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Technological innovation is an important determinant of economic growth, and the Chinese government is trying to create a favourable environment for corporations at both the regulatory and policy levels to improve the innovation level of firms. We use a difference-in-differences model to explore the impact of going public on innovation in small and medium-sized enterprises. A total of 5522 companies listed on the NEEQ from 2013 to 2017 are selected as samples in this study. The main conclusions are as follows: (1) Listing on NEEQ has a significant innovation incentive effect, and compared to unlisted enterprises, the incentive effect has the dynamic characteristics of continuous increase; (2) Further research finds that in the eastern region, where marketisation is higher, as well as the emerging industrial areas, the incentive effect of listing reached 0.4558 and 0.2691 million yuan, respectively, from the perspective of enterprise scale, and listing mainly stimulated the innovation of medium-sized enterprises; (3) Financing constraints and signal transmission partly mediate the relationship between listing and corporate innovation. [ABSTRACT FROM AUTHOR]

This study sets out to examine the effects of the interaction of subsidy removal on premium motor spirit (PMS) and exchange rate devaluation on macroeconomic instability in Nigeria. In this regard, this study adopted the Bayesian vector autoregressive model (BVAR) identified with sign‐and‐zero restrictions for annual data between 1985 and 2022. The empirical results reveal that both the removal of subsidies on PMS and the devaluation of the naira exchange rate significantly undermine real gross domestic product (GDP) growth and raise inflationary pressures in Nigeria. One important implication of this finding is that the ongoing subsidy reforms in the energy sector and associated devaluation of the naira exchange rate raise the risk of stagflation in Nigeria. Secondly, the simulation shows that simultaneous subsidy removal on PMS and exchange rate devaluation can trigger macroeconomic instability. This finding implies that stabilising PMS price and the exchange rate is key to achieving macroeconomic stability in Nigeria. Thus, this study recommends that Nigeria should be cautious and act quickly to cushion the price of PMS from the vagaries of foreign exchange market fluctuations to improve macroeconomic stability in the country. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to test the effects of enterprise risk management (ERM) on firms' outcomes and the moderating role of knowledge management (KM) on ERM–firms' outcomes relationship. Design/methodology/approach: Data were collected via a questionnaire survey among public listed companies on the principal stock exchange market in Malaysia. A total of 124 questionnaires were received by mail questionnaire. The results were examined through structural equation modelling and partial least squares. Findings: The outcomes specified that ERM has a positive and noteworthy influence on firms' outcomes, and KM has a moderating influence on the correlation among ERM and firms' outcomes. Research limitations/implications: The qualities, procedures and laws of the Malaysian corporations chosen as the sample firms, as well as their regulations, may not be representative of all other countries. Moreover, this study considered only one variable as a moderator, while there are many variables that different studies can consider as moderator or mediators. Practical implications: The results of this research imply that employees' awareness and knowledge of events, opportunities and risk, along with their engagement in the institute's strategy, are critical for risk management and controlling. For the managers, the results of this research can be helpful to their businesses by identifying the effective KM capability that may enhance their positive outcomes. Managers and organizations can use KM as an instrument to increase ERM effect on firms' outcomes. Social implications: KM and ERM are both significant intangible resources that are hard to imitate and are uniquely specified programs, which are important contributors to firm success in the long run. Moreover, the contingency theory of ERM was proved through the results of this study as it was identified in the public companies, that implementation of ERM as a strategic management practice, by organizations along with an effective KM may enhance the achievement of objectives and outcomes. Originality/value: This study helps to measure ERM comprehensively and how intangible assets such as KM can affect the comprehensive risk management process and its effectiveness. [ABSTRACT FROM AUTHOR]

The foreign exchange (FX) market has evolved into a complex system where locally generated information percolates through the dealer network via high-frequency interactions. Information related to major events, such as economic announcements, spreads rapidly through this network, potentially inducing volatility, liquidity disruptions, and contagion effects across financial markets. Yet, research on the mechanics of information flows in the FX market is limited. In this paper, we introduce a novel approach employing conditional transfer entropy to construct networks of information flows. Leveraging a unique, high-resolution dataset of bid and ask prices, we investigate the impact of an announcement by the European Central Bank on the information transfer within the market. During the announcement, we identify key dealers as information sources, conduits, and sinks, and, through comparison to a baseline, uncover shifts in the network topology. [ABSTRACT FROM AUTHOR]

Despite interest in preindustrial markets, archaeological discussions have largely been limited to proposing methods to determine the presence or absence of market exchange in ancient societies. While these contributions are important, methodological limitations have prevented theoretical considerations of the emergence and evolution of marketplaces and market exchange in prehistory. We propose that agent-based modeling provides a window to explore physical conditions and agent behaviors that facilitate the emergence of customary exchange locations and how such locations may evolve into socially embedded institutions. The model we designed suggests that simple bartering rules among agents can generate concentrated locations of exchange and that spatial heterogeneity of resources is the most important factor in facilitating the emergence of such locales. Furthermore, partner-search behaviors and exchange of information play a key role in the institutionalization of the marketplace. The results of our simulation suggest that marketplaces can develop, even with the absence of formalized currency or central planning, as a consequence of collective strategies taken up by agents to reduce exchange partner-search costs and make transactions more frequent and predictable. The model also suggests that, once established as a social institution, marketplaces may become highly conservative and resistant to change. As such, it is inferred that bottom-up and/or top-down interventions may have often been required to establish new marketplaces or relocate marketplaces to incorporate new resources, resolve supply–demand imbalances, or minimize rising economic costs that arise as a result of social, political, and economic change. [ABSTRACT FROM AUTHOR]

