WorldWideScience

Sample records for adjusted loan pricing

  1. Race and Subprime Loan Pricing

    OpenAIRE

    Hernandez, Ruben; Owyang, Michael; Ghent, Andra

    2011-01-01

    In this paper we investigate whether race and ethnicity influenced subprime loan pricing during 2005, the peak of the subprime mortgage expansion. We combine loan-level data on the performance of non-prime securitized mortgages with individual- and neighborhood-level data on racial and ethnic characteristics for metropolitan areas in California and Florida. Using a model of rate determination that accounts for predicted loan performance, we evaluate the presence of disparate impact and dispar...

  2. Credit Derivatives and Loan Pricing

    NARCIS (Netherlands)

    Norden, L.; Wagner, W.B.

    2007-01-01

    This paper examines the relationship between the new markets for credit default swaps (CDS) and the pricing of syndicated loans to U.S. corporates. We find that changes in CDS spreads have a significantly positive coefficient and explain about 25% of subsequent monthly changes in aggregate loan

  3. Shopping Center Financing: Pricing Loan Default Risk

    OpenAIRE

    Peter Chinloy; James Musumeci

    1994-01-01

    The financing structure of a shopping center is decomposed into an income security and two put options. These put options are respectively held by the borrower against the lender for default, and by the lender against an insurer or reinsurer. The prices of the put option depend on the loan-to-value ration of the loan and on the risk of the investment. The interest rate charged on the loan is the sum of four components: a riskless rate, lender production costs, and the net price of the put opt...

  4. NUKEM adjusts price definitions

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    This article is the October-November 1994 market report, providing trading volume and prices in the Uranium market. During this period, there were five deals in the spot concentrates market, five deals in the medium and long-term market, one deal in the conversion market, and two deals in the enrichment market. Restricted prices strengthened while unrestricted prices held steady. Price re-definitions were also announced

  5. Bank Systemic Risk-Taking and Loan Pricing : Evidence from Syndicated Loans

    NARCIS (Netherlands)

    Gong, D.

    2014-01-01

    In this paper we document evidence of systemic risk taking from syndicated loan pricing. Using U.S. syndicated loan data, we find that the borrower's idiosyncratic risk is positively priced whereas systematic risk is negatively related to loan spreads, controlling for firm, loan and bank specific

  6. Revisiting Bank Pricing Policies in Brazil: evidence from loan and deposit markets

    OpenAIRE

    Leonardo S. Alencar

    2011-01-01

    This paper addresses the micro and macroeconomic determinants of interest rates in the Brazilian banking market. The results suggest that banks fully adjust their loan interest rates to a change in the monetary policy rate, but we also observe a rigid short-term response for some loan product categories. The study confirms that pricing policies can vary substantially depending on the market. For example, microeconomic factors did not seem to be a major determinant of retail loan rates, but th...

  7. Funding Costs and Loan Pricing by Multinational Bank Affiliates

    Czech Academy of Sciences Publication Activity Database

    Derviz, Alexis

    2009-01-01

    Roč. 9, č. 9 (2009), s. 1-48 ISSN 1803-7070 Institutional research plan: CEZ:AV0Z10750506 Keywords : multinational banks * bank loan pricing * internal capital market Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2010/E/derviz- funding costs and loan pricing by multinational bank affiliates.pdf

  8. Can Equity Volatility Explain the Global Loan Pricing Puzzle?

    OpenAIRE

    Lewis Gaul; Pinar Uysal

    2013-01-01

    This paper examines whether unobservable differences in firm volatility are responsible for the global loan pricing puzzle, which is the observation that corporate loan interest rates appear to be lower in Europe than in the United States. We analyze whether equity volatility, an error prone measure of firm volatility, can explain this difference in loan spreads. We show that using equity volatility in OLS regressions will result in biased and inconsistent estimates of the difference in U.S. ...

  9. A Simple Measure of Price Adjustment Coefficients.

    OpenAIRE

    Damodaran, Aswath

    1993-01-01

    One measure of market efficiency is the speed with which prices adjust to new information. The author develops a simple approach to estimating these price adjustment coefficients by using the information in return processes. This approach is used to estimate t he price adjustment coefficients for firms listed on the NYSE and the A MEX as well as for over-the-counter stocks. The author finds evidence of a lagged adjustment to new information in shorter return intervals for firms in all market ...

  10. Is the corporate loan market globally integrated? a pricing puzzle

    OpenAIRE

    Mark S. Carey; Gregory P. Nini

    2004-01-01

    We offer evidence that interest rate spreads on syndicated loans to corporate borrowers are economically significantly smaller in Europe than in the U.S., other things equal. Differences in borrower, loan and lender characteristics associated with equilibrium mechanisms suggested in the literature do not appear to explain the phenomenon. Borrowers overwhelmingly issue in their natural home market and bank portfolios display significant home "bias." This may explain why pricing discrepancies a...

  11. Do Daily Retail Gasoline Prices adjust Asymmetrically?

    NARCIS (Netherlands)

    L.J.H. Bettendorf (Leon); S.A. van der Geest (Stéphanie); G. Kuper

    2005-01-01

    textabstractThis paper analyzes adjustments in the Dutch retail gasoline prices. We estimate an error correction model on changes in the daily retail price for gasoline (taxes excluded) for the period 1996-2004 taking care of volatility clustering by estimating an EGARCH model. It turns out the

  12. Do daily retail gasoline prices adjust asymmetrically?

    NARCIS (Netherlands)

    Bettendorf, L.; van der Geest, S. A.; Kuper, G. H.

    2009-01-01

    This paper analyses adjustments in the Dutch retail gasoline prices. We estimate an error correction model on changes in the daily retail price for gasoline (taxes excluded) for the period 1996-2004, taking care of volatility clustering by estimating an EGARCH model. It turns out that the volatility

  13. Do Daily Retail Gasoline Prices adjust Asymmetrically?

    Energy Technology Data Exchange (ETDEWEB)

    Bettendorf, L. [Tinbergen Instituut, Amsterdam/Rotterdam (Netherlands); Van der Geest, S. [Erasmus Universiteit, Rotterdam (Netherlands); Kuper, G. [University of Groningen, Groningen (Netherlands)

    2005-04-15

    This paper analyzes adjustments in the Dutch retail gasoline prices. We estimate an error correction model on changes in the daily retail price for gasoline (taxes excluded) for the period 1996-2004 taking care of volatility clustering by estimating an EGARCH model. It turns out the volatility process is asymmetrical: an unexpected increase in the producer price has a larger effect on the variance of the producer price than an unexpected decrease. We do not find strong evidence for amount asymmetry. However, there is a faster reaction to upward changes in spot prices than to downward changes in spot prices. This implies timing or pattern asymmetry. This asymmetry starts three days after the change in the spot price and lasts for four days.

  14. Price Changes, Resource Adjustments and Rational Expectations

    DEFF Research Database (Denmark)

    Hoffmann, Kira

    This study investigates the relationship between the accuracy of managerial demand expectations, resource adjustment decisions and selling price changes. In line with rational expectation theory, it is argued that managers adjust resources and selling prices differently in response to expected...... that cost elasticity is higher when a demand decrease is expected among companies with similar exposure to demand uncertainty. Overall, this implies that managerial competences in predicting future demand significantly determines firms’ profitability; especially when demand uncertainty is high...

  15. Parent Influence on Loan Pricing by Czech Banks

    Czech Academy of Sciences Publication Activity Database

    Derviz, Alexis; Raková, M.

    2012-01-01

    Roč. 21, č. 4 (2012), s. 434-449 ISSN 1210-0455 Institutional support: RVO:67985556 Keywords : multinational bank * interest rate * internal capital market Subject RIV: AH - Economics Impact factor: 0.561, year: 2012 http://library.utia.cas.cz/separaty/2013/E/derviz-parent influence on loan pricing by czech banks.pdf

  16. Foreigners vs. Natives : Bank Lending Technologies and Loan Pricing

    NARCIS (Netherlands)

    Beck, T.H.L.; Ioannidou, V.; Schäfer, L.

    2012-01-01

    Abstract: Do domestic and foreign banks differ in their lending techniques and loan pricing models? Are such differences driven by different clienteles? Using a sample of firms that borrow from both domestic and foreign banks in the same month, we show significant differences in lending techniques

  17. Binomial tree method for pricing a regime-switching volatility stock loans

    Science.gov (United States)

    Putri, Endah R. M.; Zamani, Muhammad S.; Utomo, Daryono B.

    2018-03-01

    Binomial model with regime switching may represents the price of stock loan which follows the stochastic process. Stock loan is one of alternative that appeal investors to get the liquidity without selling the stock. The stock loan mechanism resembles that of American call option when someone can exercise any time during the contract period. From the resembles both of mechanism, determination price of stock loan can be interpreted from the model of American call option. The simulation result shows the behavior of the price of stock loan under a regime-switching with respect to various interest rate and maturity.

  18. 48 CFR 216.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 216.203 Section 216.203 Federal Acquisition Regulations System DEFENSE... CONTRACTS Fixed-Price Contracts 216.203 Fixed-price contracts with economic price adjustment. ...

  19. 48 CFR 3016.203 - Fixed price contracts with economic price adjustments.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Fixed price contracts with economic price adjustments. 3016.203 Section 3016.203 Federal Acquisition Regulations System DEPARTMENT OF... TYPES OF CONTRACTS Fixed-Price Contracts 3016.203 Fixed price contracts with economic price adjustments. ...

  20. 77 FR 20656 - Postal Service Classification and Price Adjustments

    Science.gov (United States)

    2012-04-05

    ... and Price Adjustments AGENCY: Postal Regulatory Commission. ACTION: Notice. SUMMARY: The Commission is... implement Picture Permit Imprint Indicia as price categories for First-Class Mail and Standard Mail letters and cards pursuant to 39 U.S.C. 3622 and 39 CFR 3010.\\1\\ The classification and price adjustment will...

  1. Dynamics Of The Relationship Between Bank Loans And Stock Prices In Saudi Arabia

    OpenAIRE

    Saud Almutair

    2015-01-01

    The objective of this study is to find the dynamics of the relationship between bank loans and stock prices in Saudi Arabia using quarterly data for the period 1998 to 2013. The estimation methodology consists of a cointegration test, an error correction model estimation, and VAR Granger Causality. The study confirms the long-run relationship between credit card loans (CCLOAN) and Saudis stock market index (SSPI). We found a positive relationship between SSPI and bank loans, supporting the ec...

  2. Retail fuel price adjustment in Germany: A threshold cointegration approach

    International Nuclear Information System (INIS)

    Asane-Otoo, Emmanuel; Schneider, Jan

    2015-01-01

    Consumers in Germany often complain that retail fuel prices usually adjust quickly to crude oil price increases than decreases and characterize this pricing pattern as market power exploitation. In this paper, we use both weekly national and daily city-specific (Berlin, Hamburg, Munich and Cologne) data to investigate the extent to which retail fuel prices in Germany adjust to changes in the international crude oil price. At the national level with weekly prices, we find positive asymmetries for both gasoline and diesel within the period 2003–2007, reflecting that retail prices react more swiftly to crude oil price increases than decreases. In contrast, for 2009–2013, we observe symmetric adjustment and negative asymmetry for retail diesel and gasoline prices, respectively. The city level analysis supports our findings in the latter time period. Thus, regulatory measures aimed at the retail fuel market over recent years seem to have been effective, and, contrary to consumers' perception, we find no evidence for excessive market power or collusion. - Highlights: • The paper examines the adjustment of German retail fuel (gasoline and diesel) prices to international crude oil price changes. • An error correction model with threshold cointegration is used to investigate the price dynamics. • The findings generally point to a competitive retail fuel pricing, notwithstanding the oligopolistic market structure

  3. 48 CFR 16.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 16.203 Section 16.203 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 16.203 Fixed-price...

  4. 48 CFR 5416.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 5416.203 Section 5416.203 Federal Acquisition Regulations System DEFENSE LOGISTICS AGENCY, DEPARTMENT OF DEFENSE TYPES OF CONTRACTS Fixed Price Contracts 5416.203 Fixed-price...

  5. Do bank loans and local amenities explain Chinese urban house prices?

    OpenAIRE

    Huang, Daisy J.; Leung, Charles Ka Yui; Qu, Baozhi

    2015-01-01

    Based on Chinese city-level data from 1999 to 2012 and controlling for geological, environmental, and social diversity, this study suggests that credit plays a significant role in driving up house prices after the Great Recession, whereas property prices only influence bank lending before 2008. Local amenities such as higher education, green infrastructure, healthcare, and climate also positively affect house prices. Moreover, the impacts of bank loans on housing prices tend to be related to ...

  6. 76 FR 4395 - Postal Service Price Adjustment

    Science.gov (United States)

    2011-01-25

    ... pricing design changes in First-Class Mail. One involves the introduction of two separate pricing... the value of the services the accounting fee supports and the goal of recovering institutional costs... INFORMATION: I. Introduction II. Class-Specific Summary III. Preferred Mail IV. Mail Classification Schedule...

  7. Federal Student Loans: Impact of Loan Limit Increases on College Prices Is Difficult to Discern. Report to Congressional Committees. GAO-14-7

    Science.gov (United States)

    Nowicki, Jacqueline M.

    2014-01-01

    For more than a decade, college prices have been rising consistently and have continued to rise at a gradual pace after the Stafford loan limit increases were enacted in 2008 and 2009. However, it is difficult to determine if a direct relationship exists between increases in college prices and the Stafford loan limit increases because of the…

  8. A Dynamic Economy with Costly Price Adjustment

    OpenAIRE

    Leif Danziger

    1998-01-01

    This paper studies a general-equilibrium model of a dynamic economy with menu costs. Each firm's productivity is exposed to idiosyncratic and aggregate productivity shocks around a trend, and the money supply to monetary shocks around a trend. All consumption, pricing, and production decisions are based on optimizing behavior. There exists a staggered Markov perfect equilibrium with prices determined by a two-sided (s,S) markup strategy. The paper analyzes the optimal markup strategy and inve...

  9. Economic analysis of coal price-electricity price adjustment in China based on the CGE model

    International Nuclear Information System (INIS)

    He, Y.X.; Zhang, S.L.; Yang, L.Y.; Wang, Y.J.; Wang, J.

