Theoretical foundations of algorithmic pricing in the short-term rental market

The quality of financial report and the extent to which investors rely on them to forecast future earnings is dependent on the accounting standards employed. The impact of IFRS adoption on earnings predictability of listed banks in Nigeria was examined in this study considering a sample of 11 listed banks in Nigeria. Categorically, data were obtained from the financial statement 2013 to 2014 (post-adoption period) and 2010 to 2011 (pre-adoption period). The data obtained were analyzed using regression on the Statistical Package for Social Sciences (SPSS). The study found a decrease in the ability of current earnings to predict future earnings after the adoption period. Thus, IFRS adoption has a negative impact on earnings predictability. The study further suggested that regulatory bodies of the banking sector should enforce strict adherence to IFRS procedures and principles, as well as put in place measures that will improve investors’ protection.

This study analyzed capital market investors’ recognition of the predictability of fair value-based valuation. It was examined if market investors overvalue the predictive value of fair value by comparing that value with that measured in accounting performance. The results reveal that investors are likely to overvalue fair value more than predictive values reflected in accounting performance. In particular, the results show that investors can gain abnormal returns through the market anomaly due to the functional fixation that investors cannot distinguish between unrealized profits and realized ones. Though there are considerable studies about accrual anomaly, few studies explore it with the separation of unrealized profits from total accruals. A number of studies about the causes of accrual anomaly have been conducted from various perspectives. The analysis of this study argues that the unrealized profits derived from fair value evaluation can be a cause of accrual anomaly. On the basis of the result, this study suggests that information about unrealized earnings should be reported separately.

Type of the article: Research Article

Abstract
The increasing behavioral volatility and informational complexity of emerging stock markets such as Vietnam create a critical need for more advanced analytical approaches to identify reliable momentum signals. This study aims to develop and validate an integrated momentum-based trading strategy specifically designed for the Vietnamese stock market. Using price and trading volume data for all stocks listed on the VNINDEX from January 2015 to February 2025, the methodology combines permutation-based entropy measures to capture short-term structural patterns with a formation–holding period framework to analyze medium- and long-term dynamics through Continuing Overreaction. The empirical results reveal a pronounced structural divergence in momentum behavior across investment horizons. Short-term momentum is persistent and strongly associated with low-complexity price and volume patterns, indicating coordinated behavioral trading and temporary predictability. In contrast, medium- and long-term Continuing Overreaction effects exhibit consistently negative values across various formation and holding horizons, suggesting that excess trading intensity leads to systematic mean reversion rather than sustained momentum. Backtesting over the period from January 2023 to February 2025 demonstrates that the proposed integrated strategy substantially outperforms a passive VNINDEX buy-and-hold benchmark, achieving a Sharpe ratio of 3.96 compared to 0.64 for the market. The superior performance remains robust across alternative portfolio construction settings and reflects improved downside risk control rather than increased return volatility. These findings indicate that integrating entropy-based complexity measures with volume-driven behavioral indicators provides a more effective framework for enhancing risk-adjusted returns in emerging stock markets.