Market Transactions Research Articles

Implementing the Variance-Covariance Method for Assessing Market Transaction Risks in Raw Material Sector Stocks

The capital market plays a crucial role in supporting a country's economic growth. Besides being a funding source, the capital market also serves as an investment avenue for investors, particularly through stocks. Every investor must be willing to bear risks in line with their targeted returns. Risk is defined as the uncertainty of future outcomes due to market condition changes, and VaR (Value at Risk) is used to determine the tolerated loss at a certain confidence level. This study discusses the application of the Value at Risk (VaR) method using the Variance-Covariance approach to mitigate market risks in the portfolio of raw material sector stocks. The study focuses on two raw material sector stocks in Indonesia, assuming a normal distribution of asset price changes. The measurement results indicate that with an investment of Rp. 100,000,000.00, a 95% confidence level, and a 1-day period, the VaR of the portfolio of these five stocks is Rp. 2,769,750.00. This research provides critical insights to assist investors in understanding and managing portfolio risks, making VaR a key indicator to measure potential future risks and laying the foundation for decision-making in risk management.

A subsidised housing price indicator for Hong Kong

Using market transaction data, we construct the first price ­indicator for subsidised properties in Hong Kong. Our findings show that both private and subsidised property prices have experienced ­tremendous growth over the past 16 years, but the growth rate of the subsidised property price at 430% is much higher than that of the private property price at 230%. We also observe that the prices of the two types of properties have shown very different trends since the COVID-19 pandemic started. Lastly, it is found that the trend of subsidised property prices comes under the additional influence of specific policies aimed at this section of the housing market. These findings indicate the importance of having a specific price index to distinguish between the private and the subsidised property market for studying how housing policies and the ­economic environment will affect the latter in Hong Kong.

Fifty years of Teikei: the evolution of the movement’s ten principles and its impact on alternative food initiatives in Japan

IntroductionJapan’s teikei movement, recognized as a source of inspiration for Community Supported Agriculture (CSA) in Western countries, is now entering its fifth decade. Built upon trust and shared values, teikei has continued to rely on mutually supportive relationships between organic producers and consumers. The movement’s commitments were originally articulated through the ten principles of teikei, which offer a roadmap to create food systems based on solidarity principles going beyond market transactions. Despite a decline in numbers, teikei groups continue to operate in the midst of societal shifts that are altering food practices and consumption patterns. These changes have had an impact on the implementation of the ten principles and on the power dynamics between producers and consumers.MethodsThis research investigates how such shifts have affected the development of alternative food systems in Japan, the evolution of teikei as a social movement, and the tensions that arise from contrasting notions of agri-food system alterity rooted in decommodified relationships versus market-based transactions. We employ the ten principles as a framework to investigate the transformations of some representative teikei groups over time, and identify three types of shifts: relational, operational, and ideological. These shifts show how different teikei actors have been engaging in realizing the vision of building sustainable agri-food systems through alternative market relations.ResultsThe shifts also underscore the fluid and situated nature of agri-food system alterity within historical, geographical, and cultural relational spaces. The current variations of teikei configurations and the progressive diversification of approaches to address the challenges of upholding the original principles demonstrate the movement’s adaptability over time. However, they also demonstrate the necessity to strike a compromise between conflicting needs.DiscussionThe development of the teikei movement is not only important from an historical and geographically-situated perspective, but also as a dynamic and evolving experiment in the potential and challenges of active food citizenship. The democratic decision-making processes embedded within teikei principles and practices offer a valuable model for understanding how individuals enact their food citizenship and contribute to ongoing transformation of the agri-food system. Simultaneously, these shifts also serve as a warning against how democratic principles can be eroded by conventionalization and neoliberalization, and about the assumptions that arise during the process of building alternative agri-food systems, such as gendered labor.

Welfare of Livestock During Transportation and Market Transactions: Implications for Meat Quality in Ethiopia

Welfare of Livestock During Transportation and Market Transactions: Implications for Meat Quality in Ethiopia

The role of European banking legislation for financial stability

In recent decades, financial institutions, including banks, insurers, pension funds and investment firms, have faced increasing regulatory changes, particularly within the European Union. Recent global events have further modified the financial regulatory framework of the European Union, and some changes also bring risks, requiring new supervisory tools. This article provides an overview of the changes, focusing on European banking and financial law, which is at the heart of three main economic topics: the financial market, financial-banking institutions and cross-border financial transactions. The dynamic nature of these regulations underlines the need for continuous adaptation in the industry. This article serves as an introduction to current developments for understanding the wider context of European financial law and its implications for stakeholders.

