Market Circumstances Research Articles

Consumer Psychology in the Digital Age: How Online Environments Shape Purchasing Habits

The advent of the digital age has profoundly changed consumers’ mindsets and habits. The rapid development of e-commerce and the widespread use of mobile applications have created enormous demand for individual recommendation systems based on mass data. This system not only increases the convenience of purchases and conversions but also alters the purchasing behavior of consumers, leading them to make choices subconsciously. Potential risks associated with large-scale data sharing and usage have heightened consumer concerns regarding privacy, thereby weakening the foundational trust in platforms and deterring them from shopping. Additionally, the rapid growth of e-commerce in the digital age, coupled with changing market circumstances, has intensified psychological pressure on consumers, making their decision-making processes more complex and difficult. Furthermore, the program will explore issues related to improving customer experience, developing individual marketing strategies, and designing customer loyalty plans. It will also address questions of privacy in a digital environment, the dilemmas of excessive or disruptive consumption behavior, and the complexity and diversity of consumer behavior in the face of digital change. The objective of this study is to develop a fear study that will enable a better understanding of the impact of online shopping on consumer behavior and provide a strategic guide for retailers to meet the challenges and opportunities presented by the digital age.

The Effects of Market Monopolies on Consumer Welfare and Economic Efficiency

Using both theoretical and empirical analysis, this study offers a thorough examination of how market monopolies affect consumer welfare and economic efficiency. The study sheds light on the ways in which monopolistic enterprises sustain their market dominance by analyzing how monopolies function. These tactics include taking advantage of entry hurdles, exercising control over crucial resources, and implementing strategies such as price discrimination. According to the research, because there is no competition, monopolies not only drive up costs but also limit consumer choice, lower the quality of their products, and stifle innovation. Due to these monopolistic actions, there are inefficiencies in the market, especially when it comes to the distribution of resources, which makes businesses less inventive and productive and ultimately contributes to a general stagnation in the economy. The role of legal frameworks like antitrust laws, which are intended to prevent monopolistic behavior, is also evaluated in this research. It criticizes current laws, pointing out that they frequently fail to keep up with changing market circumstances, especially in sectors like technology and telecommunications. In order to remedy these deficiencies, the paper suggests a number of policy measures, such as stepping up antitrust enforcement, lowering obstacles to new businesses entering the market, and liberalizing the market to create an atmosphere that is more competitive. It also promotes updating regulatory frameworks to deal with digital monopolies and quickly evolving global markets in a way that prioritizes consumer welfare and restores economic efficiency. By taking these steps, the study highlights how crucial it is to reduce monopolistic power in order to foster innovation, long-term economic growth, and consumer safety.

Cross-Functional Team Management in Product Development

It is very necessary for successful product development to have good cross-functional team management in today's business climate, which is more dynamic and competitive than ever before. It is crucial to have cross-functional teams in order to stimulate innovation, improve product quality, and accelerate time-to-market. These teams comprise of people from a variety of departments, including engineering, marketing, design, and operations, among others. In the context of product development, this abstract investigates the relevance of managing cross-functional teams, as well as the issues that come with it and the best practices that may be implemented. Having a wide range of viewpoints, greater problem-solving skills, and enhanced cooperation across a variety of functional areas are just some of the advantages that cross-functional teams provide. A holistic approach to product development that is capable of addressing difficult and varied issues is made possible by these teams, which are meant to incorporate knowledge from a variety of disciplines from different fields. Cross-functional teams are able to produce more creative solutions, better fulfil the demands of customers, and adapt to changing market circumstances because they bring together people who have various abilities and points of view when they are brought together. Nevertheless, managing teams that work across functional boundaries brings a number of issues. One of the most significant challenges is bringing together individuals of the team who have various work styles, goals, and objectives. It is essential to have efficient communication and coordination in order to guarantee that all members of the team are at the same level of understanding and are working towards the same objective. In addition, divergent degrees of knowledge and competing interests may result in misunderstandings and conflicts, which can impede development and have an impact on the morale of the team.