    2010-01-01

    In recent years, coal price has risen rapidly, which has also brought a sharp increase in the expenditures of thermal power plants in China. Meantime, the power production price and power retail price have not been adjusted accordingly and a large number of thermal power plants have incurred losses. The power industry is a key industry in the national economy. As such, a thorough analysis and evaluation of the economic influence of the electricity price should be conducted before electricity price adjustment is carried out. This paper analyses the influence of coal price adjustment on the electric power industry, and the influence of electricity price adjustment on the macroeconomy in China based on computable general equilibrium models. The conclusions are as follows: (1) a coal price increase causes a rise in the cost of the electric power industry, but the influence gradually descends with increase in coal price; and (2) an electricity price increase has an adverse influence on the total output, Gross Domestic Product (GDP), and the Consumer Price Index (CPI). Electricity price increases have a contractionary effect on economic development and, consequently, electricity price policy making must consequently consider all factors to minimize their adverse influence.

  10. Global Quality Management in Adjusting Prices

    OpenAIRE

    Bunta Levente Zoltán

    2013-01-01

    The following paper describes the basic principles of global quality management (T and the way that these influence pricing in a domain where due to the nature of the provided service, the provider who administers the network has a monopoly over the field.

  11. 76 FR 67500 - Postal Service Price Adjustment

    Science.gov (United States)

    2011-11-01

    ... available data from the Bureau of Labor Statistics provides the Postal Service with inflation-based price... includes a brief introductory section, three enumerated parts, and three attachments. The Postal Service also submitted separate workpapers supporting the planned changes. The introductory section includes...

  12. 78 FR 70080 - Market Dominant Price Adjustment

    Science.gov (United States)

    2013-11-22

    .... Attachment D presents the 2014 Mailing Promotions and Incentives Calendar. The Postal Service filed six sets... plans to require FSS preparation for all flat- shaped mail pieces destinating in FSS zones. Second, it is proposing separate FSS pricing for presorted flat-shaped pieces in Standard Mail, Outside County...

  13. 48 CFR 1416.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 1416.203 Section 1416.203 Federal Acquisition Regulations System DEPARTMENT OF THE INTERIOR CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 1416.203...

  14. 48 CFR 916.203 - Fixed-price contracts with economic price adjustments.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustments. 916.203 Section 916.203 Federal Acquisition Regulations System DEPARTMENT OF ENERGY CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 916.203 Fixed...

  15. 48 CFR 1216.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 1216.203 Section 1216.203 Federal Acquisition Regulations System DEPARTMENT OF TRANSPORTATION CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 1216.203 Fixed...

  16. 48 CFR 416.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 416.203 Section 416.203 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 416.203 Fixed...

  17. 48 CFR 616.203 - Fixed-Price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Fixed-Price contracts with economic price adjustment. 616.203 Section 616.203 Federal Acquisition Regulations System DEPARTMENT OF STATE CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 616.203 Fixed...

  18. 48 CFR 1316.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 1316.203 Section 1316.203 Federal Acquisition Regulations System DEPARTMENT OF COMMERCE CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 1316.203 Fixed...

  19. Cost Indexing and Unit Price Adjustments for Construction Materials

    Science.gov (United States)

    2012-10-30

    This project was focused on the assimilation of information regarding unit price adjustment clauses, or PACs, : that are offered for construction materials at the state Departments of Transportation (DOTs). It is intended to : provide the South Carol...

  20. 48 CFR 652.216-71 - Price Adjustment.

    Science.gov (United States)

    2010-10-01

    ...) The contract price may be increased or decreased in actual costs of direct service labor which result...] Government. Direct service labor costs include only the costs of wages and direct benefits (such as social... number] of this contract. Price adjustments will include only changes in direct service labor costs...

  1. Pricing the option adjust spread of Brazilian Eurobonds

    OpenAIRE

    Gonçalves, Franklin de O.

    1997-01-01

    This paper presents results of a pricing system to compute the option adjusted spread ("DAS") of Eurobonds issued by Brazilian firms. The system computes the "DAS" over US treasury rates taktng imo account the embedded options present on these bonds. These options can be calls ("callable bond"), puts ("putable bond") or combinations ("callable and putable bond"). The pricing model takes into account the evolution of the term structure along time, is compatible with the observab...

  2. Systemic Risk-Taking at Banks: Evidence from the Pricing of Syndicated Loans

    NARCIS (Netherlands)

    D. Gong (Di); W.B. Wagner (Wolf)

    2016-01-01

    textabstractPublic guarantees extended during systemic crises can affect the relative pricing of risks in the financial system. Studying the market for syndicated loans, we find that banks require lower compensation for aggregate risk than for idiosyncratic risk, consistent with systemic risk-taking

  3. A uniform price auction with locational price adjustments for competitive electricity markets

    International Nuclear Information System (INIS)

    Ethier, R.; Mount, T.; Schulze, W.; Zimmerman, R.; Thomas, R.

    1999-01-01

    Competitive electricity markets which rely on centralized dispatch require a mechanism to solicit offers from competing generators. Ideally, such an auction mechanism, provides incentives to submit offers equal to the marginal cost of generation for each generator. Economic theory suggests that the Uniform Price auction is an appropriate institution. However, an efficient implementation of this auction in an electricity context requires that the offers used in the auction reflect the appropriate locational price adjustments for transmission losses and congestion. This paper describes a uniform price auction that incorporates locational price adjustments on a Web-based platform suitable for experimentation. Preliminary results show dramatically different price and revenue results when compared with a simple continuous Discriminative auction. (author)

  4. 76 FR 47177 - Publication of Housing Price Inflation Adjustment

    Science.gov (United States)

    2011-08-04

    ... DEPARTMENT OF DEFENSE Office of the Secretary Publication of Housing Price Inflation Adjustment AGENCY: Office of the Under Secretary (Personnel and Readiness), Department of Defense. ACTION: Notice... reflect inflation and to publish the new amount in the Federal Register. We have applied the inflation...

  5. Impact of regulated price adjustments on price variability in a very low inflation transition economy: Case of Armenia

    Directory of Open Access Journals (Sweden)

    Aghassi Mkrtchyan

    2005-06-01

    Full Text Available This paper examines the impact of monetary policy and administrative price adjustments on price variability in a low inflation economy characterized by relatively frequent administrative price adjustments. Fluctuations of market determined prices, prices of agricultural goods in particular, are linked to poor synchronization between administrative price changes and monetary policy. If monetary policy does not account for expected changes in administrative prices, demand for free goods shifts, causing fluctuation of prices for agricultural goods, because the supply of these goods is highly inelastic in Armenia. The findings contribute to a better understanding of agricultural price variability during 1998-2002. The impact of macroeconomic policy and structural adjustments on income distribution and rural poverty incidence are also examined. This research has immediate policy implications, since Armenia will continue to undergo major upward price adjustments of regulated prices, which may have a negative impact on income distribution unless aggregate demand management is changed.

  6. Is College Affordable? Are Loans Manageable? What Do Colleges' Net Price Calculators Show? Policy Bulletin

    Science.gov (United States)

    Advisory Committee on Student Financial Assistance, 2012

    2012-01-01

    A review of net price calculators--a financial aid tool mandated by the "Higher Education Opportunity Act" of 2008--reveals that students from low-, moderate-, and middle-income families face record-level net prices at 4-year public colleges today. These net prices will translate into levels of average total loan burden far in excess of…

  7. On a class of adjustable rate mortgage loans subject to a strict balance principle

    DEFF Research Database (Denmark)

    Astrup Jensen, Bjarne

    We describe the background and the basic funding mechanisms for the type of adjustable rate mortgageloans that were introduced in the Danish market in 1996. Each loan is funded separately by tap issuingpass-through mortgage bonds (`strict balance principle'). The novelty is a funding mechanism...... that usesa roll-over strategy, where long term loans are funded by sequentially issuing short term pass-throughbonds, and the first issuer of these loans obtained a patent on the funding principles in 1999. Publiclyavailable descriptions of the principles leave an impression of very complicated numerical...... algorithms.The algorithms described here show that the essentials can be reduced to a `back of an envelope' complexity.Keywords: Adjustable rate mortgages, balance principle, patent, yield curve riding...

  8. 7 CFR 1427.23 - Cotton loan deficiency payments.

    Science.gov (United States)

    2010-01-01

    ..., DEPARTMENT OF AGRICULTURE LOANS, PURCHASES, AND OTHER OPERATIONS COTTON Nonrecourse Cotton Loan and Loan... intentions to receive a loan deficiency payment on the identified commodity or (ii) A completed request for a... cotton based on a locked-in adjusted world price, provide identifying numbers for modules or other...

  9. Clustered Pricing in the Corporate Loan Market: Theory and Empirical Evidence

    OpenAIRE

    Bajoori, Elnaz; Nandeibam, Shasikanta; Chaudhry, Sajid Mukhtar

    2016-01-01

    Existing theories explaining security price clustering as well as clustering in the retail depositand mortgage markets are incompatible with the clustering in the corporate loan market. Wedevelop a new theoretical argument that the attitude of the lender toward the uncertaintyabout the quality of the borrower leads to the clustering of spreads. Our empirical resultssupport these arguments and we find that clustering increases with the degree of uncertaintybetween the lender and the borrower. ...

  10. Europe vs. the U.S. A New Look at the Syndicated Loan Pricing Puzzle

    OpenAIRE

    Burietz, Aurore; Oosterlinck, Kim; Szafarz, Ariane

    2017-01-01

    According to the syndicated loan pricing puzzle (Carey and Nini, Journal of Finance, 2007) interest rates charged to corporate borrowers are lower in Europe than in the U.S. Our investigation suggests that controlling for region-specific credit ratings makes the Europe-U.S. gap insignificant, and solves the puzzle. We speculate that the puzzle originates from the lack of uniformity of accounting standards.

  11. The Provision of Services, Interest Margins and Loan Pricing in European Banking

    OpenAIRE

    Lepetit , Laetitia; Nys , Emmanuelle; Rous , Philippe; Tarazi , Amine

    2006-01-01

    This paper assesses the implications on bank interest margins of the expansion into non- traditional fee-based activities in European banking. We use a sample of 602 European commercial and cooperative banks from 1996 to 2002 and consider the total income shares of trading income and commission and fee income as measures of product diversification to explore loan pricing. Our results show that a higher income share from commission and fee activities is associated with lower margins and lower ...

  12. Pricing a Collateralized Derivative Trade with a Funding Value Adjustment

    Directory of Open Access Journals (Sweden)

    Chadd B. Hunzinger

    2015-01-01

    Full Text Available The 2008 credit crisis changed the manner in which derivative trades are conducted. One of these changes is the posting of collateral in a trade to mitigate the counterparty credit risk. Another is the realization that banks are not risk-free and, as a result, cannot borrow at the risk-free rate any longer. The latter led banks to introduced the controversial adjustment to derivative prices, known as a funding value adjustment (FVA, which is interlinked with the posting of collateral. In this paper, we extend the Cox, Ross and Rubinstein (CRR discrete-time model to include collateral and FVA. We prove that this derived model is a discrete analogue of Piterbarg’s partial differential equation (PDE, which describes the price of a collateralized derivative. The fact that the two models coincide is also verified by numerical implementation of the results that we obtain.

  13. 7 CFR 1810.2 - Adjustment of interest rates for certain loans involving use of or construction on prime or...

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Adjustment of interest rates for certain loans... INTEREST RATES, TERMS, CONDITIONS, AND APPROVAL AUTHORITY Interest Rates, Amortization, Guarantee Fee, Annual Charge, and Fixed Period § 1810.2 Adjustment of interest rates for certain loans involving use of...

  14. 12 CFR 226.35 - Prohibited acts or practices in connection with higher-priced mortgage loans.

    Science.gov (United States)

    2010-01-01

    ..., and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage transactions that have low-risk pricing characteristics. The Board publishes average... and premiums for mortgage-related insurance required by the creditor, such as insurance against loss...

  15. CASE STUDY ON RE-ADJUSTMENTS DEPENDING ON PRICE MODIFICATION

    Directory of Open Access Journals (Sweden)

    Cozma Ighian Diana

    2011-01-01

    Full Text Available Inflationary moments, characterized by significant price rises, have proved that accountingsystems based on historical costs provide a distorted image of the reality: the elements ofthe balance sheet are under-valuated, and the stock-related expenses and amortization in theprofit and loss account are also under-valuated. Under these circumstances, the result isover-valuated, and its distribution leads to allotments from the company’s capital. In thispaper we draw up a case study with regards to the methods used for adjusting pricemodification, clearly outlining, through a comparative analysis, the main differencesbetween the accounting system based on historical cost and inflation accounting.

  16. 78 FR 12318 - Federal Acquisition Regulation; Submission for OMB Review; Economic Price Adjustment

    Science.gov (United States)

    2013-02-22

    ...; Submission for OMB Review; Economic Price Adjustment AGENCY: Department of Defense (DOD), General Services... economic price adjustment. A notice was published in the Federal Register at 77 FR 69442, on November 19...: Submit comments identified by Information Collection 9000- 0068, Economic Price Adjustment by any of the...

  17. 77 FR 29982 - Federal Acquisition Regulation; Submission for OMB Review; Davis Bacon Act-Price Adjustment...

    Science.gov (United States)

    2012-05-21

    ...; Submission for OMB Review; Davis Bacon Act-Price Adjustment (Actual Method) AGENCY: Department of Defense... previously approved information collection requirement concerning the Davis-Bacon Act price adjustment... Bacon Act-Price Adjustment (Actual Method), by any of the following methods: Regulations.gov : http...

  18. 77 FR 69442 - Federal Acquisition Regulation; Information Collection; Economic Price Adjustment

    Science.gov (United States)

    2012-11-19

    ...; Information Collection; Economic Price Adjustment AGENCIES: Department of Defense (DOD), General Services... economic price adjustment. Public comments are particularly invited on: Whether this collection of..., Economic Price Adjustment by any of the following methods: Regulations.gov : http://www.regulations.gov...

  19. 48 CFR 552.216-71 - Economic Price Adjustment-Special Order Program Contracts.

    Science.gov (United States)

    2010-10-01

    ... updated index, the Contractor shall have waived its right to an upward price adjustment for the balance of... Contractors shall have waived its right to an upward price adjustment for that option period. Alternatively... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Economic Price Adjustment...

