Market Regulation Research Articles

The Influence of Behavioural Factor on Retail Investors Decision Making in IPO Investment

This study explains about the influence of behavioural factors on retail investors in decision-making processes when considering the investments in Initial Public Offerings (IPOs). IPOs represent an attracting investment opportunity for the retail investors, often they are characterized by significant up-and-downs and uncertainty. Understanding the psychological factors for guiding investors decisions in this factor is crucial for both investors and the market regulators. Outlining over the behavioural finance theories and the actual evidence, this research explores various psychological biases and emotional influences that may affect the retail investors during the IPO investment decision-making. psychological biases such as overconfidence, group behaviour, and loosing, along with the emotional factors like fear of missing out (FOMO) and loss aversion, are analyzed in the factors of IPO investments. Here the methodology involves a combination of quantitative analysis, utilizing survey data from the retail investors, and the qualitative examination ofrelevant literature and case studies. By analyzing the behavioural factors influencing the IPO investment decisions this research study intends to give understandings right nto the primary mechanisms driving retail investors behaviour in IPO markets.

Международное медицинское образовательное пространство в условиях цифровой цивилизации

A modern university is a place where meanings are created. These meanings are transmitted primarily through the uni-versity's website, through social networks, where the university is represented. To put it in marketing terms, it is through digital re-sources that the university is looking for clients-students. And this is where educational, scientific, and commercial interests intersect, which makes it fundamentally important to universalize ethical requirements for all participants in this process. At the same time, digi-tal transformation is becoming an objective necessity for the development of education and the formation of a client base for the future, as well as for maintaining contacts with students' parents and graduates. And it is those universities that get involved in this process faster and better that will benefit. The university's website is the main resource where its meanings are broadcast and moral stories are objectified. Aim: to clarify the concept of digitalization of medical education as an international phenomenon regulated by general ethi-cal and social requirements. To date, there is no universally accepted definition of such a concept as digitalization of medical education, since this term is a rather complex multifaceted phenomenon.We are considering medical education, the possibility of obtaining it using digital technologies, analyzing the volume of built-in digital education, its feasibility and relevance. The website is the main resource of the university in terms of marketing, information, education and regulatory regulation of the entire learning process. Special requirements are imposed on its form and content in the situ-ation of teaching medical students in a foreign language environment.

Regulation of the cryptocurrency market by legislation of Hungary

The article is devoted to the study of the regulation of the cryptocurrency market in Hungary, the regulatory consolidation of property rights to cryptocurrency values. A comparative analysis of the regulation of this issue under the legislation of the EU and directly of Hungary was also carried out. Because it is the regulatory framework and court precedents on the territory of the EU that form the basis for the formation of the domestic framework for the regulation of Hungary’s crypto market. It is also important to clearly define Bitcoin and Blockchain as a special kind of thing in Hungarian civil law. The authors paid special attention to the innovation in the tax sphere of Hungary. Virtual currencies, especially cryptocurrencies, and the technology behind them and their constant development pose a serious challenge to the legislator. The task is further complicated by the fact that cryptocurrencies have a number of unique characteristics that distinguish them from one another. The study focuses on issues related to taxation, mainly based on the norms of the current legislation of Hungary. A study of the appearance, concept and social acceptance of money, a presentation and a detailed analysis of each financial function lead to an analysis into the world of cryptocurrencies. The article also argues that each of the payment documents in the form of cryptocurrency can act as digital currencies or cannot perform monetary functions. When writing the article, special attention was paid to digital money of the central bank, which can revolutionize it, as a digital form of legal tender. Nowadays, most countries (for example, England) are experimenting with central bank digital money for its implementation. In theory, central bank digital money can replace traditional money and payment services (eg bank accounts, bank deposits). The advantage of the system is that it would reduce the cost of bank funding and it is also new for monetary policy. Central bank regulation of digital money will be one of the most important issues in the coming years. Due to the extreme volatility of the field under consideration, the authors consider it important to note that this article can only provide a brief and concise overview of the regulatory and tax regulation of the cryptocurrency market under Hungarian law. And this analysis has a positive foundation for further research and comparison with the domestic legal base of cryptocurrency market regulation under the legislation of Ukraine.

