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There are two camps regarding bitcoin and other so-called "digital assets." One side sees any cryptocurrency as a financial utopia: an egalitarian technology free from centralized monetary authorities. The other sees this same technology as merely a novel mechanism for enabling more crime, corruption, and money laundering. Both positions contain an element of truth, but both share a common misapprehension: They assume that digital assets are beyond the reach of law enforcement and regulatory agencies – which is decidedly not the case, at least for now. But the digital asset economy evolves rapidly. To stay ahead of the curve, authorities will need to adapt existing rules and regulations about money-laundering, sanctions, and sending funds to rogue states – tools originally designed for an entirely different financial infrastructure – to mitigate threats to the financial system posed by virtual assets. [ABSTRACT FROM AUTHOR]

Bitcoin and its peers have set off a technological revolution that will transform money, finance, and society. However, the future of cryptocurrencies as financial assets is far from certain – as can be seen from Bitcoin's halving in value in six months since November 2021; the total value of all cryptocurrencies fell from $3 trillion to $1.3 trillion over this period. Rather, it is the underlying technology that enables cryptocurrency – the blockchain – that is likely to prove its true legacy. [ABSTRACT FROM AUTHOR]

The Belt and Road Initiative is an economic integration plan. But at regional level, the financial capabilities of route countries do not allow the implementation of the Belt and Road. This is the need for and creation of a new financial form. This study aims to theoretically justify a new financial form for economic integration—new type of over-the-counter derivative financial instrument. This adaptation addresses the case of the transport corridor 'China–Mongolia–Russia' and 'resident status' of the Joint Economic Zone that will serve as a guarantee for the financial assets of the Belt and Road companies and increase their financial sustainability and investment revival in regions. In general, this has a positive effect on the development of the accounting system and increases the financial and investment interests of business participants, which can lead to new forms of entrepreneurial activity and become a catalyst for improving the welfare of regions of China–Mongolia–Russia transport corridor, and it is in line with the goals and investment initiatives of the Belt and Road project. [ABSTRACT FROM AUTHOR]

Periodic markets are an important aspect of local economies, providing a platform for farmers (producers), wholesalers, retailers, and consumers to interact face-to-face and exchange goods and services. These markets have been increasing in urban areas in Africa, Asia, and South America because of urbanization. The increase of periodic urban markets (PUMs) in urban areas is observed as an index of modernization, reflecting a response to transition process. However, there are limited studies on how social interactions in PUMs contribute to sustainable livelihoods. This study investigated the types of social interactions occurring in PUMs in Ghana, the benefits of social interactions for participants of PUMs, and how social interactions contribute to sustainable livelihoods. This research interviewed 162 participants, comprising 27 farmers (farmers were regarded as producers in this study), 61 retailers, 47 wholesalers from 9 selected PUMs across Ghana, and 27 officers from government institutions and non-governmental market associations to obtain their opinions. We analyzed the interview data using the NVivo software. The results showed that there are seven kinds of social interactions in PUMs, including (i) producer-wholesaler relationship, (ii) producer-consumer relationship, (iii) wholesaler-retailer relationship, (iv) retailer-consumer relationship, (v) trader-driver relationship, (vi) trader-institution relationship, and (vii) trader-international buyer relationship. We found that these social interactions in PUMs enhance sustainable livelihoods by supporting human, social, financial, natural, and physical assets of traders (traders refer to producers, wholesalers, and retailers in this study). Therefore, we concluded that the development of policies to improve PUMs could strengthen social interactions, enabling the achievement of sustainable livelihoods in developing countries.

Periodic markets are an important aspect of local economies, providing a platform for farmers (producers), wholesalers, retailers, and consumers to interact face-to-face and exchange goods and services. These markets have been increasing in urban areas in Africa, Asia, and South America because of urbanization. The increase of periodic urban markets (PUMs) in urban areas is observed as an index of modernization, reflecting a response to transition process. However, there are limited studies on how social interactions in PUMs contribute to sustainable livelihoods. This study investigated the types of social interactions occurring in PUMs in Ghana, the benefits of social interactions for participants of PUMs, and how social interactions contribute to sustainable livelihoods. This research interviewed 162 participants, comprising 27 farmers (farmers were regarded as producers in this study), 61 retailers, 47 wholesalers from 9 selected PUMs across Ghana, and 27 officers from government institutions and non-governmental market associations to obtain their opinions. We analyzed the interview data using the NVivo software. The results showed that there are seven kinds of social interactions in PUMs, including (i) producer-wholesaler relationship, (ii) producer-consumer relationship, (iii) wholesaler-retailer relationship, (iv) retailer-consumer relationship, (v) trader-driver relationship, (vi) trader-institution relationship, and (vii) trader-international buyer relationship. We found that these social interactions in PUMs enhance sustainable livelihoods by supporting human, social, financial, natural, and physical assets of traders (traders refer to producers, wholesalers, and retailers in this study). Therefore, we concluded that the development of policies to improve PUMs could strengthen social interactions, enabling the achievement of sustainable livelihoods in developing countries. [ABSTRACT FROM AUTHOR]

