Market Model Research Articles

The Impact of Participation Ratio and Bidding Strategies on New Energy’s Involvement in Electricity Spot Market Trading under Marketization Trends—An Empirical Analysis Based on Henan Province, China

As new-energy electricity increasingly enters the post-subsidy era, traditional fixed feed-in tariffs and guaranteed purchase policies are not conducive to the optimal allocation of large-scale, high-proportion new-energy power due to the high pressure of subsidy funds and the fairness issues of power-generation grid connection. Encouraging new energy to participate in electricity market transactions is considered an effective solution. However, existing studies have presupposed the adverse effects of new energy in proposing market mechanism optimization designs for new-energy participation without quantitative results to support this, which is not conducive to a true assessment of the comprehensive impact of individual instances of new-energy participation in the market. To this end, this study, based on the actual experience and data cases of China’s electricity spot market pilot provinces, considers both unit commitment and economic dispatch in the electricity distribution process, and constructs a two-stage optimization model for electricity spot market clearing. According to the differences in grid connection time and the construction costs of new-energy power, differentiated proportions of new-energy participation in the market and bidding strategies are set. By analyzing the quantitative results of new energy participating in spot market transactions under multiple scenarios, using both typical daily data for normal loads and peak loads, the study provides theoretical support and a data basis for the optimized design of market mechanisms. The research results show that there is a non-linear relationship between the scale of new energy entering the market and its bidding strategies and market-clearing electricity prices. In the transition phase of the low-carbon transformation of the power sector, the impacts of thermal power technology with a certain generation capacity and changes in the relationship between power supply and demand on electricity prices are significant. From the perspective of the individual interests of new-energy providers, the analysis of their bidding strategies in the market is important.

How to construct monthly VAR proxies based on daily surprises in futures markets

It is common in applied work to estimate responses of macroeconomic aggregates to news shocks derived from surprise changes in daily futures prices around the date of policy announcements. This requires mapping the daily surprises into a monthly shock that may be used as an external instrument in a monthly VAR model or local projection. The standard approach has been to sum these daily surprises over the course of a given month when constructing the monthly proxy variable, ignoring the accounting relationship between daily and average monthly price data. In this paper, I discuss an alternative approach to constructing monthly proxies from daily surprises that takes account of this link and revisit the question of how to use OPEC announcements to identify news shocks in VAR models of the global oil market. The proposed approach calls into question the interpretation of the identified shock as oil supply news and implies quantitatively and qualitatively different estimates of the macroeconomic impact of OPEC announcements.

Innovative Research on Enterprise Marketing Strategies under the Background of New Media

Marketing is one of the comprehensive development strategies for production-oriented and service-oriented enterprises, and it is also an effective path to increase income and revenue for enterprises. By operating and selling the main products, services, cultural concepts, and many more of the enterprise in a market-oriented manner. We aim to deepen the impression of the enterprise among consumers, enhance its market influence, and seek more opportunities for cooperation and development for the enterprise. However, with increasingly fierce market competition, traditional marketing models are no longer able to maximize their effectiveness. This article firstly analyzes the positive impact of new media background on enterprise marketing in expanding the scope of information release, improving marketing targeting, and creating new marketing platforms. Secondly, it explores the problems faced by enterprises in the current marketing process, such as outdated ideological concepts, insufficient team building, and rigid marketing content. Finally, strategies such as updating marketing concepts, strengthening team building, and innovating marketing content were proposed to provide some reference and inspiration for enterprises to smoothly promote marketing work under the background of new media.

A postgrad marketing journey: How University of Limerick created and implemented its first university-wide postgraduate marketing campaign

The Stay Curious campaign for postgraduate studies at the University of Limerick, Ireland is one of the most successful campaigns that the institution has ever had, not just in terms of student recognition and brand recall, but more importantly, in the sense of ownership it has given the campus community. The strength of the campaign has resulted in consistent messaging and narratives across postgraduate marketing as the university continues to implement a devolved model of marketing and communications. The key has been anchoring the campaign in extensive research to achieve mass buy-in and making it as easy as possible for the wider university to get on board — creatively and collaboratively. While they are not without their challenges, this paper should illustrate that devolved models of university marketing and communications can work if there is a strong overarching campaign that key units can get behind. This paper argues that maximising the expertise in-house and maintaining an institutional focus rather than a departmental one can yield positive results.

