Unfavorable Market Conditions Research Articles

Does new infrastructure outperform old infrastructure in China’s Agricultural Specialization: an empirical examination based on “One village One product”

Abstract The realization of agricultural specialization in is often limited by the development of infrastructure, which is indicated by transaction costs, transportation conditions, and distance to markets; however, this might be remedied by institutional arrangements and collective action, as well as the development of internet and information technology. By using the data of China’s “One village, One product”, this article aims to examine the roles of new infrastructure and old infrastructure in agricultural specialization in China. In particular, whether new infrastructure of the emerging Internet and information technology can help these villages and towns to further expand their markets limited by old infrastructure is of great concern to us. The empirical results show that agricultural specialization is jointly determined by market distance and market scale, while internet and information technology itself can help in reducing the impact of market distances, the Internet and information technology reinforce the role of the market, which suggests that the Internet and information technology itself has not increased agricultural specialization in regions with unfavorable market conditions. Further policies facilitating new infrastructure are needed in remote villages and areas with backward markets to narrow location-induced inequalities by improving infrastructure and increasing public participation.

Development and financing of the high-tech sphere in the Eurasian Economic Union countries

The degree of innovative development and implementation of high technologies determines the competitiveness of not only individual companies, but also the entire countries. High-tech companies, as a key element in the value chain, play an important role in the industrial transformation and restructuring of the current economic model, thus becoming a driver of structural shifts in the economy. In this regard, a well-developed state policy in the sphere of high technologies with effective financing tools acquires special relevance. The article deals with the peculiarities of development of the high-tech sphere in the countries of the Eurasian Economic Union. A special emphasis in the research is placed on Russia as the leading country of the Union. It is revealed that in the conditions of international sanctions pressure the technological policy of Russia is focused on achieving such strategic goals as technological sovereignty, commercialization of technologies and restoration of the system of technological and production relations. The paper analyzes government support measures for the high-tech sector and startup financing mechanisms in the countries under consideration. The study showed that the driver of high-tech activity in most countries of the Eurasian Economic Union is the sphere of information technologies. At the same time, Kyrgyzstan has the most modest results. The article reveals the main problems hindering the development of the high-tech sphere, including unfavorable market conditions, underdeveloped institutional environment, lack of financial resources and lack of local investors. At the same time in the majority of countries of the Eurasian Economic Union there is a shortage of highly qualified specialists, however in Armenia the problem of the young specialists deficit is the most acute. The study also identifies the main vectors of further development of the sphere of high technologies, taking into account the current geopolitical instability.

ANALISIS PERANAN EMAS DAN OBLIGASI PEMERINTAH INDONESIA SEBAGAI SAFE HAVEN PADA PERIODE 2018 – 2020

This research was conducted to determined the role of gold and Indonesian government bonds as safe havens in Indonesia for 2018 – 2020. The tests in this study used the quantile regression method based on the results of the correlation between gold returns and government bond returns with returns stocks with index LQ45. The two instruments in this study will be tested in unfavorable market conditions or a bear market. . The data used in this study uses monthly data for the period 2018 to 2020. The results of this study indicate that gold acts as a safe haven in 2019. Meanwhile, government bonds do not act as a safe haven during the 2018 – 2020.

Estimating the Economic and Clinical Value of Introducing Ceftazidime/Avibactam into Antimicrobial Practice in Japan: A Dynamic Modelling Study.

BackgroundAntimicrobial resistance (AMR) is one of the most serious public health challenges worldwide, including in Japan. Globally, research and development of new antimicrobials has stalled due to unfavorable market conditions, which undervalue antimicrobials. Furthermore, Japan faces the additional challenge of delayed commercialization for a number of recently approved treatments.ObjectiveThis study aims to examine the impact on AMR of introducing a new anti-infective treatment, ceftazidime/avibactam, into current treatment strategies. It reports the resulting clinical and economic outcomes from the perspective of healthcare payers in Japan.MethodsA previously published and validated dynamic disease transmission model was adapted to the Japanese setting. The model estimated health economic outcomes for treating three Gram-negative hospital-acquired infections, under different treatment strategies, from a healthcare payers’ perspective. Outcomes were assessed over a 10-year time horizon with a willingness-to-pay threshold of ¥5,000,000 (US$45,556) per quality-adjusted life-year (QALY) gained and an annual discount rate of 2% applied to costs and benefits.ResultsIntroducing ceftazidime/avibactam in the framework of a diversification strategy with piperacillin/tazobactam is associated with reducing 798,640 bed days, equating to ¥21.0 billion (US$190.9 million) savings in hospitalization costs, and a gain of 363,034 life-years, or 308,641 QALYs. This translates into a monetary benefit of ¥1.56 trillion (US$14.3 billion) to Japanese healthcare payers.DiscussionIntroducing a new antimicrobial agent into clinical practice is associated with considerable clinical and economic benefits. This analysis demonstrates that the approach taken to incorporate a new antimicrobial agent into clinical practice impacts on the scale of these clinical and economic benefits; greater benefits are associated with earlier use of antimicrobials as part of an antimicrobial stewardship program.ConclusionThis analysis shows that changing the way in which a new antimicrobial is used within a treatment strategy has the potential for additional significant clinical and economic value.Supplementary InformationThe online version contains supplementary material available at 10.1007/s41669-022-00368-w.

