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Multi-period portfolio optimization (MPO) is one of the most important problems to be solved to help investors select optimal portfolios for investment plans. The portfolios are influenced by the risk factors in the market and it is important to select optimal portfolios that can maximize the returns with minimum risk values. Other than the risk factor, there are several other influential factors that reduce the optimality of the portfolios. Therefore, by considering all possible constraints, this study proposes a multi-constraint MPO model that selects the optimal portfolio based on the asset returns. To solve the multi-constrained problem, a novel quantum-inspired whale optimization algorithm (QWOA) is introduced in this paper. The proposed algorithm enhances the traditional optimization model to work in a multi-constrained scenario. Here, quantum entanglement is adapted to reduce the slow convergence issue of whale optimization. Apart from considering only the risk factors, this paper also considers certain higher-order moments (HOM), such as skewness, kurtosis, transaction cost, diversification, boundary and budget constraints. These factors affect the portfolios as the market is dynamic, and timely changes are always seen. Thus, optimizing the mentioned factors aids in attaining an optimal portfolio. Empirical evaluations are performed, and the results suggested that the proposed model provided beneficial outcomes as compared with other algorithms like whale optimization algorithm (WOA), gray wolf optimization (GWO), fruitfly optimization algorithm (FOA), particle swarm optimization (PSO) and fruitfly algorithm (FA). The overall net return rate of the proposed model is always above 0.85% for different values of upper bounds, and the obtained Sharpe ratio, Sortino ratio, STARR ratio, information ratio, Shannon entropy, and downside deviation values of the proposed algorithm are 5.016254, 0.89327, − 0.01987, 0.103826, 3.04452 and 0.2854. Hence, the proposed approach is highly effective for optimizing the constrained MPO. [ABSTRACT FROM AUTHOR]

This study aimed to investigate the relationship between the Resources Consumption Accounting (RCA) and reducing liquidity, operating and market risks. The researchers used the descriptive analytical approach to analyze the data and test the hypotheses. The results of the study showed that (RCA) contributed positively in reducing the liquidity, operating risks. There was no relationship between the application of (RCA) and reducing the market risks. [ABSTRACT FROM AUTHOR]

Abstract Global economic downturns and multiple extreme events threaten Vietnam's economy, leading to a surge in stock market risk and significant spillovers. This study investigates market risk spillovers and explores the asymmetric effects of macroeconomic indicators on market risk across 24 sectors in Vietnam from 2012 to 2022. We use the value-at-risk (VaR) technique and a vector autoregression (VAR) model to estimate market risks and their spillovers across Vietnamese sectors. We then examine the asymmetric effects of macroeconomic indicators on market risk using a panel nonlinear autoregressive distribution lag (NARDL) model. Our results confirm that Vietnam’s market risk increases rapidly in response to extreme events. Additionally, market risks exhibit substantial inter-connectedness across the Vietnamese sectors. The Building Materials, Technology, and Securities sectors are primary risk transmitters, whereas the Minerals, Development Investment, and Education sectors are major risk absorbers. Our results also confirm that market risk responds asymmetrically to changes in interest rates, exchange rates (USD/VND), trade openness, financial development, and economic growth in the short and long run. Minerals, Oil & Gas, and Rubber are the sectors that are most affected by macroeconomic indicators in the long run. Based on these important findings, implications focused on limiting market risks and their spillovers, along with sustainable investing, have emerged.

Copyright of Gharee for Economics & Administration Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) 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.)

Global economic downturns and multiple extreme events threaten Vietnam's economy, leading to a surge in stock market risk and significant spillovers. This study investigates market risk spillovers and explores the asymmetric effects of macroeconomic indicators on market risk across 24 sectors in Vietnam from 2012 to 2022. We use the value-at-risk (VaR) technique and a vector autoregression (VAR) model to estimate market risks and their spillovers across Vietnamese sectors. We then examine the asymmetric effects of macroeconomic indicators on market risk using a panel nonlinear autoregressive distribution lag (NARDL) model. Our results confirm that Vietnam's market risk increases rapidly in response to extreme events. Additionally, market risks exhibit substantial inter-connectedness across the Vietnamese sectors. The Building Materials, Technology, and Securities sectors are primary risk transmitters, whereas the Minerals, Development Investment, and Education sectors are major risk absorbers. Our results also confirm that market risk responds asymmetrically to changes in interest rates, exchange rates (USD/VND), trade openness, financial development, and economic growth in the short and long run. Minerals, Oil & Gas, and Rubber are the sectors that are most affected by macroeconomic indicators in the long run. Based on these important findings, implications focused on limiting market risks and their spillovers, along with sustainable investing, have emerged. [ABSTRACT FROM AUTHOR]

