General Market Research Articles

Individual placement and support in mental health services: evaluation of routine clinical data using aretrospective chart review

People with severe mental illnesses are often excluded from working life and would like support to (re)enter the general labor market as part of the psychiatric treatment. Individual placement and support (IPS) is an effective method of finding and retaining work in the general labor market. The aim of the study was to determine the integration rates of IPS into the general labor market in acute and postacute psychiatric settings, identifying patient, setting and program characteristics associated with (re)entering work. A retrospective chart review (RCR) of routine clinical data between 2016 and 2021 was carried out. The IPS program adherence was rated using the IPS fidelity scale. A total of 375 patients participated in the IPS with at least 4 appointments. The (re)integration rate into the general labor market was 51.7%. A shorter time period to the last working day, diagnosis of F1, F2, F3 (vs. F4), change of treatment setting and IPS in the psychiatric institute outpatient department (PIA), IPS fidelity and the number of IPS coaching sessions were positively correlated with (re)integration into work. The implementation of IPS in clinical mental healthcare is possible and leads to high integration rates in the open labor market. An early start of IPS during the clinical treatment can promote social inclusion.

Estimation of expected return integrating real-time asset prices implied information and historical data

In this paper, we develop a novel estimation for expected stock returns combining forward-looking information implied by real-time asset prices and backward-looking information implied by historical data. Considering a general heterogeneous market composed of both informed investors and noise investors, we investigate the market equilibrium characterized by the expected returns, risk-neutral moments and market portfolio. To mitigate the negative impact of the market noise on the forward-looking information implied in market equilibrium, we then incorporate historical data and propose the combined estimation for expected return within a Bayesian framework. The combined estimation is adaptive to the market composition and adjustable to changes in market states. Monte Carlo simulations and empirical studies are performed to validate the merits of the proposed approach.

Behavioral Segmentation of Personnel in the Human Resource Management System of Universities

In the conditions of modernization of higher education, the importance of effective methods of managing the personnel potential of universities and higher education institutions is increasing. The use of segmentation allows you to form an effective strategy for personnel management of various categories, minimize personnel risks, save time and financial resources. The purpose of the study is to identify the technologies of behavioral segmentation of the organization’s personnel and to consider the possibilities of their use in the management of the human resources potential of higher education institutions. The analysis of the data of sociological surveys indicates the presence of significant difficulties in conducting behavioral segmentation of university teachers, which is due to a wide range of objective and subjective factors that determine the specifics of professional strategies of teachers. Based on the research results, a variant of behavioral segmentation of teachers is proposed, taking into account two factors: on the one hand, the level of expectations from work, requests to the employer, the most significant for teachers, on the other hand, the level of practical implementation of requests and expectations from the professional activity of teachers. The general characteristics and boundaries of the segments allocated depending on behavioral characteristics can become the basis for the development and implementation of a differentiated personnel policy, the formation of an effective system of motivation of employees of different categories. The behavioural segmentation of teachers, proposed by the author of this study, is based on general marketing approaches to the analysis of motivational orientations and preferences of a specific category of employees; the article considers a wide range of factors that determine teachers’ satisfaction with their work. The complexity of the implementation of these approaches is due to the fact that there is no universal toolkit for behavioral segmentation of personnel, and the choice of criteria and methods for separating and dividing personnel should be specified each time taking into account the objectives facing managers.

Dynamic Mean–Variance Portfolio Optimization with Value-at-Risk Constraint in Continuous Time

Recognizing the importance of incorporating different risk measures in the portfolio management model, this paper examines the dynamic mean-risk portfolio optimization problem using both variance and value at risk (VaR) as risk measures. By employing the martingale approach and integrating the quantile optimization technique, we provide a solution framework for this problem. We demonstrate that, under a general market setting, the optimal terminal wealth may exhibit different patterns. When the market parameters are deterministic, we derive the closed-form solution for this problem. Examples are provided to illustrate the solution procedure of our method and demonstrate the benefits of our dynamic portfolio model compared to its static counterpart.

