scholarly journals Evolution of bitcoin as a Financial Asset

2021 ◽  
Vol 25 (5) ◽  
pp. 150-171
Author(s):  
K. D. Shilov ◽  
A. V. Zubarev
Keyword(s):  
Error Distribution ◽  
Market Development ◽  
Conditional Heteroskedasticity ◽  
Financial Assets ◽  
Currency Markets ◽  
Internal Factors ◽  
Development Stages ◽  
Price Bubble ◽  
Hash Rate ◽  
Quantitative Indicators

The cryptocurrency market debate resumed in 2020 with renewed vigour as the price of Bitcoin surpassed late 2017 highs. This study aims to analyse possible factors of Bitcoin’s pricing at various cryptocurrency market development stages — before the 2017 price bubble, after and during the COVID-19 pandemic. The main method of analysis is a generalized autoregressive conditional heteroskedasticity model with conditional generalized error distribution (GARCHGED). Two groups of indicators are used as possible factors related to the Bitcoin dynamics. The first group consists of various quantitative indicators directly related to Bitcoin (the so-called internal factors) — the volume of exchange trade, the volume of transactions in the Bitcoin blockchain, the number of new and active wallets, hash rate, the sum of fees paid in the blockchain, as well as the dynamics of Google Trends search queries. The second group is the return on various financial assets — stock and bond indexes, commodities, and currency markets. The results of the analysis demonstrate the absence of a stable correlation between any of the factors under consideration and Bitcoin returns in all the periods that we focus on. In the period before the 2017 price bubble, the internal factors and Bitcoin returns showed generally co-directional dynamics, but the situation changed in 2018. In early 2021, the correlation between Bitcoin and traditional financial assets returns has increased significantly. We can conclude that Bitcoin is becoming a popular means of diversification as a high-risk asset, which, however, follows the pattern of a speculative bubble at the beginning of 2021. The increased demand for the need to invest in Bitcoin using various exchange-traded instruments (ETFs for cryptocurrencies) may soon lead to a further increase in the price of this cryptocurrency if such instruments are registered on the exchange.

scholarly journals Analisis Swot Pengembangan Kawasan Wisata Telaga Ngebel Di Kabupaten Ponorogo

2020 ◽  
Vol 9 (1) ◽  
pp. 8-17
Author(s):  
Muhammad Imron
Keyword(s):  
Economic Growth ◽  
Swot Analysis ◽  
External Factors ◽  
Market Development ◽  
Market Penetration ◽  
Internal Factors ◽  
Street Lighting ◽  
Road Infrastructure ◽  
Growth Increase ◽  
Waste Handling

The development of tourist areas is directed as a mainstay sector to boost economic growth, increase local revenues, empower the economy of the community, expand employment and increase the introduction and marketing of typical tourism areas. Ngebel Lake is a natural lake located in District Ngebel, Ponorogo Regency which has a stunning natural scenery with the condition is still natural, save a million potential to be developed. Development of Ngebel Lake tourism area should be planned thoroughly and use appropriate strategies in order to obtain optimal benefits for the community. The objectives of this research are: 1) to analyze the condition of external factors including opportunities and threats, 2) to analyze the condition of internal factors including strengths and weaknesses, appropriate for the development of tourism area Ngebel Lake using SWOT Analysis. Based on SWOT analysis, Telaga Ngebel tourism area has an external opportunity as well as an enormous internal strength to be developed. Result of internal and external matrix (IE), hence alternative of appropriate strategy to develop tourist area of Telaga Ngebel is SO Strategy (Strenght-Opportunity) that is a strategy chosen by using strength to utilize or seize opportunity. Implementation of the strategy is done through the development of tourism products, market development and market penetration. Important policies need to be taken, such as improving road infrastructure, developing tourism products, promoting promotion, providing souvenir shop area, handicraft and food, providing street lighting, improving hygiene and waste handling and cooperating with various parties including investors. Keywords—: strengths; weaknesses; opportunities; threats; development.

Is China the price taker in soybean futures?

2015 ◽  
Vol 7 (3) ◽  
pp. 389-404 ◽  
Author(s):  
Bruce Jianhe Liu ◽  
Yubin Wang ◽  
Jingjing Wang ◽  
Xin Wu ◽  
Shu Zhang
Keyword(s):  
Genetically Modified ◽  
Spillover Effects ◽  
Futures Market ◽  
Error Distribution ◽  
Conditional Heteroskedasticity ◽  
Subprime Crisis ◽  
Genetically Modified Soybean ◽  
Content Type ◽  
Generalized Error Distribution ◽  
Futures Price