Legal Protection for Investors Buying and Selling Shares Online and in the Capital Market

This study aims to know and analyze legal protection for investors in terms of buying and selling shares online and to find out and analyze the factors inhibiting the implementation of factors that hinder legal protection for investors in terms of buying and selling shares online. The research method carried out in this study is normative legal research, in this case, using material collection techniques in the form of document and literature studies. The results of this study show the form of legal protection for investors as consumers in Law Number 8 of 1999 concerning Consumer Protection, namely the establishment of BPKN and BPSK. Law Number 8 of 1995 concerning the Capital Market has been regulated regarding the disclosure of information that must be provided to investors, and the regulation of Bapepam-LK as a supervisory body for every activity related to the capital market, which has been transferred to the OJK. Law Number 21 of 2011 concerning the Financial Services Authority aspects of legal protection provided by this law are prevention or preventive efforts and enforcement or repression carried out by the Financial Services Authority. The inhibiting factors faced in carrying out investor protection are still the large number of unlicensed/illegal online stock investments and the lack of knowledge of the investor community related to illegal investments. Research Recommendations It is expected that the government will be able to update Law Number 8 of 1999 concerning Consumer Protection to protect consumers optimally in this era of highly developed technological development. It is expected that in the future, the government will need to regulate online stock investment through a special law. It is expected that in the future, there will be coordination and cooperation between OJK and BPKN / BPSK in ensuring investor (consumer) protection. Investors are expected to be more careful in seeking information and choosing a clear securities company that has obtained permission for its activities. To find out the forms of violations/crimes in capital market transactions and to know the legal protection of investors in capital market transactions. The journal writing method uses normative research with an approach, namely the statutory approach, namely Law Number 8 of 1995 concerning the capital market, the fact approach to alluding to capital practices in Indonesia, and the concept analysis approach to legal analysis. Based on the results of the study, namely: Legal Protection to the Capital Market Supervisory Body Article 4 of Law No. 8 of 1995 concerning the capital market stated that "coaching, regulating, supervising by Bapepam to create orderly, fair, and efficient capital market activities and crimes and violations in the capital market sector will be involved in legal cases, in capital market violations, usually regarding BAPEPAM licensing and registration cases.

Price Jumps of China’s Carbon Market: The View from Market Transactions and Policy Releases

ABSTRACT As the principal emitter of carbon dioxide, China institutes dual carbon goals and fosters carbon pilot markets. This paper explores the mechanism of carbon’s price jump, both considering the deployments of policy instruments and inherent financial characteristics unique to each pilot market within China. The results indicate that market transaction information exerts the most profound influence on instances of price jumps, whereas the implementation of uniform national policies also yields a noteworthy effect. However, the impact of pilot-specific policies varies across different regions and highlights its heterogeneity. Consequently, these findings could provide sound evidence to facilitate the involvement of traders and furnish decision-making departments to produce more accurate and efficient policies.

Revealing microbial community composition and disinfection efficacy evaluation in wholesale pork markets through 16S rDNA sequencing

ABSTRACT This study has employed 16S rDNA analysis to elucidate the characteristics of the microbial community in the surroundings, facilities, and meat samples collected from a pork wholesale market with the aim of revealing bacterial contamination. In addition, the efficacy of sodium hypochlorite disinfectant was assessed by comparing the bacterial communities in the viable samples before and after disinfection. The bacterial abundances in meat, chopping boards, and knives were positively correlated (r > 0.95, p < .05), suggesting potential cross-contamination risks during market transactions. The species richness indices for the external transport vehicles, pork hooks, and floors were significantly different from those of the samples taken after decontamination (p < .05). Linear discriminant analysis Effect Size (LEfSe) analyses showed that Firmicutes, Proteobacteria, and Chloroflexi were significantly more abundant in the transaction period, whereas Bacteroidetes levels decreased compared to the clean-up period. NaClO disinfection altered the composition of bacterial communities.

