scholarly journals PREDICTION MARKETS AND CONTRACT DESIGN

2012 ◽  
Vol 5 (2) ◽  
pp. 1-13
Author(s):  
Ole Jakob Bergfjord
Keyword(s):  
Futures Markets ◽  
Contract Design ◽  
Futures Contracts ◽  
Prediction Markets ◽  
Extensive Literature ◽  
Main Function ◽  
Good Information ◽  
Natural Assumption ◽  
Market Participants ◽  
Design Characteristics

 Traditionally, the main function of prediction markets (PMs) has been to provide information about probabilities for various events. Good information requires a well-functioning market, which in turn depends on sufficient liquidity and a sufficient number of market participants. While many of the early PMs have been of a more experimental nature, with students or other test groups as market participants, a natural assumption is that future PMs must be able to attract market participants to be successful.We assume that four main groups of stakeholders face potential gains from a well-functioning PM contract: The exchange launching the contract; hedgers; gamblers; and users of the market information, whether this is a corporation or society as a whole.In this paper, we analyze different design characteristics of PM contracts, mainly in light of previous studies of futures markets. A relatively extensive literature exists on the design of futures contracts, and a number of criteria have been established to predict whether a contract is likely to be successful. We use this to provide some recommendations for contract design, in order to develop contracts that maximize the gain for the four groups of stakeholders.

SISTEM INFORMASI AKUNTANSI PENGGAJIAN BERBASIS VB.NET PADA PT BANK PERKREDITAN RAKYAT (BPR) SANGGABUANA AGUNG KARAWANG

2021 ◽  
Vol 15 (4) ◽  
pp. 37-47
Author(s):  
Jamilatus Sadiah ◽  
Indaryono Indaryono ◽  
Arif Maulana Yusuf
Keyword(s):  
Information System ◽  
Human Resources ◽  
Research Methodology ◽  
System Development ◽  
Human Resources Management ◽  
Main Function ◽  
Good Information ◽  
Resources Management ◽  
Slow Presentation ◽  
Calculation System

The payroll system is an important function that is the responsibility of Human Resources Management. Its main function is to provide compensation to employees in the form of salary in exchange for their contribution to the organization / agency. Payroll is one of the processes in an organization that is vulnerable to problems. Slow data processing can result in slow presentation of slow report making so that it is also possible to delay payment of salaries to employees. Plus if something goes wrong making salary calculations inaccurate. This makes the payroll system needs to be supported by a good information system. The research methodology used by the author in this research is the System Development Life Sycle (SDLC) Waterfall method. The development of research methodology has several sequential stages, namely: planning (modeling), modeling (modeling), construction (construction), and the delivery of the system to the customers / users (deployment). Based on the problems found, The author proposes to PT Bank Perkreditan Rakyat (BPR) Sanggabuana Agung Karawang to use VB.Net, it is expected that with the proposed system can improve Payroll problems that occur at PT Bank Perkreditan Rakyat (BPR) Sanggabuana Agung. Based on this research, the existence of a computerized employee payroll calculation system is expected to become a system that is useful for the development of the company in the future, and it is hoped that it can fix the problem and can also facilitate the calculation of payroll.  Keywords : Accountimg Information System, Payroll, VB.Net Programming

scholarly journals Differentiated approach of using extraction balloon catheters in endoscopic biliary surgery

2021 ◽  
Vol 26 (3) ◽  
pp. 123-134
Author(s):  
A. E. Kotovskiy ◽  
B. M. Magomedova ◽  
K. G. Glebov ◽  
A. A. Martyntsov ◽  
A. K. Mahmudova ◽  
...  
Keyword(s):  
Bile Duct ◽  
Bile Ducts ◽  
Balloon Catheter ◽  
Main Function ◽  
Biliary Surgery ◽  
Benign Diseases ◽  
Balloon Catheters ◽  
Tumor Lesion ◽  
Endoscopic Extraction ◽  
Design Characteristics

