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We compare the investment of standalone firms across regions after a positive shock to the investment opportunities generated by a large-scale highway development project. We show that the standalones' investment sensitivity is lower in regions with a higher density of business groups in the local area. We investigate mechanisms driving our results and find support for a financing mechanism whereby banks allocate capital preferentially to group-affiliated firms in responding to the increase in credit demand. Overall, our study documents that business groups have spillover effects on standalone firms. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online [ABSTRACT FROM AUTHOR]

The downstream concentration of agricultural products markets under the asymmetric competition pattern of the supply chain has a profound impact on upstream agricultural production. Is this centralized market structure sustainable and efficient? The study examines the effects and mechanisms of agricultural product downstream concentration on the high-quality development of agriculture using the dairy industry as an example. Panel data from 10 provinces in China from 2004 to 2021 were selected for analysis. Using Malmquist index, fixed effects model and other methods, the research results prove that: (1) Downstream dairy market concentration is unfavorable to upstream raw milk total factor productivity growth. However, there is scale heterogeneity in this negative effect, with a positive impact for small-scale farming and a negative impact on medium-scale and large-scale farming. (2) Downstream market concentration drives upstream raw milk total factor productivity growth through technical efficiency improvements and market demand expansion, but it also inhibits raw milk total factor productivity growth through mechanisms that squeeze production margins and impede technological progress. Negative mechanisms are the main effect. (3) Higher wages, higher raw milk prices and an improved ratio of concentrate to crude are all helping to mitigate the negative effects of downstream concentration to some extent, but net profit retention and a high proportion of fixed assets will further exacerbate the negative effects. To better address the challenges brought by the trend of downstream market concentration and promote high-quality agricultural development, this paper proposes three suggestions: enhancing the market position of dairy farmers, regulating monopolistic behavior of oligopolies, and building a mechanism for linking interests. [ABSTRACT FROM AUTHOR]

In response to political gridlock at the federal level and concerns about market concentration in the private health insurance industry, several U.S. states have proposed their own bills to establish state-based public option programs, including three that recently became law in Washington State, Colorado, and Nevada. I study Washington State's Cascade Care Law, which implemented a state-based public option program in its individual health insurance market starting in 2021. I use plan offering data and administrative enrollment data from the Washington Health Benefit Exchange, Washington's state-based Affordable Care Act exchange, to provide a descriptive analysis of how market structure, insurers' plan offering decisions, individual enrollment, and market concentration evolved during the 2020–2022 plan years. A key descriptive finding of this paper is that county-level insurance market competition has improved since Washington's state-based public option program was implemented; with thirteen and twelve insurers offering plans in 2021 and 2022, respectively, up from nine insurers in 2020. I also document considerable variation in the set of plans insurers decided to offer and the set of counties they served. Enrollment in the public option plans that were offered was low. [ABSTRACT FROM AUTHOR]

This study examines the evolving convergence of bank cost efficiency in ASEAN from 1994 to 2022, focusing on the determinants influencing this trend during distinct periods. We aim to unravel the progression of convergence drivers and their policy implications. We employ the true fixed effect stochastic frontier approach (SFA) to estimate bank cost efficiency and identify a movement toward uniform efficiency across ASEAN banks using β-convergence and σ-convergence analyses. By examining conditional β-convergence in various sub-periods, we found that the initial convergence (1994–2000) was driven by economic growth and regulation, particularly aiding less developed economies. Post-crisis (2001–2009), banks in wealthier countries led efficiency gains, albeit with growing barriers from market concentration and regulatory intensity. As the sector matured (2010–2015), traditional drivers like GDP growth and regulation attenuated in influence, while bank size and national wealth supported further convergence. In the latest phase (2016–2022), traditional convergence drivers waned, signalling a shift in the banking landscape shaped by potential new factors such as fintech and consumer behaviour changes. The evolving nature of these determinants highlights the need for ASEAN banking policies to adapt proactively. Policymakers should consider flexible, forward-looking regulations that support efficiency convergence and sectoral integration amidst a rapidly changing financial landscape. [ABSTRACT FROM AUTHOR]

This study attempts to evaluate the role of various industry-and firm-specific characteristics in determining profitability at the firm level in the Indian pharmaceutical industry. The study has utilized a balanced panel dataset of 72 listed pharmaceutical firms for the period from 1995-1996 to 2019-2020 and employed difference-GMM technique. Empirical results confirm that lagged profitability, market share, export intensity, productivity, and operating efficiency exercise a significant positive influence on firm profitability, whereas industrial concentration, imports of raw material intensity, advertising and marketing intensity, as well as leverage ratio exercise a significant negative impact. The analysis reveals that profitability in the pharmaceutical industry is driven primarily by firm-specific factors and that past profitability and market share together account for most of the variances in firm profitability. Other firm characteristics like export intensity, operating efficiency, productivity and leverage are also significant, but to a lesser extent. [ABSTRACT FROM AUTHOR]

The Price Transparency Rule of 2021 forced payors and hospitals to publicly disclose negotiated prices to foster competition and reduce the cost. Burn care is costly and concentrated at less than 130 centers in the US. We aimed to analyze geographic price variations for inpatient burn care and measure the effects of American Burn Association (ABA) verification status and market concentration on prices. All available commercial rates for 2021-2022 for burn-related diagnosis-related groups (DRGs) 927, 928, 929, 933, 934, and 935 were merged with hospital-level variables, ABA verification status, and Herfindahl–Hirschman Index (HHI) data. For the DRG 927 (most intensive burn admission), a linear mixed effects model was fit with cost as the outcome and the following variables as covariates: HHI, plan type, safety net status, profit status, verification status, rural status, and teaching hospital status. Random intercepts allowed for individual burn centers. There were 170,738 rates published from 1541 unique hospitals. Commercial reimbursement rates for the same DRG varied by a factor of approximately three within hospitals for all DRGs. Similarly, rates across different hospitals varied by a factor of 3 for all DRGs, with DRG 927 having the most variation. Burn center status was independently associated with higher reimbursement rates adjusting for facility-level factors for all DRGs except for 935. Notably, HHI was the largest predictor of commercial rates (P <.001). Negotiated prices for inpatient burn care vary widely. ABA-verified centers garner higher rates along with burn centers in more concentrated/monopolistic markets. [ABSTRACT FROM AUTHOR]

