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Journal articles on the topic 'Established markets'
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1
Turk, Brendan K., Charlie Shackleton, and Kevin Whittington-Jones. "Prevalence of sustainability reporting practices of listed companies on established and emerging stock exchanges." South African Journal of Economic and Management Sciences 16, no. 1 (2013): 75–82. http://dx.doi.org/10.4102/sajems.v16i1.234.
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The business sector has a substantial role in addressing current environmental issues and concerns. Consequently, there is a growing adoption of corporate sustainability principles and practices across all market sectors. This study examined four developed and four emerging stock markets and the sustainability reporting practices of the top 20 and bottom 20 companies in each. The results illustrate that the developed market sector was more advanced in its corporate sustainability reporting, both in the proportion of companies issuing a sustainability report (approximately 60 per cent) and the proportion of company webpages dedicated to sustainability reporting. This difference was largely due to the effect of the top 20 companies. There was little difference between developed and developing markets when only the bottom 20 companies were considered, of which less than one-third provided sustainability reports. These results show that sustainability reporting is prevalent in both developed and developing markets, especially among market leading companies, but that overall, most developing markets have some catching up to do.
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Beben, M., and A. Orłowski. "Correlations in financial time series: established versus emerging markets." European Physical Journal B 20, no. 4 (2001): 527–30. http://dx.doi.org/10.1007/s100510170233.
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Ha, Sung Ho, Mi Jin Noh, and Suk Bong Choi. "Difference in the adoption of internet open markets between transition and established market economies." Electronic Commerce Research 14, no. 4 (2014): 531–58. http://dx.doi.org/10.1007/s10660-014-9162-3.
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Rato, Miguel, and Nicolas Petit. "Abuse of Dominance in Technology-Enabled Markets: Established Standards Reconsidered?" European Competition Journal 9, no. 1 (2013): 1–65. http://dx.doi.org/10.5235/17441056.9.1.1.
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Xue, Y., J. Montilva, and R. Degun. "Adoption of Managed Entry Agreements in Established and Emerging Markets." Value in Health 19, no. 7 (2016): A835—A836. http://dx.doi.org/10.1016/j.jval.2016.08.563.
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Drljača, Zorica. "Infrastruktura tržišta kapitala Republike Srpske / Infrastructure of the Capital Market in the Republic of Srpska." Годишњак факултета правних наука - АПЕИРОН 6, no. 6 (2016): 209. http://dx.doi.org/10.7251/gfp1606209d.
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The regulation of the capital market in the Republika Srpska is based on the objectives and principles of the International Organization of Security Commissions and requirements of European integration. In this regard, an appropriate infrastructures capital markets has been established, there are no administrative barriers for foreign investors, dematerialization of securities is made, electronic way of trade and the centralization of secondary public trade in securities are established. However, despite all these characteristics, according to the classification FTSE Global Equity Index Series, the capital of the Republika Srpska market still belongs to the frontier markets, representing the developing markets, what actually reflects the state of the entire economic system.
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RONSIJN, WOUTER. "Smallholders, Spinners, Weavers and the ‘scarcity of markets’ in the Flemish Countryside, c. 1780–1850: Motivations behind the Multiplication of Periodic Markets." Rural History 25, no. 1 (2014): 39–60. http://dx.doi.org/10.1017/s0956793313000228.
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AbstractBetween the last decades of the eighteenth century and the middle of the nineteenth century, a large number of new markets were established in the Flemish countryside. The multiplication of rural markets tends to be seen as part of the process of market integration, with rural producers responding to the opportunities provided by increasing external demand, such as that from the growing towns. However, an analysis of the motivation behind new establishments, based on the files treating the requests for new markets, reveals that markets were more often established for entirely different reasons. In this period, markets were expected to permit households to intensify their activities in order to overcome increasing economic difficulties. Developments within rural society, particularly rising population pressure, the need to produce and sell more, and deteriorating informal exchange networks among countrymen, coupled to a decline in demand for rural industrial products, were the main drives behind the multiplication of markets. This contribution shows it is important to pay attention to how new markets and market integration in general fitted within the goals and strategies of the country dwellers themselves.
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Christiansen, Jed D. "PREDICTION MARKETS: PRACTICAL EXPERIMENTS IN SMALL MARKETS AND BEHAVIOURS OBSERVED." Journal of Prediction Markets 1, no. 1 (2012): 17–41. http://dx.doi.org/10.5750/jpm.v1i1.418.
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This paper discusses a series of prediction markets created and operated in the summer of 2006 to measure calibration and behaviour of small-scale prediction markets. The research finds that small markets are very well calibrated and determines a potential minimum threshold of participation to ensure well-calibrated results. The results also established the markets as very efficient at predicting small probabilities. Behavioural aspects of markets are also examined. Trader behavioural types are assessed and categorised; while a small group of traders were extremely active, over half of all traders rarely traded. Market manipulation is examined and found to be occasionally effective, though only in very small markets. Finally, incentives to trade are discussed; these markets were effective with no incentives for trading at all.
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Theron, Nicola, and Johann Van Eeden. "Two-sided markets: An application to mobile termination in South Africa." Journal of Economic and Financial Sciences 4, no. 3 (2011): 183–202. http://dx.doi.org/10.4102/jef.v4i4.373.
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The concept of a two-sided market has received increased attention in the academic literature of late. In this paper we argue that the market for call termination is an example of a two-sided market. We apply the concepts of a two-sided termination market to the current attempts by ICASA to reduce mobile termination rates through regulation. We also deal with the concepts of significant market power (SMP) and established significant market power (ESMP), and show that the traditional thinking around market power has to be adapted when one deals with two-sided markets. More specifically, we analyse these concepts by looking at the position of Cell C, a smaller player in the mobile market in SA. We show that market power (and appropriate pro-competitive remedies) in call termination markets cannot be established without considering the origination (retail) market – the other side of the two-sided market.
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Hertz, D., A. D. Marcarelli, L. Patel, and S. Garfield. "PHP195 Adoption of New Technologies in Twenty Established and Emerging Markets." Value in Health 15, no. 7 (2012): A323—A324. http://dx.doi.org/10.1016/j.jval.2012.08.737.