  20. 77 FR 9925 - Price Index Adjustments for Expenditure Limitations and Lobbyist Bundling Disclosure Threshold

    Science.gov (United States)

    2012-02-21

    ... FEDERAL ELECTION COMMISSION [Notice 2012-02] Price Index Adjustments for Expenditure Limitations...)(A)) are adjusted periodically to reflect changes in the consumer price index. See 2 U.S.C. 434(i)(3... difference between the price index, as certified to the Commission by the Secretary of Labor, for the 12...

  1. 76 FR 8368 - Price Index Adjustments for Contribution and Expenditure Limits and Lobbyist Bundling Disclosure...

    Science.gov (United States)

    2011-02-14

    ... FEDERAL ELECTION COMMISSION [Notice 2011-01] Price Index Adjustments for Contribution and... lobbyists (2 U.S.C. 434(i)(3)(A)) are adjusted periodically to reflect changes in the consumer price index... percent difference between the price index, as certified to the Commission by the Secretary of Labor, for...

  2. 47 CFR 61.47 - Adjustments to the SBI; pricing bands.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Adjustments to the SBI; pricing bands. 61.47... (CONTINUED) TARIFFS General Rules for Dominant Carriers § 61.47 Adjustments to the SBI; pricing bands. (a) In...) Pricing bands shall be established each tariff year for each service category and subcategory within a...

  3. 48 CFR 252.215-7000 - Pricing adjustments.

    Science.gov (United States)

    2010-10-01

    ... clauses entitled “Price Reduction for Defective Cost or Pricing Data—Modifications,” “Subcontractor Cost or Pricing Data,” and “Subcontractor Cost or Pricing Data—Modifications,” means the aggregate increases and/or decreases in cost plus applicable profits. (End of clause) [56 FR 36479, July 31, 1991, as...

  4. Market structure and price adjustment in the U.S. wholesale gasoline markets

    International Nuclear Information System (INIS)

    Oladunjoye, Olusegun

    2008-01-01

    The issue of sticky prices in U.S. wholesale gasoline market is re-examined allowing for the effect of market structure due to increased market concentration caused by mergers, acquisitions and joint ventures which started in the late 1990s in the U.S. oil industry. I investigate the effects of market structure on the pattern of price adjustment based on the notion that increased market concentration leads to downward price stickiness and asymmetric short run price adjustment in the transmission of crude price changes to wholesale gasoline price. I find that market concentration has an insignificant asymmetric effect on the speed of price adjustment but a significant asymmetric effect on short run price adjustments in the response of wholesale gasoline prices to crude price shocks in three U.S. wholesale markets. Furthermore, the signs on the coefficients of market concentration effects on price dynamics in the models support the assertion that increased market concentration leads to downward price stickiness in only one of the three markets examined. Overall, the results indicate that market structure does not have a strong effect on the dynamics of price adjustment. (author)

  5. 5 CFR 591.224 - How does OPM adjust price indexes between surveys?

    Science.gov (United States)

    2010-01-01

    ... REGULATIONS ALLOWANCES AND DIFFERENTIALS Cost-of-Living Allowance and Post Differential-Nonforeign Areas Cost-Of-Living Allowances § 591.224 How does OPM adjust price indexes between surveys? (a) OPM adjusts...

  6. 75 FR 8353 - Price Index Adjustments for Expenditure Limitations and Lobbyist Bundling Disclosure Threshold

    Science.gov (United States)

    2010-02-24

    ... FEDERAL ELECTION COMMISSION [Notice 2010-02] Price Index Adjustments for Expenditure Limitations... price index. See 2 U.S.C. 434(i)(3) and 441a(c)(1), and 11 CFR 109.32 and 110.17(a), (f). The Commission... is increased by 4.35110, which reflects the difference between the price index, as certified to the...

  7. 48 CFR 552.216-70 - Economic Price Adjustment-FSS Multiple Award Schedule Contracts.

    Science.gov (United States)

    2010-10-01

    ... ___* percent of the original contract unit price. The Government reserves the right to raise this ceiling where... price increase. (e) The Government reserves the right to exercise one of the following options: (1... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Economic Price Adjustment...

  8. On the Output-Inflation Relationship When Price and Quantity Adjustments are Costly

    DEFF Research Database (Denmark)

    Danziger, Leif; Kreiner, Claus Thustrup

    A vast literature analyzes the real effects of price-adjustment costs assuming that quantity adjustments are costless. In this paper, we analyze whether the presence of quantity-adjustments costs, which presumably are significant, change the traditional results on the impact of inflation....... In particular, recent findings suggest that quantity-adjustment costs may remove the linkage between output and inflation. We show that this is not the case when inflation is anticipated. On the contrary, quantity-adjustment costs may significantly amplify the consequences of price-adjustment costs...

  9. Price adjustment for traditional Chinese medicine procedures: Based on a standardized value parity model.

    Science.gov (United States)

    Wang, Haiyin; Jin, Chunlin; Jiang, Qingwu

    2017-11-20

    Traditional Chinese medicine (TCM) is an important part of China's medical system. Due to the prolonged low price of TCM procedures and the lack of an effective mechanism for dynamic price adjustment, the development of TCM has markedly lagged behind Western medicine. The World Health Organization (WHO) has emphasized the need to enhance the development of alternative and traditional medicine when creating national health care systems. The establishment of scientific and appropriate mechanisms to adjust the price of medical procedures in TCM is crucial to promoting the development of TCM. This study has examined incorporating value indicators and data on basic manpower expended, time spent, technical difficulty, and the degree of risk in the latest standards for the price of medical procedures in China, and this study also offers a price adjustment model with the relative price ratio as a key index. This study examined 144 TCM procedures and found that prices of TCM procedures were mainly based on the value of medical care provided; on average, medical care provided accounted for 89% of the price. Current price levels were generally low and the current price accounted for 56% of the standardized value of a procedure, on average. Current price levels accounted for a markedly lower standardized value of acupuncture, moxibustion, special treatment with TCM, and comprehensive TCM procedures. This study selected a total of 79 procedures and adjusted them by priority. The relationship between the price of TCM procedures and the suggested price was significantly optimized (p based on a standardized value parity model is a scientific and suitable method of price adjustment that can serve as a reference for other provinces and municipalities in China and other countries and regions that mainly have fee-for-service (FFS) medical care.

  10. Oil production, oil prices, and macroeconomic adjustment under different wage assumptions

    International Nuclear Information System (INIS)

    Harvie, C.; Maleka, P.T.

    1992-01-01

    In a previous paper one of the authors developed a simple model to try to identify the possible macroeconomic adjustment processes arising in an economy experiencing a temporary period of oil production, under alternative wage adjustment assumptions, namely nominal and real wage rigidity. Certain assumptions were made regarding the characteristics of actual production, the permanent revenues generated from that oil production, and the net exports/imports of oil. The role of the price of oil, and possible changes in that price was essentially ignored. Here we attempt to incorporate the price of oil, as well as changes in that price, in conjunction with the production of oil, the objective being to identify the contribution which the price of oil, and changes in it, make to the adjustment process itself. The emphasis in this paper is not given to a mathematical derivation and analysis of the model's dynamics of adjustment or its comparative statics, but rather to the derivation of simulation results from the model, for a specific assumed case, using a numerical algorithm program, conducive to the type of theoretical framework utilized here. The results presented suggest that although the adjustment profiles of the macroeconomic variables of interest, for either wage adjustment assumption, remain fundamentally the same, the magnitude of these adjustments is increased. Hence to derive a more accurate picture of the dimensions of adjustment of these macroeconomic variables, it is essential to include the price of oil as well as changes in that price. (Author)

  11. 5 CFR 591.227 - What adjustment factors does OPM add to the price indexes?

    Science.gov (United States)

    2010-01-01

    ... CIVIL SERVICE REGULATIONS ALLOWANCES AND DIFFERENTIALS Cost-of-Living Allowance and Post Differential-Nonforeign Areas Cost-Of-Living Allowances § 591.227 What adjustment factors does OPM add to the price...

  12. How fast do stock prices adjust to market efficiency? Evidence from a detrended fluctuation analysis

    Science.gov (United States)

    Reboredo, Juan C.; Rivera-Castro, Miguel A.; Miranda, José G. V.; García-Rubio, Raquel

    2013-04-01

    In this paper we analyse price fluctuations with the aim of measuring how long the market takes to adjust prices to weak-form efficiency, i.e., how long it takes for prices to adjust to a fractional Brownian motion with a Hurst exponent of 0.5. The Hurst exponent is estimated for different time horizons using detrended fluctuation analysis-a method suitable for non-stationary series with trends-in order to identify at which time scale the Hurst exponent is consistent with the efficient market hypothesis. Using high-frequency share price, exchange rate and stock data, we show how price dynamics exhibited important deviations from efficiency for time periods of up to 15 min; thereafter, price dynamics was consistent with a geometric Brownian motion. The intraday behaviour of the series also indicated that price dynamics at trade opening and close was hardly consistent with efficiency, which would enable investors to exploit price deviations from fundamental values. This result is consistent with intraday volume, volatility and transaction time duration patterns.

  13. World corporate loan markets for raising new capital - does distance still matter: Are financial assets priced locally or globally?

    Directory of Open Access Journals (Sweden)

    Vojinovič Borut

    2006-01-01

    Full Text Available Though the paper focuses on pricing, as the background I provide some evidence about loan flows across markets in the form of borrowers’ and lenders’ propensity to issue outside their natural home market. The data show that borrowers stay home when they can and that they tend to issue in Europe when they must issue abroad. That is, borrowers domiciled in one of the major markets (Europe, U.S., and Asia almost always issue in that market, whereas borrowers in more remote locations usually issue in the European market. For example, borrowers from Latin America are overwhelmingly issuing in Europe rather than in the U.S. market.

  14. The Pricing puzzle: The default term structure of collateralised loan obligations

    OpenAIRE

    Jobst, Andreas A.

    2002-01-01

    Ambivalence in the regulatory definition of capital adequacy for credit risk has recently stirred the financial services industry to collateral loan obligations (CLOs) as an important balance sheet management tool. CLOs represent a specialised form of Asset-Backed Securitisation (ABS), with investors acquiring a structured claim on the interest proceeds generated from a portfolio of bank loans in the form of tranches with different seniority. By way of modelling Merton-type risk-neutral asset...

  15. 48 CFR 52.222-44 - Fair Labor Standards Act and Service Contract Act-Price Adjustment.

    Science.gov (United States)

    2010-10-01

    ... and Service Contract Act-Price Adjustment. 52.222-44 Section 52.222-44 Federal Acquisition Regulations... CLAUSES Text of Provisions and Clauses 52.222-44 Fair Labor Standards Act and Service Contract Act—Price... Contract Act—Price Adjustment (SEP 2009) (a) This clause applies to both contracts subject to area...

  16. 75 FR 49411 - Consumer Price Index Adjustments of Oil Pollution Act of 1990 Limits of Liability-Vessels and...

    Science.gov (United States)

    2010-08-13

    ... Consumer Price Index Adjustments of Oil Pollution Act of 1990 Limits of Liability--Vessels and Deepwater... ports to reflect significant increases in the Consumer Price Index. The amendment triggered information... interim rule entitled ``Consumer Price Index Adjustments of Oil Pollution Act of 1990 Limits of Liability...

  17. Effects of anchoring and adjustment in the evaluation of product pricing.

    Science.gov (United States)

    Elaad, Eitan; Sayag, Neta; Ezer, Aliya

    2010-08-01

    Anchoring and adjustment comprise a heuristic that creates expectations. Two types of anchors were applied on participants' evaluation of products: the price reference of the product (maximum, minimum, or no price reference) and the context in which the products were evaluated (the prestige of the shopping center). Results showed that both factors anchored evaluations of products' value. Context effects were explained by the different expectations of visitors in prestigious (looking for quality) and less prestigious (seeking a bargain) centers.

  18. A Threshold Cointegration Analysis of Asymmetric Adjustment of OPEC and non-OPEC Monthly Crude Oil Prices

    OpenAIRE

    Ghassan, Hassan B.; Banerjee, Prashanta K.

    2013-01-01

    The purpose of this paper is to analyze the dynamics of crude oil prices of OPEC and non-OPEC countries using threshold cointegration. To capture the long run asymmetric price transmission mechanism, we develop an error correction model within a threshold cointegration and CGARCH errors framework. The empirical contribution of our paper specifies the cointegrating relation between OPEC price and non-OPEC prices and estimates how and to what extent the respective prices adjust to eliminate dis...

  19. 78 FR 48547 - Appraisals for Higher-Priced Mortgage Loans-Supplemental Proposal

    Science.gov (United States)

    2013-08-08

    ..., Carolyn B. Engelhardt, Bank Examiner (Risk Specialist--Credit), (202) 649-6404, Charlotte M. Bahin, Senior... 129H prohibits a creditor from extending credit in the form of a ``higher-risk mortgage'' loan to any... rule. The term ``higher-risk mortgage'' encompasses a closed-end consumer credit transaction secured by...

  20. Calculation of fuel, currency, and inland freight price adjustment factors for military marine shipping

    Science.gov (United States)

    2013-11-01

    This report describes the refreshing of the USTRANSCOM Economic Price Adjustment (EPA) factors for use in the USC-7 contract. The three EPA factors developed by Volpe in 2009 are the starting point for this update, and these are the Bunker Fuel Adjus...

  1. 78 FR 67951 - Price Cap Rules for Certain Postal Rate Adjustments; Corrections

    Science.gov (United States)

    2013-11-13

    ... POSTAL REGULATORY COMMISSION 39 CFR Part 3010 [Docket No. RM2013-2; Order No. 1786] Price Cap Rules for Certain Postal Rate Adjustments; Corrections AGENCY: Postal Regulatory Commission. ACTION: Correcting amendments. SUMMARY: The Postal Regulatory Commission published a document in the Federal Register...

  2. 48 CFR 52.219-23 - Notice of Price Evaluation Adjustment for Small Disadvantaged Business Concerns.

    Science.gov (United States)

    2010-10-01

    ... black college or university means an institution determined by the Secretary of Education to meet the... application was submitted. In this case, in order to receive the benefit of a price evaluation adjustment, an... integral part of such a college or university before November 14, 1986. Minority institution means an...