Optimized Technique for College Students Job Searching Strategies Using Fuzzy Logic Control with Cuckoo Search Algorithm

College students face uncertainties during job searches due to a lack of career planning, unclear objectives, and ineffective search strategies, leading to poor employment outcomes. Fuzzy Control (FC) based Job Search Strategies (JS2) are proposed in this research as an optimized technique named FC-JS2-TSC. This technique combines Takagi-Sugeno (TS) fuzzy inference with Cuckoo (C) search optimization. The primary goals are improving individualized advice and creating an integrated system to deal with job search concerns. The FC uses fuzzy logic and sets to model uncertainties such as vague job desires and ever-changing market circumstances. Individual student profiles and preferences are used to fine-tune methods by cuckoo search. Through experimental validation, we can see that FC-JS2-TSC outperforms previous methods in terms of both job strategy selection and results. As a measure of system efficacy, the results demonstrate a high Cronbach's alpha reliability of 0.96, a low RMSEA of 0.04 and 96.6% regarding job offers. By adjusting tactics in response to uncertainty, the innovative FC-JS2-TSC algorithm facilitates data-driven, personalized decision-making, ultimately leading to more efficient job searches. It has an integrated design that combines optimization with fuzzy logic's uncertainty handling to ensure students have the best possible chance of success in their job searches.

Collaborative Innovation in Construction Supply Chain under Digital Construction: Evolutionary Game Analysis Based on Prospect Theory

In the context of Digital Construction (DC), collaborative innovation in the construction supply chain (CSC) is crucial for long-term competitiveness. However, transparent information flows and fickle market circumstances hinder enterprises from actively participating in collaborative innovation, making it challenging to establish effective incentive mechanisms. To achieve sustained and stable collaborative innovation, an evolutionary game model of collaborative innovation between core enterprises and member enterprises in the CSC under DC based on Prospect Theory is constructed. Five equilibrium scenarios and evolutionary stability strategies are analyzed, and the corresponding stability conditions are obtained. Finally, the impact of different parameters on strategy selection are analyzed by numerical simulation. The results indicate that the balance between knowledge sharing and knowledge leakage is the premise of the positive impact of DC technology on collaborative innovation. Moreover, the adjustment of gain sensitivity and loss sensitivity is the key to enhancing managerial enthusiasm for collaborative innovation. Furthermore, the design of income distribution and innovation incentives must adhere to the reciprocity principle, while subsidies from owners demonstrate a prominent positive impact on collaborative innovation. This paper systematically expounds the dynamic influence of DC technology application, knowledge spillover effects, and managerial cognitive structures while confirming the intrinsic effect of innovation incentive mechanisms. It provides substantial theoretical reference and management enlightenment for promoting the development of collaborative innovation in the CSC under DC.

Banking FinTech and stock market volatility? The BIZUM case

This paper investigates whether and how the adoption of FinTech by incumbent banks affects their stock price volatility. BIZUM, a Spanish FinTech real-time digital payment solution was adopted by incumbent banks in 2016 and therefore provides new evidence of real-world ex-post implementation. The results indicate that the adoption of BIZUM by incumbent banks had a significant effect, reducing their stock price volatility after it was launched. This finding suggests that investors were informed of and acknowledged the advantages of BIZUM, thus, use their adoption of FinTech Start-up strategy to offset adverse market circumstances. This paper provides insights for investors and international institutions regarding the role of the pricing of banking related assets, implications for incumbent banks whose portfolios are exposed to investments in disruptive technology and for banking regulators and authorities vis-à-vis risk related considerations of the adoption by banks of FinTech strategies.

Measuring Intellectual Capital Performance of Indian Private Sector Banks Using WASPAS

Indian private sector banks are currently showing excellent performance. Their success is largely attributed to strong management practises, customer-centric strategies, technical breakthroughs, and risk management techniques. Indian private sector banks are quickly adopting digital transformation, responding to shifting market circumstances, and providing cutting-edge banking solutions. This has aided in expanding their customer base and raising client contentment. To inspire client confidence, they have also concentrated on enhancing service quality, offering individualised services, and putting in place robust security measures. Policy makers, regulators, and business experts can benefit from studies regarding the performance of Indian private sector banks and a knowledge of the elements that contribute to their growth and success. This makes it possible for them to locate best practises and methods that may be used repeatedly to enhance the general wellbeing and effectiveness of the banking industry. Comparative evaluations with public sector banks are possible by investigating the efficiency of private sector banks. The usefulness of various ownership structures and management philosophies in promoting financial performance, client satisfaction, and general competitiveness is evaluated through this comparison. The Weighted Aggregate Product Assessment (WASPAS) approach is a making decisions methodology which employs the Weighted Sum Model (WSM) as well as the Weighted Product Model (WPM) to rank and evaluate alternatives based on many criteria, each of which is weighted to reflect its relative relevance. An overall rating for each alternative is then determined by evaluating and combining the criteria utilising either additive or multiplicative techniques. This strategy enables decision-makers to consider both the advantages and disadvantages of each criterion among the possibilities. KAL has got first ranking and KMB has got lowest ranking in the Indian private sector banks. In this paper, The Performance of Indian private sector banks KAL has got first ranking and KMB has got lowest ranking.