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Koplyay, T., B. Mitchell, S. Cohn, and M. Fekete. "Risk Profiles of Emerging and Established Value Chains in Dynamic Markets." IFAC-PapersOnLine 48, no. 3 (2015): 521–28. http://dx.doi.org/10.1016/j.ifacol.2015.06.134.
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Kwon, Hyeong-Ki. "Markets, Institutions, and Politics Under Globalization." Comparative Political Studies 37, no. 1 (2004): 88–113. http://dx.doi.org/10.1177/0010414003260128.
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By investigating U.S. and German industrial adjustments, in particular, the dynamic process of transformation in the U.S. and German automotive industries, this article seeks to reconceptualize the market and politics. Although the U.S. and German automotive industries showed a strikingly similar pattern of industrial adjustments, such as deintegration of in-house production, lean production, and closely interactive market relations, these seemingly converging markets differ from the neoliberal paradigm. Although the U.S. and German markets diverge in solving conflicts emerging in the newly established markets, their differences are not predetermined by particular cultures or institutions found in each country. This article claims that market rationality and market governance are not predetermined by an abstract, universally relevant market rationality or by cultural and institutional heritages, rather that the market rationality and its governance are continuously constituted by agents’ discursive politics.
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Camilleri, Silvio John, Semiramis Vassallo, and Ye Bai. "Predictability in securities price formation: differences between developed and emerging markets." Journal of Capital Markets Studies 4, no. 2 (2020): 145–66. http://dx.doi.org/10.1108/jcms-07-2020-0025.
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PurposeThis paper examines whether there are differences in the nature of the price discovery process across established versus emerging stock markets using a twenty-country sample.Design/methodology/approachThe authors analyse security returns for traces of predictability or non-randomness using variance ratio tests, Granger-Causality models and runs tests.FindingsThe findings pinpoint at predictabilities which seem inconsistent with market efficiency, and they suggest that the inherent cause of predictability differs across groups.Research limitations/implicationsThe authors present empirical evidence which may be used to attain a deeper understanding of the links between predictability and market efficiency, in view of the conflicting evidence in prior literature.Practical implicationsWhilst the pricing process in emerging markets may be hindered by delayed adjustments, in case of established markets it seems that there is a higher tendency for price reversals which could be due to prior over-reactions.Originality/valueThis study presents evidence of substantial differences in predictability across developed and emerging markets which was gleaned through the rigorous application of different empirical tests.
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Seemann, Thomas, Harald Hungenberg, and Albrecht Enders. "THE EFFECT OF STOCK ENDOWMENTS ON THE LIQUIDITY OF PREDICTION MARKETS." Journal of Prediction Markets 2, no. 3 (2012): 33–46. http://dx.doi.org/10.5750/jpm.v2i3.445.
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Prediction markets are considered as a promising new forecasting method that has proven high prediction accuracy in many areas such as politics, sports, and business-related fields. The method is, however, far from being established or even understood. The specific circumstances and market designs that lead to efficient prediction markets need to be further identified. This paper tries to statistically analyze the impact of certain factors in market design. In particular, we analyze the impact of the initial endowments provided to new market participants on the liquidity of prediction markets. Market operators can provide either a cash endowment or a combination of a cash and stock endowment. By evaluating two play-money prediction markets run in parallel during the FIFA World Cup 2006, we show that the stock endowments significantly foster liquidity in the market. We recommend operators of online game markets as well as corporate prediction markets to provide stock and cash endowment to participants instead of pure cash endowments wherever feasible.
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Benmecheddal, Ahmed, Hélène Gorge, and Nil Özçağlar-Toulouse. "Rethinking Alternative Markets in the Context of Economic Crisis and Austerity in Greece." Journal of Macromarketing 37, no. 2 (2017): 193–205. http://dx.doi.org/10.1177/0276146717696894.
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Alternative markets are often described as exchange systems for people who wish to escape the capitalist markets. In this article, we argue that alternative markets may also emerge in a context of economic constraint, in which people have restricted access to mainstream markets. In order to survive, they have to find alternative ways of obtaining goods and services. To understand the emergence and characteristics of the constrained type of alternative market, we examine the bartering systems established in Greece in the aftermath of the financial crisis and the imposition of austerity measures by international and European institutions on the country’s economic system. This study offers theoretical insights for the literature on alternative markets by conceptualizing bartering systems as a complementary market to the capitalist markets.
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CHANG, CHIA-LIN, TE-KE MAI, and MICHAEL MCALEER. "PRICING CARBON EMISSIONS IN CHINA." Annals of Financial Economics 13, no. 03 (2018): 1850014. http://dx.doi.org/10.1142/s2010495218500148.
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The review paper provides a strategy for determining carbon emissions pricing in China to guide how carbon emissions might be mitigated to reduce fossil fuel pollution. China has promoted the development of clean energy, including hydroelectric power, wind power, and solar energy generation. In order to involve companies in carbon emissions control, regional and provincial carbon markets have been established since 2013. As China’s carbon market is organized domestically, and not necessarily using market principles, there has been little research on China’s carbon price and volatility. This paper provides an introduction to China’s regional and provincial carbon markets, proposes how to establish a national market for pricing carbon emissions, discusses how and when these markets might be established, how they might perform, and the subsequent prices for China’s regional and national carbon markets. Power generation in manufacturing consumes more than other industries, with more than 40% of total coal consumption. Apart from manufacturing, the northern China heating system relies on fossil fuels, mainly coal, which causes serious pollution. In order to understand the regional markets well, it is necessary to analyze the energy structure in these regions. Coal is the primary energy source in China, so that provinces that rely heavily on coal receive a greater number of carbon emissions permits. In order to establish a national carbon market for China, a detailed analysis of eight important regional markets is presented. The four largest energy markets, namely, Guangdong, Shanghai, Shenzhen, and Hubei, traded around 82% of the total volume and 85% of the total value of the seven markets in 2017, as the industry structure of the western area is different from that of the east. The China National Development and Reform Commission has proposed a national carbon market, which can attract investors and companies to participate in carbon emissions trading.
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Yang, Yang, Minglei Bao, Yi Ding, Yonghua Song, Zhenzhi Lin, and Changzheng Shao. "Review of Information Disclosure in Different Electricity Markets." Energies 11, no. 12 (2018): 3424. http://dx.doi.org/10.3390/en11123424.
