General Market Research Articles

Risk transmissions between regional green economy indices: Evidence from the US, Europe and Asia

This paper examines the risk transmissions across the green economy indices of three major regions which include US, Europe and Asia. The econometric analyses are conducted using DCC-GARCH and TVP-VAR connectedness approach to evaluate potential spillover effects within the context of oil and gold. Results indicate that green economy indices of US-Europe exhibit the greatest time-varying correlations among the three pairs during much of 2010–2022 consistent with that of the general equity market. However, co-movements during the COVID-19 pandemic period seem to display a change in pattern for green economy indices. The strength of the co-movements between the US and Europe displayed a declining trend, while that between US and Asia was strengthened, suggesting greater interdependence between these two markets. TVP-VAR connectedness analysis revealed that US and Europe dominate the transmission of the shocks across the years in the green economy, similar to that of the equity markets. However, during the pandemic a pronounced shift occurred in green economies when considering the risk transmissions within the context of commodities: oil and gold. While Asian green economy index was persistently a receiver of risk transmission from oil unlike the other two regions, since pandemic, oil displayed an asymmetric effect and has become the net transmitter of risk in negative returns of the green economies of US and Europe. This may reflect the diversion in environmental policies of the two regions in the recent past, and point to the dominance of energy sector in the green economy. These findings have substantial implications for the development of green economy policies and from an investment perspective.

Влияние санкций на возможность применения инвестиционных стратегий на российском фондовом рынке

The article analyzes the current state of the Russian stock market. The dynamics of changes, long-term trends, as well as recent changes in 2022 are evaluated, which are the main focus. The changes are considered from the point of view of their impact on investors and the investment activity prospects in the modern Russian stock market. The author conducts both a general market and an intersectoral analysis of the changes that have occurred, new problems and features are identified. Dividend payments and prospects for the various type portfolios formation are considered. The study is based on data taken from the Moscow Stock Exchange. Conclusions about the prospects of various investment strategies usage are drawn based on the information and the obtained results analysis. In the final part of the study, recommendations to investors who carry out operations on the Russian market are given.

Bubbles all the way down? Detecting and date-stamping bubble behaviours in NFT and DeFi markets

ABSTRACT Amid surging market values and widespread regulatory discussion, NFT and DeFi markets are widely perceived as being simply speculative in nature. This paper detects the existence and dates of price bubbles in the NFT and DeFi markets by applying SADF and GSADF tests. We document that NFT and DeFi markets both exhibit speculative bubbles, with NFT bubbles being more recurrent and having higher average explosive magnitudes than DeFi bubbles. The price bubbles in the NFT and DeFi markets are highly correlated with market hype and with more general cryptocurrency market uncertainty. We do find periods where bubbles are not detected, suggesting that these markets do have some intrinsic value and should not be dismissed as simply bubbles.

ESG Green Equity Finance Risk and Links in Mexico: Conditional Volatility and Markov Switching Vector Analyses

We analyze the differential influence of Mexican oil price, exchange rate and S&P 500 Index on the Mexican Stock Exchange: S&P/BMV IPC ESG Tilted Index (sustainable stock market index), and on the S&P/BMV IPC (General stock market index) in two different regimes. First, we estimate the conditional volatility of the series using a univariate GARCH model under the t-Student distribution. Second, a Markov Switching Vector Autoregressive model is developed. The evidence identifies sustainable asset performance, risk, and interaction with other regular assets. The sustainable index is more vulnerable to the foreign exchange market and to the U.S. stock market, especially in periods of turbulence. Only the S&P 500 shows a statistically significant impact on the overall Mexican index, for both states high and low volatility. Oil prices do not have a significant impact on the Mexican indices analyzed. Evidence allows us to recommend a currency hedging in ESG investments. Originality relies on empirical approaches and the study of ESG index in an emerging market. Limitations are related with the scarce information and limited access to ESG factors data. We conclude that investment strategies should be different during calm and turmoil periods.