Common Financial Market of the EAEU: Concept, Structure and Problems of Formation

Aim. The purpose of the study is to substantiate the concept and structure of the common financial market of the Eurasian Economic Union, highlight the problems of its formation and ways to solve them. Tasks. The objectives of the study are: review and analysis of the definitions of the common financial market in the legal framework of the Eurasian Economic Union; highlighting key aspects of the development of the common financial market; defining its structure, problems of formation, proposing ways to solve them.Methods. Methods were used: institutional analysis, comparative analysis, system analysis to substantiate aspects of the formation and structure of the common financial market of the Eurasian Economic Union. The method of formal logical analysis was also used to clarify the concepts of the common financial market in various acts of the integration level.Results. Firstly, at the level of the Eurasian Economic Union, the concept and criteria of a common financial market have been established.Secondly, a broad and narrow understanding of the structure of the common financial market in the context of Eurasian integration is highlighted.Thirdly, the key aspects of the development of the common financial market are: expanding the range and accessibility of financial services; ensuring the rights of consumers of financial services and investors; security and transparency of financial services.Fourthly, the problems of forming a common financial market are highlighted, including the different levels of development of the markets of the integration member states, the weak sector of the securities and investment markets.Conclusions. The common financial market is part of Eurasian integration, the processes of formation of such a market are components of integration processes. The structure of the general financial market in the narrow sense includes the banking and insurance services sector, the securities market sector, and the relations between these sectors. A broad understanding of the structure of the general financial market additionally includes the tax, budget and currency areas.

The impact of cryptocurrency-related cyberattacks on return, volatility, and trading volume of cryptocurrencies and traditional financial assets

We investigate the impact of cryptocurrency-related cyberattacks on the cryptocurrency market and traditional financial markets. The dataset consists of historical cyberattack data and trading data for twenty cryptocurrencies, three cryptocurrency uncertainty indices, five payment companies, four stock indices, a commodity index, and gold. We find that cyberattacks are associated with negative returns, increased volatility, and increased trading volume not only for the cryptocurrencies but also for the payment companies, the financial and technology sectors, and the general stock market. However, the impact of cyberattacks on cryptocurrencies has been decreasing over time, while the impact on payment companies and the financial sector has been increasing. Moreover, gold prices have shown a positive response to these cyberattacks. These results underscore the need for enhanced cybersecurity measures in the fintech sector and may inform both policymakers and market participants.

Females on Boards and Default Risk in the Chinese Real Estate Industry

This study examines the relationship between female directors on boards and default risk in the Chinese real estate industry. While gender diversity is commonly viewed as an effective governance tool in boards to lower the risk of general market firms, we find that there is little influence with female directors in mitigating the default risk in our sample Chinese real estate firms. Nonetheless, once we partition our sample firms into state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs), we observe a significant influence of female directors in lowering the default risk of non-SOEs. We further find that the significant relationship between female board representation and default risk in non-SOEs is attributed to non-SOE firms with high financial constraints and a critical mass of female directors. Our results are robust with a matched sample design, an instrumental variable approach, alternative measures of key variables, and inclusion of additional controls. Overall, our findings highlight the particular circumstances in which board gender diversity is effective in mitigating default risk in the unique environment of the Chinese real estate industry.

LIVESTOCK DEVELOPMENT IS AN INTEGRAL PART OF THE SUSTAINABLE DEVELOPMENT OF THE UKRAINIAN COUNTRYSIDE AND THE COUNTRY’S FOOD SECURITY