The decline in asset quality stimulates the interest to investigate the effect of firm-specific characteristics and asset quality of Deposit Money Banks (DMBs) in Nigeria. Hence, this study examined the asset quality of these banks from firm-specific characteristics and market risks dimension. Secondary data was adopted for this study and the data for the firm-specific characteristics was extracted from the audited financial statements of the sixteen selected quoted DMBs in Nigeria as at December 2018. The data for the market risk variables was extracted from the Central Bank of Nigeria website and the World Development Index. Static panel regression was employed as the estimation technique. Results showed that diversification, capital adequacy, profitability and leverage are the bank-specific factors that determine asset quality. Inflation and financial crisis are the market risks variables that have a significant effect on DMBs’ asset quality. Based on these findings, the study concluded that diversification, profitability, capital adequacy, leverage, inflation and financial crisis are the major drivers of bank’s asset quality in Nigeria. In line with the findings, the study recommended that banks should strive to maintain the prudential threshold for capital adequacy as this will help them absorb shocks and withstand losses that may arise in the reasonable cause of doing business. Also, the regulatory authorities (CBN) should strive to reduce the high inflationary trend in the country

Copyright of Journal of Abant Social Sciences / Abant Sosyal Bilimler Dergisi is the property of Journal of Abant Social Sciences 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 academic article examines derivative instruments, their role in financial markets, and the associated risks. Derivatives, such as options, forward contracts, and futures, have gained increasing popularity due to their potential for hedging, market efficiency, and investment opportunities. The article discusses the reasons behind the growth of derivative usage, including economies of scale and the interdependence between futures, spot, and options markets. Additionally, it emphasizes the importance of derivatives in investment decisions, risk reduction, and speculation for companies and investors. The concept of derivatives is defined, highlighting their dependence on the value of underlying assets. The article further explores different types of risks, including systematic and unsystematic risks, and emphasizes the need for risk management strategies in derivatives trading. It also delves into futures contracts, explaining their historical development and the standardized elements they encompass. The roles of different market participants, such as hedgers, speculators, and arbitrageurs, are examined, along with the crucial function of clearing houses in facilitating derivatives transactions. The article concludes by discussing price calculation methods for futures contracts, considering factors such as storage costs, interest rates, and convenience yields. The research methodology involves a theoretical analysis of derivative instruments, their markets, and risks, supplemented by practical examples. Overall, this article provides valuable insights into the theoretical framework surrounding derivatives, enhancing our understanding of their significance in modern financial systems.

This paper observes the dynamic impact of market risks on the profitability of banks listed on the Amman Stock Exchange (ASE) from 2010 to 2018 in Jordan. To identify the link, the relevant data were retrieved from the annual statements of Jordanian banks and one-step Generalized Method of Moments (GMM) approach was employed to diagnose the error regarding endogeneity. The results of the applied methodology showed that market risks impacted the profitability of Jordanian banks. Furthermore, the study also presented factors that affected the banks’ profitability, such as capitalization and bank size. The previous year profitability has a positive effect on the next year profitability. Moreover, stock market returns (SMRs) directly affect ROA and ROE because when SMRs enhances, bank profitability will increase. Bank managers should ponder the volatility of the market risk while enhancing the profitability of a bank. This relationship of the variables regarding Jordanian banks listed on the ASE was not considered before in the financial economics literature. Recommendations were also provided for Jordanian bank managers to mitigate market risks.