A qualitative exploration of the bidding processes used in business rescue

Orientation: In business rescue, when pursuing the sale of the business to a third party, the business rescue practitioner (BRP) may use different bidding processes to interact with and select buyers.Research purpose: This study aimed to provide a framework to classify and describe the various bidding processes, including identifying the factors that would preserve value to the benefit of creditors and shareholders.Motivation for the study: Chapter 6 of the Companies Act is silent on the requirements regarding bidding processes. Therefore, the industry and legislator may benefit from guidance from industry experts.Research approach/design and method: Qualitative exploratory, using semi-structured interviews with 11 South African senior business rescue practitioners.Main findings: Three types of bidding processes were identified. In a sophisticated bidding process, information is communicated to buyers using a virtual data room. The second bidding process is less sophisticated; printed document packs are provided to bidders, and bids are submitted in tender boxes. Thirdly, the private bid-out process, where preferred bidders compete against each other in a closed envelope boardroom auction. The findings also revealed that deal certainty is more important in business rescue than ordinary mergers and acquisitions. Moreover, an equitable value, rather than a general market value, is often applied because of the bidding process. Lastly, the study identified a need for the pre-involvement of the BRP before a company files for business rescue, an aspect not currently allowed by the Companies Act.Practical/managerial implications: BRPs can benefit from the explication of the types and detailed steps of bidding processes. Moreover, the findings fill the void of limited guidance in the Companies Act.Contribution/value-add: The classification and description of the various bidding processes and key considerations in the context of a business rescue will assist BRPs in South Africa in preserving value under business rescue and guide the legislator in amending the Companies Act.

Comparative response of global energy firm stocks to uncertainties from the crude oil market, stock market, and economic policy

In this study, a comparative analysis of the impacts of uncertainties induced by government economic policy and the crude oil and stock markets on the stock returns of 62 energy firms is carried out across different market states. We find that economic policy uncertainty (EPU) has a stronger influence than the two market-based uncertainties. However, the oil market uncertainty (OVX) outperforms the general stock market uncertainty (VIX) for the causality-in-mean, but the reverse holds for the causality-in-variance. Stronger causal impacts are also observed during the normal and bearish market states, in that order. Finally, more significant connection is attributed to the causality-in-mean than the causality-in-variance. Thus, uncertainties, especially the one induced by the economic policy, should not be jettisoned in modeling and forecasting stock returns. The regime-switching regression model also supports the role of uncertainties in predicting the stock returns of the energy firms, with particular emphasis on adverse impact in most regimes. The fact that causality is stronger at the middle and lower quantiles also suggests the poor risk-hedging power of the stocks at the normal and bearish market states.

Correction of the course of agricultural policy of the European Union based on the example of the Federal Republic of Germany

The purpose is an analytical study of the issues related to the changing of the course of agricultural policy of the European Union on the example of the Federal Republic of Germany. Methods – monographic, comparative analysis, abstract-logical. The dynamics of the structure of the EU budget for 1993-2027 is considered. Since 1993 to 2006 the share of agriculture on average accounted for about 40% of budget funds, in 2006-2020 – about 30%, and for 2021-2027 – 23.6% is provided. Results – the authors note that in the European Union there are two components of state support for agricultural sector of economy. The first one implies direct payments to commodity producers, which are provided for one hectare of agricultural land if farmers meet the relevant conditions. This also includes general market mechanisms applied to certain types of agricultural products. For example, reimbursement of export costs and storage costs. The second component is used as an additional tool for solving AIC problems. Since 1999 it includes targeted programs for financing sustainable and environmentally friendly production and development of rural areas. Conclusions – in recent years, the bulk of government subsidies (up to 70%) directed to support the income of agricultural producers accounted for direct payments. In the earlier period, the structure was radically opposite. For example, in the early 1990, market expansion measures were 91%, direct contributions were 9%, and there was no cash allocation for improving rural infrastructure. The reverse side of this process is that agro-industrial complex is largely dependent on direct payments.

Approaching place and space as craftsperson: on the dialogue between theory and practice

PurposeThis paper aims to contribute to this Special Issue about alternative and critical marketing theory on space and place by discussing its link with practice. More generally, this paper intends to suggest that more effective links between theory and practice can result into more meaningful conceptual research in business administration and marketing.Design/methodology/approachThis is a reflexive introspective essay that relates the author’s personal experience to the recent literature on the dialogue between theory and practice within general marketing research and marketing scholarship on place and space.FindingsAfter recognising that different modes of knowledge creation exist, some gateways between theory and practice are identified, as part of a future agenda that could accompany scholars in improving their engagement with society. These gateways include dissemination strategies; teaching and public engagement; and formats of “engaged” research that comprise action research and collaboration with non-academic actors.Research limitations/implicationsThe alternative and critical marketing theory on space and place comprises different specific domains, some of which appear to be closer to practice than others. Because of the author’s background, place branding and destination marketing are granted preferential attention.Originality/valueThe figure of the craftsman depicted by Sennet (2008) is identified as a source of inspiration for marketing scholars interested in space and place. The metaphor of the craftsperson could be useful for business and marketing scholar alike while reflecting on their roles and positionalities.