Aim. Expand and determinate indications for using of extraction balloon catheters in endoscopic biliary surgery, as an additional and auxiliary endoscopic technique, which optimizes the technical conditions for performing medical and diagnostic tasks.Material and methods. We used disposable two- and three-lumen extraction balloon catheters with a diameter of 7.5 Fr. The catheters assumed delivery of an extractor balloon along a conductor with a diameter of 0.35 in into the bile duct, and also made it possible to inject a radiopaque substance. 136 retrograde endoscopic interventions were performed on the bile ducts using extraction balloon catheters.Research results. Indications for the use of an extractor balloon have been determined and proposed as a conventional standard. Interventions on the bile ducts were carried out using only a balloon catheter and in combination with a Dormia basket (n = 61). An extraction balloon catheter was used during retrograde endoscopic intervention on the bile ducts as an additional diagnostic endoscopic manipulation to facilitate the performance of the diagnostic task (n = 38). The device was also used to optimize the technical conditions of medical and diagnostic tasks (n = 37). 116 patients had benign diseases, 20 patients had tumor lesion.Сonclusion. The main function of an extraction balloon catheter is to move or displace the contents from the proximal to the distal parts of the bile duct, followed by its extraction into the duodenum. The design characteristics of the instrument make it possible to significantly expand the indications for its use, including not for its intended purpose, but as an additional method, optimizes the technical conditions for performing medical and diagnostic tasks. The endoscopic extraction balloon catheter is a multipurpose instrument that can be used to solve both diagnostic and therapeutic tasks of retrograde interventions on the bile ducts.

scholarly journals Razvijeni oblik trgovine na robnim berzama - trziste robnih fjucersa -

2003 ◽  
Vol 44 (158) ◽  
pp. 7-43 ◽  
Author(s):  
Milan Eremic
Keyword(s):  
Complex System ◽  
Futures Markets ◽  
Commodity Markets ◽  
Commodity Futures ◽  
Futures Contracts ◽  
Commodity Trade ◽  
Commodity Exchange ◽  
Commodity Futures Markets ◽  
The World ◽  
The Usa

At the very beginning of this paper, we stress the fact that capitalism, during a very long period of its emergence and development, was based on simple forms of commodity trading. It is true that capital left its mark on these simple forms. However, it did not change its simple character. Several centuries were to pass in for capital to build its own autochthonous forms of commodity exchange, the forms inherent in capitalism. The early forms of commodity futures, as the basic instrument of this developed commodity exchange, are thought to have been introduced on the Chicago Board of Trade - CBOT in 1985. The introduction of commodity futures contracts into commodity exchange enabled commodity markets to be divided into physical commodity markets and contract markets. This was the beginning of a complex system of commodity trade, the emergence of new economic entities in commodity markets and the development of a very complex system of trading, settlement and trade clearing through commodity futures contracts. The construction of this new system of commodity trade has lasted more than a century and during its gradual development a tremendous construct has been created, a market structure of extraordinary internal complexity and a solid logical design. The process of creating commodity futures market in the USA was outlined only in the early 1970s. We can say that it is an almost perfectly developed system, being today a dominant system in the world. Almost 100 percent of all commodity futures markets in the world are based on the commodity futures markets in the USA. The only exception is the London Metal Exchange, which is, although not being any less perfect, essentially different from the American exchanges.

scholarly journals What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?

2020 ◽  
Vol 13 (3) ◽  
pp. 61 ◽  
Author(s):  
Pauline Deschryver ◽  
Frederic de Mariz
Keyword(s):  
Data Analysis ◽  
Literature Review ◽  
Bond Market ◽  
Extensive Literature ◽  
Full Potential ◽  
Market Data ◽  
Market Participants ◽  
Extensive Literature Review ◽  
Global Standards

The green bond market is attracting new issuers and a more diversified base of investors. However, the size of the green bond market remains small compared to the challenges it is meant to address and to the overall traditional bond market. This paper is based on a unique methodology combining an extensive literature review, market data analysis, and interviews with a large spectrum of green bond market participants. We identify the current barriers explaining the lack of scalability of the green bond market: a deficit of harmonized global standards; risks of greenwashing; the perception of higher costs for issuers; the lack of supply of green bonds for investors; and the overall infancy of the market. This paper makes several recommendations to overcome these obstacles and unlock the full potential of green bonds to finance sustainability goals.

scholarly journals The Future of Price: Communicative Infrastructures and the Financialization of Indian Tea

2015 ◽  
Vol 31 (1) ◽  
pp. 4-29 ◽  
Author(s):  
Sarah Besky
Keyword(s):  
Futures Markets ◽  
Digital Technologies ◽  
Northeast India ◽  
Futures Contracts ◽  
Face To Face ◽  
Tea Industry ◽  
Open Outcry ◽  
The Government ◽  
Derivatives Markets ◽  
Indian Tea

For more than 150 years, most tea grown on plantations in northeast India has been sold in open-outcry auctions in Kolkata. In this essay, I describe how, in 2009, the Tea Board of India, the government regulator of the tea trade, began to convert auctioning from a face-to-face outcry process to a face-to-computer digital one. The Tea Board hoped that with the implementation of digital technologies, trade would soon revolve around the buying and selling of futures contracts, not individual lots of tea. Despite these efforts, the tea industry has thus far resisted all attempts at financialization. That so prominent a commodity as tea has yet to be financialized provides a unique opportunity to examine the how of financialization—the governmental and technical steps that precede futures and other kinds of derivatives markets. Futures markets rely on a standardized notion of price and of the material things being priced. The story of Indian tea’s resistance to financialization shows how such standardization requires not just a disentangling of commodities at the level of productive infrastructure (that is, the separation of individual trader and thing being traded) but also a reworking of the communicative infrastructure of trading. In this essay, I analyze this reworking by examining the effort to reform how tea is priced at auction. Specifically, I describe a transition in tea valuation from socially embedded price stories to standardized price scenarios.