Agricultural production is one of the most important components of the economy of every country, as it guarantees their food security. The livestock products market occupies an important place in the general food market of Ukraine. Ensuring the needs of the population with food products produced from the products provided by the livestock industry depends on its development. However, the actual state of the industry during the last 30 years does not correspond to potential opportunities and is characterized by a reduction in the number of almost all types of farm animals. In the 90s of the last century, after a short-lived reform of the agro-industrial complex, livestock farming in Ukraine underwent negative changes. The population of agricultural animals in large agricultural enterprises (collective farms and state farms) began to decrease at a catastrophic pace, productivity decreased, production became unprofitable and product quality deteriorated, the country’s export potential decreased and the social living conditions of the rural population worsened. All this puts national food security at risk. The article analyzes the state of animal husbandry development in the period 1991–2021 and found that after 1990, the production of the main livestock products moved to private homesteads of peasants, to small areas of homestead plots. Most of the peasants in their households keep pigs (68.4%), sheep and goats (78%), poultry (79.5%), rabbits (99.5%) and bee colonies (88.3%). It was established that in 2021, the production of meat and meat products amounted to 70.1%, milk and dairy products — 44.6% of those produced in 1991, but the production of eggs increased by 8.3% compared to 1991. It was found that the low level of income does not allow Ukrainians to eat well. In 2021, the level of consumption of meat and meat products by the population of Ukraine amounted to 71% of the rational norm and exceeded the minimum necessary norm by only 9.2%. Ukrainians also do not consume enough milk and dairy products — 53.1% of the rational norm, and only eggs — an almost rational norm (95.9%). At the same time, it should be noted that 29% of the average daily diet of Ukrainians is provided by the consumption of products of animal origin. The influence of the enemy’s military actions on the livestock industry of Ukraine is given. Significant losses of farm animals and poultry and ecological damage to the natural environment for decades to come have been caused due to the destruction of animals and the inability to dispose of them in time and in accordance with the rules.

Enhancing Financial Time Series Prediction with Quantum-Enhanced Synthetic Data Generation: A Case Study on the S&P 500 Using a Quantum Wasserstein Generative Adversarial Network Approach with a Gradient Penalty

This study introduces a novel Quantum Wasserstein Generative Adversarial Network approach with a Gradient Penalty (QWGAN-GP) model that leverages a quantum generator alongside a classical discriminator to synthetically generate time series data. This approach aims to accurately replicate the statistical properties of the S&P 500 index. The synthetic data generated by this model were compared to the original series using various metrics, including Wasserstein distance, Dynamic Time Warping (DTW) distance, and entropy measures, among others. The outcomes demonstrate the model’s robustness, with the generated data exhibiting a high degree of fidelity to the statistical characteristics of the original data. Additionally, this study explores the applicability of the synthetic time series in enhancing prediction models. An LSTM (Long-Short Term Memory)-based model was developed to evaluate the impact of incorporating synthetic data on forecasting accuracy, particularly focusing on general trends and extreme market events. The findings reveal that models trained on a mix of synthetic and real data significantly outperform those trained solely on historical data, improving predictive performance.

The Impact of Inflation on Stock Returns for a Selected Sample of Companies in the Iraq Stock Exchange for the Period (2007-2022)

The study aimed to analyze the impact of inflation on the returns of sectors comprising the Iraq Stock Exchange and employed the Autoregressive Distributed Lag Model methodology to analyze the impact of inflation on the sectors of the Iraq Stock Exchange using monthly data for the period 2007-2020 , Among the most important conclusions reached by the study: there is an inverse relationship between inflation and returns for sectors such as (banking sector, insurance sector, investment sector, tourism sector, and the general market index). There is also a long-term balance between inflation and sector returns for the period (2007-2020). Additionally, the results showed a short-term inverse relationship between inflation and returns for sectors such as banking, insurance, investment, and the general market index. These results confirm that stocks are not a hedge against inflation in the long term in the Iraq Stock Exchange.

