Trade Operations Research Articles

Researching Issues of Product Range and Stock Management in Trade Chains

The article studies key problems of Russian trade chains. Foreign publications dealing with product range and stock management in retail trade were analyzed. As a result of the researching the logistic and marketing work of chain trade operators of FMCG sector in Russia certain trends were found, which determine the vector of their development for the next 5-10 years and at the same time act as the catalyst of their current problems. To investigate the key problems in detail the results of projects on business process re-engineering and optimization of product stock carried out within 15 years were used. As a result two principle problems were found typical of the majority of retailers: the low turnover of stocks leading to overstock and out-of-stock of the most popular and profitable products in outlets, i.e. trade branches or affiliates (regional storehouses). It should be mentioned that these problems arise in trade chains together, thus the global problem can be formulated in the following way: continuous out-of-stock with overstock. It means that today trade chains are facing the target objective - to shape a unique product rage for each outlet or even for a concrete customer and to meet the arising demand with the optimum level of stock and costs. In the process of practical realization of projects on stock optimization in trade chains the authors developed a certain algorithm of solving the project problems and it was found out that external conditions that were not investigated could cause negative results of project implementation.

Accounting Policies of Organizations Engaged in Foreign Economic Activity

The purpose of the study is to develop the concept of the internal regulation “accounting policy” of an organization, taking into account the peculiarities of the legal framework for accounting and controlling export operations. The methodological basis is a dialectical approach to the phenomena and processes of financial and economic operations of organizations engaged in foreign economic activity. To research the problem the following methodological approaches were used: systemic approach, deduction and induction, comparative analysis, specification, formally legal assessment of documentation. The paper discusses the procedure for drawing up accounting policies, taking into account the peculiarities of accounting and tax accounting of export operations and the requirements of the legislative and regulatory framework for foreign economic activity. The emphasis is placed on the forms of the accounting documents applied and the contents of the chart of accounts, in which it is necessary to provide for the accounts of the first, second (subaccounts) and third (subcontos) orders to obtain the detailed information on each export transaction, assets and liabilities. The author proves that when drawing up accounting policies for tax accounting purposes, it is necessary to consider accounting policies of accounting as a whole. The results obtained complement and expand the other economic academics’ scientific base on how to organize accounting of foreign economic activity. The presented model of the regulation “accounting policy” of the organization will be useful in the practical activities of entities carrying out foreign trade operations.

Towards Migration-Responsive Local Government: Profiling, Perceived Program Needs and Driving Forces

The phenomenon of ethnic migration has been part of human history and vital to the development of cultures and civilizations. Using mixed-method inquiry, the research studied the Local Government’s responsiveness to the Muslim migrants’ need for programs relative to education, livelihood, health, and sanitation, housing, socio-civic, and cultural aspects, including investigation of the driving forces of the 155 migrants selected using purposive sampling. Quantitative and qualitative data were analyzed, and in addition, a subset of the participants, which included government personnel and leaders of the Muslims, were interviewed. The use of documentary analysis and observation of Muslim activities were also vital sources of data. Results showed that older migrant females have migrated for a relatively long time who have been engaged in business and trading operations, considered limited opportunities and personal reasons as driving forces of their migration; the local government’s support for the educational needs of the Muslims through Madrassah School supervised by the Department of Education, support for livelihood program, and promoting harmonious relationships between Muslims and non-Muslims through sociocultural and other programs. Results would lead to the creation of academe government linkage for a sustainable development program for Muslim migrants.

