Market Turnover Research Articles

Intraday analyses on weather-induced sentiment and stock market behavior

We examine the intraday relationship between weather conditions and investor sentiment in the Korean equity market. By uncovering the intermediary role of weather-induced sentiment in affecting market variables, we suggest a potential link between weather conditions, sentiment, and market dynamics. High temperatures, humidity, and cloud coverage hurt investors’ moods, while strong winds and long sunshine durations have a positive impact. Though only cloud coverage marginally impacts stock returns, weather factors significantly affect market turnover, volatility, and illiquidity, especially when altering sentiment dynamics.

Legal support of cadastral value of agricultural land: problems and solutions

Land is a unique and irreplaceable natural resource. Therefore, it is always in the center of interests of the state. Purpose - methods of normative-legal regulation of pricing in the land legislation of Kazakhstan are investigated, factors determining the mechanism and cost of the right to use agricultural land are systematized, new approaches to their assessment are shown. Methods - monographic was used in the study of the current state of the land fund, detection of shortcomings, ranking of world experience in establishing the cadastral value of land, statistical-economic and analytical - to obtain the necessary information, abstract-logical, on the basis of which proposals and recommendations were developed. Results - the measures to control the estimated value of agricultural land have been substantiated. Potential threats leading to the loss of land use rights were identified. Conclusions - prices for land plots in the republic started to be formed since 2003, after the transition to private ownership. A number of legislative documents were adopted to involve them in the market turnover. The Land Code is assigned to immovable property and is under state registration. Initially, the payment for agricultural land was formed on the primary market, the state regulated the rates. For 21 years, the prime rates for land have not changed. During cadastral valuation it is necessary to recalculate the prime rate and take into account socio-economic, riscoecological, climatic conditions. This, in turn, requires improvement of agricultural land rates, assessment indices. Since the Republic of Kazakhstan has switched to a digital format of keeping the land cadastre, it is necessary to compile a map of prices of land plots cost in the context of regions and conduct their continuous monitoring.

Exploring the stock market development and sustainable development nexus: insights from emerging market economies

PurposeSustainable development is considered a key factor in addressing environmental issues, global inequalities and poverty. This study aims to investigate the impact of stock market indicators on sustainable development across 16 emerging markets from 2003 to 2020.Design/methodology/approachThe research uses causality and cointegration analyses to explore the relationships between stock market indicators and sustainable development.FindingsUnivariate causality analysis reveals a bidirectional causal relationship between the stock market turnover ratio and sustainable development, as well as a unidirectional relationship from sustainable development to stock market capitalization and total value traded. Panel-level cointegration analysis suggests that only stock market capitalization has a weak positive influence on sustainable development. However, the impact of stock market indicators on sustainable development varies significantly among countries, as revealed by country-level cointegration analysis.Research limitations/implicationsWhile this study provides valuable insights, it is not without limitations. The findings are limited to the selected emerging markets and the specified timeframe (2003–2020). The complexity of factors influencing sustainable development suggests the need for further exploration in diverse contexts.Practical implicationsUnderstanding the nuanced relationships between stock market indicators and sustainable development can offer valuable insights for policymakers, investors and stakeholders.Originality/valueThis research contributes to the existing literature by examining the multifaceted connections between stock market indicators and sustainable development, focusing on country-specific causality relationships. The study highlights the reciprocal nature of this relationship, where financial market development can both influence and be influenced by a country's progress toward sustainability. This approach provides a more nuanced understanding of the complex interaction between stock market maturity and sustainability goals.

Current Situation, Problems and Suggestions of Agricultural Futures Market in China

The agricultural futures market occupies a central position in China's financial landscape, wielding substantial influence over the sustainable development of the national economy. Apart from its core roles in price discovery and risk management for agricultural products, this market acts as a catalyst for efficient allocation of resources and continuous financial innovation. Furthermore, it enhances market liquidity and amplifies China's global economic impact. As China's financial sector matures, the agricultural futures market will continue its dual role of bolstering agricultural prosperity and financial dynamism, despite encountering various challenges. This study explores the present state of China's agricultural futures market, evaluating metrics such as total market turnover and penetration. Analysis identifies several critical issues, including inadequate liquidity, susceptibility to market manipulation, speculative activities, and uncertain economic policies. To address these challenges, the paper proposes targeted strategies. The research outcomes carry significant implications for nurturing the sustainable and resilient growth of China's agricultural futures market.