  3. 75 FR 50847 - Cotton Program Changes for Upland Cotton, Adjusted World Price, and Active Shipping Orders

    Science.gov (United States)

    2010-08-18

    ... Cotton Program Changes for Upland Cotton, Adjusted World Price, and Active Shipping Orders AGENCY... Assistance Program (EAAP) and clarifying the definition of ``active shipping order.'' DATES: Effective Date... address that matter this rule amends in the payment calculation for semi-processed and reginned motes in 7...

  4. Product Diversification in the European Banking Industry: Risk and Loan Pricing Implications

    OpenAIRE

    Lepetit , Laetitia; Nys , Emmanuelle; Rous , Philippe; Tarazi , Amine

    2005-01-01

    The purpose of this paper is to investigate the relationship between bank risk and product diversification in the changing structure of the European banking industry. Based on a broad set of European banks for the period 1996-2002, our study shows that banks expanding into non-interest income activities present higher risk than banks which mainly supply loans. Whereas previous studies (mainly on U.S. banks) focused on portfolio diversification effects we explore risk implications of cross-sel...

  5. 19 CFR 351.412 - Levels of trade; adjustment for difference in level of trade; constructed export price offset.

    Science.gov (United States)

    2010-04-01

    ... Price, Constructed Export Price, Fair Value, and Normal Value § 351.412 Levels of trade; adjustment for.... The Secretary is authorized to adjust normal value to account for such a difference. (See section 773... value for a difference in level of trade if: (1) The Secretary calculates normal value at a different...

  6. Price adjustment clauses with seal of quality. Regal verification; Preisanpassungsklauseln mit 'Guetesiegel'. Rechtliche Ueberpruefung

    Energy Technology Data Exchange (ETDEWEB)

    Donner, Oliver; Ottersbach, Joerg [BET Buero fuer Energiewirtschaft und Technische Planung GmbH, Aachen (Germany); Thomale, Hans-Christoph [FPS Rechtsanwaelte und Notare, Frankfurt am Main (Germany)

    2013-03-11

    Actually, district heating suppliers see themselves to be exposed to the general suspicion of the claim of increased prices from their customers. Partly, the existing price adjustment clauses really do not correspond to the legal requirements. This often was complaint by the customers, and resulted in legal disputes. Under this aspect, the BET bureau for energy industry and technical planning GmbH (Aachen, Federal Republic of Germany) and FPS Attorney/Notaries (Berlin, Federal Republic of Germany) analyse and develop price models with price adjustment clauses in order to meet the resulting, often considerable risks.

  7. A Stochastic Delay Model For Pricing Debt And Loan Guarantees: Theoretical Results

    OpenAIRE

    Kemajou, Elisabeth; Mohammed, Salah-Eldin; Tambue, Antoine

    2012-01-01

    We consider that the price of a firm follows a non linear stochastic delay differential equation. We also assume that any claim value whose value depends on firm value and time follows a non linear stochastic delay differential equation. Using self-financed strategy and replication we are able to derive a Random Partial Differential Equation (RPDE) satisfied by any corporate claim whose value is a function of firm value and time. Under specific final and boundary conditions, we solve the RPDE...

  8. What policy adjustments in the EU ETS truly affected the carbon prices?

    International Nuclear Information System (INIS)

    Fan, Ying; Jia, Jun-Jun; Wang, Xin; Xu, Jin-Hua

    2017-01-01

    Carbon market becomes increasingly popular as a cost-effective instrument to mitigate CO_2 emissions. However, its construction is a learning-by-doing process, and needs consistent regulatory updates in order to deliver optimal effects. This paper uses the event study method to assess the impacts of different policy adjustments on the EUA returns in the European Union Emissions Trading Scheme (EU ETS) since 2005. Comparing to existing studies that focus on the impact of a single policy, this paper provides a complementary reference on if and to what extent policy adjustments can impact the carbon prices by classifying all regulatory update events into six categories. Its key findings are as follows. First, aggregate impacts of total 50 events studied are low while impacts of events having underlying negative impacts are higher than those having underlying positive impacts. Second, 24 events have significant impacts on EUA returns and are coherent to their theoretical impacts (except one event). Third, events having negligible impact on EUA returns are those that are announced not for the first time or those having no impact on CO_2 quotas supply and demand. Finally, there are different impact patterns: some events have different impacts on short-end and long-end carbon prices. - Highlights: • Impacts of policy adjustments in the EU ETS on carbon price are investigated. • Aggregate impacts of total 50 events studied are low. • Policy adjustments having underlying negative impacts have a higher impact. • Events that are announced for the first time are apt to have significant impact. • There are different impact patterns of events on EUA spot and futures returns.

  9. Exchange rate pass-through and the frequency of price adjustment across different inflation regimes

    Directory of Open Access Journals (Sweden)

    Petrović Pavle

    2015-01-01

    Full Text Available The paper explores the link between the inflationary environment and the size of the exchange rate pass-through (ERPT into domestic prices, as inflation descends from an extreme, second highest and second longest hyperinflation in the 20th century, to high and then moderate inflation in Serbia. We found that ERPT decreases with a decline in the inflation level, variability and persistence, thus supplementing findings previously acquired in panel studies across countries. Our findings can be explained by surging empirical evidence on state contingent behavior of pricing, which indicates a sharp increase in the frequency of price adjustment as one moves from moderate, via high to hyperinflation, suggesting that the degree of price rigidities is a key determinant of the size and speed of ERPT. ERPT estimates are embedded in careful analysis of inflation episodes in Serbia, showing that hyper and high inflation episodes subscribe to the same, fiscal explanation, as opposed to the moderate inflation ones, where supply and demand shocks have been the main inflation drivers.

  10. Effectiveness of price adjustment clauses in district heat supply contracts. Consequences of the 2011 BGH rulings; Wirksamkeit von Preisanpassungsklauseln in Fernwaermelieferungsvertraegen. Konsequenzen der BGH-Urteile 2011

    Energy Technology Data Exchange (ETDEWEB)

    Buedenbender, Ulrich; Gromm, Marcel [TU Dresden (Germany). Lehrstuhl fuer Buergerliches Recht, Energiewirtschaftsrecht und Arbeitsrecht

    2011-07-01

    In 2011, the BGH had to decide for the first time on price adjustment clauses. There were four court rulings on price adjustment clauses in district heat supply contracts, and price adjustment clauses were considered to be ineffective in all cases. This is a trend similar to the rulings on gas supply contracts since 2005. This contribution discusses the consequences of the 2011 BGH rulings for future price adjustment clauses in district heat supply contracts. The contract partners, especially the customers of district heating utilities, must be sure whether a raised supply price will be based on an effective price adjustment clause, or whether it will enable the customer to refuse payment. (orig.)

  11. Essays in applied macroeconomics: Asymmetric price adjustment, exchange rate and treatment effect

    Science.gov (United States)

    Gu, Jingping

    This dissertation consists of three essays. Chapter II examines the possible asymmetric response of gasoline prices to crude oil price changes using an error correction model with GARCH errors. Recent papers have looked at this issue. Some of these papers estimate a form of error correction model, but none of them accounts for autoregressive heteroskedasticity in estimation and testing for asymmetry and none of them takes the response of crude oil price into consideration. We find that time-varying volatility of gasoline price disturbances is an important feature of the data, and when we allow for asymmetric GARCH errors and investigate the system wide impulse response function, we find evidence of asymmetric adjustment to crude oil price changes in weekly retail gasoline prices. Chapter III discusses the relationship between fiscal deficit and exchange rate. Economic theory predicts that fiscal deficits can significantly affect real exchange rate movements, but existing empirical evidence reports only a weak impact of fiscal deficits on exchange rates. Based on US dollar-based real exchange rates in G5 countries and a flexible varying coefficient model, we show that the previously documented weak relationship between fiscal deficits and exchange rates may be the result of additive specifications, and that the relationship is stronger if we allow fiscal deficits to impact real exchange rates non-additively as well as nonlinearly. We find that the speed of exchange rate adjustment toward equilibrium depends on the state of the fiscal deficit; a fiscal contraction in the US can lead to less persistence in the deviation of exchange rates from fundamentals, and faster mean reversion to the equilibrium. Chapter IV proposes a kernel method to deal with the nonparametric regression model with only discrete covariates as regressors. This new approach is based on recently developed least squares cross-validation kernel smoothing method. It can not only automatically smooth

  12. 75 FR 750 - Consumer Price Index Adjustments of Oil Pollution Act of 1990 Limits of Liability-Vessels and...

    Science.gov (United States)

    2010-01-06

    ... historical record of annual changes in the CPI-U (the Consumer Price Index--All Urban Consumers, Not...-AB25 Consumer Price Index Adjustments of Oil Pollution Act of 1990 Limits of Liability--Vessels and... final rule, without change, an interim rule published on July 1, 2009. The interim rule increased the...

  13. Analisis Portofolio Optimum Saham Syariah Menggunakan Liquidity Adjusted Capital Asset Pricing Model (LCAPM

    Directory of Open Access Journals (Sweden)

    Nila Cahyati

    2015-04-01

    Full Text Available Investasi mempunyai karakteristik antara return dan resiko. Pembentukan portofolio optimal digunakan untuk memaksimalkan keuntungan dan meminimumkan resiko. Liquidity Adjusted Capital Asset Pricing Model (LCAPM merupakan metode pengembangan baru dari CAPM yang dipengaruhi likuiditas. Indikator likuiditas apabila digabungkan dengan metode CAPM dapat membantu memaksimalkan return dan meminimumkan resiko. Tujuan penelitian adalah membandingkan expected retun dan resiko saham serta mengetahui proporsi pada portofolio optimal. Sampel yang digunakan merupakan saham JII (Jakarta Islamic Index  periode Januari 2013 – November 2014. Hasil penelitian menunjukkan bahwa expected return portofolio LCAPM sebesar 0,0956 dengan resiko 0,0043 yang membentuk proporsi saham AALI (55,19% dan saham PGAS (44,81%.

  14. The missing link in an international framework for carbon pricing: border adjustment with taxes or allowances

    DEFF Research Database (Denmark)

    Andersen, Mikael Skou

    2017-01-01

    was created at the initiative of the World Bank and the International Monetary Fund. Over the past five years the share of global CO2 emissions subject to carbon pricing via either taxes or allowances have tripled, from four to twelve per cent. In anticipation of a widening gap between countries the scope...... allow for such adjustment under its exemption mechanisms and when all other options have been exhausted. As a highly sensitive measure, not only the complex technical and legal questions deserve attention, but also how to make the best diplomacy of it within the arsenal of climate change mitigation...

  15. Border adjustment with taxes or allowances to level the price of carbon

    DEFF Research Database (Denmark)

    Andersen, Mikael Skou

    2018-01-01

    was created at the initiative of the World Bank and the International Monetary Fund. Over the past five years, the share of global CO2 emissions subject to carbon pricing via either taxes or allowances has tripled from four to twelve per cent. In anticipation of a widening gap between countries, the scope...... for such adjustment under its exemption mechanisms and when all other options have been exhausted. As a highly sensitive measure, not only the complex technical and legal questions deserve attention; attention must also be paid as to how to make the best diplomacy of it within the arsenal of climate change mitigation...

  16. Resource price turbulence and macroeconomic adjustment for a resource exporter. A conceptual framework for policy analysis

    International Nuclear Information System (INIS)

    Cox, Grant M.; Harvie, Charles

    2010-01-01

    contribution of government fiscal policy in influencing subsequent macroeconomic outcomes. The adjustment process in the model arising from a resource price shock emphasises a spending (or wealth) effect, an income effect, a revenue effect, a current account effect and an exchange rate effect, which facilitate a robust analysis of subsequent macroeconomic outcomes from such a shock as well as related policy responses. (author)

  17. Effect of price elasticity of demand in monopolies with gradient adjustment

    International Nuclear Information System (INIS)

    Cavalli, Fausto; Naimzada, Ahmad

    2015-01-01

    Highlights: •A monopoly with isoelastic demand function is studied. •Reduced rationality monopolist uses gradient adjustment. •If marginal cost is small, increasing elasticity leads to stable dynamics. •For large marginal cost, dynamic can be unstable for both small and large elasticity. -- Abstract: We study a monopolistic market characterized by a constant elasticity demand function, in which the firm technology is described by a linear total cost function. The firm is assumed to be boundedly rational and to follow a gradient rule to adjust the production level in order to optimize its profit. We focus on what happens on varying the price elasticity of demand, studying the effect on the equilibrium stability. We prove that, depending on the relation between the market size and the marginal cost, two different scenarios are possible, in which elasticity has either a stabilizing or a mixed stabilizing/destabilizing effect

  18. The Role of Inflation and Price Escalation Adjustments in Properly Estimating Program Costs: F-35 Case Study

    Science.gov (United States)

    2016-03-01

    standard practice is to deflate costs to constant dollars (the dependent variable in the analogous regression) using a previously determined price ...I N S T I T U T E F O R D E F E N S E A N A L Y S E S IDA Document D-5489 March 2016 The Role of Inflation and Price Escalation Adjustments in...DFARS 252.227-7013 (a)(16) [Jun 2013]. The Role of Inflation and Price Escalation Adjustments in Properly Estimating Program Costs: F-35 Case Study

  19. Social Security cost-of-living adjustments and the Consumer Price Index.

    Science.gov (United States)

    Burdick, Clark; Fisher, Lynn

    2007-01-01

    OASDI benefits are indexed for inflation to protect beneficiaries from the loss of purchasing power implied by inflation. In the absence of such indexing, the purchasing power of Social Security benefits would be eroded as rising prices raise the cost of living. By statute, cost-of-living adjustments (COLAs) for Social Security benefits are calculated using the Bureau of Labor Statistics (BLS) Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Some argue that this index does not accurately reflect the inflation experienced by the elderly population and should be changed to an elderly-specific price index such as the Experimental Consumer Price Index for Americans 62 Years of Age and Older, often referred to as the Consumer Price Index for the Elderly (CPI-E). Others argue that the measure of inflation underlying the COLA is technically biased, causing it to overestimate changes in the cost of living. This argument implies that current COLAs tend to increase, rather than merely maintain, the purchasing power of benefits over time. Potential bias in the CPI as a cost-of-living index arises from a number of sources, including incomplete accounting for the ability of consumers to substitute goods or change purchasing outlets in response to relative price changes. The BLS has constructed a new index called the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) that better accounts for those consumer adjustments. Price indexes are not true cost-of-living indexes, but approximations of cost-of-living indexes (COLI). The Bureau of Labor Statistics (2006a) explains the difference between the two: As it pertains to the CPI, the COLI for the current month is based on the answer to the following question: "What is the cost, at this month ' market prices, of achieving the standard of living actually attained in the base period?" This cost is a hypothetical expenditure-the lowest expenditure level necessary at this month's prices to achieve the

  20. Corporate boards and bank loan contracting

    OpenAIRE

    Francis, Bill; Hasan, Iftekhar; Koetter, Michael; Wu, Qiang

    2012-01-01

    We investigate the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions) are more favorable, and syndicated loans comprise more lenders. In addition, board size, audit committee structure, and other board characteristics influence bank loan prices. However, they do not consistently affect all nonprice loan terms except for a...

