Public Trade Research Articles

Do Enterprises That Publish Sustainability Reports Have a Better Developed Environmental Responsibility and Are They More Transparent?

Enterprises increasingly publish sustainability reports to address concerns about their environmental and social impact. However, the voluntary nature of these reports and the lack of independent auditing often lead to skepticism regarding their authenticity, with some perceiving them as mere marketing or greenwashing tools. This study aims to investigate whether the publishing of sustainability reports truly reflects transparency and responsible behavior. The relationship between the publishing of sustainability reports, environmental responsibility policies, and transparency policies is analyzed. The research was conducted in Uruguay. A quantitative methodology was used. The sample was made up of a group of companies that evaluate their social and environmental responsibility practices. This is a non-probabilistic sample, which includes companies that publish sustainability reports and companies that do not publish them. The environmental responsibility and transparency of both groups were compared. Thirteen indicators were used to measure environmental responsibility, and eight indicators were used to measure transparency. To evaluate the relationship between the variables, different statistical techniques were used: chi-square, difference of means test, and simple correlations. Our findings reveal that: (1) enterprises publishing sustainability reports tend to have more developed environmental responsibility policies and greater transparency compared to those that do not publish, and (2) interestingly, the choice of reporting standards, particularly the Global Reporting Initiative, does not significantly impact the observed outcomes. Furthermore, the relationship among report publication, environmental responsibility, and transparency is influenced by enterprise size but remains unaffected by public trading status or capital origin (local or international). Despite its methodological limitations, this work contributes to the debate on the sincerity of companies that publish sustainability reports. Its results contribute to reducing the skepticism and distrust that exists about these reports. Also, the work contributes to the study of the relationship between environmental responsibility and the publishing of reports because it included segments of companies that are not considered in most research: medium-sized companies and private companies that are not listed on the stock market.

The color of international trade: How different racial attitudes affect public trade preferences

How do distinct types of racial attitudes influence American support for trade with different partner countries? Using two survey experiments fielded in the US, we find that beliefs about race color public support for foreign trade agreements, but the effect varies depending upon the racial attitude in question. Racially sympathetic Americans prefer pro-Black trade policies, being more supportive of trade with majority-Black countries. Racially antipathetic individuals, by contrast, do not hold pro-White trade preferences that entail higher support for trade with majority-White countries than other Americans—though they may favor anti-Black trade policies that generally disfavor majority-Black trading partners. And racially paternalistic Americans are more supportive of trade with all developing countries, whether majority-White or -Black. These results underscore the importance of disaggregating different racial attitudes when attempting to make sense of variation in American support for foreign trade agreements.

On the Question of the Trade Policy Imperatives of the Zemstvo Liberal Fronde of Northern Ukraine (60–80s of ХІХ cent.)

The investigation is devoted to finding out the imperatives of the trade policy of the Zemstvo Liberal Party of Northern Ukraine in the 60-80s of the 19th century. The author came to the conclusion that trade policy issues occupied not the last place in the economic program of the Zemstvo liberal movement in the north of Left Bank Ukraine in the 60-80s of the 19th century and were an organic part of the social doctrine of the specified trend in the liberation movement in the Russian Empire. At the level of city self-government, liberal citizens initiated the elimination of taxation of the trade system in order to avoid the processes of cartelization of the industry and to stimulate healthy competition between producers of products, both in terms of quality and at the level of price parameters. In order to destroy corruption and monopolies in the trade sphere, the representatives of the liberal opposition insisted on diversifying the service market, by granting the right to engage in relevant business to everyone, not only interested representatives of the region's Jewish commerce. In the field of public trade and commerce, Zemstvo progressives took a distinctly flexible economic position, trying to eliminate the ground for the emergence of any financial speculation and to maximize the portfolio of commercial offers on the market. In the context of the conservative clerical policy of the Russian autocracy, members of the opposition liberal front of the Northern Left Bank defended the right of representatives of the trade system to hold traditional fairs and bazaars on a regular basis for the purpose of neutralizing the threat of breaking economic ties between the cities and the province and avoiding the loss of the market for products which could lead to an increase in prices for socially important and sensitive groups of goods. Representatives of Zemstvo liberalism in northern Ukraine defended the idea of the need to transfer the area of trade to municipal or state ownership, which would allow, from their point of view, to control pricing procedures.

