Pricing Strategies of Registration System and Transaction System in Live Broadcast Platform

This paper investigates a supply chain consisting of the monopoly live broadcast platform, content producers, and consumers. Based on the two-sided market theory, the platform’s pricing strategies and their analysis are considered under the registration system and the transaction system. Firstly, it shows that platform users’ scale and profit are positively correlated with the intergroup network externality from both sides and the intragroup network externality inside the consumer group and negatively correlated with the intragroup network externality inside the content producer group. Secondly, the platform profit, registration fee charged to content producers, and transaction fee charged to consumers are negatively correlated to the content production cost and positively related to consumers’ content quality sensitivity coefficient. When consumers are more sensitive to content quality, they are positively correlated to content quality. Finally, the registration fee charged by the platform to consumers is positively correlated with the content production cost, negatively correlated with the content quality level, and positively associated with the consumer content quality sensitivity coefficient.

DETERMINANTS OF EMPLOYEES' MOVEMENT BETWEEN LABOUR MARKET SEGMENTS

The paper studies upgrading patterns between secondary and primary segments in Polish labour market, with reference to the Segmented Labour Market theory. The type of contact (permanent vs. fixed-term) and wage distribution were used within one framework to define these labour segments. The parameters of binary choice model, based on Labour Force Survey microdata, were estimated to calculate the probabilities of shift from secondary to primary segment, and to identify supply and demand-side determinants of this upgrading. The results are, in general, in line with the trap hypothesis, pointing out to limited chances of upward shift from secondary to primary labour segment. However, this upward mobility has increased in recent years, being a result of changes in real (measured by lowering unemployment rate) and institutional sphere of the Polish labour market. Individual’s age, education attainment, propensity to invest in human capital, as well as the size of an enterprise appeared to be the most important divers of inter-segments upgrading. Moreover, regional as well as sectoral differences in probability of upgrading were identified – this probability was higher in the case of workers living in regions with large agglomerations and close proximity to the German labour market.

DEVELOPMENT OF MARKET THEORY: THE RELATIONSHIP BETWEEN COMPETITION RISK AND THE DIGITAL MARKET

The development of the Internet, big data, computer algorithms, artificial intelligence, selflearning robots and other areas of the digital economy contribute to improving life. At the same time, players with market power are emerging in the economy, based on the use of algorithms, big data, big analytics, the use of intellectual property rights, the widespread use of targeted marketing technologies on this basis, not only studying, but also forming consumer preferences. The consequences of digital transformation in the economy are significant, and symbolic changes in legislation and practice of its application cannot be dispensed with here. It is necessary to measure the risks and benefits of the digital economy for competition and public welfare. Risks need to be managed, and benefits need to be multiplied. It is necessary to evaluate the new situation in the markets based on the basic postulates, and also take into account that the dynamic nature of changes has become the main characteristic of the markets.

The Liquidity Spillover Effects Between the Stock Index Futures and Spot Under the Fractal Market Hypothesis

In recent years, the extreme risk events occurred frequently in the financial market have not only brought huge losses to investors and inflicted heavy losses on the market, but also posed a severe challenge for the traditional effective market hypothesis. These extreme risk events are often accompanied by sudden plummeting of liquidity. Different from the efficient market hypothesis(EMT), firstly, this paper studies the nonlinear fluctuation characteristics and causes of contracts with different maturity periods in China stock index futures market under the framework of fractal market theory and using the multifractal detrended fluctuation model Secondly, under the framework of the fractal market theory, the existence of the liquidity spillover effect between the stock index futures and spot is tested, the direction, intensity, and contribution of spillover between stock index futures and spot are analyzed. Finally, there is a robustness test. The study finds that both stock index futures and stock index spot in China have obvious nonlinear fractal fluctuation characteristics, and stock index futures have higher degree of multifractal, the characteristics are related to correlated multifractal and distributed multifractal; the longer the maturity period of the stock index futures contract, the lower the multifractal degree; there are significant asymmetric liquidity spillover effects between the stock index futures and spot; the multifractal degree has an important influence on the intensity and contribution of the liquidity spillover effect, and the multifractal degree is inversely proportional to the intensity of liquidity spillover and the contribution of spot to futures fluctuations.

