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Purpose: Financial institutions actively seek to leverage the capabilities of artificial intelligence (AI) across diverse operations in the field. Especially, the adoption of AI advisors has a significant impact on trading and investing in the stock market. The purpose of this paper is to test whether AI advisors are less preferred compared to human advisors for investing and whether this algorithm aversion diminishes for trading. Design/methodology/approach: The four hypotheses regarding the direct and indirect relationships between variables are tested in five experiments that collect data from Prolific. Findings: The results of the five experiments reveal that, for investing, consumers are less likely to use AI advisors in comparison to human advisors. However, this reluctance to AI advisors decreases for trading. The author identifies the perceived importance of careful decision-making for investing and trading as the psychological mechanism. Specifically, the greater emphasis on careful decision-making in investing, as compared to trading, leads to consumers' tendency to avoid AI advisors. Originality/value: This research is the first to investigate whether algorithm aversion varies based on whether one's approach to the stock market is investing or trading. Furthermore, it contributes to the literature on carefulness by exploring the interaction between a stock market approach and the lay belief that algorithms lack the capability to deliberate carefully. [ABSTRACT FROM AUTHOR]

Portfolio optimization plays a crucial role in investment decision-making by balancing risk and return objectives. With the aim of improving portfolio performance, while enhancing risk management, this literature review explores traditional and artificial intelligence-powered approaches for portfolio optimization. From the traditional methods of portfolio optimization, methods such as random matrix theory, shrinkage estimators, correlation asymmetries and partial correlation networks are presented. While, from the artificial intelligence realm, techniques such as machine learning efficient frontiers, performance-based regularization, neural network predictors and deep learning models for direct optimization of portfolio Sharpe ratio are highlighted. Intertwining the traditional methods, with artificial intelligence techniques, this review highlights relevant portfolio optimization research useful for academics and practitioners alike.

Traditional momentum strategies on the stock market are implemented in accordance with the efficient market hypothesis and involve making investments in accordance with market trends. However, this hypothesis has been repeatedly criticized by supporters of behavioral finance, who allow the irrational nature of investment decisions, which led to the emergence of contrarian investment strategies, based on the overreaction hypothesis and the reversal effect (over a longer horizon, loser stocks outperform winners), according to which investments are made in opposite direction to the market, involves buying the losing stocks and selling the winners. According to contrarian investment strategies, when buying shares, investors prefer a lower level of P/E ratios (Price – earnings ratio), which indicates the valuation multiple placed to the company’s market price vis-à-vis its net profits. The article examines the hypothesis that P/E ratio and contrarian investment are related, based on data for 2010–2022 for 50 shares of India, whose stock market is developing rapidly, examines the differences between the top ten P/E stocks and the bottom ten P/E stocks using inflation adjusted return on investment (ROI) to determine, whether or not, an investment in such stocks would generate sufficient returns to outpace inflation over a period of ten years. The article tests 3 hypotheses that investing in stocks with low P/E ratios in the Nifty 50 index (a live benchmark that illustrates how each industry contributes to India’s GDP) will generate higher returns than investing in stocks with high P/E ratios, over a long-term horizon (H1), inflation (Н2), the Nifty 50 index (Н3). The sources of data were finalized to be BSE Official Website, NSE Official Website, Yahoo Finance, Screener, Annual Reports, etc. The article calculates the profits for top 10 P/E stocks (conventional strategy) and bottom 10 P/E stocks (contrarian investing), and determining the returns from top 10 P/E stocks and the bottom 10 P/E stocks (when calculating for 10 years, the same steps were repeated: synchronously, once a year, both types of shares were bought at Purchase Price and sold a year later at Market Price). The calculations confirmed all 3 proposed hypotheses. Contrarian investing delivered returns of around 3.64 times the initial investment, whereas conventional investing produced returns of about 77.5% when comparing the top 10 P/E stocks to the bottom 10 P/E stocks in the Nifty 50 index. An outstanding return of 84.11%, which is a strong return when adjusted for inflation, was achieved using the contrarian strategy. As a result of the conventional strategy’s loss of 10.45% when adjusted for inflation, the study also shows that contrarian investing can assist an investor in hedging against inflation. This emphasizes how crucial it is to take a contrarian attitude when making stock market investments. At the same time, contrarian investment returns of 3.64 times the initial investment over this period surpass the benchmark Nifty 50 Index returns, which is 3.24 times.

