Open Market Research Articles

The social order of illegal markets in cyberspace: extralegal governance and online gambling in China

How do illegal markets operate in cyberspace? Drawing on interview data, this article examines the organizational structure of China’s illegal online gambling businesses and their use of extralegal governance institutions to marketize services, ensure fair play, enforce compliance, and reduce the risk of prosecution. The article also discusses the impact of China’s intensified efforts to repress illegal markets. It suggests that operators in the illegal online market now prefer to settle gambling debts using ex ante means, such as deposits, rather than ex post mechanisms, such as using interpersonal obligations or violence to enforce debt collection. This research contributes to the literature on extralegal governance, gambling, and illegal markets.

Degradation-infused energy portfolio allocation framework: Risk-averse fair storage participation

This work proposes a novel degradation-infused energy portfolio allocation (DI-EPA) framework for enabling the participation of battery energy storage systems in multi-service electricity markets. The proposed framework attempts to address the challenge of including the rainflow algorithm for cycle counting by directly developing a closed-form of marginal degradation as a function of dispatch decisions. Further, this closed-form degradation profile is embedded into an energy portfolio allocation (EPA) problem designed for making the optimal dispatch decisions for all the batteries together, in a shared economy manner. We term the entity taking these decisions as ‘facilitator’ which works as a link between storage units and market operators. The proposed EPA formulation is quipped with a conditional-value-at-risk (CVaR)-based mechanism to bring risk-averseness against uncertainty in market prices. The proposed DI-EPA problem introduces fairness by dividing the profits into various units using the idea of marginal contribution. Simulation results regarding the accuracy of the closed-form of degradation, effectiveness of CVaR in handling uncertainty within the EPA problem, and fairness in the context of degradation awareness are discussed. Numerical results indicate that the DI-EPA framework improves the net profit of the storage units by considering the effect of degradation in optimal market participation.

The performance of renewable-rich wholesale electricity markets with significant energy storage and flexibility

This work investigates the technical and financial performance of deeply decarbonised wholesale electricity markets with uncertain variable renewable generation (VRG), uncertain demand and different types of flexibility. It first finds that different combinations of power reserves (i.e. power generation capacity) and energy reserves (i.e. energy storage capacity), can achieve adequate system reliability at similar total costs. However, use of only energy reserves never achieved adequate system reliability, and this looks to be a fundamental challenge to the reliability of systems with only energy reserves but no power reserves. Two independent aspects of wholesale market operations are then found to be the main determinants of system reliability: the length of the unit commitment (UC) schedule prior to dispatch and the degree of operational uncertainty of VRG during dispatch.It is then argued that reliable, least cost and efficient wholesale markets with dominant renewables need acceptably low levels of operational uncertainty of VRG, sufficient flexibility in generation and/or demand, and UC schedules that are significantly longer than the longest energy storage durations present. Rather than suggesting that innovation in market design is required, these results therefore suggest that different technical approaches should have important, future roles. These include mitigating the operational uncertainty of VRG via several potential means as well as flexible generation, battery storage of a few hours duration and flexible electrolysis. Long duration energy storage, however, may challenge market performance and all participants’ returns even if it supports system reliability.

Elucidation of the Active Agents in a West African Ground Herbal Medicine Formulation That Elicit Antimalarial Activities in In Vitro and In Vivo Models