A detailed assessment of heavy metal concentration has been done through a regional geochemical survey near an industrial area in the outskirts of Raipur City. The multi‐metal analysis was carried out through detailed sampling of stream sediments and slope wash samples. All heavy metals like Cobalt (Co), Chromium (Cr), Copper (Cu), Nickel (Ni), Lead (Pb), and Arsenic (As) are found to present at higher concentrations than their permissible limits. The maximum concentration of heavy metals in descending order of occurrences for Cr, Pb, Cu, Co, Ni, and As were 213, 68, 55, 54, 45, and 35, ppm, respectively. The weathering of the carbonate rocks present in the area is found to be the source of a few metals like Ni, Cr, and Cu. Other metals like Co, Pb, and As are observed at higher concentrations near the industrial areas in the northwestern part. The chemical effluents released from the steel industries are believed to be the prime source of these metals, which also confirmed through field validation. This study emphasizes the significance of the geochemical database generated by National Geochemical Mapping (NGCM) for social and environmental goals. [ABSTRACT FROM AUTHOR]

We consider dynamic competition between two platform‐based products that exhibit two‐sided network effects, such as game consoles and intelligent hardware. Firms compete in terms of pricing and Research & Development investment, which are driven by consumers' marginal utility of quality, indirect network effects, and the differentiation between consumers' preference for the products. We find that with a small marginal utility of consumers, the equilibrium investment of one firm increases first and decreases later with its product quality but is not obviously sensitive to the rival's. In contrast, with a large marginal utility, if the quality of the two products is comparable, the equilibrium investment increases substantially. However, if one product pulls ahead, the other firm will stop investing. Besides, we find that when the intrinsic value and the network value coexist, the market becomes more concentrated, even when consumers' marginal utility is small. The market concentration increases in both the consumers' marginal utility and the indirect network effect but decreases in the degree of differentiation between consumers' preference toward the two products. Interestingly, we show that differentiation plays an important role in shaping the market structure only when the network effect is weak. Counterintuitively, we show that the differentiation corrodes firms' total profits, which demonstrates that less fierce competition resulting from low substitution leads to a lower profit. Additionally, we reveal that dynamic interaction between quality and installed base motivates firms to improve from a low quality, the first‐mover advantage does not ensure market dominance. [ABSTRACT FROM AUTHOR]

Background: Medical corporations, which are non-profit organizations that aim to operate hospitals, clinics, or long-term care facilities, account for more than half of all hospital beds and play a central role in the health care system in Japan. However, limited analysis of hospital integration has been performed. Examining the hospital integration trends of medical corporations can provide valuable insights for optimizing health care delivery and resource allocation in Japan. This study conducted a comprehensive analysis of trends in the hospital integration of medical corporations and market concentration in Japan using nationwide longitudinal data. Methods: This longitudinal study evaluated the hospital integration of medical corporations in Japan between 2017 and 2021 using medical corporation financial data provided by the Neostage Company. The target population was medical corporations that own hospitals in Japan. The primary outcomes were the horizontal and vertical integration of medical corporation hospitals. Horizontal integration was defined as the integration of two or more hospitals within the same corporation, while vertical integration was defined as the integration of a hospital with different types of health care facilities, such as clinics or long-term care facilities, within a single medical corporation. The Herfindahl–Hirschman Index (HHI) was calculated to measure hospital market concentration using hospital bed data for medical corporations in all prefectures. Results: The number of hospitals and hospital beds within medical corporations decreased from 5,670 to 848,174 in 2017 to 5,486 and 814,462 in 2021, respectively. Both horizontal and vertical integration among medical corporation facilities showed a gradual upward trend, increasing from 24.92% to 55.75% in 2017 to 26.92% and 59.42% in 2021, respectively. The mean (standard deviation [SD]) HHI increased slightly from 262.7 (178.6) in 2017 to 275.2 (187.9) in 2021, with rural areas being more concentrated than urban areas, although both remained unconcentrated. Conclusions: This longitudinal study revealed a gradual downward trend in the number of hospitals and hospital beds owned by medical corporations, while horizontal and vertical integration gradually progressed without any particular medical corporation dominating the market. These findings are expected to contribute to policymaking efforts aimed at providing optimal health care services in Japan. [ABSTRACT FROM AUTHOR]

\nHIGHLIGHTSHemp (Cannabis sativa L.) is an important source of fibre and seed oil and protein. By-products of industrial hemp fibre production, like hemp seeds and cakes, can be used as feed for all animal species as fat and protein source and the whole hemp plant (including stalk and leaves) might be a suitable fibre source for ruminants. However, a previous feeding experiment with leaf-flower-seed hemp silage, made from an industrial hemp variety, demonstrated detrimental effects on cow health parameters and a significant transfer of several cannabinoids, including the psychoactive tetrahydrocannabinol (∆9-THC), into cow’s milk, posing a potential risk to the safety of consumers. Based on those observations, the present study tested the hypothesis that anaerobic fermentation, as during ensiling, increases the content of ∆9-THC in hemp. Therefore, silages of whole plants from the industrial hemp Cannabis sativa L. var. Ivory were prepared in a multifactorial design, with the four treatments 1) untreated control (CON), 2) addition of 10 mL per kg fresh weight homofermentative lactobacilli at 105 cfu/mL (LBAC), 3) addition of 10 mL per kg fresh weight homofermentative lactobacilli at 105 cfu/mL plus 30 g molasses (LBACmol) and 4) addition of propionic acid (10 mL/kg fresh weight) (PRO). Ultra high performance liquid chromatography coupled with tandem mass spectrometry with electrospray ionisation (UHPLC-MS/MS) was performed for analysis of cannabinoids in fresh hemp material and after 10 and 90 days of ensiling. The study revealed that ensiling decreased all acid forms of analysed cannabinoids in hemp at about 40–65% of the initial values after 90 days of storage, with the exception of cannabinolic acid (CBNA), and CBGA, the acidic form of cannabigerol (CBG). This decrease in most acidic forms was accompanied by an increase of the corresponding non-acidic forms of all cannabinoids, including the psychoactive ∆9-THC. Thus, although ensiling decreases the total cannabinoid content, psychoactive compounds like ∆9-THC can increase, enhancing the risk for animal health and a transfer of these substances into animal derived products. Industrial hemp can be ensiled with different additives, despite its high buffering capacityUltra high performance liquid chromatography coupled with tandem mass spectrometry (UHPLC-MS/MS) was used for analysis of cannabinoidsEnsiling decreased total cannabinoid content in industrial hemp, but increased individual compounds like ∆9-THC, likely through decarboxylation of the precursor ∆9-THCA.Industrial hemp can be ensiled with different additives, despite its high buffering capacityUltra high performance liquid chromatography coupled with tandem mass spectrometry (UHPLC-MS/MS) was used for analysis of cannabinoidsEnsiling decreased total cannabinoid content in industrial hemp, but increased individual compounds like ∆9-THC, likely through decarboxylation of the precursor ∆9-THCA. [ABSTRACT FROM AUTHOR]

