The 53rd issue of Financial Innovation(FIN),Volume 11,No.5(2025),features 21 papers that can be classified into four main themes:the Special Issue on The Anomie of Artificial Intelligence(AI)in Finance:Bridging the Ga...The 53rd issue of Financial Innovation(FIN),Volume 11,No.5(2025),features 21 papers that can be classified into four main themes:the Special Issue on The Anomie of Artificial Intelligence(AI)in Finance:Bridging the Gap Between Technical Power and Human Wisdom,and Financial Markets and Investments,Economic and Policy Analysis,Corporate Governance and Related Market Dynamics.展开更多
The US market for women's synthetic trou-sers is characterised by intense competition,with Asian countries playing a dominant role in exports.This analysis delves into the market performance of leading exporters,a...The US market for women's synthetic trou-sers is characterised by intense competition,with Asian countries playing a dominant role in exports.This analysis delves into the market performance of leading exporters,assessing key indicators such as export values,revealed comparative advantage(RCA).unit value realisation(UVR),and the effect of tariff rates.展开更多
Palgrave Macmillan This book utilizes new data to analyze the main factors currently shaping the African housing market.Some of these factors include the supply and demand for housing finance,infrastructure provision ...Palgrave Macmillan This book utilizes new data to analyze the main factors currently shaping the African housing market.Some of these factors include the supply and demand for housing finance,infrastructure provision and low-展开更多
Structural change theories usually assume agents are homogeneous. However, because of demand-side or supply-side heterogeneities, the probability of switching among sectors differs across people. This paper reveals th...Structural change theories usually assume agents are homogeneous. However, because of demand-side or supply-side heterogeneities, the probability of switching among sectors differs across people. This paper reveals these differences through restoring a long-period, individual-level panel dataset from China＇s Urban Household Survey for 1986-2009. We find that both for people who started working for the first time and those who switched jobs, the sector choice depends on personal characteristics. In particular, women and people with higher educational attainment or a previous white- collar job are more likely to join the tertiary sector and less likely to join the primary sector. These effects are substantial even if the macroeconomic variables used in conventional structural change theories are controlled. They are also robust in various periods and at more detailed industry levels. Our research suggests that it is important to pay greater attention to the labor composition when mal^ng policy related to economic structural change.展开更多
The organic food market has become an important part of food industry. We analyze sales data from Austria for 2014 to 2020 of 124 products from 25 product groups in six categories, each in conventional and organic for...The organic food market has become an important part of food industry. We analyze sales data from Austria for 2014 to 2020 of 124 products from 25 product groups in six categories, each in conventional and organic form. We fitted their market shares by means of a modified Lotka-Volterra model with constant coefficients. When only organic and conventional products were compared, a significant increase in market shares was observed for 15 of 25 organic product groups, indicating a continuing growth of the organic food market. The typical Lotka-Volterra dynamics was a predator-prey dynamics with an organic product (group) predating on conventional products that were in symbiosis.展开更多
In June 2012,the UN conference on sustainable development "Rio+20" summarized the work of the world community in this direction for last 20 years and outlined the tasks for the future.The UN website contains...In June 2012,the UN conference on sustainable development "Rio+20" summarized the work of the world community in this direction for last 20 years and outlined the tasks for the future.The UN website contains enough information to estimate the importance of global problems and "green economy," taking into account a very complicated state of the global and Russian markets which are balancing on the verge of crisis.Unfortunately,the website does not contain the materials of the 6th civilization forum "Long-Term Strategy for Sustainable Development on the Basis of Partnership of Civilizations:Concepts,Strategy,Programs and Projects" within the bounds of "Rio+20" which has considered the problems of a dialogue and partnership in conditions of extensive globalization.These problems are covered in the Partnership of Civilizations Journal which is issued in the Russian,English and Arabian languages,including its Internet version.The International Informatization Academy (it has the general consultative status at the Economic and Social Council of the UN) and its 20-year activity in the sphere of informatization of the world and Russia on the way to the partnership of civilizations,are presented there[1].展开更多