The present study aims to verify the autumn effect in the gold market, first presented 10 years ago by Dirk Baur in the paper "The autumn effect of gold" and to investigate the calendar effects occurring for other precious metals. This empirical research is presented in a way to place the results obtained in the context of the Efficient Market Hypothesis (EMH) and the more current Adaptive Market Hypothesis (AMH). The study was conducted as an extended reproduction of the Baur study. The main conclusion is that, the autumn effect on the gold market has been reversed and replaced by the winter effect, which is linked to the AMH. An equally interesting calendar effect was observed for silver. Platinum and palladium saw an increase in prices in January, but given the patterns in the gold market, it is very likely that this phenomenon will also change over time. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance & Financial Law / Finanse i Prawo Finansowe is the property of Wydawnictwo Uniwersytetu Lodzkiego 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.)

All around the world, Finance Education remains a challenge. However, gamified Finance Education platforms present an ideal solution to the problem. They serve as a way to bridge the gap that exists between the current understanding (or lack thereof) of personal finance and the basic levels of knowledge necessary to make sound financial decisions. To address this, this research addresses how these interactive platforms offer the opportunity to invest fictional assets in a completely virtual world of a national economy where good investment bets make the player--now acting as a capitalist--a lot of money. Platforms such as these allow gamers to learn about the importance of diversification, the difficulty of timing the market if one isn't taking a long view, and a number of other essential finance and investing concepts. Additionally, this research evaluates the results of quantitative techniques to compare whether the use of gaming platforms increases financial knowledge, behaviors, and investment decisions to pre-gaming levels. Ultimately, the research seeks to improve the financial approach among different individuals through Gaming. [ABSTRACT FROM AUTHOR]

This article investigates the establishment of Technological Industrial Development Zones (TIDZ) in North Macedonia. These zones are aimed at attracting Foreign Direct Investment (FDI) and represent an innovative strategy to promote business relations that were previously unavailable in North Macedonia. If their output is sold to international markets, companies operating within the TIDZ benefit from incentives and subsidies. In addition to the legally announced incentives available to investors within the TIDZ, the government offers extra incentives on a case-by-case basis, in agreements with significant overseas partners. Since the introduction of this approach, the government has made a public display of its benefits. The consequences of the implemented strategy for FDI attraction deserves an effort for its analysis by all available means. Using the available data and sources from relevant documents, the focus in the paper will be put on the impact of the creation of such zones on the FDI inflow. North Macedonia is an attractive investment destination for international investors because of the fiscal, economic, and financial benefits provided by the actual law, as well as the excellent business climate, as measured by the ‘Doing Business’ indicator. [ABSTRACT FROM AUTHOR]