Objective: To understand variation in enrollment in tiered network health plans (TNPs) and the local provider market characteristics associated with TNP penetration. Data Sources and Study Setting: We used 2013–2017 Massachusetts three‐digit ZIP code level employer‐sponsored health insurance enrollment data, data on physician horizontal and vertical affiliations from the Massachusetts Provider Database, state hospital reports in 2013, 2015, and 2017, and the 2013–2017 Massachusetts All‐Payer Claims database. Study Design: Linear regressions were used to estimate associations between TNP and local provider market characteristics. Data Extraction: We constructed measures of TNP penetration and local provider market characteristics and linked these data using three‐digit ZIP code. Principal Findings: TNP penetration was at least 10% in all employer market sectors and highest among jumbo sized employers. All state employee health plan enrollees were in a tiered network health plan. Among enrollees not in the state employee health plan, TNP penetration varied from 6.0% to 19.6% across three‐digit ZIP codes in Massachusetts. TNP penetration was higher in areas with less horizontal and vertical physician market concentration. Conclusions: Market competition, rather than the absolute quantity of physicians in an area, is associated with TNP penetration. [ABSTRACT FROM AUTHOR]

Increasing market concentration has become a topical issue in competition law worldwide. This article explores how firms, especially digital platform businesses, increase market concentration which may facilitate entrenched market power and anti-competitive conduct in their upstream or downstream markets. It considers in an Australian context two specific ways in which the power of a dominant firms including digital platforms may be constrained. The first is allowing the parties with lesser market power to collectively bargain, which can redress the imbalance in bargaining power to make the market work more effectively. A second and related option is the introduction of mandatory codes of conduct, which may be suitable in markets where perennial problems with market power imbalances exist. Australian experience suggests that these options can assist markets to function more effectively, and they may provide additional flexibility for other jurisdictions. [ABSTRACT FROM AUTHOR]

The rising concentration in digital platform markets raises the question to what extent traditional merger control is effective in these market environments. This contribution sheds a light on ways in which national competition authorities throughout the European Union and in the United Kingdom have adapted their analyses to the specific characteristics and complexities of digital markets. Through detailed case studies, I offer insights into ways in which horizontal, vertical and conglomerate theories of harm were made relevant to digital markets. At the same time, the case analysis shows areas in which competition law should further develop theories of harm in line with the insights into these market environments, particularly as regards ecosystem theories of harm. [ABSTRACT FROM AUTHOR]

The period from January 2020 to December 2022 was marked by a confluence of major events, including the COVID-19 pandemic, the Russia–Ukraine war, the energy crisis, surging inflation, Federal Reserve policy shifts, and banking turmoil, which collectively fueled heightened market volatility, risk management needs, and speculative trading opportunities, leading to volatile swings in trading volume concentration across financial markets, with periods of significant increases followed by rapid declines. This paper examines the variation in the concentration of trading volume across the full spectrum of S&P 500 companies, with a focus on explaining the reasons behind the stochastic changes in trading volume concentration. We analyze different concentration measurement methods, including the power law exponent, the Herfindahl–Hirschman Index, and the Gini-based Trading Concentration Index (TCI). The research employs a novel experimental design, comparing a concentration-driven portfolio, rebalanced daily based on the top 30 stocks by trading volume, against the S&P 500 benchmark. Our findings reveal that the Gini-based TCI fluctuated between 55.98% and 77.35% during the study period, with significant variations coinciding with major market events. The concentration-driven portfolio outperformed the S&P 500, achieving an annualized return of 10.66% compared to 5.89% for the index, with a superior Sharpe ratio of 0.325 versus 0.19. This performance suggests that following trading volume concentration can yield above-average results. However, this study also highlights the importance of understanding and managing the risks associated with concentrated portfolios. This study contributes to the literature on market dynamics and offers practical insights for investors and fund managers on optimizing portfolio strategies in response to evolving concentration patterns in financial markets. [ABSTRACT FROM AUTHOR]

This paper examines one million land transactions and firm census data sets to determine the effect of market concentration on entry deterrence in China from 2006 to 2013. We find that a one standard deviation increase in the Herfindahl–Hirschman Index leads to a one standard deviation decrease in local government‐designated industrial land sales to nonlocal firms and to a 2.9 standard deviation increase in land cost. Further evidence suggests that firms with high market power lobby their local governments to deter the entry of nonlocal firms. [ABSTRACT FROM AUTHOR]

In numerous regions globally, particularly in Tunisia, the fluoride concentration in industrial wastewater surpasses regulatory thresholds, which posing environmental challenges. Therefore, this research investigates the efficacy of two clays sourced from Jebel Haidoudi Gabes–Tunisia (east longitude 9° 42′ 51.5″ (9.7143°); north latitude 34° 2′ 9.7″ (34.036°)) and Douiret–Tunisia (east longitude 10° 17′ 18.28 (10.28°); north latitude 32° 51′ 24.36″ (32.85°) as adsorbents and compared their performance in removing fluoride. These clays were used as adsorbents after activation with acid for 3.5 and 4.5 h, respectively. The design of Box–Behnken was applied to enhance the influence of initial fluoride concentration (50–300 mg/g), pH (2–6), and contact time (2–5 h). The results highlight the following order of significance for these factors: initial fluoride concentration > contact time > pH. The empirical model predicted that a maximum amounts adsorbed of fluoride with activated clays were obtained at fluoride concentration of 300 mg/L at a contact time of 5 h and pH = 2. A comparative analysis of activated clays from Jebel Haidoudi (142.56 mg/g) and Douiret (136.24 mg/g) elucidates their differential performance in fluoride removal. Results show that the experimental data fit well the pseudo-second-order equation, with R2 close to 1 (0.999) and χ2 low (1 ≥); the isotherm studies illustrate that the most excellent liner fits were obtained use the Langmuir model with highest R2 (0.986 and 0.983) and lowest χ2 (41.07 ad 43.56). These results demonstrate that fluoride removal might be mostly a chemisorption and a monolayer process. Finally, both activated clays could be used as efficient and inexpensive adsorbents. This work offers practical insights for optimizing treatment processes in regions grappling with elevated fluoride concentrations in industrial effluents. [ABSTRACT FROM AUTHOR]