Dynamic trading with uncertain exit time and transaction costs in a general Markov market

This paper investigates a dynamic trading problem with transaction cost and uncertain exit time in a general Markov market, where the mean vector and covariance matrix of returns depend on the states of the stochastic market, and the market state is regime switching in a time varying state set. Following the framework proposed by Gârleanu and Pedersen (2013), the investor maximizes his or her multi-period mean–variance utility, net of quadratic transaction costs capturing the linear price impact where trades lead to temporary linear changes in prices. The explicit expression for the optimal strategy is derived by using matrix theory technique and dynamic programming approach. Finally, numerical examples are provided to study the effects of transition cost and exit probability on the wealth process, the trading strategy, turnover rate and the total transaction cost.

Security Building into I-Button

Recent developments in VLSI design using nano devices and the relevant state of the art methodologies have made latest smarter systems available for critical use. Such smart devices could be found in the general market for use with systems pertaining to telecommunications, image processing, mechatronics and so on. One of the security authentication methods used for smart device applications is I-button technology. I-button consists of a memory chip which is enclosed in a stainless steel can of 16 mm thickness. This can is attached to a key fob and a ring. I-button could be used not only for access control applications like computer usage and building entry but also be used as a support device for asset management and data-logging. Every I-button has a unique device address embedded in chip itself meaning all I- buttons come with their already designated addresses. Since I- buttons are fabricated with their stored unique chip addresses, and also user information is stored in EEPROM for user authentication, one can enhance communication security to second level [1].

PRODUCT QUALITY MANAGEMENT AT THE ENTERPRISE IN THE CONDITIONS OF UKRAINE’S ENTRY INTO THE EU

The peculiarities of the concept of Total Quality Management (hereinafter – TQM) in the activities of domestic enterprises in the conditions of the implementation of the European development vector of Ukraine were studied. It is indicated that the guarantee of the enterprise's activity on the basis of sustainability is its competitiveness. It is emphasized that ensuring the proper quality of the performed works and services is one of the important tasks that are solved at the enterprise within the framework of management activities. Attention is focused on the fact that in modern conditions of economic development, quality is a general set of characteristics of products (work, services), which are part of (are a component of) marketing, development, production and maintenance, with the help of which products (work, service) must meet needs at a price the consumer can afford. Quality management is defined as a continuous process of influencing production through the consistent performance of logically interrelated functions to ensure product quality. It has been investigated that effective management of the quality of goods, works and services can be ensured by creating a quality management system at the enterprise. It is noted that today in quality management at the enterprise, a certified quality management system is important, which is a guarantee of high stability of quality characteristics of products, goods and services. The quality system certificate allows the enterprise to maintain a competitive advantage in the market. It was emphasized that a significant impetus for the creation of international standards of the ISO 9000 series can be considered a significant increase in consumer demands for product quality.These requirements are regulated by relevant regulatory documentation (standards, technical conditions and regulations). It is noted that the quality management process should cover all the stages of production. It is indicated that, regardless of the direction of the activity of the business entity, the quality policy declared by the top management of the enterprise must ensure such a level of quality that guarantees the optimal profit of the enterprise. Ways to achieve this goal can be different and are determined by the general market strategy of the enterprise. It was concluded that modern quality management at the enterprise, regardless of the forms of ownership and scale of production, should optimally combine actions, methods and means that ensure, on the one hand, the production of products, goods and the provision of services that meet the current requirements and needs of the market, and on the other hand, the development of new products capable of meeting future market demands and needs.

