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2424-8401 (Print)

Journal Abbreviation:
Finan Mar

Article Processing Charges (APC):
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Publishing Model:
Open Access

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Finance and Market is expected to provide an international platform for academic researchers and practitioners and policy makers from different background, who engage in the theoretical and empirical research of financial markets and derivatives. It is a high quality, peer-reviewed journal dedicates to serve as the primary source highlighting on original research that cover conceptual and applied issue that relating with trading strategy for investment, organizational theory, optimal order placement strategies, and analyses of short and long run horizon price behaviour.

  • Econometrics
  • Statistics-Economic Theory
  • Finance & Banking
  • International Economics
  • Macroeconomics
  • Securities Trading & Pricing
  • Marketing Analytics
  • Risk Factor
  • Financial Crisis
  • Payment System
  • Loans
  • Behavioral Finance
  • Emotional Finance
  • Global Banking System
  • Public Finance
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Table of Contents

Original Article

by Jiaye Li
21 Views, 0 PDF Downloads
This paper aims to research the stock market’s response to the epidemic. The differences between the results of the objective experiment and the surveyed people's subjective judgments will be compared. The researcher uses the back-testing model based on the data of the stock market in 2020 and applies a questionnaire survey on the target people. The researcher also pays attention to several stocks which have a higher trade volume in the back-testing model and do more tracking. Each industry’s stock shows its characteristics apparently. Under the epidemic in the stock market. The researcher mainly researches three industries: medical and biology, food and beverage, transportation. The results show that the impact of epidemic situation on the first two industries is positive and negative for the latter. With the data from the survey about people's attitudes and the tracking data from the specific stock, the researcher concludes that financial indicator is an important index in the situation of the epidemic. Among the people who pay more attention to the financial indicators under the epidemic, more people gain profits. Also, the conclusion provides suggestions on an individual’s stock investment strategy in the near future. Choose stocks with larger company scale and high liquidity is more assured.

Original Article

by Junjie Chen
17 Views, 0 PDF Downloads
This article uses the data from 2010-2020 World Steel Association Statistical Yearbook to calculate the main indicators of China's steel trade, eliminates the invisible carbon emissions from intermediate products in China's steel production based on Low Emissions Analysis Platform. Also, from the perspectives of the producer and consumers, this article uses the "process method" to calculate the embodied energy flow and embodied carbon emissions of China's steel industry. The study found that in the past ten years, the crude steel output of China's steel industry was greater than the direct steel consumption, and the direct steel consumption was further greater than the indirect steel consumption, which shows that China provides a large amount of steel products to countries around the world. Furthermore, the data of embodied energy consumption and embodied carbon emissions of China's steel industry shows that the export flow is greater than the import flow. The rising international demand for steel makes China's steel industry bear more carbon emissions.

Original Article

by Xiaolin Chen, Zhiying Zou
16 Views, 0 PDF Downloads
The cell phone market, has a bigger number of organizations in Shanghai than in different areas, the extravagance style industry is a multi-billion dollars industry around the world. It has a significant financial effect and influences present-day culture. Accordingly, this examination centers around how the female purchaser movement in Shanghai's portable area is undermining the day-by-day market, just as Shanghai's image picture (viewing the gathering as a brand when contrasted and other well-known brands).

Original Article

by Li Chen
17 Views, 0 PDF Downloads
Since the implementation of the Reform and Opening policy, the scale of deposits and loans have been expanding in Qiannan Prefecture, Guizhou Province,China. However, the contribution rate of financial industry to Qiannan Prefecture’s GDP has been declining. Literature review showed that the correlation between financial development and economic growth is dissimilar in different regions and periods. Thus, this research established a VAR model to analyse the economic and financial data of Qiannan Prefecture from 1979 to 2020, in order to research the relationship between financial development and economic growth in Qiannan Prefecture. The results shown that Qiannan Prefecture’s financial development is positive correlation related to economic growth, regional economic growth has significantly promoted financial development. The financial development has obvious driving effect on the Qiannan Prefecture’s economic growth in the early stage, but a stable trend at low level have been maintaining in the middle and later stages.