Evaluating the revenue and taxation implications of cannabis legalization in South Africa: Insights from Canada and the United States

Purpose: This study aims to evaluate the impact of cannabis legalization on revenue mobilization and taxation in South Africa by analyzing the experiences of jurisdictions that have legalized cannabis. Methodology: A qualitative approach was employed, including a literature review and trend analysis. Data from Canada, California, Colorado, and Washington State, where cannabis has been legalized, were analyzed for 2018-2021. Results: The findings demonstrate that cannabis legalization significantly impacts revenue collection and taxation. However, optimal pricing and taxation policies are crucial to capture the illicit market, minimize negative externalities, and ensure industry growth. Legacy growers and previously disadvantaged individuals should be integrated into the legal market. Theoretical Contribution: The study contributes to the theoretical framework of Pigouvian taxation by examining its applicability to the cannabis industry and the challenges posed by illicit markets and product substitutability with alcohol and tobacco. Practical Implications: The study provides recommendations for South African policymakers on taxation policies, market regulation, and inclusive strategies to ensure a successful and sustainable cannabis industry while maximizing revenue mobilization.

Limits of state influence on the economy in times of war in the context of upholding and implementing socio-economic human rights

The article emphasizes that the war in Ukraine poses complex challenges to the state, with the need to balance the need to strengthen state regulation of the economy to meet defense needs and preserve the principles of the free market. This balance becomes particularly acute in the context of upholding and implementing socio-economic human rights, which may be restricted in times of war. The authors investigate the limits of state influence on the economy in wartime, taking into account the need to uphold and implement socio-economic human rights, and also explore various strategies of state intervention in the economy in wartime, such as imposing economic sanctions, stimulating the production of military equipment and providing financial support for humanitarian needs. The authors propose a comprehensive analysis of the limits and instruments of state influence on the economy in wartime, taking into account the need to uphold and implement socio-economic human rights. It is argued that the limits and instruments of state influence on the economy, which ensure a balance between the needs of defense, market functioning and upholding of socio-economic human rights, should be defined by law. The current situation of the state’s economy is described. The socio-economic perspectives of post-war reconstruction of Ukraine are characterized. Recommendations for improving the mechanisms of state regulation of the economy in times of war are developed. In particular, the author emphasizes that the longer the war lasts, the deeper the economic crisis will become and the more negative the impact on the socio-economic sphere will increase. This is due to numerous factors, such as: destruction of infrastructure; decline in production; loss of jobs; rising prices; and reduced trade. In view of the significant economic risks, the authors conclude that the political authorities and representatives of civil society should focus their joint efforts on: infrastructure reconstruction; support for small and medium-sized entrepreneurship; social assistance; investments in education and healthcare; and international cooperation.

Vegetable pricing and replenishment decisions based on the optimization model

Vegetables are one of the essential foods in human daily life. Due to the short shelf life, it is difficult to preserve, the supermarket needs to timely and reasonable purchases and pricing. This paper aims to establish a model that can predict vegetable price fluctuations and develop reasonable pricing and replenishment strategies. According to the data given from a wet market, this paper studies the pricing and replenishment decisions of supermarket vegetables. By establishing the SARIMA model and Markov forecast model, the wholesale price of the same project on July 1 is calculated based on the wholesale price forecast of the previous week, and reasonable market demand is predicted. It is found that the predicted results have a reasonable error with the actual situation, and the accuracy is relatively high. The establishment of these two models is of great significance for market regulation. The model has good predictability and practical value, with good dynamic predictive ability, suitable for a reasonable allocation of resources in supermarkets and other trading places to obtain maximum benefit.

Harnessing Anger to Persuade: The Moderating Roles of Retributive Efficacy and Prior Attitudes

ABSTRACT Given unresolved questions about the conditions under which anger appeals persuade, this investigation examined whether an anger appeal is more persuasive if it includes efficacy content emphasizing retribution. It also examined whether effects hinge on initial attitudes toward the advocated issue – here, regulation of soda marketing to improve children’s health. Findings from this 3 (offense component: high, low, none) × 3 (efficacy component: retributive, non-retributive, none) between-subjects experiment (N=1,244) indicated a high offense component unintentionally generated anger toward the message source among counterattitudinal individuals but, intriguingly, also boosted their behavioral intentions. Exposure to any efficacy cues increased policy support. Although the offense and efficacy components did not interact, post hoc analyses revealed the expected pattern whereby message-intended anger more strongly predicted policy support at higher levels of retributive efficacy beliefs. These findings suggest promising new directions to revisit predictions made by extant theories of anger appeals.

