Trading Volume Research Articles

The Impact Of Daftar Efek Syariah (DES) Announcement To The Asii’s Abnormal Returns And Trading Volume

DES announcement can be an important information for investors in making investment decisions. Islamic investors have to sell their stock when their stocks are excluded from DES. On the other hand, investors who want to invest in Islamic stocks will buy stocks that are included in the DES. The purpose of this study is to examine the impact of ASII stock reentry and exit from and into DES to the abnormal return and trading volume activity. This study uses secondary data obtained from investing.com. The data used in this study are daily stock closing prices, IHSG index and daily stock trading volume. This study follows event study methods. The first event window used in this study is 7 days before November,23,2020 and 7 days after. The second event window used is 7 days before May 24, 2023 and 7 days after. Descriptive statistic and Wilxocon sign ranks is used to analysis the data. The results showed that there was no significant difference in abnormal returns both at the time of ASII exit and reentry. However, trading volume of ASII stock significant difference before and after exit announcement. But when ASII stock reentry to the DES there was no significant difference.

UKRAINE AND REPUBLIC OF MOLDOVA IN COOPERATION WITH THE EU AFTER 2014 YEAR: MODELS AND IMPACTS

Abstract. The paper is devoted to solving the problem of co-integration between Ukraine and the Republic of Moldova in the context of foreign trade. The study of co-integration makes it possible to determine common trends in the development of foreign trade and, based on the analysis of the dynamics of the development of one country, to forecast the development of foreign trade in another country. The study of the main indicators of foreign trade was carried out: volumes of exports, imports, trade balance. The share of export-import operations with the EU in the total volume of foreign trade of Ukraine and Moldova was chosen as the studied indicator. The article proposes to consider cointegrations both between long-term trends, which characterize the trend of foreign trade development, and between short-term trends, which reflect the cyclical component. A co-integration research mechanism has been developed, which includes three blocks: a block of analysis of literary sources, a block of mathematical tools, and a block of applied use. The use of decomposition models, trend models, spectral analysis, orthogonality indicators and pairwise correlations is proposed as a mathematical toolkit. Using the Foster-Stewart method, an analysis of the presence of a trend in the variance and average was carried out. The above calculations showed the presence of a trend and cyclical component, which allowed the use of additive decomposition models. For the study of long-term trends, a linear trend model was chosen for both Moldova and Ukraine. A spectral analysis of the cyclic component was carried out, which made it possible to identify five main harmonics with a unique frequency and amplitude. The combination of these harmonics caused 95.8% and 90.4% of the cyclical component for Moldova and Ukraine, respectively. An analysis of cointegration between short-term and long-term trend functions was conducted, which revealed medium cointegration in the long-term trend and high cointegration in the short-term trend. The cointegration analysis of the indicator values proved a high degree of cointegration for both long-term and short-term trends.

Impact Of International Trade On Regional Economic Growth

This study aims to analyze the impact of international trade on regional economic growth through literature studies. International trade is one of the main drivers of economic growth in the era of globalization. Despite a significant increase in the volume of global trade, the distribution of benefits is not always evenly distributed across regions. Some regions with adequate infrastructure access and supportive economic policies experience rapid economic growth, while other less developed regions face limitations in taking advantage of international trade opportunities. This study shows that international trade contributes significantly to increasing Gross Regional Domestic Product (GRDP), investment, and job creation, although these impacts depend on the readiness of infrastructure and the competitiveness of each region. Factors such as government policies and access to global markets also play a role in influencing the benefits obtained. This study recommends policies for infrastructure development and strengthening the competitiveness of local products to ensure that all regions can feel the optimal benefits of international trade. The results of this study provide direction for the government in formulating policies that encourage inclusive and sustainable economic growth at the regional level.