Détente as a Factor of Modernization of the USSR in the 1970s - the Beginining of the 1980s in the Analytical Reviews of the Central Intelligence Agency

Coverage of the role and importance of the economic policy implemented during the détente period to solve the complex problems of the Soviet Union in the field of intensification of production is relevant in connection with the cyclical completion of the warmer climate between Russia and the West. The study of the historical experience of the development of international cooperation, the analysis of competition for a place in the global division of labor and the results of the struggle for the achievements of the scientific and technical revolution of the XX century make it possible to reconstruct the steps taken by the Soviet leadership to find new foreign economic tools against the background of modernization challenges. The article based on the materials of the electronic archive of the CIA, documents of the State Archive of the Russian Federation, Russian State Archive of Economics and Russian State Archive of Contemporary History funds provide previously unpublished comprehensive information on the size and content of compensation agreements of the USSR with Western Europe, the USA and Japan during the détente period. The authors reveal the role of the banking capital of the USSR to ensure the country's access to hard currency and implementation of the technology transfer policy. Similarity of the strategy of containment of the USSR in the 1970s and Russia today is emphasized on the example of the analysis of the USA intelligence data. The authors come to the conclusion that, despite the considerable mobilization efforts of the Soviet leadership to expand foreign trade operations, the conclusion of large-scale compensation agreements, the creation of sovereign transnational transportation and the development of Soviet financial institutions abroad, the targets set by the modernization of the 1970s were not fully met. The USSR did not maintain the export model in the global economy during the détente period for a number of reasons.

Досвід Європейського Союзу у питаннях адміністрування митних платежів: теоретичні основи та практичні рекомендації

У статті досліджено досвід Європейського Союзу у питаннях адміністрування митних платежів. Визначено основні категорії митних платежів, які справляються на території ЄС (імпортне мито; експортне мито; антидемпінгове мито; компенсаційне мито; сільськогосподарські мита; податок на додану вартість; акцизи). Розглянуто критерії за якими можна класифікувати мита у ЄС (за характером зовнішньоекономічних операцій (імпортні, експортні), за способом встановлення ставок (адвалерні, специфічні, змішані), сільськогосподарські мита (постійні, сезонні), за цілями стягнення (звичайні, спеціальні)). Досліджено питання справляння податку на додатку вартість та акцизного збору у країнах Співтовариства. Зазначено види послуг за які митне законодавство ЄС допускає у ряді випадків стягнення митними органами держав-членів митних зборів як плату за додаткові послуги. Запропоновано заходи спрямовані на підвищення організації роботи з адміністрування митних платежів в країнах ЄС.

Timing the market with own stock: an extensive analysis with buying and selling evidence

PurposeAre firms able to time the market? The purpose of this paper is to focus on the study of own stock trading, emphasizing both repurchase and resell operations on the open market as well as over the counter.Design/methodology/approachThe authors use data on 37,997 own stock transactions from 2005 to 2015 of Euronext Lisbon listed firms. Following Dittmar and Field (2015), this paper uses relative transaction prices to ascertain the relative performance of own stock transactions, in the open market and over the counter.FindingsResults show that firms can time both repurchases as well as resales. Firms repurchase (resell) at lower (higher) prices than those prevailing in the market. Moreover, market-timing ability proves to be higher after the bailout period and to be influenced by the own stock trading frequency. Trading on the open market allows for increased timing ability for own stock repurchasing and reselling activity. Finally, results show seasonal effects both in repurchase and resale performance. Also, more efficient but less valuable firms are more likely to be successful in timing the market.Originality/valueThe authors study both the repurchasing and the reselling activity of the same set of firms, of already issued stock, using high-frequency (daily) data. In addition, the authors study own stock trading both in the open market and OTC, and also study the impact of a major economic shift on the firms’ ability to time the market.

Performance Research of Improved Switched Inductor Quasi Z Source Fed PMSM Drive

Normal voltage deliver inverter dreams greater circuit to elevate and greenback the yield voltage and present day supply inverter has actually increase potential. To decrease charge and to make form critical, z supply inverter is delivered. which has circulate associated idle elements(L&C) in supply and inverter. Regardless, it draws broken modern from the facts, and to triumph over this semi z supply inverter is proven, it draws relentless current-day from the records and has incredible boosting limit over z supply inverter. on this company stepped forward traded inductor semi z supply is shown and one of the inductor from the semi z supply inverter is displaced with new topology. It has satisfactory boosting restrict over semi z source. Harmonic width alternate approach is displayed for the trading operation(IGBT). ANFIS (Adaptive Neuro Fuzzy Inference machine) merges fluffy controller and neural framework. Fluffy controller is done on this dare to enhance the manipulate execution of PMSM. The free-torque trends of advanced traded inductor semi z source inverter fed unchanging pmsm are reproduced in this company with the aid of manner of MATLAB(simulnik) and pastime outcomes are differentiated and the semi z-supply energized pmsm power