Investor Reaction to SPACs’ Voluntary Disclosures

ABSTRACT SPACs are formed to combine with and provide a private firm public trading status and a capital infusion. Firms that enter the public market through a SPAC combination are believed to possess greater voluntary disclosure discretion than traditional IPOs as they obtain their public trading status through a merger. Consistent with regulators’ concerns, recent research finds that SPACs use this discretion opportunistically by issuing optimistic guidance. This study examines how investors respond to these disclosures. We find that optimistic projections increase retail purchasing, which is higher than that of institutional purchasing. Additionally, we find that investors partially see through the optimism and exit at the redemption date. Furthermore, we find that institutional investors increasingly divest their holdings for combinations with optimistic projections. Investors as a whole, however, fail to see through the optimism, as combinations with optimistic projections considerably underperform in the two years following the combination. Data Availability: All data are publicly available from the sources identified in the text. JEL Classifications: M41.

The Energy-Saving Effect of Tax Rebates: The Impact of Tax Refunds on Corporate Total Factor Energy Productivity

This paper investigates whether and how tax and fee support policies at the firm level in China influence the total factor energy productivity of enterprises. Using panel data from Chinese public trading companies for the period 2004–2020, this study employs a panel model for estimation. The findings suggest that tax rebates contribute to the improvement of the total factor energy productivity of enterprises. Specifically, a 1% increase in tax refunds leads to a growth of approximately 0.008% in total factor energy productivity. Robustness tests and endogeneity checks confirm the validity of the results. Heterogeneity analysis reveals that tax rebates have a significant impact on state-owned enterprises, small- and medium-sized enterprises, and non-technology firms in terms of enhancing their total factor energy productivity. Mechanism analysis indicates that tax rebates facilitate firms in alleviating financing constraints and enhancing their innovation capabilities, thereby improving energy efficiency. The research findings of this paper provide empirical support for optimizing policy supply, improving energy usage efficiency, and promoting the development of a globally sustainable economy.

Inventory Forecasting Analysis using The Weighted Moving Average Method in Go Public Trading Companies

This research aims to analyze inventory forecasting using the weighted moving average method and then compare the trading companies' patterns. The research method used is quantitative descriptive with secondary data of inventory in the period 2018-2022 which provide quarterly. This research uses the weighted moving average method to calculate forecasting of inventory by Microsoft Excel data analysis techniques. This research shows the highest inventory forecasting on PT Sumber Alfaria Trijaya Tbk (AMRT) occurs in the first quarter of 2023 with the amount of 10.537.541 and the lowest forecasting occurs in the second quarter in 2023 with the amount of 10.431.677. The highest inventory forecasting on PT Erajaya Swasembada Tbk (ERAA) occurs in the second quarter of 2023 with the amount of 6.443.525 and the lowest forecasting in the fourth quarter of 2023 with the amount of 6.418.659. The highest inventory forecasting on PT United Tractors Tbk (UNTR) occurs in the third quarter of 2023 with the amount of 12.239.422 and the lowest forecasting in the first quarter of 2023 with the amount of 12.050.681. Based on the study's results, the tracking signal value at AMRT was 2,17, ERAA was 0.01, and UNTR was -0.08. The three companies' results prove that the weighted moving average can be used to determine inventory forecasting for the next period because the tracking signal value is still within the control limits of ±4.

Algorithmic market making in dealer markets with hedging and market impact

AbstractIn dealer markets, dealers provide prices at which they agree to buy and sell the assets and securities they have in their scope. With ever increasing trading volume, this quoting task has to be done algorithmically in most markets such as foreign exchange (FX) markets or corporate bond markets. Over the last 10 years, many mathematical models have been designed that can be the basis of quoting algorithms in dealer markets. Nevertheless, in most (if not all) models, the dealer is a pure internalizer, setting quotes and waiting for clients. However, on many dealer markets, dealers also have access to an interdealer market or even public trading venues where they can hedge part of their inventory. In this paper, we propose a model taking this possibility into account therefore allowing dealers to externalize part of their risk. The model displays an important feature well known to practitioners that within a certain inventory range, the dealer internalizes the flow by appropriately adjusting the quotes and starts externalizing outside of that range. The larger the franchise, the wider is the inventory range suitable for pure internalization. The model is illustrated numerically with realistic parameters for USDCNH spot market.