The Regulation of the National Bank of Ukraine on Risk Management in Ukrainian Banks stipulates that this Regulation obliges banks to use the VaR methodology to assess market risk. The article shows that VaR is the absolute maximum amount of losses of the market investment portfolio due to fluctuations in prices for financial instruments during a certain fixed period of time (VaR horizon) in normal market conditions at a given level of confidence level (confidence level). A study of the Value at Risk methodology as the absolute maximum size of market investment portfolio losses due to price fluctuations in financial instruments during a certain fixed period of time (VaR horizon) in normal market conditions for a given level of confidence level (confidence level). It was found that there are three main methods of VaR: parametric VaR, or delta normal VaR, historical method, or historical simulation, Monte Carlo, or simulation and other methods and models. The parametric VaR method, or the delta-normal VaR method, is based on the assumption of a normal distribution of a random variable. This means that the data are distributed according to the normal distribution law, ie you can calculate the mean and standard deviation. It is proved that these two indicators are the basis of VaR by the parametric method. It is shown that nonparametric VaR methods do not require the hypothesis of normal distribution. Therefore, the form of distribution is determined by empirical data, and percentiles are stored as empirical percentiles of the historical distribution of profitability. The article considers the nonparametric VaR method in comparison with the parametric one on a practical example. It is proved that in the domestic scientific literature there is little research on the practical application of the VaR method in finance and in particular in banking. Therefore, the practical aspects of applying different VaR models to the NBU exchange rate data are demonstrated and conclusions are drawn. It is shown that the practical application of methods is a modern tool for assessing market risks, but with the expansion of the database, the parameters of the models should be refined in combination with the economic method. This requires monitoring and back-testing. [ABSTRACT FROM AUTHOR]

The Regulation of the National Bank of Ukraine on Risk Management in Ukrainian Banks stipulates that this Regulation obliges banks to use the VaR methodology to assess market risk. The article shows that VaR is the absolute maximum amount of losses of the market investment portfolio due to fluctuations in prices for financial instruments during a certain fixed period of time (VaR horizon) in normal market conditions at a given level of confidence level (confidence level). A study of the Value at Risk methodology as the absolute maximum size of market investment portfolio losses due to price fluctuations in financial instruments during a certain fixed period of time (VaR horizon) in normal market conditions for a given level of confidence level (confidence level). It was found that there are three main methods of VaR: parametric VaR, or delta normal VaR, historical method, or historical simulation, Monte Carlo, or simulation and other methods and models. The parametric VaR method, or the delta-normal VaR method, is based on the assumption of a normal distribution of a random variable. This means that the data are distributed according to the normal distribution law, ie you can calculate the mean and standard deviation. It is proved that these two indicators are the basis of VaR by the parametric method. It is shown that nonparametric VaR methods do not require the hypothesis of normal distribution. Therefore, the form of distribution is determined by empirical data, and percentiles are stored as empirical percentiles of the historical distribution of profitability. The article considers the nonparametric VaR method in comparison with the parametric one on a practical example. It is proved that in the domestic scientific literature there is little research on the practical application of the VaR method in finance and in particular in banking. Therefore, the practical aspects of applying different VaR models to the NBU exchange rate data are demonstrated and conclusions are drawn. It is shown that the practical application of methods is a modern tool for assessing market risks, but with the expansion of the database, the parameters of the models should be refined in combination with the economic method. This requires monitoring and back-testing.

The issue of market risks management in investment companies is being updated and gaining importance in recent years, due to frequent crises and shocks in the financial markets. The application of the normative and comparative method in work analyzes the exposure of investment companies business to market risks. The paper points out the importance of determining market risks, as well as the types of market risks to which investment companies are exposed, and the importance of introducing new solutions adopted in the European legislation. The application of the proposed solutions based on qualitative and quantitative measures should enable both investment companies surviving on the capital market and providing adequate legal protection to investors. Therefore, the paper emphasizes the need for identifying and early recognition of market risks in investment companies, proposing appropriate measures, assessments and models for managing market risks in the investment companies.