Original Article

by Siqing Huang
11 Views, 0 PDF Downloads
With the continuous development of society, China attaches great importance to strengthening and innovating social governance, and the branding construction of social work organizations can gain the trust of social citizens, maintain a profound positive and professional image in the public mind, and even improve the credibility of the social work industry itself. A study on the branding path of Q service center in H city is conducted to propose countermeasures for the branding construction of social work organizations.

Original Article

by Songyu Jiang, Xiaojun Ke
20 Views, 0 PDF Downloads
The place identity of heritage tourism has not been adequately explained. Based on the survey of Quanzhou, the research uses qualitative research methods to abstract data and encode it through grounded theory. From tourists' perspective, the study found that the place identity in heritage tourism includes two dimensions: soft power identity and emotional identity. Specifically, economic and educational identity is an essential manifestation of soft power identity. Emotional identity includes two levels: entertainment and culture. The study suggests that relevant departments can focus on these aspects to develop Quanzhou's cultural heritage tourism, actively cultivate tourists' place identity and promote the sustainable development of Quanzhou's cultural heritage tourism.

Original Article

by Shanwei Li
15 Views, 0 PDF Downloads
With the rapid development of the Internet, lifestyles have also changed dramatically. Cardiovascular diseases, cancer, chronic obstructive pulmonary disease and other chronic diseases are on the rise. In order to better cope with the challenges posed by chronic diseases, we should gradually explore the health management of chronic diseases and establish a demonstration area for the comprehensive prevention and treatment of chronic diseases. We should increase investment in the prevention and treatment of chronic diseases, improve the management model of chronic diseases, optimize the allocation of public health resources, strengthen coordination and cooperation between departments, and provide health services to the general public.

Original Article

by Andong Liu
19 Views, 0 PDF Downloads
Since the "Belt and Road" initiative was clearly proposed, cross-border e-commerce cooperation between China and Mongolia has also achieved vigorous development with obvious progress in the construction of China-Mongolia-Russia economic and trade corridor. Under the background of a new development pattern of the international great cycle, how to gradually expand the depth and breadth of development of China-Mongolia cross-border e-commerce and strive to be the active practitioner of the double cycle within China and the world is the first question we are facing at present. This chapter will through analyzing the two nations's traditional trade, cross-border electricity and the vigorous development of international logistics services, from two aspects of the Chinese government and small and medium-sized enterprises to international logistics service mechanism, cross-border electricity social security system, and comprehensive financial service system of cross-border electricity business aspects such as building a new problem, presents the developing measures of cross-border electricity.

Original Article

by Wei Liu
17 Views, 0 PDF Downloads
Under the background of the new era, it is more necessary for pharmaceutical enterprises to comply with the needs and operation mode of information economy, actively expand their own network marketing and sales channels, and effectively improve their ability to face risks and hidden dangers as well as market competitiveness. In addition to basic strategies such as optimizing and improving their own drug quality, optimizing online consultation and strengthening after-sales service, the use of "Internet +", big data and other technical means, to accurately locate customers, expanding the scope of sales is also a new way of network marketing in the e-commerce environment. Based on this, this paper will elaborate on how pharmaceutical enterprises in the e-commerce environment complete network marketing, bring more ideal economic benefits, hoping to provide some theoretical suggestions for the development of the pharmaceutical industry.