“To the ravens”: Curses from the Oracle of Abonouteichos

This discussion examines the religious conflict between the cult and oracle of Glykon and its Epicurean opponents recorded in the second century CE satire, Alexander the False Prophet, by Lucian of Samosata. Following the market theory of religion approach, these groups can be understood to have been engaged in an intense and escalating struggle over followers, financial support, status, and, ultimately, for survival. For the oracle and Glykon's prophet, Alexander of Abonouteichos, this effort included the use of magical curses, which were deployed against their adversaries. As such, these circumstances represent an as-yet unrecognized agonistic context for cursing to take place in the Graeco-Roman world. Alexander's use of cursing also highlights previously overlooked aspects of his own connections to the practice of magic in Graeco-Roman antiquity.

Tropical forest dynamics correspond to fair games in economic theory of financial markets

Ecological and economic systems both comprise of autonomous adaptive agents. It is thus possible that similar mechanisms determine the organization of both these complex systems. Indeed several economic theories have already been successfully applied in an ecological context. Here we show that 'efficient market theory' in economics, where future earnings are distributed between competitors by a 'fair game', corresponds to fitness-equalizing mechanisms of coexistence in ecology. In contrast to stabilizing mechanisms, which promote coexistence by giving each species an equilibrium abundance that is resilient to perturbations, equalizing mechanisms promote coexistence without such resilience by minimizing the net fitness differences between species. However, identifying stabilizing and equalizing mechanisms from the short time-series data that are typically available in ecology is challenging. We used techniques from economics that are applied to collections of short time-series from a system. We found that observed species abundance dynamics in a neotropical forest are generally in agreement with efficient market theory implying a dominant role of equalizing mechanisms, which finding quantifies and supports what was generally believed about that specific forest system. Our study highlights that complex systems from ecology and economics share common features suggesting the possibility of further synergy between ecology and economics in future.

January anomalies on CEE stock markets

Numerous studies show that stock markets are often impacted by various calendar anomalies that disrupt the “random walk” behavior of stock prices. These anomalies contradict the Efficient markets theory and can be exploited to generate abnormal returns. This paper investigates the presence of two of them, namely the January effect and the January barometer, on the stock markets of 12 Central and Eastern European (CEE) countries. The paper examines the statistical significance of differences in returns recorded over the month of January and returns recorded over the other months (the January effect), as well as the statistical significance of differences between returns recorded during the remainder of year after a positive January return and after a negative January return (the January barometer). The results show, among other things, that the statistically significant January effect affects the Estonian, Lithuanian, Czech, Romanian, and Latvian stock markets. On the Romanian and Lithuanian stock markets, statistically significantly higher January returns are accompanied by statistically significantly higher January price volatility. On the other hand, we can speak of a statistically significant January barometer only in the case of the Latvian, Lithuanian, and Ukrainian stock markets. The presence of these anomalies is contrary to the Efficient market theory. It can be assumed that proper investment strategies based on these calendar anomalies should be able to generate abnormal returns. AcknowledgmentThis paper is an outcome of the science projects VEGA (1/0613/18) and VEGA (1/0221/21).

Finance for Climate Action: Postcovid-19 Recovery Challenges

This paper is oriented to explore the new developments in climate action financing within the framework of Just Transition. This discourse is linked to the post COVID-19 recovery and the sustainable finance agenda. The study is done through extensive literature review, combining aspects PRISMA guidelines and the Recursive Content Abstraction (RCA) analytical approach. After presenting the Just Transition framework, we analyze the provisions on financing of the Paris Agreement. Next, the financing gaps are identified with the COVID -19 impact. We pay a special attention on the debt service, the related developing countries difficulties, and the challenges for sub-national governments. Then we analyze the efficient market theory and its distortion in the time of COVID-19 crisis. Based on the topics discussed, at the end the paper presents some final remarks.