Monetary Policy and Stock Market Dynamics: An Empirical Perspective

This study examines the influence of monetary policy on stock market performance and activity in Bangladesh, focusing on the Dhaka Stock Exchange (DSEX) index, using monthly data from August 2012 to June 2024. The regression analyses incorporate key monetary variables: the 91-day treasury bill rate, broad money supply, and Consumer Price Index (CPI). The first model reveals that the current month's DSEX index is strongly dependent on the previous month's index level, with the 91-day treasury bill rate showing a significant negative correlation, the broad money supply exhibiting a positive relationship, and the CPI indicating a negative association with market performance. The second model demonstrates that both the 91-day treasury bill rate and CPI negatively impact market turnover, while broad money supply has a positive effect. These findings underscore the crucial role of monetary policy in shaping stock market dynamics in Bangladesh, providing valuable insights for policymakers and investors in emerging markets.

The Development of the Outsourced Facility Service Market in the EU

The Facility Service (FS) industry lacks comprehensive scientific reports due to its fragmented representation in the NACE industry classification system in the EU. This article addresses this gap by offering insights into the FS market's turnover, number of companies, and employees. The study examines the development of turnover, company count, and employee numbers in the outsourced FS sector in the EU and the five major European economies since 2008. The European norm EN 15221:4 defines FS activities, which were cross-referenced with Eurostat's economic data to identify relevant FS services. Extensive data quality checks were conducted to ensure accuracy. From 2008 to 2018, the FS sector's size in terms of turnover and companies was estimated and compared across countries. Findings reveal that the EU's FS sector reached a turnover of over 1142 billion in 2017, with nearly 2 million companies and over 15 million employees. Despite the 2008/2009 financial crisis, the FS sector in the EU demonstrated stability compared to the broader economy in the selected countries.

Examining the long-run relationship between stock market development and Nigerian economic growth

Purpose This paper aims to examine the long-run relationship between stock market development and Nigerian economic growth from 1980 to 2020. Design/methodology/approach Market capitalization, number of listed companies, total value traded ratio and turnover ratio are used. An autoregressive distributed lag model is used for the analysis. Findings The market capitalization ratio and turnover ratio have positively significant links with economic growth. The number of listed companies has a negative and non-significant impact on economic growth. Total value traded ratio has a negatively significant link with economic growth in the short run. The positive but insignificant relationship between traded value ratio and turnover ratio in the long run growth means that the Nigerian stock market is growth inducing and on the right track as stock market liquidity drives growth. Research limitations/implications The government and Security Exchange Commission should increase the market liquidity level by improving the trading infrastructure. The government and regulatory authorities should improve and effectively implement the existing policies that would ensure stock market growth. This facilitates the investors’ speed to purchase and sell shares. The Securities and Exchange Commission should reduce transaction costs to encourage active trading activities. The market should be diversified with investment instruments such as derivatives, futures and swap options which would limit the adverse effect of listed companies in the market. To increase the stock market liquidity, the Security and Exchange Commission should apply moral suasion to bring private companies that have met certain financial thresholds to convert to public companies. Government should improve on the legislation to encourage more private companies to list on the stock exchange. Originality/value The study findings add value in that stock market development has a positive impact on economic growth in Nigeria.

The Role of Digital Inclusive Finance in Weakening Real Estate Market Speculation

A multitude of studies have extensively examined strategies for achieving sustainable development in the real estate market. As the pivotal component of land economy, the real estate market plays a crucial role in ensuring its sound operation. However, it is currently undergoing significant adjustments and grappling with rampant speculative activities, resulting in an alarming bubble. By scrutinizing the speculative motivations of different entities, we present a novel perspective on mitigating speculation. Our analysis reveals that digital inclusive finance effectively curbs residents’ and enterprises’ speculative behavior, as evidenced by diminished prevention motivation and investment substitution motivation. Utilizing data from 280 cities, this study measures real estate market speculation by establishing a model that the volatility of the housing market turnover, as a proportion of GDP, deviates from the actual housing demand transactions based on economic fundamentals. Furthermore, it investigates the relationship between digital inclusive finance and real estate market speculation, along with its spatial effects. The findings indicate that digital inclusive finance significantly curbs real estate market speculation and has a negative spatial spillover effect. This research provides a novel model and perspective for exploring real estate market speculation while positively impacting sustainable development within the real estate market.

