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Article
Publication date: 11 October 2021

Manogna R.L. and Aswini Kumar Mishra

Market efficiency leads to transparent and fair price discovery of commodity markets, thus enhancing the value chain for competitive benefit. The purpose of this paper is…

Abstract

Purpose

Market efficiency leads to transparent and fair price discovery of commodity markets, thus enhancing the value chain for competitive benefit. The purpose of this paper is to investigate the market efficiency of Indian agricultural commodities at spot, futures and mandi markets apart from exploring price risk management in these markets.

Design/methodology/approach

This study uses Johansen co-integration, vector error correction model and granger causality for analyzing market efficiency of the nine most liquid agricultural commodities across three markets, namely, spot, futures and mandi. All these nine commodities are traded on National Commodity and Derivatives Exchange.

Findings

The statistical results indicate price discovery exists in the mandi market and spot market leading to futures prices. Mandi price returns are seen to negatively influence futures returns in the case of cotton seed, guar seed and spot returns in the case of jeera, coriander and chana. For castor seed, the three markets are seen to have no long run relationship. The results of Granger causality reveal short run relationship between all the three markets in the case of soybean seed and coriander. In these commodities, prices in all three markets are capable of predicting the prices in the other markets. For the case of cottonseed, Rape Mustard seed, jeera, guar seed, the results indicate unidirectional causality between the mandi markets and the other two markets.

Research limitations/implications

These results shall facilitate policymakers to explore intervention through integrated agri-platform (IAP) in price discovery and market efficiency.

Practical implications

The results of this study are useful in understanding the price discovery of mandi markets and its role in the spot and futures market. Agricultural commodities price discovery depends upon the integration of all these three markets. Introduction of IAP as described in the paper shall facilitate price risk management apart from improving the efficiency of price discovery.

Originality/value

To the best of the knowledge, this is the first study considering mandi, spot and futures prices in the price discovery process in India. In addition, this study found the role of mandi markets in serving the economic function of price discovery and price risk management. Hence, suggests for policy intervention for Indian agricultural commodities to manage price risk.

Details

Journal of Modelling in Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-5664

Keywords

Content available
Article
Publication date: 24 May 2021

A.N. Vijayakumar

Transparent and fair price discovery is essential to commodity market participants in the trade value chain for competitive benefit. The purpose of this paper is to…

Abstract

Purpose

Transparent and fair price discovery is essential to commodity market participants in the trade value chain for competitive benefit. The purpose of this paper is to investigate the price discovery of Indian cardamom at e-auction, spot and futures markets in addition to the existence of the day of the week effect at e-auction apart from exploring a novel price risk management framework.

Design/methodology/approach

This study used Johansen co-integration, vector error correction model, Granger causality and regression with dummy variables to understand a day of the week effect in high-value agri-commodity of cardamom e-auction prices. These price data were based on authenticated sources of Spices Board India and Multi Commodity Exchange of India Ltd.

Findings

The statistical results indicate price discovery exists in the e-auction market and it leads to spot and futures prices. cardamom e-auction prices are negatively related to cardamom futures and positively related to spot prices. It also finds the non-existence of the day of the week effect in the high-value cardamom e-auction system in India. The study revealed that a cardamom e-auction is more active in price discovery than a cardamom futures contract.

Research limitations/implications

These results shall facilitate policymakers to explore intervention of online forward market mechanism at the national level to ensure price discovery and market efficiency. However, the study did not explore reasons for the non-equilibrium of a cardamom futures contract with spot and e-auction market.

Practical implications

The results of this study are useful in understanding the price discovery of cardamom e-auction and its role in the spot and futures market. Cardamom price discovery depends upon the e-auction system; any change of auction policy shall be binding on Indian cardamom prices. The introduction of an online forward market mechanism as described in the paper shall facilitate price risk management apart from improving the efficiency of price discovery.

Originality/value

This is the first study considering cardamom e-auction, spot and futures prices in the price discovery process in India. Statistical results of a day of the week effect clearly show no significant volatility of cardamom prices during the week. Besides, this study did not find the role of cardamom futures contracts intended to serve the economic function of price discovery and price risk management. Hence, suggests policy intervention for implementing an online Forward Market mechanism for Indian cardamom to ensure market efficiency and manage price risk.

Details

Vilakshan - XIMB Journal of Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0973-1954

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Article
Publication date: 27 May 2020

Manogna R L and Aswini Kumar Mishra

Price discovery and spillover effect are prominent indicators in the commodity futures market to protect the interest of consumers, farmers and to hedge sharp price…

Abstract

Purpose

Price discovery and spillover effect are prominent indicators in the commodity futures market to protect the interest of consumers, farmers and to hedge sharp price fluctuations. The purpose of this paper is to investigate empirically the price discovery and volatility spillover in Indian agriculture spot and futures commodity markets.

Design/methodology/approach

This study uses Granger causality, vector error correction model (VECM) and exponential generalized autoregressive conditional heteroskedasticity (EGARCH) to examines the price discovery and spillover effects for nine most liquid agricultural commodities in spot and futures markets traded on National Commodity and Derivatives Exchange (NCDEX).