BITCOIN PRICE AND CHINESE GREEN BONDS: EVIDENCE FROM THE QARDL METHOD

This article primally explores the short-term fluctuation and long-term implications of the international Bitcoin price (BP) on the Chinese green bond (GB) market, within the sample period of 2014:M10–2023:M07. Bitcoin is the most important cryptocurrency and has a carbon-intensive feature, and its price suffers from great volatility and is closely related to the green finance market. Meanwhile, although China is the largest bitcoin mining state, it is pursuing a dual carbon target, which promotes its green bond market’s development. Thus, it is valuable to investigate the influence of BP on GBs in China. Based on the quantile autoregressive distributed lag approach, this paper indicates that the positive and negative impacts of BP on the GB market are significant in the long-term but not apparent in the short-term. These results emphasize the importance for market participants to obtain a better understanding of how BP affects GB under various market circumstances. Implementing specific policies, such as regulatory mechanisms for Bitcoin trade, market-oriented reform for the bond market, and information disclosure, can alleviate shocks from BP and accelerate the development of the GB market.

Economic policy uncertainty and company stock prices: Empirical evidence from blockchain companies

Blockchain (BC) is a sought-after technology, and the investment in it has garnered significant attention. We utilize a wavelet-based quantile-on-quantile approach to investigate the correlation between economic policy uncertainty (EPU) and BC stock market prices across various periods and market circumstances. The findings suggest an increase in EPU has the potential to depress the stock price of the BC company. It is evident from the outcomes across various time scales that EPU exerts a broad inhibitory influence on the stock price of the BC company in the immediate term, with the extent of this effect potentially diminishing as time passes.

Impact of Herding Behavior on Mutual Fund Performance

n this study, we look at how herd mentality affects the efficiency of mutual funds. It is well-documented that investors often engage in herding behaviour in the financial markets, when they blindly follow the actions of others rather than evaluating information independently. Yet, there has been a dearth of empirical research into its particular consequences for mutual funds. To analyse the impact of herding behaviour on fund performance, this research uses a thorough dataset of mutual fund returns and investor flows. The first step of the research is to use literature-established metrics to determine whether mutual fund investors herd. After that, we use risk-adjusted returns, volatility, and alpha to evaluate the herding behaviour vs. fund performance connection. The research further delves into the ways in which herding affects the performance of funds by looking at things like trading fees, liquidity restrictions, and market circumstances. Herding behaviour has a substantial impact on mutual fund performance, according to preliminary data. However, the exact nature of this impact varies across fund kinds and market conditions. Although herding may provide short-term gains in price momentum and liquidity-driven returns, it eventually causes mispricing and reversals if it continues. In addition, less liquid asset classes may have their long-term performance eroded by herding-induced trading costs and portfolio churn. These results have consequences for fund managers and investors alike. By learning the ins and outs of herd mentality, investors may make better investing choices that stay true to their long-term value drivers and avoid the traps of herd mentality. To lessen the impact of market emotion on fund performance, fund managers should be aware of investors' herding tendencies so they can create portfolios and use risk management methods. Keywords – Herding Behavior, Mutual Funds, Investor Behavior, Market Sentiment, Performance Measurement

Market Dynamics: Enhancing Supply Chain Efficiency Through Demand Prediction

This research gives a state-of-the-art solution for web-based demand forecasting. Machine learning methods are employed to build the approach, which takes use of Seasonal Autoregressive Integrated Moving Average (SARIMA) modeling. Customers may utilize our system to provide product codes combined with the period's start and end dates in order to correctly anticipate future demand patterns. Through the combination of previous sales data with current market circumstances, competitive plans, and other external variables, our system is able to discover complicated consumer patterns. This gives data that may be utilized for inventory management, pricing strategies, and production scheduling. All things considered, the holistic plan optimizes resource usage, eliminates waste, and supports consumer satisfaction. A data-driven solution that takes advantage of AI capabilities is being offered as part of this joint endeavor. This solution is positioned to assist numerous sectors, including manufacturing, retail, and healthcare, and it will boost operational efficiency and sustainable development in a global economic framework. Keywords— Product Demand Forecasting, Inventory Management, Production Planning, Time Series Analysis, Predictive Analytics, Inventory Optimization, Demand Prediction System, Real-time Forecasting, Data-driven Decision Making, Supply Chain Optimization, Price Elasticity Analysis, Demand Volatility Management, Retail Analytics.