Adopting Nonlinear Activated Beetle Antennae Search Algorithm for Fraud Detection of Public Trading Companies: A Computational Finance Approach

With the emergence of various online trading technologies, fraudulent cases begin to occur frequently. The problem of fraud in public trading companies is a hot topic in financial field. This paper proposes a fraud detection model for public trading companies using datasets collected from SEC’s Accounting and Auditing Enforcement Releases (AAERs). At the same time, this computational finance model is solved with a nonlinear activated Beetle Antennae Search (NABAS) algorithm, which is a variant of the meta-heuristic optimization algorithm named Beetle Antennae Search (BAS) algorithm. Firstly, the fraud detection model is transformed into an optimization problem of minimizing loss function and using the NABAS algorithm to find the optimal solution. NABAS has only one search particle and explores the space under a given gradient estimation until it is less than an “Activated Threshold” and the algorithm is efficient in computation. Then, the random under-sampling with AdaBoost (RUSBoost) algorithm is employed to comprehensively evaluate the performance of NABAS. In addition, to reflect the superiority of NABAS in the fraud detection problem, it is compared with some popular methods in recent years, such as the logistic regression model and Support Vector Machine with Financial Kernel (SVM-FK) algorithm. Finally, the experimental results show that the NABAS algorithm has higher accuracy and efficiency than other methods in the fraud detection of public datasets.

Introduction

Well-functioning securities markets are critical to the stability of the U.S. financial system, yet they are changing rapidly. Both securities markets and investors have new complexions, adding to the conventional picture of domestic public trading. For example, an increasing number of transactions today are private. Worldwide, private investment grew more than 250% between 2010 and 2019 before dipping with the COVID-19 pandemic, and in the United States, Regulation D offerings roughly doubled in the decade from 1997 to 2017. Simultaneously, cross-border asset holdings have risen: between 2012 and 2021, American holdings of foreign securities have increased by about 100%, while foreign holdings of American securities have increased by about 125%. New investment strategies have gained popularity, too. Capital increasingly flows through institutions—which, in the United States, in 2019 held assets equal to 291.3% of U.S. GDP, up from 249.3% of GDP in 2012—and into passive investment vehicles. Now, passive investment strategies tracking various indices of market or industry performance and traditional active management strategies each direct about 15 trillion in assets. Both retail and environmental, social, and governance investing, though heretofore less successful in generating investment, have made notable strides of late, as well.

Does Patent Portfolio Drive Global Value Chain Climbing?—Empirical Evidence From China

Under the new era of China’s high-quality development, the innovation driving of enterprises is shifting from single patent competition to patent portfolio competition, which is of great significance for cultivating a more robust domestic market and realizing a higher level of opening-up. This paper puts the firms’ patent portfolio index and domestic value-added ratio into a unified analysis framework. It explores the relationship between them by utilizing the Chinese Industrial Database, Chinese Financial Database and China Customs Database from 2000 to 2014. The empirical results suggest that: (1) Domestic patent portfolio plays a significant role in promoting enterprises’ export domestic value-added ratio, the suitability of domestic invention and utility model patents is not high in China; (2) Based on the heterogeneity analysis, the domestic patent portfolio of public trading enterprises and high productivity enterprises has a more significant promotion effect on domestic value-added ratio. (3) By examining the mechanism, it shows that price-cost markup and the relative price of intermediate goods are significant intermediate variables of domestic patent portfolio promoting domestic value-added ratio, and patenting abroad is an essential channel of domestic invention patent promoting domestic value-added ratio. This paper made an in-depth analysis of the influence of domestic patent portfolio on domestic value-added ratio, which provides a policy reference value for optimizing the Chinese patent system and enhancing competitive export advantage.

INVESTORS' PERCEPTION INITIAL PUBLIC OFFERING IN RWANDA

Initial Public Offering is the most phenomenal event for an organization. For any company, “being public” is just as important as “going public.” IPOs are normally issued by small and new companies who are in need of capital to expand their business, but sometimes large companies also issue them for public trading. Going public is a very big decision for any company. It permanently changes the way company does business. A public company has more sources of capital than a private company. But going public or offering an IPO is a very tedious and time-consuming process for any company.

Performance Evaluation Model of Public Resource Trading Platform Using Entropy-Based Gray Clustering Method

In order to standardize public resource trading activities and improve the operating efficiency of public resource trading platforms, this paper conducts research on the performance of public resource trading platforms. A three-level and 28-dimension performance evaluation index system for public resource trading platform is established by considering the four levels of “input-process-output-effect.” Besides, entropy weight method, gray clustering, and fuzzy comprehensive evaluation are integrated on this basis. Entropy weight method is used to determine the index weight, and the degree value of membership for indexes on gray class is determined based on gray clustering method and converted into a matrix. Then, fuzzy comprehensive evaluation method is used to determine the evaluation value and finally carry out the platform performance evaluation, which provides theoretical support for academic researchers to conduct follow-up research on the performance evaluation of public resource trading platforms.