ANALYTICAL REVIEW OF THE STOCK MARKET OF UKRAINE

This article is devoted to the analysis of the state of the stock market of Ukraine, as well as the identification of problems of its functioning and the study of possible ways to solve them. The stock market of Ukraine does not have a single policy of its development, and every year it improves and integrates into the world space. The article examines the main approaches to defining the essence of the concept of "stock market", its constituent elements, and examines the legal framework of regulation. The state of the stock market of Ukraine at the current stage of formation is analyzed. The dynamics of the volume and number of issues of shares and bonds of enterprises and the volume of exchange contracts with securities from trade organizers for 2014-2021 were studied. The main problems hindering the development of the market are highlighted, in particular, insufficient transparency of the domestic stock market. Possible measures to improve the general market situation and stimulate the further development of the stock market of Ukraine are also proposed.

The value of fiduciary duties: Evidence from en bloc sales in Singapore

This paper examines the impact of fiduciary duties on collective asset sales in the case of owners acting as delegates for other owners, thereby potentially inducing conflicts of interests. Our identification strategy exploits a unique legal shock in Singapore, which established fiduciary duties in those transactions in the real estate market known colloquially as en bloc sales. The imposition of fiduciary duties caused the price premium of units sold via en bloc sales to increase over units ineligible for en bloc sale, as well as over units that, although eligible for en bloc sale, are sold individually. In addition, this valuation effect is stronger for projects with especially severe agency problems as proxied by high ownership turnover. This legal reform also affects the general private housing market beyond the en bloc premium: findings show that residential owners are increasingly willing to participate and reduce condominium turnover. Finally, we find that the stock price of public real estate developers responded positively to the legal reform, which indicates a possible overall positive welfare effect. Our study highlights the importance of judicial oversight for addressing agency conflicts in non-consensual asset-sale mechanisms.

Does the European left have to choose between the nation-state and internationalism? Some considerations following Richard Rorty

By applying the concept of democracy and the state proposed by Richard Rorty, the article aims to make a theoretical contribution to understanding frames of political mobilization and solidarity. While Rorty’s conceptual instruments stem from the field of epistemology and moral philosophy and have, so far, not been widely applied to theorizing statehood in general and labour market policy in particular, his ideas can help to understand leftist politics between inter- and re-nationalization. By drawing on empirical findings on debates and negotiations between European trade union organizations, the text proposes an idea on how to overcome a dualistic framework beyond a footloose cosmopolitanism and national protectionism.

Young people’s job-search strategies in the German apprenticeship market: Who relies on referrals by strong ties and why?

Social capital is often regarded as an important resource when searching for a job. However, unlike in the general labor market, in youth labor markets, leveraging network contacts does not necessarily enhance young people’s chances compared to formal job-search methods. Who then uses referrals by strong ties to support their school-to-work transitions? Drawing on the German National Educational Panel Study, we focus on noncollege-bound students searching for apprenticeship places. We investigate whether parental referrals are more likely to be used as a compensation strategy for limited opportunities due to regional conditions and lower levels of schooling and whether this search strategy entails a trade-off in terms of higher dropout risks. Our results indicate that in regions with poor regional labor market conditions, young people use parental referrals more often and also increasingly find apprenticeship places via referrals. Moreover, using referrals does not result in higher dropout risks. Lower-educated school leavers are also more likely to use referrals but they do not benefit from this search channel more than higher-educated youth. We conclude that social contacts can at least partly compensate for poor opportunities due to regional market conditions.

The correlation of Russian companies’ orientation towards sustainable development in the environmental, social and economic realm with trends in stock market indices

Subject. We consider interrelations between Russian companies’ orientation towards sustainable development in the environmental, social, and economic sphere with the dynamics of Russian stock market indices. Objectives. The aim is to unveil the correlation between the focus of Russian companies on sustainable development in the environmental, social, and economic realm trends in the Russian stock market indices. Methods. The study employs methods of logical, comparative, and statistical analysis, in particular, the correlation analysis of indicators, like the MRSV index, MOEX index, integrated ESG ranking of Russian companies (our own development), gross domestic product, investment in fixed assets and trade balance, international reserves of the Bank of Russia, money supply and interest rate of the Bank of Russia. Results. We confirmed two formulated hypotheses, i.e. (1) Domestic economic factors influencing the dynamics of the Russian stock market have a similar effect on the general market index and the sustainable development index; and (2) Issuing companies’ orientation to sustainable development in environmental, social, and, economic realms has a direct correlation with trends in the stock index for sustainable development). Conclusions. Monitoring the dynamics of the Russian stock market index of sustainable development, which could provide a basis for investors to make environmentally oriented decisions, is inappropriate, because the index dynamics does not reflect the company's ESG achievements and is highly dependent on the same internal economic factors as the general market index.