Cryptocurrency and financial crimes: A bibliometric analysis and future research agenda

The use of cryptocurrency for financial crimes has increased in recent years because of its decentralized and anonymous nature. This study extracted scholarly articles from the Scopus database and adopted bibliographic and content analysis to review financial fraud research in cryptocurrency. In addition, this study discussed the top ten cryptocurrency scams, potential reasons for falling into those traps, and associated theories to explore scammers’ behavior and outlined comprehensive future research guidelines for a safer financial world. Since 2018, the publication trend of revealing cryptocurrency frauds has gained momentum, and research on this topic has increased significantly in the last two years. The USA is the most significant contributor to cryptocurrency scam research. We found that both developed and developing countries are fairly concerned about combatting crypto fraudsters even though there are no regulated guidelines across the countries. The research potential has shifted from malware, bitcoin, and blockchain to fintech-based crimes such as money laundering, pump-and-dump schemes, and phishing. We observed that ICO fraud, money laundering, Ponzi schemes, phishing, darknet market transactions, ransomware, and pumps and dumps are some of the predominant crimes in crypto and that investor overconfidence, speculative expectations, low barriers to entry, decentralization, and anonymity are the primary reasons for crimes in cryptocurrency. This study suggests studying the socioeconomic impacts of cryptocurrencies, the necessity for standardized global regulation, and the integration of interdisciplinary research. Future research should emphasize exploring the innovation cycle in cryptocurrency assets, understanding cybercrime dynamics, guarding against crypto market manipulation, and developing automated scam prevention.

Sustainable Food Value Chains: Approaches to Transaction Costs in Agro-Alimentary Systems of Developing Countries—A Chile Case Study

This study delves into the dynamics of price linkages and transaction costs in agricultural markets, emphasizing the sustainability of food supply chains. By exploring vertical and horizontal price linkages in agro-farming value chains of a developing country, it addresses the efficiency of market information transmission and the capacity for arbitrage among chain participants. The methodological core of the research involves analyzing price linkages in Chilean horticultural wholesale markets, focusing on key vegetables such as, onions, lettuce, maize, and tomatoes. This analysis is underpinned by a novel approach that models and estimates time-dependent, conditional threshold bands, extending the traditional cointegration models. This method allows a more nuanced understanding of how agricultural market linkages evolve over time, enhancing our comprehension of price transmission behavior and market integration. The results reveal significant non-linear relationships between fuel prices and vegetable prices, particularly in central Chilean regions. This finding challenges the traditional linear perspective, suggesting that factors such as storage capacity and arbitrage behavior can influence price signal transmission. Such insights are crucial for stakeholders in the agribusiness value chain, offering a deeper understanding of market dynamics and aiding in the development of more sustainable and efficient market strategies. This research contributes significantly to the field of agricultural economics by providing a more robust framework for analyzing market behaviors and transaction costs in the context of sustainability and value chains. Its findings have profound implications for both theory and practice, informing policy-making and strategic decision-making in the agribusiness sector.

The role of new green construction in neighborhood change and gentrification

Recent research has highlighted the potential for green certification to contribute to gentrification in urban areas. This occurs as the adoption of a reductionist sustainability planning language can turn green-certified houses into luxury goods that attract primarily White, college-educated, and pro-environmental households, who may replace existing long-term residents, particularly lower-income residents and racial minorities, in core urban areas. This study aims to assess the extent to which the supply of green-certified units affects neighborhood change and gentrification. Using housing market transaction data from Central Virginia’s Multiple Listing Service and socioeconomic data from the U.S. Census Bureau, we employ a difference-in-differences approach to analyze the differential effect of new construction of market-rate, EarthCraft-certified units in Richmond Metro Area. Our results show that neighborhoods with new green-certified units experience statistically significant increases in population growth, new construction, and house prices. We observe trends that suggest potential negative impacts on minorities. However, these observed trends have not reached statistical significance. Our study provides evidence that green housing can contribute to the conditions that make residential zones ripe for gentrification, thus, highlighting the need to balance the benefits of green certification with the potential negative impacts on disadvantaged groups.

Revolutionizing Payment Ease: Unleashing the Power of Central Bank Digital Currency (CBDC) in India

Digital currencies, or cryptocurrencies, are gaining popularity. Some national central banks are contemplating digital currencies to address these issues and accelerate the cashless society transition. A Central Bank Digital Currency (CBDC) is a nation's official currency and central bank liabilities in digital form. Nine companies appear to be working with the Reserve Bank of India (RBI) on the Central Bank Digital Currency pilot plan. You may recognise IDFC First Bank, HDFC Bank, State Bank of India, and ICICI Bank. Indian digital currency, the Digital Rupee, will be tested by the Reserve Bank of India on November 1, 2022. On October 31, 2022, the government agency in charge of the project stated that this pilot endeavour will facilitate secondary market transactions involving government securities. The RBI has chosen nine financial institutions to pilot the Digital Rupee. Bank of Baroda, State Bank of India, Union Bank of India, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, IDFC First Bank, YES Bank, and HSBC are notable financial institutions. This study seeks to understand the growth of Central Bank Digital Currency (CBDC) in India, taking into account its global adoption to speed up transactions, improve security, and reduce physical currency production costs.