An experimental look at trust, bargaining, and public goods in fishing communities

Pro-social behavior is crucial to the sustainable governance of common-pool resources such as fisheries. Here, we investigate how key socioeconomic characteristics influence fishers’ pro-social and bargaining behavior in three types of experimental economic games (public goods, trust, and trade) conducted in fishing associations in Chile. Our games revealed high levels of cooperation in the public goods game, a high degree of trust, and that sellers rather than buyers had more bargaining power, yet these results were strongly influenced by participants’ socioeconomic characteristics. Specifically, gender, having a secondary income source, age, and being the main income provider for the household all had a relationship to multiple game outcomes. Our results highlight that engagement in pro-social behaviors such as trust and cooperation can be influenced by people’s socioeconomic context.

Specification of the Okadaic Acid Equivalent for Okadaic Acid, Dinophysistoxin-1, and Dinophysistoxin-2 Based on Protein Phosphatase 2A Inhibition and Cytotoxicity Assays Using Neuro 2A Cell Line

Diarrhetic shellfish poisoning (DSP) is a globally occurring disease threatening public health and trade. The causative toxins, okadaic acid (OA), dinophysistoxin-1 (DTX1), and dinophysistoxin-2 (DTX2) are collectively called OAs, and are quantified using the LC-MS/MS method. The hazardous effect of total OAs is expressed as the sum of OA equivalents defined for respective OAs based on mouse lethality, produced by either intraperitoneal (OAip) or oral administration (OAor). OAs are potent inhibitors of protein phosphatase 2A (PP2A) and are cytotoxic, necessitating expansion of the concept of OA equivalents to all relevant bioactivities. In this study, we determined OA equivalents for respective OA members in PP2A inhibition and cytotoxicity assays. To secure result credibility, we used certified OAs, reference materials, and PP2A produced using genetic engineering. The relative ratio of the OA equivalents determined by PP2A inhibition assays for OA, DTX1, and DTX2 were 1.0:1.6:0.3, while the ratio determined using the cytotoxicity assays indicated 1.0:1.5:0.5. OA equivalents showed a similar tendency in the PP2A inhibition and cytotoxicity assays, and matched better with oral toxicity data than intraperitoneal toxicity in mice. The PP2A inhibition assay, which measures the core activity of the OAs, suggested a higher OA equivalent for DTX1 than that currently used.

Trading off accuracy and explainability in AI decision-making: findings from 2 citizens' juries.

ObjectiveTo investigate how the general public trades off explainability versus accuracy of artificial intelligence (AI) systems and whether this differs between healthcare and non-healthcare scenarios.Materials and MethodsCitizens’ juries are a form of deliberative democracy eliciting informed judgment from a representative sample of the general public around policy questions. We organized two 5-day citizens’ juries in the UK with 18 jurors each. Jurors considered 3 AI systems with different levels of accuracy and explainability in 2 healthcare and 2 non-healthcare scenarios. Per scenario, jurors voted for their preferred system; votes were analyzed descriptively. Qualitative data on considerations behind their preferences included transcribed audio-recordings of plenary sessions, observational field notes, outputs from small group work and free-text comments accompanying jurors’ votes; qualitative data were analyzed thematically by scenario, per and across AI systems.ResultsIn healthcare scenarios, jurors favored accuracy over explainability, whereas in non-healthcare contexts they either valued explainability equally to, or more than, accuracy. Jurors’ considerations in favor of accuracy regarded the impact of decisions on individuals and society, and the potential to increase efficiency of services. Reasons for emphasizing explainability included increased opportunities for individuals and society to learn and improve future prospects and enhanced ability for humans to identify and resolve system biases.ConclusionCitizens may value explainability of AI systems in healthcare less than in non-healthcare domains and less than often assumed by professionals, especially when weighed against system accuracy. The public should therefore be actively consulted when developing policy on AI explainability.