Assessment of the impact of investment attractiveness on the economic security of the region

Ensuring the economic security of a macro-region (country, region) is largely characterized by the creation of an effective system for organizing control over financial activities in the state, limiting the outflow of capital from the national economy. This requires a comprehensive solution to the legal, political and administrative task of protecting national interests. One of the priorities in the national security system is the economic security of the state, which is characterized by the presence of a steadily developing economy. The basic indicator of the "economic health" of the state is the presence of a favorable investment climate, which is characterized by the ratio of investment attractiveness and investment risks, which is manifested in the scale, structure and dynamics of investment processes. Modern trends that indicate instability, unfavorable market conditions and lack of transparency in investment activities in the Russian context confirm the relevance and timeliness of this study. An assessment of the impact of investment attractiveness on the economic security of the region showed the following results: the stability of the financial system of the region is gradually declining; there is a colossal dependence of the region's economy on imports; support for the scientific potential of the region is insignificant, which is reflected in the low indicator of education funding; indicators related to the social sphere and the standard of living of the population differ significantly from the threshold values. Underfunding of the social sphere is a trend typical for most regions of the Russian Federation, including economically developed ones.

Farm valuation: A comparison of methods for French farms

AbstractFarm transfer is increasingly seen as fundamental to the development of agriculture. One of the major challenges is to assess farm value in the context of an opaque market for farms. We contribute to the scarce literature on farm valuation by empirically applying three valuation methods to the Farm Accountancy Data Network database for France in 2017 and 2018 and for five types of farming. The three methods—the fundamental method, the patrimonial method, and the financial method—are well known for the valuation of companies, but have yet to be implemented widely for farms in the empirical literature. The results show that wine‐growing farms have the highest values on average. Pig and beef farms have high average patrimonial values, reflecting their high capital intensity, but beef farms have the lowest average values calculated with methods based on cash flows, revealing unfavorable market conditions for these farms. The results further reveal that total farm output drives the value upward, but that high farm labor, indebtedness, and age contribute to reducing value. Our findings also highlight that, in practice, the differences in values across methods may be substantial.

The main instruments of state support for the development of the agro-industrial complex

Introduction. The formation and functioning of economic relations in Russia according to the principles of the market system of management requires attention to the agro-industrial complex, on the activities of which the country's food security and the growth of its export potential directly depend. Materials and methods. At the present stage, there is a situation when, for the further successful development of this industry, it is necessary to revise the emphasis of state financial support. The practice of providing state support indicates the need for its production in various directions: economic, financial, legal, investment, budgetary, with the definition of appropriate implementation tools. However, domestic practice focuses only on financial and economic, ignoring all other types. Results. In modern conditions, questions arise about the expediency, content and number of budget programs aimed at supporting the agricultural sector of the economy and, as a result, their impact on the development of rural areas. Discussion. Every year the situation becomes more and more difficult when planning state support for the development of agriculture. The incomplete formation of the management system also has a negative impact on the production of the agricultural sector. The process of state regulation of agricultural production is based on economic support for the incomes of agricultural producers. This is due to the fact that they must provide the necessary level of profitability in conditions of unfavorable market conditions, as well as be financially interested in conducting agricultural production in such a volume, quality and range of products that are beneficial to consumers to ensure the social stability of society. Conclusion. In the presented article, the main instruments of state support for the development of the agro-industrial complex at the present stage are considered and analyzed. Based on the research, an assessment of the effectiveness of the use of state support measures for agricultural production was carried out and directions for their improvement were formulated.

