Forest certification is a tool contributing to the achievement of sustainable and responsible forest management. It also presents consumers with a market to purchase products coming from responsibly managed forests and provides forest managers with i...
China’s wood industry is vulnerable to the COVID-19 pandemic since wood raw materials and sales of products are dependent on the international market. This study seeks to explore the speed of log price recovery under different control measures, and t...
Forecasts of prices can help industries in their risk management. This is especially true for Japanese logs, which experience sharp fluctuations in price. In this research, the authors used an exponential smoothing method (ETS) and autoregressive int...
We examined valuable log assortments of Norway spruce (Picea abies) from a traditional auction in Slovenia where spruce growth on many sites is affected by climate change. From 6620 logs, we selected 817 that obtained the highest prices. Factors incl...
Several financial instruments have been thoroughly calculated via the price of an underlying asset, which can be regarded as a solution of a stochastic differential equation (SDE), for example the moment swap and its exotic types that encourage inves...
Currently, the decline in spruce wood prices is a serious problem for the forestry sector in the Czech Republic. We estimate that the fall in wood prices in European markets causes losses not only to the forestry companies producing, harvesting, and...
The log-linearized present value model (PVM) has been widely used in corporate finance to understand the long-run relationship between share price and dividends using panel data. However, the application of recently established panel econometric appr...
Cryptocurrencies are highly volatile investment assets and are difficult to predict. In this study, various cryptocurrency data are used as features to predict the log-return price of major cryptocurrencies. The original contribution of this study is...
China’s implementation of the Comprehensive Commercial Logging Ban in All Natural Forests is deemed as disrupting the stability of both Chinese and international timber markets and has raised widespread concerns about deforestation leakage on a...
Currently, due to the calamity of unplanned harvesting, the amount of biomass from wood products has increased. Forests occupy 33.7% of the total area of the Czech Republic; therefore, wood and non-wood forest products are important renewables for th...
At present, the study concerning pricing variance swaps under CIR the (Cox–Ingersoll–Ross)–Heston hybrid model has achieved many results; however, due to the instantaneous interest rate and instantaneous volatility in the model foll...
The Comprehensive Commercial Logging Ban in All Natural Forests (CCLB) policy, introduced in April 2015, aims to protect all natural forests in China. It has impacted both China’s domestic timber supply and imports. We investigated price transm...
In this article, a new extension of the standard Laplace distribution is introduced for house price modeling. Certain important properties of the new distribution are deducted throughout this study. We used the new extension of the Laplace model to c...
The volatility and log-price collective movements among stocks of a given market are studied in this work using co-movement functions inspired by similar functions in the physics of many-body systems, where the collective motions are a signal of stru...
Timber is the most important source of revenue in forestry and, therefore, is necessary to precisely estimate its volume. The share of timber volume produced by harvesters is annually growing in many European countries. Suitable settings of harvester...
China is the world’s largest importer of logs, possessing the scale to exert significant influence in the international market. This paper uses a fixed-effect variable coefficient Pricing-to-Market panel model to measure China’s market po...
Harvesters produce one third of timber in Czechia. The aim of this study was to analyze the over- and under-bark volume estimates of Scots pine (Pinus sylvestris L.) timber produced by a mid-performance harvester. The data were collected between Marc...
The wood industry faces challenges due to rising prices and limited wood availability, putting pressure on material efficiency in wood processing. This justifies the analysis of the relationship between efficiency and economy in pine wood processing....
We provide several practical formulas for pricing path-independent exotic instruments (log options and log contracts, digital options, gap options, power options with or without capped payoffs …) in the context of the fractional diffusion mode...
The Black–Scholes model and many of its extensions imply a log-normal distribution of stock total returns over any finite holding period. However, for a holding period of up to one year, empirical stock return distributions (both conditional an...
Predicting stock trends in financial markets is of significant importance to investors and portfolio managers. In addition to a stock’s historical price information, the correlation between that stock and others can also provide valuable inform...
The COVID-19 pandemic disrupted traditional patterns of sport consumption, raising questions about whether fans would return to stadiums and how sensitive they would be to ticket prices in the recovery period. This study reconceptualizes ticket price...
Using the Donsker–Prokhorov invariance principle, we extend the Kim–Stoyanov–Rachev–Fabozzi option pricing model to allow for variably-spaced trading instances, an important consideration for short-sellers of options. Applying...
Korea imports all of its crude oil, and is the world's fifth largest oil importing country. We analyze the effects of oil prices, interest rates, consumer price indexes (CPIs), and industrial production indexes (IPIs) on the regime shift behavior of...
This study proposes a framework to diagnose stock market crashes and predict the subsequent price rebounds. Based on the observation of anomalous changes in stock correlation networks during market crashes, we extend the log-periodic power-law model...