  1. Oil price shocks: Sectoral and dynamic adjustments in a small-open developed and oil-exporting economy

    International Nuclear Information System (INIS)

    Dissou, Yazid

    2010-01-01

    The recent uptrend in oil prices represents both an opportunity and a challenge for small-open developed and oil-exporting countries. Using Canada as a study case and in contrast to most studies that use aggregate models, this paper employs a multi-sector, intertemporal general equilibrium model to provide perspectives on the sectoral, aggregate and dynamic adjustments of a sustained increase in oil prices. It highlights the transmission channels through which the rise in oil prices affects the domestic economy. The simulation results suggest that the shock would have positive aggregate impacts, but would also spur the reallocation of resources and would therefore induce disparities in sectoral adjustments. The suggested contraction in some industries could not however be attributed to a pure Dutch disease phenomenon because of, among other factors, the cost-push effect induced by the increase in oil prices.

  2. Adjusting the CO2 cap to subsidised RES generation: Can CO2 prices be decoupled from renewable policy?

    International Nuclear Information System (INIS)

    Richstein, Jörn C.; Chappin, Émile J.L.; Vries, Laurens J. de

    2015-01-01

    Highlights: • Strong renewable policy can cause price drops in an emission trading system (ETS). • Cap reduction based on exceedance of original policy goals could prevent price drops. • Dynamic cap reduction makes renewable policy climate effective in an ETS. • Dynamic cap reduction is not useful for reaching carbon price or volatility goals. • Dynamic cap reduction could undo the “green promotes the dirtiest” effect. - Abstract: The low prices in the European Emission Trading System (EU ETS) have triggered discussions of various possible reforms. One option is to decouple the CO 2 prices from renewable energy policy by adjusting the emission cap to renewable energy investment overshoots. We introduce two ways of reducing the CO 2 cap in response to overshoots of renewable policy investment over previously announced targets. We investigate these options with the agent-based model EMLab-generation. We find that both policy implementations are successful in restoring prices. They also ensure that making public investments that exceed policy targets contribute to carbon emission reduction, and that renewable policy does not benefit the most emission-intensive power plants. However, neither policy is suitable for achieving specifc levels of prices or price volatility

  3. The Role of Inflation and Price Escalation Adjustments in Properly Estimating Program Costs: F-35 Case Study

    Science.gov (United States)

    2016-04-30

    qÜáêíÉÉåíÜ=^ååì~ä= ^Åèìáëáíáçå=oÉëÉ~êÅÜ= póãéçëáìã= qÜìêëÇ~ó=pÉëëáçåë= sçäìãÉ=ff= = The Role of Inflation and Price Escalation Adjustments in Properly...The Role of Inflation and Price Escalation Adjustments in Properly Estimating Program Costs: F-35 Case Study Stanley Horowitz, Assistant Division...Graduate School of Engineering and Management, Air Force Institute of Technology Cost and Price Collaboration Venkat Rao, Professor, Defense

  4. Utilizing TOPSIS intensified with adjustment similarity factor to determine price of technology

    Directory of Open Access Journals (Sweden)

    Seyed Mohammad Seyedhosseini

    2012-08-01

    Full Text Available Technology transfer has been a very frequent activity in the industrial world nowadays. Technology valuation, and in particular technology pricing, has played a considerable role in these transactions, in spite of a huge amount of limitations in the pricing methodologies applied. Making a sound, traceable and reliable means for applying the price evaluation procedure, seems as a technological requirement to be traced for. The objective of delivering this paper is to introduce a new numerical technology pricing method to provide the two transacting parties a unique compromised price. A three-dimensional model for technology pricing is proposed and The TOPSPS algorithm has been utilized to select the most similar technologies to the intended one and the constructed scoring system is applied to calculate the final technology price accordingly.

  5. Prices over the Product Life Cycle: Implications for Quality-Adjustment and the Measurement of Inflation

    OpenAIRE

    Daniel Melser; Iqbal A. Syed

    2013-01-01

    The paper explores the extent to which products follow systematic pricing patterns over their life cycle and the impact this has on the measurement of inflation. Using a large US scanner data set on supermarket products and applying exible regression methods, we find that on average prices decline as items age. This life cycle price change is often attributed to quality difference in the construction of CPI as items are replaced due to disappearance and at sample rotations. This introduces a ...

  6. 48 CFR 52.222-43 - Fair Labor Standards Act and Service Contract Act-Price Adjustment (Multiple Year and Option...

    Science.gov (United States)

    2010-10-01

    ... and Service Contract Act-Price Adjustment (Multiple Year and Option Contracts). 52.222-43 Section 52... Standards Act and Service Contract Act—Price Adjustment (Multiple Year and Option Contracts). As prescribed in 22.1006(c)(1), insert the following clause: Fair Labor Standards Act and Service Contract Act...

  7. The Effectiveness of Corporate Boards: Evidence from Bank Loan Contracting

    OpenAIRE

    Francis, Bill; Hasan, Iftekhar; Koetter, Michael; Wu, Qiang

    2009-01-01

    This paper investigates the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and non-price loan terms (e.g., interest rates, collateral, covenants and performance pricing) are more favorable and syndicated loans comprise more lenders. In addition, board size, board diversity, audit committee structure and other director characteristics also influence bank loan price. However they do not consistently affect all non-price loa...

  8. Lending booms, reserves, and the sustainability of short-term debt - inferences from the pricing of syndicated bank loans

    OpenAIRE

    Eichengreen, Barry; Mody, Ashoka

    1999-01-01

    Academics pay little attention to international bank lending, focusing instead on rapidly growing market segments such as the international bond market and derivative credit instruments. The authors argue for paying more attention to international bank lending. Why? Three reasons. First, the syndicated bank loan is one of the workhorses of international capital markets. Second, international bank lending is especially important for private-sector borrowers, whose participation in internationa...

  9. Rushing into American Dream? House Prices, Timing of Homeownership, and Adjustment of Consumer Credit

    OpenAIRE

    Agarwal, Sumit; Hu, Luojia; Huang, Xing

    2013-01-01

    In this paper we use a large panel of individuals from Consumer Credit Panel dataset to study the timing of homeownership as a function of credit constraints and expectations of future house price. Our panel data allows us to track individuals over time and we model the transition probability of their first home purchase. We find that in MSAs with highest quartile house price growth, the median individual become homeowners earlier by 5 years in their lifecycle compared to MSAs with lowest qua...

  10. Exploration of approaches to adjusting brand-name drug prices in Mainland of China: based on comparison and analysis of some brand-name drug prices of Mainland and Taiwan, China.

    Science.gov (United States)

    Weng, Geng; Han, Sheng; Pu, Run; Pan, Wynn H T; Shi, Luwen

    2014-01-01

    Under the circumstance of the New Medical Reform in Mainland of China, lowering drug prices has become an approach to relieving increase of medical expenses, and lowering brand-name medication price is a key strategy. This study, by comparing and analyzing brand-name medication prices between Mainland of China and Taiwan, explores how to adjust brand-name medication prices in Mainland of China in the consideration of the drug administrative strategies in Taiwan. By selecting brand-name drug with generic name and dose types matched in Mainland and Taiwan, calculate the average unit price and standard deviation and test it with the paired t-test. In the mean time, drug administrative strategies between Mainland and Taiwan are also compared systematically. Among the 70 brand-name medications with generic names and matched dose types, 54 are at higher prices in Mainland of China than Taiwan, which is statistically significant in t-test. Also, among the 47 medications with all of matched generic names, dose types, and manufacturing enterprises, 38 are at higher prices in Mainland than Taiwan, and the gap is also statistically significant in t-test. In Mainland of China, brand-name medication took cost-plus pricing and price-based price adjustment, while in Taiwan, brand-name medication took internal and external reference pricing and market-based price adjustment. Brand-name drug prices were higher in Mainland of China than in Taiwan. The adjustment strategies of drug prices are scientific in Taiwan and are worth reference by Mainland of China.

  11. Evaluating a novel tiered scarcity adjusted water budget and pricing structure using a holistic systems modelling approach.

    Science.gov (United States)

    Sahin, Oz; Bertone, Edoardo; Beal, Cara; Stewart, Rodney A

    2018-06-01

    Population growth, coupled with declining water availability and changes in climatic conditions underline the need for sustainable and responsive water management instruments. Supply augmentation and demand management are the two main strategies used by water utilities. Water demand management has long been acknowledged as a least-cost strategy to maintain water security. This can be achieved in a variety of ways, including: i) educating consumers to limit their water use; ii) imposing restrictions/penalties; iii) using smart and/or efficient technologies; and iv) pricing mechanisms. Changing water consumption behaviours through pricing or restrictions is challenging as it introduces more social and political issues into the already complex water resources management process. This paper employs a participatory systems modelling approach for: (1) evaluating various forms of a proposed tiered scarcity adjusted water budget and pricing structure, and (2) comparing scenario outcomes against the traditional restriction policy regime. System dynamics modelling was applied since it can explicitly account for the feedbacks, interdependencies, and non-linear relations that inherently characterise the water tariff (price)-demand-revenue system. A combination of empirical water use data, billing data and customer feedback on future projected water bills facilitated the assessment of the suitability and likelihood of the adoption of scarcity-driven tariff options for a medium-sized city within Queensland, Australia. Results showed that the tiered scarcity adjusted water budget and pricing structure presented was preferable to restrictions since it could maintain water security more equitably with the lowest overall long-run marginal cost. Copyright © 2018 Elsevier Ltd. All rights reserved.

  12. Minimum Wages and Regional Disparity: An analysis on the evolution of price-adjusted minimum wages and their effects on firm profitability (Japanese)

    OpenAIRE

    MORIKAWA Masayuki

    2013-01-01

    This paper, using prefecture level panel data, empirically analyzes 1) the recent evolution of price-adjusted regional minimum wages and 2) the effects of minimum wages on firm profitability. As a result of rapid increases in minimum wages in the metropolitan areas since 2007, the regional disparity of nominal minimum wages has been widening. However, the disparity of price-adjusted minimum wages has been shrinking. According to the analysis of the effects of minimum wages on profitability us...

  13. Constructing Quality Adjusted Price Indexes: a Comparison of Hedonic and Discrete Choice Models

    OpenAIRE

    N. Jonker

    2001-01-01

    The Boskin report (1996) concluded that the US consumer price index (CPI) overestimated the inflation by 1.1 percentage points. This was due to several measurement errors in the CPI. One of them is called quality change bias. In this paper two methods are compared which can be used to eliminate quality change bias, namely the hedonic method and a method based on the use of discrete choice models. The underlying micro-economic fundations of the two methods are compared as well as their empiric...

  14. Price

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    The price terms in wheeling contracts very substantially, reflecting the differing conditions affecting the parties contracting for the service. These terms differ in the manner in which rates are calculated, the formulas used, and the philosophy underlying the accord. For example, and EEI study found that firm wheeling rates ranged from 20 cents to $1.612 per kilowatt per month. Nonfirm rates ranged from .15 mills to 5.25 mills per kilowatt-hour. The focus in this chapter is on cost-based rates, reflecting the fact that the vast majority of existing contracts are based on rate designs reflecting embedded costs. This situation may change in the future, but, for now, this fact can't be ignored

  15. PRICE SUPPORTS AND EXCHANGE RATE ADJUSTMENTS; IMPLICATIONS FOR JAPANESE WHEAT AND BEEF MARKETS, 1960-83

    OpenAIRE

    Inomata, Norio

    1986-01-01

    An agricultural protection policy is very common among industrial countries. However, there are actual pro and con arguments for it because someone must bear its cost. Even in Japan, consumers themselves do not necessarily object to increasing the importation of agricultural products. It may not be easy for today's advanced industrial countries to determine the criteria for opening their agricultural markets completely since to implement this kind of policy adjustment, many difficult politica...

  16. Convexity Adjustments

    DEFF Research Database (Denmark)

    M. Gaspar, Raquel; Murgoci, Agatha

    2010-01-01

    A convexity adjustment (or convexity correction) in fixed income markets arises when one uses prices of standard (plain vanilla) products plus an adjustment to price nonstandard products. We explain the basic and appealing idea behind the use of convexity adjustments and focus on the situations...