Purpose: The present study aimed to examine the effect of received remittance inflows on the price level ratio of the purchasing power parity conversion factor to the market exchange rate in 36 developed and developing countries from 2004 to 2020. Design/methodology/approach: The panel data conducted a comparative analysis and used panel least squares, regression with Driscoll-Kraay standard errors of fixed effect, random effect, feasible generalised least squares and maximum likelihood robust least squares to overcome the heterogeneity issue. Furthermore, the two-step difference generalised method of moments to overcome the endogeneity issue. Diagnostic tests were used to increase robustness. Findings: In the studied countries, there was a statistically significant negative relationship between received remittance inflows and the price-level ratio of the purchasing power parity conversion factor to the market exchange rate. This relationship explains why remittance flows depreciate the real exchange rate. The study's results also indicated that attracting investments can improve the quality of institutions despite high tax rates, leading to low tax revenue. Originality/value: The current study findings enrich the understanding of policies of how governments should minimise tariff rates on capital imports and introduce export-oriented incentive programmes. The study also revealed that Dutch disease can occur due to differences in the demand structure and manufacturing development policy. [ABSTRACT FROM AUTHOR]

The financing costs of green asset-backed securities (ABS) are deeply affected by the increased information asymmetry and greenwashing risk resulting from risk transferring in securitization. To attract potential investors, many ABS issuers obtain external certifications, yet it is unclear whether they pay off financially. Based on a sample of 588 green ABS issued in China for 2016–2022, this paper examines the impact of external certification in the form of green certification and reputation of financial intermediaries involved in the issuance on the yield discount of green ABS over the paired non-green ABS. The empirical findings show that both external certifications lower the greenium of green ABS by serving as favorable signals and mitigating greenwashing concerns, especially in non-financial industry and the securities exchange market. Moreover, the information asymmetry and credit risk of issuers enhance the pricing effect of financial intermediary certification but undermine that of green certification. Our findings provide valuable implications to facilitate the financing efficiency of green financial markets and promote global low-carbon transition. [ABSTRACT FROM AUTHOR]

Capitalism is a social order that evolves over time. While market exchange, private property, and the profit motive are generic features of capitalist systems, studies of contemporary capitalism aim to highlight what is specific about capitalism today. In this article, we develop the concept of monetary sabotage to pinpoint a phenomenon that has become more pronounced in recent decades, but which has not been sufficiently elaborated so far. Monetary sabotage refers to the utilization and, eventually, manipulation of the monetary infrastructure for private profit, creating instability and perpetuating inequality. Drawing on old institutionalism, with its emphasis on law, and articulating it with contemporary theories of credit and insights from the sociology of money, our analysis highlights the evolution of incorporate and intangible property as premises for financial profit-making at the expense of the public. This institutionalist approach adds new insights to the prevailing financialization literature and complements other critical perspectives. [ABSTRACT FROM AUTHOR]

Using the nonlinear autoregressive distributed lag (NARDL) method, the current study explores the effects of exchange rate variations on commodities trade between Pakistan and the United Kingdom. The current study contends that the limiting assumption of symmetry between the exchange rate and the trade flows may have hampered the empirical results, despite the fact that earlier studies primarily used the symmetric cointegration approach. From 1980 to 2020, the study examines the symmetric and asymmetries effects of exchange rate variations on 35 sectors in Pakistan that import from the UK and 35 industries that export to the UK. The findings suggest that there is evidence of a considerable influence of asymmetric exchange rate variations on trade flows in both the short and long term in over half of the importing and exporting industries that participate in trade with the UK. By highlighting the significance of taking into account asymmetry in the analysis and exposing the sector-specific effects of exchange rate changes on trade flows, the study adds to the body of current work. [ABSTRACT FROM AUTHOR]

The study of the dynamics of foreign exchange rates is of paramount importance to economic policy makers for developing countries like India that depend on foreign exchange to meet a large part of their import obligations. This paper uses the concepts of entropy to study the regularity/irregularity of the returns from the Indian Foreign exchange (forex) markets particularly during periods of economic instability. We use the Approximate Entropy and Sample Entropy statistics which measure the level of repeatability in the data are used to quantify the randomness in the forex returns for four major currencies namely the US Dollar, the British pound, the EURO and the Japanese Yen with respect to the Indian Rupee from the time period 2006 to 2021. These statistics are chosen as they are both statistical measures for assessing the randomness or regularity of time series data and enable researchers to objectively evaluate the degree of randomness present in the returns series and understand the crucial underlying patters or behaviors. In this research we look at two periods of major financial upheavals, the subprime crisis also known as the Global Financial Crisis (GFC) during 2006-2007 and the recent Covid-19 pandemic during 2020-2021. Our empirical results overwhelmingly confirm our working hypothesis that regularity in the returns of the major Indian foreign exchange rates increases during times of financial crisis. This is evidenced by a decrease in the values of the sample entropy and approximate entropy before and after/during the financial crisis period for the majority of the exchange rates. Our empirical results also show that Sample Entropy is a better measure of regularity than Approximate Entropy for the Indian forex rates which is in agreement with the theoretical predictions. Understanding the returns from foreign exchange rates during financial crises has important policy implications for various stakeholders, including market participants, policymakers, and regulators. It enables them to formulate better risk management and hedging strategies. It also helps policy makers in crisis management and contingency planning and safeguard the stability of the financial system. Exchange rate movements are interconnected across global markets, and crises often have cross-border implications. Collaborating on crisis management strategies across countries can help foster stability in international markets. [ABSTRACT FROM AUTHOR]

In the present paper, we investigate the complex dynamics arising from a behavioral exchange rate discontinuous model with heterogeneous agents. Unlike previous works explaining the emergence of chaos in the exchange rate models as the resulting of nonlinearity, our model is able to produce endogenous exchange rate dynamics due to the presence of discontinuity induced by a sentiment index, which affects the way investors take their trading decisions. In particular, it affects the level of optimism/pessimism of fundamentalists regarding their perception on the value of fundamental. Moreover, it also affects the strength to which one kind of chartists places her buying/selling orders. We show that our model, represented by a two-dimensional discontinuous map, has the ability to produce interesting endogenous exchange rate dynamics. In addition, when each component of the map is buffeted by a stochastic component, the model closely replicates the stylized facts of the EUR/USD and EUR/JPY exchange rate markets. [ABSTRACT FROM AUTHOR]