In this research, an analysis of the socio-environmental vulnerability in the urban area of the border municipality of Tijuana, Baja California (BC), in Mexico is carried out with data from the year 2020. Currently, this municipality is the most populated in the country, housing a population of just over 1.9 million inhabitants, characterized by being a city in constant urban growth due to its geographical location and various social, cross-border and productive dynamics directed by industrial development. However, Tijuana presents territorial problems related to lack of urban planning, overpopulation, urban marginalization, topographic conditions, urban waste management, air quality and lack of infrastructure and basic services. The proposed methodology develops a socio-environmental vulnerability index (SEVI), based on the evaluation of critical or extreme demographic and urban aspects, including social, economic, environmental and physical variables of the territory with the support of the Geographic Information System (GIS). This index is composed of a total of 19 indicators related to education, health, employment, housing conditions, infrastructure, population settlement, industrial concentration and some factors regarding environmental quality, especially focused on the disposal of urban solid waste (USW) in clandestine sites, garbage collection service coverage and flood risk. This analysis allowed us to determine the groups most vulnerable to socio-environmental risks in 692 Basic Geostatistical Areas (AGEB, the acronym in Spanish) of nine city delegations. The results of the research highlight that 14.78% of the population is between a situation of high and very high socio-environmental vulnerability, representing just over 284,000 inhabitants. It is concluded that the use of GIS in spatial planning allows us to identify risk areas and thereby promote more sustainable measures to ensure the well-being of the population. [ABSTRACT FROM AUTHOR]

AbstractDeveloping robust analytical methodologies for the discrimination of craft and industrial beer presents a significant yet formidable challenge. The identification and differentiation of products necessitate the utilization of reliable analytical methods, which are indispensable for ensuring market stability and safeguarding consumer interests. In this study, representative samples with a significant market share were selected for headspace solid-phase microextraction coupled with gas chromatography-mass spectrometry (HS-SPME-GC-MS) analysis to compare the volatile substance characteristics of craft and industrial beers. The findings suggested that alcohols and esters constituted the primary volatiles. Craft beer exhibited a higher abundance of both types and concentrations compared to industrial beer. Subsequently, unsupervised and supervised chemometric techniques were employed for further analysis of the data matrix. An orthogonal partial least squares discriminant analysis (OPLS-DA) method was established to effectively discriminate between industrial and craft beers, enabling the identification of characteristic volatile markers. The untargeted GC-MS metabolomics coupled with multivariate statistical analysis holds promise for the authentication of craft and industrial beers. [ABSTRACT FROM AUTHOR]

Market concentration is considered a concept that refers to the number of firms in any industry and the distribution of the sizes of these firms. There are two theoretical approaches to the effects of competition in the market on foreign trade. These approaches are the national champion approach and the competitive approach. While both approaches assume that domestic competition is a determinant of the success of industries in global markets, they have different arguments about how competition affects foreign trade. In this study, the effects of the market structure on foreign trade were examined on the industry scale using the panel data analysis method in the context of the Turkish manufacturing industry for the period between 2013 and 2018. In the scope of the contract made with TURKSTAT, the study employed micro-level firm-scale datasets, and the collected manufacturing industry firm data were consolidated at the level of 199 4-digit industries based on NACE Rev.2. According to the results of the static panel data analysis, it was determined that market concentration had positive effects on imports and exports. Furthermore, the economies of scale affected imports and exports negatively, the real effective exchange rate index affected exports negatively, and labor cost affected exports positively. Considering the empirical findings for the Turkish manufacturing industry, it was concluded that SMEs, which had a superior number of firms, were more successful in exports in general compared to larger firms. It is expected that the results of this study will contribute to future studies to be conducted to investigate the effects of competition in markets on global trade. [ABSTRACT FROM AUTHOR]

All organisms on the earth-crest are exposed to natural background radiation since the evolution of the earth, as many environmental matrices such as soil, air, water bodies, vegetation, etc. act as the sources of natural radioactivity. The present study deals with the evaluation of indoor concentration of 222Rn (radon) in different dwellings with various construction materials used for the roof and floor in the industrial sites of Kannur district, Kerala. A pinhole-based dosemeter coupled with LR-115 Solid State Nuclear Track Detector and Direct Radon Progeny Sensor (DRPS) were respectively used for the measurement of indoor radon concentration and equilibrium equivalent concentration of radon. The indoor radon concentrations were found to vary from 102.30 Bqm−3 to 184.75 Bqm−3 and the values were within the recommended limits provided by International Commission on Radiological Protection (ICRP). The annual effective doses and excess lifetime cancer risks were observed in the range of 2.58–4.66 mSvy−1 and 7.68 × 10−3–15.60 × 10−3, respectively, and both exceed the world average values recommended by United Nations Scientific Committee on the Effects of Atomic Radiation (UNSCEAR) 2000. The study shows that, the houses with marble floors and concrete roofs have comparatively higher values of radon concentration, which indicates the significant contribution of construction materials to the enhanced radiation levels inside the dwellings. [ABSTRACT FROM AUTHOR]

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Purpose: This research aims to identify the optimal configuration of investment which leads firms to their best competitive positions, considering the degree of concentration in the market. Design/methodology/approach: The methodology was quantitative and based on secondary data with samples of 124, 106 and 90 firms from competitive environment classified as perfect competition, monopolistic competition and oligopoly, respectively. Proposed models' parameters were estimated by means of genetic algorithms. Findings: Adjustments on firm's investment are contingent on the degree of competition they face. Results are in line with existing academic research affirmation that the purpose of investments is to create and exploit opportunities for positive economic rents and that investments allow firms to protect from rivals' competitive actions and reinforce the need for investment decision makers to consider the environment in which the firm is competing, when defining the amount of investment that must be done to achieve and maintain a favorable competitive advantage position. Originality/value: This research brings two main original contributions. The first one is the identification of the optimal amount of capital and R&D investments which leads firms to their best competitive positions, contingent to the degree of concentration of the competitive environment in which they operate, and the size of the firm. The second one is related to the use of genetic algorithms to estimate optimization models that considers the three competitive environments studied (perfect competition, monopolistic competition and oligopoly) and the investment variables in the linear and quadratic forms. [ABSTRACT FROM AUTHOR]