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Electricity markets have been established in many countries of the world. Electricity and services are traded in the competitive environment of electricity markets, which generates a large amount of information during the operation process. To maintain transparency and foster competition of electricity markets, timely and precise information regarding the operation of electricity market should be disclosed to the market participants through a centralized and authorized information disclosure mechanism. However, the information disclosure mechanism varies greatly in electricity markets because of different market models and transaction methods. This paper reviews information disclosure mechanisms of several typical electricity markets with the poolco model, bilateral contract model, and hybrid model. The disclosed information and clearing models in these markets are summarized to provide an overview of the present information disclosure mechanisms in typical deregulated power systems worldwide. Moreover, the various experiences for establishing an efficient information disclosure mechanism is summarized and discussed.
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Masoub, Najeb. "Stock Markets." International Journal of Finance & Banking Studies (2147-4486) 2, no. 4 (2013): 13–29. http://dx.doi.org/10.20525/ijfbs.v2i4.160.
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The stock market is a common feature of a current economy and it is reputed to achieve some necessary functions, which promote the growth and development of the economy. To achieve this objective, the endogenous growth literature and research, and recent theoretical studies have tried to provide a link between the literature of endogenous growth theory and financial markets. Providing evidence of stock market development will assist policy makers in designing reforms that do indeed promote the growth rate, enhancing stock market development as economic growth through to the banking system of financial sectors, and to the degree of investor’s right; furthermore, allowing risk sharing encourages speculative and productive investment (see, e.g. Greenwood and Jovanovic (1990) and Bencivenga and Smith (1991)). The results of the previous study, which established positive links between the stock market and economic growth, suggests the pursuit of policies geared towards rapid development of the stock market.
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Ranganathan, Thiagu, and Usha Ananthakumar. "Market efficiency in Indian soybean futures markets." International Journal of Emerging Markets 9, no. 4 (2014): 520–34. http://dx.doi.org/10.1108/ijoem-12-2011-0106.
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Purpose – The National commodity exchanges were established in India in the year 2003-2004 to perform the functions of price discovery and price risk management in the economy. The derivatives market can perform these functions properly only if they are efficient and unbiased. So, there is a need to properly evaluate these aspects of the Indian commodity derivatives market. The purpose of this paper is to test the market efficiency and unbiasedness of the Indian soybean futures markets. Design/methodology/approach – The paper uses cointegration and a QARCH-M-ECM-based framework to test the market efficiency and unbiasedness in the soybean futures contract traded in the National Commodity Derivatives Exchange (NCDEX). The cointegration test is used to test the long-run unbiasedness and market efficiency of the contract, while the QARCH-M-ECM model is used to test the short-run market efficiency and unbiasedness of the contract by allowing for a time-varying risk premium. The price data is also tested for presence of structural breaks using a Zivot and Andrews unit root test. Findings – The soybean contract is unbiased in the long run, but there are short-run market inefficiencies and also a presence of a time-varying risk premium. Though the weak form of market efficiency is rejected in the short run, the semi-strong market efficiency is not rejected based on the forecasts. Originality/value – This is the first paper to consider time-varying risk premium while performing the tests of market efficiency and unbiasedness on Indian commodity markets.
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Casson, Mark, and John S. Lee. "The Origin and Development of Markets: A Business History Perspective." Business History Review 85, no. 1 (2011): 9–37. http://dx.doi.org/10.1017/s0007680511000018.
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The origins of the market are obscure, but substantial documentary evidence survives from the eleventh century onward, when chartered markets and new towns were established across Western Europe. The expansion of the market system is important for business history because it created new opportunities for business growth. There has been no systematic literature review on market evolution since Henri Pirenne and Raymond de Roover, and this article attempts to fill the gap. It shows that successful markets were regulated–often by civic authorities–to maintain a reputation for reasonable prices and quality control. Markets were located at both transport hubs and centers of consumption, even when the latter were quite remote. However, as transport and communication costs declined, shakeouts occurred and only the larger markets survived.
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CAMPBELL, BRUCE M. S. "Factor markets in England before the Black Death." Continuity and Change 24, no. 1 (2009): 79–106. http://dx.doi.org/10.1017/s0268416009007036.
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ABSTRACTModern English factor markets originated during the two centuries of active commercialization that preceded the Black Death. An active labour market was established by the late twelfth century. Evolution of a land market followed the legal reforms of the 1170s and 1180s, which created legally secure and defensible property rights in land. These rights stimulated growth of a capital market, since land became a security against which credit could be obtained. Nevertheless, none of these nascent factor markets functioned unconstrained and each became embedded in legal, tenurial, and institutional complexities and rigidities which it took later generations centuries to reform.
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Vaughan Williams, Leighton, Blake Saville, and Herman Stekler. "DO POLLS OR MARKETS FORECAST BETTER? EVIDENCE FROM THE 2010 US SENATE ELECTIONS." Journal of Prediction Markets 5, no. 3 (2012): 64–74. http://dx.doi.org/10.5750/jpm.v5i3.493.
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In this paper, we seek to examine how well prediction markets performed, compared to opinion polls, in forecasting the outcome of the 2010 US Senate elections. Prediction markets are speculative or betting markets created or employed for the purpose of aggregating information and making predictions. To do this, we used data from the 2010 US Senate election campaigns, comparing the performance of an established prediction market with opinion polls. Overall we found no significant difference in the forecasting ability of the polls and prediction markets in the Senate races under examination.
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Swinney, Robert, Gérard P. Cachon, and Serguei Netessine. "Capacity Investment Timing by Start-ups and Established Firms in New Markets." Management Science 57, no. 4 (2011): 763–77. http://dx.doi.org/10.1287/mnsc.1110.1309.
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Seemann, Thomas, Albrecht Enders, and Harald Hungenberg. "INFLUENCES ON THE TRUST IN PREDICTION MARKETS." Journal of Prediction Markets 3, no. 2 (2012): 1–20. http://dx.doi.org/10.5750/jpm.v3i2.459.
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Prediction markets are an innovative forecasting method that has proven high prediction accuracy in many areas. The method is, however, far from being established since many organizations are still reluctant to use the method. In particular the trust in the forecast results is a key challenge that negatively impacts the adoption of the method. To get a better understanding of what drives trust in prediction markets we analyzed the perceptions of prediction market users. We identify factors that influence the trust and quantified them in an empirical study. The study is based on user surveys in six experimental prediction markets. The influencing factors were evaluated using a structural equation model. The results demonstrate that participants who are highly engaged and perceive trading in prediction market as exciting and entertaining also put a higher trust in the market results.