This paper examines the dynamic evolution and volatility spillovers between China's green bond market and conventional financial markets (bond, stock, commodity, and foreign exchange markets) using time and frequency connectedness measures. The empirical findings are as follows: firstly, there is a significant volatility spillover effect between the green bond market and other traditional financial markets, with the spillover effect showing clear time‐varying characteristics. The total spillover effects among all markets increase notably during extreme market conditions. Secondly, the green bond market primarily acts as a net risk spillover transmitter in most periods. Thirdly, compared to the stock, foreign exchange, and commodity markets, the green bond market has a more significant spillover effect on the traditional fixed‐income market. Finally, the volatility spillover effect of the green bond market on other markets exhibits a time‐frequency evolution, predominantly driven by short‐term factors. However, as market maturity increases, the influencing factors of the spillover effect gradually shift from short‐term to medium and long‐term factors. These findings offer insights for portfolio and risk management. [ABSTRACT FROM AUTHOR]

Exchange rate market play an important role as a measure to deal with monetary and currency crises and control its effects on the economy. The purpose of this study is to investigate the relationship between exchange market pressure, inflation rate, oil price and economic uncertainty in Iran using the VAR-DCC-GARCH model during the period of the first quarter of 1991 to the third quarter of 2021. Based on the results of the research, there is a dynamic conditional correlation between the variables, and volatilities of the inflation rate, oil price and economic uncertainty index lead to volatilities of the exchange market pressure. Also, the spillover effect of inflation rate, oil price and economic uncertainty index on exchange market pressure is positive and significant, which shows the important influence of these variables on exchange market pressure. Therefore, according to the correlation structure between the exchange market pressure and the macroeconomic variables, it is possible to control the effects of macroeconomic variables on the currency market by implementing appropriate policies in line with economic stability. [ABSTRACT FROM AUTHOR]

This paper aims to find an answer to the questions of "whether chief executive officers (CEOs) are compensated for market risk", and "how the combined interaction of board size and CEO duality moderates this relationship" from the tenets of agency theory and managerial power theory. Even though the contracting view of agency theory posits that agents are neither to be punished nor rewarded for events that go beyond their direct control (market risk), the research findings in the corporate governance domain are contradictory. It was found that Chinese and American executives were paid for market risk, including oil prices and exchange rates, which was explained by retention risk and weaker corporate governance systems. To shed light on previous inconclusive research, this paper investigates the topic further in a new country setting, that of Switzerland, because the previous results were mostly related to Anglo-Saxon countries. Switzerland is also one of the exemplary countries for executive compensation. Furthermore, it investigates the combined (cascaded) interaction effects of the board size and CEO duality on CEO compensation and market risk from the perspective of managerial power theory, which has not been previously analyzed in the literature to date. For the direct effect, in contrast to previous findings in Anglo-Saxon countries, it has been found that CEOs were not paid for market risk in Switzerland, which confirms agency theory's contracting prediction. This finding outlines the future comparative research area in this domain. For the combined interaction effect, it has been found that board size incorporated with CEO duality is the significant cascaded moderator, and large boards with CEO duality are significantly more effective in controlling asymmetric compensation, which confirms the efficacy of large boards with CEO duality in coping with asymmetric compensation and managerial entrenchment (managerial power theory). These results have both practical and academic implications for boards of directors, Human Resources and corporate governance literature, agency theory, and managerial power theory, by providing further evidence on previous inconclusive findings on board size, CEO duality, and the role of market risk in the CEO pay structure. [ABSTRACT FROM AUTHOR]

The foreign exchange rate market is one of the most liquid and efficient. In this study, we address the efficient analysis of this market by verifying the day-of-the-week effect with fractal analysis. The presence of fractality was evident in the return series of each day and when analyzing an upward trend and a downward trend. The econometric models showed that the day-of-the-week effect in the studied currencies did not align with previous studies. However, analyzing the Hurst exponent of each day revealed that there a weekday effect in the fractal dimension. Thirty main world currencies from all continents were analyzed, showing weekday effects according to their fractal behavior. These results show a form of market inefficiency, as the returns or price variations of each day for the analyzed currencies should have behaved similarly and tended towards random walks. This fractal day-of-the-week effect in world currencies allows us to generate investment strategies and to better complement or support buying and selling decisions on certain days. [ABSTRACT FROM AUTHOR]

The success of an investment portfolio is not only related to its yield, but is also influenced by market risks, especially the contagion risks that may exist between assets. Therefore, effective portfolio optimization requires first studying the risk contagion relationship between financial assets. We selected a total of six financial assets from different stock and exchange rate markets as the research objects, and explored the risk contagion relationships of various assets in the investment portfolio through Vine Copula. Research has shown that there is often a structural mutation in one or some assets of an investment portfolio, leading to significant fluctuations in investment returns. The Vine Copula model can effectively measure the risk contagion between assets caused by asset structural mutations. [ABSTRACT FROM AUTHOR]

Credit and debt are more than just material exchanges within a market economy, they are also social constructs embedded in moral judgments about the character of the agents involved. During the recent European Sovereign Bond crisis, some commentators noted how a similarly loaded moral media discourse juxtaposed "virtuous" Northern European countries on the one side, and "spendthrift, lazy" Southern European ones on the other side. In this article, I provide a quantitative large-N empirical assessment of this phenomenon. I employ a dictionary-based approach inspired by research in social psychology to measure moral content. Upon analyzing more than 14,000 articles published in the Anglo-American and German financial press between 2004 and 2019, I show the extent to which Greece was described in negative moral language. After the initial "shock" in the fall of 2009, the average moral tone turns negative, and more so in the German financial press relative to its Anglo-American counterpart. Moreover, by most measures, it never completely reverts to pre-crisis levels, thus suggesting how "sticky" economic narratives can become. Against the original expectations, though, there is no evidence that the financial press framed the last and most acute phase of the Greek crisis in 2015 in increasingly moral terms. [ABSTRACT FROM AUTHOR]