Transactional Marketing: Impact And Interjections on Customer Experience

The purpose of this paper is to provide a detailed description of the fundamental characteristics of the global scientific production related to transactional marketing and customer experience in the fields of management, business and accounting. This analysis is based on the quantitative evolution of the publications, the methodological approaches used, the units of study, the thematic clusters identified, the countries of origin, the prominent authors and the scientific journals that have published papers related to this topic. The methodology adopted is framed within a descriptive and reflexive documentary approach to the literature, which is based on the review of scientific documents indexed in Elsevier's Scopus and makes use of the VOSviewer software. The selection of texts was made following specific criteria, including key terms such as "transactional marketing" and "customer experience", as well as the limitation to the field of "Business, Management and Accounting". In addition, a specific period was considered, covering the years 2018 to 2022.

The Temporal and Spatial Evolution Characteristics of the Ecosystem Service Value and Conversion Rate in China’s Key State-Owned Forest Regions

To achieve a sustainable development path that harmonizes ecological and economic considerations, China has advocated the “two mountains” concept: “lucid waters and lush mountains are invaluable assets”. This idea posits that those who protect the environment can economically benefit by selling pristine landscapes and utilizing rich ecological resources. This paper use “the equivalence factor method” to calculate ecological benefits, introduces a technical measure—the conversion rate of ecosystem service value—and analyzes its temporal and spatial evolution from 2003 to 2020 in the operational areas of 87 state-owned forestry enterprises in Northeast China. The findings show: (1) a significant improvement in ecosystem-service quality, with its value increasing from 404.7 to 850.2 billion CNY between 2003 and 2020. The restoration of the ecological environment in China’s KSFR provides a foundation for economic and social development. (2) A decrease in the economic gains derived by operators from developing protected ecosystems, with the most significant decline observed in economic benefits generated from the supply product, including timber harvesting. However, the industrial structure in KSFR shifted from being dominated by timber production to diversified development, with non-timber forest resources becoming an important part of regional economic growth. (3) Significant potential for realizing the value of ecosystem services, evidenced by an increasing trend in the conversion rates of cultural, regulatory, and supporting services. These findings underscore the effectiveness of China’s natural forest protection and restoration policies in optimizing forest ecology and realizing the “two mountains” concept through appropriate market transactions and ecological compensation mechanisms.

Optimization of Charging or Discharging Strategy of Energy Storage in Multi-Objective Market Transactions Based on Quantum Genetic Algorithm

Multi-objective energy optimization is critical for ensuring stable and power system operation securely. Though, multi-objective energy optimization is difficult because of an interdependence and opposing goals. To address conflicting objectives, a multi-objective optimization model is required, hence Monarch Butterfly African Vulture Optimization Algorithm (MBAVOA) is newly proposed for resolving multi objective issues. MBAVOA is the hybridized of two optimization algorithms, which includes Monarch Butterfly Optimization (MBO), and African Vulture Optimization Algorithm (AVOA). Here, charging cost, distance, and the user convenience are optimized while taking Renewable Energy Sources (RES) into consideration using MBAVOA. In addition, a load is computed using a Quantum Genetic Algorithm (QGA), describes intermittent and uncertain RES, such as wind and solar. The QGA-MBAVOA outperformed with the least charging cost 63%, fitness 0.010, and user convenience 0.819.

A Study on the Exchange Rate Linkage between Korea and China following the Reform of the Yuan Exchange Rate System

Purpose - This study aims to conduct an empirical analysis of exchange rate volatility and dynamic correlation between Korea and China based on the “8.11” central exchange rate reform in China. Unlike other developed countries’ foreign exchange markets, the Chinese Yuan has not yet achieved complete free circulation, and China has an onshore Yuan exchange rate (CNY) and an offshore Yuan exchange rate (CNH). In this study, we investigated the dynamic correlation between Korea’s won exchange rate and China’s onshore yuan exchange rate and offshore yuan exchange rate around the “8.11” central exchange rate reform in China. Design/Methodology – In this study, we attempted to analyze the average and the volatility spillover effect of the won exchange rate from China’s onshore and offshore yuan exchange rate before and after the 8.11 central parity exchange rate reform. In addition, the relation between the won exchange rate and on- and off-shore yuan exchange rate at various stages were analyzed through the VAR model and the VAR-BEKK-GARCH model. Findings – The results of analyzing the volatility spillovers between the KRW exchange rate and the offshore RMB exchange rate show that there are two-way volatility spillovers between the two markets, both before and after the “8.11” central parity rate reform. The dynamic correlation between the two exchange rates (CNY and KRW, CNH and KRW) is increasing over time. In addition, the two exchange rates are positively correlated with each other, implying that the volatility of the two exchange rate markets is moving in the same direction. The dynamic dependence relations between CNY and KRW become significantly higher after the “8.11” central parity rate reform. Originality/value - As a non-international currency, the won must engage in export trade and capital market transactions with other international reserve currency countries. Therefore, it is important for Korean export-import companies and investors to explore changes in the dynamic correlation between the won and the Chinese yuan through exploration.