A comparison of factor models in China

We evaluate the performance of eleven asset pricing models in the Chinese A-share market using a variety of test portfolios and statistical methodologies. To compile the test portfolios, we construct 105 anomalies and use the 23 significant anomalies as test assets for model comparison. The results indicate that, in time-series test and anomaly explanations, the Hou et al. (2019) five-factor q model demonstrates the best overall performance. The pairwise cross-sectional R2 tests and multiple model comparison tests further affirm that the Hou et al. (2019) five-factor q model, the Fama and French (2018) six-factor (FF6) model, and the Kelly et al. (2019) five-factor Instrumented Principal Component Analysis (IPCA5) model are the top performers. Notably, the performance of the five-factor q model remains robust across various experimental designs.

The Application of Asset Pricing Models in the Capital Market

With the development of China's financial and capital markets, more and more investors will choose to use different asset pricing models to analyze the effectiveness of their investments. Under the background of efficient markets hypothesis (EMH), this paper will use Fama-French three-factor model, GARCH family model and Heston model to analyze the validity and feasibility of these three commonly used models in Chinese market. Through empirical analysis, descriptive statistics and other research methods, it is found that all three models are effective but have certain limitations. It is found that the Fama-French three-factor model is too dependent on the market. The establishment of the GRACH family model is too complicated due to too many influencing factors in the market; and the time lag of the Heston model. All three models require investors to include more model analysis to get the optimal investment strategy. Therefore, this paper draws the definition of behavioral finance at the end of the paper, according to which investors' decisions can be further analyzed.

Do unemployment benefit extensions explain the emergence of jobless recoveries?

Countercyclical unemployment benefit extensions in the United States act as a propagation mechanism, contributing to the high persistence of unemployment following recent recessions, as well as the weak correlation between unemployment and productivity. We show this by modifying an otherwise standard frictional model of the labor market to incorporate a stochastic and state-dependent process for unemployment insurance estimated on US data. Accounting for movements in both productivity and unemployment insurance, our calibrated model is consistent with post-war labor-market dynamics. It explains the emergence of jobless recoveries in the 1990s, the low correlation between unemployment and productivity, and the apparent shifts in the Beveridge curve following recessions.

An Empirical Research on the Performance of Asset Pricing Models in the Chinese A-Share Market

Asset pricing remains a cornerstone of financial field, providing a framework to understand the anticipated returns of asset portfolios and individual assets. Its widespread application spans academic discourse and practical financial methodologies. This study conducts an empirical analysis of the Chinese A-share Market, utilizing transaction data from the A-share market spanning from 1994 to 2024. It examines the applicability of the traditional asset pricing models within the Chinese stock market. Through classic regression analyses of the CAPM, the Fama and French three-factor model (FF3), the Fama and French five-factor model (FF5), this study verifies that the FF5 provides a superior explanation of stock expectations for the A-share market during this period compared to other traditional asset pricing models. The conclusions of this study indicate that, among the CAPM, FF3, and FF5 models, the number of parameters taken into account by the model and its capacity to explain asset returns are positively correlated.

Perbandingan Model Promosi pada Platform Facebook, Instagram, dan Tiktok terhadap Keputusan Pembelian berdasarkan model AISAS

This research aims to determine the comparison of promotional models on social media on generation Z purchasing decisions in Sungai Full based on the AISAS (Attention, Interest, Search, Action and Share) marketing communication model. In this study, data was collected through the questionnaire method. The population of this study was Generation Z in Sungai Penuh (11-25 years), and the sample used was 90 people. Data analysis in this study used Smart PLS 3.0. The results of this research show that Instagram is the social media that is widely used by generation Z in Sungai Penuh namely 72.2%, 62.2% of TikTok users, and only 26.7% of Facebook, and promotions using the AISAS (Attention, Interest) model. , search, action and share) on social media Facebook do not have a significant effect on purchasing decisions in generation Z in Sungai Penuh. On social media Instagram it is known that interest, search and share have a significant effect on purchasing decisions in generation Z in Sungai Penuh, while attention and action does not have a significant effect on purchasing decisions in Generation Z in Sungai Penuh, on Tiktok social media, attention, interest and share have a significant effect on purchasing decisions in Generation Z in Sungai Penuh, while search and action do not have a significant effect on purchasing decisions in Generation Z in Sungai Penuh.