We develop a stochastic volatility framework for modeling multiple currencies based on CBI-time-changed Lévy processes. The proposed framework captures the typical risk characteristics of FX markets and is coherent with the symmetries of FX rates. Moreover, due to the self-exciting behavior of CBI processes, the volatilities of FX rates exhibit self-exciting dynamics. By relying on the theory of affine processes, we show that our approach is analytically tractable and that the model structure is invariant under a suitable class of risk-neutral measures. A semi-closed pricing formula for currency options is obtained by Fourier methods. We propose two calibration methods, also by relying on deep-learning techniques, and show that a simple specification of the model can achieve a good fit to market data on a currency triangle. [ABSTRACT FROM AUTHOR]

Purpose: To estimate the volatility of exchange and stock markets and examine its spillover within and across the member countries of BRICS during COVID-19 and the conflict between Russia and Ukraine. Design/methodology/approach: The study utilizes the "dynamic conditional correlation-generalized autoregressive conditional heteroskedasticity (DCC-GARCH)" approach of Gabauer (2020). The volatility of the markets is calculated following the approach of Parkinson (1980). The sample dataset comprises the daily volatility of the stock and exchange markets for 35 months, from November 2019 to September 2022. Findings: The study confirms the existence of contagion effects among member countries. Volatility spillover between exchange and stock markets is low within the country but substantial across borders. Russian contribution increased significantly during the conflict with Ukraine, and other countries also witnessed a surge in the spillover index during the pandemic and war. Research limitations/implications: It adds to the body of literature by emphasizing the necessity of comprehending the economies' behavior and interdependence. Offers insightful information to decision-makers who must be more watchful regarding the financial crisis and its regional spillover. Originality/value: The study is the first to explore the contagion of volatility among the BRICS countries during the two biggest crisis periods of the decade. [ABSTRACT FROM AUTHOR]

Structural properties of the currency market were examined with the use of topological networks. Relationships between currencies were analyzed by constructing minimal spanning trees (MSTs). The dissimilarities between time series of currency returns were measured in various ways: by applying Euclidean distance, Pearson's linear correlation coefficient, Spearman's rank correlation coefficient, Kendall's coefficient, partial correlation, dynamic time warping measure, and Kullback–Leibler relative entropy. For the constructed MSTs, their topological characteristics were analyzed and conclusions were drawn regarding the influence of the dissimilarity measure used. It turned out that the strength of most types of correlations was highly dependent on the choice of the numeraire currency, while partial correlations were invariant in this respect. It can be stated that a network built on the basis of partial correlations provides a more adequate illustration of pairwise relationships in the foreign exchange market. The data for quotations of 37 of the most important world currencies and four precious metals in the period from 1 January 2019 to 31 December 2022 were used. The outbreak of the COVID-19 pandemic in 2020 and Russia's invasion of Ukraine in 2022 triggered changes in the topology of the currency network. As a result of these crises, the average distances between tree nodes decreased and the centralization of graphs increased. Our results confirm that currencies are often pegged to other currencies due to countries' geographic locations and economic ties. The detected structures can be useful in descriptions of the currency market, can help in constructing a stable portfolio of the foreign exchange rates, and can be a valuable tool in searching for economic factors influencing specific groups of countries. [ABSTRACT FROM AUTHOR]

This paper investigates the effects of various types of announcements made by lithium producers on stock prices. We collected data from 40 lithium-producing companies listed on the world's largest stock exchanges, spanning from May 2020 to September 2022. To analyze the impact of announcements such as quoted and unquoted securities, market announcements, company reports, public meetings and presentations, financial announcements, and technical announcements on stock prices, we employed an extreme gradient boosting (XGBoost) model. Our results indicate that stock exchange market announcements and announcements about public meetings and presentations significantly influenced the stock prices of all eight large-cap companies studied. Announcements about public meetings and presentations were crucial predictors of stock prices for 73% of all companies analyzed. Additionally, positive financial announcements were key predictors for 70% of the companies. These findings suggest that investors should consider these predictors when making investment decisions in the lithium-related stock market. This study contributes to the existing literature by providing empirical evidence on the impact of different types of announcements made by lithium producers on stock prices. Furthermore, the XGBoost model used in this study can be applied to other industries and markets to analyze the impact of various types of announcements on stock prices. [ABSTRACT FROM AUTHOR]

Correlations between exchange rates are valuable for illuminating the dynamics of international trade and the financial dynamics of countries. This paper explores the changing interactions of the US foreign exchange market based on detrended cross-correlation analysis. First, we propose an objective way to choose a time scale parameter appropriate for comparing different samples by maximizing the summed magnitude of all DCCA coefficients. We then build weighted signed networks under this optimized time scale, which can clearly display the complex relationships between different exchange rates. Our study shows negative cross-correlations have become pyramidally rare in the past three decades. Both the number and strength of positive cross-correlations have grown, paralleling the increase in global interconnectivity. The balanced strong triads are identified subsequently after the network centrality analysis. Generally, while the strong development links revealed by foreign exchange have begun to spread to Asia since 2010, Europe is still the center of world finance, with the euro and Danish krone consistently maintaining the closest balanced development relationship. Finally, we propose a fluctuation propagation algorithm to investigate the propagation pattern of fluctuations in the inferred exchange rate networks. The results show that, over time, fluctuation propagation patterns have become simpler and more predictable. [ABSTRACT FROM AUTHOR]

Reciprocity, redistribution, and (market) exchange were the "forms of integration" put forward by Karl Polanyi as a "special tool box" to investigate relations between economy and society where the principle of price‐forming markets is not (yet) dominant. Though intended as the basis for a comparative alternative to the universalist assumptions of mainstream (neoclassical) economics, Polanyi did not make significant use of these concepts to analyze the noncapitalist societies of his day. This article investigates his Hungarian homeland, which in four decades of socialism evolved from Stalinist central planning to a mixed economy in which (re)distribution was supplemented by the expansion of market exchange, with personal taxation playing a negligible role. The constellation of (re)distribution and market has changed significantly in the postsocialist (neoliberal) era, but Scandinavian‐type societal reciprocity has remained elusive. Long after admission to the European Union, Hungarian fiscal and social policy regimes are distinctive as the market form of integration combines with low taxation and political interventions to (re)distribute resources (including transfer income from the EU) to support the formation of a national bourgeoisie. Theoretically, the perspective of the socialist Karl Polanyi is contrasted with that of the liberal institutionalist economist János Kornai. [ABSTRACT FROM AUTHOR]