Digitalization of the economy and sustainability of metallic mineral production

Due to the adverse impacts of climate change on the environment and biodiversity, sustainability has become a critical issue. This paper investigates the impact of digitalization on the sustainability of metallic mineral production, particularly CO2 emissions, within the Regional Comprehensive Economic Partnership (RCEP). Using data from 1998 to 2020 and the cross-sectional FMOLS technique, the study finds that a 1% increase in ICT investment reduces CO2 emissions by 0.32%, and a 1% rise in Internet access decreases emissions by 0.28%. However, electrification increases emissions due to higher energy demand and fossil fuel reliance. Economic growth and metallic resource trade volume also elevate emissions. Policy recommendations include smart urban development, sustainable rural electrification, fostering internet access, and implementing green logistics in metallic production trade to enhance sustainability in RCEP countries.

Pricing dynamics and herding behaviour of NFTs

AbstractThis paper analyzes the sales of 875,389 art nonfungible tokens (NFTs) on the Ethereum blockchain to identify the key determinants influencing NFT pricing and market dynamics. We find that market liquidity and trade volume are strong predictors of NFT prices. Contrarily, social media activity negatively correlates with prices. Introducing an artist ranking system, our study reveals a “superstar effect”, with a few artists dominating sales, and herding behaviour within the NFT market.

Impacts of CEO-employee pay disparity on investor behavior and market dynamics: Evidence from laboratory asset markets

This study explores the impacts of CEO-to-employee pay disparity on investor behavior and market dynamics using an experimental methodology. We employed two laboratory asset markets with identical company valuations but differing CEO-employee pay ratios. Our findings reveal that a higher pay ratio leads investors to quote higher prices for the company's stock. This effect is driven by two conflicting mechanisms of social preference: inequality aversion, which motivates investors who value fairness to quote lower prices for stocks of companies with high pay ratios, and social comparison, where the high pay ratio prompts investors to compare their wealth with that of CEOs, thus becoming more risk-seeking and quoting higher prices. Moreover, higher pay ratios contribute to increased stock prices, fostering larger market bubbles, enhancing the dispersion of investor opinions, boosting trading volumes, and escalating market volatility. This study enriches our understanding of how asset markets react to CEO-to-employee pay disparities, providing valuable insights for policymakers and market participants.

Assessing the global prevalence of wild birds in trade.

Trade represents a significant threat to many wild species and is often clandestine and poorly monitored. Information on which species are most prevalent in trade and potentially threatened by it therefore remains fragmentary. We used 7 global data sets on birds in trade to identify species or groups of species at particular risk and assessed the extent to which they were congruent in terms of the species recorded in trade. We used the frequency with which species were recorded in the data sets as the basis for a trade prevalence score that was applied to all bird species globally. Literature searches and questionnaire surveys were used to develop a list of species known to be heavily traded to validate the trade prevalence score. The score was modeled to identify significant predictors of trade. Although the data sets sampled different parts of the broad trade spectrum, congruence among them was statistically strong in all comparisons. Furthermore, the frequency with which species were recorded within data sets was positively correlated with their occurrence across data sets, indicating that the trade prevalence score captured information on trade volume. The trade prevalence score discriminated well between species identified from semi-independent assessments as heavily or unsustainably traded and all other species. Globally, 45.1% of all bird species and 36.7% of globally threatened bird species had trade prevalence scores ≥1. Species listed in Appendices I or II of CITES, species with large geographical distributions, and nonpasserines tended to have high trade prevalence scores. Speciose orders with high mean trade prevalence scores included Falconiformes, Psittaciformes, Accipitriformes, Anseriformes, Bucerotiformes, and Strigiformes. Despite their low mean prevalence score, Passeriformes accounted for the highest overall number of traded species of any order but had low representation in CITES appendices. Geographical hotspots where large numbers of traded species co-occur differed among passerines (Southeast Asia and Eurasia) and nonpasserines (central South America, sub-Saharan Africa, and India). This first attempt to quantify and map the relative prevalence in trade of all bird species globally can be used to identify species and groups of species that may be at particular risk of harm from trade and can inform conservation and policy interventions to reduce its adverse impacts.

Creating a more inclusive approach to wildlife trade management.