Ambiguous Text

Investors infer ambiguity from text in news and social media. A proxy for information ambiguity is developed from text processing and used in regression tests against the S&P 500 returns. A risk-neutral agent model with uniform prior beliefs is developed to explain the ambiguity premium or discount under unfavorable or favorable market conditions agnostic of the ambiguity preferences. The model postulates that the ambiguity premium is often elusive in efficient markets due to returns unpredictability, and the information ambiguity as an omitted variable bias in the fundamental relationship between risks and returns. Empirically, the author finds that news media drives equity prices more than social media except from June 2009 to November 2016.

‘Real’ regulation and property relations on agricultural estates: Reducing opportunities for new entrants to agriculture

A decline in the availability of opportunities for new entrants to agriculture is a recognised consequence of the agricultural restructuring process. Under the Common Agricultural Policy, various support schemes have attempted to address such concerns, with limited success. A number of these schemes focus on the provision of agricultural property rights for new entrants, but there appears to be limited justification for this. This paper argues the new entrant problem is as much about progression and exit as it is about entry, with such considerations generally not included in support frameworks. To develop this argument, the paper re-engages with the concept of ‘real’ regulation to examine rural property relationships on agricultural estates held by local authorities and county councils within England and Wales (i.e. the county farms estate). ‘Real’ regulation influences property-owner behaviour in three-ways: regulation of land occupancy; regulation of landowner behaviour; and, regulation of land use. These three regimes allow property owners to determine management strategies based on economic, social and environmental considerations. The flexibility afforded by ‘real’ regulation, and in particular, the regulation of land occupancy, and of landowner behaviour, allows property-owners the option to shift focus between these regimes, especially when faced with unfavourable market conditions. Analysis of different estate management strategies (consolidation, partial disinvestment, disinvestment), shows how this severely restricts the provision of property rights to new entrants and progressing tenants, as property-owners look to protect their interests. For these reasons, current new entrant support networks have limited success, irrespective of the political approach driving them.

Стратегия развития зернового комплекса России: новые возможности

Russia has become the world leader in grain exports for the sixth year in a row. The country has a huge potential for the development of the grain industry, which is due not only to the presence of significant areas of fertile land, etc., but also to the increase in global turbulence, which generates powerful external incentives for the development of the grain complex of Russia – a high potential demand for grain. The “Long-term strategy for the development of the grain complex of Russia until 2035”, approved on August 10, 2019, promotes the use of new opportunities emerging in the global situation, provides for the formation of grain clusters. In the article, from the standpoint of system-synergetic, cluster, economic and global approaches, it is proposed to create a system of mutually complementary agro-industrial clusters of grain orientation. In the format of clusters, their functional structures, a system of biotechnologies, etc. they will solve a complex of development problems covering the entire value chain. This is, in particular, the problem of reducing soil fertility, moisture deficiency, especially in the South of Russia, the negative impact of global climate change and unfavorable market conditions, the need to improve the efficiency and competitiveness of grain farming. The elimination of grain losses only from grain diseases (fusariosis), as well as during harvesting and storage, will ensure an increase in the annual revenue of farmers and grain exporters by about 10.4 billion and 16.6 billion US dollars, respectively. The full implementation of the Strategy and its capabilities will increase the profitability of all participants in the grain complex, fulfill the Strategy’s target indicators, and mitigate the negative impact of global climate change.

Analysis of the investment potential of the Voronezh region

Investment processes, being an integral part of the market economy, have a significant impact on macroeconomic indicators, tax potential, financial stability, economic growth, competitiveness of the investment object, the region and the state as a whole. Therefore, such economic categories as "investment", "investment attractiveness", "investment climate" are of interest as an object of research for many theoretical scientists and practical economists. To a large extent, ensuring the economic security of the country is characterized by the creation of an effective system for organizing control over financial activities in the state, which limits the outflow of capital from the national economy. In this regard, a comprehensive solution to the legal, political and administrative task of protecting national interests is required. The priority in the national security system is the economic security of the state, characterized by the presence of a steadily developing economy. The key indicator of the "economic health" of the state is the presence of a favorable investment climate, which is characterized by the ratio of investment attractiveness and investment risks, which is manifested in the scale, structure and dynamics of investment processes. Current trends that indicate instability, unfavorable market conditions and lack of transparency in investment activities in the Russian context confirm the relevance and timeliness of this study. The information base of the research is the normative and legislative acts of the Russian Federation; the main scientific works of domestic and foreign scientists within the studied problem field; official materials and operational information of Rosstat; materials of scientific and practical conferences, periodicals and the Internet.)