Service Competition in Two-Tier Healthcare Markets with Heterogeneous Patients Balking

Recently, public and private providers within the two-tier healthcare market engage in a fierce competition for patients, which is significantly influenced by patients’ multifaceted sensitivities to delays and payments, particularly when patients’ potential balking is considered. However, existing literature studying the two-tier healthcare market often presupposes patients as homogeneous or one-dimensionally heterogeneous, and neglects their balking behavior. In stark contrast, this paper delves into the combined effects of patients’ delay- and payment-sensitive heterogeneities, alongside their joining and balking decisions, on the service competition dynamics within the two-tier healthcare market. Leveraging a game-theoretic framework, we initially derive subgame equilibria, both inclusive and exclusive of patient balking, uncovering that patient balking can lead to a subgame perfect Nash equilibrium in the presence of two-dimensional patient heterogeneity. Intriguingly, our findings further suggest that the non-profit public provider may, counterintuitively, curtail its service capacity despite budgetary adequacy, contradicting the conventional assumption that such providers would fully allocate funds towards patient care. Ultimately, from a patient welfare standpoint, we find heightened payment heterogeneity discrimination proves detrimental to patients, whereas increased differentiation in delay heterogeneity benefits them. This revelation underscores a pressing social issue inherent in the two-tier healthcare market model: It has the potential to exacerbate healthcare disparities rooted in economic inequalities within the population.

What Does the Beveridge Curve Tell Us about the Likelihood of Soft Landings?

Any assessment of the likelihood and characteristics of a soft landing in the labor market should take into account the current state of the labor market and the likely dynamics in the labor market going forward. Modern labor market models centered around the Beveridge curve are a useful tool in this assessment. We use a simple model of the Beveridge curve to investigate what conditions are necessary for a soft landing in the labor market to occur and what the likelihood of these conditions was during the height of the pandemic-period inflation. We find that a soft landing was a plausible outcome at that time. Since then, the evolution of the labor market has borne out that prediction.

Global dynamics and numerical simulation of a modified epidemiological model for viral marketing on social networks

The aim of this work is to conduct a rigorous mathematical analysis for global dynamics and numerical simulation of a recognized viral marketing (VM) model, which is described by a system of ordinary differential equations (ODEs). We first establish positivity and boundedness of solutions and then investigate local and global asymptotic stability properties of possible equilibrium points. As an important consequence, complex dynamics of the VM model is determined fully.Secondly, we develop the Mickens’ methodology to design a nonstandard finite difference (NSFD) scheme, which is useful in numerical simulation of the VM model. The main advantage of the constructed NSFD scheme is that it has the ability to preserve important mathematical features of the continuous-time model for all finite values of the step size. These features include the positivity and boundedness of solutions, positively invariant sets, equilibrium points and their asymptotic stability properties. Consequently, the NSFD scheme is not only effective to simulate dynamics of the VM model, but also easy to be implemented.Thirdly, to emphasize implications of the constructed mathematical analysis, an extended version combining the integer-order ODE model under consideration with the Caputo fractional derivative is considered and analyzed. From the mathematical analysis performed for the integer-order VM model, global dynamics of the fractional-order VM model is also investigated rigorously.Finally, the theoretical insights are supported by a set of illustrative numerical experiments.The findings of this research not only improve some existing results in the literature, but may also provide several useful real-life applications.