scholarly journals Heterogeneity of Cash Markets at Physical Delivery Points and the Hedging Effectiveness of Agricultural Commodity Futures in India – Lessons for Contract Optimization.

2020 ◽  
Vol 9 (SI) ◽  
pp. 79-89
Author(s):  
Sanjay Mansabdar ◽  
Hussain C Yaganti
Keyword(s):  
Contract Design ◽  
Commodity Futures ◽  
Futures Contracts ◽  
Agricultural Commodity ◽  
Futures Contract ◽  
Hedging Effectiveness ◽  
Several Variables ◽  
Agricultural Futures ◽  
Delivery Options ◽  
The Impact

Agricultural commodity futures in India are settled by physical delivery and the seller can choose the location of delivery from a list described in the contract specifications. Cash markets at these locations represent the deliverable basket for the futures contract and are the underlying assets for the delivery options granted to the seller by virtue of contract design.  These cash markets are generally heterogenous. This paper studies the impact of heterogeneity of the underlying cash markets in different locations on the hedging effectiveness of the associated futures contract. The hedging effectiveness of cottonseed oilcake and soybean futures is regressed against several variables that represent heterogeneity of the underlying cash markets using ridge regression. We find that in general, the greater the heterogeneity, the poorer the hedging effectiveness of the contract. This paper is unique in that it provides a framework for guidance for contract designers at exchanges and regulators who will find this research useful in optimizing delivery specifications for agricultural futures contracts.  This is especially important given the declining volumes in Indian agricultural commodity futures.

scholarly journals Hedging Effectiveness of Commodity Futures Contracts to Minimize Price Risk: Empirical Evidence from the Italian Field Crop Sector

Risks ◽  
2021 ◽  
Vol 9 (12) ◽  
pp. 213
Author(s):  
Carlotta Penone ◽  
Elisa Giampietri ◽  
Samuele Trestini
Keyword(s):  
Financial Markets ◽  
Futures Markets ◽  
Futures Contracts ◽  
Price Risk ◽  
Field Crop ◽  
Exchange Market ◽  
Income Risk ◽  
The North ◽  
Hedging Effectiveness ◽  
American Counterpart

Over the last years, farmers have been increasingly exposed to income risk due to the volatility of the commodities prices. Among others, hedging in futures markets (i.e., financial markets) represents an available strategy for producers to cope with income risks at farm level. To better understand the advantages of such promising tools, this paper aims at analyzing the hedging effectiveness for soybean, corn and milling wheat producers in Italy. Following the literature, three different methodologies (i.e., naïve, OLS, GARCH) are applied for the estimation of the hedge portfolio, then compared to an unhedged portfolio for assessing the income risk reduction. Findings confirm the hedging effectiveness of futures contracts for all the considered commodities, showing also that this effect increases with longer hedge horizons, and also showing better performances for the European exchange market (i.e., Euronext), compared to the North American counterpart.

Futures markets, Bayesian forecasting and risk modelling

2018 ◽  
Author(s):  
Jesús Fernández-Villaverde ◽  
Pablo Guerrón-Quintana ◽  
Juan Rubio-Ramírez
Keyword(s):  
Futures Markets ◽  
Dynamic Models ◽  
Linear Models ◽  
Critical Role ◽  
Trading Strategies ◽  
Futures Contracts ◽  
Subjective Expectations ◽  
Risk Modelling ◽  
Financial Investment ◽  
Dynamic Linear Models

This article demonstrates the utility of the Bayesian approach in forecasting and risk modelling regarding speculative trading strategies in financial futures markets. It first provides an overview of subjective expectations that are motivated as fair prices of futures contracts before discussing the futures markets and a portfolio mean-variance efficiency generalization. In particular, it considers the critical role of hedging to ensue attractive risk-adjusted performance. It also describes general Bayesian dynamic models and specific Bayesian dynamic linear models for assessing risk models in terms of their hedging effectiveness in the context of the risk-adjusted performance of trading strategies. The article showcases applied Bayesian thinking in the context of financial investment management, highlighting the corresponding concepts of betting and investing, prices and expectations, and coherence and arbitrage-free pricing in futures markets over the period 1990–2008.

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