Commodities are economic and symbolic objects, two aspects that merge in Marx's analysis of commodity fetishism, where two ontological and phenomenological planes operate. Their subject is the twofold social objectivity of the commodity as the product of labor and the object of exchange deriving from the dual nature of capitalist social relations as the real subsumption of labor under the command of capital in production and as market reciprocity in circulation. The reconstruction of the logical structure of Marx's analysis of the commodity allows for grasping the form of value and the fetishistic character of capitalist society. Value emerges as the objective abstract form of capitalist class relations acting as an automatic social code of equivalence between abstract labor in production and solvent social needs in market exchange. The disjunctive synthesis between labor exploitation and the formal equality of exchange constitutes value as a real abstraction in capitalism. [ABSTRACT FROM AUTHOR]

The stock market is of great importance for the financial development of a country due to the large volume of transactions therein. Analyzing the correlation between indices in the world helps us figure out which variables are most impactful. This paper proposes the use of ordered weighted average (OWA) operators in combination with the Pearson coefficient to create a measure of correlation that can analyze a wide range of possible scenarios that go from minimum to maximum. The new frameworks can add additional information to the process of correlation. The work presents an application in ten of the largest stock exchanges in the world. The results suggest a broad positive correlation that is reinforced in times of instability. [ABSTRACT FROM AUTHOR]

We study whether outcome bias persists in markets with actors who are financially incentivized to make optimal decisions. We test whether inherently noisy match outcomes from European football are correctly incorporated into prices from a betting exchange market. We find that market prices overestimate (underestimate) the winning probability of teams that previously overperformed (underperformed) in terms of match outcomes compared to their performance based on "expected goals." This pattern is mirrored in negative (positive) betting returns on overperforming (underperforming) teams. These results suggest that even competitive market mechanisms fail to completely erase outcome bias. [ABSTRACT FROM AUTHOR]

Consumer psychology refers to how people think and act within an economic role in market exchange. However, we know little about how consumers actually perceive these roles, or how they understand markets and economic activity more broadly. That is, we lack an understanding of the economic reasoning of non‐expert consumers, how it departs from formal economic reasoning, and why. The current paper is intended to address this gap. We provide an integrative review of research on lay economic reasoning that consistently reveals how differently lay consumers and economists think about markets. We propose a unifying mental model to explain these divergences. Suggest why it is reinforced by what lay consumers observe (and do not observe) through firsthand marketplace experience, and note its potential evolutionary basis. We then highlight how understanding lay economic reasoning can not only help explain a wide array of marketplace phenomena, but also provide a novel lens to help advance, generate, and better integrate theory across many active literatures within consumer psychology. Without markets, there are no consumers and there is no marketing. We therefore call for consumer psychologists to take ownership of the study of lay economic reasoning and make markets more central to marketing scholarship. [ABSTRACT FROM AUTHOR]

Purpose: This article aims to elucidate whether the particularity of the high level of explanation of the relationship between the return on the market and the return on shares of companies in the oil sector in Brazil occurs similarly in other markets. Methodology: The oil companies considered were listed as the main ones by Forbes, Fortune and Exame magazines. Their shares and market movement were obtained from their respective host countries stock exchanges, and other information on institutional websites (e.g: OPEC - Organization of the Petroleum Exporting Countries). As theoretical support, CAPM and APT metrics were applied between from January 2, 2015, to March 31, 2021. Results: Considering the privileged position of the fuel sector for the movement of the level of economic activity of the countries, the result of this research confirmed that the particularity of the Brazilian scenario is observed in other countries with regard to the high level of explanation of the return of the superior market portfolio at 50%. The research observed that the Explanation Coefficient tends to capture in a more significant way the effects of crises that come from local economic contexts and impacts on the world economy, such as a possible reduction in the level of gross domestic product of countries such as the United States or China. As for the unexpected event, such as Covid-19, the model, in principle, did not present the same result, which could be observed in the quarterly analyses. Contributions of the Study: Research can help managers and investors, as by demonstrating similarities one can predict future events or assist in decision-making. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has had an unprecedented impact on the global economy and financial markets. In this article, we explore the impact of the pandemic on the weak-form efficiency of the cryptocurrency and forex markets by conducting a comprehensive comparative analysis of the two markets. To estimate the weak-form of market efficiency, we utilize the asymmetric market deficiency measure (MDM) derived using the asymmetric multifractal detrended fluctuation analysis (A-MF-DFA) approach, along with fuzzy entropy, Tsallis entropy, and Fisher information. Initially, we analyze the temporal evolution of these four measures using overlapping sliding windows. Subsequently, we assess both the mean value and variance of the distribution for each measure and currency in two distinct time periods: before and during the pandemic. Our findings reveal distinct shifts in efficiency before and during the COVID-19 pandemic. Specifically, there was a clear increase in the weak-form inefficiency of traditional currencies during the pandemic. Among cryptocurrencies, BTC stands out for its behavior, which resembles that of traditional currencies. Moreover, our results underscore the significant impact of COVID-19 on weak-form market efficiency during both upward and downward market movements. These findings could be useful for investors, portfolio managers, and policy makers. [ABSTRACT FROM AUTHOR]

Earlier empirical studies examining the impact of exchange rate misalignment on economic growth were based on a symmetric approach, assuming that undervaluation and overvaluation affect economic growth symmetrically. However, recent empirical studies have shown that exchange rate misalignments asymmetrically affect economic growth. This study, therefore, examines the asymmetric effects of real exchange rate misalignments on economic growth in Turkey. The asymmetric effects of the non-linear autoregressive distributed lag model show that both overvaluation and undervaluation impede economic growth in Turkey. The study recommends that Turkey should maintain a market-based exchange rate policy to reduce currency misalignment. The study also recommends that the central bank of Turkey should intervene in the foreign exchange market for a short-term to mitigate the excessive distortions in exchange rates and avoid inefficiencies in resource allocation. [ABSTRACT FROM AUTHOR]

