Financial Time Series: Market Analysis Techniques Based on Matrix Profiles †

The Matrix Profile (MP) algorithm has the potential to revolutionise many areas of data analysis. In this article, several applications to financial time series are examined. Several approaches for the identification of similar behaviour patterns (or motifs) are proposed, illustrated, and the results discussed. While the MP is primarily designed for single series analysis, it can also be applied to multi-variate financial series. It still permits the initial identification of time periods with indicatively similar behaviour across individual market sectors and indexes, together with the assessment of wider applications, such as general market behaviour in times of financial crisis. In short, the MP algorithm offers considerable potential for detailed analysis, not only in terms of motif identification in financial time series, but also in terms of exploring the nature of underlying events.

Wooden Buildings in Market Squares of Polish Small Towns: Bielsk Podlaski and Kleszczele—The Issue of Preserving and Restoring Historical Values of Market Spaces

In the past centuries, small towns in Podlaskie Voivodeship were dominated by wooden buildings. Nowadays, there are not many of them left. However, they can still be found in the centers of towns, including some market squares. These are often inconspicuous objects, mainly wooden houses. This paper discusses the issue of the significance of wooden buildings, especially houses, in maintaining and restoring historic values of market spaces in small towns of Podlaskie Voivodeship in the examples of Bielsk Podlaski and Kleszczele. The research determined the moment of rapid changes, during which most marketplace buildings lost their historic form. The existing condition was analyzed in terms of its historical values. Conclusions were formulated on the scope and type of restoration works for individual market squares. Finally, general conclusions from the research on the market squares of Bielsk Podlaski and Kleszczele were presented.

The Influence of the Global Perfumery Market on the Principles of the Formation of a Tourist Flow

Based on the research results, it was concluded that the formation of world tourist flows essentially depends on the level of development of the perfume industry within the country and the individualization of the population’s income in this direction.This material also describes the history of the production of perfumes, special attention is paid to the leading centers for the production of raw materials, semi-finished products and finished products. To clarify the results, an analysis of the perfumery industry market was carried out for specific geographic regions, and the balance of forces in the global perfumery and cosmetics industry was determined. A typology of various countries of the world has been created according to the nature of perfumery and cosmetic products.The article’s authors also identified the key players in the global perfumery market, identified individual market segments and trends in their development. It became possible to explain the reasons for the development of world tourism in the growth of the perfume market. The work also proposes a definition of perfume tourism, which at its core takes into account the commodity-money relations that arise during the journey. The experimental part of the study made it possible to determine consumers’ attitudes to perfume tourism and its peculiarities.

Assessment of negative infrastructural externalities when determining the land value

The work forms and substantiates the concept of land value, based on a new institutional theory. The infrastructural component of the cost of land in the presented concept determines, on the one hand, the efficiency of the use of natural resources, properties, demand for land on the market, on the other hand, the costs, which are determined not only by capital investments in construction of engineering infrastructure, but also by losses associated with restrictions on activities within zones with special conditions for territory use, creation of unfavorable conditions for economic activity, small contours, irregularities and others on a specific land plot, which are external negative infrastructural externalities that create losses of rights holders of land plots that are not compensated by the market, falling within the boundaries of these zones. Methods for assessing the impact of such negative infrastructural externalities on the cost of land encumbered by zones in different conditions of land market activity have been developed and tested, based on an expert-analytical approach (depressed market); the ratio of market values of land plots encumbered and unencumbered by a specific zone, and qualimetric modeling (inactive market); modeling by introducing into the model the factor of presence of zones with special conditions for territory use, based on the grouping of zones according to similar regulations for use, or by introducing the parameters of this factor (active market). Methods for taking into account spatial deficiencies and compensating for restrictions and prohibitions on activities on the territory of land plots with an individual market assessment are proposed.

Tourism and hotel products’ diversification in post-covid reality

The article examines the main directions of diversification of the tourist and hotel product in the context of the coronavirus pandemic and after it. In the context of the restrictions caused by the global coronavirus pandemic, closed borders and the risks of traditional travel, there is an increase in demand in the domestic tourism market with a simultaneous transformation of demand, which requires new approaches to the formation of the tourism and hotel product both at the level of individual market participants and at the level of tourism. destinations. The author has identified three types of diversification: 1) diversification under the influence of digitalization; 2) diversification caused by the consumer behavior transformation in the context of the coronavirus pandemic; 3) diversification within the framework of the regional tourism ecosystems development. The author’s interpretation of the classification of tourist and hotel products in demand in the new reality, as well as the author’s organizational and technological model of tourism development in the tourist territory, based on a system approach and the results of scientific research, is presented.