Agunmu (ground herbal medicine) is a form of West African traditional medicine consisting of a cocktail of herbs. The goal of this study is to evaluate a formulation of Agunmu made from M. indica, A. repens, E. chlorantha, A. boonei, and B. ferruginea, sold in the open market and commonly used for the treatment of malaria by the locals, for its antimalarial effects and to determine the active principles that may contribute to the antimalarial effect. The ethanolic extract obtained from this formulation (Ag-Iba) was analyzed, using TLC, LC-MS, and Tandem-MS techniques, to determine its phytochemical properties. The extract was tested in vitro against representative bacteria strains, cancer and normal human cell lines, and susceptible (D6) and resistant (W2) Plasmodium falciparum. In subsequent in vivo experiments, graded doses of the extract were used to treat mice infected with chloroquine-susceptible (NK-65) and chloroquine-resistant (ANKA) strains of Plasmodium berghei. Bacteria growth was monitored with a disc diffusion assay, cancer cell viability was determined with MTS assay, and percentage parasitemia and parasite clearance were determined by microscopy. Bound heme content, host mitochondria permeability transition (mPT) pore opening, F0F1-ATPase, and lipid peroxidation were determined via spectrophotometry. Indices of oxidative stress, anti-oxidant activities, toxicity, cell death, and inflammatory responses were obtained using biochemical and ELISA techniques. The histology of the liver and spleen was performed using the standard method. We elucidated the structures of the critical active principles in the extract to be flavonoids: kaempferol, quercetin, myricetin, and their glycosides with little or no detectable levels of the toxic Aristolochic acids that are found in Aristolochia repens, one of the components of the formulation. The extract also showed anti-plasmodial activity in in vitro and in vivo models. Furthermore, the extract dose-dependently decreased mitochondrial dysfunction, cell death, and inflammatory and oxidative damage but increased antioxidant potentials. Presumably, the active principles in the extract work as a combinatorial therapy to elicit potent antimalarial activity. Overall, our study unraveled the active components from a commercial herbal formulation that could be reformulated for antimalarial therapy.

Economic dispatch of microgrid generation-load-storage based on dynamic bi-level game of multiple stakeholders

During the participation of microgrid operators(MGO) and shared energy storage investors(SEI) in electricity market operations, unclear positioning of shared energy storage(SES) in the trading mechanism leads to decision-making limitations and mutual pricing constraints among stakeholders. Therefore, a dynamic bi-level game model based on multiple stakeholders is established in the paper. Considering the full life cycle investment costs, leasing costs, and load peak-shaving ancillary service revenue, establish a net revenue model for SEI. In the upper level, with SEI as leaders and MGO as followers, establishing a master-slave game model for optimizing SES leasing prices, and formulate leasing strategies. In the lower level, with MGO as leaders and cluster users as followers, establishing a master-slave game model for optimizing electricity prices and formulate scheduling strategies. A hybrid multi-strategy improved whale optimization algorithm based on simulated annealing(HSWMO) is proposed, combined with the theory of fixed points to solve the optimization problem of the upper and lower levels until obtaining the optimal solution that converges to a fixed point. Through case analysis, it is verified that the operational mode of SES as a market entity can bring higher economic benefits to multiple stakeholders such as MGO and cluster users. Meanwhile, the analysis from the perspective of SEI examines the optimal capacity investment and payback period for SES, providing effective reference for the comprehensive decision-making of SEI and MGO.

A Matter of Minutes: Unexpected FOMC Communication and Fed Credibility

Abstract Unexpected revelations in the Federal Open Market Committee (FOMC) meeting minutes may provide critical information and hinder the Federal Reserve’s (Fed) credibility. Our analysis explores the impact of unanticipated content on FOMC policy discussions, revealing that more-hawkish-than-expected minutes reduce daily stock market returns by raising the risk premium. We also find a non-linear relationship between the unexpected minutes’ sentiment and the Fed’s credibility: surprise hawkish revelations can worsen credibility, with larger deviations further de-anchoring long-term inflation expectations from the 2 % target. Our findings suggest that the Fed should continue refining its communication strategies to avoid the damage of unexpectedly hawkish minutes in its credibility.

