This paper examines momentum and contrarian effects in the Ukrainian stock market after one-day abnormal returns. To do this, UX futures data over the period 2010–2018 are used. The following hypotheses are tested: H1) hourly returns on overreaction days differ from hourly returns on normal days, H2) there are price patterns on overreaction days, and H3) to test these hypotheses, visual inspection and average analysis are used, as well as t-tests, cumulative abnormal returns, and trading simulation approaches. The results suggest that there are statistically significant differences between intraday dynamics during the usual days and the overreactions day. There is a strong momentum effect present on the day of overreaction: prices tend to change only in the direction of the overreaction during the whole day. The fact of the overreaction becomes clear after 13:00-14:00. This gives a lot of time to explore the momentum effect in the day of overreaction. On the day after the overreaction, prices tend to go in the opposite direction: contrarian pattern is detected, which is in line with the overreaction hypothesis. Based on detected price patterns, rules of trading and trading strategies for the Ukrainian stock market are developed. Momentum Strategy (based on price patterns on the day of overreaction) generates several successful trades; close to with 90%, and their number being is profitable (trading results differ from the random ones – confirmed by t-tests). Contrarian Strategy (based on price patterns on the day after the overreaction) demonstrates low efficiency, and results do not differ from random trading.

Introduction. The domestic agrarian business faces the task of bringing its own competitive advantages in line with world needs. The heterogeneity of the operating conditions of enterprises, which differ in organizational and legal status, size, resource base and investment opportunities, determines the unevenness of their development, and consequently the need to develop differentiated mechanisms for managing competitiveness. The development of methods and mechanisms of competitive positioning of agribusiness entities with the obligatory consideration of their resource potential and peculiarities of activity in the conditions of sustainable development becomes urgent. The purpose of the article is to form conceptual provisions on mechanisms for improving the competitiveness and product quality of enterprises in the agricultural sector of the economy. Results. It is necessary to consider the system of competitiveness management as a complex entity with clearly divided functions of management and competitiveness. It is proposed to consider the mechanisms of managing the competitiveness of the agricultural enterprise as a comprehensive use of tools, methods and processes within the agreed organizational and management structure in the presence of resource potential sufficient to create and implement conditions for maximum use of competitive advantages of the agricultural enterprise in modern conditions or in the future of entering new markets. The strategic scenario of formation of the mechanism of management of competitiveness of the agrarian enterprise focused on release of organic production is offered, the basic content of which, in contrast to the existing ones, is a matrix set of strategic alternatives to indicators of innovative agrotechnologies, the essence of which is a gradual transition to sustainable development through positioning useful and safe properties of agri-food products, and determination of a comprehensive system of optimal solutions taking into account the indicators of permanent monitoring of market opportunities and selection of target consumer groups. Keywords: competitiveness, agricultural products, mechanisms of increasing competitiveness, agricultural enterprises, sustainable development.

The formation of a new reality due to global instability caused by the spread of the coronavirus pandemic has led to a rethinking of public policy mechanisms, achieving stability and prospects for the development of national educational systems. The purpose of the study is to develop dimensions of Higher education blended learning policy in the conditions of the COVID-19 pandemic and determine the prospects of state support for blended learning in the post-COVID period, taking into account the results of sociological surveys conducted among teachers and students.The methodology of higher education policy research during the COVID-19 pandemic and the development of public tools for blended learning in the post-covid period involves a sociological context and conduction of the sociological survey and sociological analysis. The paper states that the success of higher education policy is determined by the introduction of blended learning, which provides for state support of stakeholders of the education system to combine distance technologies using modern digital platforms and social interaction during offline learning.The results of the study can also be used for implementing blended learning in conditions of military instability, for example, in countries where hostilities are ongoing.

This paper explores price effects in the “passion investments” market after days with abnormal returns. To do this, daily prices for stamps and diamonds over the periods 1999–2021 and 1989–2021 are analyzed. The following hypothesis is tested: One-day abnormal returns create stable patterns in price behavior on the next day. Statistic tests (t-test, ANOVA, Mann–Whitney U test, modified cumulative abnormal returns approach, regression analysis with dummy variables) confirm the presence of price patterns related to extreme returns: price fluctuations on the day after extreme returns are higher than returns on “normal” days. On the days after positive abnormal returns, the momentum effect is detected. Contrarian effect is typical for the days after negative abnormal returns. A trading strategy based on detected price effects showed the presence of exploitable profit opportunities. Results of this paper provide additional pieces of evidence in favor of inconsistencies between the efficient market hypothesis and practice and can be used by traders to generate extra profits in the “passion investments” market. Acknowledgment The authors gratefully acknowledge financial support from the Ministry of Education and Science of Ukraine (0121U100473).

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