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Mirkin, Yakov M., and Karina M. Lebedeva. "The Phenomenon of Related Dynamics in Global Finances (Russia, Brazil)." Outlines of global transformations: politics, economics, law 11, no. 1 (2018): 155–69. http://dx.doi.org/10.23932/2542-0240-2018-11-1-155-169.
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The article establishes stable codependencies between international financial markets and their underlying cause and effect mechanisms, as an object of a global transformation. We demonstrate an intense co-integration between the financial markets of Russia, Brazil and the other emerging markets of Latin America (through the lens of stock markets and national currencies). The cause and effect mechanisms of this dependency are examined. We characterize the countries as analogous substitutes for investors (abundant similarities include: models of collective behaviour, ideology, model and structure of the economy, model of the financial sector, highly speculative markets in shares and currencies). The article explains an extremely limited role of the internal (primarily retail) investors in determining dynamics of the financial market. The central role of non-resident actors (global financial institutions and institutional investors) in the dynamics of the markets of Russian and Brazil is established. We demonstrate that for Russia and Brazil sources of foreign portfolio investments coincide. This includes Anglo-Saxon centers, specifically the US and British offshore jurisdictions, and the global centers of secondary importance (the Netherlands and Luxembourg). The decision making models of global investors in Russian and Brazil are examined: stock prices are driven by the oil prices, and in part by the US stock market, and rouble and real exchange rates follows oil prices and the EUR-USD currency pair. Analysis and conclusions made in the article are supported by a significant volume of statistical modelling.
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Данькевич, А. П. "THE UKRAINIAN FINANCIAL INSTRUMENTS MARKETS IN CONDITIONS OF GLOBALIZATION." Збірник наукових праць Університету державної фіскальної служби України, no. 1 (June 22, 2019): 33–44. http://dx.doi.org/10.33244/2617-5940.1.2019.33-44.
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In the article are considered discrepancy of the standard legislation of Ukraine to the international regulation of the markets of financial instruments. It is established that the main differences concern: mutual recognition between regulatory bodies of the Ukrainian security market and their colleagues from EU member states.
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Anstee, K., D. Oldham, H. Landels, and B. Rousseau. "PDB13 EVALUATING THE ECONOMIC AND HUMANISTIC BURDEN OF TYPE 2 DIABETES MELLITUS IN EMERGING MARKETS COMPARED TO ESTABLISHED MARKETS." Value in Health 22 (November 2019): S574. http://dx.doi.org/10.1016/j.jval.2019.09.895.
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Masih, Abul M. M., and Rumi Masih. "Dynamic Modeling of Stock Market Interdependencies: An Empirical Investigation of Australia and the Asian NICs." Review of Pacific Basin Financial Markets and Policies 04, no. 02 (2001): 235–64. http://dx.doi.org/10.1142/s0219091501000401.
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This article examines the patterns of dynamic linkages among national stock prices of Australia and four Asian NIC stock markets namely, Taiwan, South Korea, Singapore and Hong Kong. By employing recently developed time-series techniques results seem to consistently suggest the relatively leading role of the Hong Kong market in driving fluctuations in the Australian and other NIC stock markets. In other words, given the generality of the techniques employed, Hong Kong showed up consistently as the initial receptor of exogenous shocks to the (long-term) equilibrium relationship whereas the Australian and the other NIC markets, particularly the Singaporean and Taiwanese markets had to bear most of the brunt of the burden of short-run adjustment to re-establish the long term equilibrium. Furthermore, given the dominance of the Hong Kong market in the region, the study also brings to light the substantial contribution of the Australian market in explaining the fluctuations to the other three markets, particularly Singapore and Taiwan. Finally, in comparison to all other NIC markets, Taiwan and Singapore appear as the most endogenous, with the former providing significant evidence of its short-term vulnerability to shocks from the more established market such as Australia.
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Żukowski, Rafał. "Time Series Decomposition as a Method of Measuring Capital Markets Convergence." Olsztyn Economic Journal 15, no. 2 (2020): 155–64. http://dx.doi.org/10.31648/oej.5838.
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The aim of the article is to present time series decomposition as a method of measuring capital markets convergence. As an example, convergence of two different sets of markets are measured using this methodology. On the basis of this research, it has been established that time series decomposition of the market indices can prove or reject a hypothesis of moving indices in similar directions over a period of time.
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Mail, Maicon Scaravonatto, Jorge Renato Verschoore, and Jefferson Marlon Monticelli. "The Interplay of Competition and Cooperation in the Innovation Process Between Established Organizations and Startups." International Journal of Business Administration 12, no. 4 (2021): 16. http://dx.doi.org/10.5430/ijba.v12n4p16.
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This study aims to analyze the dynamic process of coopetition between an established organization and startups to develop innovation. We conducted an exploratory, qualitative study, based on Grounded Theory. The Grounded Theory allows the development of a theory emerging from data that is simultaneously collected and analyzed, determining the categories to observe the core questions. It can be divided into two stages: initial coding (open and axial coding) and focused coding. In the open coding, are defined categories and subcategories that are reviewed in the axial coding to generate more precise explanations? Along with the focused coding, the data organized from initial coding is categorized for an analytical understanding of the phenomena. In the first stage, we conducted eight semi-structured interviews with a homogeneous sample. An interview guide addressing coopetition factors was developed. As a result, we developed a framework from the theoretical background. This framework was evaluated by three executives and professors with experience in coopetition between large corporations and startups. The snowball technique was used to recruit the participants. Our findings reveal that different factors – market increase, strategic alignment, and technological alignment – are associated. We observed that coopetition not only helps in developing new markets but also in understanding the user demands of these markets. Thus, coopetition is an accelerator of innovation, since it allows the identification of the resource complementarity and technological scale gains.
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Sehgal, Sanjay, Namita Rajput, and Rajeev Kumar Dua. "Price Discovery in Indian Agricultural Commodity Markets." International Journal of Accounting and Financial Reporting 2, no. 2 (2012): 34. http://dx.doi.org/10.5296/ijafr.v2i2.2224.
