Trading Activity Research Articles

The Relationship Between Oda, Import–Export Turnover, and Vietnam’s Economic Growth During the Period 1995 – 2022 (SDG)

Objectives: This article studies the relationship between official development assistance (ODA), import-export turnover, and Vietnam’s economic growth during the period 1995–2022. Method: Using qualitative combined with quantitative research methods, based on the database collected by year from 1995 to 2022 from the website of the General Statistics Office, International Monetary Fund, Ministry of Finance, and World Bank...The database was analized by the Eview 12 Software. Results and Discussion: Vietnam’s economic growth depends on the operation of ODA budget solutions and total export turnover over time. ODA capital has a positive impact but is not as clear as total import-export turnover. In the first stage, when ODA capital rises, GDPR increases too, but in the later stages, continuing to increase ODA capital will not benefit the Vietnamese economy, while total export turnover has a positive effect on Vietnam’s economic growth for a long time. Research Implications: ODA capital only has a positive impact in the early stages when Vietnam enters the innovation phase, but in the later stages, international trade plays a more important role in Vietnam’s economic growth. Under the condition that other factors remain unchanged when total export turnover increases by 1%, GDPR increases by 0.416906%. Value: From the results of the analysis, the research team proposes solutions to selectively attract ODA, effectively use capital to ensure that infrastructure continues to be developed more modernly, and strengthen international trade activities to motivate sustainable economic growth.

Impact of Digital Trade on the Employment Situation in Africa

This study investigates the impact of digital trade on employment in Africa, with the objective of deepening the understanding of the region’s economiclandscape and the potential of digital trade to generate employment. Utilizing a dataset covering 30 African countries from 2009 to 2020, the research employs an instrumental variable two-stage least squares (IV-2SLS) estimation method to assess the effects of digital trade. The findings reveal that, although digital trade does not uniformly enhance overall employment, it exerts a significant and positive influence on employment within the industrial and services sectors. Moreover, the study highlights the role of general government expenditure as a moderating factor in this relationship. This research contributes new empirical evidence by using various trade activities as proxies for digital trade, addressing a notable gap in the existing literature. The conclusions provide critical insights for African policymakers in developing strategies to leverage digitalization for economic growth.

Border Carbon Adjustments and Leakage in the Presence of Public Pollution Abatement Activities

This paper sheds light on the unidentified effects of unilateral environmental and trade actions within an international trade framework with two large open economies, transboundary pollution, and Public Pollution Abatement (PPA) activities. When private and public abatement coexists in the exporting country, stricter environmental policy by the importing one magnifies the carbon leakage effect. Pareto efficiency dictates that Border Carbon Adjustment (BCA) should account not only for the difference in carbon taxes between the two countries, but also for the policy’s unintended consequences on PPA. More importantly, we argue that a conditional reduction of BCA, subject to stricter environmental policy by the country that exports the polluting good, decreases global pollution and increases countries’ welfare. Such reform strategy generates strong incentives for countries with laxer environmental policy to adopt a stricter one.

With Reference to Key Theories and Literature Examined in This Module, Discuss the Different Ways in Which Fair Trade Discourses and Representations Matter for the Well-being of Food Growers in the Global South

Fair trade can be seen as a means of counteracting unequal trade and as a channel for products from the South to reach markets in the North, and although unequal trade is evident, fair trade has genuinely benefited producers of products from the South. Externally, it supports Southern food-growing countries economically, while internally, it gives Southern food-producing countries the psychological value of self-identification. Fair trade activities also continue to evolve, making the relationship between consumers in the North and producers in the South purer and more direct.

Nonfinancial 8-K disclosures and individual investors' trading during earnings announcement window

PurposeThis study investigates the influence of nonfinancial 8-K disclosures released during the earnings announcement window on the abnormal trading activities of individual investors.Design/methodology/approachWe employ regression analysis in this empirical study to examine the impact of nonfinancial 8-K filings on individual investors' abnormal trading activities.FindingsOur results reveal that individual investors exhibit higher levels of abnormal trading activities when firms release nonfinancial 8-Ks during the (0,1) window of earnings announcements. This effect is observed for both buyer-initiated and seller-initiated transactions and is particularly pronounced for firms reporting an operating loss. Negative sentiment in 8-Ks significantly intensifies such effect. Additionally, we find that buy-sell consensus increases significantly with concurrent nonfinancial 8-Ks. This suggests that 8-Ks may reduce information noise, leading individuals to trade with greater conviction.Originality/valueOur study examines the joint influence of nonfinancial 8-Ks and earnings announcements on individual investors' trading activities, thereby providing a novel perspective on the mechanisms through which 8-K filings affect individual investors' trading behaviors.