This paper presents forecasting and trend analysis of foreign currency exchange rate in financial market using a hybrid Deep Analytic Network (DAN) technique optimized by a modified water cycle algorithm called Weighted WCA (WWCA) with better generalization capability than the traditional WCA.DAN comprises several stacked KRR (Kernel Ridge Regression) Auto encoders in a multilayer nonlinear regression architecture approach that provides better generalization and accuracy using regularized least squares technique. Further DAN using wavelet kernel function is particularly attractive for its strong data fitting and generalization ability along with its simplified execution procedure, high speed, and better performance achievements in comparison to LSSVM (least squares support vector machine). The output from the DAN is fed to a weighted KRR module to reject noise or the outliers in the noisy data and to make DAN a more robust predictor of the Forex markets, To obtain optimal values of wavelet kernel parameters, a modified metaheuristic water cycle algorithm i.e. the proposed WWCA is utilized. Applications of this new approach to predict forex rate along with trend analysis on three stock markets provide successful results and validate its superiority over some well known approaches like ANN, SVM, Naïve-Bayes, ELM. [ABSTRACT FROM AUTHOR]

Building upon Gasiorowska and Zaleskiewicz's (2021, 2023), we explored how a control threat and attachment style influence social relationship preferences. This experiment aimed to investigate how experiencing a control threat affects individuals with secure, anxious, and avoidant attachment patterns when they can choose between seeking assistance from the market, asking a close person for help, or coping with the situation alone. Participants with different attachment styles were randomly assigned to either the lack of control condition (n = 290) or the having control condition (n = 277). Individuals with an anxious attachment were more inclined to choose the market-exchange option and less likely to select the agentic and communal options when faced with a control threat. Meanwhile, those with an avoidant attachment exhibited a higher tendency to choose the agentic option, while their preference for noncontingent help decreased after exposure to the control threat. Surprisingly, secure attachment individuals showed an increased preference for noncontingent help and decreased preferences for market exchange and self-reliance when exposed to the control threat compared to when they had control. These findings suggest that participation in market relationships may meet vital psychological needs and serve as a safeguard against attachment insecurities. [ABSTRACT FROM AUTHOR]

This research studies the legitimacy of a phenomenon that has spread a lot nowadays and becomes a profession for many people: that is selling currencies and other commodities in the black market. This topic is of great importance since it sheds light on an issue closely related to people's economic relations they experience in their daily lives. The research aims to know the rules and regulations that govern the black market trade in Islamic jurisprudence. The researcher used the descriptive analytical method. The study consisted of a preface dealing with the definition of the concept of the black market, and two topics, the first topic deals with the decisions (by a judge) on currency exchange in the black market, and the second topic included the decision (by a judge) on selling goods in the black market. The research concluded that the black market is prohibited by the authorities, and that trading of currencies should be subjected to the law, the government decisions and Sharia rules. [ABSTRACT FROM AUTHOR]

For nearly four decades, Australia's domestic and international economic policies were anchored by the promotion of open, transparent, and rules-based market exchange. This was considered the best way to increase both Australia's prosperity and its security, and that belief guided Canberra's approach to economic statecraft. However, emerging concerns about the vulnerabilities arising from economic interdependence, and the increasingly blurry line between economics and security amid great power rivalry between China and the United States, have placed Australian policy orthodoxy in a difficult position. In this paper, we investigate how these dynamics are shaping change and continuity in Australia's economic statecraft, and in doing so offer three contributions. First, to advance the emerging comparative economic statecraft research agenda, we propose a modified concept of economic statecraft that captures a wider range of activities undertaken by non-great powers and a distinction between state-based and market-based actions which allows for within- and cross-case comparisons. Second, empirically, we sketch the historical evolution of Australia's approach and examine three salient domains in which it has recently pursued new economic statecraft initiatives. Finally, in evaluating recent change and continuity, our third contribution is to identify new variables that may illuminate the conditions under which states adapt their prevailing approach to economic statecraft. [ABSTRACT FROM AUTHOR]

We study the role of reciprocity in markets where expert-sellers have more information about the severity of a problem faced by a consumer. We employ a standard experimental credence goods market to introduce the possibility for consumers to gift the expert-seller before the diagnostic, where the gift is either transferred unconditionally or conditionally on solving the problem. We find that both types of gifts increase the frequency of consumer-friendly actions relative to no gift, but only conditional gifts translate into efficiency gains when the consumer faces a high-severity problem. This suggests that partial alignment of incentives via conditional gifts may outweigh kindness motives when reciprocal actions are not directly observed. Using further treatments with surprise gift exchange, we show that withholding a gift that is expected by expert-sellers significantly reduces the likelihood of consumer-friendly behavior whereas sending a gift to expert-sellers who do not expect one has no effect. [ABSTRACT FROM AUTHOR]

After the making of the new foreign exchange market law, law no. 14.286/2021, some provisions directly impacted the complementation of certain criminal types. Among them, the crimes foreseen for in articles 16 and 22 of Law 7,492/86, stand out. Thus, studying the new law and its criminal impacts is of fundamental importance. In addition, it is necessary to analyze questions of intertemporal law, since the new law will only come into force on December 30, 2022 and contains provisions that bring beneficial criminal effects to the defendants. Therefore, in view of the future and necessary retroactivity of the most beneficial criminal law, it should be applied immediately, to also encompass the conducts practiced before it. [ABSTRACT FROM AUTHOR]