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In this paper, the price discovery relationship for ten agricultural commodities has been examined. Price discovery is confirmed for all commodities except Turmeric. Price discovery results are encouraging given the nascent character of commodity market in India. However the market does not seem to be competitive. The findings have implications for policy makers, hedgers and investors and will help in deeply understanding the role of futures market in information dissemination. The commodity exchanges must strengthen their surveillance system for early detection on continuous basis of anomalous trading behaviour. These markets are becoming informationally mature and market regulators have taken adequate steps for market development. Forwards Market Commission (FMC) should be given adequate powers to regulate commodity market and penalise any insider trading and price manipulations. Well-organized spot markets must be developed, ensuring transparency and trading efficiency. Electronically traded spot exchanges must be developed and warehousing; testing labs as well as other eco-system linkages must be established to strengthen the derivative market trading mechanism for efficient price discovery mechanism.
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Waitz, Martin, and Andreas Mild. "Comparing trading behaviour and profit composition in prediction markets." Journal of Prediction Markets 14, no. 2 (2020): 3–26. http://dx.doi.org/10.5750/jpm.v14i2.1561.
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Prediction markets have established itself as forecasting technique, especially within the IT industry. While the majority of existing studies focuses either on the output of such markets or its design settings, the traders who actually produce the forecasts got only little attention yet. Within this work, we develop a classification scheme for traders of a prediction market that is grounded on both, financial and prediction market literature. Over a period of three years, 127 prediction markets have been observed and its 4.329 traders are separated into seven subgroups (beginners, noise traders, average traders, experts, donkey traders, market makers and superior traders), based on their knowledge, experience and selectivity. We find empirical evidence for the existence of these subgroups and thus for the heterogeneity among the traders. For each of these subgroups, we analyze the trading behaviour and the profit composition.
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Bergfjord, Ole Jakob. "PREDICTION MARKETS AND CONTRACT DESIGN." Journal of Prediction Markets 5, no. 2 (2012): 1–13. http://dx.doi.org/10.5750/jpm.v5i2.486.
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Traditionally, the main function of prediction markets (PMs) has been to provide information about probabilities for various events. Good information requires a well-functioning market, which in turn depends on sufficient liquidity and a sufficient number of market participants. While many of the early PMs have been of a more experimental nature, with students or other test groups as market participants, a natural assumption is that future PMs must be able to attract market participants to be successful.We assume that four main groups of stakeholders face potential gains from a well-functioning PM contract: The exchange launching the contract; hedgers; gamblers; and users of the market information, whether this is a corporation or society as a whole.In this paper, we analyze different design characteristics of PM contracts, mainly in light of previous studies of futures markets. A relatively extensive literature exists on the design of futures contracts, and a number of criteria have been established to predict whether a contract is likely to be successful. We use this to provide some recommendations for contract design, in order to develop contracts that maximize the gain for the four groups of stakeholders.
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Ramaswamy, Venkatram, Hubert Gatignon, and David J. Reibstein. "Competitive Marketing Behavior in Industrial Markets." Journal of Marketing 58, no. 2 (1994): 45–55. http://dx.doi.org/10.1177/002224299405800204.
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The authors outline a conceptual framework for analyzing differences in competitive marketing behavior of businesses in established industrial markets. They explicitly distinguish between retaliatory and cooperative marketing behavior. The structural characteristics of the served markets and the competitive positions of businesses are postulated to affect the nature and likelihood of retaliatory and cooperative behavior with respect to price and sales force expenditures. The authors specify different models explaining these dimensions of competitive marketing behavior at the strategic business unit level and test their hypotheses by estimating the various competitive behavior models using relevant data obtained from the PIMS (Profit Impact of Market Strategies) Program. The empirical results support several theoretical arguments and provide insights into the determinants of competitive marketing behavior in industrial markets.
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UTTERBACK, JAMES M., and HAPPY J. ACEE. "DISRUPTIVE TECHNOLOGIES: AN EXPANDED VIEW." International Journal of Innovation Management 09, no. 01 (2005): 1–17. http://dx.doi.org/10.1142/s1363919605001162.
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The term "disruptive technology" as coined by Christensen (1997, The Innovator's Dilemma; How New Technologies Cause Great Firms to Fail. Harvard Business School Press) refers to a new technology having lower cost and performance measured by traditional criteria, but having higher ancillary performance. Christensen finds that disruptive technologies may enter and expand emerging market niches, improving with time and ultimately attacking established products in their traditional markets. This conception, while useful, is also limiting in several important ways. By emphasising only "attack from below" Christensen ignores other discontinuous patterns of change, which may be of equal or greater importance (Utterback, 1994, Mastering the Dynamics of Innovation. Harvard Business School Press; Acee, 2001, SM Thesis, Massachusetts Institute of Technology). Further, the true importance of disruptive technology, even in Christensen's conception of it is not that it may displace established products. Rather, it is a powerful means for enlarging and broadening markets and providing new functionality. In Christensen's theory of disruptive technology, the establishment of a new market segment acts to channel the new product to the leading edge of the market or the early adopters. Once the innovation reaches the early to late majority of users it begins to compete with the established product in its traditional market. Here we present an alternative scenario in which a higher performing and higher priced innovation is introduced into the most demanding established market segments and later moves towards the mass market.
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Omosehin, Olanrewaju, Babatunde Ekundayo, Oluyede Aturamu, and Adewale Olutumise. "Price variation and transmission in beans consuming market of Southwest, Nigeria." Jurnal Perspektif Pembiayaan dan Pembangunan Daerah 8, no. 6 (2021): 609–18. http://dx.doi.org/10.22437/ppd.v8i6.10870.
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Nigeria's bean market is still characterized by inefficient and weak integration due to inadequate price information and market infrastructure. Therefore, the study investigates the price variation and transmission of beans markets in Nigeria's Southwest region. The study employed an average monthly price of white and brown beans in rural and urban markets spanning March 2014 to July 2019. Coefficient of variation (CV), Augmented Dickey-Fuller (ADF), Johansen co-integration test and Granger-Causality tests were the analytical tools used for the analysis. The results of CV indicated a spike variation of beans prices over the periods. Urban brown beans experienced the lowest variability of 1.56% in 2015, while rural brown beans experienced the highest variability of 30.03% in 2014. The co-integration test established a long-run dynamic between bean products of different varieties in the same market. However, it failed in the same products in different markets using a bivariate co-integration test. The multivariate co-integration test’s results affirmed that bean markets are strongly linked together in the long-run. The results of Granger-causality showed uni-directional and bi-directional causalities in the beans markets. Rural white beans assumed the lead position and formed the major price transmission in the beans’ markets in the area. Therefore, for more efficiency in the beans’ rural and urban markets, the government should design appropriate market strategies such as accessible market information and infrastructures.
