever source), then the need to obtain shareholder approval is likely to force revelation of the company’s fairness analysis, but this driver does not operate across the majority of RPT. The article makes some suggestions for simple reforms to address these defects. related party transactions, London Stock Exchange, disclosure to the market, shareholder approval, authority to issue shares, pre-emption, independent directors, fairness certification

Stable allocations for choice-based collaborative price setting

Horizontal price agreements can fall within the scope of exemptions to antitrust competition if they are expected to create pro-consumer benefits. Inspired by such horizontal agreements, we introduce a cooperative game in which a set of transport operators can collectively decide at what price to offer sustainable urban mobility services to a pool of travelers. The travelers choose amongst the mobility services according to a multinomial logit model, and the operators aim at maximizing their joint profit under a constant market share constraint. After showing that various well-known allocation rules (i.e., proportional rules and the Shapley value) do not always generate core allocations, we present a core-guaranteeing allocation rule, the market share exchange rule. This rule first allocates to each transport operator the profit he or she generates under collaboration, and then subsequently compensates those transport operators that lose part of their market share, which is paid by the ones that receive some extra market share. This exchange of market share is facilitated by a unique price, which can be expressed as the additional return by cooperating per unit of market share. Finally, we show that, under some natural conditions, the market share exchange rule still sustains the collaboration when the transport operators need to pay back part of the joint profit to society.

ADR ON DISPUTE BETWEEN A CLIENT AND TRADING MEMBER AT THE LEADING STOCK EXCHANGE IN INDIA: A CASE STUDY

This case is an appeal matter with the Leading Stock Exchange of India Ltd (LSE) with regard to a dispute between a client and a trading member of the LSE. The Appellant contended that the award passed by the arbitrator had not taken into account the evidence, documents and rules of stock exchange properly while determining the case matter and passed the award. Appellant challenged the Award on the grounds that the award was beyond the scope of submissions to the arbitration, non-application of mind, and ignorance of established judicial principles. The Appellate Member has to determine whether there had been any lapses on the part of the arbitration in applying the trading rules and procedures of the Exchange while analyzing the matter, determining the case and passing the award. Based on that, the Appellant Arbitral Tribunal had to decide whether to set aside the award passed by the sole arbitrator, modify the award or uphold it. The findings and conclusions provide inputs for the development of an appropriate regulatory framework for the Futures Market. However, the results may be generalized only in the emerging markets environment. Hence, researchers are suggested to study margin guidelines of futures market, appreciate the dynamics of futures market and apply the same in their future research in India and abroad.

Risk and Reputation

Direct listing is an innovative alternative to a traditional initial public offering. Since direct listing was revived in 2018, there have been many lingering questions, particularly about the liability of financial advisors involved in the process. In a traditional IPO, a company retains an investment bank as an underwriter; the underwriter takes on a degree of financial risk and lends credibility to the company’s offering, often directly marketing the offering to potential investors. In a direct listing, however, investment banks act as financial advisors but do not assume financial risk or market the sale of securities. Section 11 is an important antifraud provision of the Securities Act of 1933, which imposes liability on all offering participants meeting the statutory definition of underwriter. Whether that definition fairly encompasses financial advisors is unsettled, resulting in uncertainty for both investors and offering participants. After arguing for the application of the Lehman Brothers interpretation of the underwriter definition, this Note then argues that financial advisors are not likely to be statutory underwriters under that interpretation. This Note therefore recommends against the application of section 11 liability to financial advisors. After briefly discussing the risks this conclusion implies for investors, this Note discusses what should be done. One scholar has suggested that section 11 liability should be imposed on financial advisors through exchange rules. But increasing liability is not without costs. Reframing the question as a choice between negligence-based liability and scienter-based liability, this Note points to the possibility that an increase in liability could undermine the primary benefits of direct listing. Drawing on a framework developed by Professor Assaf Hamdani, this Note finally discusses the possibility of using direct regulation in concert with scienter-based liability to incentivize financial advisors to be effective gatekeepers.