Purpose – The purpose of this paper is to examine whether China is still a passive price taker from the US soybean futures, or instead domestic futures market has developed certain degrees of pricing power through time. The finding helps to identify the importance of China soybean futures in the perspective of portfolio selection for international futures traders. If China soybean futures market is no longer a price taker after the subprime crisis, traders need to include it as a separate category in their portfolio. Design/methodology/approach – This paper uses exponential generalized autoregressive conditional heteroskedasticity-generalized error distribution (EGARCH-GED) and generalized autoregressive conditional heteroskedasticity-generalized error distribution (GARCH-GED) models to test spillover effects between Dalian Commodity Exchange (DCE) and Chicago Board of Trade (CBOT) soybean futures. The authors divide daily samples into three subperiods based on the subprime crisis. Three research questions – whether China is still the price taker, the importance of Chinese soybean futures in international futures portfolio selection, and the influences of subprime crisis on soybean futures volatility relationship – are examined by comparing estimation results through time and different contracts. Findings – The spillover effect from CBOT soybean futures to DCE No. 1 soybean futures becomes weaker through time. China is no longer a soybean futures price taker after the subprime crisis. The authors also find the shocks of bearish news on DCE soybeans are greater than those of bullish news. Potential volatility of DCE in long positions is bigger than that in short positions. Practical implications – China is the largest soybean importer. DCE is a very important futures market for non-genetically modified soybeans. It is necessary for both international and domestic futures traders to understand the changes in international soybean futures price relationship and take corresponding strategies. It is also important for market to realize that DCE soybean futures are to a less degree price taker after the subprime crisis. Originality/value – The paper applies EGARCH-GED and GARCH-GED models to identify changes in spillover effects before, during, and after the subprime crisis. Different from other studies, this paper finds after the subprime crisis, China is no longer the soybean futures price taker. This paper also compares the spillover effects of non-genetically modified soybean futures (No. 1 soybean futures) with genetically modified soybean futures (No. 2 soybean futures).

scholarly journals External and Internal Factors of Cross-Border Capital Flows in Russia

2019 ◽  
Vol 13 (4) ◽  
pp. 41-50 ◽  
Author(s):  
M. Yu. Golovnin ◽  
G. R. Oganesian
Keyword(s):  
Growth Rate ◽  
Foreign Direct Investment ◽  
Interest Rates ◽  
Capital Flows ◽  
Direct Investment ◽  
Portfolio Investment ◽  
Financial Assets ◽  
Internal Factors ◽  
Factors Affecting ◽  
Cross Border

The literature on the assessment of factors affecting cross-border capital flows is usually characterised by distinguishing of external and internal factors. The former as a rule include international indices of the global economic growth rate, interest rates and other indicators of profitability (for certain types of financial assets). The latter include domestic indices of the growth rate of the national economy, interest rates and the profitability of financial instruments, sovereign credit ratings. Since the beginning of the 21st century, cross-border capital flows in Russia have followed the same trends as capital flows in other emerging markets. A distinguishing feature of Russia was the negative impact of sanctions on the level of its financial openness. We estimated regressions, designed to evaluate the factors affecting the individual components of cross-border capital flows in Russia. Regressions for the three types of flows (liabilities of direct investment and portfolio investment liabilities, and assets) demonstrate good results. Among external factors, the dynamics of oil prices turned out to be significant, as well as the global stock index (for portfolio investment assets). Among internal factors, an increase in aggregate demand helps to attract foreign direct investment, and an increase in the yield of Russian financial assets (stocks and bonds) — to attract portfolio investments. The difference in interest rates is the determinant of all analysed capital flows. Our estimations confirmed the significance of the “round-tripping” movement of foreign direct investment in Russia.

Economic Growth Factor Detection of National-Level Economic and Technological Development Zones in China

2014 ◽  
Vol 1073-1076 ◽  
pp. 1341-1347
Author(s):  
Yue Ding ◽  
Jian Ming Cai ◽  
Zheng Shan Yang
Keyword(s):  
Economic Growth ◽  
Technological Development ◽  
Eastern China ◽  
National Level ◽  
Western China ◽  
Internal Factors ◽  
The Sustainable Development ◽  
Development Stages ◽  
Technology Industry ◽  
Economic Growth Rates

The economic growth of National level Economic and Technological Development Zones (NETDZs) affects the sustainable development of NETDZs and their host cities a lot in China. Determinants and mechanism of NETDZs’ economic growth in 2010 is detected by geographical detector. There is a U-shaped spatial pattern by NETDZs’ economic growth rates among the Eastern, Central and Western China. The result of factor detection showed that the top 5 determinants of NETDZs’ economic growth are regionally different in China. External factors are more powerful in Eastern China, while internal factors of NETEZs dominate the economic growth of NETDZs more in Central and Western China. Besides revealing determinants, these results show two universal policy mistakes: blindly lowing land price and encouraging high technology industry, which are proved not effective in prompting the development of NETDZs, but inducing serious problems. Therefore, NETDZs’ economic growth policies should be made and adjusted following the regional determinants and mechanism in different regions and development stages, what’s more, policy mistakes reflected by factor detection should be avoided as well.