The article presents the underlying provisions in the field of financial instrument accounting treatment. The paper summarizes the outcomes of a critical analysis of the authoritative text of Accounting Standard 32 – Financial Instruments. The article presents proposals for remediation of identified deficiencies with the aim of assisting the establishment of good practice with respect to the application of the Standard. [ABSTRACT FROM AUTHOR]

The information function of the financial market plays a key role in the pricing of financial assets. As the importance of information rises, it becomes more expensive and its value begins to exceed the value of the market assets themselves. This gives grounds for including the information factor as a variable not only in the pricing model of financial assets, but also in the financial market as a whole. Information acts as an argument for a non-linear function of return, price and risk level. The stable functioning of the financial market today is of paramount importance for the global financial system and the development of national economies. Is the stock market secondary or does it affect real economic activity? The article touches upon the potential effects of financial markets, which follow from the informational role of market prices. It is shown that taking into account the feedback effect from market prices to the real economy significantly changes our understanding of the pricing process, information content of prices and trading behavior of speculators. The paper considers linear martingale and nonlinear conditionally Gaussian models. In practice, they are not enough to reflect the asymmetric effects of external influences (exogenous factors). For this reason, it is proposed to use fractal Brownian models along with them. At the same time, one should take into account the degree of information content of the price itself, the reflexivity of price information, i.e. the ability of prices to form market expectations and the psychological factor leading to non-linearity and dynamic chaos.

Scientific sources demonstrate different attitudes of researchers to cryptocurrencies because they treat them as a category of currency, virtual money, commodity, etc. Accordingly, the relation to the valuation and risk of cryptocurrency as an investment object is different. The purpose of the article is to identify cryptocurrency value formation factors and determine the risks of investing in cryptocurrency. Cryptocurrency is simultaneously considered a currency, an asset with uncertain income, and a specific product, the price of which is determined by the energy costs for mining new cryptocurrency blocks. Thus, the paper examines the risks of investing in cryptocurrency from several positions. First, the study identifies the factors of formation of the value and risk of cryptocurrency as ordinary money based on comparing cryptocurrency with traditional money. Unlike traditional money, cryptocurrency is not tied to the economic performance of a particular country; also, central banks do not control or regulate their mining. Instead, the cryptocurrency emissions depend on the computational capacity of the equipment used for their mining. As a financial asset, cryptocurrency can be a “financial bubble” because their value increasing often exceeds the cost of mining. On the other hand, given the emergence of cryptocurrency as a phenomenon of the information economy, the paper analyses the impact of specific technical features (cryptographic hashing algorithm, the complexity of creating new blocks, the technology of verification of mining operations, etc.) on the risk of investing in cryptocurrency assets.

The aim of this research is to investigate the causality between Global Economic Political Uncertainty (GEPU) and Geopolitical Risk (GPRT) and Bitcoin Energy Consumption (BTCE). In order to test the stationarity of the variables, the Lee-Strazich unit root test, which takes into account the structural breaks, was used, and the causality relationship between the variables was analyzed with the Hatemi-J (2012) causality test. Monthly data between May 2011 and February 2022 were used in the research. According to the results obtained from the research, geopolitical risk and global economic policy uncertainity are effective on bitcoin energy consumption. In addition, it has been determined that the negative effects of geopolitical risk and global uncertainties are more dominant. The results show that the demand for bitcoin, which is considered an alternative financial asset class, and accordingly bitcoin energy consumption, increases in case of global risks and economic uncertainties. [ABSTRACT FROM AUTHOR]