Global evidence on the Russia–Ukraine conflict and energy stock returns

Using the event-study and difference-in-differences approaches, this paper examines the impact of the Russia–Ukraine conflict on the stock returns of alternative energy and oil & gas producers from 48 countries. We focus on multiple critical events from the beginning of the invasion through eight months into the conflict. Our empirical results indicate that renewable energy and oil & gas producers performed better than the general stock market. Oil & gas producers generated greater returns when compared with alternative energy firms, especially at the beginning of the conflict. The gap in stock returns between the two groups of energy producers shrank significantly as the conflict progressed. Particularly in Europe, later stages of the conflict witnessed greater alternative energy stock returns than oil & gas ones. A further examination of the index returns for the segment of well-established energy firms reveals that renewable indices performed better then oil & gas indices in every critical phase of the conflict. Finally, we show that the stock returns of renewable energy equipment manufacturers also exceeded those of oil & gas equipment producers during the crisis. Overall, our results indicate investors’ optimism about the prospect of green energy following the Russian invasion of Ukraine.

Influence of Traditional Markets in Cheongnyangni General Market Area before and after COVID-19 outbreak

Influence of Traditional Markets in Cheongnyangni General Market Area before and after COVID-19 outbreak

COVID anomaly in the correlation analysis of S&P 500 market states.

Analyzing market states of the S&P 500 components on a time horizon January 3, 2006 to August 10, 2023, we found the appearance of a new market state not previously seen and we shall discuss its possible implications as an isolated state or as a beginning of a new general market condition. We study this in terms of the Pearson correlation matrix and relative correlation with respect to the S&P 500 index. In both cases the anomaly shows strongly.

Biobased and biodegradable imine vitrimers from epoxidized soybean oil as packaging

AbstractA flexible and stretchable vitrimer was synthesized using exclusively biobased building blocks and following green chemistry principles. Epoxidized soybean oil (ESO), vanillin, the biobased diamine, Priamine®, and oleic acid were used to create a material that can replace fossil‐derived, non‐biodegradable packaging. Vanillin and Priamine® were used to develop a crosslinker that could react with the epoxide groups of ESO without the need for solvents, with a catalyst‐free synthesis that does not generate any waste or byproducts. Oleic acid was incorporated, to tune the properties of the final material, since it can react with ESO and control the crosslink density. The vitrimers produced in this work showed excellent reprocessability and recyclability. They possess the ability to be molded, and they can also strongly adhere on surfaces. Moreover, they exhibited oxygen and water vapor barrier comparable to low density polyethylene, while showing very low migration into food simulant, which position them as a promising material for flexible food and general packaging market. The vitrimers showed also the capability of biodegradation in seawater, providing a safe end of life in case of mismanagement.

IMPACT OF META VERSE ANNOUNCEMENT DATE ON STOCK PRICES

Purpose-The developing metaverse, a virtual world poised to transform online interaction, has raised an important question: how does a company's participation influence its financial standing? This study focuses on the e-commerce behemoth Amazon and its prospective entry into the metaverse. Our major goal is to determine whether a statement by Amazon on their metaverse plans causes a significant impact in their stock price. By examining past stock data with any potential metaverse announcement dates, we hope to determine whether Amazon's excitement about the metaverse translates into an actual financial benefit. This study dives deeper by examining the specifics of the announcement (assuming it occurs). Does the level of commitment and investment mentioned affect the stock price reaction? Finally, this study aims to bridge the gap between the hoopla surrounding the metaverse and its real-world ramifications for corporations such as Amazon. Approach: Event Definition: The event of interest is the particular day on which our selected companies makes a public declaration about entering the metaverse. This date will be critical to our analysis. Event Window: We'll set a timetable around the announcement date. This window will most likely consist of two parts: Estimation Window: The period preceding the announcement, we have selected 110 days, helps set a baseline for Amazon's stock price performance and eliminates the impact of unrelated market movements. Event Window: This time period, we have selected as 10 days before and after following the announcement allows us to monitor any potential changes in stock price due to metaverse news. Findings: Stock Price Change: The investigation may discover a statistically significant boost in companies stock price following a metaverse announcement. This suggests that investors reacted positively to the announcement, maybe seeing the metaverse as a new growth prospect. No Change or Negative Change: Alternatively, the investigation may discover no substantial change, or even a decline in stock price following the announcement. This could suggest investor concern about companies capacity to capitalize on the metaverse, as well as a general market correction during the event window. Impact of Announcement Specificity: The study may find that the level of depth and commitment conveyed in the announcement influences stock price movement. A more thorough and ambitious proposal may elicit a better positive response from investors. Industry-Specific Effects: The research design might be expanded to compare company's stock price movement to those of other companies in different industries following metaverse announcements. This could reveal whether particular industries have a stronger stock market reaction because of their deeper relationship to the metaverse. Limitation: For starters, the metaverse is a very new concept, so any announcement by worldwide companies may focus on future projects. This makes it difficult to estimate the long-term financial impact on the company's stock price. Furthermore, the specifics of the announcement itself (assuming it occurs) are critical. A vague announcement with few specifics may have a lower impact on the stock price than a well-defined plan with realistic investment figures. These constraints underscore the need for additional research as the metaverse and corporate participation in it evolve.