Economics of production and marketing of wheat in Rupandehi district of Nepal

Wheat is the third most important cereal crop of Nepal after rice and maize in terms of area. The study on profitability and marketing of wheat was conducted in the Rupandehi district in 2019. The household survey, focus group discussion, interview with the individual market actors such as input suppliers, producers, collectors, wholesalers, millers, and retailers in selected clusters was carried out. The study showed that the Benefit-Cost Ratio of wheat production (BCR) was 1.87. The marketing margins at three different levels of marketing farm-wholesale, wholesale-retail, and farm-retail were also analyzed. The farm-retail marketing margin was found highest (31.42%) and the farm-wholesale marketing margins were less (15.78%). The producers’ share in consumer price was 68.5% and the total gross margin was 56.36%. This showed if value-added activities are absent in the chain, the shorter chain can provide a higher margin to farmers by bypassing the intermediaries.

Latent Segmentation of Stock Trading Strategies Using Multi-Modal Imitation Learning

While exchanges and regulators are able to observe and analyze the individual behavior of financial market participants through access to labeled data, this information is not accessible by other market participants nor by the general public. A key question, then, is whether it is possible to model individual market participants’ behaviors through observation of publicly available unlabeled market data alone. Several methods have been suggested in the literature using classification methods based on summary trading statistics, as well as using inverse reinforcement learning methods to infer the reward function underlying trader behavior. Our primary contribution is to propose an alternative neural network based multi-modal imitation learning model which performs latent segmentation of stock trading strategies. As a result that the segmentation in the latent space is optimized according to individual reward functions underlying the order submission behaviors across each segment, our results provide interpretable classifications and accurate predictions that outperform other methods in major classification indicators as verified on historical orderbook data from January 2018 to August 2019 obtained from the Tokyo Stock Exchange. By further analyzing the behavior of various trader segments, we confirmed that our proposed segments behaves in line with real-market investor sentiments.

No Commonality in Liquidity on Small Emerging Markets? Evidence from the Central and Eastern European Stock Exchanges

The goal of this comparative research is to investigate intra-market commonality in liquidity on six small emerging Central and Eastern European (CEE) stock exchanges – in the Czech Republic, Hungary, Slovakia, Lithuania, Estonia, and Latvia. The CEE post-communist countries can be analyzed together as they are geographically close, and the stock markets are relatively similar. Three measures based on daily data are utilized as liquidity/illiquidity proxies: (1) a modified version of the Amihud (2002) measure, (2) the percentage relative spread, and (3) the Corwin-Schultz (2012) high-low two-day spread estimator. The OLS regression with the HAC covariance matrix estimation and the GARCH-type models are employed to explore the patterns of market-wide commonality in liquidity on the CEE stock exchanges. The main value-added comes from the methodology and the novel empirical findings. To the best of the author’s knowledge, this is the first study that investigates commonality in liquidity in the aforementioned group of countries using three liquidity proxies and the time rolling-window approach to provide robustness tests. The regressions reveal no pronounced evidence of co-movements in liquidity within the CEE markets, taken separately. What is important, the empirical results are homogeneous for all investigated markets. Therefore, no reason has been found to reject the research hypothesis that there is no commonality in liquidity on each individual market. This paper aspires to fill the gap in the knowledge of liquidity patterns on the CEE emerging markets.

A Cointegration Analysis of the Nordic Roundwood Markets

The integration of the Nordic timber markets has been analysed to provide market information to various decision-makers, e.g., climate and industrial policies and investment decisions. This study addresses the interlinkage between Nordic (Sweden, Norway and Finland) roundwood markets (Scots pine (Pinus sylvestris L.)) and Norway spruce ((Picea abies L.) sawlogs and pulpwood). In total, eleven markets were analysed using quarterly data over the period 2006Q1–2017Q4 where various unit root and stationary tests were performed together with Johansen’s cointegration test. In addition, directional causality analyses between the integrated markets were also performed. The results show that the law-of-one-price (LOP) hypothesis can be rejected for most of the studied markets and that no individual market emerges as the price-leader. Only the Swedish and Norwegian pine sawlog markets are integrated suggesting a single market for both countries. Price affecting national and forest-related policies as well as investments in the forestry sector, forest industries, bioenergy sector and other forest product using sectors, will not disperse into a larger international market structure; instead, the price effect will be national and more likely have a more profound effect.