The accelerated aging of China's population will inevitably increase the burden of social retirement and significantly impact the development of financial markets, which is not conducive to sustainable social development. A proper allocation of financial assets will enable households to earn more property income and facilitate the appropriate allocation of social capital. The aging of the population is an essential factor affecting the allocation of financial assets to households. This paper examines the impact of an aging population on household financial asset allocation based on data from the 2015, 2017, and 2019 China Household Finance Surveys (CHFS). The study finds that aging significantly negatively affects household risky financial asset participation, depth of participation, and diversity. The findings remain robust after robustness tests using a two-way fixed effects model. In addition, this paper examines the mechanisms of influence from the perspectives of both risk aversion and financial literacy. In terms of mediating variables, aging increases the risk aversion of household heads, and an increase in risk aversion discourages households from investing in risky financial assets. In terms of moderating variables, the dampening effect of aging on investment in risky financial assets diminishes as financial literacy increases. In addition, empirical findings based on heterogeneity find that aging has a stronger negative impact on risky financial asset participation, depth of participation, and diversity in rural areas. Aging has a stronger negative impact on risky financial asset participation for households with children. [ABSTRACT FROM AUTHOR]

Scientific sources demonstrate different attitudes of researchers to cryptocurrencies because they treat them as a category of currency, virtual money, commodity, etc. Accordingly, the relation to the valuation and risk of cryptocurrency as an investment object is different. The purpose of the article is to identify cryptocurrency value formation factors and determine the risks of investing in cryptocurrency. Cryptocurrency is simultaneously considered a currency, an asset with uncertain income, and a specific product, the price of which is determined by the energy costs for mining new cryptocurrency blocks. Thus, the paper examines the risks of investing in cryptocurrency from several positions. First, the study identifies the factors of formation of the value and risk of cryptocurrency as ordinary money based on comparing cryptocurrency with traditional money. Unlike traditional money, cryptocurrency is not tied to the economic performance of a particular country; also, central banks do not control or regulate their mining. Instead, the cryptocurrency emissions depend on the computational capacity of the equipment used for their mining. As a financial asset, cryptocurrency can be a “financial bubble” because their value increasing often exceeds the cost of mining. On the other hand, given the emergence of cryptocurrency as a phenomenon of the information economy, the paper analyses the impact of specific technical features (cryptographic hashing algorithm, the complexity of creating new blocks, the technology of verification of mining operations, etc.) on the risk of investing in cryptocurrency assets. [ABSTRACT FROM AUTHOR]

Chinese listed companies recently come out a set of serious agency problems. For example, directors and controlling shareholders highly override company interests. Conventional governance methods such as introducing non-executive directors couldn't effectively solve this problem. The proposal of encouraging non-controlling major shareholders to actively participate in corporate decision-making becomes more popular nowadays. This paper studies the mechanism of non-controlling major shareholders' exit threat on corporate innovation, and explore the impact of property rights and corporate life cycles on this mechanism. The result shows the exit threat of non-controlling major shareholders did not promote corporate innovation. This is mainly because major shareholders pursue short-term benefits and tend to support financial asset investment rather than R&D investment. Our research also come out that the inhibitory effect of the exit threat of non-controlling major shareholders on corporate innovation is more significant for non-state-owned and mature enterprises in China. This article finds Chinese capital market investors pay more attention to short-term interests and lack the long-term value investment awareness, which is not conducive to the long-term development of enterprises. [ABSTRACT FROM AUTHOR]

Objective: Optimizing asset allocation at the asset class level and measuring the insolvency risk of the Social Security Organization (SSO)by considering the value at risk constraint. Methods: At first we hand-collect the book value of assets for the SSO using its financial statements from 2001 through 2015 and categorize assets into three asset classes: stocks, real estate and bonds. We then estimate the market value of assets using returns for the corresponding market during this period. Subsequently, we generate 300 forecasts for each market return over a 75-year horizon by the Monte Carlo simulation method. These efforts, Combined with the predictions of expenditures and contributions of the SSO from the International Labor Organization (ILO), for helping us have sufficient data to design and solve a multi-stage stochastic programming model. Also, we have adequate data to calculate the probability of insolvency in the SSO by counting the number of infeasible solutions through all forecasts in the model. Results: We obtain optimal allocation for all three asset classes and propose the types of reforms required for decreasing the insolvency risk in the SSO throughout the long term mending period in the way that imposes minimum pressure on pensioners and contributors simultaneously. Conclusion: Despite the constraints faced by the SSO in terms of asset allocation, our results indicate that certain allocations are capable of resolving the underfunding problem for the SSO over the studied horizon. This solution involves implementing a set of gradual parametric reforms and optimal asset allocation. In a way that could meet stakeholders' purpose. We consider the restriction that the state is facing in payback its debt to the SSO whereby securitize them. After all, legislation reforms in running an independent regulator organization are essential. These exercises make us impose an excellent government for pension funds and construct an investment policy for them to reduce harmful intervention