Pengelolaan Hutan Kopi dan Aren dalam Inovasi Produk Kopi Aren Rasa Wine Non Alkohol di Kecamatan Kutalimbaru, Deli Serdang

This study aims to create an innovation in coffee-based culinary products by combining two plant materials, namely coffee and sap, to produce non-alcoholic grape-flavored sap coffee that has never been produced before. The method used in this study is descriptive qualitative with data collection techniques through FGD (Focus Group Discussion) with relevant stakeholders. The results of the study indicate that the coffee and sugar palm forests in the area are very productive and have great potential to support improving the welfare of farmers. In addition, the marketing model for this innovative sap coffee product is carried out offline and online, expanding the market reach. In conclusion, the innovation of non-alcoholic grape-flavored sap coffee can have a positive impact on improving the economy of coffee and sugar palm farmers in Sukamakmur Village, as well as opening up new job opportunities through productive management of natural resources. Keywords: Coffee Forest, Coffee Cultivation, Palm Coffee, Micro Business

Institutional model of the financial services market and its development

In the paper, the institutional model of the financial services market in Ukraine is defined as a complex system that ensures the interaction of its various subjects, regulates their activities and contributes to the stable and effective functioning of the financial sector based on taking into account the role and relationships of public and private organizations, legal and regulatory frameworks, as well as socio-economic factors that affect the functioning of the financial services market. Three stages of the development of the financial services market in Ukraine are highlighted, their characteristics, achievements and challenges are given. The main components of the institutional model of the financial services market are defined. It is shown that high-quality infrastructure and effective debt settlement institutions are critical for maintaining the financial stability of credit institutions. The purpose of the reform of state regulation based on the model of a single regulator is determined, which consists in increasing the efficiency, transparency and stability of the financial market. The advantages of a single regulator based on the NBU are: consolidation of functions, improvement of efficiency, reduction of administrative costs, improvement of coordination, increase of transparency, reduction of duplication. The challenges are: the difficulties of the transition period, the need to maintain specialization and the implementation of management changes. It is shown that the financial ombudsman plays an important role in the system of institutions for professional regulation of financial services markets. At the initial stage of implementation of the said institute, its role as a mediator is critically important for creating an effective mechanism for resolving conflicts and ensuring trust in the financial market. It has been established that the financial ombudsman performs the functions of: an independent mediator based on the principles of neutrality and confidentiality; supports the resolution of conflicts based on the analysis of the situation and the proposal of solutions, improves communication by organizing meetings and ensuring a clear exchange of information; ensures transparency and fairness by clarifying rights and obligations, creating standards for mediation; increases confidence in the financial market on the basis of reducing conflicts and improving the reputation of the financial market.

Market reactions to capital increases: Insights from asset revaluation in pharmaceutical companies on the stock exchange

This study investigates the impact of capital increases on market reactions, focusing specifically on pharmaceutical companies listed on the Tehran Stock Exchange (TSE). We analyze stock returns over a six-month window: three months preceding and three months following the announcement of capital increases. Employing the market model, we assess investor responses and the revaluation of assets associated with these capital injections. Our comprehensive sample includes 200 pharmaceutical firms selected through systematic random sampling, covering the period from 2017 to 2023. The results reveal that asset revaluation significantly enhances investor reactions compared to capital increases stemming from cash contributions and retained earnings. Furthermore, our findings underscore the critical role of information transparency from company management in shaping market responses. This research contributes to a deeper understanding of investor behavior and informs management strategies related to capital restructuring in the dynamic pharmaceutical sector.

Russia in the system of functioning models of the modern world market for arms and military equipment

In the context of modern geopolitical conflicts, which have led to complications in the international trade and investment cooperation between countries, there are serious changes in the positions of states in the global export of arms and military equipment (hereinafter referred to as AME). Structural transformations in the international exchange of the AME are also conditioned by the clash of economic interests of individual countries due to globalisation of recent decades as well as by the use of various models of production and export of the AME at the national level. As shown in our article, states of the world are seriously differentiated in their own production of the AME according to the degree of their dependence on imports and foreign suppliers of components and technologies. The fact that countries can be advanced participants in the technological chain or be niche suppliers determines new directions for their international specialisation and, largely, the rules and nature of competition in the modern AME market. As part of the presented analysis of the national specialisation models of states, the competitive advantages and weaknesses of Russia as one of the leading arms exporters in the world are shown. At the same time, the foreign policy and economic risks of strengthening its position in the global AME trade have been assessed. Based on the results of the study, directions for reinforcing the potential of the Russian military-industrial complex in the world AME market have been formulated.