Global Derivatives Market with Special Preference to Indian Derivatives Market

The subject matter of the study is related to the progression as well as the pattern of the stock index derivatives market in India in the last seven years. Firstly, it is to observe how much as well as in which way the market is flourished by the investors. The past decade has witnessed the multiple growths in the volume of international trade and business due to the wave of globalization and liberalization all over the world. Today, the financial derivatives have become increasingly popular and most commonly used in the world of finance. This has grown with so phenomenal speed all over the world that now it is called as the derivatives revolution. In India, the emergence and growth of derivatives market is relatively a recent phenomenon. Since its inception in June 2000, derivatives market has exhibited exponential growth both in terms of volume and number of contracts traded. The market turnover has grown from Rs.2365 Cr. in 2000-2001 to Rs. 55606453.39 Cr. in 2014-15. Within a short span of fourteen years, derivatives trading in India has surpassed cash segment in terms of turnover and number of traded contracts. The present study encompasses of global derivatives market with special preference to Indian derivatives market.

Financial Market Development and Foreign Portfolio Investments in Nigeria and South Africa

The study investigates the effect of financial market development on foreign portfolio investment in Nigeria and South Africa between the periods of first quarter in 1995 to fourth quarter of 2022. The study employs an ex-post factor research design, the study deploys panel autoregressive distributed lag modelling. The inferences were made at 5% significant level. Findings from the study reveal that lagged Portfolio Investment is not statistically significant to foreign portfolio investment (coefficient = -0.5026613, p-value = 0.275), in contrast, lagged Stock Market Turnover Ratio has a significant positive coefficient (coefficient = 0.5696119, p-value < 0.000), indicating a positive short-term relationship with changes in Portfolio Investment. However, other lagged variables like Stock Market Capitalization, All Share Index, Broad Money Supply, and Real Credit to the Private Sector show coefficients without statistical significance, suggesting limited short-term predictive power. In the long run, the adjusted term for lagged Portfolio Investment exhibits a highly significant negative effect (coefficient = -1.502661, p-value = 0.001). Lagged Broad Money Supply and Real Credit to the Private Sector also lack statistical significance in the long term, while lagged Stock Market Turnover Ratio and All Share Index have statistically significant positive coefficients. However, Stock Market Capitalization lacks statistical significance in predicting long-term changes in foreign Portfolio Investment. In respect to the result, the study recommended that policy makers should implement measures to enhance transparency and regulation within financial markets to promote investor confidence and attract foreign capital inflows. This may include strengthening regulatory frameworks, improving reporting standards, and ensuring effective oversight mechanisms.

Capital Market Efficiency and Economic Growth: Evidence from Bangladesh

This study explores the influence of capital market efficiency on Bangladesh’s economic growth, using time series data covering market capitalization, total market turnover, and stock price indices from 2011 to 2022. The application of a multiple regression model reveals that the Bangladesh capital market has the potential to contribute significantly to the country’s economic growth. This potential is attributed to the notable characteristics of high market capitalization and relatively robust market liquidity. Consequently, it is recommended that market organizations and regulations be structured to attract a substantial number of both domestic and foreign investors, encouraging substantial listings, investments, and trading. Such measures are crucial to achieving the central objective of optimally allocating economic resources for the sustained and resilient growth of the nation.

Labor market power and worker turnover

The last two decades have seen a significant decrease in labor market turnover and an increase in labor market concentration. We investigate whether labor market power, as manifested by employer concentration and outside options, affect turnover rates. Utilizing online vacancy posting data, we find that moving from the 25th percentile to 75th percentile of employer concentration reduces the turnover rate by 5%, driven by high-school workers in low-skill industries. The same exercise for outside options implies a 39% increase in the turnover rate, driven by workers in high-skill industries.