  17. The impact of bank's franchise on loan price: With an estimation about bargaining power of China's commercial bank%银行特许权对贷款价格的影响研究:兼论我国商业银行的议价能力

    Institute of Scientific and Technical Information of China (English)

    魏琪; 曾胜

    2017-01-01

    With the deepening of the banking liberalization and market-oriented reform of interest rate controls,it would be an inevitable trend for banks and enterprises to determine the loan price by negotiation,so the role of the bargaining power in the loan pricing process will become more prominent.However,the existing literature mostly discussed the issue of loan pricing by focus on the product attribute of loan and the financial intermediary attribute of banks which ignored the properties of general merchandise of loans,so we barely knew the loan pricing mechanism form the perspective of market player's bargaining power,especially the bargaining power which came from bank's franchise and its impacts on loan price.This is neither conducive for us to understand the process of capital pricing correctly,nor comprehensive understanding the role of bank's franchise in loan pricing.This paper established a bargaining game model to analyze the formation mechanism of loan pricing with the market trend,and influences of bank's franchise on the loan prices negotiation.Based on this,this paper did an empirical study on the determinants of loan pricing by using two-tier stochastic frontier model and the data of 104 China's commercial bank from 2005 to 2013,measured commercial bank's bargaining power and its impact degree on loan prices.The study found:Firstly,franchise brought banks monopoly and operational superiority,which made banks have lower negotiation cost and stronger bargaining power,so as to get a strong position in the loan price negotiation to make the negotiation reach a higher transaction price;Secondly,beside the benchmark interest rate,loan cost,credit risk,the market structure of banking and the level of inflation were the major factors to determine the price of the loan.And the barging between the lender and borrower could lead to loan price fluctuation.Thirdly,although interest rate control limited the bargaining space of loan price,with monopoly power and

  18. Exploring the spatial variation in quality-adjusted rental prices and identifying hot spots in Berlin’s residential property market

    DEFF Research Database (Denmark)

    Meulen, Philipp an de; Mitze, Timo Friedel

    2014-01-01

    In this work, we use residual values obtained from an estimated hedonic pricing model to assess the role of district-level neighbourhood effects for the spatial variation in quality-adjusted rental prices in Berlin between 2008 and 2013. By doing so, we also aim at identifying hot and cold spots ...... analysis (ESDA) toolbox, we finally pinpoint particular hot spots of the city’s residential property market associated with a significant spatial clustering of similar rental price values around individual observations....... proximity to the city centre compared to similar properties in Berlin’s periphery once we control for the properties’ physical characteristics. The observed temporal evolution of the rental price distribution between 2008 and 2013 thereby hints at an ongoing gentrification process in Germany’s capital...... associated with the current housing market boom. This visual impression is also confirmed by the application of quantile regressions for a correlation analysis between quality-adjusted rental price values and Berlin district-level characteristics obtained from the last census in 2011. Among other factors, we...

  19. Bank Consolidation and Consumer Loan Interest Rates

    OpenAIRE

    Charles Kahn; George Pennacchi; Ben Sopranzetti

    2001-01-01

    The recent wave of bank mergers has raised concern with its effect on competition. This paper examines the influence of concentration and merger activity on consumer loan interest rates. It uses Bank Rate Monitor, Inc. survey data on loan rates quoted weekly by large commercial banks in ten major U.S. cities during the 1989 to 1997 period. The pricing behavior of banks is analyzed for two types of loans: new automobile loans and unsecured personal loans. Market concentration is found to have ...

  20. 48 CFR 252.216-7000 - Economic price adjustment-basic steel, aluminum, brass, bronze, or copper mill products.

    Science.gov (United States)

    2010-10-01

    ...-basic steel, aluminum, brass, bronze, or copper mill products. 252.216-7000 Section 252.216-7000 Federal... adjustment—basic steel, aluminum, brass, bronze, or copper mill products. As prescribed in 216.203-4-70(a... Mill Products (JUL 1997) (a) Definitions. As used in this clause— Established price means a price which...

  1. Tax-exempt bank loans still an option for providers.

    Science.gov (United States)

    Ostlund, Grant; Cheney, John E

    2011-07-01

    In evaluating the potential for tax-exempt bank financing, healthcare organizations should carefully consider: Pricing. Loan structure. Security requirements (such as financial covenants and default remedies).

  2. 5 CFR 591.228 - How does OPM convert the price index plus adjustment factor to a COLA rate?

    Science.gov (United States)

    2010-01-01

    ... MANAGEMENT CIVIL SERVICE REGULATIONS ALLOWANCES AND DIFFERENTIALS Cost-of-Living Allowance and Post Differential-Nonforeign Areas Cost-Of-Living Allowances § 591.228 How does OPM convert the price index plus...

  3. DETERMINANTS OF BUSINESS LOAN DEFAULT IN GHANA

    Directory of Open Access Journals (Sweden)

    Akwaa-Sekyi, Ellis Kofi

    2015-05-01

    Full Text Available The initiation, funding, servicing and monitoring of loans by financial intermediaries has been done without regard to some critical factors which could have averted the likelihood of default. The study aimed at measuring the extent that owner-specific, borrower-specific, loan and lender-specific characteristics could determine the probability of loan default. The study used logistic regression for 224 business customers of a bank in Ghana from its nation-wide branches. The study found that owner’s extra income (ownership characteristics, multiple borrowing, diversion of loan purpose (borrower characteristics, loan price, loan purpose, loan age, repayment plan (loan characteristics and underfunding (lender characteristics significantly determined the probability of business loan default. The overall model predicted up to 78.5% of variations in the likelihood of default. The hierarchy of strong determinants given by their odd ratios were loan purpose (47.9 times, underfunding (19.2 times, diversion of loan purpose (11.7 times multiple borrowing (9.4 times and owner’s extra income (8.2 times. The study can conclude that financial intermediaries should be wary of the credit granting process taking cognisance of ownership, borrower, loan and lender characteristics especially the significant predictors. Combining quantitative and qualitative variables as determinants of default could be considered in future.

  4. 78 FR 48789 - Loan Guaranty: Percentage to Determine Net Value

    Science.gov (United States)

    2013-08-09

    ... DEPARTMENT OF VETERANS AFFAIRS Loan Guaranty: Percentage to Determine Net Value AGENCY: Department... mortgage holders in the Department of Veterans Affairs (VA) loan guaranty program concerning the percentage to be used in calculating the purchase price of a property that secured a terminated loan. The new...

  5. LOAN BROKERS

    Directory of Open Access Journals (Sweden)

    Adela IONESCU

    2014-05-01

    Full Text Available A loan is probably the most important financial decision we make in life. In a time when lack of time affects us in every way, including financially, we can only appeal to specialists if we want fast, reliable and quality long-term services. „The notion of “creditor” includes all legal entities, branches of credit institution and nonbankingfinancial institutions that operate in Romania and grant or undertake to grant loans in itscommercial of professional activity”. In the case of loans, the "specialist" has been called loan broker. Loan broker is a person trained in intermediating bank loans who offers advice on choosing the best financial solutions for each client. Through partnerships with banks in Romania, the broker has access to their credit products and assist customers in choosing the loan that best suits their financial needs and possibilities. Moreover, the broker will help in preparing loan application to be submitted to the bank and pursue it to its completion. Loan broker can be defined as the person authorized by the bank or non-bank financial institutions to promote their products through direct contact with natural or legal persons wishing to contract a loan, without any of the parties to have exclusivity. There can be defined as an independent bank or non-bank financial institution, as an intermediary between customers and banks. Through its financial advisors , the company helps customers overcome the difficulty of understanding the credit products, difficulties arising from the multitude of factors that compose such a product, especially in the case of a housing loan or mortgage. Each financial institution is doing everything possible through such partnerships to attract the largest possible portfolio of clients, therefore is developing a real network of brokers to be partners for local or national level (depending on the sites coverage of the branches of each institution on one or more types of credit products. The

  6. Why Student Loans Are Different: Findings from Six Focus Groups of Student Loan Borrowers

    Science.gov (United States)

    Delisle, Jason; Holt, Alexander

    2015-01-01

    For all the attention student loans have received in the media and from policymakers in recent years, there is still remarkably little information on why and how borrowers struggle to repay them. Rising college prices and debt levels explain some of the troubles borrowers have with their loans, as does a slow economic recovery that has caused…

  7. Uranium loans

    International Nuclear Information System (INIS)

    Anon.

    1990-01-01

    When NUEXCO was organized in 1968, its founders conceived of a business based on uranium loans. The concept was relatively straightforward; those who found themselves with excess supplies of uranium would deposit those excesses in NUEXCO's open-quotes bank,close quotes and those who found themselves temporarily short of uranium could borrow from the bank. The borrower would pay interest based on the quantity of uranium borrowed and the duration of the loan, and the bank would collect the interest, deduct its service fee for arranging the loan, and pay the balance to those whose deposits were borrowed. In fact, the original plan was to call the firm Nuclear Bank Corporation, until it was discovered that using the word open-quotes Bankclose quotes in the name would subject the firm to various US banking regulations. Thus, Nuclear Bank Corporation became Nuclear Exchange Corporation, which was later shortened to NUEXCO. Neither the nuclear fuel market nor NUEXCO's business developed quite as its founders had anticipated. From almost the very beginning, the brokerage of uranium purchases and sales became a more significant activity for NUEXCO than arranging uranium loans. Nevertheless, loan transactions have played an important role in the international nuclear fuel market, requiring the development of special knowledge and commercial techniques

  8. Estimating Loan-to-value Distributions

    DEFF Research Database (Denmark)

    Korteweg, Arthur; Sørensen, Morten

    2016-01-01

    We estimate a model of house prices, combined loan-to-value ratios (CLTVs) and trade and foreclosure behavior. House prices are only observed for traded properties and trades are endogenous, creating sample-selection problems for existing approaches to estimating CLTVs. We use a Bayesian filtering...

  9. The Exposure of Mortgage Borrowers to Interest Rate Risk, Income Risk and House Price Risk – Evidence from Swiss Loan Application Data

    OpenAIRE

    Guin, Benjamin; Brown, Martin

    2015-01-01

    We study the exposure of mortgage borrowers in Switzerland to interest rate, income and house price risks and examine how the households’ choice of risky mortgages is related to individual interest rate expectations and risk-aversion. Our analysis is based on a unique data set of household mortgage applications from September 2012 until January 2014. Our assessment of risk exposure among mortgage borrowers in Switzerland is highly sensitive to the underlying assumptions on mortgage costs, hou...

  10. Promoting renewables through soft loans

    International Nuclear Information System (INIS)

    Marcks, C.

    1999-01-01

    The DtA, founded in 1950s, is a federal institution owned by the German government. It assists the government to implement its economic, environmental and social policy. Financial assistance is being granted mainly through soft loans. Such loans are a flexible instrument, permitting to partially correct prices without severely distorting market forces. They assure total financing while spreading the subsidy over the entire period of the engagement. This avoids windfall opportunities often related to direct subsidies. Investors, therefore, have an intrinsic motivation to only submit sound and profitable projects. (orig./RHM)

  11. Uranium loans: Delaying the day of reckoning

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    Spot market volume so far this year, by NUKEM's estimates, comes to just under 11 million lbs. It appears that existing loans are either being extended, or paid back with material borrowed from other sources. Therefore, there has been no significant amount of purchases on the spot market to pay back borrowed uranium. How do we know the loans have not been paid back with spot purchases? For one thing, the amount of uranium loans outstanding has increased. According to our current survey, there may now be as much as 32 million lbs U3O8 equivalent in outstanding loans. At current prices, it's cheaper to borrow than to buy uranium. So borrowers are gambling that prices will remain low for some time, allowing them to delay repayment of the loans. Borrowers then, in essence, are delaying the day of reckoning on these loans. How long they can do so is anyone's guess. As long as uranium is in abundance and utilities remain willing to lend it out, loan activity will likely remain at or near current levels. But when supplies tighten and the market swings in a more positive direction, borrowers may get caught scrambling to repay their loans as quickly as possible

  12. Loan Market Competition and Bank Risk-Taking

    NARCIS (Netherlands)

    Wagner, W.B.

    2007-01-01

    Recent literature (Boyd and De Nicoló, 2005) has argued that competition in the loan market lowers bank risk by reducing the risk-taking incentives of borrowers. We show that the impact of loan market competition on banks is reversed if banks can adjust their loan portfolios. The reason is that when

  13. 42 CFR 417.937 - Loan and loan guarantee provisions.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 3 2010-10-01 2010-10-01 false Loan and loan guarantee provisions. 417.937 Section... HEALTH CARE PREPAYMENT PLANS Administration of Outstanding Loans and Loan Guarantees § 417.937 Loan and loan guarantee provisions. (a) Disbursement of loan proceeds. The principal amount of any loan made or...

  14. 7 CFR 1751.103 - Loan and loan advance requirements.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Loan and loan advance requirements. 1751.103 Section... Telecommunications Modernization Plan § 1751.103 Loan and loan advance requirements. (a) For information about loan... February 13, 1996, RUS will make RUS hardship loans, RUS cost-of-money loans, and RTB loans for facilities...

  15. Enhancing Cooperative Loan Scheme Through Automated Loan ...

    African Journals Online (AJOL)

    2013-03-01

    Mar 1, 2013 ... Financial transactions through manual system of operation .... Integrated Financial Accounting. The accounting processes for loans are supported within Loans ... principal and interest, and print checks, payment receipts, or ...

  16. PRICE AND PRICING STRATEGIES

    OpenAIRE

    SUCIU Titus

    2013-01-01

    In individual companies, price is one significant factor in achieving marketing success. In many purchase situations, price can be of great importance to customers. Marketers must establish pricing strategies that are compatible with the rest of the marketing mix. Management should decide whether to charge the same price to all similar buyers of identical quantities of a product (a one-price strategy) or to set different prices (a flexible price strategy). Many organizations, especially retai...

  17. Economic Loan Loss Provision and Expected Loss

    Directory of Open Access Journals (Sweden)

    Stefan Hlawatsch

    2010-10-01

    Full Text Available The intention of a loan loss provision is the anticipation of the loan's expected losses by adjusting the book value of the loan. Furthermore, this loan loss provision has to be compared to the expected loss according to Basel II and, in the case of a difference, liable equity has to be adjusted. This however assumes that the loan loss provision and the expected loss are based on a similar economic rationale, which is only valid conditionally in current loan loss provisioning methods according to IFRS. Therefore, differences between loan loss provisions and expected losses should only result from different approaches regarding the parameter estimation within each model and not due to different assumptions regarding the outcome of the model. The provisioning and accounting model developed in this paper overcomes the before-mentioned shortcomings and is consistent with an economic rationale of expected losses. Additionally, this model is based on a close-to-market valuation of the loan that is in favor of the basic idea of IFRS. Suggestions for changes in current accounting and capital requirement rules are provided.

  18. Customizing Prices in Online Markets

    OpenAIRE

    Werner Reinartz

    2002-01-01

    Dynamic pricing is the dynamic adjustment of prices to consumers depending on the value these customers attribute to a good. Underlying the concept of dynamic pricing is what marketers call price customization. Price customization is the charging of different prices to end consumers based on a discriminatory variable. Internet technology will serve as a great enabling tool for making dynamic pricing accessible to many industries.

  19. Prices and Price Setting

    NARCIS (Netherlands)

    R.P. Faber (Riemer)

    2010-01-01

    textabstractThis thesis studies price data and tries to unravel the underlying economic processes of why firms have chosen these prices. It focuses on three aspects of price setting. First, it studies whether the existence of a suggested price has a coordinating effect on the prices of firms.