In the face of the corona virus disease 2019 (COVID-19) pandemic, it is essential to stabilize the security of urban “shopping baskets”. Through a survey and interviews with 46 agricultural cooperatives in Shanghai, this paper analyzes the impact of the pandemic on vegetable production and offers suggestions on agricultural insurance. The research results show that: (1) the pandemic has impacted almost all stages of the vegetable supply chain but has had a greater impact on the sales stage; (2) the market risks of vegetable production have increased significantly, and the gap between the field price and the market price has widened. The sales price difference between traditional channels and e-commerce is notable; (3) farmers' incomes have generally declined due to the COVID-19 pandemic, and traditional small-scale farmers have suffered more losses; and (4) agricultural insurance plays an important role in stabilizing the supply of vegetables to the city. To minimize the impact of the pandemic on vegetable production and to stabilize both urban “shopping baskets” and farmers' incomes, it is necessary to further improve agricultural insurance, especially to provide insurance against market risks.

Responsible investments are considered one of the driving factors of revenues growth enhancing risk-adjusted returns. This paper investigates the effects of responsible investments on the volatility of European stock returns. First, we exploit an expectation–maximization (E–M) algorithm to cluster the companies into two groups according to the Environmental score (E), used as a proxy for responsible investments. Second, we build one global minimum variance (GMV) portfolio within each group and estimate its volatility using ARCH-type models. Finally, we forecast well-known risk measures such as the value-at-risk (VaR) and the expected tail loss (ETL) to assess market risks for investing green. Responsible portfolios composed of stocks with high E score outperform their Low E counterparts and are shown to be safer choices to mitigate risks, especially during periods of market distress. The results are remarkable for many sectors. [ABSTRACT FROM AUTHOR]

Research of risks of the market environment representatives of domestic and foreign scientific thought at different times were engaged. In what these risks, what their consequences for economy in what feature of these risks which are forming mainly in environment consists actually consist and speech in this publication will go.

Purpose: The purpose of this paper is to empirically explore the influence of independent directors (non-executive directors) on the market risks of the Indian banks. Design/methodology/approach: This paper is based on the data collected over a period of seven years (2009-2016) for a set of 29 Indian banks that are the constituents of the National Stock Exchange 500 Index. The data for independent directors of the sample banks are extracted from the annual reports of the banks, whereas the data relating to the dependent and control variables are compiled from the Ace equity and the Reserve Bank of India databases. The study uses the panel data method for analysis of the collected data for the sample banks. Findings: This study concludes that independent directors increase the market risks for Indian banks (measured through equity beta). Originality/value: This is, perhaps, the first paper to look into the impact of independent directors on the market risks of Indian banks. The policymakers and banks may need to be aware of the risk implications of the findings of the study in the Indian context, such that the independent directors enable their banks in reducing the market risks. [ABSTRACT FROM AUTHOR]

In several countries that have privatised their utilities, power and water are separate industries regulated by sector-specific regulators. In a parallel development, desalination has become an important source of water supply in countries where there is a shortage of cheap and clean freshwater. Where the energy source is gas, the use of gas-fired power plants to supply electricity for desalination links the water, electricity and gas industries. We use the case of the financial collapse of an integrated water and power project to illustrate the problems that can arise from such convergence, and to draw lessons for firms, Public-Private Partnerships (PPPs) and regulators. A water company had successfully tendered to build a desalination plant for a water agency that would deliver an agreed volume of water per day for a 25-year period. The technology proposed was an integrated on-site power plant to supply electricity to the desalination plant as well as to the electricity grid. The business model was for profits from electricity sales to cross-subsidise water desalination costs. However, a combination of take-or-pay LNG contracts and low spot prices in a competitive electricity market led to deep operating losses. The reasons for the collapse of the business were neither technological nor operational but arose from failure to adequately manage the market risks arising from infrastructure convergence, competition, long-term rigid contractual arrangements and missing markets. The case highlights the importance of risk assessment at bidding stage and, in particular, the risks that a cross-subsidy can create. Viewed in this context, our recommendations are for regulatory convergence for converging infrastructure sectors, multi-sector risk assessments for PPP contracts, crafting flexible PPP contracts in anticipation of future adjustments, development of more liquid hedging markets and promoting competition where feasible in infrastructure sectors. [ABSTRACT FROM AUTHOR]

Copyright of Economic Development Review (2543-3490) is the property of Economic Development Review 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.)