Belated stock returns for green innovation under carbon emissions trading market

Carbon trading is an important market mechanism to achieve carbon neutrality. This study explores the possible impact of carbon markets on the stock market performance of listed companies using data from 2013 to 2022 in China's carbon trading pilot regions. Using the event shock of delayed trading in the Chinese carbon market, we attempt to answer the question of the role of green innovation hidden under the compliance event. Results show that a 1% increase in carbon market turnover leads to an average decrease of CNY 0.123 in the company's stock price. Large-scale companies that have been listed for a short time and have poor green innovation capabilities are more vulnerable to the carbon market. Under delayed trading, firms with high green innovation capability will be profitable. By contrast, profitability is not reflected in low green innovation firms. Companies with low green innovation can reduce stock market performance owing to the carbon market's undersupply situation. Our study reveals the stock performance of different carbon trading entities under delayed trading, providing a realistic basis for firms to choose green innovation while helping to improve carbon trading market dynamics.

Estimating Stock Market Betas via Machine Learning

Abstract Machine learning-based stock market beta estimators outperform established benchmark models both statistically and economically. Analyzing the predictability of time-varying market betas of U.S. stocks, we document that machine learning-based estimators produce the lowest forecast and hedging errors. They also help to create better market-neutral anomaly strategies and minimum variance portfolios. Among the various techniques, random forests perform the best overall. Model complexity is highly time-varying. Historical stock market betas, turnover, and size are the most important predictors. Compared to linear regressions, allowing for nonlinearity and interactions significantly improves predictive performance.

The relationship between women's empowerment and staff turnover in the Egyptian hospitality labor market

PurposeAlthough the hospitality sector is considered the most active and profitable sector in the Egyptian economy, it suffers from the non-stop immigration of skilled manpower and the high rates of labor turnover. One of the apparent solutions for this problem that could be implemented is empowering Egyptian females to play an active role in the success of this sector. Females faced many obstacles while working in hospitality, including prevailing social perception, the culture of shame, the traditional negative view of feminine hoteliers, long working hours and the shift system, which led to weak females' desire to enroll in the hospitality field. The study aims to determine how empowering Egyptian women in the hospitality industry affects staff turnover.Design/methodology/approachTo achieve the aim of the study, a sample of four- and five-star resorts in Red Sea, Egypt, was under study. A self-administrated questionnaire was addressed to female hotel employees, and 140 forms were statistically analyzed in addition to 14 semi-structured interviews with hospitality experts.FindingsThe study recommends that hotels should start re-tailoring policies to activate Egyptian females' role in reducing the high rate of hospitality labor turnover through increasing their work engagement (WENG) (as a mediator) by adopting a decent work environment and motivating them to get promoted to hold senior positions.Research limitations/implicationsIn spite of some noteworthy contributions, the authors would like to point out certain shortcomings. The sample was homogeneous, consisting of female hotels employees in Egypt, but the findings are generalizable to other Arabian communities. Nonetheless, the authors feel that they have supplied some suggestive evidence, even for the most careful reader who wants to further study these elements of working attitudes in the hotel business.Originality/valueAccording to the authors' knowledge, this study is among the few studies covering females' reluctance to continue working in the hospitality field.

Business model innovation of advertising operation based on RBM deep neural network

Abstract RBM, as an important structural component unit in the mainstream model of deep learning, is being widely used in various fields. The article first discusses the RBM deep neural network algorithm, gives an overview of the related function algorithm combining RBM and neural network, and then proposes a deep network method oriented to the prediction of advertisement click rate. At the end of the article, the algorithm proposed in this paper is compared with the model performance test. An advertising company is used as an object of empirical research to analyze the change in its market share and turnover in the years 2022-2023. Explore the significance and role of RBM-based deep neural networks in the innovation of advertising business models.