Organizational aspects of analysis in the management process at the stage of identification of currency risks

The article discoveres how organizational aspects of currency risk analysis are considered in the scientific literature. In the course of the study, directions were provided for the development of organizational support for the analysis of currency risks. In analyzing currency risk identification, analytic actions and techniques, that could be used to manage risks, were systematized systematic. The conducted study allowed to construct a model for determining currency risk in the enterprise management system, which takes into account all the described phases of this stage. The article describes a general approach to the implementation of this stage, which should be taken into account when developing a currency risk register. The proposed form of the register was given, it takes into account the features of currency risk identification. The risks are analyzed in accordance with the standards of risk management that can be transformed and applied to different types of currency risks that arise at enterprises engaged in foreign trade operations in foreign currency. We consider it expedient to present a description of currency risks by types of risks, since not all of them should use management methods. This allowed to build the structure of the document which invited companies to write records on the description of identified types of currency risk. The schematic representation of the Currency Risk Measurement Card using the Value at Risk evaluation is given.

The study of the current state and trends of development of the foreign economic activity of domestic pharmaceutical companies

Aim. To study the current state and trends of the foreign economic activity of pharmaceutical enterprises.Materials and methods. The methods of analysis, synthesis and generalization of mathematical statisticswere used in the article. As materials statistical data on the foreign economic activity of pharmaceutical enterprises were applied.Results. It has been determined that the foreign economic activity is implemented by a pharmaceutical enterprise in the form of export of finished medicines, import of active pharmaceutical ingredients, basic and auxiliary materials, equipment, as well as providing services. Export-import operations of domestic pharmaceutical enterprises analyzed indicate an increase in imports of active pharmaceutical ingredients, basic and auxiliary materials, etc., and a decrease in export operations. The main suppliers of active pharmaceutical ingredients, basic and auxiliary materials, which include Germany, Russia, Italy, China, Belarus, Georgia, Poland, Switzerland and Spain, have been identified. The countries, in which medicines are exported by domestic pharmaceutical enterprises, are given. The dynamics of balance of foreign trade operations of domestic pharmaceutical enterprises has been studied. There is a tendency to increase the share of export products in sales revenue and gross profit of the pharmaceutical enterprises studied. The trade balanceof the enterprises studied is characterized by the excess of imports over exports due to the import of API, basic and auxiliary materials. The average growth rate of the general trade balance is 0.38. The SWOT-analysishas been conducted, and the strengths and weaknesses of the foreign trade activities of domestic pharmaceuticalcompanies have been identified.Conclusions. Today, the activities of domestic pharmaceutical enterprises are import-dependent, andit determines the urgency of increasing their export potential, reducing the risks of the foreign economicactivity and establishing foreign economic relations.

Cookie monsters. Anatomy of a digital market infrastructure

ABSTRACTThe aim of this article is to examine the market arrangements built by the online marketing industry around small pieces of data now ubiquitous in digital markets–namely “http cookies.” We show how cookies have become the backbone and the main vehicle of a vast market infrastructure, based on its ability to transform online behavioral information into data assets, and to attach these assets to advertising products. We examine the complex trading operations that are implemented from the elementary brick that constitutes the cookie. We also raise the question of the strength and durability of this infrastructure, at a time when it is disputed and seems weakened. Beyond the particular case of cookies, we identify three main operations that market infrastructures typically support: knowledge production, capitalization, and coordination. We also highlight the centrality of “datafication” (tracking, “data lake” building, matching, etc.) in the process of market digitalization. We thus contribute to the framing of the concept of (digital) market infrastructure.