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Dyomina, Olga, and Svetlana Naiden. "State Patronage on Heat and Electricity Markets of the Russian Far East." E3S Web of Conferences 209 (2020): 05001. http://dx.doi.org/10.1051/e3sconf/202020905001.
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The paper examines the conditions and goals of state patronage on heat and electricity markets of the Russian Far East. The distinct characteristic of market organization in the region is the lack of a unified energy system, high share of districts with decentralized energy supply, and segmentation of the electricity market. Based on the technological and institutional similarities, scale and form of state patronage, three zones of electricity market were established: market, semi-market, and regulated. The forms of state patronage on heat and electricity markets of the Far East are the following: state regulation of heat and electricity tariffs, setting the tariffs below actual costs, subsidies for providers and consumers of energy, state-sponsored construction of energy capacities. The paper evaluated the scale of patronage on heat and electricity markets and reached the conclusion that without state patronage the Far Eastern consumers of heat and electricity will not be able to purchase energy in market conditions.
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Matzler, Kurt, Todd A. Mooradian, Johann Füller, and Markus Anschober. "Unlocking laggard markets: innovation without high tech." Journal of Business Strategy 35, no. 2 (2014): 19–25. http://dx.doi.org/10.1108/jbs-07-2013-0050.
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Purpose – In every market there are non-consumers – potential customers that withstand an innovation. A common reason is that products targeted to early adopters or the mass market are over-engineered. Established companies usually neglect the laggards in a market. This offers growth opportunities for new entrants. These market niches can be unlocked when products are simplified and adapted to the special needs of the laggards. Design/methodology/approach – Using a short case study from an Austrian producer of cell-phones targeted to seniors, and some other examples, we show how innovative solutions can be developed by targeting to the special needs of laggards in a market. Findings – Technologies usually evolve faster than market needs and established companies, in their efforts to grow and improve profitability, try to innovate faster than their competitors. This often leads to over-engineered products. In many markets there are consumers that withstand these innovative and over-engineered products. A vacuum for low-priced, simple, and easy-to-use solutions emerges. We describe a five-step approach for unlocking these market segments and developing solutions for laggards. Originality/value – While most companies try to innovate faster than their competitors to defend their market leadership, laggard innovation targets non-consumers in the market. By simplifying over-engineered products and adapting them to the special needs of laggards, new market opportunities emerge. This paper shows how these market niches can be unlocked.
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Kuchler, Barbara. "Financial markets as commensurating machines." Social Science Information 58, no. 4 (2019): 539–65. http://dx.doi.org/10.1177/0539018419891797.
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Ever since the crisis of 2008, the dynamism and self-referentiality of financial markets have puzzled observers. This article argues that this dynamism is the product of a long process of commensuration, by which ever more heterogeneous financial assets and financial instruments have come to be compared with, substituted for, and valuated relatively to one another, and have thereby been condensed into a highly interconnected financial system. This trajectory can be found both in the long-term historical emergence of financial markets from ancient origins and in the more recent transformations of the financial system since the 1970s, including (i) the rise of derivatives markets, and (ii) the rise of capital markets as against bank-intermediated capital flows. The rise of derivatives markets was triggered by the commensuration of basic securities (such as stock, bond) and derivatives (such as options, futures), established by the Black-Scholes-Merton theory of option pricing. The rise of capital markets was rooted in the commensuration – and hence, competition and substitution – of bank products (such as loans, deposits) and non-bank products (capital market securities).
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Tubolec, I. I., and O. V. Tkalich. "GLOBALIZATION OF INTERNATIONAL FINANCIAL MARKETS." Scientific Bulletin of Ivano-Frankivsk National Technical University of Oil and Gas (Series: Economics and Management in the Oil and Gas Industry), no. 1(19) (May 21, 2019): 133–41. http://dx.doi.org/10.31471/2409-0948-2019-1(19)-133-141.
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The article deals with one of the components of globalization - the globalization of financial markets. The article considers financial markets, which are the component of globalization. The study investigates the international financial institutions that together form the international financial infrastructure and the main subjects of financial globalization. The study investigates the international financial institutions, which collectively form the international financial infrastructure and main subjects of financial globalization. The segments of the global financial market, which include the global debt market, the global stock market, other global financial markets (precious metals, real estate insurance), the global currency market, are considered. The article considers the segments of the global financial market, such as the global debt market, the global stock market, the global currency market and other global financial markets (precious metals, real estate insurance etc.).
 The article presents the prospects of global financial markets, such as high world standards, higher level of diversification, higher liquidity and professional risk management.
 It is established that the basis of the globalization of the financial system lies in the interaction of such phenomena as: technological progress; growing competition: on the one hand, between lending and financial institutions in the financial markets, and on the other hand, between the financial markets themselves, due to the significant development of information technology and telecommunications; restructuring of credit and financial; wide internationalization of business due to the increasing transnational nature of corporations; consolidation of regional integration associations (in Europe - Economic and Monetary Union); weakening of the firm control over the implementation of international agreements related to the movement of capital stock exchanges; - macroeconomic stabilization and reform in a number of developing and transition countries that have created a favorable climate for foreign investors; widespread use of the "principle of the lever".
 We investigated that the integration of international capital markets, merger of financial institutions, the tendency to increase speculative operations in the financial markets and financial crises are the global trends in the development of international financial markets in the requisition of globalization.
 It is proved that the, the emergence of the global financial space is represented by an increase in international financial flows, volumes of all types of international transactions, an increase in the number of companies and financial groups that operate outside of the national financial systems.
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Wadood, Misbah, Hashim Khan, and Hassan Wadood. "A Dynamic Resourced Based View on Firms Life Cycle Stages and Capital Structure Theories: A Comparative Analysis of Developed and Emerging Asian Markets." Global Social Sciences Review V, no. II (2020): 61–69. http://dx.doi.org/10.31703/gssr.2020(v-ii).06.