Business decision-making in today's highly turbulent environment takes place under conditions of uncertainity and risk. Due to changes in the economy and finances, there are various risks that, in some cases, management can not be affected because the efficiency and future of the business of companies and which can be controlled and managed to satisfy owners, management, employees and other stakeholders. This paper explains VaR analysis as a method for modern risk management as well as pointing out its shortcomings.

This paper investigates the hidden effects for UK firms of the 2016 choice to leave the European Union (EU). By applying a difference-in-difference (DID) methodology to a sample of 1166 firm-year observations from 2012 to 2018, we observe a decrease in UK firms' environmental and social performance compared to those headquartered in the EU. Our evidence also stresses the importance of the adoption of the Global Reporting Initiative (GRI) standards in reducing the negative impact of Brexit on sustainability performance. Moreover, supported by the stakeholder theory, we confirm the existence of an ESG 'insurance mechanism' reducing the detrimental effect of Brexit on UK firms' market risks. Overall, our results uncover the social responsibility effects of exiting the EU's stakeholder-oriented regulatory approach emerge in terms of a greater exposure of UK firms to future financial risk. [Display omitted] • This paper investigates the hidden effects for UK firms of the 2016 choice to leave the European Union (EU). • By applying a difference-in-difference (DID) methodology we observe a decrease in UK firms' environmental and social performance compared to those headquartered in the EU. • We find that the adoption of the Global Reporting Initiative (GRI) standards reduces the negative impact of Brexit on sustainability performance. • We confirm the existence of an ESG 'insurance mechanism' on UK firms' market risks. [ABSTRACT FROM AUTHOR]

Energy mineral resources markets are represented by complex supply and demand ratios which are depending on different factors such as technical (transport) and geopolitical. The main specific of energy markets is represented by an uneven geographic distribution of hydrocarbon reserves and exploration on one hand and energy consumption on the other. World oil markets, although geographically localized, because of specific market trade, represent unique global market with decreasing price difference. Price differences are result of development of a transport possibilities of oil supply. Development of transport routes of natural gas and increasing number of liquefied natural gas terminals in the world give pressure to natural gas market and its integration into global gas market. Integration of regional gas markets into a common European gas market is main energy policy of EU concerning natural gas. On the other hand, there are still significant price differences on some markets (e.g. United States of America - South East Asia). Development of global energy markets is enabled by development of a futures and options contracts of an energy trade which have replaced bilateral contract deals between producers and consumers. Futures contracts are standardized contracts traded on exchanges. Buyer agrees to buy certain quantity of stock for an agreed upon price and with some future delivery date. Option is a contract which gives a buyer the option of the right to buy (or sell, depending on the option) an asset at predetermined price and at a later date. Stocks price risk can be managed with the purchase and selling futures and options contracts. This paper deals with futures and options energy markets and their market strategies.

The purpose of the research is to determine LDR, IPR, NPL, APB, IRR, PDN, BOPO and FBIR simultaneously and partially have significant influence toward Capital Adequacy Ratio (CAR). Population were the On Foreign Exchange National Private Banks. Sampling technique is purposive sampling so that the selected Bank were PT. Bank ICBC Indonesia, Tbk, PT. Bank Permata, Tbk ,PT. Bank UOB Indonesia, Tbk , PT. Bank. Data collected by the methods of documentation and analysis were performed by linear multiple regression analysis technique.Results shows that LDR, IPR, NPL, APB, IRR, PDN BOPO, and FBIR simultaneously have significant effect toward CAR ratio On Foreign Exchange National Private Banks. Partially LDR ratio significantly has a positive effect on CAR ratio On Foreign Exchange National Private Banks and Partially BOPO ratio significantly has a negative effect on CAR ratio On Foreign Exchange National Private Banks. Meanwhile IPR , NPL, and PDN has a positive effect but insignificant toward CARÂ ratio On Foreign Exchange National Private Banks. On the other side, APB, IRR and FBIR have negative effect but insignificant toward CAR ratio On Foreign Exchange National Private Banks.Â