  20. Announcement effects of convertible bond loans versus warrant-bond loans : An empirical analysis for the Dutch market

    NARCIS (Netherlands)

    de Roon, F.A.; Veld, C.H.

    1995-01-01

    This study investigates the announcement effects of offerings of convertible bond loans and warrant-bond loans using data for the Dutch market. Using standard event study methodology it is found that on average stock prices show a positive but insignificant abnormal return for the announcement of a

  1. 77 FR 40387 - Price Adjustment

    Science.gov (United States)

    2012-07-09

    ... letters, flats, and cards (presort and automation) that include, in or on the mailpiece, a mobile barcode... to a mobile-optimized Web site that allows them to purchase an advertised product on the mobile... Postal Service claims that the Mobile Shopping Promotion encourages increased mail volume (factor 7) and...

  2. 7 CFR 1401.3 - Payments to persons with outstanding CCC loans.

    Science.gov (United States)

    2010-01-01

    ... sell to CCC a quantity of the commodity pledged as collateral for a CCC loan, as determined by CCC, in... loan collateral the person shall be required to redeem in order to receive payment. The purchase price... the subsequent sale to CCC of the commodity pledged as collateral for such CCC loan, CCC shall make...

  3. Federal Student Loan Programs

    Science.gov (United States)

    Federal Student Aid, US Department of Education, 2014

    2014-01-01

    For those needing a loan to attend college, think federal aid first. Federal student loans usually offer borrowers lower interest rates and have more flexible repayment terms and options than private student loans. This brief report answers the following questions about federal aid: (1) What is a federal student loan?; (2) What is a private…

  4. Annual Adjustment Factors

    Data.gov (United States)

    Department of Housing and Urban Development — The Department of Housing and Urban Development establishes the rent adjustment factors - called Annual Adjustment Factors (AAFs) - on the basis of Consumer Price...

  5. Keener pricing for the industry, but only for top quality names

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    Loans to finance corporations producing energy from various sources are becoming increasingly common. This paper examines prices being paid for existing loans and predicts significant falls in corporate loan pricing in Europe. Various financing projects are described briefly and league tables of lending institutions are presented. (UK)

  6. Markov model of the loan portfolio dynamics considering influence of management and external economic factors

    Science.gov (United States)

    Bozhalkina, Yana; Timofeeva, Galina

    2016-12-01

    Mathematical model of loan portfolio in the form of a controlled Markov chain with discrete time is considered. It is assumed that coefficients of migration matrix depend on corrective actions and external factors. Corrective actions include process of receiving applications, interaction with existing solvent and insolvent clients. External factors are macroeconomic indicators, such as inflation and unemployment rates, exchange rates, consumer price indices, etc. Changes in corrective actions adjust the intensity of transitions in the migration matrix. The mathematical model for forecasting the credit portfolio structure taking into account a cumulative impact of internal and external changes is obtained.

  7. Can structural adjustment work for women farmers.

    Science.gov (United States)

    Mehra, R

    1991-12-01

    This article discusses the impact of structural adjustment programs (SAPs) on women farmers in developing countries. SAPs aim to improve economic efficiency and promote more rapid economic growth. SAPs are introduced in two phases. The first phase involves short-term loans with the condition that the country adopt monetary restraints and currency devaluation measures. In the second phase, long-term loans are given with the provision that the country deregulate their economy and open up markets. The agricultural sector is affected by SAPs because of their importance in employment, income generation, and export earnings. SAPs result in lower farm commodity prices due to currency devaluations and in removal of subsidies, which results in market-sensitive pricing or higher food prices. The impact of SAPs on agriculture vary between countries. In Morocco and Algeria, agriculture expanded under SAPs. In Indonesia, Bolivia, Costa Rica, and Mexico, the agriculture stagnated or declined. Agricultural growth was slowest in Africa. SAPs were somewhat successful in increasing agricultural exports. Food production grew slowly in many adjusting countries. Blame for failures of SAPs has been placed on government failure to implement reforms properly and overly optimistic assumptions about the timing of productive gains. Little attention has focused on the constraints facing women farmers, who are a large proportion of farmers, particularly in sub-Saharan Africa. This article focuses on the issues of limited access to resources, credit, agricultural extension and information, land ownership, education, and time as constraints to women farmers. Women also must ensure household food security. For SAPs to work effectively, complementary policies must be implemented that reallocate available productive resources and new technologies to women and that deal with women's constraints.

  8. Essays on banking and asset pricing

    NARCIS (Netherlands)

    Roscovan, V.

    2008-01-01

    This dissertation contains three studies on banking and asset pricing. It analyzes questions related to informational content of bank loan announcements and trading activity. The first two chapters examine theoretically and empirically how stock and bond holders react to bank loan announcements as a

  9. Exporter Price Premia?

    DEFF Research Database (Denmark)

    Jäkel, Ina Charlotte; Sørensen, Allan

    This paper provides new evidence on manufacturing firms' output prices: in Denmark, on average, exported varieties are sold at a lower price (i.e. a negative exporter price premium) relative to only domestically sold varieties. This finding stands in sharp contrast to previous studies, which have...... found positive exporter price premia. We also document that the exporter price premium varies substantially across products (both in terms of sign and magnitude). We show that in a standard heterogeneous firms model with heterogeneity in quality as well as production efficiency there is indeed no clear......-cut prediction on the sign of the exporter price premium. However, the model unambiguously predicts a negative exporter price premium in terms of quality-adjusted prices, i.e. prices per unit of quality. This prediction is broadly borne out in the Danish data: while the magnitude of the premium varies across...

  10. 7 CFR 1735.70 - Use of loan funds.

    Science.gov (United States)

    2010-01-01

    ... telephone organizations. After a merger or consolidation, RUS will consider making loans to the telephone... facilities, income generating potential, any improvement in the financial strength of the borrower as a..., the acquisition price will endanger financial feasibility. If the acquisition price exceeds the amount...

  11. 78 FR 13999 - Maximum Interest Rates on Guaranteed Farm Loans

    Science.gov (United States)

    2013-03-04

    ..., cost-plus, flat-rate, or market based) to price guaranteed loans, provided the rates do not exceed the... (LIBOR) or the 5-year Treasury note rate, unless the lender uses a formal written risk-based pricing... cost in the form of a lower interest rate than the borrower would otherwise receive. Therefore, the FSA...

  12. 7 CFR 3565.204 - Maximum loan amount.

    Science.gov (United States)

    2010-01-01

    ... project. The lender shall recommend to the Agency an adjustment in the loan amount if appropriate as a result of this review. (2) Where the project financing combines a guaranteed loan with Low-Income Housing Tax Credits or other Federal assistance, the project must conform to the policies regarding necessary...

  13. Managing commodity risks in highway contracts : quantifying premiums, accounting for correlations among risk factors, and designing optimal price-adjustment contracts.

    Science.gov (United States)

    2011-09-01

    It is a well-known fact that macro-economic conditions, such as prices of commodities (e.g. oil, : cement and steel) affect the cost of construction projects. In a volatile market environment, highway : agencies often pass such risk to contractors us...

  14. Pricing Policies in Academic Libraries.

    Science.gov (United States)

    King, Donald W.

    1979-01-01

    Economic considerations of user charges are presented along with economic principles and implications of charging for specific library materials and services. Alternative pricing policies and their implications are described, and, to illustrate the complexity and subtle effects of charging, a numerical example for interlibrary loans is also given.…

  15. 19 CFR 351.413 - Disregarding insignificant adjustments.

    Science.gov (United States)

    2010-04-01

    ... COUNTERVAILING DUTIES Calculation of Export Price, Constructed Export Price, Fair Value, and Normal Value § 351..., constructed export price, or normal value, as the case may be. Groups of adjustments are adjustments for...

  16. Denmark; Systemic Issues in Mortgage Loans and Covered Bond Finance: Technical Note

    OpenAIRE

    International Monetary Fund

    2014-01-01

    This technical note analyzes systemic issues in mortgage loans and covered bond finance in Denmark. Mortgage lending has seen significant product innovation in recent years. Loans with adjustable interest rates and/or interest-only periods, which have been introduced since the late 1990s, had grown to 75 percent and 53 percent, respectively, of total outstanding mortgage loans at the end of 2013. The major changes in the characteristics of the underlying mortgage loans have naturally been ref...

  17. NON-PERFORMING LOANS DEVELOPMENT IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ILIE RĂSCOLEAN

    2014-12-01

    Full Text Available Bad loans are essentially loans with arrears of 90 days or more, and the criterion of 90 days is the most common practice in different countries to determine indicators on the bad in lending. Credit risk is one of the most important financial risks facing the banking system is assumed by all credit institutions and may cause serious problems so that bank and the whole system if risk exposure is substantial. From this point of view, the most important function of bank management is to control the quality of the loan portfolio. This is because the poor quality of loans is the leading cause of bankruptcy. In accordance with the central bank, credit institutions are obliged to protect the bank's capital and the deposits of individuals and legal entities and to cover any loans that present uncertainties in recovery, to determine and utilize prudential value adjustments. The central bank aims NPL development using aggregated indicators on credit institutions. Conclusions are presented on developments and trends in non-performing loans in the portfolio of credit institutions in Romania.

  18. Entrance Counseling Guide for Direct Loan Borrowers

    Science.gov (United States)

    Federal Student Aid, US Department of Education, 2010

    2010-01-01

    This guide describes the four types of loans offered by the Direct Loan Program[SM]: (1) Direct Subsidized Loans; (2) Direct Unsubsidized Loans; (3) Direct PLUS Loans; and (4) Direct Consolidation Loans. Among the topics covered in the guide are: Use of Your Loan Money, The Master Promissory Note, How Your Loans Will Be Disbursed (Paid Out),…

  19. Salary adjustments

    CERN Multimedia

    HR Department

    2008-01-01

    In accordance with decisions taken by the Finance Committee and Council in December 2007, salaries are adjusted with effect from 1 January 2008. Scale of basic salaries and scale of stipends paid to fellows (Annex R A 5 and R A 6 respectively): increased by 0.71% with effect from 1 January 2008. As a result of the stability of the Geneva consumer price index, following elements do not increase: a) Family Allowance, Child Allowance and Infant Allowance (Annex R A 3). b) Reimbursement of education fees: maximum amounts of reimbursement (Annex R A 4.01) for the academic year 2007/2008. Related adjustments will be implemented, wherever applicable, to Paid Associates and Students. As in the past, the actual percentage increase of each salary position may vary, due to the application of a constant step value and the rounding effects. Human Resources Department Tel. 73566

  20. Salary adjustments

    CERN Multimedia

    HR Department

    2008-01-01

    In accordance with decisions taken by the Finance Committee and Council in December 2007, salaries are adjusted with effect from 1 January 2008. Scale of basic salaries and scale of stipends paid to fellows (Annex R A 5 and R A 6 respectively): increased by 0.71% with effect from 1 January 2008. As a result of the stability of the Geneva consumer price index, the following elements do not increase: a)\tFamily Allowance, Child Allowance and Infant Allowance (Annex R A 3); b)\tReimbursement of education fees: maximum amounts of reimbursement (Annex R A 4.01) for the academic year 2007/2008. Related adjustments will be applied, wherever applicable, to Paid Associates and Students. As in the past, the actual percentage increase of each salary position may vary, due to the application of a constant step value and rounding effects. Human Resources Department Tel. 73566

  1. The Parent Loan Trap

    Science.gov (United States)

    Wang, Marian; Supiano, Beckie; Fuller, Andrea

    2012-01-01

    As the cost of college has spiraled ever upward and median family income has fallen, the loan program, called Parent PLUS, has become indispensable for increasing numbers of parents desperate to make their children's college plans work. Last year the government disbursed $10.6-billion in Parent PLUS loans to just under a million families. Even…

  2. Price smarter on the Net.

    Science.gov (United States)

    Baker, W; Marn, M; Zawada, C

    2001-02-01

    Companies generally have set prices on the Internet in two ways. Many start-ups have offered untenably low prices in a rush to capture first-mover advantage. Many incumbents have simply charged the same prices on-line as they do off-line. Either way, companies are missing a big opportunity. The fundamental value of the Internet lies not in lowering prices or making them consistent but in optimizing them. After all, if it's easy for customers to compare prices on the Internet, it's also easy for companies to track customers' behavior and adjust prices accordingly. The Net lets companies optimize prices in three ways. First, it lets them set and announce prices with greater precision. Different prices can be tested easily, and customers' responses can be collected instantly. Companies can set the most profitable prices, and they can tap into previously hidden customer demand. Second, because it's so easy to change prices on the Internet, companies can adjust prices in response to even small fluctuations in market conditions, customer demand, or competitors' behavior. Third, companies can use the clickstream data and purchase histories that it collects through the Internet to segment customers quickly. Then it can offer segment-specific prices or promotions immediately. By taking full advantage of the unique possibilities afforded by the Internet to set prices with precision, adapt to changing circumstances quickly, and segment customers accurately, companies can get their pricing right. It's one of the ultimate drivers of e-business success.

  3. Philippines: Population: USAID loan.

    Science.gov (United States)

    The Philippines and the United States Agency for International Development signed an agreement on Christmas Day for a US $5.7 million loan and a US $6 million grant for the country's population program. The loan, which matures in 40 years, carries a 2% interest per year for the first 10 years, and 3% thereafter. A 10-year grace period is provided. The US $11.7 million loan and grant package is the first part of USAID's pledge of US $26.9 million in loan and US $29.8 million in grants for the population project. The agreement was signed by Finance Minister Cesar Virata and USAID director Anthony Schwarzwalder. The total loan package of US $57.7 million will be given in the next 5 years.

  4. 76 FR 24045 - Notice of HUD-Held Multifamily Loan Sale (MLS 2011-1)

    Science.gov (United States)

    2011-04-29

    ..., the bidder's deposit was non-refundable and was applied toward the purchase price. Deposits were... Commissioner, HUD. ACTION: Notice of sale of mortgage loans. SUMMARY: This notice announces HUD's intention to... INFORMATION: HUD announces its intention to sell in MLS 2011-1 certain unsubsidized mortgage loans (Mortgage...