Transmission and Volatility Mechanisms of Mineral and Oil Prices in the Context of Clean Energy Transition: A Global Perspective

The prices that govern the output of producers in specific industries hold great significance, particularly in the context of the renewable energy industry, which is profoundly influenced by the dynamics of critical mineral prices. Oil prices also affect mineral transportation and cost-competitive consumer choices, altering the renewable energy sector. This study examines the global transmission of shocks and volatility spillover effects of essential mineral and oil prices in renewable energy production covering the monthly data from January 1990 to June 2023. We use partial cross-quantilogram (PCQ) and rolling window-based recursive cross-quantilogram (RCQ) methods to address the dataset's non-normal and fat-tailed nature. The PCQ analysis shows that aluminum and copper price shock transmission and volatility spillover effects boost cumulative and decomposed renewable energy generation, particularly solar and wind power, in bullish market conditions with long-term memory. Nickel prices decline in bullish markets with long memory. Interestingly, oil price shock transmission and spillover effects benefit solar and wind energy generation over long time horizons. Thus, this study emphasizes the importance of leveraging mineral prices by determining favorable values and implementing market operations to promote environmental sustainability and sustainable development in the face of oil-based industrial expansion.

Cash flow modeling in the open innovation market system

The process of innovation activity is considered from the point of view of agency presence. The open innovation market system is described, including an investor, a developer and a user. The cash flows between the specified agents of the system, arising in the process of creating and commercializing an innovative product, are considered. For each agent, a profit function has been developed, which is a criterion for its optimal activity. An economic and mathematical model has been developed that describes the interaction of agents in the system.

Corporate Governance and Manufacturing Firms’ Financial Performance in Nigeria

The corporate governance mechanism was initiated to curb the excesses of managers that are saddled with the running of firm and also protect the shareholders and public interest. However, the collapse of big firms all over the world few years ago has awaken a renewed interest in firm adherence to corporate governance mechanism. Similarly, in Nigeria some firms also face similar situation. This study set out to examine the impact of corporate governance on manufacturing firms’ financial performance in Nigeria. The data used were collected from 39 listed manufacturing firms in the Nigerian Exchange Group from 2003 to 2022. The panel regression technique was used to determine the impact of corporate governance on financial performance. The study used three measures of manufacturing firms’ financial performance namely; Return on Asset (ROA), Return on Equity (ROE) and Tobin Q. Seven variables were used to measured corporate governance namely; Independence Board (IND), Board Meeting (BM), Audit Committee (AUD), Board Structure/Composition (BOC), Board Size (BOS), Executive Stock Ownership (EXS) and Nomination Committee (NOC), and the control variable was Firm Age. These variables were subjected to several test; Variance Inflation Factor (VIF). The Breusch-Godfrey Serial Correlation Langragian Multiplier Test, Breusch-Pegan-Godfrey Heteroskedasticity and the Hausman Test selected the Random Effect Panel regression. The study found that AUD had a positive effect on ROA and Tobin Q but negative with ROE, BOS had a negative effect on ROA, and ROE but positive with Tobin Q, BM had a negative effect on ROA, and Tobin q but positive with ROE. BOC had a negative effect on ROE and Tobin Q but positive ROA. EXS had negative effect on ROA and Tobin Q, but positive with ROE. IND had a positive effect on ROA and ROE but negative with Tobin Q. FAGE had a positive effect on ROA and ROE but negative with Tobin Q while NOC had positive effect on all the three measures of manufacturing firms’ financial performance. We concluded that corporate governance had significant effect on manufacturing firms’ financial performance in Nigeria. However, when different measurements were used to proxy firm financial performance the effect contrasts, this may be attributed to both the market value and operating value of financial performance adopted for this study. Hence, the study cannot draw conclusion on which of the manufacturing firm’s financial performance is better.

Marketing Innovation, Digital Marketing and Competitive Advantage as Determination of MSMEs Performance

Small and medium-sized enterprises (MSMEs) have significant potential to enhance the well-being of individuals by reducing poverty, promoting income equality, and serving as a source of foreign exchange for the nation. Despite their significance, MSMEs commonly encounter challenges like innovation, technology utilization, and competition while building their business, all of which can influence their performance. This study aims to investigate how marketing innovation, digital marketing, and competitive advantage influence MSMEs performance in Yogyakarta. The study targets MSMEs owners and managers involved in marketing and business operations, with a sample size of 456 to ensure representative and valid results. To test the hypotheses, the researchers used SmartPLS version 4. The findings reveal a significant relationship between competitive advantage and MSMEs business performance. Digital marketing also shows a significant effect on business performance. Conversely, marketing innovation does not significantly impact MSMEs performance.