How do we understand the value of drug checking as a component of harm reduction services? A qualitative exploration of client and provider perspectives

BackgroundMortality related to opioid overdose in the U.S. has risen sharply in the past decade. In California, opioid overdose death rates more than tripled from 2018 to 2021, and deaths from synthetic opioids such as fentanyl increased more than seven times in those three years alone. Heightened attention to this crisis has attracted funding and programming opportunities for prevention and harm reduction interventions. Drug checking services offer people who use drugs the opportunity to test the chemical content of their own supply, but are not widely used in North America. We report on qualitative data from providers and clients of harm reduction and drug checking services, to explore how these services are used, experienced, and considered.MethodsWe conducted in-depth semi-structured key informant interviews across two samples of drug checking stakeholders: “clients” (individuals who use drugs and receive harm reduction services) and “providers” (subject matter experts and those providing clinical and harm reduction services to people who use drugs). Provider interviews were conducted via Zoom from June-November, 2022. Client interviews were conducted in person in San Francisco over a one-week period in November 2022. Data were analyzed following the tenets of thematic analysis.ResultsWe found that the value of drug checking includes but extends well beyond overdose prevention. Participants discussed ways that drug checking can fill a regulatory vacuum, serve as a tool of informal market regulation at the community level, and empower public health surveillance systems and clinical response. We present our findings within three key themes: (1) the role of drug checking in overdose prevention; (2) benefits to the overall agency, health, and wellbeing of people who use drugs; and (3) impacts of drug checking services at the community and systems levels.ConclusionThis study contributes to growing evidence of the effectiveness of drug checking services in mitigating risks associated with substance use, including overdose, through enabling people who use and sell drugs to test their own supply. It further contributes to discussions around the utility of drug checking and harm reduction, in order to inform legislation and funding allocation.

Electricity markets regulations: The financial impact of the global energy crisis

Amid the global energy crisis, we examine the impact of electricity market regulations in the European Union (EU). Pursuing an integrated EU electricity market inadvertently heightened the interdependence between gas and electricity prices. The EU energy crisis, triggered by the gas supply shock, amplified power prices and their volatility. These volatility spikes led to substantial margin increases on power futures contracts crucial for mitigating electricity price risks. The increase in margins placed a substantial financial burden on EU power utilities. We document an almost eight-fold surge in required collateral for long positions in front-month EU power futures contracts during the one-year duration of the crisis. Throughout the crisis, EU utilities experienced lower sales and profitability compared to their US counterparts, and a portfolio of EU power utilities significantly underperformed a counterfactual portfolio of US power utilities.

Unraveling wage inequality: tangible and intangible assets, globalization and labor market regulations

In this paper, we study the asymmetric effects of different types of capital-embodied technological change, as proxied by tangible and intangible assets, on relative wages (high- to medium-skilled, high- to low-skilled and medium- to low-skilled workers), relying upon the technology-skill complementarity and polarization of the labor force frameworks. We also consider two additional major channels that contribute to shaping wage differentials: globalization (in terms of trade openness and global value chains participation) and labor market institutions. The empirical analysis is carried out using a panel dataset comprising 17 mostly advanced European economies and 5 industries, with annual observations spanning the period 2008–2017. Our findings suggest that software and databases—as a proxy for intangible technologies—exert downward pressure on low-skilled wages, while robotics is associated with a polarization of the wage distribution at the expense of middle-skilled labor. Additionally, less-skilled workers’ relative wages are negatively affected by trade openness and global value chain participation, but positively influenced by sector-specific labor market regulations.

Financial risk forewarning with an interpretable ensemble learning approach: An empirical analysis based on Chinese listed companies

