financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2022-26-3-226-240finance-1677Research ArticleЦЕНООБРАЗОВАНИЕPRICINGОпределение цен на сельскохозяйственные товары: комплексный подходPrice Discovery of Agri Commodities: An Integrated Approachhttps://orcid.org/0000-0002-6070-1373МишраА.MishraA.

Арунендра Мишра — научный сотрудник, кафедра управления пищевым бизнесом и предпринимательства.

Сонипат

Arunendra Mishra — Research Scholar, Department of Food Business Management and Entrepreneurship.

Sonipat (Delhi NCR)

arunendra.niftem@gmail.comКумарР. П.KumarR. P.

Р Прасантх Кумар — кандидат наук в области стратегических финансов, доцент, кафедра управления пищевым бизнесом и предпринимательства.

Сонипат

R Prasanth Kumar — PhD in Strategic Finance, Assistant Professor, Department of Food Business Management and Entrepreneurship.

Sonipat (Delhi NCR)

Национальный институт предпринимательства и управления пищевыми технологиямиИндияNational Institute of Food Technology Entrepreneurship and ManagementIndia202214072022263226240Copyright © Мишра А., Кумар Р.П., 20222022Мишра А., Кумар Р.П.Mishra A., Kumar R.P.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1677

Цель данной работы — изучить, как внедрение общеиндийского электронного торгового портала (eNAM) повлияло на передачу информации и установление цен на информационно связанных рынках Индии для сельскохозяйственных товаров. Авторы применили методы доли информации и доли компонентов, используя ежедневные данные по пяти сельскохозяйственным товарам с 2005 по 2019 г. Представлены два вывода: во‑первых, данные свидетельствуют о том, что цены на товарные акции в большей степени способствуют формированию цен по сравнению с рыночными ценами. В то же время рыночные цены также генерируют значительное ценообразование, но его объем меньше. Во-вторых, рыночные цены корректируются быстрее, чем цены на товарные акции, чтобы исправить диспропорцию между двумя рынками. Этот сценарий более очевиден после эпохи eNAM. Выводы данного исследования могут быть использованы для понимания информационного потока и будут полезны для академиков, практиков, политиков и бизнесменов, работающих на товарных рынках.

The purpose of this paper is to examine how the introduction of the pan-India electronic trading portal (eNAM) impacted the information transmission and price discovery in informationally linked markets of India for agricultural commodities. We have applied the information share and component share methods using daily data of five agricultural commodities from 2005 to 2019. This paper offers two findings, first; evidence shows that commodity stock prices have more price discovery as compared to the market prices. Whereas market prices also generate a significant price discovery, but its volume is less. Second, market prices adjust more quickly than commodity stock prices to correct the disproportion between both markets. This scenario is more evident post eNAM era. Conclusions from this study can be used to understand the information flow and would be helpful to academicians, practitioners, policymakers, or business players of commodity markets.

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The authors declare that there are no conflicts of interest present.