Risk perceptions, anxiety and the future of international trade: a cross-national study of public trade preferences in Asia under COVID-19

ABSTRACT The COVID-19 pandemic has stalled the world’s economic activities and obscures the future of economic and trade. Many observers concern that the pandemic would result in growing protectionist attitudes in trade. This article provides one of the first systematic assessments to examine the impact of the COVID-19 pandemic on the public’s trade preferences. Using original cross-national surveys in six key and highly integrated economies in Asia – Hong Kong, Japan, Singapore, South Korea, Taiwan, and Thailand – we found that most people support establishing closer trade relationships with foreign countries. However, most people prefer to buy more domestic products than foreign products. We test a behavioural model of trade preferences to understand the psychological impacts of COVID-19 pandemic. Consistent with prior studies, we found that a greater level of anxiety is negatively associated with support for trade and foreign product preference, after controlling for the effects of ethnocentrism, education and other socioeconomic factors. Job and health insecurities reduced public preference for buying more foreign products, but it stimulated more support for trade with other countries. This study contributes to the behavioural theory of international political economy and sheds light on the future of economic globalization.

The Influence Of Women Leaders And Their Leadership Style On Employee Engagement Through Talent Management As Mediating Variable

This research aims to investigate the impact of transformational & transactional leadership style towards employee engagement mediated by talent management practices among subordinates with woman as their direct superiors. As the research was conducted during pandemic Covid-19, questionnaires were distributed through online. The method of purposive sampling was adopted to make sure that certain criteria was met before the respondents were deemed to be eligible in filling up the questionnaires. In the end, 117 questionnaires were returned, in which 64% came from manufacturing and mineral industries (majority in oil and gas), while another 36% came from service industries (majority from public sector and trading). The analysis of multiple regression was performed towards the data in addition to use the mediation analysis proposed by Baron & Kenny. The study found that both leadership style was indeed practiced by women leaders. However, results suggested that partial mediation exists in the relationship between transformational leadership style towards employee engagement. While full mediation was supported in the relationship between transactional leadership style towards employee engagement.

Space-planning Solutions for New Type of Retail and Warehouse Buildings

Modern trade formats require changes to the typology of trade buildings. New titles and space-planning solutions emerge to build new trade and warehouse buildings. This article deals with the analysis and identification of the specific features of space-planning solutions for such buildings. A new type of public trade or warehouse building is characterized by large storage areas (70-85% of the overall area of premises), extensive product ranges, and small retail areas (up to 3-4% of the overall area). Orders and payments are made via the Internet of the digital terminals in the retail area. High (over 5.5 m) shelf and pallet storage practices are used. At warehouses, attics, panels, and built-in structures are used for storing things or as utility rooms, and seldom as office and amenity rooms. The buildings have the frame structure of metal and partially concrete.Simple room architecture and suspended sandwich panel facades make these buildings look like warehouses. The built-up area for the majority of the facilities is over 10,000-15,000 square meters. The overall building floor space is over 15,000 square meters.

The “Trump” Effect: Political Elite and Support for Free Trade in America

While previous literature has offered two broad categories of explanation for individual trade preferences: economic self-interest and non-economic factors, we contend that during times of intensified elite discourse on trade, individuals may follow elite opinions to form their opinions on trade. Utilizing data from the 2016 American National Election Survey, we examine the effect of Trump’s protectionist views and rhetoric on public trade opinion. We argue that there was a “Trump effect” on trade attitudes among the mass public in 2016 and this effect went beyond the party line, meaning that Trump supporters, regardless of their partisanship, were more likely to be influenced by his protectionist views and to adopt anti-free trade positions. Moreover, we suggest a conditional effect of political knowledge on the “Trump effect” of trade opinion. Our empirical tests offer strong support for both hypotheses, suggesting a significant “Trump effect” on public trade opinion in 2016.

Determinants of Private Investment in Pakistan

Private investment has a significant relation with the economic growth of the country. It plays an important role in reduction of unemployment and poverty by promoting efficiency and competition among the firms. This study is an attempt to investigate the determinants of private investment in Pakistan. For this purpose, time-series data is utilized for the period 1974-2013. The ARDL (Auto Regressive-Distributed Lag) modeling technique of co-integration was employed to estimate the short-run and long-run determinants of private investment in Pakistan. Empirical findings of this study indicated that in the short-run private investment in Pakistan is determined by the growth rate of GDP, public sector investment, and domestic savings. While in the long run it is determined by the official exchange rate, the growth rate of GDP, public sector investment, domestic savings, trade openness, and interest rate. The results also revealed that in the case of Pakistan different political regimes (democratic, non-democratic) have no significance in the determination of private investment. Stability tests of CUSUM and (CUSUMSQ) (Cumulative Sum Control Chart) were performed in this study. These tests indicated a stable, long run as well as short-run structural stability of the model.