Original Article

by Heyi Shi
17 Views, 0 PDF Downloads
Under the background of the increasing ecological crisis caused by the unreasonable and unsustainable economic development model, Marxist ecological concept has attracted more and more attention from people all over the world. In the report of the 19th National Congress of the Communist Party of China held in 2017, it was clearly proposed to speed up the construction of ecological civilization and build a beautiful China. In the "fourteenth five-year plan", we will continue to promote the reform and innovation of ecological environment policies, and promote the modernization of ecological environment governance system and governance capacity. At the same time, how to carry out this arduous task at a specific level has become the direction of academic research. Through the study of green marketing from the perspective of Marxist ecological view, this paper attempts to further clarify and analyze the specific content of Marxist ecological view to provide a theoretical basis for the comprehensive and sustainable development of green marketing in our economic development model, and combined with the green marketing link in the green whole industry chain, which is of great significance At present, it is of great significance to further promote the construction of socialist ecological civilization in China.

Original Article

by Qing Tian
15 Views, 0 PDF Downloads
Our current short selling mechanism is generally seen as an important external influence mechanism that affects the transmission of information by enterprises and is therefore able to influence the process by which investors make judgments about modifying market buying and selling information through a Bayesian learning process. So, will the introduction of the short selling mechanism impose some pressure on investors to analyze and choose stocks more rationally, and thus influence corporate managers’ investment practices through fluctuations in the stock market? Based on the above analysis, this paper further examines the short selling mechanism and investor sentiments, as well as their effects on enterprises’ investment behaviors. This paper also tries to find out whether investor sentiments can play a regulatory role, and whether the short selling mechanism can work, with the aim of eventually better explaining influences of the short selling mechanism on investment behaviors of enterprises.

Original Article

by Jinmei Xiao
15 Views, 0 PDF Downloads
Based on the perspective of China's economic opening and integration, In this paper, the Internet big data technology and search and matching theory mechanism are used to combine the practice and development of cross-border e-commerce and "Single Window" for international trade, It is concluded that the development of big data technology in the Internet era reduces manufacturer's market search cost, promotes the efficiency of import and export trade of enterprises, and thus improves the overall productivity level. The study points out that building a new platform for export-oriented economy supported by Internet big data should be the key to China's opening-up strategy. We can build an information platform supported by big data technology, improve the matching efficiency of foreign trade and investment information, and make big data technology the basic guarantee for the construction of a new platform of China's export-oriented economy. The policy enlightenment lies in giving full play to regional intermediaries, trade intermediaries and government intermediaries, and improving the overall development level of China's export-oriented economy according to the trade network effect and sharing economic platform effect supported by big data technology.

Original Article

by Zhixin Zhang
17 Views, 0 PDF Downloads
Mathematical or Quantitative model-based trading is evolving and has become more and more popular nowadays. The Black-Scholes model is one of the most widely used models in option pricing. In this article, the researcher wants to find a better option pricing model compared to the Black-Scholes model. In research question 1 and research question3, the researcher compares the binary tree model and the Back- Propagating model which is included in machine learning to the Black-Scholes model with the real world’s call option prices to find whether one of them can win the Black-Scholes model. In research question 2, the researcher analyses the volatility simile caused by the Black-Scholes model in the real world and observes its yield distribution to see its shape features. For these research questions, the researcher uses MATLAB and Python to do the numerical experiments and visualize results in these three questions and do descriptive statistics for them by STATA. Finally, the researcher finds that the performance of the Black-Scholes model and the Binary Tree model are both well in predicting options’ price. However, the BP model only performs well when the price is around zero. Besides, for the research question 2, the result is that the yield distribution of the volatility smile is slim and right-biased. Therefore, the Black-Scholes model can be used in most of the cases in options pricing and the Binary tree model is also a good choice which is simpler than the Black-Scholes model with fewer assumptions. For the BP model, if the user has enough training data for option pricing, it will be a good choice with its excellent learning ability for a short period of predicting. For the volatility smile, the Black-Scholes model’s use is one of the reasons for it. The volatility will perform differently with different options. The user can use some hedging skills to deal with it. For example, using different ways to build a portfolio.