This study examines market concentration's influence on popular music. The data cover popular music from weekly Billboard Hot 100 songs from 1952 to 1989, for which song characteristic data including tempo and duration is available from the Million Song Dataset (MSD). Greater market concentration of the top four artists is found to impact song length, with longer #1 songs and shorter songs in the #2 through #10 spots on the Billboard charts. However, tests for alterations in song construction by top artists that might indicate a form of "sell‐out" behavior do not reveal evidence of it. [ABSTRACT FROM AUTHOR]

This paper shows that more highly concentrated labour markets experience more positive employment effects of the minimum wage. In the most concentrated labour markets, employment rises following a minimum wage increase. The paper establishes its main findings by studying the effects of local minimum wage increases on a key low-wage retail sector, and using data on labour market concentration that covers the entirety of the U.S. with fine spatial variation at the occupation level. The results carry over to the fast-food sector and the entire low-wage labour market and are robust to using proxies of labour market concentration available for a broader range of industries, such as the number of establishments and population density. A model of oligopsonistic competition can explain these effects: there is more room to increase wages in high-concentration areas where wages tend to be further below marginal productivity. These findings provide evidence supporting monopsonistic wage setting as an explanation for the near-zero minimum wage employment effect documented in prior work. [ABSTRACT FROM AUTHOR]

The increase in market concentration and market power in the food supply chain is an issue of concern globally. This study focuses on an analysis of market imperfections in the Italian processed tomato food supply chain by considering changes in its supply chain governance from 2006–2018. The identification of the degree of non‐competitive behavior is based on the derived mark‐down and mark‐up models using the latest developments in stochastic frontier methodology. The estimated models reveal some degree of non‐competitive behavior in the input as well as in the output processing market. However, in consideration of the results on the supply chain governance during the study period, we argue that the establishment of an Interbranch Organization (IBO) could create fairly stable long‐term food supply chain relationships benefitting all IBO members and in particular farmers despite the significant change in concentration levels in the Italian tomato processing sector after 2015. [ABSTRACT FROM AUTHOR]

This paper examines the environmental, social, and governance (ESG) requirements for an industry in an n‐oligopolistic model and investigates the relationship between the degree of industry concentration and the degree of ESG requirements. It is shown that the factors influencing the degree of ESG requirements include the number of firms, the elasticity of market demand, and the market concentration ratio. In the case of linear market demand, the degree of requirements is negatively affected by firm number only, regardless of the elasticity of market demand or market concentration ratio. In addition, the degree of ESG requirements is positively (negatively) related to the industry profit/concentration, when market demand is convex (concave). This paper demonstrates that the degree of ESG requirements is sensitive to firm number, market demand, and market concentration ratio and serves as a pragmatic reference for the government. [ABSTRACT FROM AUTHOR]

This paper investigates whether and how ownership concentration, as an intearnal mechanism of corporate governance, and market competition, as an external mechanism of corporate governance, interact to influence bank performance. In other words, we test whether ownership concentration and competition are complementary or substitutes. To do so, we use a unique hand-collected database covering commercial banks based in 17 Western European countries from 2006 to 2019. Consistent with previous studies, we find that ownership concentration and market concentration increase the profitability and risk-taking behaviour of banks. Furthermore, no evidence of non-linearity of competition is found for our sample of European banks. Regarding the interaction effect, our results indicate that market competition seems to foster the profitability of banks with concentrated ownership. In addition, we find that risk-taking behaviour of banks with controlling shareholders increases when they operate in competitive markets. These results suggest that ownership concentration and market competition are complementary, and hence banks may benefit differently from these corporate governance mechanisms to improve their performance. [ABSTRACT FROM AUTHOR]

Many countries have initiated specific regions dedicated to Green Finance to enhance environmental sustainability. This paper examines the influence of these zones on corporate greenwashing practices, using data from Chinese listed companies. Greenwashing is assessed by comparing corporate environmental, social, and governance disclosures against their actual performance in these areas. We find that the establishment of Green Finance Pilot Zones, which means experimental zones, significantly increases greenwashing behavior. These zones reduce actual performance in environmental, social, and governance aspects without altering disclosure practices. Additionally, the impact of these zones on greenwashing is more pronounced in companies with higher debt ratios and when environmental subsidies expire, indicating that financial incentives drive greenwashing. Conversely, stricter government regulations can mitigate this negative effect. The detrimental impact of these zones is notably observed in non-state-owned enterprises, non-heavy polluting companies, and industries with lower market concentration. The findings provide a foundation for further international studies and collaboration in the pursuit of global environmental sustainability, aiding the design and implementation of more robust and transparent Green Finance programs that can be adapted to various economic contexts. [ABSTRACT FROM AUTHOR]

This study examines whether auditor market power is associated with audit quality. Regulators around the world have repeatedly expressed concerns about the high levels of supplier concentration, the limited number of audit suppliers in the audit market, and the potential adverse consequences of their (alleged) market power. Using U.S. data from 2009 to 2017, we examine the effect on audit quality of two competing measures of auditor market power: (a) a "traditional" market concentration measure (Herfindahl index) and (b) a competing measure derived from spatial competition theory (i.e., market share distance from the closest competitor). Following Aobdia, we infer audit quality from two measures of financial reporting quality: (a) the level of absolute abnormal accruals, and (b) the incidence of financial statement restatements. Our results indicate that industry market share distance is positively associated with audit quality, but we do not find an association between market concentration and audit quality. In addition, we find that the positive association between market share distance and audit quality only holds when the incumbent auditor is a market leader, although industry leadership itself is not significantly associated with audit quality. These findings suggest that audit quality is positively affected by a market leader's industry market share dominance over its competitors rather than by industry specialization per se. JEL Classification : M4; L0 [ABSTRACT FROM AUTHOR]