Findings

The VECM results show that price discovery exists in all the nine commodities with futures market leading the spot in case of six commodities, namely soybean seed, coriander, turmeric, castor seed, guar seed and chana. Whereas in case of three commodities (cotton seed, rape mustard seed and jeera), price discovery takes place in the spot market. The Granger causality tests indicate that futures markets have stronger ability to predict spot prices. Supporting these, the results from EGARCH volatility test reveal that there exist mutual spillover effects on futures and spot markets. Thus, it could be inferred that futures market is more efficient in price discovery of agricultural commodities in India.

Research limitations/implications

These results can help the market participants to benefit by hedging out the uncertainty and the policymakers to design futures contracts to improve the efficiency of the agricultural commodity derivatives market.

Practical implications

The findings provide fresh view on lead–lag relationship between future and spot prices using the latest data confirming that futures market indeed is dominant in price discovery.

Originality/value

There are very few studies that have explored the efficiency of the agricultural commodity spot and futures markets in India using both price discovery and volatility spillover in a detailed manner, especially at the individual agriculture commodity level.

Details

Journal of Agribusiness in Developing and Emerging Economies, vol. 10 no. 4
Type: Research Article
ISSN: 2044-0839

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Article
Publication date: 8 July 2020

Leandro da Silva Nascimento and Viviane Santos Salazar

Nowadays, creation and discovery theories are the two main theoretical approaches supporting the studies on the emergence of enterprises and some scholars analyze these…

Abstract

Purpose

Nowadays, creation and discovery theories are the two main theoretical approaches supporting the studies on the emergence of enterprises and some scholars analyze these theories in isolation. In addition, studies that investigate the emergence of social enterprises based on these theories together are scarce. This paper aims to analyze if and how discovery and creation theories can coexist in the formation process of social enterprises.

Design/methodology/approach

A multi-case study based on semi-structured interviews with the founders of eight Brazilian social enterprises was conducted.

Findings

From the results, it is identified that there is a continuous process between discoveries and creations that lead to the maturation of the initial idea and, consequently, to the formation of a social enterprise. Therefore, a continuous process model between discovery and creation of opportunities in the formation of a social enterprise (i.e. a mixed theoretical approach) is proposed, going beyond a theoretical duality between creation or discovery.

Originality/value

This study helps to overcome limitations inherent in both discovery and creation theories, proposing a mixed theoretical approach. This new theoretical approach praises the existence of new paths to understand the emergence of social enterprises, by overcoming the theoretical duality between creation or discovery of opportunities, i.e. a new understanding of an integrating process rather than a dichotomous one.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 13 no. 3
Type: Research Article
ISSN: 2053-4604

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Article
Publication date: 4 September 2020

Shiferaw Muleta Eyana, Enno Masurel and Leo J. Paas

The purpose of this study is to assess the effects of discovery and creation behaviour in opportunity identification on firm performance in a developing country context…

Abstract

Purpose

The purpose of this study is to assess the effects of discovery and creation behaviour in opportunity identification on firm performance in a developing country context. By doing so, the study adds new knowledge and insights in researching the entrepreneurial behaviour types at the start-up phase and their eventual effects on firm performance.

Design/methodology/approach

The study was conducted amongst Ethiopian tour operators (n = 118), which are formally established small tourism firms. A survey questionnaire, which is the main data gathering tool in this study, was prepared based on a distinction between discovery and creation behaviour with regard to the seven entrepreneurial actions described by Alvarez and Barney (2007). Hence, 14 multiple-item measurement scales were derived to define the entrepreneurial behaviour types. Firm performance was measured using four indicators. A regression analysis was conducted to predict the effect of entrepreneurial behaviour at the start-up phase on firm performance.

Findings

The findings of this study provide consistent support for the hypothesis that tour-operating firms in Ethiopia founded through creation behaviour instead of discovery behaviour are performing better in terms of sales, employment, profit and asset size change.

Research limitations/implications

The theoretical contribution of this study is two-fold. First, it provides a scale for measuring the extent to which discovery and/or creation opportunity identification played a role in the start-up phase of the business. Second, the study assesses the effects of discovery behaviour and creation behaviour in opportunity identification on firm performance in a developing country context.

Originality/value

The entrepreneurs' behaviour through which they identify and pursue new opportunities may have a considerable effect on the subsequent performance of their newly established firms. It is, therefore, important to understand effects, which result from differences in entrepreneurs' behaviour at the start-up phase, in terms of outcomes such as firm performance among small businesses. Nonetheless, there is little empirical research conducted in this regard, particularly in the context of developing countries. This study contributes to the literature of entrepreneurship by applying entrepreneurial behaviour types, i.e. discovery and creation, as determinants of small firms' performance in a developing country context. Furthermore, it is one of the few studies concentrating on formal instead of informal operations in an African context.