Effects of supplier orientation and competitive strategies on ICT firms’ performance

PurposeThe purpose of this study is to investigate the relationship between supplier orientation, which is Porter's general competitive strategy, and the market and financial performance in the Turkish Information and Communication Technologies (ICTs) sector, taking into account the problems in the supply chain during the pandemic process.Design/methodology/approachThis study used a quantitative research design where 550 questionnaires were collected from respondents operating in various ICT companies in Turkey to obtain necessary data to test the hypotheses developed for the study. Mediation effect and path analysis were used to analyze the research data. Smart PLS 3.3 version was used for all the mentioned analyzes.FindingsThe results of the analysis revealed that supplier orientation was positively and significantly related to financial and market performance. The findings of this study also showed that Porter’s generic competitive strategies have a mediator role in the relations of supplier orientation, financial and market performance.Practical implicationsThese findings contribute to the understanding of the importance of supplier orientation along with competitive strategies to increase market and financial performance in ICT companies, especially during the pandemic process. These findings provide recommendations for researchers, professionals and senior and supply chain managers to apply at their firms.Originality/valueThis is a study that adequately covers the relationship between supplier orientation, general competitive strategies and market and financial performance in the Turkish ICT sector, taking into account the pandemic process.

QR based Penalty Charging for Traffic Police

The "QR BASEDPENALTY CHARGING FOR TRAFFIC POLICE" project was created utilising the Android 4.0.3 Standard platform. The platform used to develop the application is Eclipse IDE (Mars) with Java 1.7 Standard Edition. The project's focus is on using mobile apps to manage information about traffic infringement penalties. Through this software, the project processes accident information as well as licence details, car details, penalty details, and accident information. The project will also concentrate on a mobile app that will aid in learning information on the fines associated with traffic infractions as tracked by Vehicle No. on the road. Due to its quick readability and larger storage capacity compared to normal barcodes, the Quick Response (Vehicle No) system gained popularity outside of the automotive industry. Applications include document management, general marketing, product tracking, item identification, and time monitoring. According to the completed procedure, there will be a decrease in the burden of the government and traffic police, as well as a decrease in accidents and corruption throughout the nation. According to the rule broken by the car driver and the actual fine decided by the government, this programme will immediately deduct the fine from the owner's bank account. The owner of the vehicle will also receive a message from this application detailing the type of rule they broke, the fine associated with it, a photo taken by their mobile device as proof of the violation, the date and time of the violation, and the precise amount they will be receiving in their bank account as payment for the violation. According to this whole process done, there will be reduction in the workload of traffic police and government and also reduction in accidents and corruption too in country.

Vegan diets for felines

Vegan diets for pets are widely discussed within the veterinary profession, with many products now available for the general nutrition market. The nutrients arachidonic acid, taurine and pre-formed vitamin A are available from non-animal sources, so are vegan pet food companies now making complete and balanced diet using these ingredients?

Text analysis of online customer reviews for products in the FCB quadrants: Procedure, outcomes, and implications

The present researchers performed a study to present a detailed procedure of full-scale text analyses of online customer reviews (OCRs) and display an exemplary trial of machine-learning-based generation of “selling phrases” from a subset of the same database. As an effort to overcome the limitations of past studies, the present study expanded the scope of target products from one or a few to 16, based on the classic and long-held product classification scheme of the FCB Grid, to obtain broad understanding of the general market. The results are thought to have significant practical values for marketers, consumers, and marketplace platforms. Of particular note, the total of 48 word clouds yielded results that are overall consistent with what the FCB Grid suggests, and the phrases generated through the machine-learning algorithm were considered to have potential to supplement or substitute for the earlier step(s) of the “attributes-consequences-values” chain in the popular Means-End Chain (MEC) model. Also discussed extensively are the immense value of OCR data, as they are more “real,” “natural,” “fair,” and “live” than those acquired from laboratories or through formal surveys or interviews, and the possibility that the data could be utilized for revisiting and reconfirming existing beliefs in marketing research.