Electric power market is the lifeblood of business survival, electric power is the power of marketing the company＇ s core business and it is related to the survival and development of the electricity business. Power ...Electric power market is the lifeblood of business survival, electric power is the power of marketing the company＇ s core business and it is related to the survival and development of the electricity business. Power supply enterprises are to strengthen management, improve efficiency, and reduce costs, we must establish a customer-oriented new concept ＂big marketing, big market, big serve,＂ through the analysis of the current electricity market environment, we can develop appropriate marketing power strategy to effectively open up the electricity market and improve power enterprises in the market economy ＇ s competitiveness.展开更多
1.1. Development of international data exchange standards in securities field Securities market involves a large number of participants, like investors, securities companies, exchanges, clearingcorporations and so on...1.1. Development of international data exchange standards in securities field Securities market involves a large number of participants, like investors, securities companies, exchanges, clearingcorporations and so on. Businesses among the participants are completed via data exchange. Therefore, the data exchange protocols serve an important factor to determine and promote the sate and rapid development of the securities market.展开更多
Gold is regarded as a strategic mineral in many countries and its price is a key indicator of global business confidence. There is need for dynamic modelling of the world gold market, which would enhance understanding...Gold is regarded as a strategic mineral in many countries and its price is a key indicator of global business confidence. There is need for dynamic modelling of the world gold market, which would enhance understanding of the world market conditions, especially the long-term tendency of world gold prices, and hence facilitate long-term planning. This study incorporates inventories into the world market model and uses simultaneous equation approaches to estimate the model. From this estimation, the paper derives the time-path for the world annual price of gold. Results show that the price time-path converges without oscillations, from below, towards an intertemporal equilibrium. This equilibrium is estimated at about US$105,000.00 per kilogram based on a projected average world income. If the assumption of average income is relaxed, the intertemporal equilibrium price becomes variable dependent on the actual values of world income at a given time, which however, does not alter its dynamic characteristics. The results, therefore, show that gold price is dynamically stable. Short-term fluctuations, which are sometimes extreme, have no long-term effect on gold attractiveness.展开更多
Data from the World Federation of Exchanges show that Brazil＇s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariat...Data from the World Federation of Exchanges show that Brazil＇s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariate forecasting models based on intraday data from the futures and spot markets of the BOVESPA index. The interest is to verify if there exist arbitrage opportunities in Brazilian financial market. To this end, three econometric forecasting models were built： ARFIMA, vector autoregressive （VAR）, and vector error correction （VEC）. Furthermore, it presents the results of a Granger causality test for the aforementioned series. This type of study shows that it is important to identify arbitrage opportunities in financial markets and, in particular, in the application of these models on data of this nature. In terms of the forecasts made with these models, VEC showed better results. The causality test shows that futures BOVESPA index Granger causes spot BOVESPA index. This result may indicate arbitrage opportunities in Brazil.展开更多
文摘Electric power market is the lifeblood of business survival, electric power is the power of marketing the company＇ s core business and it is related to the survival and development of the electricity business. Power supply enterprises are to strengthen management, improve efficiency, and reduce costs, we must establish a customer-oriented new concept ＂big marketing, big market, big serve,＂ through the analysis of the current electricity market environment, we can develop appropriate marketing power strategy to effectively open up the electricity market and improve power enterprises in the market economy ＇ s competitiveness.
文摘1.1. Development of international data exchange standards in securities field Securities market involves a large number of participants, like investors, securities companies, exchanges, clearingcorporations and so on. Businesses among the participants are completed via data exchange. Therefore, the data exchange protocols serve an important factor to determine and promote the sate and rapid development of the securities market.
文摘Gold is regarded as a strategic mineral in many countries and its price is a key indicator of global business confidence. There is need for dynamic modelling of the world gold market, which would enhance understanding of the world market conditions, especially the long-term tendency of world gold prices, and hence facilitate long-term planning. This study incorporates inventories into the world market model and uses simultaneous equation approaches to estimate the model. From this estimation, the paper derives the time-path for the world annual price of gold. Results show that the price time-path converges without oscillations, from below, towards an intertemporal equilibrium. This equilibrium is estimated at about US$105,000.00 per kilogram based on a projected average world income. If the assumption of average income is relaxed, the intertemporal equilibrium price becomes variable dependent on the actual values of world income at a given time, which however, does not alter its dynamic characteristics. The results, therefore, show that gold price is dynamically stable. Short-term fluctuations, which are sometimes extreme, have no long-term effect on gold attractiveness.
文摘Data from the World Federation of Exchanges show that Brazil＇s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariate forecasting models based on intraday data from the futures and spot markets of the BOVESPA index. The interest is to verify if there exist arbitrage opportunities in Brazilian financial market. To this end, three econometric forecasting models were built： ARFIMA, vector autoregressive （VAR）, and vector error correction （VEC）. Furthermore, it presents the results of a Granger causality test for the aforementioned series. This type of study shows that it is important to identify arbitrage opportunities in financial markets and, in particular, in the application of these models on data of this nature. In terms of the forecasts made with these models, VEC showed better results. The causality test shows that futures BOVESPA index Granger causes spot BOVESPA index. This result may indicate arbitrage opportunities in Brazil.