Traditional momentum strategies on the stock market are implemented in accordance with the efficient market hypothesis and involve making investments in accordance with market trends. However, this hypothesis has been repeatedly criticized by supporters of behavioral finance, who allow the irrational nature of investment decisions, which led to the emergence of contrarian investment strategies, based on the overreaction hypothesis and the reversal effect (over a longer horizon, loser stocks outperform winners), according to which investments are made in opposite direction to the market, involves buying the losing stocks and selling the winners. According to contrarian investment strategies, when buying shares, investors prefer a lower level of P/E ratios (Price -- earnings ratio), which indicates the valuation multiple placed to the company's market price vis-à-vis its net profits. The article examines the hypothesis that P/E ratio and contrarian investment are related, based on data for 2010--2022 for 50 shares of India, whose stock market is developing rapidly, examines the differences between the top ten P/E stocks and the bottom ten P/E stocks using inflation adjusted return on investment (ROI) to determine, whether or not, an investment in such stocks would generate sufficient returns to outpace inflation over a period of ten years. The article tests 3 hypotheses that investing in stocks with low P/E ratios in the Nifty 50 index (a live benchmark that illustrates how each industry contributes to India's GDP) will generate higher returns than investing in stocks with high P/E ratios, over a long-term horizon (H1), inflation (H2), the Nifty 50 index (H3). The sources of data were finalized to be BSE Official Website, NSE Official Website, Yahoo Finance, Screener, Annual Reports, etc. The article calculates the profits for top 10 P/E stocks (conventional strategy) and bottom 10 P/E stocks (contrarian investing), and determining the returns from top 10 P/E stocks and the bottom 10 P/E stocks (when calculating for 10 years, the same steps were repeated: synchronously, once a year, both types of shares were bought at Purchase Price and sold a year later at Market Price). The calculations confirmed all 3 proposed hypotheses. Contrarian investing delivered returns of around 3.64 times the initial investment, whereas conventional investing produced returns of about 77.5% when comparing the top 10 P/E stocks to the bottom 10 P/E stocks in the Nifty 50 index. An outstanding return of 84.11%, which is a strong return when adjusted for inflation, was achieved using the contrarian strategy. As a result of the conventional strategy's loss of 10.45% when adjusted for inflation, the study also shows that contrarian investing can assist an investor in hedging against inflation. This emphasizes how crucial it is to take a contrarian attitude when making stock market investments. At the same time, contrarian investment returns of 3.64 times the initial investment over this period surpass the benchmark Nifty 50 Index returns, which is 3.24 times. [ABSTRACT FROM AUTHOR]

Gender plays a significant role in shaping financial decision-making, influencing their approach towards saving, investing, and managing risks. This study explores the relationship between gender and financial decisionmaking. While conventional stereotypes portray men as risk-takers and women as more cautious in financial matters, this research aims to uncover a more nuanced reality. By carefully analyzing data, the study identified patterns in financial behavior, looking beyond gender stereotypes to understand the underlying factors that shape these decisions. The elements considered in the study included risk tolerance, information-gathering strategies, emotional influences, and the impact of social roles on financial choices. The findings highlight the diversity of approaches within each gender, challenging the one-size-fits-all view often associated with financial behavior. This study offers insights into the complex connections between gender and financial decision-making, encouraging a more informed understanding of financial behavior across genders. [ABSTRACT FROM AUTHOR]

Precious metals, and especially gold, have been inextricably linked to the history of man- kind since time immemorial. In modern times, gold has become a key factor in interna tional trade and the global economy. Therefore, for example, oil price fluctuations can be a predictor of gold price movements. Today, gold is seen as an independent financial asset that has become a popular tool for portfolio diversification, as well as a hedge against inflation. For this reason, this topic is considered to be very important and topical world- wide, attracting the attention of a wide range of people, both from the ranks of experts and the lay public. The article's objectives are to determine the position of gold in the commodity market, measure and compare the metal's historical price development from 2000 to March 2023, and, last but not least, assess how well artificial neural networks can forecast the movement of gold's market price. Evaluating whether gold is a good financial resource multiplier or custodian is one of the partial goals. In order to achieve this goal, time series analysis will be performed using artificial neural networks. It is feasible to track how accurately artificial neural networks can forecast changes in market prices by using this technique. The results show that the most common elements influencing the historical development of the price of gold were political, economic, technological, and social aspects. Additionally, it was shown that artificial neural networks are capable of accurately predicting the course of the price of gold and, thus, mimicking the genuine price development curve. Based on the obtained results, future studies might be carried out to compare a more extensive portfolio of commodities in order to build on this work. The contribution is beneficial both on a theoretical and practical level. It can serve inves- tors, analysts, economists, and other authors dealing with this issue. [ABSTRACT FROM AUTHOR]

