scholarly journals Exchange-traded products in Germany: development and substitution of exchange-traded funds, exchange-traded commodities and exchange-traded notes

Equilibrium ◽  
2018 ◽  
Vol 13 (4) ◽  
pp. 643-665
Author(s):  
Adam Marszk
Keyword(s):  
Value Added ◽  
Stock Exchanges ◽  
Exchange Traded Funds ◽  
Investment Funds ◽  
Market Shares ◽  
Time Period ◽  
Fast Development ◽  
Exchange Traded Notes ◽  
Insight Into ◽  
Total Market

Research background: Exchange-traded products (ETPs) are one of the most rapidly growing categories of financial products. Their fast development has been boosted by innovative features. Three main categories of ETPs are exchange-traded funds (ETFs), exchange-traded commodities (ETCs) and exchange-traded notes (ETNs). ETCs and ETNs remain least known, even though their number on some stock exchanges is high. In Europe, Germany is one of the largest and most active ETPs markets. ETCs and ETNs are debt instruments, in contrast with the most popular ETFs, which are equity securities. Therefore, they offer investors different advantages, but also expose them to other types of risks. Purpose of the article: The key aim of the article is to present the features of ETPs and to provide in-depth insight into the issues linked with the development of ETPs market in Germany, with the special emphasis on the ETCs and ETNs. Methods: In the main empirical part of the article, German ETPs market is analyzed using descriptive statistics and technological substitution framework (employed for the analysis of innovations in order to evaluate the changing market shares of, first, ETFs versus ETCs and ETNs, as well as, second, ETFs versus other types of investment funds). The period of the analysis is 2010–2016 in the former case and 2007–2016 in the latter. Findings & Value added: Share of ETPs other than ETFs in the total market in Germany remains low. Even though the market position of the leading products, i.e. ETFs, is still very strong, some substitution has been observed, especially after 2015. Predictions indicate that this trend will continue in the upcoming years. The results of the analysis of the investment funds’ market confirm the substitution between ETFs and traditional investment funds over 2007–2017, in particular in the first years of this time period.

scholarly journals Exchange traded commodities as a category of innovative products on European financial markets

e-Finanse ◽  
2017 ◽  
Vol 13 (2) ◽  
pp. 14-21 ◽  
Author(s):  
Adam Marszk
Keyword(s):  
Market Share ◽  
Global Market ◽  
European Market ◽  
Stock Exchanges ◽  
Exchange Traded Funds ◽  
The European Union ◽  
High Concentration ◽  
Frankfurt Am Main ◽  
Investment Funds ◽  
Innovative Products

AbstractThe article presents the main features of one category of innovative financial products – exchange traded commodities (ETCs) and results of the analysis of the European market for ETCs. ETCs are products listed and traded on the stock exchanges and they offer investors returns based on various assets (commodities or currencies). In contrast with the most widely recognized exchange traded funds (ETFs), ETCs are structured as debt instruments due to legal requirements regarding investment funds in the European Union. The European ETCs market is the largest in the world (in terms of assets its share in the global market in 2015 was close to 98%). It had developed rapidly until 2012 when total assets reached the record-high value of ca. 26,6 billion EUR (i.e. 9,5% of total assets of all exchange traded products listed in Europe). Over the next few years both the value of assets and market share of ETCs decreased significantly, mostly due to decline of the tracked assets’ prices (especially commodities) – during the analyzed time period the average flows to commodity or currency ETCs were close to 0. An important feature of the European market is its high concentration level, both in terms of companies launching ETCs and locations of the trade in the share of ETCs. Four ETC providers manage most of the assets (with the cumulated market share of over 94%). Three exchanges –in London, Milan and Frankfurt am Main account for almost the entire regulated market turnover of ETCs in Europe.

An insight into an electro-catalytic reactor concept for high value-added production from crude glycerol: Optimization, electrode passivation, product distribution, and reaction pathway identification

2021 ◽  
Vol 172 ◽  
pp. 130-144
Author(s):  
Ali Khosravanipour Mostafazadeh ◽  
Maria Samantha De La Torre ◽  
Yessika Padilla ◽  
Patrick Drogui ◽  
Satinder Kaur Brar ◽  
...  
Keyword(s):  
Crude Glycerol ◽  
Reaction Pathway ◽  
Value Added ◽  
Product Distribution ◽  
Catalytic Reactor ◽  
Electrode Passivation ◽  
Insight Into

scholarly journals Solvent-Free Benzylation of Glycerol by Benzyl Alcohol Using Heteropoly Acid Impregnated on K-10 Clay as Catalyst