Blockchain in global supply chains and cross border trade: a critical synthesis of the state-of-the-art, challenges and opportunities

Blockchain possesses the potential of transforming global supply chain management. Gartner predicts that blockchain could be able to track $2 T of goods and services in their movement across the globe by 2023, and blockchain will be a more than $3 trillion business by 2030. Nowadays, a growing number of blockchain initiatives are disrupting traditional business models in each sector. In this paper, we provide a timely and holistic overview of the state-of-the-art, challenges, gaps and opportunities in global supply chain and trade operations for both the private sector and governmental agencies, by synthesising a wide range of resources from business leaders, global international organisations, leading supply chain consulting firms, research articles, trade magazines and conferences. We then identify collaborative schema and future research directions for industry, government, and academia to jointly work together in ensuring that the full potential of blockchain is unleashed amidst the socioeconomic, geopolitical and technological disruptions that global supply chains and trade are facing.

Before Strauß: The East German Struggle to Avoid Bankruptcy During the Debt Crisis Revisited

Due to costly ‘consumer socialism’ and continuous trade deficits with the West, the East German balance of payments crisis was aggravated towards the end of the 1970s. Declining Soviet support, the tense international situation, rising interest rates and the financial turbulences of other Socialist states (Poland, Romania) made the situation even worse. Facing a Western ‘credit boycott’, in spring 1982 bankruptcy seemed unavoidable to many of the GDR’s economic experts. However, after the adoption of several emergency measures, solvency was secured in the short-run and finally the loans negotiated by Bavarian Prime Minister Franz Josef Strauß in 1983/84 released the GDR from the acute debt crisis. This article revisits the East German struggle to avoid bankruptcy prior to the ‘Strauß loans’. It sheds new light on the regime’s reactions to the ‘credit boycott’ and examines the strategies pursued to secure solvency. Oil and other trade operations with the USSR and certain Western countries created the necessary financial leeway. Since the resulting short-term liquidity came at high costs, the search for new loans continued. Finally, the so-called ‘Zurich model’ and its failure is a good case in point to illustrate the GDR’s aim of surviving the debt crisis without making any major concessions in return.

The Optimal Energy Dispatch of Cogeneration Systems in a Liberty Market

This paper proposes a novel approach toward solving the optimal energy dispatch of cogeneration systems under a liberty market in consideration of power transfer, cost of exhausted carbon, and the operation condition restrictions required to attain maximal profit. This paper investigates the cogeneration systems of industrial users and collects fuel consumption data and data concerning the steam output of boilers. On the basis of the relation between the fuel enthalpy and steam output, the Least Squares Support Vector Machine (LSSVM) is used to derive boiler and turbine Input/Output (I/O) operation models to provide fuel cost functions. The CO2 emission of pollutants generated by various types of units is also calculated. The objective function is formulated as a maximal profit model that includes profit from steam sold, profit from electricity sold, fuel costs, costs of exhausting carbon, wheeling costs, and water costs. By considering Time-of-Use (TOU) and carbon trading prices, the profits of a cogeneration system in different scenarios are evaluated. By integrating the Ant Colony Optimization (ACO) and Genetic Algorithm (GA), an Enhanced ACO (EACO) is proposed to come up with the most efficient model. The EACO uses a crossover and mutation mechanism to alleviate the local optimal solution problem, and to seek a system that offers an overall global solution using competition and selection procedures. Results show that these mechanisms provide a good direction for the energy trading operations of a cogeneration system. This approach also provides a better guide for operation dispatch to use in determining the benefits accounting for both cost and the environment in a liberty market.

