Wavelet transforms of the time series of small wholesale prices in the agricultural sector

The article provides a wavelet analysis of small wholesale prices for white cabbage in Rostov-on-Don from 2017 to 2020 year. Approximation coefficients show a steady trend, the detailing coefficients reflect seasonal and insignificant temporary price fluctuations. The constituent scaling approximation coefficients and the detailing components are highlighted in the form of separate graphs. The series was decomposed up to the 6th level using the Haar and Daubechies wavelets.

FINANCIAL SECTOR STOCKS REACTION TO COVID-19 EVENTS

Price fluctuations in the financial sector are often of major interest when projecting the general performance and state of the economy. The implications of the COVID-19 pandemic in the sector are analyzed through the event study method. A random sample portfolio of 20 financial sector stocks listed on the NYSE is used and its reaction on 15 different events throughout 2020 is observed. Results indicate that events in the earlier stage of the pandemic exhibit both higher abnormal returns and significance, compared to the ones at the latter stages, with a larger proportion of them being bad news. The financial sector is perceived to react significantly in such cases, usually anticipating them beforehand. As adjustment windows are rarely significant, the market’s reaction is deemed as efficient. The general conclusion is that the financial sector stocks react to important COVID-19 news, generating abnormal rather than expected returns.

Volatility and Dispersion of Hourly Electricity Contracts on the German Continuous Intraday Market

Intraday electricity trading on the continuous intraday market of EPEX SPOT is particularly well suited for the rebalancing of energy production. We analyzed the volatility and dispersion of individual hourly contracts, taking into account the particularities of the market, due to which the standard volatility measure from financial time series cannot be applied. We used and analyzed five measures for price fluctuations, which turned out to be similarly well suited for electricity contracts, with small differences. We then identified fundamental drivers of price fluctuations: the relative share of wind in the overall mix increased dispersion. In addition, price dispersion was positively correlated with the traded volume as well as the absolute difference between the day-ahead auction price and the volume-weighted intraday price. We furthermore analyzed the timely structure of price fluctuations to identify forecast indicators for a contract’s peak trading hour before maturity, finding that trading-related variables are more important to forecast price fluctuations than fundamental factors. With lagged realizations and additional external drivers, forecast regressions reached an adjusted R2 of 0.479 for volatility and around 0.3 for the dispersion measures.

Fluctuation of Patchouli Oil Price and Its Effect On Patchouli Aceh Production and Productivity

The study aims to determine the price fluctuations and their effects on patchouli farm and patchouli oil production in Aceh Province. The Research Method used survey method with an explanatory research as an approach. The location of the study was conducted in Aceh Province, in Aceh Jaya Regency and Aceh Barat Regency. The fluctuations of patchouli oil price have an affect to the motivation of farmers in developing patchouli farming. Farmers in the study location tend to do patchouli farming when the price of patchouli oil is high, instead farmers do not do patchouli farming when the price of patchouli oil decreases. The fluctuations in patchouli oil prices determined by the quality of patchouli oil and market demand have a dominant influence on the development of production and the productivity of patchouli in Aceh. Standardization of patchouli oil quality at the agro-industry level will increase the price of patchouli oil at the farmers level and increase farmers' income. The price of patchouli oil fluctuates depends on Patchouli Alcohol (PA) levels. This is the main reason for traders at the district and provincial levels to reduce prices at the farm level. Aceh Patchouli has oil quality that qualified with basic export standards. But there is still a need for cultivation techniques and better application of refining technology to improve the quality of patchouli oil at the farmer level so that it can increase the price of patchouli oil at the farmer level while simultaneously increasing the income and welfare of farmers. The phenomenon of patchouli oil price fluctuations in high has an important role in the development of patchouli oil agro-industry.

Grain pricing in Ukraine: A case study of malted barley

The agrarian market participants operate in a changing market environment. Their activities are characterized by a high level of risk, in particular, price risk, which determines the likelihood of failure in achieving the planned results. The purpose of the paper is to analyze the dynamics of prices for malted barley and determine the main factors influencing the price of malted barley in the agricultural market of Ukraine. The theoretical and methodological basis of the study is the scientific works of domestic and foreign authors on the problems of pricing management. Methods of data analysis, synthesis, and generalization of results are used. As a result, one can notice a high level of price fluctuations, significant price fluctuations during the year, absence of a uniform inversely proportional effect between the volume of barley production and its purchasing prices, and presence of disparity between the selling price of barley and the production costs of grain producers. The key factors that determine the price of malted barley include market saturation, grain quality, production expenditures, conditions on the market of barley fodder, contractual relations (which are sufficiently standardized but do not protect agricultural producers from risks), public policy through regulation market. The study outlined recommendations regarding the need to improve the legal regulation of relations and the development of a system to ensure the functioning of the grain market, effective cost management, introduction of innovative agrotechnologies, and financial hedging instruments.

Scharding on Non-Centrally Regulated Currencies and Price Volatility

Tobey Scharding claims that Bitcoin’s lack of a central regulator makes it open to price fluctuations. I argue that a currency not having a central regulator does not necessitate it being more volatile than centrally regulated currencies. First, I argue that Scharding’s reason for suggesting that Bitcoin is open to price fluctuations – its potential to face legal restrictions – is also faced by centrally regulated currencies. Second, I use silver in London as an example of a non-centrally regulated currency with relatively low price volatility when compared to other centrally regulated currencies showing that non-centrally regulated currencies are not necessarily more volatile.