Original Article

by Haixia Zhou
19 Views, 0 PDF Downloads
Since the financial crisis, the development environment of the global asset management industry has undergone important changes. There is no doubt that the outbreak of the financial crisis in 2008 caused a great damage to the global asset management industry, and has had a lasting impact on its development since then. These impacts have made the global asset management industry face many challenges, but also created opportunities for it. Only those asset management companies that earnestly grasp opportunities, actively respond to challenges and bravely make changes in accordance with the development trend can stand out in the new development background. This paper summarizes and analyzes the development trend of the global asset management industry from multiple perspectives, from the whole to the local, mainly focusing on the scale of assets under management, regional market pattern and industry fundamentals. The analysis of these trends can help to understand the past and current development of the global asset management industry, so as to better promote the development of the future.

Original Article

by Minhui Zhou
15 Views, 0 PDF Downloads
In the context of "Rural Revitalization", the rapid development of rural society and economy has created a great demand for talents in the field of rural e-commerce. In this environment, college students change their employment concept and settle in rural areas to engage in e-commerce entrepreneurship and employment, which is an effective measure to promote college students’ entrepreneurship and employment. This paper analyzes and studies the legal problems involved in the employment and entrepreneurship of college students in the field of rural e-commerce, and puts forward countermeasures and suggestions on the legal problems of promoting college students' entrepreneurship and employment in the field of rural e-commerce.

Original Article

by Feng Qin
11 Views, 0 PDF Downloads
China's arts and crafts industry is mostly composed of small and medium-sized private enterprises with weak capital, and financing has been its one major problem in development. This paper will focus on small and medium-sized enterprises in the arts and crafts industry, analyze their financing situation and problems in development and propose countermeasures and suggestions to optimize the financing of the industry.

Original Article

by Wanwan Li, Ling Ding, Yaqi Lian
16 Views, 0 PDF Downloads
E-commerce is one of the most dynamic and important sectors of the economy. The latest trend in this market is cross-border trade. It is based on selling products to customers who are located in other countries. However, it is connected to several problems, such as a high cost and long time of delivery, language barriers, different legal and tax conditionings. The previous studies were conducted on the basis of the scholars' experience in the field of e-commerce. And the issue of cross-border commerce was mainly analysed with the use of reports of the European Commission. However, the aim of my article is to analysis of cross border ecommerce in small and medium enterprises in China.

Original Article

by Yuting Chu
17 Views, 0 PDF Downloads
Nowadays the competition in e-commerce industry is becoming fierce. Due to characteristics of e-commerce industry, the current law regulation has become more complex. Analyze the current provisions, and combined with the traditional three-stage theory, to the current electricity market abuse dominant position type of anti-monopoly regulation challenge, put forward the electricity industry anti-monopoly related system.

Original Article

by Zhihua Li
24 Views, 0 PDF Downloads
Based on the operating status of China CRRC, this paper analyzes its debt paying ability, operating ability, profitability and development ability by using financial indicators, and compares its financial performance before and after restructuring from 2010-2014 to 2015-2020, the existing problems are discussed and the suggestions for the future development of the reorganization are put forward.


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USP JournalsArticle Processing Charge
Finance and MarketUS$ 800


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Standard journal article

Journal article (print) with one to three authors

Halpern SD, Ubel PA. Solid-organ transplantation in HIV-infected patients. The New England Journal of Medicine 2002 Jul 25;347(4):284-7.

Journal article (print) with more than three authors

Rose ME, Huerbin MB, Melick J, et al. Regulation of interstitial excitatory amino acid concentrations after cortical contusion injury. Brain Research 2002;935(1-2):40-6.

Journal article (online) with one to three authors

Jackson D, Firtko A and Edenborough M. Personal resilience as a strategy for surviving and thriving in the face of workplace adversity: A literature review. Journal of Advanced Nursing 2007; 60(1):1–9. http://dx.doi.org/10.1111/j.1365-2648.2007.04412.x.