Global wildlife trade involves a diverse array of species. Although sustainable trade underpins livelihoods for communities worldwide, unsustainable trade, whether legal or illegal, threatens thousands of species and can lead to extinctions. From plants and fungi to fish, amphibians, mammals, invertebrates, and reptiles, a diverse array of species across taxa are affected by trade. Attention to wildlife trade has increased in recent years, but its focus has largely remained on a narrow range of high-profile species, with taxa deemed less charismatic frequently overlooked, despite some having significant trade volumes and levels of threat to wild populations. These biases can hamper effective policy interventions, reduce awareness of wider threats from trade, and prevent conservation efforts from focusing on the most pressing issues. It is important to broaden the scope of research and policy discussions and create a more inclusive approach to trade management. The diversity of approaches to wildlife trade can be improved by expanding monitoring of trade to a wider variety of taxa; collecting fundamental ecological data to underpin assessments of trade sustainability; improving and codesigning conservation interventions with key stakeholders and trade actors; and developing appropriate strategies for managing the supply, trade, and demand in diverse wildlife products to ensure species and livelihoods are protected.

ONLINE STORE AS A COMPONENT OF E-COMMERCE AND DIGITAL BUSINESS TRANSFORMATION

This article examines the issue of managing an organization in the context of digital business transformation. The process of searching and optimizing methods and tools of digital transformation is relevant, this is especially evident in the field of e-commerce. In the article, the authors provide an overview of the e-commerce market, its leaders are highlighted. Based on the analysis of the structure and features of the development of global and national e-commerce markets, three categories are identified: 'large and mature', 'catching up' and 'waiting markets'. The dynamics of the global e-retail trade volume and the dynamics of sales volume of the Russian e-commerce market are considered. The concept of 'e-commerce' is clarified, the positive and negative sides of the development of e-commerce are highlighted. Depending on the types of subjects initiating interaction, the types of information and economic interaction or types of e-commerce are fixed. The article notes that information and communication technologies (ICTs) contribute to the organization and optimization of a number of business processes that are the basis of e-commerce: electronic data exchange, e-commerce and marketing, the formation of information and analytical systems of the organization. The authors emphasize that from the point of view of marketing, one of the most interesting components of e-commerce, its trading platform is online stores. The definition of the concept of 'online store' is given. By analyzing the entire variety of online stores represented in the modern business space, the authors classify them according to the methodology of doing business and the type of platform, by the type of organization of sales and trading activities, by product range and type of relationships with suppliers. The proposed classification allows you to: identify the entire range of online stores; streamline these tools; facilitate the search and justification of the choice of optimal methods of digital business transformation.

Pengaruh Volume Penjualan Saham, Profitabilitas, Solvabilitas, Earning Volatility dan Tranding Volume terhadap Volatilitas Harga Saham dengan Kebijakan Deviden sebagai Variabel Mediasi

This research aims to determine the effect of share sales volume, profitability, solvency, earnings volatility and trading volume on share price volatility with dividend policy as a mediating variable in food and beverage companies listed on the Indonesia Stock Exchange for the 2017-2021 period. The sample for this research consisted of 55 companies, using a purposive sampling method with the criteria stating dividend payments for 5 consecutive years. The research results show that debt ratio, return on assets, trading volume have an influence on stock price volatility. However, earnings volatility and share sales volume have no effect on share price volatility. Dividend policy is able to mediate share sales volume on stock price volatility, dividend policy is able to mediate profitability on stock price volatility, dividend policy is able to mediate solvency on stock price volatility, dividend policy is able to mediate earnings volatility on stock price volatility and dividend policy is able to mediate volume trending on stock price volatility in food and beverage companies listed on the Indonesia Stock Exchange for the 2017-2021 period.