The impact of digital transformation on enterprise export resilience: Evidence from China

External shocks have negatively affected trade activities around the world, how to improve the enterprise's anti-risk ability to external shocks has gained widespread attention. This study explores whether and how the digital transformation affects enterprise export resilience after the 2008 financial crisis. By expanding an export growth model and utilizing a merged dataset from the Chinese customs trade and A-share listed company database, we find that digital transformation significantly enhances export resilience, and this effect is more prominent in private enterprise as well as high-tech enterprise types. The mechanism analysis shows that digital transformation promotes enterprise export resilience through cost reduction and demand diversification channels. In addition, the effect of digital transformation is more evident on enterprises exporting to high-income countries. Furthermore, this paper finds that the smart city pilot policy has strengthened the promoting effect of digital transformation on enterprise export resilience. These findings shed insights into the relationship between the digital transformation and enterprise's export behavior in the post-crisis era.

Financial integration and economic growth in Africa

The main objective of this article is to assess the link between financial integration and economic growth in African countries during the period 1990-2017. To achieve this goal, we used a dynamic panel model using the generalized method of moments (GMM) in first difference with threshold effects on a sample of 29 African countries. The results of the estimates reveal, on the one hand, that the countries that benefit from the benefits of financial integration on economic growth are those with high trade and financial openness, high human capital, low inflation, democratic regime, and high public expenditure. On the other hand, these results indicate that financial integration is associated with a low probability of surviving a banking crisis in the countries studied. Thus, the governments of African countries must implement policies aimed at a progressive liberalization of trade and financial activities, coupled with the implementation of macroeconomic stability policies and the improvement of the quality of the institutional environment, which determines the impact of financial integration on economic growth.

ASSESSMENT OF CORPORATE SOCIAL RESPONSIBILITY DEVELOPMENT FACTORS OF THE LARGEST COMPANIES IN NON-INDUSTRIAL SECTORS

The purpose of the research is to quantitatively assess the effectiveness of corporate social responsibility of the largest Russian companies in the field of trade, telecommunications, finance and investment. The research included a comprehensive quantitative analysis based on financial and integrated non-financial reporting data of sixteen largest representatives of such types of economic activities as wholesale and retail trade (OKVED 45–47), telecommunications (OKVED 61), financial and investment activities (OKVED 64–66). According to the results of the conducted research, the most priority directions of corporate social responsibility development in the companies of these types of economic activities were determined, namely, personnel retention and increase in the number of young specialists, revision of approaches to professional retraining and advanced training, reduction of occupational injuries, as well as full comprehension of the need to influence the social sphere and environmental responsibility.

The Innovative Model of Blockchain Technology and Its Application in Promoting International Fair Trade: Design and Analysis of the IFTBOM Blockchain Framework Model

In this Research, researchers proposed a new framework model for applying blockchain technology, aiming to solve multiple challenges in international fair trade. Through a detailed analysis of the existing trade imbalance and market access restrictions, the paper expounds how blockchain technology can improve the transparency and fairness of trade through its core functions.Globalization and technological progress have promoted the rapid development of international trade, but also brought many challenges. The fair-trade movement tried to provide more fair-trading conditions for small-scale producers in developing countries, but the market acceptance was not high, and consumers' cognition was limited. The purpose of this study is to explore how blockchain technology can promote fair trade practices, especially through real-time monitoring and verification of the fairness of trade activities, and how to deal with uncertainties and data changes in fair trade. The design and implementation of IFTBOM model is expected to significantly improve the global fair-trade environment, especially for small-scale producers in developing countries, and help significantly improve their economic and social conditions. By implementing these policies and practices, we can expect to achieve a fairer and more transparent trade environment in the global context.