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Dynamic resource-based view is the major inspiration for this study, which signifies the changes in paths and patterns of the evolution in organizational capabilities during its LCS. Using the Dickinson's (2011) firm's LCS, the study determined diverse behavior of traditionally established explanatory variables across stages. For the purpose of analysis GMM model has been used, the study conducted a comparative analysis of developed and emerging markets in Asia. The results showed higher COE capital during introduction and decline stages in emerging markets implying trade-off theory and dynamic resource-based view. Study denies association between COE capital and market-to-book value in developed markets in line with market timing theory Its concluded that COE's explanatory factors evolve across markets and firm's LCS the explanatory power of the general model is much higher when the study included LCS in its main model justifying resource-based view.
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Hietanen, Joel, and Joonas Rokka. "Market practices in countercultural market emergence." European Journal of Marketing 49, no. 9/10 (2015): 1563–88. http://dx.doi.org/10.1108/ejm-02-2014-0066.
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Purpose – The purpose of this paper is to contribute to the growing marketing literature that investigates markets as “configurations”, i.e. networks of market actors engaged in market-shaping practices and performances. As this pioneering work has been largely focused on established mainstream markets and industries driven by large multi-national companies, the present article extends practice-based market theorizing to countercultural market emergence and also to unconventional market practices shaping it. Design/methodology/approach – Insights are drawn from a four-year multi-sited ethnographic study of a rapidly expanding electronic music scene that serves as an illustrative example of emergent countercultural market. Findings – In contrast to mainstream consumer or industrial markets, the authors identify a distinctive dynamic underlying market emergence. Countercultural markets as well as their appeal and longevity largely depend on an inherent authenticity paradox that focal market actors need to sustain and negotiate through ongoing market-shaping and market-restricting practices. Practical implications – From a practitioner perspective, the authors discuss the implications for market actors wishing to build on countercultural authenticity. They highlight the fragility of countercultural markets and point out practices sustaining them, and also possibilities and challenges in tapping into them. Originality/value – The study contributes by theorizing the tensions that energize and drive countercultural market emergence. In particular, the authors address the important role of market-restricting practices in facilitating countercultural appeal that has not received explicit attention in prior marketing literature.
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Wu, Shuyu, and Qingzhong Pan. "Economic Growth in Emerging Market Countries." Global Journal of Emerging Market Economies 13, no. 2 (2021): 192–215. http://dx.doi.org/10.1177/09749101211004405.
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Emerging markets are important for global economic growth. In the post-crisis era, they played a vital role in global economic recovery. However, frequent financial turmoil in emerging markets over the years exposed flaws with the economic structures and financial markets of these countries. This articledescribes the overall economic conditions and structures of emerging markets and analyzes the driving forces of economic growth. It is established that emerging markets, especially of Asian countries, contributed significantly to the global economic growth over the last few decades. The main drivers of economic growth vary among the emerging markets. While some countries rely on energy resources, others have their economic growth driven by cheap labor and high savings. Meanwhile, emerging markets with rapid and stable economic growth over a long period of time have some characteristics in common. For example, they all carefully manage the opening-up processes. The articlealso investigates the major problems that emerging economies encounter in economic development. For example, the overreliance on the global market makes some countries vulnerable to external shocks; the fragile domestic financial market leads to frequent financial crises; the improper economic structure makes some countries excessively dependent on foreign markets; and some countries are stuck in economic stagnation.
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Chi, Wei, Robert Brooks, Emawtee Bissoondoyal-Bheenick, and Xueli Tang. "Classifying Chinese bull and bear markets: indices and individual stocks." Studies in Economics and Finance 33, no. 4 (2016): 509–31. http://dx.doi.org/10.1108/sef-01-2015-0036.
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Purpose This paper aims to investigate Chinese bull and bear markets. The Chinese stock market has experienced a long period of bear cycle from early 2000 until 2006, and then it fluctuated greatly until 2010. However, the cyclical behaviour of stock markets during this period is less well established. This paper aims to answer the question why the Chinese stock market experienced a long duration of bear market and what factors would have impacted this cyclical behaviour. Design/methodology/approach By comparing the intervals of bull and bear markets between stocks and indices based on a Markov switching model, this paper examines whether different industries or A- and B-share markets could lead to different stock market cyclical behaviour and whether firm size can determine the relationship between the firm stock cycles on the market cycles. Findings This paper finds a high degree of overlapping of bear cycles between stocks and indices and a high level of overlapping between the bear market and a fraction of stock with increasing stock prices. This leads to the conclusion that the stock performance and trading behaviour are widely diversified. Furthermore, the paper finds that the same industry may have different overlapping intervals of bull or bear cycles in the Shanghai and Shenzhen stock markets. Firms with different sizes could have different overlapping intervals with bull or bear cycles. Originality/value This paper fills the literature gap by establishing the cyclical behaviour of stock markets.
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Davies, Dick, David Hillier, Andrew Marshall, and King Fui Cheah. "Pricing Interest Rate Swaps in Malaysia." Review of Pacific Basin Financial Markets and Policies 07, no. 04 (2004): 493–507. http://dx.doi.org/10.1142/s0219091504000251.
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This paper compares the theoretical price of interest rate swaps implied from the yield curve with the actual Kuala Lumpur Interbank Offer Rates used for swap resets in the Malaysian swap market for both semi-annual and annual interest rate swaps between 1996 and 2002. As far as we are aware no previous paper has considered pricing swaps in a less established derivative markets. Our empirical results indicate significant and persistent differences between the theoretical implied price and the actual reset price for both swaps over the sample period. This finding has implications for traders and banks in pricing swaps in Malaysia and more generally for pricing swaps in less established or illiquid markets or where capital controls have been introduced.
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Gombkötő, Nóra. "Investigation of farmers’ markets from the sales side." Review on Agriculture and Rural Development 8, no. 1-2 (2019): 23–28. http://dx.doi.org/10.14232/rard.2019.1-2.23-28.