DETERMINAN VOLATILITAS HARGA SAHAM PADA INDEKS IDX30 (STUDI PADA TAHUN 2018-2021)

The purpose of this study is to determine the factors that influence the volatility of the IDX30 company’s stock prices. Independent variable used are Stock Trading Volume, dividend policy, leverage, firms size, and asset growth. This study using the report data from companies listed in IDX in the Index IDX30 between 2018-2021. Data analyzed using data panel regression analysis. The result from the analysis found out if variable dividend yield, firm size, and growth asset has no significant effects on Stock Price Volatility. Meanwhile, trading volume and leverage have a significant effect on stock price volatility.

Does The Declaration of The Covid-19 Occurrence in Indonesia Affect Abnormal Return and Trading Volume Activity? Research on Jakarta Islamic Index

The Coronavirus, which causes the disease outbreak known as Covid-19, spreads rapidly over the world and attacks the human respiratory system. The Covid-19 in Indonesia on March 2, 2020 has been confirmed by the Indonesian government. The financial market has been impacted by this situation, and stock markets worldwide have declined. The aim of this investigation is to ascertain whether a noticeable discrepancy exists between abnormal return and trading volume activity on the Jakarta Islamic Index (JII) both prior to and subsequent to the declaration of Covid-19 in Indonesia. The results derived from this examination demonstrate that the statistical significance of the Difference Test, which examines the abnormal return on the Jakarta Islamic Index (JII) both prior to and subsequent the Covid-19 announcement in Indonesia, is observed to be 0.024, which is less than the conventional alpha level of 0.05. Furthermore, The statistical significance level of the Difference Test in relation to the trading volume activity on the Jakarta Islamic Index (JII) prior to and following the Covid-19 announcement in Indonesia has been determined to be 0.009, which is less than the commonly accepted threshold of 0.05. The inference that can be drawn from this investigation is that there exist notable discrepancies in the abnormal return and trading volume activity on the Jakarta Islamic Index (JII) prior to and subsequent to the disclosure of Covid-19 in Indonesia.

Optimizing Saudi Bank Stock Performance Through Response Surface Methodology Approach

One of the most effective methods for developing countries to increase their revenue is through the implementation of value-added tax (VAT). Nevertheless, market capitalization (MC) and trading volume (TV) are potent indicators of stock performance (SP). The objective of this paper is to determine the optimum VAT, TV, and MC on SP of Alinma Bank (ANB) and Samba Financial Group (SFG) company in Saudi Arabia, for the first time. The event study method was implemented to determine the abnormal return for each event within a specific timeframe of 15 days. Response Surface Methodology (RSM) was employed to optimize the results. On the 4th day prior to the 5% applied VAT, the model predicted an optimal result for ANB company with 2.98% abnormal return, with a 0% VAT, 37.70% TV, and a 3.16% MC. In contrast, the model anticipated an optimal outcome for the SFG company with 2.55% abnormal return at 5% VAT, 168.93% TV and 9.85% MC on the 4th day prior to the 15% VAT raise. Additionally, this research determined that there is a correlation between the variables, which VAT has a higher impact than MC and TV on SP.

Navigating Nepal’s Economic Growth and Carbon Emissions: Insights into the Environmental Kuznets Curve (EKC)

This research aims to employ the Autoregressive Distributed Lag (ARDL) method within the insight into the Environmental Kuznets Curve (EKC) to verify whether EKC exists in the Nepalese economy. In this research, variables were used, such as carbon emissions per capita, GDP per capita, energy use per capita, trade volume, and urbanization from 1980 to 2021, and the ARDL method was used. The data has been taken in this research except trade volume from the World Bank and the Ministry of Finance, Nepal. The data sets are converted into the natural logarithmic form to minimize the problem of heteroskedasticity. The findings provide compelling evidence for the existence of the EKC in Nepal, that economic growth has an inverted U-shaped impact on carbon emissions. In the early stages of development, economic growth leads to rising carbon emissions, but in the later stages, economic growth becomes associated with declining emissions. Besides economic growth, per capita energy consumption and urbanization emerge as significant drivers of carbon emissions. However, the trade volume is not found to be the driving factor of carbon emissions. The findings of this study have significant policy implications for global climate change issues and Nepal’s transition from an underdeveloped to a developing nation. To achieve harmonious economic growth and emissions reduction, donor countries and agencies to partner with Nepal in its ambitious endeavors. This partnership can take shape through multifaceted support as fueling socio-economic progress that aligns with Nepal’s commitment to reduce carbon emissions, ensuring that development and sustainability walk together. This research recommends the government of Nepal electrify the transportation landscape by incentivizing the adoption of electric vehicles, paving the way for cleaner air and a healthier planet, empowering Nepal’s natural guardians by strengthening public and private forest programs, safeguarding invaluable ecosystems and biodiversity and curbing the tide of waste mismanagement through strict regulations and robust enforcement, transforming a potential threat into a source of innovation and resourcefulness. These measures, aligned with sustainable employment generation, can pave the way for a brighter and greener future for Nepal.