The underwriter's conflict of interest and earnings forecast bias in prospectus: Evidence from Hong Kong

About 40% of the firms that go public on the Hong Kong Stock Exchange voluntarily include earnings forecasts in their prospectuses. These forecasts are on average biased downwards by 8% compared to the realized earnings. We hypothesize that the underwriter, in order to increase IPO underpricing and obtain private benefits, pressure managers to low-ball earnings forecasts in the prospectuses. We examine the effect of underwriting commission rate, reputation, and IPO trading commissions on the earnings forecast bias in the prospectuses. We find that underwriting commission rate is negatively associated with the forecast bias. Using the 90-day post-IPO trading volume as a proxy for future trading commissions and profits generated from institutional investors and aftermarket trading activities in general, we document that trading commissions are positively associated with the forecast bias. Further analysis shows that underpricing is positively associated with the forecast bias, but the effect of the forecast bias on underpricing disappears after controlling for the underwriter's trading commission. Overall, these results are consistent with predictions based on the agency theories of underwriter by Baron (1982) and Loughran and Ritter (2002).

Ambiguity, limited market participation, and the cross-sectional stock return

Using expected utility under uncertain probability theory (EUUP, Izhakian, 2017, 2020), we study whether the ambiguity related to individual stocks is priced in the Chinese A-share market and the mechanism behind the ambiguity premium phenomenon. Theoretically, when the asset price is within a specific range, ambiguity-averse investors refrain from participating in trading. As asset ambiguity increases, high ambiguity-averse investors exit the market, with those with lower aversion remaining in the market (limited market participation phenomenon). Investors who remain in the market due to lower ambiguity aversion are willing to accept a low ambiguity premium. Empirically, we measure monthly ambiguity using the volatility of daily stock return distributions within a month and find the following: (1) The equal-weighted average returns of the most ambiguous portfolios (top 20%) are significantly lower than those of the least ambiguous portfolios (bottom 20%). (2) Ambiguity still significantly negatively affects the cross-sectional stock return after controlling for common firm characteristics. (3) The higher the ambiguity, the lower the future trading activity, supporting our theoretical predictions. These findings reveal the mechanism of the negative ambiguity premium in the Chinese A-share market. This study provides new ideas for building a factor-pricing model suitable for the A-share market and a fresh perspective for preventing systemic financial risk.

Evaluation of the Harmony of Trade Activities in the Letda Sujono Street Corridor Medan Tembung District Medan City

The development of the population and its supporting facilities has an impact on improving the economy of the people of a city. The Jalan Letda Sujono corridor has experienced significant development of trade and service activities with the location of the area on the border of Medan City with Deli Serdang Regency and the access to the Bandar Selamat Toll Gate. The development of trade and service activities encourages the development of other activities such as housing, public services, commerce, warehousing and industry. This has a big impact on the demands of land provision, the potential for inconsistencies in the use of space, and the disruption of traffic circulation. Inconsistent land use is expected to affect the growth and development of the city which is irregular and directed (urban sprawl). The factor of incompatibility in space utilization in spatial planning is caused by the lack of effective control of space utilization. The Jalan Letda Sujono corridor is planned by the Medan City RDTR as a Trade Sub-Zone zoning which covers 3 (three) planned blocks and there are provisions for activities (zoning regulations) for several activities that are limited by a maximum proportion of 10% of the planned block area. For this reason, it is necessary to conduct a study of the suitability of existing activities with the zoning plan that has been stipulated in the Medan City RDTR as a content of space control in order to realize safe, comfortable and sustainable spatial arrangements. In this study, a qualitative descriptive method with a spatial analysis approach is used to be able to directly compare the existing activity map with the zoning map that has been determined in the Medan City RDTR. The analysis carried out was an analysis of the interpretation of existing activities using satellite images, an analysis of the conformity of the provisions of activities with spatial ovelaping, an analysis of the suitability of activities in excess of 10% proportion, and an analysis of the suitability of activities in the Trade Sub-Zone in the Letda Sujono Street Corridor. The results of this study show that there are 45 types of existing activities consisting of 6,403 persils of activities (polygons). The suitability of activities in the research area was 102.23 Ha (60.84%) and the non-conformity of activities was 65.80 Ha (39.16%). The Plan Block that has been exceeded by activities with a proportion of 10% is Block 17-07-01 (Tembung). In the Trade Sub-Zone in the corridor of Jalan Letda Sujono, it is known that the suitability of its activities covers an area of 19.45 Ha (89.05%) and the non-conformity of its activities covers an area of 2.39 Ha (10.95%). This indicates that the spatial zoning plan has not been fully realized with the existence of Unpermitted Activities (X) in the form of Integrated Schools and the existence of Conditional Activities (B) in the form of Vehicle Pools, Workshops, and Warehouses/Warehouses. The conditional activities are no longer allowed (not allowed) in the Plan Block 17-07-01 (Tembung) because it has exceeded the proportion of activities of 10% of the plan block.