Identifying the development stages of virtual teams – An application of social network analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Chun-Nan Lin ◽  
Jinsheng Roan
Keyword(s):  
Social Network ◽  
Social Network Analysis ◽  
Network Analysis ◽  
Virtual Teams ◽  
Virtual Team ◽  
Team Development ◽  
Upward Trend ◽  
Content Type ◽  
Development Stages ◽  
Quantitative Indicators

PurposeThe purpose of this study is to explore some quantitative indicators from the social network analysis, observe the variations of these indicators over time and determine whether these indicators fit into the traditional team development stages model or theory. The primary focus is on the perspective of social interaction rather than the suitability of the indicator, i.e. the authors will not determine the optimal indicators nor compare the performance of different indicators. This study aims to propose a quantitative method to identify the development stages of virtual teams.Design/methodology/approachTwo phases were designed in this study. The first phase was a simple study to prove the preliminary ideas and explore which quantitative indicators would be suitable for analysis. In total, 16 undergraduates were randomly assigned to two virtual teams. They were required to complete an information system (IS) project through virtual teamwork and use information and communications technologies (ICTs) to communicate with each other. After proving the preliminary ideas, the authors collected communication data of the 30 virtual teams working on IS projects in the second phase. The total duration of this process was two months.FindingsThe findings practically identified three stages, which were found to be consistent with that of the previous qualitative studies. In the initial (inclusion) stage, intensity had an upward trend. In the second (control) stage, centralization had an upward trend. In the final (affection) stage, intensity and density had upward trends and centralization had a downward trend. Both density and centralization also became smooth in this final stage. The conclusion can serve as a basis for further studies in virtual team development.Originality/valueA successful virtual team will help industries to reduce their costs and increase performance and benefits. The findings will help industries quickly and objectively identify which stage they are at. This quantified approach will provide managers and leaders with a simple, useful way to highlight the needs for managing different aspects of team behavior at each stage of development. After establishing this approach, managers and leaders will be able to make plans to improve existing processes, set priorities, provide suitable principles and guidelines, etc., and eventually improve virtual team performance.

scholarly journals Analisis Strategi Pengembangan Usaha

2016 ◽  
Vol 1 (3) ◽  
pp. 46
Author(s):  
Aldiansyah Pratama ◽  
Ma’mun Sutisna
Keyword(s):  
Qualitative Method ◽  
Swot Analysis ◽  
External Factors ◽  
Market Development ◽  
Market Penetration ◽  
Horizontal Integration ◽  
Internal Factors ◽  
Matrix Strength ◽  
The Matrix ◽  
Internal And External Factors

In running business poultry broiler, Rancamaya Farm faces many obstacles. Especially is not being able to meet all demand that there are (excess demand). The demand for chicken broiler currently reached 400.783, can be met by Rancamaya Farm is a 288.194. Along with the high education and people's income, then the demand for chicken broiler will progressively increase. This led to opportunities developed farms will increase anyway. The purpose of this research is to analyze the internal and external factors Rancamaya Farm as well as formulate strategies in developing his business. This research uses the qualitative method, as for the quantitative of with regard to internal factors (IFE) matrix, external factors (EFE) Matrix and internal-external (IE). After that, it was back in the analysis using the matrix Strength, Weakness, Opportunity and Threat (SWOT) and architecture strategy. Respondents used in these studies amounted to 7 persons, with consideration of the respondents understand the external and internal condition of the company. The results of this research indicate that the position is located in Rancamaya Farm II which gives recommendations to grow and develop. The strategy that best suits your Rancamaya Farm is a strategy of intensive (market penetration, market development, and product development) or integrative (integration, integration of the back, and the horizontal integration). The results of the SWOT analysis produces 8 business strategic alternatives for Rancamaya Farm which is then poured into 18 work program needs to be done within a period of five years.

scholarly journals STRATEGI PENGEMBANGAN USAHA AGROINDUSTRI SIRUP PARIJOTO (Medinilla speciosa) DI DESA COLO KECAMATAN DAWE KABUPATEN KUDUS

2021 ◽  
Vol 21 (1) ◽  
pp. 5-13
Author(s):  
Sri Wahyuningsih ◽  
Misbachul Munir ◽  
Istanto
Keyword(s):  
Data Analysis ◽  
Market Development ◽  
Market Penetration ◽  
Internal Factors ◽  
Location Selection ◽  
Personal Capital ◽  
The Matrix ◽  
Swot Matrix ◽  
The Right ◽  
Data Analysis Methods

The purpose of this research is to know the internal and external environment that affects the development of agroindustrial business and syrup Parijoto and formulate alternative strategies for business development of agroindustrial syrup Parijoto in Colo-Village district Dawe Kudu Regency. The methods used in location selection and sampling of respondents are purposive sampling. Total number of 24 respondents. Data analysis methods consist of first data analysis using Internal Factors Evaluation (IFE) and External Factors Evaluation (EFE), while second data analysis using SWOT matrix. The Total value of Matrik IFE is 3.11, this shows that the strength of the entrepreneurs of parijoto syrup is able to overcome the weakness. The Total value of Efe's matrix is 3.27, which shows that the opportunity of the Parijoto syrup entrepreneur is able to cope with the threat. Based on the construction of the matrix IE known that the business of Parijoto syrup in Colo village is in the area of cell I is growing and building, means the business of Parijoto syrup has the opportunity to continue to grow and continue to build. The strategies suitable for this area are market penetration, market development, and product development. The right alternative strategy for this endeavor is to use the power to capitalize on existing opportunities. Personal capital, quality produced products, have a PIRT and a halal label so that employers can run and improve its production business.

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