Real Option Technique for an Assessment of the Itakpe Iron Ore Project

This study examines the viability of an iron mining mineral with the approach of real options, which allows the mining project flexibility and scalability. A positive value for the Option to delay was achieved, which indicates the feasibility of the Itakpe project. In addition, the Option to abandon before the expiration of the project under unfavorable market conditions was obtained.

Продовольственный кризис в Вене в последние годы Первой мировой войны 1916–1918 гг.

The food crisis in Vienna in 1916–1918, the capital of Austria-Hungary in the last years of the First World War, is considered. It was at the final stage of the First World War that one of the most acute problems that arose in every belligerent country – food. It became impossible to ignore the deficit, which both the imperial and the city authorities tried to do in the first two years of the Great War. The scarcity of the most essential food was highlighted by such veils as endless queues in city markets, the growth of crime and child theft. By 1917, the food crisis in Vienna entered an acute phase. The main reasons for the crisis were: disruption of transport links, narrowing of cultivated areas due to the lack of male workers, procurement of food for the front, unfavorable market conditions for suppliers of agricultural products. The processes caused by martial law have led to an exorbitant rise in the cost of living, shortages, speculation on the black market. The gov-ernment, in turn, did not have a specific plan to deal with an acute shortage of material resources, shortages, rising prices, but at the same time significantly limited the rights and powers of citizens. In these conditions, there was a weakening of the physical strength and morale of the urban popu-lation, which led to massive strikes and demonstrations.

Mental workload analysis on fruit truck suppliers using NASA-TLX method in giwangan market area

Several times the truck driver received complaints from consumers (merchants) related to the inaccuracy in delivering the goods, and the quality of the goods declined. The driver stated that most of this happened because of the unfavorable market conditions so that it was not possible for drivers who arrived at the Giwangan market to carry out the loading and unloading process directly. That is because drivers are forced to wait up to 1-5 hours in the Giwangan market area to unload goods. These things are thought to add to the mental workload of truck drivers. The method used to measure mental workload using a questionnaire on the NASA-TLX method. The number of respondents sampled in this study were 20 (twenty) people, and all male. The respondents’ age is divided into two categories, namely early adulthood (18-40) and middle adulthood (40-60). The NASA-TLX calculation results stated that the workload of fruit truck drivers on the market during normal day conditions is classified as “High” with a score obtained of 70.26. The correlation test has resulted in the more age of the fruit truck driver, the lower the workload’s value.

A shrinking horizon optimal liquidation framework with lower partial moments criteria

In this paper, a novel quasi-multiperiod model for optimal position liquidation in the presence of both temporary and permanent market impact is proposed. Two main features distinguish the proposed approach from its alternatives. First, a shrinking horizon framework is implemented to update intraday parameters by incorporating new incoming information while maintaining standard nonanticipativity constraints. The method is data-driven, numerically tractable and reactive to the market. Second, lower partial moments, a downside risk measure, is used. Unlike symmetric measures, such as variance, this captures traders’ increased risk aversion to losses. The performance of the proposed strategies is tested using historical, high-frequency New York Stock Exchange data. All proposed strategies outperform classic strategies such as a time-weighted average price strategy as well as more unrealistic strategies such as an ex-post volume-weighted average price strategy that violates nonantici- pativity on days with unfavorable market conditions; this strongly supports the use of lower partial moments as a risk measure. In addition, the papers results validate the use of a shrinking horizon framework as an adaptive, tractable alternative to dynamic programming for trading.

Do investors obtain better results selecting mutual funds through quantitative ratings?

ABSTRACT The objective of this paper is to analyse if ratings are reliable tools in selecting mutual funds. Our sample contains the European equity funds rated by Morningstar from 2003 to 2014. Our conclusions support the ability of ratings to predict future performance in the short and medium term. In this sense, we have found that on average, funds with lower ratings have a worse out of sample performance in terms of risk-adjusted measures and annual return. The strongest predictability is observed for one year ahead but is also good for the three-years period. The inclusion of costs and other variables like turnover, age and size, reflect the importance of considering other factors to explain future performance. Finally, the best ratings have a better behaviour in terms of VaR (value at risk) showing that investment in good rated funds can better help to preserve investors’ wealth under unfavourable market conditions.

