Time-varying jumps in China crude oil futures market impacted by COVID-19 pandemic

China crude oil futures market launched in 2018 has become the third-largest global crude oil exchange, indicating its important role in global crude oil markets. Understanding the time-varying jumps of the newly RMB denominated crude oil futures market is not only for the benefit of the market participants in risk management and hedging, but also for the reference of policy-makers in formulating regulation policies, market pricing and financializing energy markets. However, the literature on time-varying jumps in China crude oil futures market is quite scarce compared with existed literature. In this regard, we attempt to study time-varying jumping behaviors of China crude oil futures market impacted by discrete random events, and analyze the sensitivity of jump intensity, jump size and its variance to market volatility and historical volatility, applying the constant and time-varying intensity jump models, based on the daily returns of China crude oil futures market from March 26, 2018 to August 31, 2021. Further, we compare the differential jumps of China crude oil futures market impacted by COVID-19 pandemic. The empirical results have shown that significant time-varying jumping behaviors appear in China crude oil futures market and take on discrete jumping form. The jump intensity is persistent and sensitive to historical volatility of the market. Meanwhile, jump intensity and jump size increase suffered by great public health emergency, and negative jump size arises with high probability. However, the variance of jump size is little sensitive to historical volatility of the market. These findings suggest that the time-varying jumps, especially negative jumps, should be considered for decision-makers and market participants associated with China crude oil futures market. © 2023 Elsevier Ltd

Can Investors Profit from Utilizing Technical Trading Rules during the COVID-19 Pandemic?

In the past, it was believed that investors may generate abnormal returns (AR) for trading stocks by employing technical trading rules. However, since the COVID-19 pandemic broke out, stock markets around the world seem to suffer a serious impact. Therefore, whether investors can beat the markets by applying technical trading rules during the period of COVID-19 pandemic becomes an important issue for market participants. The purpose of this study is to examine the profitability of trading stocks with the use of technical trading rules under the COVID-19 pandemic. By trading the constituent stocks of DJ 30 and NASDAQ 100, we find that almost all of the trading rules employed in this study fail to beat the market during the COVID-19 pandemic period, which is different from the results in 2019. The revealed findings of this study may shed light on that investors should adopt technical trading with care when stock markets are seriously affected by black swan events like COVID-19. © 2023 World Scientific Publishing Company.

Impact of foreign experience on the development of the national housing market

The article defines a list of tools and mechanisms of foreign housing markets, which can be adapted to Russian practice. This will help resolve several issues related to both improving the efficiency of the market and its financing. As part of the study, a system of interaction between the subjects of the national housing market was formed, considering the introduction of a crowdfunding platform into it, on which this interaction will be built. The COVID-19 pandemic has shown that it is information technology that can make it possible to ensure adaptation of subjects to crisis phenomena and minimize the risks associated with this. In addition, an accumulative system is included that allows you to form an initial payment on a mortgage loan and receive additional income within this system. The necessity of including a guarantee fund, mortgage banks and a state organization engaged in insurance of a mortgage loan in the subject composition of the Russian housing market is revealed. Each of these subjects allows to bring the interaction of market participants closer to the maximum effect. The study focuses on the need to strengthen the role and increase the volume of project financing, which will contribute to an increase in the volume of housing construction. Separately, the problem of the presence of dilapidated and dilapidated housing and at the same time illiquid housing is noted, the solution to which is in the experience of Asian countries and can be adapted in Russia. © 2021 ACM.

Assessment of the Development of the Stock Market in the Russian Federation in a Crisis

The article analyzes the literature and provides an assessment of the development of the stock market in the Russian Federation between 2016–2020. Today, the process of improving electronic technologies for carrying out operations in the stock market is also a continuing segment of the financial market. A methodology for assessing the development of the stock market in the example of the Russian Federation is proposed, with a description of the essence of the assessment indicator, the calculation formula and the threshold value. According to the results of the assessment and to the author’s proposed methodology, measures are proposed to improve the work of the stock market.