Research on Impact of Investor Sentiment on Chinese Stock Market: Review and Prospect

Over time, investor behavior has become more complicated due to the unpredictability of the Chinese stock market. Major research has found that investor sentiment swings have a huge impact on the market. Therefore, investors need to observe and understand how investor sentiment affects the market in the right way. Much of the past literature has used textual data mining and event analysis to measure the impact of investor sentiment and its impact on stock market returns, pricing, and volatility. Several articles have concluded that investor sentiment is highly responsive to the Chinese stock market. Another phenomenon that has emerged on various forums and social media is that people's fear of the stock market is spreading. The results of event analysis can prove that the impact of events such as the lifting of the ban on restricted shares and the listing of companies will be very obvious and have an impact on investor sentiment. An important implication of this study is that in addition to the dominant role of Granger causality in the causality that produces negative returns, negative investor sentiment is the main factor determining the overall behavior of the stock market. When bad news breaks, investors release their pent-up emotions for a short period, resulting in a violent reaction. In addition, market sentiment can also affect trading volumes and stock prices. This has put pressure on the market. In the end, this paper expands the future research direction from the two aspects of communication mechanism and quantitative analysis.

Does Short Selling Regulate Insider Trading?

This study investigates the impact of short selling on the relationship between the insider net buying ratio and excess returns, as well as on insider selling volume. The research period is divided into three distinct phases: short selling allowed, short selling banned, and partial short selling. The two primary findings of the analysis are as follows. First, the profitability of insider trading, assessed through the relationship between the insider net buying ratio and excess returns, is impacted positively when short selling is banned and negatively when it is permitted. Second, the insider selling volume significantly increases following short selling bans and decreases when the same is allowed. These results suggest that short sellers function as a market discipline mechanism, regulating both the profitability and volume of insider trading. This indicates that short selling regulations wield a substantial influence on the behavior and profitability of insider trading.

How does standardization affect OTC markets in the long term? Evidence from the small bang reform in the CDS market

Focusing on the most liquid segment of the European CDS market, this paper studies the impact of a key standardization reform, known as the CDS Small Bang. We document that the reform provided unexpected long-term consequences. Particularly, we show that the introduction of an upfront fee to standardize the cash flow of CDS contracts created an initial capital cost for traders, which acts as a friction that increases CDS prices. This relation holds after accounting for well-known determinants of spreads, suggesting a separate funding channel driven by the greater capital intensity of trading. This effect grows in magnitude for several years following the implementation of the reform, becomes stronger when dealers are likely to bear the initial capital cost and is present across all industries, except for swaps written on financials shortly after the reform was introduced.