EFFECTS OF FINANCIAL MARKET DEVELOPMENT ON BANK CAPITALIZATION RATIO: EVIDENCE FROM COMMERCIAL AND NON-COMMERCIAL BANKS IN TANZANIA

Financial market development in many developing countries is a series of financial market reforms aimed at improving the market and the financial system in general. Theoretically, major reforms that improve the stock market are expected to increase bank performance by reducing bank risk of default by increasing the bank capitalization ratio. This results in stability in the financial market and banking sector. Nonetheless, empirical literature in addition shows that the quality of the financial market may be at high risk following the reforms process because of the integration effects of the markets across the countries or regions. A good example of this is the global financial crisis of 2007/2008. Based on this background, the present study investigates the extent to which the financial market development in Tanzania influences the bank's capitalization ratio (commercial and non-commercial banks). Employing a two-step system GMM technique in a dynamic panel dataset regression model for the investigation for a period of 2012 to 2021, while macroeconomic and bank-specific variables have been used as control variables. We proxy financial market development as stock market development. This study finds that stock market development in Tanzania measured in terms of stock market turnover ratio improves bank capitalization ratio with the goals of enhancing the financial market and maintaining stability in the banking sector.

Spatio-temporal heterogeneity of China's import and export trade, factors influencing it, and its implications for developing countries' trade.

This study constructed a multidimensional indicator system to evaluate spatio-temporal heterogeneity of China's import and export trade of 31 provinces from 2000 to 2022. This study describes the distribution of China's import and export trade by using location Gini coefficient and exploratory spatial analysis. Additionally, Multiple linear regression was used to ascertain the extent of contribution by various factors on the spatio-temporal heterogeneity of import and export trade. The simulation results show that inter-provincial import and export trade displayed distinct spatio-temporal differentiation characteristics with a prominent east-to-west disparity from 2000 to 2022. The trade links between various regions of the country have gradually strengthened, with a corresponding high correlation to the level of economic development. GDP, financial expenditure, freight transportation volume, technology market turnover, foreign investment, and disposable income of all residents, significantly influence the per capita export and import volume. In general, it is suggested that China and developing countries should take effective measures to promote balanced trade development, strengthen regional cooperation and coordination, and promote green trade and sustainable development.

Impact of Financial Development on Economic Growth during the Subprime Mortgage Crisis: Evidence from BRICS

The progress and advancement of any country rely significantly on the optimal functioning of its financial sector. Much of the literature is devoted to the analysis of developing countries regarding the impact of financial development on economic growth. However, in the wake of the global financial crisis, the issues and implications needed to be rethought. This study explores the impact of financial development on economic growth with respect to the mortgage crisis using 5 BRICS countries over the period of 1990–2019. The study follows the Interactive regression to find the impact of financial development on the economy with respect to the crisis. The paper employs both random effects and fixed effects to draw conclusions. The results demonstrate that before the crisis, stock market capitalization, liquid liabilities and stock market turnover had a significant impact on economic growth. Furthermore, stock market turnover helps to stabilize the economy in the ongoing crisis. BRICS states should consider the significance of these results as part of their potential financial development policy and strategy necessary to strengthen the economy.

Economic behavior of agricultural land market subjects

The purpose of the study is to build the agricultural land market subjects’ economic behavior models. The formation of rational land use in the agrarian sphere indicates influence of institutional factors – motives and interests of land owners that allow to ensure land distribution included in the market turnover between the most efficient users. The structural scheme of the agricultural land market subjects’ behavior motives has been proposed. The motives of sellers in the land market are to optimize income that is achieved by increasing a land plot attractiveness. Buyers are guided by the possession motives, use and disposal of land by acquiring a land plot. Sellers and buyers of land plots are individuals and legal entities. Agricultural organizations, individual entrepreneurs, farms, personal subsidiary plots, and citizens (rural population) participate in land sailing. Buyers in the market are owner, land user, landowner, and tenant. The functions of sellers and buyers have been systematized considering the purpose and action of the actors. Destructive and rational models of the agricultural land market actors’ economic behavior have been presented and developed. The application of the destructive model is associated with negative consequences characterized by land withdrawal from economic turnover, change of its intended purpose, and land transfer to another category. The rational model includes finding an optimal alternative under a set of constraints and provides for a high level of human intelligence and knowledge to make right decisions. Factors of this model are coordination of land ownership institutions and creation of a legal framework. It is characterized by strict administrative and legal regulation that contributes to eradication of shadowing in land relations. The area of application of the developed rational model of the agricultural land market subjects’ economic behavior is scientific organizations, agro-industrial complex management bodies at the regional and municipal levels, and agricultural producers.