Research on the development bottlenecks and countermeasures of leisure football sports

To better promote the development of leisure football in China, this study employs research methods such as literature review and logical analysis, combined with the analysis of the national environment, to summarize the social and cultural value conflicts, insufficient exploration of humanistic connotations, low per capita resource possession, and high barriers to sports participation as the main constraints on the development of leisure football. It also identifies the prominent problems resulting from these constraints, such as the low ability to meet the needs of participants. The study proposes two major strategies to break through the bottlenecks in the development of leisure football and to address the prominent issues it faces: promoting school and social education and training to guide changes in social culture and demand; and improving educational training concepts and methods to adapt to the actual national conditions and social needs. It is suggested that the most effective way to guide changes in social culture and demand is through education and training, which includes school education and training led by government administrative operations and social education and training led by corporate market operations. The study points out that the key to improving educational training concepts lies in grasping two main points: improving the teaching methods of tactics and techniques, and strengthening the exploration of cultural connotations. The core of improving educational training methods is to introduce and promote modern educational technologies represented by audio-visual teaching.

Comparative Analysis of Market Clearing Mechanisms for Peer-to-Peer Energy Market Based on Double Auction

This paper aims to develop an optimisation-based price bid generation mechanism for the sellers and buyers in a double-auction-aided peer-to-peer (P2P) energy trading market. With consumers being prosumers through the continuous adoption of distributed energy resources, P2P energy trading models offer a paradigm shift in energy market operation. Thus, it is essential to develop market models and mechanisms that can maximise the incentives for participation in the P2P energy market. In this sense, the proposed approach focuses on maximising profit at the sellers, as well as maximising cost savings at the buyers. The bids generated from the proposed approach are integrated with three different market clearing mechanisms, and the corresponding market clearing prices are compared. A numerical analysis is performed on a real-life dataset from Ausgrid to demonstrate the bids generated from sellers/buyers, as well as the associated market clearing prices throughout different months of the year. It can be observed that the market clearing prices are lower when the solar generation is higher. The statistical analysis demonstrates that all three market clearing mechanisms can achieve a consistent market clearing price within a range of 5 cents/kWh for 50% of the time when trading takes place.

Social protection comparison across the world: a study of fiscal, structural and institutional performance discrepancies

PurposeSocial protection states the public-mandated (strategies and programmes) to address the vulnerability and risk among poor and near-poor households. Social protection must not only help people meet their basic needs but also contribute to the long-term well-being and broader societal goals of equity, social justice and empowerment. The role of social protection in achieving these goals has not been adequately documented. This paper examines the performance of the social protection mechanism from the perspective of the regional structural and institutional performance indicators. Social protection outlay dynamics are synthesized in the structural and institutional conducts.Design/methodology/approachA world regional comparability is made by considering the panel dataset for the time interval 1995–2020. In empirics, the unconditional and conditional ranks are constructed, and regression analyses are made subject to (1) the fiscal constraint of social protection, (2) structural performance indicators and (3) the institutional performance indicators of the targeted regions across the globe. The fully modified-ordinary least square (FM-OLS) method is used to construct the ranks.FindingsThe rank analysis demonstrates that the developed regions (i.e. Europe, Central Asia and North America) have relatively good welfare standards and fiscal capacity for social protection drives compared to the developing/underdeveloped regions (i.e. Sub-Saharan Africa and South Asia). The structural/institutional performance indicators have shown their significance in determining/utilizing their budget for social protection and maintaining welfare standards. Interestingly, most developed regions are relatively reluctant to maintain the structural/institutional performance for the determination/execution of the funds for social protection as compared to the developing and underdeveloped regions.Practical implicationsIn policy discourse, this research suggests that governments must make some market operations to enhance their regions’ structural and institutional performance to get better outcomes of social protection spending in the form of attractive welfare standards.Originality/valueMultiple studies have been done considering the social protection dynamics at nano, micro and macro levels, while this study considered the mega dataset across the globe to analyse the social protection dynamics in consideration of structural and institutional performances.