We construct an exchange-traded fund(ETF)based on the CRyptocurrency IndeX(CRIX),which closely maps nonstationary cryptocurrency(CC)dynamics by adapting the weights of its constituents dynamically.Our scenario analysi...We construct an exchange-traded fund(ETF)based on the CRyptocurrency IndeX(CRIX),which closely maps nonstationary cryptocurrency(CC)dynamics by adapting the weights of its constituents dynamically.Our scenario analysis considers the fee schedules of regulated CC exchanges,spreads obtained from order book data,and investment in-&outflows to the ETF are modelled stochastically.The scenario analysis yields valuable insights into the mechanisms,costs,and risks of this innovative financial product:i)although the composition of the CRIX ETF changes frequently(from 5 to 30 constituents),it remains robust in its core,as the weights of Bitcoin(BTC)and Ethereum(ETH)are robust over time;ii)on average,5.2%needs to be rebalanced on the rebalancing dates;iii)trading costs are low compared with traditional assets;iv)the liquidity of the CC sector increases significantly during the analysis period;spreads occur,especially for altcoins and increase with the size of the transactions.However,because BTC and ETH are the most affected by rebalancing,the cost of spreads remains limited.展开更多
Under the impetus of the“Dual Credit”policy,traditional fuel vehicle manufacturers are confronted with significant pressure to meet new energy vehicle credit requirements.To address this challenge,these manufacturer...Under the impetus of the“Dual Credit”policy,traditional fuel vehicle manufacturers are confronted with significant pressure to meet new energy vehicle credit requirements.To address this challenge,these manufacturers are increasingly adopting the Original Design Manufacturer(ODM)strategy to collaborate with new energy vehicle enterprises,thereby acquiring credits and expanding their market presence.However,this strategic approach not only intensifies competition between new energy and traditional fuel vehicle markets but also reshapes the profit distribution between the two types of firms.Drawing upon the framework of the Dual Credit policy,this study establishes a Cournot game model to examine the strategic interactions between traditional fuel vehicle manufacturers and new energy vehicle producers.It further investigates the optimal production decisions under the ODM strategy and evaluates their implications for market dynamics and corporate profitability.The findings reveal that,although the ODM strategy heightens market competition,it leads to substantial profit improvements for both types of manufacturers compared to the alternative of directly purchasing credits,while also fostering the growth of the new energy vehicle sector.Moreover,the Case study demonstrates micro-level impact of the dual credit policy on enterprises’response strategies,offering valuable insights for policymakers and industry decision-makers.展开更多
Global exhibitors tap China’s dynamic market for ideas,growth and resilience China will continue to seek high-quality growth and unswervingly promote high-standard opening up,making new contributions to the world eco...Global exhibitors tap China’s dynamic market for ideas,growth and resilience China will continue to seek high-quality growth and unswervingly promote high-standard opening up,making new contributions to the world economy.Chinese Premier Li Qiang made the remark at the opening ceremony of the eighth China International Import Expo(CIIE)and the Hongqiao International Economic Forum in Shanghai on 5 November.展开更多
In this paper we reanalyze Said’s(2011) work by retaining all his assumptions except that we use the first-price auction to sell differentiated goods to buyers in dynamic markets instead of the second-price auction. ...In this paper we reanalyze Said’s(2011) work by retaining all his assumptions except that we use the first-price auction to sell differentiated goods to buyers in dynamic markets instead of the second-price auction. We conclude that except for the expression of the equilibrium bidding strategy, all the results for the first-price auction are exactly the same as the corresponding ones for the second-price auction established by Said(2011). This implies that the well-known "revenue equivalence theorem"holds true for Said’s(2011) dynamic model setting.展开更多
This study aims to investigate the predictive power of various financial indicators in forecasting daily stock returns.To achieve this goal,we collected a year’s worth of stock data for the stocks listed in S&P 5...This study aims to investigate the predictive power of various financial indicators in forecasting daily stock returns.To achieve this goal,we collected a year’s worth of stock data for the stocks listed in S&P 500 using yfinance,which included market capitalization,sector,PE ratios,revenue,earnings per share,and other variables.Our methodology involved analyzing stock performance predictors using advanced statistical methods and machine learning models,including Random Forest,Gradient Boosting,and Generalized Linear Model Regression.The findings suggest that daily stock returns can be significantly predicted by a few financial factors including PE ratio,PB ratio,and Debt to Equity ratio.To assess the performance of our models,we performed a 12-fold cross validation on the validatable models Gradient Boosting and Random Forest.The result demonstrated that Gradient Boosting provided the most reliable predictions based on mean squared error analysis.This study validates the robustness of using historical stock information in forecasting short-term stock returns,providing insights that could benefit investors in understanding market dynamics.展开更多
文摘The 53rd issue of Financial Innovation(FIN),Volume 11,No.5(2025),features 21 papers that can be classified into four main themes:the Special Issue on The Anomie of Artificial Intelligence(AI)in Finance:Bridging the Gap Between Technical Power and Human Wisdom,and Financial Markets and Investments,Economic and Policy Analysis,Corporate Governance and Related Market Dynamics.