Ranking of Countries according to the Index of Economic Freedom with Multicriteria Decision making Methods

Every investor wants to conduct their economic or commercial activity in a country with ease. Economic freedom refers to the public limitations that individual or institutional investors must abide by in order to conduct their business. Individual or institutional investors have the chance to produce, consume, and invest more in nations with high levels of economic freedom. If a nation has a high level of economic freedom, it means that institutions and norms are founded and that the economy runs under free market circumstances. Individual or institutional investors are protected and their legal rights are upheld by the public authorities. In this study, the level of tariffs in the country, the presence of restrictions on foreign investments and capital, the black market situation, the taxation system in the country, the presence and importance of the public sector in the economy, the inflation in the country, the country's inflation, and the country's level of tariffs are all taken into account on a country-by-country basis. The study was conducted by the Heritage Foundation, which has its headquarters in the United States since 1996. Independence of the banking and financial sectors, controls on the prices of products and services and employee wages, regulation and regulation, investor property rights, etc. The data of the "Economic Freedom Index", which consists of fourteen basic criteria including all stages, were examined. This index consists of ten and includes these criteria. With this study, entropy-weighted multi-qualified benefit for the criteria and weights determined in the index calculated by the Heritage Foundation. It aims to provide a fresh option by ranking the "Economic Freedom Index" for all the study's participating nations using the MAUT approach. Keywords: multi-criteria decision making, economic freedom index, entropy, MAUT

Innovation and rural context: An exploratory case study of a small rural enterprise from the Czech Republic

This study identifies i) factors that encourage small rural enterprises to innovate and ii) obstacles to introducing innovation. Using a case study of a rural business in the Czech Republic, the paper reveals that although rural businesses may experience innovation barriers, such as inadequate human resources and volatile market conditions, they can innovate, respond quickly and effectively to emerging market circumstances and turn threats into opportunities for growth. Importantly, many of the challenges and opportunities for innovation interplay with each other, with some obstacles becoming a foundation of creative and innovative solutions that help to develop a sustainable, modern and efficient enterprise. We highlight that the innovation of rural enterprises can be an outcome of pull and push factors that influence both product innovation and business innovation processes. Pull factors represent incentives and opportunities to stimulate rural innovation. Push factors, on the other hand, necessitate change and create pressures that must be addressed to ensure business longevity. The paper also shows that successful innovation is not free from agency, with the strategic vision and innovation outlook of business owners being a significant driver of innovation practices. Finally, our study shows that the innovation of rural enterprises depends on local, regional, national and international connections, and goes beyond rural areas, with a ‘think local and act global’ approach helping to harness opportunities in wider markets.

Status and prospects of agricultural cooperative development

Cooperatives in the Republika Srpska are in a position to face the consequences of development from the previous period, the consequences of the war and the creation of a new concept of cooperative development, starting primarily from changes in the legal, economic and political system of the country. There are two phenomena or two directions of development of cooperatives. First is the direction of development of newly established cooperatives that have fully or at least partially harmonized their operations with cooperative principles and legal framework and have a sound business and market policy. The other direction of stagnation and undevelopment refers to the still present so-called old cooperatives that have not adjusted their operations to the new legal framework or new market circumstances, and are very often burdened with lawsuits, within which significant cooperative and state property has been blocked. The experience of developed countries proves that cooperatives are one of the irreplaceable segments of agricultural and rural development and a very suitable form for free and voluntary association of producers. The role of cooperatives in the future is to influence the reduction of social and economic divisions and to direct the whole process in a fairer way. It could be said that cooperatives, from the point of view of their principles, represent irreplaceable forms of organizing people. They, in fact, by their structure and specifics, carry the keys to their own success. The parameters of cooperative adequacy are different, and the following stand out: priority of cooperative membership; diversity of cooperatives; strengthening the power of the people; careful resource management; creating financial power; strategic thinking. Cooperative membership must be the center of attention.