Robust two‐level market coordinated transaction optimal model and benefit allocation strategy for a novel shared‐energy aggregator

AbstractShared‐energy storage (SES) can break the energy interaction barrier between the demand side and the supply side, which is becoming an option for improving the flexibility of energy systems. This study designed a novel structure for the shared‐energy aggregator (SEA), incorporating a microgrid (MG), prosumer and SES. Then, a two‐level market transaction optimization model for SEA, considering the robust stochastic optimization method, is proposed; namely, at the day‐ahead stage, a robust stochastic operation optimization model is constructed to achieve the dispatching plan from the demand side under the objective of achieving the minimum energy consumption cost for the prosumer, and at the real‐time market stage, a robust stochastic operation optimization model from the supply side is constructed to arrange the optimal dispatching strategy under the objective of the maximum aggregator benefits of MG and SES. Finally, an industrial park micro‐grid in Qinghai Province, China, is selected as an example for analysis.

The Civic Identity of the Ethical Consumer

Ethical consumerism describes market transactions where consumers’ preferences stretch beyond immediate self-interest to prosocial objectives. How such activities relate to more traditional forms of civic engagement (such as giving or activism) remains unclear; as a market-situated activity, ethical consumerism is often omitted from accounts of civic engagement or predicted to erode commitment to civic action. This paper reports findings from an empirical study of the civic identity of the ethical consumer. Using an online survey instrument, the study explores statistical relationships between individuals’ actual participation in ethical consumerism at three sites (Fairtrade, TOMS Shoes and (RED)) and the extent of individuals’ wider civic engagement—both philanthropic (giving, volunteering) and activist (campaigning). It finds evidence of a consistent civic identity that stretches across traditional civic engagement activities and ethical consumerism: the greater an individual’s civic engagement, the more likely they are to engage in ethical consumerism. The current analytic separation of ethical consumerism and civic engagement, therefore, does not capture the experience of individuals who are expanding their prosocial repertoire from the civic sphere to the market sphere; civic engagement cuts across sectors.

The Effect of Capital Market on Industrial Development of Nigeria

The study examined the effect of capital market on industrial development in Nigeria for the period of 33 years spanning from 1990-2022. The independent variable employed in study are; market capitalization (MCAP), Industrial loan (INDL), Total volume (TV) and GFCF (Gross fixed capital formation), and industrial development proxy Industrial Output (INDOPT). Data were collected from the CBN Statistical Bulletin and World Bank data for 1990-2022. Data set was described using descriptive statistics, correlation analysis ARDL with the help of E-VIEW version 9.0. The study concluded that MCAP, TV have significant relationship with INDOPT both on the short &amp; long run respectively, meanwhile GFCF has significant relationship with INDOPT only on the long run. The study thereby recommends that positive impact of total volumes calls for proper policies to be implemented so as to attract more investors to invest in the market. There is also need to relax some stringent registration and operating procedures to enable more people and organizations to participate in the market. There is also need to institute policies that will further increase the value of market transaction in the market.

Sambut Tahun Baru Belajar Investasi Seru Bersama Siswa/i SMKN Negeri 3 Bengkulu Tengah

Technological changes and developments must be utilized by all groups, not only for consumption but can be used as a tool for investment, investment in this case is stock and capital market investment which can be done by all groups, including students. The problem that occurs at SMKN 3 Central Bengkulu is that students and teachers do not yet fully understand investment in the capital and stock markets. With this problem, the community service team consisting of lecturers from the Faculty of Economics and Business, Dehasen University, Bengkulu, in collaboration with the Indonesian Stock Exchange, representatives of Bengkulu, provided material regarding the capital and stock markets. The solution that the community service team can provide at SMKN 3 Central Bengkulu is to provide assistance in operating the applicationProfits Anywhere which has been downloaded by students and teachers on their respective smartphones. In this case, the method used is preparation, observation and presentation of the FGD. With this activity, students and teachers understand more about capital and stock market transactions and the importance of cultivating an entrepreneurial spirit in life and will later be able to gain profits without just relying on job vacancies from the government and private sectors.