Objectives: Optimizing the pharmaceutical industrial structure is the key mission of China’s healthcare reform. From the industrial structure perspective, this study empirically evaluated the impact of China’s national volume-based procurement (NVBP) policy on market concentration in the hospital-end drug market. Methods: This study used drug procurement data of China’s public medical institutions which obtained from the national database. A quasi-natural experiment was designed involving eleven pairs of matched treatment-control region combinations, with NVBP policy as the intervention measure. The market was defined by drug name (molecular boundary) and city/province (geographical boundary). Market changes were measured from three dimensions: the number of enterprises and products, market share, and Herfindahl-Hirschman index (HHI). Dual comparison approach and difference-in-difference (DID) method with fixed effect model were applied to quantify policy impacts. Results: The number of enterprises and products decreased by 18 and 83 in pilot regions after NVBP policy, far more than the decreases in control regions (6 and 21). The accumulative market share of 15 bid-winning enterprises increased by 53.67% in volume and 18.79% in value, among which the increment of enterprises with low baseline market share was more prominent (66.64% and 36.40%). Among three enterprise types, the market share of generic consistency evaluation (GCE) certificated generics significantly increased, GCE uncertificated generics significantly decreased, and originators slightly decreased. DID models indicated significantly positive impact of NVBP policy on market concentration, with HHI-volume and HHI-value increasing by 49.33% (β = 0.401, p < 0.01) and 21.05% (β = 0.191, p < 0.01). Conclusion: The implementation of NVBP promoted the intensive drug circulation and supply of Chinese public hospitals, intensifying the exit of GCE uncertificated generics from the hospital-end market. NVBP combined with GCE standards significantly improved market concentration, which brought a positive signal of pharmaceutical industrial structure optimization in China. In the future context of normalized and institutionalized NVBP, the balance should be further sought between low drug prices and reliable hospital drug supply, sustainable industry development. [ABSTRACT FROM AUTHOR]

Organophosphorus esters (OPEs), exemplified by tris (2-chloroethyl) phosphate (TCEP), find extensive application in diverse industries such as construction materials, textiles, chemical manufacturing, and electronics, consequently resulting in an increased concentration of these compounds in industrial wastewater. The fundamental objective of this investigation was to examine the degradation of TCEP through the implementation of US/Fenton oxidation techniques in a solution. The findings revealed that the US/Fenton system effectively facilitated the degradation of TCEP, with the Chan kinetic model precisely elucidating the degradation process. Under optimized reaction conditions, the degradation efficiency of TCEP reached an impressive 93.18%. However, the presence of common co-existing aqueous substrates such as Cl−, HCO3−, H2PO4−, and HA hindered the degradation process. Bursting tests and electron paramagnetic resonance (EPR) studies affirmed ∙OH oxidation as the principal mechanism underlying TCEP degradation. Detailed degradation pathways for TCEP were established through the utilization of density-functional theory (DFT) calculations and GC/MS tests. Moreover, the ecotoxicological evaluation of TCEP and its intermediates was conducted using the Toxicity Estimation Software Tool (T.E.S.T.). [ABSTRACT FROM AUTHOR]

The world's dependency on cobalt mines in Congo and cobalt refineries in China is seen as serious security issues with potentially dangerous implications for the energy transition. However, Chinese refineries have a similar supply security issue as most of its cobalt concentrates are imported. Most supply security studies take a country perspective on market concentration and supply risks. However, control of the mines and refineries lies with the producing companies, not the governments of the countries where they are located. This paper analyses the corporate structure of the cobalt industry at the mine and the refinery stages over a longer time period to establish changes in the level of corporate concentration and to put the situation in 2018 in perspective. The level of corporate concentration at the mine stage is low and does not raise concerns for market failures or a lack of competitiveness. Corporate concentration of refined cobalt depends on the Chinese government's influence over Chinese production: if the state control over individual refineries is assumed to be strong, the corporate concentration is high. Mine stage supply security could be strengthened by improving the general political stability in the DRC to make the country more attractive for investors other than the present ones. Increased local beneficiation would strongly benefit Congo and reduce China's influence. This is a long and complicated process and its success is not at all certain. At the refinery stage, the solution is much easier: reliability of supply could be improved by constructing refineries in countries outside China. [ABSTRACT FROM AUTHOR]

The profitability (ROA) of US and European defense companies are influenced by past profitability, debt policy, company size, and defense specialization. Taking into account the effect of these variables, individual company characteristics and time specificities, the profitability of US defense companies remains higher than that of European companies. Moreover, US defense firms are more profitable when specialized in defense, while European companies are more dependent on the civilian market and its evolution. The position of a company in the SIPRI ranking has a negative impact on American companies' profitability, while it positively influences European companies' profitability. These results could be due to excessive fragmentation (of orders and industries) on the European market and high concentration on the US market. [ABSTRACT FROM AUTHOR]

• The long waves of Kondratiev and Schumpeter have been absent from the current debate on declining business dynamism. • Based on extensive microeconomic data from 1986 to 2018, the study examines how the ICT revolution has influenced business dynamism. • There are two structural breaks in industrial dynamics in Portugal: an upswing in 1993 and a downturn in 2003. • Counterfactual estimates show that entry and survival become more stringent in the mature stage of a technological revolution, thereby reducing entrepreneurship's long-term disruptive potential. Following Schumpeter, several scholars have shown that development follows long-term waves. These waves are prompted by radical innovations, which, until their full potential is exhausted, spread through incremental innovations and continuous learning and imitation processes. However, the discontinuity of technological progress often goes unnoticed in current debates on productivity slowdown, declining business dynamism and increasing market concentration. Our study, based on extensive microeconomic data from 1986 to 2018, examines how the ICT revolution has influenced business dynamism in Portugal. The Bai–Perron estimates show two structural breaks in industrial dynamics: an upswing in 1993 and a downturn in 2003. Our research also shows that during the late 20th century creative destruction was mainly driven by the expanding ICT sector. After 2003, however, firm dynamics became less turbulent, with less entry and job reallocation. Moreover, despite the increasing performance of a typical high-growth young firm, the incidence of startups has declined in the new century. Our results, therefore, suggest that reduced entry and increased exit risk have likely undermined the long-term disruptive potential of transformative entrepreneurship. [ABSTRACT FROM AUTHOR]

Copyright of Economica: Revistă Ştiinţifico-Didactică is the property of Academy of Economic Studies of Moldova (AESM) / Academia de Studii Economice din Moldova (AESM) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Using a sample of 7,919 banks from 30 OECD countries over 1995–2019, we examine the impact of low interest rates on banks' net interest margins. Our results confirm a positive relationship between interest rates and interest margins, which is stronger in a low interest rate environment. In more concentrated markets, however, interest margins are less sensitive to the level of interest rates, as interest rate sensitivities of income and expense margins match. But our results also suggest that the effect of market concentration on the link between interest rates and interest margins is weaker when interest rates approach zero. [ABSTRACT FROM AUTHOR]