Explaining the Stylized Facts of Foreign Exchange Markets with a Simple Agent-based Version of Paul de Grauwe’s Chaotic Exchange Rate Model

AbstractWe propose a simple agent-based version of Paul de Grauwe’s chaotic exchange rate model. In particular, we assume that each speculator follows his own technical and fundamental trading rule. Moreover, a speculator’s choice between these two trading philosophies depends on his individual assessment of current market circumstances. Our agent-based model setup is able to explain a number of important stylized facts of foreign exchange markets, including bubbles and crashes, excess volatility, fat-tailed return distributions, serially uncorrelated returns and volatility clustering. A stability and bifurcation analysis of its deterministic skeleton provides us with useful insights that foster our understanding of exchange rate dynamics.

Green Advertising through the Eyes of the Youth: A Study on Environmentally Responsible Behaviour

Green advertising aims to highlight environmentally friendly products or the advertiser's corporate environmental responsibility towards environment. Considering the importance that responsibility of organisations towards environment and environmental behaviour of consumers have in modern market circumstances, green advertising is a crucial theoretical and practical idea in modern advertising. The goal of undertaking present research was to know the opinion of the youth of Vadodara city regarding green advertisement and their environmentally responsible behaviour. The research was descriptive in nature. Questionnaire was prepared to collect the data using the survey approach wherein 200 youth from Vadodara City made up the study's sample, sample size, and locale. The study's conclusions demonstrated that majority of respondents (80%) were undergraduates belonging to nuclear families (78%) where only 9% of the respondents were men and 90% were women. It was also found that majority of respondents (80%) were students and television was the source of medium from which highest number of respondents heard about green advertising. Results showed that the majority (98.50%) of respondents showed most favourable opinion towards green advertisements. Majority (94%) of the respondents showed somewhat environmentally responsible behaviour. Further, the sub section “emotional response to environmental problems” (31.50%) showed highest environmentally responsible behaviour and the sub section “emotional response to environmental problems” (4.50%) again showed least environmentally responsible behaviour. The results of the study implies that targeting youth through television advertisements may be an effective strategy to garner favorable opinions and encourage environmentally responsible behavior, with a specific focus on emotional engagement with environmental problems as a key driver. Thus, green advertising is becoming a crucial component of the advertising industry to promote company’s products in an innovative way and attract customers who would eventually purchase eco-friendly goods. The long-term benefits and necessity of it will make it profitable through increased customer satisfaction, which will positively affect consumer purchasing intentions.

ASSESSMENT OF THE FINANCIAL POSITION OF BUSINESSES OPERATING WITHIN A CERTAIN SECTOR OF THE NATIONAL ECONOMY

Background: The financial status of a company has a considerable influence on its operational activities, revenue, expenses, and, ultimately, its profit and loss at the conclusion of the economic cycle. Aims: The study also highlights the company's financial stability analysis in this industry and verifies its resilience in the Slovak market circumstances. The economic sector NACE H (transport and storage), which ranks as the second most important division in the analysed context, was selected to highlight the significance of forecasting financial well-being. Methodology: The research entails assessing the changes in assets and liabilities throughout the observed time of 2020 to 2022, along with computing key ratio indicators such as liquidity, profitability, indebtedness, and activity. The data used in the given study were sourced from professional literature and firm records supplied. Results: The study conducted revealed the current deficiencies in the company's management. Based on this, the conclusion provided potential recommendations for improvement in many areas. Financial analysis provides valuable insights into a company's historical performance, identifies areas of concern, and offers predictions for future growth. However, it may not provide definitive answers to all inquiries.