Multisubject governance of the national tourism system

Unstable external environment, unfavorable market conditions and escalating global competition necessitate developing new management technologies to overcome the disproportionality in the economic systems functioning. The polystructural properties of the national tourism system (NTS), as a significant component of the national economic system, require multisubject management. The mutisubject management process ensures a balanced interplay of its constituent elements and the coherence of economic entities’ interests. Accordingly, the purpose of the article is to study the essence of multisubject NTS management.It is revealed that multisubject NTS management is the process of forming and developing mutually coordinated and effective interaction of subjects of the public and private sectors, as well as consumers for the consolidated creation of tourism product based on constructive inter-subject communication.The main groups of entities that have a managerial influence on the national tourism system, that is form multisubject management, are identified. On this basis, the configuration of multisubject NTS management and the structural and logical scheme for coordinating its participants’ interests are proposed. Given the NTS polystructural properties, the definition of the synergistic effect of integrated cooperation in the format of multisubject management is proved. According to the study results, a step-by-step procedure for estimating multisubject management is proposed, which determines the interaction level and the vector of equilibrium of the NTS entities.

Prikriveno oglašavanje u novim medijima

The development of technology contributed to the development of new media. People are increasingly choosing to communicate, to inform themselves, or work on the Internet, and they are exposed to a large number of messages on a daily basis. Today, companies should communicate with consumers using more creative and effective methods, in order to be noticed and survived in unfavorable market conditions. Covert paid journalistic articles or hybrid messages, mostly known in public as product placement, are getting more and more. The technique of product placement is not in line with the ethical expectations of journalists, advertising and public relations profession. While the ultimate goal of traditional advertising is - an ad, isolated, the method of product placement subtly presents the product within the film, television program, video games, etc. The individual is, in most cases, aware of the moment in contact with a commercial advertisement (he can ignore it), while in cases of product placement the situation is different, because he becomes a potential buyer of the same product or service, often unconsciously exposed to forms of commercial advertising. This paper highlights the magnitude and properties of product placement in new media. The distinction was made between the covert and classic advertisement and underlying all the reasons for the increasing use of product placement in media content, with the special focus on new media.

ANTI-CRISIS MANAGEMENT OF THE RUSSIA'S REGIONAL INDUSTRIAL PRODUCTION UNDER THE CONDITIONS OF SANCTIONS

Objectives The aim of the study is to identify the development directions for industrial production in the regions of the Russian Federation under the conditions of ongoing sanction pressure.Methods Systemic and situational approaches, as well as the modelling of economic processes and phenomena, are used as research methods. The graphic images method is used in order to visualise the analytical data and the results.Results The development features of industrial production in the country's regions are examined; in particular, those of the Volga Federal District and the Perm Krai. Generally positive trends associated with production volumes – as well as a slight decrease in prices and production volumes in metallurgy caused by sanctions and unfavourable external market conditions – are revealed. Due to increased demand for certain types of products,Metallurgical production in Russia is developing in different directions;however, as a consequence of restrictions imposed on some of them, there is a need to develop compensatory mechanisms based on state regulation of pricing and salespolicies. Despite the sanctions, export of the products of the industry under review is increasing;nevertheless, the stability of exporting enterprises is affected by volatility in world prices. The relevance of state complex support measures is substantiated; these consist in the formation of an anti-crisis management mechanism based on approaches that have been proven in industries experiencing problems of the world market situation.Conclusion Taking into account the performed analysis, an anti-crisis management mechanism in the metallurgical sector, which can be adapted to the regional and branch features of operating industrial enterprises, was proposed.

Current Perspectives on Sustainable Forest Management: North America

Increased availability of current forest resource information provides an opportunity to evaluate the continued concerns about forest sustainability in North America. The purpose of this study is to assess and discuss the current state and trends of North American forest resources, sustainable forest management, and their implications for forest sustainability. Recent information indicates that forest sustainability in North America is not under threat. Forest area, inventory, and carbon stocks have been increasing while wood harvest has been declining. Large expanses of forest resources are covered by management plans, and many forests are certified. The areas of concern include forest fires and bark beetle infestations in primarily public forests in the western USA and Canada, and continued loss of forest cover in Mexico. Despite progress made in gathering information on forest resources, evaluating forest sustainability remains challenging. Practicing sustainable forest management is made difficult by unfavorable market conditions and the ensuing lack of funding, challenges in developing and implementing forest management plans, and uncertainties including potential impacts of climate change, population growth, and changing markets.