Natural born merchants. The Hudson Bay Company, science and Canada’s final fur frontiers (1925–1931)

This article explores the use of science and technology of the Hudson Bay Company, by examining the company’s development department (1925–1931). It focuses, first, on the cooperation between the development department and the renowned animal ecologist Charles Elton. Scientific practices of the department were also instrumental in supporting the company’s expansive strategy, of finding and commercialising Canada’s Arctic north. While the department remained short-lived, the article largely affirms the general view that science and technology played a minor role for trading companies. Yet it gives us a much better understanding of precisely why such a connection is difficult. The case also illustrates that scientific practices could and did play a role for trading companies, and had a specific value in modernising and expanding trade operations. Especially so in organising new supply chains in remote and new territory, and not only to support diversification operations, as it is usually argued.

VALUE OF LAND MANAGEMENT IN THE SPHERE OF ECONOMIC REGULATION OF LAND RELATIONS

The article deals with the essence and development of socio-economic theory of land management, its goals, modern problems of land reforms and trends in the economic regulation of land relations. Special attention is paid to the assessment of economic efficiency of land management activities carried out in the process of for-mation and organization of the territory of land management facilities. The material of the study was the land Fund as an object of land management, since the content of land management and the order of its conduct must correspond to the level of socio-economic development of society. The system of state and social organization, characterized by the appropriate political organization of society for their regulation and certain land relations, determines the land structure of society. Since land management is a part of the overall system of state planning and financing, each land management enterprise, activity or work should be based on the principles of self-sufficiency, commercial benefits and efficiency. From the point of view of land relations, land cadastre and land management, land is an important part of the natural environment characterized by certain production and nat-ural socio-economic characteristics. Land is the basis of all human activity, which determines the importance of land relations in the socio-economic policy of society. To prevent the disadvantages of land ownership and land use, streamlining of the market of land relations, trading and other operations with the earth creates market land Fund. At the same time, all operations related to the purchase and sale of land plots, the formation of new and streamlining of existing land tenure and land use, redistribution of land ownership, the provision and seizure of land, the device of their territory, must necessarily be based on land management projects.

MULTICRITERIA ASSESSMENT OF THE EFFICIENCY OF TRANSPORT AND CUSTOMS INFRASTRUCTURE FACILITIES

В статті запропоновано підхід, щодо багатокритеріальної оцінки ефективності об’єктів транспортно-митної інфраструктури шляхом порівняння об’єктів, що аналізуються з об’єктом-еталоном. Об’єкт дослідження – процес багатокритеріальної оцінки ефективності функціонування вантажних митних комплексів. Мета роботи – розробка теоретичних основ і проведення комплексної оцінки ефективності об’єктів транспортно-митної інфраструктури. Метод дослідження – багатокритеріальна оцінка діяльності об’єктів транспортно-митної інфраструктури. Значна кількість об’єктів транспортно-митної інфраструктури і критеріїв їх функціонування, необхідність оцінки результативності фіскальної служби в цілому і окремих об’єктів закономірно потребують використання математичного апарату оцінки ефективності управління та державного регулювання процесів переміщення вантажів через митний кордон. Особливість експлуатації об’єктів транспортно-митної інфраструктури потребує уніфікації проектних рішень щодо діяльності об’єктів транспортно-митної інфраструктури їх пропускної здатності, місткості, технічного, технологічного та організаційного забезпечення. До особливостей визначення ефективності об’єктів транспортно-митної інфраструктури, що залежать від специфіки їх експлуатації, належать: залежність величини показників ефективності від форми власності, в якій знаходиться об’єкт оцінки; суперечливість множини локальних критеріїв, що характеризують об’єкт інфраструктури; неоднорідність і несумісність локальних критеріїв, не тільки по відношенню один до одного, але і по відношенню до інтегрального показника ефективності об’єктів митної інфраструктури; необхідність урахування витрат на вимушену уніфікацію проектних рішень за об’єктами інфраструктури. Результати статті можуть бути впроваджені в діяльності логістичних посередників при виконанні зовнішньоторговельних операцій. Прогнозні припущення щодо розвитку об’єкта дослідження – розробка методики оцінки діяльності об’єктів транспортно-митної інфраструктури.