An efficient and intelligent forewarning model for financial risk is essential to assist company managers, investors, and market regulators in risk management. This research aims to establish an accurate and understandable financial distress forewarning model based on advanced ensemble learning techniques, including Bootstrap Aggregating (Bagging) and Light Gradient Boosting Machine (LightGBM). Meanwhile, the Borderline-Synthetic Minority Over-sampling Technique (Borderline-SMOTE) is employed to address the imbalance problem between financial distress and non-distressed samples. The Multi-Objective Particle Swarm Optimization (MOPSO) is applied to perform multi-objective optimization of the hyperparameters of the proposed model. In addition, the SHapley Additive exPlanations (SHAP) is adopted to conduct an interpretability analysis of the forewarning results. The Chinese listed companies from 2006 to 2022 are considered as the research samples, and the financial ratios of the sample companies in the first, second, and third years before the financial distress is utilized as forewarning features. The experimental findings reveal that the proposed model has the best forewarning performance by using the features from first year before the financial distress. The model proposed in this study also outperforms other comparative models in terms of Accuracy (88.45%), Negative Predictive Value (74.44%), Recall (91.10%), and Specificity (80.26%). Finally, this research has discovered that the Return on Total Assets is the most influential indicator in forewarning financial distress. Therefore, the proposed model can provide listed company managers, investors, and market regulators with an intelligent and effective tool in decision-making for financial distress forewarning.

Exploring medicinal use of low-THC cannabis products - Comparing experienced effects and side-effects between CBD-oil-only users to users of high-THC cannabis products

Background Low-THC cannabis products have become popular worldwide and are used as self-treatment for a variety of medical conditions despite limited high-quality evidence on efficacy or long-term side-effects. Method: We compare the experiences of CBD-oil-only users to that of users, who indicated use of cannabis products conventionally higher in THC (high-THC cannabis) with respect to number of symptoms relieved, overall perceived effect on symptoms, effect on pain level and sleep duration, and perceived side-effects. A self-selected convenience sample of Danish cannabis users were recruited to an anonymous online survey. Inclusion criteria were 18 years or older and use of cannabis as medicine (CaM) (prescribed or non-prescribed). Results The final sample included 2.642 users of CaM, of which 992 were CBD-oil-only users and 1650 used high-THC products. Compared to respondents who used high-THC cannabis, CBD-oil-only users reported fewer symptoms relieved by cannabis, a slightly lower overall symptom reduction, as well as comparable pain reduction and sleep improvement. CBD-oil-only users reported fewer side-effects and were more likely to report no side-effects of cannabis. Conclusion: CBD-oils may produce less intense effects compared to high-THC cannabis products, while also producing fewer side-effects. Regulation of the legal low-THC cannabis market is needed.

UNDERSTANDING SOLE PROPRIETORSHIP UNDER THE JOB CREATION LAW: A LEGAL HERMENEUTICS PERSPECTIVE

The issue of tender offers has gained prominence due to several high-profile cases involving the takeover of public companies, which have led to significant losses for shareholders, particularly public shareholders. The regulatory framework governing takeovers and tender offers is primarily established by Law No. 8 of 1995 concerning the Capital Market and Government Regulation No. 27 of 1998. The enactment of Law No. 21 of 2011 concerning the Financial Services Authority (OJK) in 2011 marked a significant shift in regulatory oversight, transferring authority over macroeconomic matters, including takeovers and tender offers, from Bank Indonesia to OJK. A notable example is the 2020 takeover of PT Garudafood Putra Putri Jaya Tbk. of PT Mulia Boga Raya Tbk. This study seeks to analyze the regulatory arrangements for tender offers in Indonesia and evaluate the impact of such takeovers on the public companies involved. The research employs normative legal research methodologies with a statutory approach, utilizing both primary and secondary legal materials.

Rise of remote work across borders: opportunities and implications for migrant-sending countries.

Contact restrictions imposed during the COVID-19 pandemic have contributed to the rapid expansion of remote work. With this expansion, new opportunities arise for the typical migrant-sending countries in Central and Eastern Europe to remotely involve their diaspora in their labor market. The aim of this paper is, by using the case study of Latvia, to show the potential of cross-border remote work for alleviating human capital losses caused by emigration. We assess the main obstacles and necessary adjustments in taxes, social benefits, labor market regulation and other areas to facilitate the labor market transition and show what incentives the country can use to become a place of choice for performing remote work for the diaspora. Combining the perspectives of employers, employees and the government, this study sheds new light on the challenges and opportunities related to the rise of remote work for countries suffering from emigration. The comprehensive analysis builds on triangulating secondary data, analysis of policy documents, a survey of employers, as well as a survey and in-depth interviews with cross-border remote workers.