文摘The US market for women's synthetic trou-sers is characterised by intense competition,with Asian countries playing a dominant role in exports.This analysis delves into the market performance of leading exporters,assessing key indicators such as export values,revealed comparative advantage(RCA).unit value realisation(UVR),and the effect of tariff rates.
文摘Palgrave Macmillan This book utilizes new data to analyze the main factors currently shaping the African housing market.Some of these factors include the supply and demand for housing finance,infrastructure provision and low-
基金This research is supported by the National Natural Science Foundation （Grant No. 71403237）, the Project of Humanities and Social Science of the Ministry of Education in China （Grant No. 14YJC790089）, the Zhejiang Provincial Natural Science Foundation of China （Grant No. LQ14G030008）, the Beijing Social Science Foundation （Grant No. 14JGC100）, and the Scientific Research Fund of Zhejiang Provincial Education Department （No. Y201430552）. Rui Mao also thanks the Collaborative Innovation Center for Rural Reform and Development for financial support.
文摘Structural change theories usually assume agents are homogeneous. However, because of demand-side or supply-side heterogeneities, the probability of switching among sectors differs across people. This paper reveals these differences through restoring a long-period, individual-level panel dataset from China＇s Urban Household Survey for 1986-2009. We find that both for people who started working for the first time and those who switched jobs, the sector choice depends on personal characteristics. In particular, women and people with higher educational attainment or a previous white- collar job are more likely to join the tertiary sector and less likely to join the primary sector. These effects are substantial even if the macroeconomic variables used in conventional structural change theories are controlled. They are also robust in various periods and at more detailed industry levels. Our research suggests that it is important to pay greater attention to the labor composition when mal^ng policy related to economic structural change.
文摘The organic food market has become an important part of food industry. We analyze sales data from Austria for 2014 to 2020 of 124 products from 25 product groups in six categories, each in conventional and organic form. We fitted their market shares by means of a modified Lotka-Volterra model with constant coefficients. When only organic and conventional products were compared, a significant increase in market shares was observed for 15 of 25 organic product groups, indicating a continuing growth of the organic food market. The typical Lotka-Volterra dynamics was a predator-prey dynamics with an organic product (group) predating on conventional products that were in symbiosis.
文摘In June 2012,the UN conference on sustainable development "Rio+20" summarized the work of the world community in this direction for last 20 years and outlined the tasks for the future.The UN website contains enough information to estimate the importance of global problems and "green economy," taking into account a very complicated state of the global and Russian markets which are balancing on the verge of crisis.Unfortunately,the website does not contain the materials of the 6th civilization forum "Long-Term Strategy for Sustainable Development on the Basis of Partnership of Civilizations:Concepts,Strategy,Programs and Projects" within the bounds of "Rio+20" which has considered the problems of a dialogue and partnership in conditions of extensive globalization.These problems are covered in the Partnership of Civilizations Journal which is issued in the Russian,English and Arabian languages,including its Internet version.The International Informatization Academy (it has the general consultative status at the Economic and Social Council of the UN) and its 20-year activity in the sphere of informatization of the world and Russia on the way to the partnership of civilizations,are presented there[1].
