STRATEGIC INTERACTIONS AND NEGATIVE OIL PRICES

This paper argues on theoretical grounds that the negative oil prices event on April 20, 2020, was mainly due to the strategic interactions among some active traders on both sides of the futures contract. We present a three-player game of futures trading in which a continuum range of negative price can be supported as (strong) Nash equilibrium, yet none of those constitutes an [Formula: see text]-equilibrium originally developed by Ma (2009). We further propose the notion of coalition-with-side-payment as a solution concept for the environment where strategic interactions and transfer payments among players are allowed. Our model captures the mechanism underlying futures price manipulation, and its predictions largely agree with the observations on that day, which are beyond the scope of demand–supply and physical delivery narratives.

Blockchain Technology in Agriculture: A Case Study of Blockchain Start-Up Companies

Agriculture is one of the areas where blockchain technology could bring a revolution by solving the existing problem of Agri-product fraud, its traceability, price manipulation, and lack of customer trust in the product. This paper aims to demonstrate the potential application of blockchain technology in the agriculture industry and how it could address the existing issues by surveying the existing paper and following case studies of the blockchain start-up companies. Blockchain technology shows a promising approach to fostering a safer, better, more sustainable, and dependable agri-foods system in the future. While the application of blockchain in agriculture is in the initial phase and faces various issues like cost of implementation, privacy, security scalability, performance, and infancy, it can bring a revolution in the agriculture industry.

Carousel fraud in terms of price manipulation

Purpose The purpose of this paper is to analyse the effects of carousel fraud on the average price of goods, as one of the negative economic aspects of carousel fraud. Design/methodology/approach This paper is primarily based on the description of selected legal cases and the modus operandi of carousel fraud, the analysis of legal texts (legislation and judgments of courts) and the discussion, from the point of view of price manipulation. Findings The results of the analysis specify the negative impact of carousel fraud in the form of the distortion of reported average prices and suggest that the authorities should monitor usual or fair prices to detect cases where there is a risk of carousel fraud. Originality/value This paper brings new insight into the issue of carousel frauds by understanding the principle of carousel fraud, the motives for it, and the possibilities for detecting this type of tax fraud, which is necessary to prevent tax evasion and to preserve a state’s income.

PERKEMBANGAN AKUNTANSI SINGAPURA SERTA ANALISIS FINANCIAL SHENANIGANS PADA BLUMONT GROUP LTD

The development of accounting is related to manipulating financial performance. Accounting includes organizations, certification profession, and financial reporting standards in that country. Financial shenanigans is an action planned to manipulate the financial performance of a company which consists of seven categories. This article describes a comparison between the development of accounting for Indonesia and Singapore, and an analysis of seven financial shenanigans in manipulating financial performance Blumont Group Ltd, a business service company located in Singapore, where was involved in a case of very high new share price manipulation with two listed Singapore companies, Asiasons Capital Ltd and LionGold Corp Ltd in 2013. The research method explains based on facts in Singapore and the financial statements 2016-2020 of Blumont Group Ltd. The results explain that there isn’t evidence that the Blumont Group Ltd company does shenanigans one, two, four, five, six and seven, but was found to practice shenanigans three. Keyword: The development of accounting, Financial Shenanigan, Singapore, Indonesia, Manipulation.

Governing AI in Electricity Systems: Reflections on the EU Artificial Intelligence Bill

The Proposal for an Artificial Intelligence Act, published by the European Commission in April 2021, marks a major step in the governance of artificial intelligence (AI). This paper examines the significance of this Act for the electricity sector, specifically investigating to what extent the current European Union Bill addresses the societal and governance challenges posed by the use of AI that affects the tasks of system operators. For this we identify various options for the use of AI by system operators, as well as associated risks. AI has the potential to facilitate grid management, flexibility asset management and electricity market activities. Associated risks include lack of transparency, decline of human autonomy, cybersecurity, market dominance, and price manipulation on the electricity market. We determine to what extent the current bill pays attention to these identified risks and how the European Union intends to govern these risks. The proposed AI Act addresses well the issue of transparency and clarifying responsibilities, but pays too little attention to risks related to human autonomy, cybersecurity, market dominance and price manipulation. We make some governance suggestions to address those gaps.

Correlation between misinvoicing and non-tariff measures for Turkey's exports to the EU

Many researchers have analysed the factors that cause discrepancies in the mirror trade statistics. However, the conflicting findings of the relatively limited number of studies on the relation between non-tariff measures and misinvoicing make further research in this area necessary. Therefore, our paper aimed to analyse the impact of non-tariff measures on misinvoicing in the context of Turkey's exports to the European Union (EU) between 2008 and 2015. This study tested the possible relationship between them using other measurable variables related to Turkey's exports to the EU of the products to which the non-tariff measures were applied. This has been done by employing the dynamic generalized method of moments (GMM) as well as the quantile regression (QR) models. It was observed that tariffs, along with non-tariff measures, have negative relationship with the misinvoiced amount. Additionally, it is also observed that the transfer price manipulation appears to be a means of corporate tax evasion. This finding aligns with the decrease in reported imports and the decrease in the perceived levels of corruption.