Diversification of the concept of foreign economic activity of russian banks in the new economic conditions Yulia S. Polozhentseva1

Relevance. Russian banks actively participate in international trade and economic relations. However, taking into account geopolitical and economic changes, such as sanctions and changes in trade blocs, banks need to develop strategies for effective expansion of their activities at the international level. Business planning for the geographical development of foreign trade will help banks to adapt to new market conditions, determine optimal strategies and resources for the development of export-import operations, as well as minimize risks and increase competitiveness on the world stage..The purpose is to conduct a comprehensive study of the possibilities of geographical development of the foreign economic activity of Russian banks..Objectives: analyze regional markets for their potential; to determine the main advantages and disadvantages of the activity of foreign trade of Russian banks; will identify the peculiarities of the bank's exit to the new dawn within the framework of foreign trade, draw up a business plan and determine the criteria for the success of the project.Methodology. In the process of research, general scientific methods of logical and statistical analysis, field research, as well as qualitative and quantitative analysis were used.Results. 10 Russian banks, their foreign trade development strategy and future prospects were considered. The regions in which the opening of a bank branch will be the most successful for foreign trade have been identified: Tatarstan, Primorsky Krai, Kaliningrad Oblast, Yekaterinburg. A business plan for entering a new regional market for a bank with a focus on foreign trade has been drawn up, taking into account industry specifics.Conclusion. The foreign trade development strategy allows banks to expand their client base, increase their global presence and provide their clients with access to international financial services.

Information, sentiment, and margin trading of Chinese stock market

AbstractThis paper examines whether information or sentiment drives margin trading in the Chinese stock market. At the aggregate level, no conclusive evidence indicates a dominance of either information‐driven or sentiment‐driven margin trading activities. However, at the individual firm level, we observe both types of margin trading, underscoring the need to consider the heterogeneity of margin trading when reconciling previous research findings. Moreover, we find that the likelihood of sentiment‐driven margin trading significantly declined following regulators' implementation of stricter rules for margin trading in 2015.

An unbounded intensity model for point processes

We develop a model for point processes on the real line, where the intensity can be locally unbounded without inducing an explosion. In contrast to an orderly point process, for which the probability of observing more than one event over a short time interval is negligible, the bursting intensity causes an extreme clustering of events around the singularity. We propose a nonparametric approach to detect such bursts in the intensity. It relies on a heavy traffic condition, which admits inference for point processes over a finite time interval. With Monte Carlo evidence, we show that our testing procedure exhibits size control under the null, whereas it has high rejection rates under the alternative. We implement our approach on high-frequency data for the EUR/USD spot exchange rate, where the test statistic captures abnormal surges in trading activity. We detect a nontrivial amount of intensity bursts in these data and describe their basic properties. Trading activity during an intensity burst is positively related to volatility, illiquidity, and the probability of observing a drift burst. The latter effect is reinforced if the order flow is imbalanced or the price elasticity of the limit order book is large.

Information leakage prior to market switches and the importance of Nominated Advisers

This study tests the information leakage hypothesis prior to the public announcement of firms switching between the Alternative Investment Market (AIM) and the Main Market (MM) in the UK. We find significant abnormal stock returns 60 trading days prior to the announcement of these switches. The results are robust after controlling for switching anticipation, rumors, other major corporate announcements, and firm performance one year prior to the switch. We also show that having a reputable Nominated Adviser (Nomad) significantly moderates the abnormal stock returns prior to market switches. However, this effect does not hold when Nomads also act as brokers in firms that switch markets. Overall, these findings provide novel evidence about abnormal stock returns prior to the announcement of market switches in the UK and the role of Nomads. As such, we shed light on the significance and the limits of decentralized regulation on informed trading activity.