Energy-Efficient Topology Construction via Power Allocation for Decentralized Learning via Smart Devices With Edge Computing

Data privacy preservation has drawn much attention in emerging machine learning applications. Decentralized learning among smart devices over wireless networks is thus developed to guarantee data security and eliminate the involvement of parameter servers to avoid transmission bottlenecks. However, the previous research focuses on data compression and exchange rules of model parameters among smart devices. Still, it neglects the interplay between link cardinality, transmission power consumption, and collision in transmission. To jointly optimize these issues, in this paper, we first set collision and interference aside and formulate a new optimization problem, named GreenDL, and then extend GreenDL to be collision-aware, namely, GreenDL-CA, by restricting the maximum degree of each smart devices. We prove their hardness and propose two approximation algorithms dubbed as CoTRAIN and CoTRAIN-CA for GreenDL and GreenDL-CA, respectively. Experiment and simulation results manifest that both CoTRAIN and CoTRAIN-CA reduce more than 20% power compared with the other heuristics without sacrificing the convergence rate in the decentralized learning practices.

2.G. Workshop: The European Health Data Space (EHDS): future opportunities and current challenges

The creation of a European Data Space is one of the priorities of the Commission 2019-2025, including the health sector. A common European Health Data Space will promote better exchange and access to different types of health data (electronic health records, genomics data, data from patient registries, etc.), not only to support healthcare delivery (so-called primary use of data) but also for health research and health policy-making purposes (so-called secondary use of data). The COVID-19 pandemic has further underlined the importance of having timely access to health data within the Members States and across Europe. The EHDS would give a valuable contribution to research activities on new preventive strategies and effective treatments and medical devices, thus contributing to improving citizens' health and their quality of life. The European Health Data Space will require a common framework that should be based on three pillars: a strong system of data governance and rules for data exchange;data quality;strong infrastructure and interoperability A concerted effort is needed to overcome some of the difficulties that are arising and that relate to: different levels of health digitalization and infrastructure quality at national levels; fragmentation of data standards and limited interoperability between healthcare systems; limited access and operability due to legal (GDPR) issues.We believe there is an urgent need to discuss with relevant stakeholders about strategies to: Establish an appropriate legal and governance framework to cover the access to and exchange of health data for healthcare provision, research, policy-making and regulatory activities.Lower technical barriers hindering data use and re-use, in particular those related to infrastructure, interoperability, data quality and standards in the health field.Ensure access and control of patients and citizens over their own health data. The workshop's structure and content aim at accomplishing with the above by: 1) introducing the principles and potential of the European Health Data Space (EHDS) project, ii) providing contributions from stakeholders on the three pillars of the EHDS, stimulating the debate around current gaps in knowledge, as well as system and policy barriers to the design and implementation of the EHDS.Key messages The European Health Data Space (EHDS) will have a strategic importance for public health, supporting policy makers and researchers all across Europe.To fully develop the potential of the EHDS, some main challenges need to be addressed within the legal and technical frameworks.

Rules for Magnetic Exchange in Azulene-Bridged Biradicals: Quo Vadis?

Electronic coupling through organic bridges facilitates magnetic exchange interactions and controls electron transfer and single-molecule device electron transport. Electronic coupling through alternant π-systems (e.g., benzene) is better understood than the corresponding coupling through nonalternant π-systems (e.g., azulene). Herein, we examine the structure, spectroscopy, and magnetic exchange coupling in two biradicals (1,3-SQ2Az and 1,3-SQ-Az-NN; SQ = the zinc(II) complex of spin-1/2 semiquinone radical anion, NN = spin-1/2 nitronylnitroxide; Az = azulene) that possess nonalternant azulene π-system bridges. The SQ radical spin density in both molecules is delocalized into the Az π-system, while the NN spin is effectively localized onto the five-atom ONCNO π-system of NN radical. The spin distributions and interactions are probed by EPR spectroscopy and magnetic susceptibility measurements. We find that J = +38 cm-1 for 1,3-SQ2Az and J = +9 cm-1 for 1,3-SQ-Az-NN (). Our results highlight the differences in exchange coupling mediated by azulene compared to exchange coupling mediated by alternant π-systems.