Any company that does business in the international market is managed primarily profit before start implementing this particular job, it is primarily a real calculation of the job and it is economic justification in the form of profits. When exercising the economic interests abroad, primarily to be taken into account on the Rights of both sides - both buyers and sellers, taking into account the presence of competition. Foreign trade is more exposed to risks than domestic trade and so the rule is that every job done with these types of insurance or by some bank guarantees, i.e. the risk that the transaction in some way provide. International rating agencies awarded, as the Republic of Serbia and other countries in the region, the ratings for long-term borrowing so that in this paper will be analyzed the risk of doing business in the Republic of Serbia.

This scientific work is dedicated to applying of two-layer interval weighted graphs in nonstationary time series forecasting and evaluation of market risks. The first layer of the graph, formed with the primary system training, displays potential system fluctuations at the time of system training. Interval vertexes of the second layer of the graph (the superstructure of the first layer) which display the degree of time series modeling error are connected with the first layer by edges. The proposed model has been approved by the 90-day forecast of steel billets. The average forecast error amounts 2,6 % (its less than the average forecast error of the autoregression models).

The article is devoted to the research of features of modern strategic market-oriented activity of enterprises. According to the results of a retrospective analysis of the work of the Nobel laureates in economics, academics and practitioners on marketoriented activities, it was noted that unpredictable situations that require attention to the needs and demands of consumers are becoming more widespread in the market. Such activity is evolutionarily grounded and, despite the drawbacks and risks, is effective and should be implemented. The main result. The evolution orientation of activity in the market, which demonstrates that the era of mobile marketing has come to the fore in the era of relations, which is confirmed by the emergence of new business models, new technologies and new demands of customers, more powerful than before, which testify to the urgent need to develop their own strategic market-oriented activity by each enterprise has been explored. Specific features of modern activity are highlighted. In particular, it is noted that the introduction of mobile technologies is effective both for manufacturers and for consumers, as it will allow not only to radically improve production business processes, but also to accelerate the processes of information consumption. The analysis of the features of existing models of market-oriented activity, studied modern scholars and practitioners, made it possible to distinguish their specific characteristics, which make it possible to better understand the essence of modern requirements for market orientation, which can be used in the development and implementation of the market strategy of the enterprise. Study of individual risks of market orientation, which can be minimized by the company's own forces, confirmed its expediency. The strategic market-oriented activity of commodity producers is urgent and given the actual reactions of the markets and the constant need for enterprises to work stably, which prompts them to find the optimal state of compliance with the fluid requirements of the environment. Presence of declared cultural values of the enterprise allows not only to create a team of associates, to quickly implement the best achievements of scientific and technological progress, but also to implement the modern philosophy of social responsibility of business, which is extremely important when entering new markets and identifying the advantages of this economic entity. Conlusions. The feasibility of strategic market-oriented activities for economic entities is determined by the necessity: to meet the requirements of modern market activity; to implement the business philosophy of transversal corporate responsibility; to create cultural values of the organization; to implement the best results of scientific and technological development; to increase business efficiency over time; to provide economic stability; to provide economic security; provide inter-functional coordination. The results of this study can be used in the practical activities of modern business entities in the choice of development directions and as a basis for further development of market strategies of industrial enterprises. [ABSTRACT FROM AUTHOR]

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Copyright of Rudarsko-Geolosko-Naftni Zbornik is the property of Faculty of Mining, Geology & Petroleum Engineering 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.)