Potentials of an informational assembly assistance system for persons with cognitive disabilities—Results of a laboratory study

In Germany, individuals unable or not yet able to return to the general labor market due to disabilities are employed in sheltered workshops which are called WfbM (“Werkstätten für behinderte Menschen”). These organizations are required to earn the wages for the aforementioned group of people by offering market services. These services include, in particular, assembly activities. However, WfbM face the challenge that customer orders tend to become more complex, especially as a result of an increased number of product variants. This development not only has an impact on the work in WfbM, but also makes it much more difficult to achieve the desired inclusion of people with disabilities in the general labor market. Bearing this in mind, the research question addressed in this article can be stated as such: How far can the use of an informational assistance system compensate for performance deficits of people with disabilities in the context of assembly? The results of the conducted laboratory study show that the implementation of an assistance system can help to reduce existing barriers and challenges resulting from the mismatch between requirements of the general labor market and the performance characteristics of people with cognitive impairments.Practical Relevance: For people with disabilities, the use of assistance systems opens up new opportunities for participation in the general labor market and thus makes an important contribution to implementing the requirements of the “Bundesteilhabegesetz” (a law to strengthen participation of people with disabilities in Germany).

The Impact of the Monetary Policy of the US Federal Reserve on the Ratio of the US Dollar To the Japanese Yen in the Foreign Exchange Market during 2015-2023

The information base of the study is the time series of the daily exchange rate of the currency pair USD/JPY, the US 10-year Treasury bond (TB 10), the Japanese government bond 10-year (JGB 10), the volatility index (VIX) of the Chicago Board Options Exchange (CBOE), which calculated by Bloomberg. Study period: December 1, 2015 (the date the Federal Reserve raised interest rates, which initiated a new regime – began easing its ZIRP zero interest rate policy) to December 29, 2023. The relationship between monetary policy and the currency pair USD/JPY is evaluated using 3 approaches: 1) a rally dynamic system based on the standard theory of nonlinear differential equations aimed at eliminating psychological noise (1/f noise, pink noise, trend noise with spectrum capacity); 2) regression of instrumental variables with heteroskedasticity aimed at managing unobservable sources of variability; 3) an event tracking method to measure anomalous asset price response, analyzing the daily price action of USD/JPY to detect market-related fluctuations in the exchange rate and separate the impact of general market trends from related differences in interest rates. The study found that the US Federal Reserve’s (Fed’s) monetary policy only occasionally affects the USD/JPY exchange rate, and it changes mainly when monetary policy deviates from expected future trajectories. Within the studied period, this happened only 3 times: growth on December 16, 2015; emergency rate reduction due to COVID-19 on March 15, 2020; and the first increase of 75 basis points on June 15, 2022 (the article estimates the impact of each of these episodes on the exchange rate). Statements by the Fed on monetary policy affect the price dynamics of the USD/JPY pair in the short term (since short-term psychological expectations play a decisive role in shaping the dynamics of the currency market), but not often (if the statement on monetary policy is consistent with market forecasts, it is practically will not affect exchange rates). The Fed’s adoption of tools such as “forward guidance” and official statements to inform the future course of monetary policy indirectly affects the price dynamics of USD/JPY. The price action of USD/JPY was driven by the fundamentals of the difference in interest rates between the US and Japanese bonds, which are influenced by the monetary policy of the US Federal Reserve and the Bank of Japan (BoJ). In 2023, it could be hard to attempt to challenge FX intervention except to curb “excess volatility and disorderly movements in exchange rates” like the Minister of Finance’s (MoF) 2022 intervention.

