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The ability to substitute goods and services is crucial for maintaining market stability during price fluctuations, particularly in the livestock market, where products are interchangeable. This study aimed to analyse market integration and asymmetric price transmission concerning livestock commodity prices in Thailand. Specifically, it focused on beef cattle, swine, broiler chicken, and chicken egg prices, using time-series data from January 2011 to December 2022. The analysis employed unit root tests to check if the time series data were stationary, Granger causality tests to determine the direction of relationships among livestock prices and an asymmetric price transmission model to examine short-term asymmetry and adjustment in cross-commodity prices. The findings indicate three directions of price integration in Thailand’s livestock market: from broiler chicken price to chicken egg price, from swine price to chicken egg price, and from swine price to broiler chicken price. The results suggest that price transmission in Thailand is symmetrical, demonstrating an efficient interdependent relationship. Thus, the findings indicate that chicken eggs are a substitute for broiler chickens and swine when prices fluctuate, while broiler chickens are a substitute for swine. The results reveal that chicken eggs can replace swine consumption more effectively than broiler chickens within Thailand. This study highlights that chicken eggs are the most effective substitute during livestock price fluctuations in Thailand, with broiler chickens being the second most effective. Consequently, stakeholders in the livestock supply chain, such as policymakers, entrepreneurs, and farmers, should understand the integration of different commodities and price transmission in Thailand’s livestock market. To guarantee market stability, stakeholders should manage the demand and supply of livestock commodities and acquire chicken eggs and broiler chickens during significant fluctuations in domestic livestock commodity prices

In this paper, two comprehensive mathematical approaches: cubic piecewise polynomial function (CPPF) model and the Fourier Flexible Form (FFF) model are built into asset pricing models to explore the stock market risk, commodity market risk and overall business conditions in relation to US stock returns as a modelling experiment. A selection of knots and orders are applied on the models to determine the best fit coefficients, respectively, based on Akaike Information Criteria (AIC). The classic risk coefficient along with downside and upside counterparts are estimated in a non-linear time-weighted fashion and are subsequently adopted as risk factors to investigate the explanatory and predictive power to stock returns. It is found that time-weighted classic, downside and upside risk coefficients of all three domains provide significant explanatory power to current stock returns, while the predictive power appears to be weak. The findings fill the gap in literature, specifically on both investigating and pricing the time-weighted risk. This paper innovatively employs the Aruoba-Diebold-Scotti (ADS) real business index to measure the business conditions in macroeconomics context. The methodology proposed in this paper embeds advanced mathematical approaches to provide robust regression estimation. The application of proposed models enriches the dimension in pricing risk in stock market and wider financial market.

The article is devoted to the consideration of two conceptual approaches to assessing the state and prospects for the development of economic entities in the real sector of the economy on the example of the so-called “golden rule” of the economy and the balanced scorecard. The relevance of the material of the article lies in the fact that the borrowed foreign methodology for studying the actual state of the enterprise, however, allows not only to assess the production and human potential of an economic entity in dynamics of the analyzed period, but also to assist in the development of enterprise development plans for the future of various durations and the development of an individual development strategy in a particular market space in the areas of investment, innovative improvement, marketing policy development, corporate culture, increasing market activity, strengthening business reputation and competitive positions. The purpose of the study is to test the effectiveness of the methodology of both approaches and the effectiveness of the tools used on the examples of enterprises in the real sector of the economy. The index method of statistical research was used as a toolkit when fulfilling both the golden rule and the balanced system of standard technical and economic indicators. The calculations are summarized in tables, illustrated with graphic drawings. The results of the analysis are discussed and commented on taking into account the specific characteristics of the sectoral activities of the selected economic entities. The article draws the necessary conclusions regarding the similarities and differences of the considered methodologies and assesses the prospects for their use in solving applied problems of analysis.