Journal article (online) with more than three authors

Hargreave M, Jensen A, Nielsen TSS, et al. Maternal use of fertility drugs and risk of cancer in children—A nationwide population-based cohort study in Denmark. International Journal of Cancer 2015; 136(8): 1931–1939. http://dx.doi.org/10.1002/ijc.29235.


Book with one to three authors

Schneider Z, Whitehead D and Elliott D. Nursing and Midwifery Research: Methods and Appraisal for Evidence-based Practice, 3rd ed. Marrickville, NSW: Elsevier Australia; 2007.

Book with more than three authors

Davis M, Charles L, Curry M J, et al. Challenging Spatial Norms, London: Routledge; 2003.

Chapter or Article in Book

Meltzer PS, Kallioniemi A, Trent JM. Chromosome alterations in human solid tumors. In: Vogelstein B, Kinzler KW, editors. The genetic basis of human cancer. New York: McGraw-Hill; 2002. p. 93-113.

*Note that the editor’s name is not inverted.


Proceedings of meetings and symposiums, conference papers

Christensen S, Oppacher F. An analysis of Koza's computational effort statistic for genetic programming. In: Foster JA, Lutton E, Miller J, Ryan C, Tettamanzi AG, editors. Genetic programming. EuroGP 2002: Proceedings of the 5th European Conference on Genetic Programming; 2002 Apr 3-5; Kinsdale, Ireland. Berlin: Springer; 2002. p. 182-91.

Conference proceedings (from electronic database)

Harnden P, Joffe JK, Jones WG, editors. Germ cell tumours V. Proceedings of the 5th Germ Cell Tumour Conference; 2001 Sep 13-15; Leeds, UK. New York: Springer; 2002.

Online Document with author names

Este J, Warren C, Connor L, et al. Life in the clickstream: The future of journalism. Media Entertainment and Arts Alliance. 2008; Retrieved from http://www.alliance.org.au/documents/ foj_report_final.pdf

Online Document without author name

Princeton Writing Program. (n.d.). Developing an argument. Retrieved from http://web.princeton.edu/ sites/ writing/Writing_Center/WCWritingResources.htm


Borkowski MM. Infant sleep and feeding: a telephone survey of Hispanic Americans [dissertation]. Mount Pleasant (MI): Central Michigan University; 2002.


Standards Australia Online. Glass in buildings: Selection and installation. AS 1288-2006, amended January 31, 2008. Retrieved from SAI Global database 2006.

Government Report

National Commission of Audit. Report to the Commonwealth Government, Canberra: Australian Government Publishing Service 1996.

Government report (online)s

Department of Health and Ageing.Ageing and aged care in Australia; 2008. Retrieved from http://www.health.gov.au/internet/ main/publishing.nsf/Content/ageing


Rencher W F. Bioadhesive pharmaceutical car- rier. US Patent 5462749 A. 1995.

No author

Guide to agricultural meteorological practices, 2nd ed. Secretariat of the World Meteorological Organization, Geneva; 1981.

Note: When referencing an entry from a dictionary or an encyclopedia with no author there is no requirement to include the source in the reference list. In these cases, only cite the title and year of the source in-text. For an authored dictionary/encyclopedia, treat the source as an authored book.



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Focus and Scope

Finance and Market is expected to provide an international platform for academic researchers and practitioners and policy makers from different background, who engage in the theoretical and empirical research of financial markets and derivatives. It is a high quality, peer-reviewed journal dedicates to serve as the primary source highlighting on original research that cover conceptual and applied issue that relating with trading strategy for investment, organizational theory, optimal order placement strategies, and analyses of short and long run horizon price behaviour.