The Convergence of Artificial Intelligence and Human Marketing: A Framework for Enhanced Customer Insights and Personalization

This article examines the transformative integration of artificial intelligence and human expertise in modern marketing analytics, focusing on customer insight generation and personalization strategies. We present a comprehensive framework for human-AI collaboration in marketing operations through a mixed-methods approach combining quantitative analysis of customer data from 127 retail organizations and qualitative interviews with 34 marketing professionals. The findings reveal that organizations implementing AI-enhanced customer analytics in conjunction with human-driven creative strategy achieved a 47% improvement in customer engagement metrics and a 31% increase in conversion rates compared to traditional approaches. The article demonstrates that while AI excels at real-time pattern recognition and predictive modeling of customer behavior, human marketers provide crucial emotional intelligence and contextual interpretation that significantly enhance the effectiveness of personalization efforts. The article introduces the Dual Intelligence Marketing Framework (DIMF), which outlines optimal integration points between AI capabilities and human expertise throughout the customer journey. The framework addresses critical challenges in implementation, including technical infrastructure requirements, talent adaptation, and ethical considerations. This article contributes to both theoretical understanding and practical application of AI in marketing, offering actionable insights for organizations seeking to leverage the complementary strengths of artificial and human intelligence in their marketing operations.

Assessing the Effects of Cyber Attacks on Financial Markets

Cyber-attacks on financial markets have emerged as a significant threat to global economic stability, disrupting market operations, compromising sensitive data, and undermining investor confidence. This study explores the multifaceted impact of cyber-attacks on financial markets, examining both the immediate and long-term effects on market performance, regulatory response, and overall market resilience. By analyzing recent incidents, this research highlights how cyber-attacks influence stock prices, trading volumes, and market volatility, shedding light on the vulnerabilities within financial systems. Findings suggest that cyber threats not only impact individual institutions but also ripple through interconnected markets, amplifying financial risk on a broader scale. The study concludes with recommendations for strengthening cybersecurity measures in financial markets to enhance resilience and mitigate potential losses from future cyber incidents.

The Transformative Impact of Artificial Intelligence and Machine Learning on Marketing Operations

This comprehensive article explores the transformative impact of Artificial Intelligence (AI) and Machine Learning (ML) on modern marketing operations. The research delves into key areas where AI and ML are revolutionizing marketing strategies, including hyper-personalization, predictive analytics, and conversational AI. Through an analysis of recent developments and case studies, the article demonstrates how AI-driven personalization significantly enhances customer engagement and relevance, with some implementations showing up to 25% increase in revenue and 15% improvement in customer retention rates. The article also examines the role of predictive analytics in shifting marketing strategies from reactive to proactive approaches, enabling more accurate forecasting of customer behavior, campaign performance, and market trends. Furthermore, the evolution of chatbots and conversational AI is explored, highlighting their capacity to automate lead qualification, scale customer engagement, and gather real-time insights without increasing manual input. The integration of AI in marketing operations is shown to improve campaign management efficiency, enhance personalization capabilities, and facilitate future-focused campaign development. However, the research also addresses the challenges and ethical considerations associated with AI integration in marketing, including data privacy concerns, skill gaps, and the need to balance automation with human creativity. This article provides a comprehensive overview of how AI and ML are reshaping the marketing landscape, offering valuable insights for marketers, researchers, and business leaders navigating this technological revolution.