Religious Investor Sentiment, Shariah Compliance Impact, and Theological Risk: Evidence from Bursa Malaysia

This study examines the financial implications of religious restrictions by analyzing how changes in the Shariah compliance status of stocks affect their price and trading volume. Employing the market model in an event study approach and using data from Malaysian firms between 2000 and 2016, the study focuses on 30 announcements from the Security Commission Malaysia’s List of Shariah Compliant Securities (LSCS), resulting in 370 additions and 284 deletions from the compliance list. The findings indicate that the inclusion of stocks in the compliance list generates longterm demand driven by Islamic institutional and Muslim retail investors, leading to a permanent increase in abnormal returns and trading volume. Conversely, the removal of stocks from the compliance list induces short-term negative abnormal returns and increased trading volume, reflecting selling pressure. These results contribute to understanding the financial consequences of religious restrictions, highlighting the influence of Shariah compliance on stock market performance and investor behaviour.

Business Models of Public Smart Services for Sustainable Development

The smart city concept has entered the public debate over the last decade as a concept for the development of urban space for the efficiency, improvement and availability of public and private services and sustainability. The Business Models Canvas is most often used in the literature for the creation of business models of smart services. On the basis of the above, we investigated whether the Business Models Canvas is the most used tool for creating business models for public smart services in Slovakia and whether cities and municipalities need to evaluate their models for the provision of public smart services. However, there is no commonly used methodology for evaluating smart city business models to help both practitioners and researchers choose the best option. The goal of the research is to create a tool for evaluating business models of public smart services in smart cities. The base method used was the Delphi method, based on the previous primary (content) analysis process of the Business Model Canvas best practices. In total, 709 towns and villages participated in the primary research. Subsequently, the obtained data were evaluated and used for further research using the Delphi method, in which 28 experts participated. The research was carried out between 2020 and 2023 in Slovakia. Primary research confirmed that the Business Models Canvas is the most used tool for creating business models for public smart services in Slovakia and cities and municipalities need to evaluate their models for the provision of public smart services. Areas and basic building blocks were also identified for the design of the evaluation methodology of business models for public smart services. The proposal of the methodology for evaluating business smodels for public smart services in Slovakia was implemented using the Delphi method with the cooperation of 28 experts. Based on the results of the Delphi method, a methodological procedure for evaluating business models for public smart services was established. The methodology proposed in the paper is a simple, organized, flexible and transparent system that facilitates the work of evaluators of business models of public smart services and marketing.

Homeowners’ financial vulnerability over the house price cycle

Abstract This paper investigates the financial vulnerability dynamics of indebted homeowners over the housing cycle using an agent-based housing market model, calibrated with UK microdata. The findings suggest that financial vulnerability is primarily driven by house purchases and dissaving due to a wealth effect on consumption. The former is more important during house price upswings, while the latter becomes significant at high price levels. Additionally, current vulnerability is path-dependent on previous purchases at high prices, as these purchases, due to a wealth effect, result in temporarily elevated consumption and consequently reduced financial buffers.

Application and Empirical Analysis of Asset Pricing Models in the Chinese Stock Market

This paper examines the application and performance of asset pricing models in the Chinese stock market. We analyze the Capital Asset Pricing Model (CAPM), the Fama-French Three-Factor Model, and the Carhart Four-Factor Model, assessing their effectiveness in explaining stock returns within the context of China's unique market environment. Using data from major Chinese stock exchanges, we employ regression analysis to evaluate the models. Our findings reveal that multifactor models, particularly the Carhart model, provide superior explanatory power compared to CAPM, highlighting the importance of incorporating additional risk factors. This study contributes to the understanding of asset pricing in emerging markets and offers practical insights for investors and policymakers.