Catalysts ◽  
2020 ◽  
Vol 11 (1) ◽  
pp. 34
Author(s):  
Devendra P. Tekale ◽  
Ganapati D. Yadav ◽  
Ajay K. Dalai
Keyword(s):  
Heterogeneous Catalysis ◽  
Benzyl Alcohol ◽  
Batch Reactor ◽  
Value Added ◽  
Solvent Free ◽  
Biodiesel Production ◽  
Area Measurement ◽  
Solid Catalyst ◽  
Glycerol Ether ◽  
Insight Into

Value addition to glycerol, the sole co-product in biodiesel production, will lead to reform of the overall biodiesel economy. Different valuable chemicals can be produced from glycerol using heterogeneous catalysis and these valuable chemicals are useful in industries such as cosmetics, pharmaceuticals, fuels, soap, paints, and fine chemicals. Therefore, the conversion of glycerol to valuable chemicals using heterogeneous catalysis is a noteworthy area of research. Etherification of glycerol with alkenes or alcohols is an important reaction in converting glycerol to various value-added chemicals. This article describes reaction of glycerol with benzyl alcohol in solvent-free medium by using a clay supported modified heteropolyacid (HPA), Cs2.5H0.5PW12O40/K-10 (Cs-DTP/K-10) as solid catalyst and its comparison with other catalysts in a batch reactor. Mono-Benzyl glycerol ether (MBGE) was the major product formed in the reaction along with formation of di-benzyl glycerol ether (DBGE). The effects of different parameters were studied to optimize the reaction parameters. This work provides an insight into characterization of Cs2.5H0.5PW12O40/K-10 catalyst by advanced techniques such as surface area measurement, X-ray analysis, ICP-MS, FT-IR, and SEM. Reaction products were characterized and confirmed by using the GCMS method. The kinetic model was developed from an insight into the reaction mechanism. The apparent energy of activation was found to be 18.84 kcal/mol.

scholarly journals An insight into the bioelectrochemical photoreduction of CO2 to value-added chemicals

iScience ◽  
2021 ◽  
Vol 24 (4) ◽  
pp. 102294
Author(s):  
Priyanka Gupta ◽  
Mohammad Tabish Noori ◽  
Abraham Esteve Núñez ◽  
Nishith Verma
Keyword(s):  
Value Added ◽  
Insight Into

Uncharted waters: Investors get access to foreign exchange-traded funds

2021 ◽  
pp. 54-70
Author(s):  
S. R. Moiseev
Keyword(s):  
Financial Markets ◽  
Foreign Exchange ◽  
Driving Forces ◽  
Market Competition ◽  
Secondary Market ◽  
Portfolio Diversification ◽  
Exchange Traded Funds ◽  
Investment Funds ◽  
Retail Investors ◽  
Securities Trading

In 2022, Russian investors will get access to the wide possibilities of the global financial market. The Bank of Russia opens the market for foreign exchange-traded funds (ETFs) — one of the main savings instruments for households. The economy of ETFs differs from other investment funds, whose shares do not have secondary market. The opening of the ETFs market is intended to solve a number of issues for retail investors: moving away from the preference to individual foreign shares towards portfolio diversification, cost reduction, ensuring sustainable profitability, abandoning the aggressive securities trading, and supporting market competition. Soon, ETFs will be one of the driving forces in financial markets. However, their rapid growth is fraught with little-studied effects.

Financial ETNs and Certificates on Nordic Power Contracts

2018 ◽  
Keyword(s):  
Interest Rate ◽  
Exchange Rates ◽  
Futures Market ◽  
Stock Exchanges ◽  
Investment Activity ◽  
Futures Contract ◽  
Retail Investors ◽  
Daily Change ◽  
Exchange Traded Notes ◽  
The Interest Rate

This article presents the first description and analysis of the exchange-traded notes (ETNs) and certificates tracking the Nordic power futures market that enable retail investors to hedge and trade on the Oslo and Stockholm Nordic stock exchanges. We investigate the impacts of the underlying front-quarter futures contract, its daily change, the roll cost, the EUR/NOK and EUR/SEK exchange rates, and the interest rate level and fees on the ETNs and certificates. An analysis of the ETNs and certificates on the Nordic stock exchanges from December 2010 to February 2015 shows continual investment activity, even though prices were in a consistent downtrend during the period. We conclude with a description of some strategies which retail investors can use.

scholarly journals An Insight Into the Value Added Tax System Detailing Its Origins, Impact, Provisions and Regulations With Reference to India

2004 ◽  
Vol 3 (1) ◽  
pp. 19-29
Author(s):  
Tomy Kallarackal
Keyword(s):  
European Economic Community ◽  
Value Added ◽  
Tax Credit ◽  
Value Added Tax ◽  
Excise Duty ◽  
Goods And Services ◽  
The World ◽  
The Difference ◽  
The Government ◽  
Insight Into