Correlates of power remain understudied in the context of financial risk taking. This project aimed to investigate the role of focus on rewards versus threats in explaining the relationship between power and risky financial choices across three studies (N1 = 326, N2 = 397, N3 = 223). Study 1 analyzed the mediating role of focus on rewards versus threats and financial risk perception in the relationship between sense of power and risky financial choices. The results indicated that a greater sense of power translates into a greater general focus on rewards, which, in turn, leads to lower investment and gambling risk perception and results in riskier financial choices. Study 2 investigated the role of states of power and lack of power in explaining people's financial decisions as well as their influence on people's situational focus on rewards versus threats. We demonstrated that the state of power plays a significant role in explaining the situational focus on rewards versus threats, situational risk perception, and risky investment and gambling choices. Study 3 tested the single and joint moderating effects of the state of focus on rewards versus threats and the state of power in explaining the positive relationship between the sense of power and risky investing and gambling choices. In line with our main hypothesis, the obtained results showed a significant three‐way interaction among sense of power, state of power, and state of focus on rewards versus threats, both in terms of investment and gambling choices. [ABSTRACT FROM AUTHOR]

Within contemporary contextualization, representation has transcended its traditional role as a mere reflection or symbol and has become a dynamic force that actively shapes and challenges material reality. This netnographic research outlines the dialogue between Instagram posts, as a contemporary mode of representation, and the construction of the material realm, as constituted by the youth demographic that predominantly engages with the social media platform. By examining the discursive investing framework, this research focuses on the use of Instagram by the popular culinary account @ke.jogja and its intersection with material development, specifically in the Yogyakarta region of Indonesia. Through Instagram's culinary posts, @ke.jogja is found to not only represent but also materially amplify the presence of youth-oriented culinary spaces, as it contributes significantly to the promotion and marketing of the aforementioned spaces. This symbolicto- material amplification emerges as a transformative force that significantly contributes to the phenomenon of culinary-based gentrification in the Yogyakarta region. The findings highlight the intricate relationship between Instagram culinary posts as symbolic and concrete material transformation in an urban landscape. [ABSTRACT FROM AUTHOR]

Responsible Management Education (RME) seeks to prepare students to address social and ecological crises via going beyond a traditional narrow understanding of shareholder wealth maximization. Past research has shown mixed results regarding the effectiveness of RME courses to change students' subsequent behavior. We examine whether taking an RME course that teaches multiple approaches to management affects students' subsequent investment decisions. We find that such students allocate less money to investments that focus only on financial returns without regard for social and ecological well-being, thereby counterbalancing our finding that greater investment knowledge is associated with allocating more money to such investments. Implications are discussed. [ABSTRACT FROM AUTHOR]

Copyright of Croatian & Comparative Public Administration is the property of Institut za Javnu Upravu 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.)

Most of the literature on life cycle investment portfolio analysis focuses on the allocation between risky stocks and safe bonds. We introduce a new risky asset class, cryptocurrency, to a standard consumption-investment life cycle model. Our model suggests that the optimal investment profile in cryptocurrencies declines with age. Young investors mainly invest in cryptocurrency. As age and wealth increase, investors transition to mostly stocks mid-career and mostly bonds in retirement. A welfare analysis shows significant utility losses from not participating in the cryptocurrency market or not adjusting cryptocurrency portfolio shares throughout the life cycle. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to establish and estimate the extent of the volatility anomaly (VA). We examine the impact of the beta, variance, relative-beta, and relative-variance measures on the stock returns for NIFTY500 companies, for the 10-year period 2010-2020. Our empirical findings suggest that the VA is predominant in the medium to long-term, but seems to be negligible in the ultra-short and short time frames. The overall findings suggest that the VA is most significant when the time period considered is three years or more. These results can be highly useful for investors as well as portfolio managers.