The aim of the current study was to analyze how much of the pressure in the foreign exchange market in Turkey is eliminated by the Central Bank, depending on the monetary policies implemented. On the basis of this analysis, the value changes of the US dollar against the Turkish Lira were observed and the Exchange Market Pressure (EMP) index was calculated in the local market. Based on Weymark's (1997) open economy model, the empirical results obtained from the Two-Stage Least Squares (2SLS) method were obtained using the autoregressive model to find the expectation values of the variables. The time span of the observed data to estimate the relevant parameters of the variables used in the model covers the period from the first quarter of 1998 to the second quarter of 2020. The findings showed that although the EMP index had high values and the Turkish Lira weakened during the local economic crisis of 2001, the index values fell as a result of the monetary measures implemented in place afterward. This process, which continued until the third quarter of 2018, is observed to have started to rise again in the DPB index due to the exchange rate crisis. The findings highlight the pressures exerted on the Turkish Lira by the policies implemented in the recent past and appeal to a wide audience, from politicians to economists, about how monetary policies should be in the future. [ABSTRACT FROM AUTHOR]

Objective/context: The boom-and-bust of New World slavery in the nineteenth century has always been a major topic of scholarship. In this essay, I suggest that the literature devoted to this theme, the so-called “capitalism and slavery debate,” has made capital invisible as a category of analysis due to its over-reliance on classical and neoclassical economics. As a result, slavery itself has been poorly historicized. My purpose is to put forth an alternative framework to restore the historicity of capital and slavery. Methodology: The article explores critical value theory to conceptualize capital and capitalism in historically meaningful terms. It argues that value creation is never confined to one country. It requires a historically transnational social formation that turns concrete labor into abstract labor and use-values into commodities through the multi-scale operatives of world money and world markets. The history of slavery should be narrated within this broader globalizing setting. Originality: The article’s claim is that the global value relations of industrial capital redetermined spatial relations between town and country, capital and labor, and production and consumption, engendering overlapping layers of a world geography of accumulation that both stimulated and challenged slavery. Conclusions: While most scholars present the relation between slavery and capitalism as constant for the period 1780-1880, I conclude that New World slavery went through two moments of boom-and-bust (c.1780-c.1820 and c.1830-1880), which were formed through, respectively, the global value relations of cotton production and coal-and-iron industrialism. [ABSTRACT FROM AUTHOR]

In view of some recent reports on global wealth inequality, where a small number (often a handful) of people own more wealth than 50% of the world's population, we explored if kinetic exchange models of markets could ever capture features where a significant fraction of wealth can concentrate in the hands of a few as the market size N approaches infinity. One existing example of such a kinetic exchange model is the Chakraborti or Yard-Sale model; in the absence of tax redistribution, etc., all wealth ultimately condenses into the hands of a single individual (for any value of N), and the market dynamics stop. With tax redistribution, etc., steady-state dynamics are shown to have remarkable applicability in many cases in our extremely unequal world. We show that another kinetic exchange model (called the Banerjee model) has intriguing intrinsic dynamics, where only ten rich traders or agents possess about 99.98% of the total wealth in the steady state (without any tax, etc., like external manipulation) for any large N value. We will discuss the statistical features of this model using Monte Carlo simulations. We will also demonstrate that if each trader has a non-zero probability f of engaging in random exchanges, then these condensations of wealth (e.g., 100% in the hand of one agent in the Chakraborti model, or about 99.98% in the hands of ten agents in the Banerjee model) disappear in the large N limit. Moreover, due to the built-in possibility of random exchange dynamics in the earlier proposed Goswami–Sen model, where the exchange probability decreases with the inverse power of the wealth difference between trading pairs, one does not see any wealth condensation phenomena. In this paper, we explore these aspects of statistics of these intriguing models. [ABSTRACT FROM AUTHOR]

Providing a scientific basis and method to ensure the smooth functioning of the Chinese crude oil market would be hugely significant to China's future economic development and security. To this end, attempts have been made to both internationalize the Shanghai crude oil market and minimize financial risks. This paper selects three crude oil markets (INE, WTI and Brent) and five Chinese financial markets (the futures, bond, fund, stock and foreign exchange markets) as the research objects. The Diebold and Yilmaz spillover index model and the multifractal asymmetric detrended cross-correlation analysis (MF-ADCCA) method are used to study the volatility spillover effect and the asymmetric cross-correlation between crude oil markets and financial markets. When the volatility spillover effect and the asymmetric relationship that exists between the financial markets are examined, the volatility spillover of the oil market to the financial market is found to be significantly higher than that of the financial market to the oil market. In particular, the spillover effect was even more significant from late-2019 to early-2020. Analysis demonstrates an asymmetric cross-correlation between crude oil markets and the abovementioned five Chinese financial markets. In particular, the impact of the Chinese crude oil market on the stock market is greatest, especially with respect to the Brent and WTI crude oil markets. Except for the bond market, when the INE and Brent markets are increasing, the risk exposure to financial markets is more significant. Among financial markets, INE-Bond market asymmetry is stronger than WTI-bond market asymmetry, but weaker than that of the Brent-Bond market when there are large fluctuations. [ABSTRACT FROM AUTHOR]

This study Aims at examining and analyzing the Impact of compliance to corporate governance indicators to the reducing of practices of income smoothing policy in the UAE and kewait Stock Exchange Markets. The study applied in 160 companies listed in the UAE and kewait Stock Exchange Markets by analyzing data from 2014 to 2018. Research use Multi-regression analysis. The study found that there is clear evidence of the impact of corporate governance on income-smoothing practices in all study models, except for the indicator of owner of the largest shareholder in the company, in the models of income smoothing through the gross profit and income smoothing through net profit. No relationship was found. As well as The study found there is no relation between size of the board of directors and income smoothing in the models of the income smoothing through the gross profit and the income smoothing through the operating profit. [ABSTRACT FROM AUTHOR]