Quotidian Routines: The Cooperative Practices of a Business Elite

Cooperative corporate behavior has often been explained through the social anatomy of business leaders and structural ties among firms. Our alternative approach investigates how quotidian interactions built trust and routines among a group of major firms in the Australian wool trade—a sector that required regular interaction to be effective. Deploying extensive archives of their meetings, we use social network analysis to examine interactions among the key group of firms and individuals. Through content analysis we infer the behavior and atmosphere of meetings. Finally, an evaluation of meeting agendas and outcomes demonstrates cooperation and a shared commitment to improving the operation of the wool trade in the 1920s.

A Stochastic Control Model for the Average Price of Manufacturer Sales on Commodity Exchanges

We propose an approach for controlling the weighted average price of a manufacturers sales on commodity exchanges. This problem is highly relevant due to the need for the manufacturer to hedge their profits in case of a sharp drop in market prices. We consider applications of the proposed control to executing trading operations on real commodity exchanges in order to demonstrate its efficiency.

Medición de riesgo tasas de interés en las instituciones financieras

El artículo presenta de una manera resumida las metodologías existentes para la medición del riesgo tasa de interés de las instituciones financieras, que se deriva de las operaciones activas6 y pasivas que realizan. Algunas de esas medidas, como la duración de Macaulay y la duración modificada fueron introducidas en 1938 y otras, como el valor en riesgo, se remontan a la introducción del concepto de varianzas y covarianzas, que básicamente tuvo su origen formal en el trabajo pionero de Harry Markowitz. La decisión de qué métrica utilizar depende básicamente de las características de las operaciones que realiza el banco. Por ejemplo, en una institución donde la mayor parte de sus ingresos se generan en la operación de trading se debe utilizar el plazo, la duración y el valor en riesgo como métricas relevantes para estimar el riesgo tasa de interés. Por el contrario, en los bancos donde los ingresos netos provienen de las operaciones de crédito y de la captación minorista y mayorista, las medidas más apropiadas deben ser el GAP de tasas de interés o de repreciación y el GAP del capital del banco

IMPROVING THE PROCESSES FOR PROVIDING CUSTOMS AND LOGISTICS SERVICES IN UKRAINE

The paper offers insights into the specifics of customs regulation in the area of logistic supply networks in Ukraine. The Ukrainian customs regulation framework should provide favourable environment for the adaptation of the national economy to a more intense international competition driven by joining the system of global regulation and free movement of resources and gradual integration of its economy into global and European economic processes. The purpose of this study is to suggest pathways to enhance customs regulations in logistics supply networks in Ukraine. It is argued that the implementation of the logistic approach to the customs regulation of foreign economic activity envisaged by the Customs Code of Ukraine is possible only within relevant legislative and regulatory framework. Customs authorities must cooperate (in a number of ways) with their business partners to identify the common benefits that can be gained through joint participation in a safe supply chain of goods. Customs authorities must also record the entire set of benefits they intend to provide (within their mandate) to their business partners in a safe supply chain of goods. The application of logistics guidelines in company foreign economic activities contributes to providing material, financial and information support for the supply of goods along with cost optimization and efficiency increase for foreign trade operations. The above objectives are directly related to forecasting, risk assessment in the area of foreign economic activity, supplies and stocks optimization, information and financial support issues, customs clearance and control procedures, etc. Apparently, the implementation of customs regulations in the global logistics supply networks is affected by the degree of countries integration. There are three options for customs regulation within the global supply networks: in the absence of economic integration; in a free trade zone settings; within a common customs space. It is emphasized that the creation of a free trade zone and a common customs union simplify customs procedures dramatically. The growing trade volume, the increasing international terrorism and international organized crime hazards challenge effective national and international interaction between public authorities and businesses. This can be achieved through establishing free trade zones and customs unions which will ultimately contribute to reducing logistics risks by joint efforts of nations.