The main objective of this research paper is to discuss the approaches, methods and models used for the valuation of companies. The valuation of companies is a serious challenge for financial analysts and appraisers all over the world, due to the fact that value is invisible and difficult to find. This is one of the reasons for the high number of methods and models developed for this purpose, as well as the many different classifications for them. One of the challenges is the selection of the appropriate combination of methods. This research starts with an overview of other studies about the most preferred valuation methods by certified financial analysts in Europe and the world as a whole. The studies indicate that only few methods and models are intensively used by analysts. The most preferred and widely used methods by them are the relative methods, followed by the DCF enterprise model. A survey was conducted by the author among actively operating certified appraisers in Bulgaria. The survey shows that, in general, Bulgarian appraisers prefer and use mostly the same methods that are used by financial analysts in Europe and other international markets. Still, there are some curious differences – the DCF enterprise model is again very intensively used, but the confidence in the relative valuation methods, according to respondents, is very low in Bulgaria. At the same time, the other widely applied method by appraisers in Bulgaria is the net asset value (NAV) method, contrary to the fact that they do not particularly trust it.

The purpose of the study was to analyze the effectiveness of technical trading strategies in trading stocks of selected Indian companies represented in the Nifty 50 Index. The research was done using secondary data from January 2022 to August 2022. Hourly share prices of 14 largest companies as per market capitalization from 14 different sectors from the Nifty 50 Index were considered as a part of the study. Simple Moving Average, Exponential Moving Average – Relative Strength Index and Bollinger Bands – Relative Strength Index – strategies considered in the study. It was found that strategy based on Bollinger Bands and Relative Strength Index performed the best. Performance was considered with respect to both the number of stocks having a net profit and the number of stocks that were able to outperform the buy-and-hold strategy for the time period considered. The study considered several combined strategies and performance indicators, whereas previous studies used limited indicators. Out of the 14 stocks considered, the Simple Moving Average strategy was able to generate net profit for 8 stocks and it outperformed the buy-and-hold strategy for 6 stocks, Exponential Moving Average – Relative Strength Index strategy generated net profit for 6 stocks and it outperformed the buy-and-hold strategy for 5 stocks, and the Bollinger Bands – Relative Strength Index generated net profit for 11 stocks and it outperformed the buy-and-hold strategy for 10 stocks. The Bollinger Bands – Relative Strength Index strategy was able to outperform as it was more dynamic and entered and exited positions actively.

Effective environmental and energy management is crucial in the wastewater treatment sector. This article examines the implementation of biogas projects, which use anaerobic digestion to convert sewage sludge into energy and biofertilizer, in the Russian Federation. These projects, while common in the European Union, are rare in Russia due to financial constraints. Currently, they are primarily funded by utility operator investment programs, supported by tariffs for wastewater services. It is estimated that funding these projects through a five-year investment program would result in an annual tariff increase of 6-20% in the first two years. Additional financial mechanisms, such as 'green' credits and government interest rate compensation, have minimal impact on tariff growth. Any increase, however, can be burdensome for the population, and regional administrations may hesitate to implement these projects due to tariff concerns. Regardless, these projects are essential for Russia's transition to a circular economy. [ABSTRACT FROM AUTHOR]

Considerable studies have examined the relationship between commodity markets and stock markets. This paper studies the cyclical relationship between commodity markets and stock markets with implications for investing based on index relationships. Stock markets are represented by the U.S. S&P 500 index and aggregate commodity markets by the U.S. producer price index (PPI). Tradeable market indexes readily available to investors, namely the S&P GSCI Index and the Bloomberg Commodity Index (BCOM), are also studied. An optimal bandpass filter is used to estimate the cyclical component using a pricing-performance measure of the S&P 500 relative to the PPI, based on annual data from 1871 to 2022. The S&P GSCI and the BCOM indexes are also used to test the robustness of the findings. The impacts of the financial crisis of 2008 and the coronavirus pandemic are also assessed. The overriding conclusion of the study is that a cyclical relationship exists between stock markets and commodity markets for both aggregate and tradeable indexes which can last, from peak to peak, approximately 31 years. Measuring returns and risks in a manner consistent with these cycles can shed new light on the usefulness of commodity investing via tradeable indexes in seeking efficient portfolios. [ABSTRACT FROM AUTHOR]