The Role of Oracle HCM in Transforming HR Operations

Oracle Human Capital Management (HCM) stands out as a revolutionary force in the midst of the quickly changing world of Human Resources (HR). It is transforming conventional HR operations by using cutting-edge technology and strategic insights. It is the purpose of this abstract to investigate how Oracle Human Capital Management (HCM) helps to the modernisation of HR services, the enhancement of employee experiences, the drive of efficiency, and the alignment of HR practices with organisational objectives. A complete set of technologies that are meant to simplify human resource activities, including recruiting and onboarding, performance management, and employee development, is integrated into Oracle Human Capital Management (HCM). Using cloud-based solutions, Oracle Human Capital Management (HCM) provides scalability and flexibility, which enables businesses to quickly adjust their operations in response to changing market circumstances and business requirements. In today's highly competitive world, when agility and innovation are essential to maintaining development and success, this adaptability and flexibility is very necessary. One of the most important advantages of Oracle Human Capital Management is its data-driven approach, which offers insights that can be put into action by means of sophisticated analytics and reporting. Because of these skills, human resource managers are able to make choices based on accurate information, recognise patterns, and proactively handle possible problems. An example of this would be the ability of predictive analytics to foresee workforce demands, optimise talent management methods, and improve overall organisational performance of an organisation. Furthermore, the comprehensive data security measures implemented by Oracle Human Capital Management (HCM) guarantee the protection of sensitive employee information, therefore encouraging confidence and ensuring compliance with legal standards. Oracle Human Capital Management also places an emphasis on the significance of employee experience and engagement. Self-service choices for managing personal information, perks, and career development are made possible by its user-friendly design and mobile accessibility, which makes it more convenient for workers and increases their level of satisfaction. Not only does this emphasis on employee-centric features increase operational efficiency, but it also adds to greater staff retention rates and a more pleasant culture inside the organisation.

Digital Forensics Challenges in Cyberspace: Overcoming Legitimacy and Privacy Issues Through Modularisation

The significance of the cloud environment is growing in the current digital world. It provides several advantages, such as reduced expenses, the ability to adjust to different needs, adaptability and enhanced cooperation. The field of digital forensic investigations has encountered substantial difficulties in reconciling the requirement for efficient data analysis with the increasing apprehensions regarding privacy in recent times. As investigators analyse digital evidence to unearth crucial information, they must also traverse an intricate network of privacy rules and regulations. Given the increasing prevalence of remote work and the necessity for businesses to be adaptable and quick to react to shifting market circumstances, the cloud infrastructure has become a crucial asset for organisations of various scales. Although the cloud offers benefits such as scalability, flexibility and enhanced collaboration, it presents difficulties in digital forensic investigations regarding data protection, ownership and jurisdictional boundaries. These concerns are becoming increasingly significant as more data is kept in the cloud. In this paper, we present three major challenges that are faced during cloud-based forensics investigation. We analyse the extent to which different data formats increase complexity in forensics investigations in cyberspace. This paper analyses three core challenges facing digital forensics in the cloud environment: legitimacy, complexity and an increase in data volume, looking at the implications these have on data liable for legal issues in court. These challenges contribute to the backlog in digital forensics investigations due to a lack of modularisation of the procedures. To address these concerns, modularisation model is proposed to offer a way to integrate traditional processing functions while ensuring strict adherence to privacy protocols. To overcome these challenges, we propose modularisation as a strategy for improving the future of digital forensic research's operational efficiency, overcoming the identified challenges faced during cloud-based investigations and demonstrating how organisations can mitigate potential risks associated with storing sensitive information in the cloud.

Commodity futures markets under stress and stress-free periods: Further insights from a quantile connectedness approach

Most of the academic literature on connectedness focuses on stock markets and commodity spot markets. However, there is still much to say about the connectedness among commodity futures markets at different expiration dates, as this part of the literature is as yet small and inconclusive. This paper builds on the existing literature by focusing on connectedness among a set of ten commodity futures markets (including energy, agriculture, and metal sectors) at different maturities, the global equity market and three different sources of uncertainty (financial, economic, and geopolitical) over the period 2000–2022. In doing so, we estimate a combination of complementary connectedness metrics based on the work of Diebold and Yilmaz (2012), which enables measuring average, and the works of Chatziantoniou et al. (2021) and Ando et al. (2022) which enable measuring connectedness under different market circumstances (i.e., low, median and high quantiles). The analysis provides evidence of the variable aspect of connectedness across commodities and uncertainty measures assessed across different quantiles. The average directional connectedness network suggests that commodity futures markets within the same category are significantly sensitive to each-other. However, interdependencies between commodities belonging to different categories are relatively lower. The average total connectedness across quantiles provides evidence of (i) a clear symmetric pattern at the extreme lower and upper quantiles, and (ii) an increase in connectedness with the magnitude of extreme negative and positive shocks. The time-varying analysis indicates that connectedness increases at all quantiles during periods of high market stress, but with relatively higher intensity at the lower quantiles. Additionally, the structure and magnitude of connectedness at the extremes – upper and lower quantiles – differs from the pattern of connectedness at the median quantiles.