Analysis on the Influencing Factors of the Performance of Jindi Real Estate Market

Market performance refers to the price, output, profit, product quality, technical progress and other final economic results of enterprises in a certain market structure through certain market behavior, as well as their impact on the overall social welfare, reflecting the efficiency of the real estate market operation and the advantages and disadvantages of resource allocation. The quality of economic benefits directly reflects the size of the core competitiveness of an industry, and is also the foundation of the existence of the industry. Therefore, it is very important to evaluate the performance of the real estate market. This paper studies the development and influencing factors of Jindi real estate industry, constructs the evaluation index of market performance of Jindi real estate industry, and makes an empirical analysis on the development of Jindi real estate industry by using reasonable evaluation methods. Find out the advantages and disadvantages of Jindi real estate industry development, and formulate appropriate policies and real estate development strategies for Jindi according to the specific development situation.

Identifying and Analysing Constraints in the Branded Rice Market: A Comprehensive Study of Stakeholders in Kerala, India

The study assessed the various constraints faced by the stakeholders in branded rice market in Kerala. These stakeholders include farmers, exporters, non-exporting private rice manufacturers, co-operative society, wholesalers, retailers and consumers. By examining the constraints across the branded rice market from production to consumption, the study aimed to identify the critical issues like, production constraints, procurement constraints, marketing constraints, institutional constraints export constraint and financial constraints. A sample of 30 farmers and one agent, five exporters and 10 non-exporters 20 wholesalers and 30 retailers and 120 consumers from Ernakulam and Palakkad districts were selected for the study. The study identified the major problems faced by the stakeholders of branded rice market by using Garret’s ranking method. Farmers were facing difficulties in rice production due to high input costs, high labour costs and untimely availability of water. Delay in procurement from SUPPLYCO and adequate facilities for drying and cleaning compel them to sell their produce in the open market. There was a communication gap between institutions and farmers. Lack of transportation facilities, high maintenance cost of machinery and financial difficulties were the major constraints faced by PADDICO. High transportation cost, high international trade barriers and price volatility were the major constraints faced by private manufacturers of branded rice. Heavy documentation & procedures was the major constraint faced by exporters. Lack of demand of branded rice was the major constraint faced by resellers. High price was the major constraint faced by the consumers. The high cost of production faced by farmers can be reduced by improved mechanisation in the rice cultivation. The study also recommended the suggestions for the constraints of other market stakeholders of branded rice market.

Https://www.questjournals.org/jrbm/v12-i11.html

Rich countries, developing countries and Underdeveloped countries differ in their capacity to invest in capital assets. Some countries developed in-depth knowledge and wisdom in applying science and technology. To achieve synergy, some countries import capital, human resources, materials, and technology from the open market. Countries use different approaches to mix and use their resources with imported resources. This article focuses on how the United States of America is in the top position economically and politically in the world. The priority of this article is to explain the type of business strategy America uses to achieve financial supremacy.

Characteristics of financial capital flow circulation and the risk transmission effect in China

Financial capital is an important force driving China's economic modernisation. Examining the characteristics of financial capital flow circulation across sectors and risk transmission laws is crucial in guiding financial market operations and deepening financial system reforms. This study establishes a 2011–2020 China matrix that includes capital fund flow statements for non-financial corporations, financial institutions, the general government, households, and foreign sources and examines changes in capital flow circulation by developing a financial flow multiplier system model to measure the direct and indirect transmission effects of capital flows between sectors from the perspective of liabilities. Results show that China's overall scale of financial capital flows has increased, but fluctuations have emerged in the last decade. The sectors' financing structure has changed significantly, with financial institutions remaining the primary capital inflow and outflow sectors of the financial market; however, the proportion of liability and investment in the household sector has increased, resulting in increased risk transmission. Moreover, the sectoral fund surpluses and shortages are highly volatile and uncertain, with non-financial enterprises serving as the primary drivers of real-economy investment. The capital flow from financial services to the real economy shows a fluctuating growth trend, primarily flowing to non-financial corporations; however, the proportion exhibits a downwards trend. Finally, we find that the flow transmission relationship between different sectors and financial transactions in the financial market is complex, with both direct and indirect risk transmission effects between sectors. Changes of financial institutions' liabilities significantly affect the liabilities and investments of other sectors.