A sudden shift for Pain Medicine fellowships – A recount of the 2024 match

Pain Medicine, a field that was once considered primarily a specialty of opioid medication management, evolved into a multimodal care model with the goal of limiting reliance on pain medications. Now, we see another revolution—the advancement from percutaneous procedures to minimally invasive surgical procedures.Despite these changes, Pain Medicine fellowships have consistently been recognized as a competitive subspecialty with more applicants than the number of available positions – until now. The most recent pain fellowship match suggests an abrupt change to the popularity of the specialty (with over 61 unmatched positions and over 35 unfilled programs) for applicants expected to matriculate in the year 2024 [1]. Unfilled positions have risen from 5% to 15% in the past three years. Similarly, unfilled programs have risen from 10% to 30% in the past three years.Several reasons for this sudden change in popularity have been proposed, including a lucrative general anesthesiology market, increasing difficulties with insurance coverage and reimbursement for procedures, and a dearth of advanced pain procedures performed at academic medicine programs. The field is at a critical juncture, necessitating ongoing discussions and collaboration among stakeholders to ensure that trainees are attracted to this dynamic field and are ultimately equipped to meet the evolving needs of patients.

Separate issues of employment and professional development of young scientists in Ukraine

The article is devoted to the theoretical and legal study of the right to work, its enshrining in the legislation of Ukraine and in international legal documents, ensuring the employment of young people by the state, the peculiarities of the employment of young scientists, as a category of subjects of labor relations with a special legal status. The state of employment of this category of workers has been analyzed and the main problems faced by young people when finding work have been identified, in particular: a) imperfection of the regulatory and legal framework that regulates labor relations with scientists; b) the possibility of forecasting supply and demand in the labor market; c) lack of professional experience among young people; d) state of development of research infrastructures; e) low level of salaries of scientific employees. The theoretical and practical problems in the field of professional development of young workers aimed at forming high professionalism in them, the ability to work in new economic conditions, as well as ensuring high productive work and effective employment on this basis are analyzed. The author concluded that the current state of the youth labor market is the most problematic part of the general labor market, since the level of youth unemployment in Ukraine has only been increasing in recent years, which contributes to the outflow of young specialists abroad, where they see better earnings, professional growth or opportunities in general.

Public Procurement Policies to Foster Innovation Development

Government and public sector demand from the perspective of demand-push policies as a tool of technology and innovation policy have been discussed in detail in the literature. Policymakers have always considered advantages such as promoting local production goals, reducing imports and dependence upon foreign countries, and meeting domestic needs with technology development and innovation. In Iran such policies have been designed and implemented and can be classified into two categories: horizontal and vertical policies. Horizontal policies refer to policy programs that regulate the general government market and the public sector. In vertical policies, however, government demand in a particular product area is regulated. In order to analyze the different types of application of these policies in Iran, several cases of horizontal and vertical policies have been studied and compared in this article. From the horizontal policies, the law of maximum use of domestic power and Foreign Finance Credit have been selected. Among the vertical policies, the policy of 10 basic oil products and the experience of the Iran-Lab-Expo have been examined. Attempts have been made to analyze and compare the above policies based on the general pattern of government programs to stimulate government demand for technology and innovation. Finally, the lessons learned from Iran’s policy experiences in the field of public sector demand orientation as a tool of technology and innovation policy are described.