Necessary actions should be taken to ensure stock market efficiency;thus,financial innovation-based criteria that affect stock market efficiency should be improved.However,simultaneously improving all criteria is diff...Necessary actions should be taken to ensure stock market efficiency;thus,financial innovation-based criteria that affect stock market efficiency should be improved.However,simultaneously improving all criteria is difficult;therefore,performing priority analysis is important for carrying out this process effectively and efficiently.Accordingly,this study aims to evaluate the financial innovation-based characteristics of stock market efficiency.This study’s main research question within this framework is identifying which factors should be prioritized to improve the stock market.In this scope,we created a novel fuzzy decision-making model consisting of two stages.First,selected criteria for the financial innovation-based characteristics of stock market efficiency are weighted.In this process,quantum spherical fuzzy sets based on DEMATEL are considered.In the second stage,selected economies are ranked using the technique for order of preference by similarity to ideal solution(TOPSIS)approach.This study’s main contribution is that the DEMATEL technique in calculating criterion weights in the decision-making analysis process provides some advantages.With the help of this situation,the causal directions between these items can be considered;thus,it is possible to determine the most accurate strategies.The findings demonstrate that providing tax advantages is the most important factor in ensuring stock market efficiency.Moreover,the excellence of the financial system is critical in ensuring stock market efficiency.In this context,it is possible to provide tax advantages,especially for long-term investments.Thus,long-term investments can be increased,significantly increasing the market’s stability.展开更多
The risk profiles of investors play an important role in the success of derivative products investments.It is also necessary to determine the appropriate investor profile according to the conditions of a country.This ...The risk profiles of investors play an important role in the success of derivative products investments.It is also necessary to determine the appropriate investor profile according to the conditions of a country.This protects investors from major losses.Therefore,there is a strong need for a new study that analyzes the risk profiles of derivative products in emerging economies.This study aims to identify the most appropriate investor risk profile for derivative instruments in emerging economies.It constructs a novel decision-making model.In this model,the facial action coding system,quantum theory,spherical fuzzy sets,and multi-stepwise weight assessment ratio analysis(M-SWARA)methodology are integrated to minimize uncertainty in this process.First,three main participants of derivatives for financial technology investors are evaluated using the quantum spherical fuzzy M-SWARA technique.After that,seven emerging economies are ranked based on this performance using quantum spherical fuzzy technique for order of preference by similarity to ideal solution.The main contribution is that an appropriate investor profile is identified for financial derivative investments in emerging economies.One of the important originalities of this study is the development of a new technique called M-SWARA by making some improvements to the classical stepwise weight assessment ratio analysis method.It is concluded that hedging is the most appropriate purpose for making investments in derivative products in emerging economies.It is also identified that China has the greatest performance among the seven emerging economies regarding the appropriate purpose for making derivative investments.For the effective management of this problem in these countries,it is recommended to prevent the speculative use of derivative products with legal regulations.展开更多
文摘Necessary actions should be taken to ensure stock market efficiency;thus,financial innovation-based criteria that affect stock market efficiency should be improved.However,simultaneously improving all criteria is difficult;therefore,performing priority analysis is important for carrying out this process effectively and efficiently.Accordingly,this study aims to evaluate the financial innovation-based characteristics of stock market efficiency.This study’s main research question within this framework is identifying which factors should be prioritized to improve the stock market.In this scope,we created a novel fuzzy decision-making model consisting of two stages.First,selected criteria for the financial innovation-based characteristics of stock market efficiency are weighted.In this process,quantum spherical fuzzy sets based on DEMATEL are considered.In the second stage,selected economies are ranked using the technique for order of preference by similarity to ideal solution(TOPSIS)approach.This study’s main contribution is that the DEMATEL technique in calculating criterion weights in the decision-making analysis process provides some advantages.With the help of this situation,the causal directions between these items can be considered;thus,it is possible to determine the most accurate strategies.The findings demonstrate that providing tax advantages is the most important factor in ensuring stock market efficiency.Moreover,the excellence of the financial system is critical in ensuring stock market efficiency.In this context,it is possible to provide tax advantages,especially for long-term investments.Thus,long-term investments can be increased,significantly increasing the market’s stability.
文摘The risk profiles of investors play an important role in the success of derivative products investments.It is also necessary to determine the appropriate investor profile according to the conditions of a country.This protects investors from major losses.Therefore,there is a strong need for a new study that analyzes the risk profiles of derivative products in emerging economies.This study aims to identify the most appropriate investor risk profile for derivative instruments in emerging economies.It constructs a novel decision-making model.In this model,the facial action coding system,quantum theory,spherical fuzzy sets,and multi-stepwise weight assessment ratio analysis(M-SWARA)methodology are integrated to minimize uncertainty in this process.First,three main participants of derivatives for financial technology investors are evaluated using the quantum spherical fuzzy M-SWARA technique.After that,seven emerging economies are ranked based on this performance using quantum spherical fuzzy technique for order of preference by similarity to ideal solution.The main contribution is that an appropriate investor profile is identified for financial derivative investments in emerging economies.One of the important originalities of this study is the development of a new technique called M-SWARA by making some improvements to the classical stepwise weight assessment ratio analysis method.It is concluded that hedging is the most appropriate purpose for making investments in derivative products in emerging economies.It is also identified that China has the greatest performance among the seven emerging economies regarding the appropriate purpose for making derivative investments.For the effective management of this problem in these countries,it is recommended to prevent the speculative use of derivative products with legal regulations.