The implications of COVID-19 on ESG performance and financial reporting quality in Egypt

Purpose This examine the impact of environmental, social and governance (ESG) performance on financial reporting quality (FRQ) before and during COVID-19 in the Egyptian market. Design/methodology/approach This study uses quarterly data from 2017 to 2021 to draw conclusions, with a sample consisting of 486 firm-year observations for 27 Egyptian companies listed on the Standard and Poor’s/Egyptian Stock Exchange ESG index. This study uses both firms’ ESG scores and the Beneish Model, an earnings detection model, as proxies for FRQ. COVID-19 effects on ESG performance and FRQ were examined by using Pearson’s correlation coefficient and two-stage least squares. Findings COVID-19 has a significant impact on the link between ESG and FRQ. This implies that corporations with high ESG performance are less likely to manipulate earnings (having a low M-score) and thus provide high FRQ during the COVID-19 pandemic. Moreover, there is a significant positive relationship between firm size, leverage and M-Score, indicating that large firms typically present a high FRQ. Research limitations/implications The sample size and data availability are the main research limitations. Additionally, this study only considers the effects of firms’ ESG performance on FRQ during the COVID-19 pandemic. Thus, future research should consider other factors associated with investors’ corporate social responsibility (CSR). Practical implications This research has practical implications for market regulators seeking to establish a legislative framework and enhance guidance to mandate managers to provide ESG data and CSR reports appropriate for Egypt and other developing economies in times of crisis. Social implications Promoting the adoption of ESG practices in business, particularly during crises, has the potential to effectively provide high-quality and reliable financial reporting required for investment. Originality/value This study aspires to address notable deficiencies in the pertinent literature concerning the relationship between ESG performance and FRQ during COVID-19. To the best of the authors’ knowledge, little is known about how ESG performance changes in response to pandemics in emerging markets. To address this gap, this study examines the effects of COVID-19 on the relationship between ESG performance and FRQ in Egyptian-listed firms from 2017 to 2021.

Greenwashing Risk and Its Mitigation for Sustainable Finance

Greenwashing presents a significant risk to sustainable financing, prompting researchers to investigate its impact on investors. In response to the urgency of combating this deceptive practice, financial market regulators have increasingly adopted ESG (environmental, social, governance) criteria. This study aims to comprehensively understand the effects of greenwashing by employing a mixed-method approach. Initially, a survey was conducted among participants to analyze their perspectives. The findings reveal a prevailing trend among individuals who seek to optimize investment returns, with a remarkable 50% of respondents demonstrating familiarity with greenwashing tactics. Notably, upon becoming aware of greenwashing practices, a substantial proportion of participants express a strong inclination to revise their investment strategies accordingly. Further exploration into the phenomenon uncovers a combination of factors contributing to greenwashing, including ambiguous legislation, stakeholder pressures, organizational qualities, and individual mindsets. Respondents emphasize the critical importance of enhanced transparency, a heightened emphasis on quality standards, and the enforcement of stringent regulations as key measures to mitigate the prevalence of greenwashing. This study sheds light on investors' sentiments regarding greenwashing, providing valuable insights into the impacts of this unethical practice on sustainable financing. Additionally, it offers practical recommendations to effectively combat greenwashing. By implementing suggested measures such as promoting transparency, prioritizing quality, and enforcing robust regulations.

Unleashing potential: Model-based reform benchmarking for EU Member States

Supply-side policies take centre stage in the EU's post-pandemic recovery plans. This paper employs a benchmarking approach to quantify the potential impact of structural reforms in the EU Member States. Based on a comprehensive collection of structural indicators and a rich endogenous growth model, we evaluate reforms in five policy areas: (i) market competition and regulation; (ii) taxation; (iii) skills and education; (iv) labour markets; and (v) research and development. For each indicator and Member State, we simulate the closing of half of the gap with the EU's best performers, implying ambitious reforms for countries with significant distance to the frontier. For these stylised reforms, we find significant potential gains in employment and output, raising EU GDP by around 2% and 8% after five and twenty years, respectively. In the long run, the policies can increase EU GDP by over 20%. The policies also reduce economic disparities between countries, given different scope for reform. For countries with a sizable distance to the best performers, increases in potential GDP could exceed 40% when halving the gap across all indicators. Among the reforms considered here, human capital investment emerges as central for enhancing growth potential. In addition, we find synergies across reforms and countries and assess the sensitivity to alternative assumptions on technology dynamics in our model.