Research on high-frequency trading strategies optimization based on deep learning

High-frequency trading is derived from programmatic trading and market maker mechanisms, and unlike low-frequency trading, it uses ultra-high-speed computers to acquire and analyze high-frequency trading data in the market, so as to identify price change patterns and quickly execute trades to complete the change of hands. In this work, we focused on optimizing high-frequency trading strategies using deep reinforcement learning. Specifically, we employ a dual deep Q network model, which consists of two deep neural networks that are used to generate action value estimates and provide target action values, respectively. The advantage of this structure is that it reduces bias in the estimation process, thereby improving the stability and efficiency of learning. The input layer of the model receives multi-dimensional features of market data, such as price, volume, order depth, etc., which are normalized and then fed into the network. The hidden layer includes multiple layers of fully connected layers to enhance the nonlinear representation of the model and the ability to handle complex market dynamics. We have also introduced batch normalization and dropout layers in the network to prevent overfitting merges and improve the generalization ability of the model. Eventually, the output layer generates action values corresponding to each possible trading action, deciding to buy, sell, or hold a position. In the experimental analysis, this study verifies the superiority of the proposed model in processing high-frequency trading data and executing trading decisions by comparing it with traditional trading strategies and other machine learning methods.

A rapid quarantine approach for the pathogenic and invasive Phytophthora species associated with imported fruits in China.

Phytophthora spp. represent a pivotal genus of plant pathogens with a global distribution, exerting significant deleterious effects on food safety and forestry ecosystems. Numerous pathogenic and invasive Phytophthora species, introduced through imported fruits, have been frequently detected at Chinese ports. With the rise in global trade activities, the plant quarantine of imported fruits is becoming increasingly important but challenging. Fast, simple, and labor-saving techniques are necessary and anticipated. A polymerase chain reaction restriction fragment length polymorphism capillary electrophoresis (PCR-RFLP-CE) technology-based quarantine approach was developed for 16 Phytophthora species associated with the imported fruits in China. The Ypt1 gene, exhibiting abundant interspecific variations, was selected as the marker gene for PCR. The restriction endonuclease AluI was proven to be capable and compatible in simultaneously separating different Phytophthora species during CE. By combining with a fast and efficient DNA extraction kit, the developed PCR-RFLP-CE technique was successfully applied to identify Phytophthora species in artificially infested fruits. We provide a quick, practical, and high-throughput detection approach for hazardous and invasive Phytophthora species associated with imported fruits in China. This strategy can give good convenience and technological support for carrying out massive quarantine activities at Chinese ports. © 2024 Society of Chemical Industry.

Culinary Tourism Potensial In Palu Bay Area

Culinary Tourism Potensial In Palu Bay Area. This study aims to determine the level of similarity of culinary tourism potential and support factors among urban villages in the area of ​​Teluk Palu. The population in this study were all tourists who visited at 8 urban villages ranging from Tipo Subdistrict Ulujadi to Tondo Sub-District Mantikulore District. Sampling technique using purposive sampling approach is done by selecting informants who are considered able to provide the necessary information. The number of samples is 70 people. In general, infomants enter in cluster 1. There is only one cluster member that entered in cluster 2 and cluster 3. In general the characteristics of culinary tourism availability and supporting factors such as trade activities of goods and services, supporting facilities and infrastructure, transportation support, security as well as social and cultural communication in 8 kelurahan have similarity level. Development of the tourism industry, especially culinary tourism in the coast of Palu Bay in recent years can not be done evenly and maximally in 8 villages. The emphasis in terms of tourism development, especially culinary tourism and its supporting factors still take place partially. Emphasis such as the formation of tourism conscious society and the implementation of 5K has not been implemented evenly and maximally throughout the existing urban village.

Dynamics of Malay Intellectual Tradition

This article aims to determine the dynamics of the intellectual revival of the Malay world which includes the supporting factors for the intellectual revival of the Malay world, Malay intellectual figures and their works. This article is presented descriptively qualitatively using literature review techniques. The research results show that the formation of intellectual traditions in the Malay world is closely related to the process of Islamization of the archipelago. It is strongly suspected that the intellectual tradition was only formed during the sultanate, in the early days of the arrival and spread of Islam through trade activities and Islamic preaching. Furthermore, there was an increase in the intensity of relations between the Malay (Nusantara) community and Arab countries, especially Haromain. This happens with many people from the archipelago who perform the Hajj and who deliberately settle in Mecca or Medina to study there. These are the people who, after returning to the archipelago, became actors in the process of transmitting religious thought to the Muslim community of the archipelago.