This paper addresses the effects of a prohibition of providing non-audit services (NAS) to audit clients. By combining a strategic auditor–client game with a circular market-matching model that has an endogenous number of auditors, we take into account the interdependence between the auditors' and clients' incentives, the market structure, and the quality of audited reports. We show that the regulation's effects depend on the preexisting audit market concentration and the types of blacklisted NAS. In sharp contrast to the effects that regulators desire, a prohibition of providing NAS to audit clients can further increase audit market concentration and decrease the quality of audited reports if the fees that auditors previously earned from providing the blacklisted NAS were relatively high, compared to the reduction in audit costs that result from spillovers. In contrast, a prohibition of the NAS that generate intense spillovers and low NAS fees can have the unexpected—but desired—effect of decreasing market concentration; however, reporting quality also decreases. [ABSTRACT FROM AUTHOR]

In 2022, U.S. consumers experienced an infant formula shortage that resulted in historic out‐of‐stock rates and brought renewed attention to market concentration in the infant formula market. FDA regulation, tariffs, and limiting WIC benefit redemption to a state's contract brand of infant formula, all potential barriers to competition, were temporarily relaxed to mitigate the impact of the shortage. This article discusses the potential trade‐offs associated with permanent policy changes while highlighting opportunities for future research to support the development of policies to improve resiliency in the infant formula market. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Indonesian Agribusiness / Jurnal Agribisnis Indonesia is the property of IPB University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper extends the monopsony literature by taking a task-based approach and estimating the causal effect of concentration on labour market outcomes. Using detailed employer–employee data from Norway, we find that our job task-based measure shows lower degrees of concentration than conventional industry- and occupation-based measures. Exploiting mass lay-offs as exogenous shocks to local labour demand, we show that workers who experience mass separations in more concentrated markets have substantially worse subsequent labour market outcomes than workers in less concentrated markets. Our results point to the existence of employer market power that is driven by the concentration of skill demand across firms. [ABSTRACT FROM AUTHOR]

More people are listening to more recorded music than any other time in history. While record labels have largely rebounded from the lean 'Napster years' of the early 2000s, remuneration for artists remain low. This article moves beyond an investigation of label-artist contracts – largely blamed for low recording royalties – and considers the broader array of consequences brought by the institutional structure of the streaming economy. Three factors explain dynamics within the music economy: music as a non-rival, non-excludable good; digital service providers (DSPs) as interchangeable market substitutes; and the concentration of Major Label market power due to their discretion to grant or withhold catalog access to DSPs. The ultimate consequence of this market structure is to depress prices in the music economy; value that can be captured largely rests with rights holders. With the DSPs as nearly perfect substitutes, the music industry is constrained in its ability to increase its revenues. Due to market power asymmetries, the burden of this contracted market size is borne by musicians, and to a lesser extent, by DSPs. To illustrate the problematic dynamics of the music streaming economy, music is compared to another non-rival, non-excludable good with a divergent market structure and outcomes: video streaming. [ABSTRACT FROM AUTHOR]

Merger control plays a central role in competition policy. When assessing proposed mergers, Competition Authorities should consider its impact on all relevant markets. Large mergers between manufacturers typically impact competition, thus requiring the approval of Competition Authorities. Divestitures are often a condition of merger approval. This report investigates the effectiveness of implementing such merger remedies when bargaining between manufacturers and retailers is a key market feature. We examine the upstream merger between DEMB and Mondeléz that was approved by the European Commission in May 2015, subject to a divestiture. The divestiture indeed helped to mitigate the negative impacts of the merger. From the consumer's point of view, divestitures should take place in favor of manufacturers with less bargaining power. [ABSTRACT FROM AUTHOR]

Introduction. This study aims to evaluate the impact of a new financing policy (25% bonus) on the centralization of radical surgical procedures for cancer treatment in high-volume hospitals in Poland. It builds on existing research that demonstrates a positive correlation between treatment outcomes and the volume of patients managed at a center, extending to various cancer types and treatment modalities including both surgical and non-surgical approaches. Material and methods. Reimbursement data was collected about all radical surgery procedures related to cancer treatment funded from public sources in Poland in 2019-2022. Hospitals were clustered in three groups: 1) high-volume, 2) “close to” high-volume, and 3) low-volume hospitals. To assess the maximum number of providers in each type of cancer surgery, the volume procedures for low-volume hospitals was recalculated. Results. In the years 2018-2022, over 450 hospitals provided radical surgery services in the 13 cancer groups studied. This value changed slightly during the period under study. In almost half of the analyzed cancer groups, the number of low-volume hospitals is increasing. An increasing number of hospitals are providing services below the thresholds. At the same time, across almost all studied groups, the number of high-volume hospitals also increased. Analysis of the distribution of services by clusters proves the gradual concentration of the market. The share of radical surgery services provided by low-volume hospitals decreased from 39% in 2019 to 35% in 2022. The share of services provided in high-volume hospitals increased gradually from 49% to 57% (highest for prostate, kidney and thyroid cancers). Conclusions. The financial model providing additional revenue for high-volume hospitals with additional requirements regarding the treatment process, as well as having no required minimal volume of procedures, induced the centralization of radical oncology surgery only insignificantly. [ABSTRACT FROM AUTHOR]

This paper estimates the effect of religious labor market concentration on clergy wages. Using data on the state-level Herfindahl-Hirschman Index (HHI) from the Association of Religion Data Archives (ARDA), and data on individual clergy wages from the Census/American Community Survey (ACS), I estimate the effect of monopsony in the market for religion on clergy wages for the years 1980 to 2020. Ordinary least squares (OLS) estimates suggest the elasticity of individual clergy wages to the state-level HHI ranges between -0.05 and -0.17. These results are robust to the inclusion of controls for individual clergy characteristics, state-level religious tradition adherent shares, state-level labor market concentration, state- and year-fixed effects, and religious group-specific time trends. Application of the Oster (2019) test for selection on unobservables suggests that OLS understates the negative effect of concentration on clergy wages. The OLS results are supported by an instrumental variables (IV) specification exploiting a Bartik-style instrument interacting historic concentration with national concentration growth. The IV estimates suggest elasticities between -0.11 and -0.19. [ABSTRACT FROM AUTHOR]