Sharia Compliance and Profitability in Financial Performance Islamic Banks in Indonesia

This study sought to evaluate the financial performance of Islamic commercial banks in Indonesia from 2018 to 2022, with a specific focus on Sharia compliance and profitability. Secondary data taken from the annual reports of commercial Islamic banks during the specified period were used and a descriptive quantitative approach was adopted. The study population consisted of all 13 Islamic commercial banks registered with the Financial Services Authority in 2022; eight banks were chosen as the research sample. The analysis method used encompasses both Sharia compliance and profitability and is called the Sharia Compliance and Profitability Model. For further analysis, the research findings were divided into four quadrants. The results of the study showed how different Islamic commercial banks in Indonesia performed in terms of Sharia compliance and profitability. It identified banks that showed strong adherence to Sharia principles and high profitability, which could be used as benchmarks by other banks to improve their performance. In more detail, The findings of this research included 3 aspects, namely 1) Identification of Sharia Compliance, this study identified the parameters used to assess Sharia compliance, such as compliance with the principles regulated by the Indonesian Ulema Council (MUI) or equivalent Sharia regulatory institutions. The results of this research revealed banks that consistently complied with Sharia principles in their operations and products. This could include banks that had a financial structure that complied with Islamic law, avoids usury, and adhered to the principles of fairness in transactions. 2) Profitability Assessment. Financial analysis has been carried out to assess the profitability of the investigated banks. This could include profitability ratios such as ROA (Return on Assets) and ROE (Return on Equity), as well as the profit growth from year to year. 3) Factors that influenced the Performance as well as the analysis also included an exploration of factors that contributed to bank performance in terms of Sharia compliance and profitability. This could include internal factors such as risk management and operational efficiency, as well as external factors such as market conditions and regulations. The research has practical implications for commercial banks for enhancing performance and adhering to Islamic values in highly profitable banks that strictly adhere to Sharia principles. By examining the connection between Sharia compliance and profitability, this study added to the understanding of the financial performance of Indonesia's Islamic commercial banks.

Is the digital economy empowering high-quality tourism development? A theoretical and empirical research from China.

How digital economy (DE) empowers high-quality development of tourism (HQDT) has become a common concern among scholars. Given this, this study clarifies the theoretical connotation of DE enabling HQDT,and finds that: Micro, DE promotes efficiency improvements in tourism enterprises, with its economies of scale and Matthew effect reducing average costs, its economies of scope meeting diversified demand, and its long-tail effect improving supply-demand matching mechanism. Meso, DE can transform and upgrade tourism industry structure through industrial digitization and digital industrialization, and also form a new tourist industry form and value chain through cross-border integration. Macro, DE can stimulate innovation and flexibility of market players, increase new factor inputs in tourism, improve factor allocation efficiency, and advance macro regulation of the tourism market. Accordingly, the study conducts an empirical test based on panel data for 31 provinces in mainland China during 2011-2020. Results show that: ① DE positively influences HQDT, and the sub-dimensions all positively influence HQDT. ② DE has a heterogeneous impact on HQDT and shows spatial spillover effects. Finally, the study concludes with effective paths for DE promoting HQDT: "Promote digital infrastructure construction, accelerate tourism digital transformation, strengthen integration and innovation development, and overcome the challenges of tourism enterprises".

The moderating effects of Airbnb between urban conservation and housing rental market: A case study of Shanghai

The advent of peer-to-peer (P2P) home-sharing platforms such as Airbnb has noticeably impacted the housing rental market, as they have caused an increase in short-term rentals (STRs). Despite a growing body of research showing a positive correlation between Airbnb and housing rentals, the role of urban conservation efforts has received limited attention. In this study, we examine the moderating effects of Airbnb on the relationship between officially designated conservation zones and the housing rental market using data from township-level observations in Shanghai. The empirical evidence demonstrates that both the presence of historic conservation areas and the number of Airbnb listings have a considerable positive impact on property rental pricing. Furthermore, there is a direct correlation between the presence of more extensive conservation areas and an increase in house rental prices. Heterogeneity effects are evident in several townships in Shanghai with different levels of Airbnb activity, as the moderating effects are significant in townships with a large number of Airbnb listings. These results suggest that rising housing rents cannot be attributed entirely to the proliferation of STR services facilitated by home-sharing platforms. Future regulations for the housing rental market should address the impacts of home-sharing accommodations and the preservation and revitalization of designated conservation zones.