The Value Added Tax was first introduced in France in 1954. It was the resultant effort of France and members of the European Economic Community (E.E.C) during the 1950s aimed at the simplification of commodity taxes. Currently more than 130 nations in the world have adopted the VAT system. In the last decade alone over 50 nations have introduced VAT. This includes implementation in China and most recently the addition of Australia to the list of VAT nations. The world over, VAT is payable on both goods and services as they constitute a part of the national GDR Excise duty and sales taxes are merged into the singularity of VAT. No tax is levied on exports with full input tax credit made available. The scheme of taxation adopted by most nations is very simple. The seller of goods and the service provider charge tax on sales, avail input tax credit and pay the difference as VAT to the goVernment treasury. The compliance system in VAT nations is also very simple. There is very less interface between the tax collector and the tax payer. However there are provisions for heavy penalization of VAT defaulters. VAT is administered nationally and is also levied on imports.  

scholarly journals Lignosulphonates as an Alternative to Non-Renewable Binders in Wood-Based Materials

Polymers ◽  
2021 ◽  
Vol 13 (23) ◽  
pp. 4196
Author(s):  
Sofia Gonçalves ◽  
João Ferra ◽  
Nádia Paiva ◽  
Jorge Martins ◽  
Luísa H. Carvalho ◽  
...  
Keyword(s):  
Phenolic Compounds ◽  
Aromatic Ring ◽  
Phenol Formaldehyde ◽  
Urea Formaldehyde ◽  
Value Added ◽  
Wood Adhesives ◽  
Renewable Source ◽  
Pressing Time ◽  
Value Added Products ◽  
Total Market

Lignin is a widely abundant renewable source of phenolic compounds. Despite the growing interest on using it as a substitute for its petroleum-based counterparts, only 1 to 2% of the global lignin production is used for obtaining value-added products. Lignosulphonates (LS), derived from the sulphite pulping process, account for 90% of the total market of commercial lignin. The most successful industrial attempts to use lignin for wood adhesives are based on using this polymer as a partial substitute in phenol-formaldehyde or urea-formaldehyde resins. Alternatively, formaldehyde-free adhesives with lignin and lignosulphonates have also been developed with promising results. However, the low number of reactive sites available in lignin’s aromatic ring and high polydispersity have hindered its application in resin synthesis. Currently, finding suitable crosslinkers for LS and decreasing the long pressing time associated with lignin adhesives remains a challenge. Thus, several methods have been proposed to improve the reactivity of lignin molecules. In this paper, techniques to extract, characterize, as well as improve the reactivity of LS are addressed. The most recent advances in the application of LS in wood adhesives, with and without combination with formaldehyde, are also reviewed.

scholarly journals Value Added as a Measure of Economic Profit

2018 ◽  
Vol 16 (29) ◽  
Author(s):  
Silvije Orsag ◽  
Ante Džidić
Keyword(s):  
Bosnia And Herzegovina ◽  
Cost Of Capital ◽  
Value Added ◽  
Business Success ◽  
Stock Exchanges ◽  
Cost Of Equity ◽  
Economic Profit ◽  
Company Value ◽  
Banja Luka ◽  
The Cost

Economic profit is the concept immanent for the value added. It is an attempt to analyze properly the business success in terms of contribution of profit to the increase in the company value and the stockholders’ wealth. Fundamentally, value added is a measure of the business success where all standard costs and the costs of invested capital are excluded from the realized revenues. Profit as a traditional measure of business success ignores the cost of equity, although equity is the most expensive form of capital. To illustrate better this concept, we made an analysis of the most profitable corporations in Bosnia and Herzegovina listed on Banja Luka and Sarajevo stock exchanges. The analysis showed that the majority of these corporations operate poorly because they do not meet the implicit cost of capital, essentially losing the value of capital entrusted to them by their stockholders. Also, this analysis questioned the importance of the industries which are usually considered to be the most important in BiH economy.

Developing Equipment Manufacturing Industry Based on Service-Oriented Manufacturing

2013 ◽  
Vol 655-657 ◽  
pp. 2340-2343
Author(s):  
Li Xi Yang ◽  
Xu Fang Zhou
Keyword(s):  
Manufacturing Industry ◽  
Value Added ◽  
Present Situation ◽  
Advanced Manufacturing ◽  
Aggregation Mechanism ◽  
Equipment Manufacturing ◽  
Equipment Manufacturing Industry ◽  
Service Oriented ◽  
Manufacturing Mode ◽  
Insight Into

Service-oriented manufacturing is an advanced manufacturing mode focused on integrating service with manufacturing. The remarkable importance is known to be strongly associated with the development of service-oriented economy in the period in which China transfers the traditional equipment manufacturing industry to the service-oriented manufacturing. We take a close insight into basic theories of service-oriented manufacturing, and then we analyze the characteristics, profiles, as well as the present situation of the equipment manufacturing. Finally, we propose some countermeasures for transferring the equipment manufacturing to the service-oriented manufacturing from the views of the aggregation mechanism, the network of innovative mechanism and manufacturing value-added chain.

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