Механізми тактичного управління торговельних підприємств на основі використання їх потенціалу в умовах розвитку е-бізнесу

The article is devoted to determining the essence and features of tactical management mechanisms of trading enterprises based on the use of their potential in the context of e-business development. It has been investigated that the electronic business market is currently developing, as evidenced by the increasing number of enterprises in the online sales market, the growth in sales volumes, and their share in the total trade volume. The advantages and disadvantages of trading enterprises transitioning to digital platforms are identified, along with the main threats that hinder effective development in this field, including war and logistics disruptions, the introduction of legislative restrictions, currency exchange rate instability, globalization of competition, etc. These threats necessitate optimizing strategies and appropriate tactical management mechanisms for trading and other business processes. It has been determined that the tactical mechanisms of trade activity in the electronic commerce market, based on the utilization of enterprise potential, are a set of measures and tools aimed at achieving the long-term development goals of the enterprise, as outlined in the strategy for market penetration and development in the e-business market, which involves the effective use of enterprise potential. These mechanisms ensure flexibility and efficiency in implementing strategic plans, contributing to adaptation to changes in the market environment and maintaining competitive advantages. It is noted that managing a trading company in the context of entering the e-commerce market requires an integrated approach that encompasses comprehensive marketing, operational, and financial mechanisms. The marketing mechanism includes brand promotion, assortment management, pricing, CRM, multichannel sales, and market analysis. Operational mechanisms involve optimizing the website, managing online advertising, implementing order management systems and efficient logistics, and using CRM tools to maintain customer relationships. Financial mechanisms focus on managing cash flows, optimizing costs, evaluating pricing strategies, and managing financial risks, ensuring the company’s stable growth and competitiveness. Keywords: trade enterprises, e-business, tactical management mechanisms, e-commerce, digital tools, trade enterprise strategy, enterprise potential, transfer potential, competitiveness.

Religious Investor Sentiment, Shariah Compliance Impact, and Theological Risk: Evidence from Bursa Malaysia

This study examines the financial implications of religious restrictions by analyzing how changes in the Shariah compliance status of stocks affect their price and trading volume. Employing the market model in an event study approach and using data from Malaysian firms between 2000 and 2016, the study focuses on 30 announcements from the Security Commission Malaysia’s List of Shariah Compliant Securities (LSCS), resulting in 370 additions and 284 deletions from the compliance list. The findings indicate that the inclusion of stocks in the compliance list generates longterm demand driven by Islamic institutional and Muslim retail investors, leading to a permanent increase in abnormal returns and trading volume. Conversely, the removal of stocks from the compliance list induces short-term negative abnormal returns and increased trading volume, reflecting selling pressure. These results contribute to understanding the financial consequences of religious restrictions, highlighting the influence of Shariah compliance on stock market performance and investor behaviour.

Assessing the impact of hydrogen trade towards low-carbon energy transition

Hydrogen is increasingly recognized as a pivotal commodity in the low-carbon energy transition, bridging regional disparities in hydrogen production capacity and facilitating international energy trade. Existing research has yet to delve into the impact of global hydrogen trade on energy transitions, as well as the key factors driving the development of hydrogen trade. This study, utilizing the updated GCAM-TU model, which mainly extends the original Global Change Analysis Model (GCAM) with a hydrogen trade module, provides a multi-scenario outlook on the characteristics of hydrogen trade and its impact on global and regional energy transition. The findings indicate that by 2050, the global hydrogen trade volume is expected to reach 9-19EJ, accounting for a quarter of the global hydrogen consumption in different scenarios, with green hydrogen trade dominating due to its cost advantages. Pipeline hydrogen and ammonia shipping will govern the trade market, representing 33%–61% and 24%–64% of trade volume, respectively, while liquid hydrogen shipping holds an advantage for medium distances. Hydrogen trade is projected to increase global hydrogen demand by 1.2–5.3EJ and reduce hydrogen prices by 11%–36% in the European Union, Japan, and South Korea, thereby expanding their hydrogen consumption by 8%–55% and reducing regional carbon prices by 1%–6%. Moreover, hydrogen trade significantly alters the regional distribution of global hydrogen production, with major exporting regions such as North and East Africa increasing their hydrogen production for export by up to 150%. To facilitate the development of hydrogen and hydrogen trade, it is crucial for potential importing and exporting regions to enhance global financial and technological cooperation, develop key hydrogen production and transportation technologies, and retrofit existing nature gas infrastructure to reduce costs. Additionally, forming stable trade partnerships is essential for maintaining energy security in the hydrogen trade.