When and why are illicit markets regarded as morally legitimate? We address this question in the context of Soviet and post-Soviet Russia, where the moral legitimacy of commerce has waned since the collapse of the Soviet Union. We do so by analyzing the continued resiliency and robustness of illicit markets and their moral perception in Soviet and post-Soviet Russia, where de facto private property rights have remained insecure in spite of de jure political and economic reform. Given the continuity of illicit markets across both periods, we argue twofold. First, what has remained constant in the moral nature of illicit markets across both periods has been the entrepreneurial drive to realize gains from trade by circumventing and evading a predatory state. Secondly, given this constancy in the form of illicit market exchange, we contend that changing moral attitudes toward commerce have resulted from the changing manifestation of illicit market exchange, in response to the predatory nature of the state. In both the Soviet and post-Soviet period, the state has remained a means to create monopoly privileges. However, whereas in the Soviet period, illicit markets served as a means to "grease the wheels" of commerce, economic transition in post-Soviet Russia corrupted the moral legitimacy of a market economy by transforming illicit markets into a means to "grease the palms" of government officials in the name of "privatization." [ABSTRACT FROM AUTHOR]

At present, the COVID-19 epidemic is still spreading at home and abroad, and the foreign exchange market is highly volatile. From financial institutions to individual investors, foreign exchange asset allocation has become important contents worthy of attention. However, most intelligent optimization algorithms (hereinafter IOAS) adopt the existing data and ignore the forecasted one in the foreign exchange portfolio allocation, which will result in a huge difference between portfolio allocation and actual demand; at the same time, many IOAS are less adaptable and have lower optimization ability in portfolio problems. To solve the aforementioned problems, this paper first proposed a DETS based on hybrid tabu search and differential evolution algorithms (DEAs), which has excellent optimization ability. Subsequently, the DETS algorithm was applied to support vector machine (SVM) model. Experiments show that, compared with other algorithms, the MAE and RMSE obtained by using DETS optimization parameters are reduced by at least 3.79 and 1.47%, while the CTR is improved by at least 2.19%. Then combined with the DETS algorithm and Pareto sorting theory, an algorithm suitable for multi-objective optimization was further proposed, named NSDE-TS. Finally, by applying NSDE-TS algorithm, the optimal foreign exchange portfolio is acquired. The empirical analysis shows that the Pareto front obtained by this algorithm is better than that of NSGA-II. Since the lower the uniformity index and convergence index, the stronger the optimization performance of the corresponding algorithm, compared with NSGA-II, its uniformity and convergence index decreased by 15.7 and 39.6%. [ABSTRACT FROM AUTHOR]

In 2021, there was a global energy crisis that affected different parts of the world. In most countries, energy heavily relies on natural gas, including Nigeria, India, and Bangladesh. Several studies have explored the differences in the energy of crude oil and natural gas. Nonetheless, little effort has been made toward exploring the exportation of energy for exchange markets in Nigeria, India, and Bangladesh. This paper primarily aims at comparatively exploring the energy of crude oil and natural gas for exchange markets in the aforementioned countries. The methodology used in this paper is qualitative content analysis (QCA) and a systematical literature review (SLR) which includes various sources such as journals, the core collection of the Web of Science (WOS), oil peer review resources, and library sources. The study systematically mapped out different bibliographic materials whereby the visualization of similarities (VOS) was used to explore exchange markets for energy, crude oil, and gas in Nigeria, India, and Bangladesh. The results of the analysis indicated that, in Africa, Nigeria is regarded as the largest producer of natural gas and crude oil, with an approximation of 1.2 million barrels per day. Concerning oil and gas reserves, the country is considered the 10th and 8th largest producer in the world, having 37 billion barrels and roughly 206 trillion cubic feet, respectively. Thus, the exportation of energy is considered a central pillar of the country's economy. In addition, India is regarded as the second largest producer of crude oil with 4.972 million barrels per day, which is approximately 5.1% of the entire world's capacity for refining crude oil. Similarly, at the global level, India is considered the topmost consumer of crude oil, accounting for 4.8% of the world's consumption. In the context of Bangladesh, their gas reserves account for 39.4 trillion cubic feet, and they are considered to be 70% of the commercial energy supply in the country. In conclusion, the importance of energy, crude oil, and natural gas cannot be underestimated, specifically, for the exchange import markets in the current context of the aforementioned countries. It is, therefore, suggested that the governments of Nigeria, India, and Bangladesh should strengthen their national policies on energy in order to be responsive to the global energy crisis as well as boost the exchange market in the energy sector. [ABSTRACT FROM AUTHOR]

The social debate on the question of work and its value often becomes confused due to the polysemy of the notion of both work and its value. When it comes to the former, the great variety of types of work highlights its indeterminacy. For its part, the notion of value when applied to work can adopt three different approaches: as a way of personal development and socialization, it can be a founding value of the human being (which is addressed in the first section of this article); it can also be recognized as the primary source of the production of use values (discussed in the second section), and, finally, it can be inserted into the market sphere, although it is true that labor is not a commodity, labor power is exchanged in market economies as one (discussed in the third section). [ABSTRACT FROM AUTHOR]

Social supply plays a key role in bottom level cannabis markets. In outlining how social supply of cannabis differs from commercial market exchange, existing studies have argued that social supply is typically driven by two cultural logics: reciprocal gift-giving and sharing. Importantly, researchers have depicted sharing as a sub-version of a more generalized pattern of reciprocation and/or described sharing as a type of transfer that is motivated by altruism on the part of the giver. However, in this article, we argue that if we are to develop a more nuanced understanding of the sharing aspects of social supply, we need a more refined understanding of sharing. Based on interviews with 38 young cannabis users from Denmark, this article draws on recent anthropological theories of sharing and the concept of "demand sharing" in demonstrating how social cannabis supply is driven both by reciprocal logics, but also by hitherto overlooked sharing logics that cannot easily be captured by the categories reciprocity or altruism. More specifically, we analyze the important role played by receivers in facilitating sharing processes. We outline how diverse "receiver demands" are often the precondition for creating the social pressure that leads those who have, to allow others to take. In this way, this article contributes to a more detailed understanding of the complex transfer processes fueling social supply of illicit drugs. [ABSTRACT FROM AUTHOR]

The article focuses on the shift in education policy from public decision-making to corporate market exchanges. Topics include the control of schools by wealthy businessmenthe influence of organizations like the Confederation of School Trusts; and examples illustrate a trend of depoliticization and the privatization of education, with decisions being made outside the realm of public accountability.