Different agricultural production and operation entities face the same market risks. Since there is a huge gap in market risk prevention ability between agricultural market operation entities, the gap of risk prevention effect is huge. Using statistical analysis and comparative analysis methods, this paper analyzed characteristics and influencing factors of agricultural market risks and pointed out characteristics of agricultural market and special characteristics of agricultural production and operation entities in Hubei Province. Based on SWOT analysis on market risk prevention ability of agricultural production and operation entities in Hubei Province, it came up with three recommendations, including upgrading agricultural production and operation entities, enlarging the production and operation scale, and strengthening the ability of balancing the market demand and supply and bargaining power and pricing power. [ABSTRACT FROM AUTHOR]

In modern electric grid system, a decision maker (DM) has to operate the system with multiple aims in mind. Traditional electric system was not so complex and emphasis used to be given only in optimizing the cost of energy dispatch. However, recent regulations restrict the environmental emissions caused by the energy sources. Hence, optimum energy generation and dispatch is a very critical issue in modern grid system. When, viewed as an optimization problem complying with both economy and environmental restriction, it is a very challenging one. Researchers in the past have solved such problems as multi-objective Economic Load Dispatch (ELD) problem. This paper attempts to solve the same problem as an Optimum Active Power Dispatch (OAPD) problem using a very recently developed optimizer called ‘Exchange Market Algorithm’ (EMA). The problem is modelled as both single and multi-objective problem. The EMA algorithm proceeds for the global optima through two of its main phases; i.e. balance market phase and oscillated market phase, each having both exploitation and exploration. The superior search capability of EMA is successfully exploited in this paper to attain various objectives. Programs are developed in MATLAB and tested on standard IEEE 30 bus comprising of six thermal units. The results obtained using EMA are compared with other methods reported in consulted literature. Simulation results demonstrate the authority of EMA in terms of its computational efficiency and robustness. [ABSTRACT FROM AUTHOR]

Insufficient domestic demand and increasing competition force small and medium-sized enterprises (SMEs) to engage in internationalization process and enter to foreign markets. This process, however, carries risks that should be appropriate managed. In order to identify similarities and differences in the approach of SMEs from selected Central European countries towards managing these risks and find out whether perception of risks differ based on domestic country of the SMEs, questionnaire survey among Czech, Slovak, German, Austrian and Poland SMEs was performed in 2014. It was found that more Austrian and German SMEs, compared to Czech, Slovak and Polish SMEs, do not apply any method of risk analysis but are more focused on some form of protection in international operations. As the most common form was identified payment in advance. It was also found that Austrian and German SMEs prefer to use bank products rather that conclude long-term contracts or verify the credibility of their foreign business partners used by Czech, Slovak and Poland SMEs. Based on statistical testing, significant differences appeared in risk perception of SMEs from different countries. Especially perception of market risks, transportation risks and risk of natural disasters. [ABSTRACT FROM AUTHOR]

The natural resources characteristics and current economic factors encourage investments in alternative sources of electric power generation in Brazil. Different technologies can compose a portfolio of generating plants with energetic synergism as a function of the seasonal diversity of their potential production. In such portfolios, it is sought to obtain financial gains by virtue of complementarity generation among candidates sources, under investor's pre-established risk control criteria. From this perspective, our study aims to present an optimization model - supported by genetic algorithms - to define the optimal financial resources allocation for composing renewable sources portfolio (wind, small hydro and biomass cogeneration), given a specified budget and risk-aversion criteria measured by means of the Conditional Value-at-Risk. Case studies involving the cited sources illustrate the application of the model and its potential for supporting analysis and decision making. [ABSTRACT FROM PUBLISHER]

With the development of science and technology, the Internet financing has gradually come into people's lives, particularly the Internet-based financial products led by Yuebao have rapidly seized the investment market, and the risks therein deserve our consideration. By introducing the GARCH-VaR model, this paper has discussed the GARCH type of model and the calculation method of VaR, and on the basis of that the risks predication on the investment of Internet financial products has been analyzed. Furthermore, this paper has taken the thousands of earnings of Yuebao from its launching in May 2013 to present as the sample and then combined other Internet financial products to study the volatility of their earnings and to evaluate their investment risks. Therefore, it will provide effective reference for people's future Internet finance investments to avoid the unnecessary risks. In view of the relevant previous researches, it can be found that the GARCH-VaR model can describe the volatility of returns series and the market risks of the current Internet financial products are still under control because of their low volatility. In addition, the investors can choose appropriate indexes to evaluate the risks of those Internet financial products in accordance with their own risk appetite and goals, and the evaluation index basing on VaR has much more referential meaning than the traditional Sharpe ratio. [ABSTRACT FROM AUTHOR]