Trisodium citrate (TSC) and ethylenediaminetetraacetic acid disodium salt (Na2-EDTA) were applied in reconstituted acid whey powder (AWP) at 20% w/w, which mimicked acid whey concentration during industrial whey processing. Physicochemical properties and heat stability of the AWP suspensions with 0–50 mM TSC and Na2-EDTA at pH 6.2 were investigated. TSC-containing suspensions prior to heating had decreasing Ca2+ activity, levels of sedimentation, and subtle reduction of aggregate size with increasing TSC concentrations (0–50 mM). Unheated Na2-EDTA-containing suspensions had lower levels of sedimentation and smaller aggregate sizes than unheated TSC-containing suspensions; however, reduction of Ca2+ activity was only observed up to 20 mM Na2-EDTA. Stronger effects of Na2-EDTA than TSC on levels of sediment, viscosity, and aggregate size of AWP suspensions were observed after heating, except for 50 mM Na2-EDTA. A remarkable difference between TSC and Na2-EDTA addition was the nature of aggregates formed in heated suspensions. TSC-containing suspensions contained larger aggregates than corresponding Na2-EDTA-containing suspensions, which exhibited increasing shear thinning behavior as a function of concentration. In contrast, the smaller aggregates in the corresponding Na2-EDTA-containing suspension showed shear thickening. The inverse relationship between aggregate size and levels of sediment for TSC-containing suspensions post-heat treatment may indicate the formation of loose aggregates that resist sedimentation. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to analyse the effect of competition on retail fuel prices in a small European Union (EU) country with high market concentration. Design/methodology/approach: The researchers use a panel data set to estimate a fuel price equation that includes supply and demand factors as well as time-fixed effects. Findings: The study finds that more competitors in the local market decrease prices, whereas the high market share of oligopoly brands does not condition this effect. Additionally, independent brands set lower prices than wholesalers, and gas stations located near the borders of almost all neighbouring countries are associated with higher prices. Research limitations/implications: The study suggests that Slovenia's retail fuel market maintains competitive pricing despite high oligopolistic shares because of historical regulatory influences that shaped firm behaviour and pricing strategies, along with geographical and economic factors such as Slovenia's role as a transit country. External competitive pressures from neighbouring countries and high levels of traffic, combined with the remnants of regulatory structures, help prevent market abuses and keep fuel prices lower than in other EU countries. Practical implications: It also indicates that policy should encourage fiercer competition in the local market by increasing the density of gas stations, especially from independent brands. Originality/value: These findings may be associated with specific country characteristics. This paper introduces unique findings that shed light on the impact of a small market on competition, with a particular focus on highlighting the effect of oligopolistic brands. [ABSTRACT FROM AUTHOR]

Purpose: Academic research has intensively analyzed the relationship between market concentration or market power and banking stability but provides ambiguous results, which are summarized under the concentration-stability/fragility view. We provide empirical evidence that the mixed results are due to the difficulty of identifying reliable variables to measure concentration and market power. Design/methodology/approach: Using data from 3,943 banks operating in the European Union (EU)-15 between 2013 and 2020, we employ linear regression models on panel data. Banking market concentration is measured by the Herfindahl–Hirschman Index (HHI), and market power is estimated by the product-specific Lerner Indices for the loan and deposit market, respectively. Findings: Our analysis reveals a significantly stability-decreasing impact of market concentration (HHI) and a significantly stability-increasing effect of market power (Lerner Indices). In addition, we provide evidence for a weak (or even absent) empirical relationship between the (non)structural measures, challenging the validity of the structure-conduct-performance (SCP) paradigm. Our baseline findings remain robust, especially when controlling for a likely reverse causality. Originality/value: Our results suggest that the HHI may reflect other factors beyond market power that influence banking stability. Thus, banking supervisors and competition authorities should investigate market concentration and market power simultaneously while considering their joint impact on banking stability. [ABSTRACT FROM AUTHOR]

Green investment is crucial to achieving the green transformation goal. Under increasingly strict environmental protection laws and regulations, whether it can induce the "Porter Hypothesis" effect and stimulate the green investment of enterprises is still controversial. This paper takes the China's new environmental protection law (NEPL) as a quasi-natural experiment, uses the green investment data of listed companies in China's heavy pollution industry, and applies the method of propensity score matching and difference-in-difference (PSM-DID) to verify whether the implementation of the law conforms to the "strong Porter Hypothesis." The results show that as a strict command-and-control environmental regulation tool, the implementation of NEPL has significantly promoted corporate's green investments in heavily polluting industries. The implementation of the NEPL guides to more standardized environmental disclosure regulation, stricter environmental enforcement, and severer financial constraints, and thus propel corporate's green investment. In addition, heterogeneity analysis indicates that the effect of NEPL is more significant in those samples of enterprises located in the regions with higher industrial concentration degree or with higher level of government environmental governance, enterprises of small and medium type, and enterprises with better financial performance and higher degree of equity incentive. To achieve the carbon peaking and carbon neutrality goals, this paper provides evidence to test whether "Porter Hypothesis" is established in transition economies from the view of environmental investment and provides reference for how developing country can further enrich their environmental regulation system and optimize enterprise's environmental protection strategies. [ABSTRACT FROM AUTHOR]

This study addresses market concentration among major corporations, highlighting the utility of relative entropy for understanding diversification strategies. It introduces entropic value at risk (EVaR) as a coherent risk measure, which is an upper bound to the conditional value at risk (CVaR), and explores its generalization, relativistic value at risk (RLVaR), rooted in Kaniadakis entropy. Through extensive empirical analysis on both developed (i.e., S&P 500 and Euro Stoxx 50) and developing markets (i.e., BIST 100 and Bovespa), the study evaluates entropy-based criteria in portfolio selection, investigates model behavior across different market types, and assesses the impact of cryptocurrency introduction on portfolio performance and diversification. The key finding indicates that entropy measures effectively identify optimal portfolios, particularly in scenarios of heightened risk and increased concentration, crucial for mitigating negative net performances during low returns or high turnover. Bitcoin is primarily used for diversification and performance enhancement in the BIST 100 index, while its allocation in other markets remains minimal or non-existent, confirming the extreme concentration observed in stock markets dominated by a few leading stocks. [ABSTRACT FROM AUTHOR]