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Farmers’ market may solve many problems concerning long-distance transport. In this sales form, physical distance is reduced between the producer and the consumer, furthermore personal relationships and trust can be also established between these two actors. In addition, it provides small producers with the opportunity for producing and selling local, high-quality foods, and consumers are able to enjoy delicious, mostly local organic food products. Farmers’ market is an increasingly popular sales channel in Hungary. While in 2010 there were 100, in 2014 there were around 200 farmers’ markets, in 2017 their number increased to more than 250. The National Rural Development Program also encourages the sale of local products in this form. In this paper, a questionnaire survey was conducted with producers in the largest farmers' markets of the Transdanubian Region in Hungary, which was used to analyse the farmers’ market features of the region.
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da Costa Neto, Augusto Ferreira, Marcelo Cabus Klotzle, and Antonio Carlos Figueiredo Pinto. "Investor behavior in ETF markets: a comparative study between the US and emerging markets." International Journal of Emerging Markets 14, no. 5 (2019): 944–66. http://dx.doi.org/10.1108/ijoem-04-2018-0195.
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Purpose The purpose of this paper is to present the results of a study on investor behavior in exchange-traded fund (ETF) markets. The standard feedback trading model of Sentana and Wadhwani (1992) is used in a sample of 18 ETFs contracts in Brazil, China, South Africa, Korea, Mexico and India, as well as three ETFs contracts in the US market. Design/methodology/approach The sample includes data on daily closing prices and net asset values (NAVs) for three ETFs from each of the emerging markets of Brazil, China, Mexico, Korea and India, as well as on three ETFs from the US market. The authors used the earliest start date available in the Thomson Reuters database pertaining to all of the ETFs, and all series ended on May 5, 2017, and applied the well-established Santana and Wadhwani (1992) seminal model to evaluate evidence of feedback trading in the sample. Findings The empirical analysis suggests that there is evidence of feedback trading in emerging markets such as Brazil, Korea, Mexico and India, while there is no such evidence for the US market. The results are consistent with the view that developed markets investors are prone to pursue fundamental-driven investment strategies, while emerging markets investors appear to have informational guided behavior. Research limitations/implications Emerging markets still make up a very small part of the global ETF market, led by the USA. Nevertheless, it is extremely important that studies of this nature be gradually expanded as these markets grow, in order to verify how emerging markets compare to their developed counterparts in terms of the efficiency of information sharing and rationalization of its operations. Practical implications Emerging markets policy makers could benefit from these findings by stimulating new mechanisms that could minimize informational asymmetry and the persistence of so-called noise traders, a phenomenon observed recently in studies regarding ETF markets (Brown, Davies and Ringgenberg, 2018). Originality/value The behavior of investors was investigated by analyzing a sample of 18 ETFs from the emerging markets of Brazil, China, South Africa, Korea, India and Mexico, as well as three ETFs from the US market. Despite of being investigated separately both emerging (Charteris et al., 2014) and developed markets (Chau et al., 2011), the innovation consists in comparing those markets in a single study, pursuing to explain potential reasons for the differences observed between developed and emerging markets.
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Semenkov, A. "CYCLIC FLUCTUATIONS OF THE RUSSIAN AND FOREIGN LABOUR MARKET INDICATORS: IN SEARCH FOR NON-STANDARD REACTIONS." Population and Economics 2, no. 1 (2018): 143–67. http://dx.doi.org/10.3897/popecon.2.e36041.
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The article presents the results of a comparative analysis of the dynamics of trend-cycles of macroeconomic indicators of the Russian and foreign labor markets for the period from the I quarter 2003 to the IV quarter 2015. The work analyzes fluctuations in the trend-cycles of the following indicators: the level of participation in the workforce (level of EAP), the level of employment and unemployment measured by the ILO methodology. As foreign labor markets, 25 OECD countries are taken. Correlation coefficients between all the labor markets examined for these indicators were estimated. In addition, fluctuations in trend-cycles of indicators are ranked according to the degree of sensitivity to the crisis phenomena of 2008. It is established that the Russian labor market was not characterized by non-standard reactions in comparison with foreign labor markets, including in response to the crisis events of 2008. In this regard, the hypothesis of a “special model” of the Russian labor market has not been confirmed.
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Olbryś, Joanna, and Elżbieta Majewska. "Testing Integration Effects Between the Cee and U.S. Stock Markets During the 2007–2009 Global Financial Crisis." Folia Oeconomica Stetinensia 15, no. 1 (2015): 101–13. http://dx.doi.org/10.1515/foli-2015-0024.
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Abstract The main goal of this paper is to explicitly test a research hypothesis that there was no integration effect among the U.S. and the eight Central and Eastern European (CEE) stock markets during the 2007-2009 Global Financial Crisis (GFC). As growing international integration could lead to a progressive increase in cross-market correlations, the evaluation of integration was carried out by applying equality tests of correlation matrices computed over non-overlapping subsamples: the pre-crisis and crisis periods, in the group of investigated markets. The crisis periods are formally established based on a statistical method of dividing market states into bullish and bearish markets. The sample period May 2004-April 2014 includes the 2007 U.S. subprime financial crisis. The robustness analysis of the integration tests with respect to various data frequencies is provided. The empirical results are not homogeneous and they depend both on the integration test and data frequency. Consequently, it is not possible to conclude whether integration between the investigated markets is present.
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Hirano, Masanori, Kiyoshi Izumi, Takashi Shimada, Hiroyasu Matsushima, and Hiroki Sakaji. "Impact Analysis of Financial Regulation on Multi-Asset Markets Using Artificial Market Simulations." Journal of Risk and Financial Management 13, no. 4 (2020): 75. http://dx.doi.org/10.3390/jrfm13040075.
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In this study, we assessed the impact of capital adequacy ratio (CAR) regulation in the Basel regulatory framework. This regulation was established to make the banking network robust. However, a previous work argued that CAR regulation has a destabilization effect on financial markets. To assess impacts such as destabilizing effects, we conducted simulations of an artificial market, one of the computer simulations imitating real financial markets. In the simulation, we proposed and used a new model with continuous double auction markets, stylized trading agents, and two kinds of portfolio trading agents. Both portfolio trading agents had trading strategies incorporating Markowitz’s portfolio optimization. Additionally, one type of portfolio trading agent was under regulation. From the simulations, we found that portfolio optimization as each trader’s strategy stabilizes markets, and CAR regulation destabilizes markets in various aspects. These results show that CAR regulation can have negative effects on asset markets. As future work, we should confirm these effects empirically and consider how to balance between both positive and negative aspects of CAR regulation.