This paper assesses the exchange rate pass-through (ERPT) for forest product prices (i.e., sawnwood, logs) by applying a two-regime Self-Exciting Threshold Autoregressive (SETAR) model. We incorporate autoregressive second-order dynamics in the regim...
We investigate the state dependence of the variance of the instantaneous variance of the S&P 500 index empirically. Time-series analysis of realized variance over a 20-year period shows strong evidence of an elasticity of variance of the variance...
Aviation noise at airports has a significant impact on nearby residents’ quality of life and residential property values. This study evaluated the impact of aviation noise based on house prices by using three different hedonic price models. Two...
A timber market occupies a very particular position within the economic reality. Trading of commodities such as precious timber is, indeed, strongly conditioned by the carrying capacity and the silvicultural potential of the forest ecosystem. Timber...
We examine the relationship between gold prices and the U.S. dollar exchange rate, arguing that their interactions are state-dependent and asymmetric under different market conditions. State dependency hinges on different short-term interest rate zon...
The article deals with customer behavior in the market of accommodation services. The main purpose of this article is to identify tourist behavior using their sensitivity to changes in the price, based on the data from 2011 to 2018. The results can h...
We address a number of technical problems with the popular Practitioner Black-Scholes (PBS) method for valuing options. The method amounts to a two-stage procedure in which fitted values of implied volatilities (IV) from a linear regression are plugg...
The purpose of this study was to estimate the effects of development-restricted areas (DRAs) on land price. The study area used was Goyang city in South Korea, where DRAs occupy a large proportion of the city’s administrative area. To examine the eco...
An important but rarely-addressed option pricing question is how to choose appropriate strikes for implied volatility inputs when pricing more exotic multi-asset derivatives. By means of Malliavin calculus, we construct an asymptotically optimal log-...
A sharing economy accommodation service like Airbnb, which provides trust between strangers to connect them for profiting from underutilized assets, was born and has thrived thanks to the innovations in the platform technology. Due to the unique stru...
Flash memory is widely used in solid state drives (SSD), smartphones and so on because of their non-volatility, low power consumption, rapid access speed, and resistance to shocks. Due to the hardware features of flash memory that differ from hard di...
Volatility in financial markets refers to the variation in asset prices over time. High volatility indicates increased risk, making its evaluation essential for effective risk management. Various methods are used to assess volatility, with the standa...
This paper introduces methodologies in forecasting oil prices (Brent and WTI) with multivariate time series of major S&P 500 stock prices using Gaussian process modeling, deep learning, and vine copula regression. We also apply Bayesian variable...
In this survey, a short introduction of the recent discovery of log-normally-distributed market-technical trend data will be given. The results of the statistical evaluation of typical market-technical trend variables will be presented. It will be sh...
The European beech (Fagus sylvatica L.) is the most prevalent deciduous tree species in Central Europe. The implementation of sustainable, close-to-nature silvicultural practices increased the percentage share of beech in forest species composition,...
This paper presents a novel multivariate mean-reverting jump-diffusion model that incorporates correlated jumps and seasonal effects to capture the complex dynamics of commodity prices. The model also accounts for the interplay between price volatili...
Classical option pricing schemes assume that the value of a financial asset follows a geometric Brownian motion (GBM). However, a growing body of studies suggest that a simple GBM trajectory is not an adequate representation for asset dynamics, due t...
We provide ready-to-use formulas for European options prices, risk sensitivities, and P&L calculations under Lévy-stable models with maximal negative asymmetry. Particular cases, efficiency testing, and some qualitative features of the mod...
We develop an entropic framework to model the dynamics of stocks and European Options. Entropic inference is an inductive inference framework equipped with proper tools to handle situations where incomplete information is available. The objective of...
The West Texas Intermediate (WTI) spot price shows high volatility and in 2014 and 2015 when quoted prices declined sharply, long-term prices in future markets were less volatile. These prices are different and diverge depending on how they process f...
In this paper, we present a fast and accurate numerical approach applied to specific American-style derivatives, namely American power call and put options, whose main feature is that the underlying asset is raised to a power. The study is set in the...
In this article, we first provide a survey of the exponential option pricing models and show that in the framework of the risk-neutral approach, they are governed by the space-fractional diffusion equation. Then, we introduce a more general class of...
An empirical model for log yield from trees is established and applied in microeconomics of carbon storage in a boreal spruce estate. The transition from pulpwood to sawlogs is a smoother function of stem diameter in the empirical data, in comparison...
Coastal erosion and inundation represent the main impacts of climate change and the consequential sea level rise (SLR) on beaches. The resultant deterioration of coastal habitats and decline in beach tourism revenue has been a primary concern for coa...
Since its inception in 2009, Bitcoin has increasingly gained main stream attention from the general population to institutional investors. Several models, from GARCH type to jump-diffusion type, have been developed to dynamically capture the price mo...
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