  • Econometrics
  • Statistics-Economic Theory
  • Finance & Banking
  • International Economics
  • Macroeconomics
  • Securities Trading & Pricing
  • Marketing Analytics
  • Risk Factor
  • Financial Crisis
  • Payment System
  • Loans
  • Behavioral finance
  • Emotional finance
  • Global Banking System


Peer Review Process

All papers submitted to Journal of Finance and Market are subjected to a stringent peer review process. This is to uphold the high quality of papers published in FM and ensure that the reporting of research work is truthful and accurate.

Upon submission, the article is reviewed by FM in-house editors to assess its suitability for the journal based on the editorial policy and procedural guidelines.
The Editor-in-Chief (EIC) carefully evaluates each manuscript to determine if its topic and content are suitable for consideration.
The accepted manuscripts are then assigned by the EIC to the associate editors according to their respective areas of expertise.
The associate editor selects reviewers from the editorial board or external reviewers who are suitably qualified to assess the paper.
Reviewers are asked to evaluate the manuscript’s originality, methodology, contribution to the literature, presentation of results and support for the conclusions, and appropriate referencing of previous relevant studies
Post-evaluation by the reviewers, the manuscript is sent to the associate editor who makes one of the following recommendations: accept, accept with minor revision, or reject.
The manuscript is then passed to the EIC who makes the final decision.
If EIC suggests minor revisions, authors are given a maximum of 30 days to revise and resubmit the article.
If EIC suggests major revisions, authors are given a maximum of 90 days to revise and resubmit the article.
After re-submission of the revised manuscript, the above steps are repeated before the paper is accepted for publication.
Authors of rejected submissions are advised to make an appeal in writing to editorial-fm@usp-pl.com.
Written appeals should include specific reasons for the appeal and point-by-point response to the reviewers' suggestions and criticisms.
Decisions made on appeals by the EIC are final and no further considerations will be made.


Open Access Policy

This journal provides immediate Gold Open Access to its content as it believes that making research freely available to the public helps promote the research results and in turn benefits the scholarly community.

    • Higher Visibility, Availability and Citations – free and unlimited accessibility of the publication over the internet without any restrictions increases citation of the article
    • Ease of search – publications are easily searchable in search engines and indexing databases
    • Rapid Publication – accepted papers are immediately published online

All published content is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (CC-BY-NC), permitting all non-commercial use, distribution, and reproduction in any medium under the condition that the original work is properly cited.



Journal's announcement:

To further expand the readership and accelerate the development of this journal, the publisher’s committees decided to jointly organize a Chinese version

Posted: 2018-12-29 More...

News: Putin says Russia must diversify currencies it uses in international trade

VLADIVOSTOK, Russia (Reuters) - Russian President Vladimir Putin said on Wednesday that Moscow needed to diversify the foreign currencies it used in international trade and not solely rely on the U.S. dollar for such transactions.

Russian President Vladimir Putin speaks during a session of the Eastern Economic Forum in Vladivostok, Russia September 12, 2018. Sergei Bobylyov/TASS Host Photo Agency/Pool via REUTERS

The Russian central bank has been increasing the share of gold and Chinese yuan in its coffers amid risks of more U.S. sanctions that could target Russia’s ability to trade globally.

Posted: 2018-09-12

News: Sterling down on report of potential leadership challenge to May

LONDON (Reuters) - Sterling fell on Wednesday after reports of a potential leadership challenge to Prime Minister Theresa May and as realism set in about how far there remains to go before Britain can agree a Brexit trade deal.

UK pound coins plunge into water in this illustration picture, October 26, 2017. Picture taken October 26, 2017. REUTERS/Dado Ruvic/Illustration

The pound fell a quarter of a percent to as low as $1.2994 against the dollar after the BBC reported a group of about 50 lawmakers in May’s government had met to discuss how and when they could force her out of her job.

These lawmakers have condemned May’s plans for Britain to remain in a free trade zone for goods with the EU after it leaves the bloc in March, 2019.


The pound later recovered to trade flat at $1.3028, while against the euro the British currency was largely unmoved, at 89.010 pence per euro.

Posted: 2018-09-12