Investment is a very complex and complex process, which includes a number of sub-processes, phases and individual activities. It contains two very important and interconnected dimensions - time and uncertainty. The time period from the appearance of the idea of the need to invest to the realization of the investment is usually very long. The next step is the preparation for the realization of the investment, followed by the realization of the investment and finally the preparation of the production. A special group consisting of investment projects focused on the construction and equipping of facilities of various purposes are the subject of this paper.

The property market in Central European Region countries share a number of common features among which privatization, restitution of property, massive regulation or underdeveloped financial market all of which contributed on persisting property market imbalances and continuous dynamic changes. These changes have recently been significantly exacerbated by the presence of the Covid-19 pandemic, the war in Ukraine and a significant increase in energy prices (heating of apartments and houses, production of building materials, etc.). It is currently difficult for investors and people looking for their own housing to predict the future development of housing prices and housing affordability. This article analyses the housing market trends in this region taking the example of the Czech Republic using unique primary statistical data. It offers a deeper insight into the trends present on this market, identifies significant determinants of housing prices and evaluates changes in housing affordability. Our research reveals why the property market trends may contribute to opening inequality scissors and thus economic stability. This research is based on primary statistical data mined by EVAL software which allows to gather information about the development of the real estate market from real estate advertising.

One of the most dynamic trends in the development of the modern market of financial investments is ESG investing. Investing which is based on the inclusion of Environmental, Social and Governance criteria into consideration. In this case, there is an actual problem of analysis mapping ESG criteria with investment risk management. This article considers specific features of inclusion ESG assessments into investment risk management. For this purpose, the S&P Global system of ESG scores was used. The assessments of market risk for both direct and portfolio investments were considered. The dichotomy between the approaches of diversification and prioritization based on ESG criteria had been identified. The article offers expansion of portfolio risk management within the framework of a three-criteria optimization model (risk, return, and ESG score based criteria). The article justifies the investment decision on the basis of construction of an effective set of pair “risk – ESG score” which provides an analogue of the classical frontier line in modern portfolio theory. The implementation of this approach was carried out to the companies included into stock index baskets of three Central and Eastern European (CEE) stock markets: Poland, Czech Republic and Hungary.

Today, the faculties of physical education and sports sciences strive to meet the modern global changes and challenges that are expected of them. It is certain that physical education and sports sciences are among the active areas in society that affect and are affected by it. The problem of the research lies in that the mathematical process does not proceed steadily and balanced on the one hand, and on the other hand there is a lot of shortage of material resources, if not non-existent, knowing that there are many sponsors and supporters, and on the other hand the lack of sufficient awareness in the field of investment in the bodies or colleges Sports and its divisions, and the lack of sport as an area of investment within the investment plan and the lack of sufficient awareness and studies that help understand the sports investment strategy in the Kurdistan region of Iraq. The objectives of the research are to identify the importance of sports investment in colleges and departments of education and sports sciences in the Kurdistan region of Iraq from the point of view of its teaching organization and its administrative staff. The researcher used the descriptive method in the survey method, for its suitability to the nature of the research. As for the research community and its samples, the research community included all teachers and administrators from all colleges and departments of physical education and sports sciences in the Kurdistan region and included 17 public universities and 19 private universities. Physical Education and Sports Science in the Kurdistan Region - Iraq. And members of some administrative bodies who have administrative positions in colleges and sports departments in all their classifications, where the number of all teachers and administrators reached (406). The researcher used the percentage, arithmetic averages, correlation coefficient, standard deviations, statistical treatments