Details

Journal of Small Business and Enterprise Development, vol. 27 no. 6
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 12 October 2021

Jiangfeng Ye, Yingna Jiang, Bin Hao and Yanan Feng

This study aims to explore the impact of search breadth and depth on corporate entrepreneurship (CE) through the mediating effect of opportunity discovery under the…

Abstract

Purpose

This study aims to explore the impact of search breadth and depth on corporate entrepreneurship (CE) through the mediating effect of opportunity discovery under the consideration of the technological environmental dynamism as a moderating factor.

Design/methodology/approach

This study adopts a quantitative method, collecting 246 questionnaires from high-tech firms in the national industrial park of the Yangtze River Delta zone in China. The authors examine the hypotheses using multiple hierarchical regressions and conduct Sobel and bootstrapping tests to further assess the mediating and moderated mediating effects of the variables.

Findings

The results indicate that both the relationship between search breadth and CE and the relationship between search depth and CE are mediated by opportunity discovery. The authors further show that technological environmental dynamism positively moderates the indirect effect of knowledge search breadth on CE and negatively moderates the indirect effect of knowledge search depth and CE.

Originality/value

This study provides a valuable theoretical framework for entrepreneurship literature by differentiating the effects of search depth and search breadth on the promotion of CE in established firms and pioneers the examination of the mediating role of opportunity discovery and the moderating role of technological environmental dynamism in these links as well.

Details

European Journal of Innovation Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1460-1060

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Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…

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2570

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 8 March 2019

Meg Galasso, Rachael Anne Cohen and Angie Thorpe Pusnik

The purpose of this paper is to illustrate why libraries should develop instructional plans to further integrate Web-scale discovery services into the academy, as well as…

Abstract

Purpose

The purpose of this paper is to illustrate why libraries should develop instructional plans to further integrate Web-scale discovery services into the academy, as well as propose a three-fold delivery plan to achieve this goal.

Design/methodology/approach

This paper documents a strategy to integrate Web-scale discovery services into library training and instruction for multiple audiences. The strategy is informed by past analysis of discovery service search queries.

Findings

It presents a three-part training plan that can be applied to multiple audiences, universities/colleges and even discovery service platforms.

Practical implications

The strategies and practices detailed in this paper are easily adaptable to other institutions that currently subscribe to Web-scale discovery service products.

Originality/value

This paper introduces an innovative approach toward transforming Web-scale discovery instruction across the academy, based on search query analysis.

Details

Reference Services Review, vol. 47 no. 1
Type: Research Article
ISSN: 0090-7324

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Article
Publication date: 20 June 2016

Sanjay Garg, Kirit Modi and Sanjay Chaudhary

Web services play vital role in the development of emerging technologies such as Cloud computing and Internet of Things. Although, there is a close relationship among the…

Abstract

Purpose

Web services play vital role in the development of emerging technologies such as Cloud computing and Internet of Things. Although, there is a close relationship among the discovery, selection and composition tasks of Web services, research community has treated these challenges at individual level rather to focus on them collectively for developing efficient solution, which is the purpose of this work. This paper aims to propose an approach to integrate the service discovery, selection and composition of Semantic Web services on runtime basis.

Design/methodology/approach

The proposed approach defined as a quality of service (QoS)-aware approach is based on QoS model to perform discovery, selection and composition tasks at runtime to enhance the user satisfaction and quality guarantee by incorporating non-functional parameters such as response time and throughput with the Web services and user request. In this paper, the proposed approach is based on ontology for semantic description of Web services, which provides interoperability and automation in the Web services tasks.

Findings

This work proposed an integrated framework of Web service discovery, selection and composition which supports end user to search, select and compose the Web services at runtime using semantic description and non-functional requirements. The proposed approach is evaluated by various data sets from the Web Service Challenge 2009 (WSC-2009) to show the efficiency of this work. A use case scenario of Healthcare Information System is implemented using proposed work to demonstrate the usability and requirement the proposed approach.

Originality/value

The main contribution of this paper is to develop an integrated approach of Semantic Web services discovery, selection and composition by using the non-functional requirements.

Details

International Journal of Web Information Systems, vol. 12 no. 2
Type: Research Article
ISSN: 1744-0084

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Article
Publication date: 2 August 2013

Preedip Balaji Babu and M. Krishnamurthy

The purpose of this paper is to analyse the paradigm shift of library automation to resource discovery by exploring the applications of resource discovery. The present…

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3397

Abstract

Purpose

The purpose of this paper is to analyse the paradigm shift of library automation to resource discovery by exploring the applications of resource discovery. The present status of India on adapting resource discovery applications is discussed.

Design/methodology/approach

An evaluative method to examine the status quo of India automation and resource discovery scenario is drawn with a related literature review. Moreover, various pertinent global challenges of embracing discovery tools in the digital environment are highlighted.

Findings

The growth of the Indian library automation industry is booming. However, library software adaptation, next‐generation catalogue enhancements and community development avenues are dearth, seemingly remote and far from satisfactory.

Originality/value

The paper focuses on the emerging scenario of resource discovery applications with an overview of global challenges.

Details

The Electronic Library, vol. 31 no. 4
Type: Research Article
ISSN: 0264-0473

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