Copyright of Revista Tamoios is the property of Editora da Universidade do Estado do Rio de Janeiro (EdUERJ) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

• Franchises can encourage enterprises to increase R&D investment. • Financial asset allocation will inhibit enterprises' R&D investment. • There is a difference in the impact of financial asset allocation on R&D investment of state-owned enterprises and non-state-owned enterprises. This study examines the impact of franchise ownership and financial asset allocation on research and development (R&D) investment among Chinese listed companies from 2011 to 2022. Key findings indicate that franchises positively encourage enterprises to increase R&D investment by providing stable cash flows and strategic advantages, such as enhanced market share and sustained revenue. In contrast, financial asset allocation appears to inhibit R&D investment by potentially crowding out operational capital and reducing internal resource allocation efficiency. Additionally, franchises significantly impact R&D investment in non-state-owned enterprises (NSOEs) more than in state-owned ones, suggesting that NSOEs experience more significant constraints due to their financial prioritization of short-term returns and liquidity. This research highlights the complex dynamics between corporate strategic assets and investment behaviors, offering insights into optimizing financial asset allocation to support sustained corporate innovation and growth. [ABSTRACT FROM AUTHOR]

This research analyzed the technical and financial aspects of blue swimming crab fishing business using folding tray in Tunggul Sari, Rembang District, Indonesia. This research was conducted from February to March 2016. The samples of this descriptive research were selected using purposive sampling method. The obtained data were then analysed based on business feasibility analysis using some indicators including NPV, IRR, payback period and R/C Ratio. The results of the technical analysis showed that fishermen employed folding trays with single size (Length x width x height: 45 cm x 30 cm x 18 cm), yet they applied different numbers of folding trays, ranging between 500 – 600 trays. They also had similar size of fishing boats under 5 GT and they applied one day fishing system. Meanwhile, the results of the financial analysis showed Net Present Value > 0, amounted to IDR 94.691.087 per month, Internal Rate of Return of 45.56% greater than the interest rate of 12%, payback period of 3 years 3 months and 3 days and R/C ratio > 1 at 1.20. Regarding to those results, the blue swimming crab fishing business run using folding tray in Tunggul Sari has been regarded feasible.

The paper discusses certain legal and accounting aspects of a cheque. Special attention is paid to the significant judgements that should to be made in deciding whether an endorsement (transfer) of a cheque meets the criteria for writing off financial assets set out in Accounting Standard 32, Financial Instruments. The paper provides practical examples and models for the accounting treatment of initial and subsequent measurements and writingoff of cheques. [ABSTRACT FROM AUTHOR]

The article is aimed at defining the advantages and disadvantages of the asset securitization mechanism. Expediency of application of securitization of assets in Ukraine considering foreign experience is reasoned. The analysis of scientific works of foreign and domestic scholars for identifying and systematizing of views concerning advantages and disadvantages of application of the mechanism of securitization of assets is carried out. Lack of both the generally accepted definition of securitization and a general methodological base for the accounting of related operations is determined. The author provides both advantages and disadvantages of the asset securitization mechanism for such entities as: originator, investor, and the country as a whole.

Assignment of receivables is widely used in the commercial turnover in the country. The study discusses some legal and accounting aspects of an assignment of receivables. The paper defines, critically analyzes and structures the issues related to the legal regulations governing the assignment of receivables being out-of-date, laconic and incomplete. The author presents evidence supporting the inadequacy of the existing legal regulations and their inability to respond to recent developments in the economic turnover. The paper lays out suggestions for changes to achieve modern legal framework in line with today's requirements imposed by the trends in the development of receivables assignment in the economic turnover. The paper presents illustrative case studies and application models for an accounting treatment of the assignment of receivables. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Financial Researches & Studies / Finansal Araştirmalar ve Çalişmalar Dergisi is the property of Marmara University, School of Banking & Insurance and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)