基金Financial support from the Deutsche Forschungsgemeinschaft via the IRTG 1792"High-dimensional,Non-stationary Time Series",Humboldt-Universitätzu Berlin,is gratefully acknowledgedfunding from the European Union’s"FIN-TECH:A Financial supervision and Technology compliance training programme"under the Grant agreement No 825215.
文摘We construct an exchange-traded fund(ETF)based on the CRyptocurrency IndeX(CRIX),which closely maps nonstationary cryptocurrency(CC)dynamics by adapting the weights of its constituents dynamically.Our scenario analysis considers the fee schedules of regulated CC exchanges,spreads obtained from order book data,and investment in-&outflows to the ETF are modelled stochastically.The scenario analysis yields valuable insights into the mechanisms,costs,and risks of this innovative financial product:i)although the composition of the CRIX ETF changes frequently(from 5 to 30 constituents),it remains robust in its core,as the weights of Bitcoin(BTC)and Ethereum(ETH)are robust over time;ii)on average,5.2%needs to be rebalanced on the rebalancing dates;iii)trading costs are low compared with traditional assets;iv)the liquidity of the CC sector increases significantly during the analysis period;spreads occur,especially for altcoins and increase with the size of the transactions.However,because BTC and ETH are the most affected by rebalancing,the cost of spreads remains limited.
文摘Under the impetus of the“Dual Credit”policy,traditional fuel vehicle manufacturers are confronted with significant pressure to meet new energy vehicle credit requirements.To address this challenge,these manufacturers are increasingly adopting the Original Design Manufacturer(ODM)strategy to collaborate with new energy vehicle enterprises,thereby acquiring credits and expanding their market presence.However,this strategic approach not only intensifies competition between new energy and traditional fuel vehicle markets but also reshapes the profit distribution between the two types of firms.Drawing upon the framework of the Dual Credit policy,this study establishes a Cournot game model to examine the strategic interactions between traditional fuel vehicle manufacturers and new energy vehicle producers.It further investigates the optimal production decisions under the ODM strategy and evaluates their implications for market dynamics and corporate profitability.The findings reveal that,although the ODM strategy heightens market competition,it leads to substantial profit improvements for both types of manufacturers compared to the alternative of directly purchasing credits,while also fostering the growth of the new energy vehicle sector.Moreover,the Case study demonstrates micro-level impact of the dual credit policy on enterprises’response strategies,offering valuable insights for policymakers and industry decision-makers.
文摘Global exhibitors tap China’s dynamic market for ideas,growth and resilience China will continue to seek high-quality growth and unswervingly promote high-standard opening up,making new contributions to the world economy.Chinese Premier Li Qiang made the remark at the opening ceremony of the eighth China International Import Expo(CIIE)and the Hongqiao International Economic Forum in Shanghai on 5 November.
基金Supported by the National Natural Science Foundation of China(71171052)
文摘In this paper we reanalyze Said’s(2011) work by retaining all his assumptions except that we use the first-price auction to sell differentiated goods to buyers in dynamic markets instead of the second-price auction. We conclude that except for the expression of the equilibrium bidding strategy, all the results for the first-price auction are exactly the same as the corresponding ones for the second-price auction established by Said(2011). This implies that the well-known "revenue equivalence theorem"holds true for Said’s(2011) dynamic model setting.
文摘This study aims to investigate the predictive power of various financial indicators in forecasting daily stock returns.To achieve this goal,we collected a year’s worth of stock data for the stocks listed in S&P 500 using yfinance,which included market capitalization,sector,PE ratios,revenue,earnings per share,and other variables.Our methodology involved analyzing stock performance predictors using advanced statistical methods and machine learning models,including Random Forest,Gradient Boosting,and Generalized Linear Model Regression.The findings suggest that daily stock returns can be significantly predicted by a few financial factors including PE ratio,PB ratio,and Debt to Equity ratio.To assess the performance of our models,we performed a 12-fold cross validation on the validatable models Gradient Boosting and Random Forest.The result demonstrated that Gradient Boosting provided the most reliable predictions based on mean squared error analysis.This study validates the robustness of using historical stock information in forecasting short-term stock returns,providing insights that could benefit investors in understanding market dynamics.