  5. Farm Programs: Changes to the Marketing Assistance Loan Program Have Had Little Impact on Payments

    National Research Council Canada - National Science Library

    2001-01-01

    .... Much of this assistance was targeted to help farmers cope with persistently low commodity prices and was provided principally through the Marketing Assistance Loan Program, which is administered by the U.S...

  6. 76 FR 78827 - Loan Guaranty Revised Loan Modification Procedures

    Science.gov (United States)

    2011-12-20

    ... DEPARTMENT OF VETERANS AFFAIRS 38 CFR Part 36 RIN 2900-AN78 Loan Guaranty Revised Loan... amends a Department of Veterans Affairs (VA) Loan Guaranty regulation related to modification of guaranteed housing loans in default. Specifically, changes are made to requirements related to maximum...

  7. 75 FR 66699 - Farm Loan Programs Loan Making Activities; Correction

    Science.gov (United States)

    2010-10-29

    ... Loan Programs Loan Making Activities; Correction AGENCY: Farm Service Agency, USDA. ACTION: Proposed rule; correction. SUMMARY: This document contains a correction to the proposed rule titled ``Farm Loan Programs Loan Making Activities'' that was published September 23, 2010. The Farm Service Agency (FSA) is...

  8. STS pricing policy

    Science.gov (United States)

    Lee, C. M.; Stone, B.

    1982-01-01

    In 1977 NASA published Shuttle Reimbursement Policies for Civil U.S. Government, DOD and Commercial and Foreign Users. These policies were based on the principle of total cost recovery over a period of time with a fixed flat price for initial period to time to enhance transition. This fixed period was to be followed with annual adjustments thereafter, NASA is establishing a new price for 1986 and beyond. In order to recover costs, that price must be higher than the initial fixed price through FY 1985. NASA intends to remain competitive. Competitive posture includes not only price, but other factors such as assured launch, reliability, and unique services. NASA's pricing policy considers all these factors.

  9. How Law and Institutions Shape Financial Contracts: The Case of Bank Loans

    OpenAIRE

    Jun Qian; Philip E. Strahan

    2005-01-01

    We examine empirically how legal origin, creditor rights, property rights, legal formalism, and financial development affect the design of price and non-price terms of bank loans in almost 60 countries. Our results support the law and finance view that private contracts reflect differences in legal protection of creditors and the enforcement of contracts. Loans made to borrowers in countries where creditors can seize collateral in case of default are more likely to be secured, have longer mat...

  10. Bank pricing under oligopsony-oligopoly: Evidence from 103 developing countries

    OpenAIRE

    Marrouch, Walid; Turk-Ariss, Rima

    2012-01-01

    We propose a generic oligopsony-oligopoly model to study bank behavior under uncertainty in developing countries. We derive a pricing structure that acknowledges market power in both the deposit and loan markets and identify two theoretical components to the loan rate: a rent extraction component resulting from the interaction between the choke price of loans and prevailing banking structures, and a markup on deposit funding costs that captures the transformation efficiency of financial inter...

  11. Relevansi Nilai Selisih Loans Book Value dan Loans Fair Value, Book Value Per Share, Earnings Per Share dan Ukuran Perusahaan

    Directory of Open Access Journals (Sweden)

    Dina Bakti Pertiwi

    2015-01-01

    Full Text Available One of the impacts of IFRS convergence is the tendency to leave historical cost to the fair value primarily for financial instruments, one of which is bank loans. Therefore, the benefit of the use of historical cost and fair value needs to be examined. This study aims to evaluate the relationship of the difference between loan book value and fair value, book value per share, earnings per share and the company size to the stock price of banks that use accounting standard that has been converged to IFRS. The samples used are banks listed in Indonesia Stock Exchange during the period of 2010-2013. The relationship between the difference loans book value and fair value, book value per share, earnings per share and the size with the stock price were analyzed using multiple linear regression. The results of this study indicate that the difference between loans book value and fair value, book value per share, earnings per share and the size can be used to predict the stock price of bank. Thus, the difference between loan book value and fair value of financial instruments have a relevant value.

  12. 7 CFR 1421.10 - Loan repayment rates.

    Science.gov (United States)

    2010-01-01

    ... grain rice, medium grain rice, and confectionery and each other kind of sunflower seed (other than oil... determined by the Secretary) that is calculated based on average market prices for the loan commodity during... and announce repayment rates under paragraphs (a)(2) and (a)(3) of this section based upon market...

  13. Retrenched Journals: Further on the World Bank Loan in Nigeria.

    Science.gov (United States)

    Olorunsola, R.

    1995-01-01

    Reviews collection development difficulties encountered at Nigeria's University of Ilorin as a result of the inflation of serial subscription prices and the poor state of the Nigerian economy in the 1980s. Describes the library's successful use of the World Bank loan of 1990-1993 to fund journal renewals and purchases. (JMV)

  14. Evaluating Competition in the Loan and Deposit Market using the ...

    African Journals Online (AJOL)

    kirstam

    Key words: Competition, loan and deposit market, Boone indicator approach, Zimbabwe ... Performance measurement is a framework for assessing the effect of government ... resource wastage and to lower the market prices of financial products (Berger & ..... costs are more efficient and gain more market share or profits.

  15. Loan Defaults in Africa

    OpenAIRE

    Svetlana Andrianova; Badi H Baltagi; Panicos O Demetriades

    2011-01-01

    African financial deepening is beset by a high rate of loan defaults, which encourages banks to hold liquid assets instead of lending. We put forward a novel theoretical model that captures the salient features of African credit markets which shows that equilibrium with high loan defaults and low lending can arise when contract enforcement institutions are weak, investment opportunities are relatively scarce and information imperfections abound. We provide evidence using a panel of 110 banks ...

  16. Price and Income Elasticity of Australian Retail Finance: An Autoregressive Distributed Lag (ARDL Approach

    Directory of Open Access Journals (Sweden)

    Helen Higgs

    2014-03-01

    Full Text Available This paper models the price and income elasticity of retail finance in Australia using aggregate quarterly data and an autoregressive distributed lag (ARDL approach. We particularly focus on the impact of the global financial crisis (GFC from 2007 onwards on retail finance demand and analyse four submarkets (period analysed in brackets: owneroccupied housing loans (Sep 1985–June 2010, term loans (for motor vehicles, household goods and debt consolidation, etc. (Dec 1988–Jun 2010, credit card loans (Mar 1990–Jun 2010, and margin loans (Sep 2000–Jun 2010. Other than the indicator lending rates and annual full-time earnings respectively used as proxies for the price and income effects, we specify a large number of other variables as demand factors, particularly reflecting the value of the asset for which retail finance demand is derived. These variously include the yield on indexed bonds as a proxy for inflation expectations, median housing prices, consumer sentiment indices as measures of consumer confidence, motor vehicle and retail trade sales, housing debt-to-housing assets as a measure of leverage, the proportion of protected margin lending, the available credit limit on credit cards, and the All Ordinaries Index. In the long run, we find significant price elasticities only for term loans and margin loans, and significant income elasticities of demand for housing loans, term loans and margin loans. We also find that the GFC only significantly affected the longrun demand for term loans and margin loans. In the short run, we find that the GFC has had a significant effect on the price elasticity of demand for term loans and margin loans. Expected inflation is also a key factor affecting retail finance demand. Overall, most of the submarkets in the analysis indicate that retail finance demand is certainly price inelastic but more income elastic than conventionally thought.

  17. Bad Loans and Loan Write-Offs

    OpenAIRE

    福田, 慎一; 鯉渕, 賢

    2006-01-01

    In this paper, we investigate who bears the burden when writing off bad loans in Japan. Traditionally, Japanese main banks bore large burdens in saving their customers. We still find that some main banks bear a large burden in saving their customers. However, in most cases, main banks became very reluctant to bear large burdens when bailing out their customers. In the transition from the bank-based system to a market-based system, traditional implicit rules are collapsing dramatically. We sug...

  18. Have oil and gas prices got separated?

    International Nuclear Information System (INIS)

    Erdős, Péter

    2012-01-01

    This paper applies vector error correction models that show that oil and natural gas prices decoupled around 2009. Before 2009, US and UK gas prices had a long-term equilibrium with crude prices to which gas prices always reverted after exogenous shocks. Both US and UK gas prices adjusted to the crude oil price individually, and departure from the equilibrium gas price on one continent resulted in a similar departure on the other. After an exogenous shock, the adjustment between US and UK gas prices took approximately 20 weeks on average, and the convergence was mediated mainly by crude oil with a necessary condition that arbitrage across the Atlantic was possible. After 2009, however, the UK gas price has remained integrated with oil price, but the US gas price decoupled from crude oil price and the European gas price, as the Atlantic arbitrage has halted. The oversupply from shale gas production has not been mitigated by North American export, as there has been no liquefying and export capacity. - Highlights: ► VEC models are applied to investigate the relationship between oil and natural gas prices. ► While natural gas prices in Europe and Asia react to oil price, US gas price decoupled from oil in 2009. ► Since 2009, the US gas price has decoupled from the European and Asian gas prices.

  19. Price fairness

    OpenAIRE

    Diller, Hermann

    2013-01-01

    Purpose – The purpose of this article is to integrate the various strands of fair price research into a concise conceptual model. Design/methodology/approach – The proposed price fairness model is based on a review of the fair pricing literature, incorporating research reported in not only English but also German. Findings – The proposed fair price model depicts seven components of a fair price: distributive fairness, consistent behaviour, personal respect and regard for the partner, fair dea...

  20. Pricing Mining Concessions Based on Combined Multinomial Pricing Model

    Directory of Open Access Journals (Sweden)

    Chang Xiao

    2017-01-01

    Full Text Available A combined multinomial pricing model is proposed for pricing mining concession in which the annualized volatility of the price of mineral products follows a multinomial distribution. First, a combined multinomial pricing model is proposed which consists of binomial pricing models calculated according to different volatility values. Second, a method is provided to calculate the annualized volatility and the distribution. Third, the value of convenience yields is calculated based on the relationship between the futures price and the spot price. The notion of convenience yields is used to adjust our model as well. Based on an empirical study of a Chinese copper mine concession, we verify that our model is easy to use and better than the model with constant volatility when considering the changing annualized volatility of the price of the mineral product.

  1. Price formation and market mechanisms

    International Nuclear Information System (INIS)

    Neff, T.L.

    1991-01-01

    World markets for nuclear fuel have changed greatly since the 1970s. In earlier days, firms specializing in mining, conversion, enrichment and fabrication negotiated directly with end users, primarily under long term contracts at specified prices. This old model is gone. Market structure has been transformed: traditional suppliers now compete with traders, some of whom can offer a much larger menu of products and terms than primary suppliers. Utilities act as traders, converters as brokers, brokers as traders, producers as buyers, and so on. De-enrichment, de-conversion, loans, swaps, interchanges and other new kinds of transactions have proliferated. These changes in market structure and market mechanisms have been accompanied by substantial changes in price formation, that is the process by which market price is set. Today, the level and direction of price are set in a trading dominated spot market environment, fuelled by inventory liquidation and Soviet and other non-traditional supply. (author)

  2. 7 CFR 1710.50 - Insured loans.

    Science.gov (United States)

    2010-01-01

    ... GENERAL AND PRE-LOAN POLICIES AND PROCEDURES COMMON TO ELECTRIC LOANS AND GUARANTEES Types of Loans and... determined pursuant to 7 CFR part 1714, and the borrower may elect to include in the loan documents a...

  3. 7 CFR 1710.51 - Direct loans.

    Science.gov (United States)

    2010-01-01

    ... GENERAL AND PRE-LOAN POLICIES AND PROCEDURES COMMON TO ELECTRIC LOANS AND GUARANTEES Types of Loans and... borrowers. (b) Loan documents. Successful applicants will be required to execute and deliver to RUS a...

  4. Dynamic Pricing

    DEFF Research Database (Denmark)

    Sharifi, Reza; Anvari-Moghaddam, Amjad; Fathi, S. Hamid

    2017-01-01

    Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes h...... of dynamic pricing can lead to increased willingness of consumers to participate in DR programs which in turn improve the operation of liberalized electricity markets.......Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes...

  5. The composite barrel of retail prices and its relationship to crude oil prices

    International Nuclear Information System (INIS)

    Balabanoff, S.

    1993-01-01

    This paper challenges assumptions about the relationship between refinery gate prices, retail prices paid by consumers and crude oil prices. The analysis presented here considers their relationship within the context of the Organization of Petroleum Exporting Countries' (OPEC's) composite barrel statistics, which includes taxes and other government policy effects on prices. Speed of adjustment and retail price response to taxes are analysed with respect to crude import prices. OPEC's composite barrel is explained and evaluated. Test results are summarized. (UK)

  6. 7 CFR 2201.19 - Loan terms.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Loan terms. 2201.19 Section 2201.19 Agriculture Regulations of the Department of Agriculture (Continued) LOCAL TELEVISION LOAN GUARANTEE BOARD LOCAL TELEVISION LOAN GUARANTEE PROGRAM-PROGRAM REGULATIONS Loan Guarantees § 2201.19 Loan terms. (a) All Loans...

  7. 5 CFR 1655.14 - Loan payments.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Loan payments. 1655.14 Section 1655.14 Administrative Personnel FEDERAL RETIREMENT THRIFT INVESTMENT BOARD LOAN PROGRAM § 1655.14 Loan payments. (a) Loan payments must be made through payroll deduction in accordance with the loan agreement. Once loan...

  8. 7 CFR 1436.7 - Loan term.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Loan term. 1436.7 Section 1436.7 Agriculture... AGRICULTURE LOANS, PURCHASES, AND OTHER OPERATIONS FARM STORAGE FACILITY LOAN PROGRAM REGULATIONS § 1436.7 Loan term. (a) For eligible facility loan commodities other than sugar, the term of the loan will be 7...

  9. 13 CFR 400.202 - Loan amount.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Loan amount. 400.202 Section 400.202 Business Credit and Assistance EMERGENCY STEEL GUARANTEE LOAN BOARD EMERGENCY STEEL GUARANTEE LOAN PROGRAM Steel Guarantee Loans § 400.202 Loan amount. (a) The aggregate amount of loan principal guaranteed...

  10. 7 CFR 764.401 - Loan decision.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan decision. 764.401 Section 764.401 Agriculture... SPECIAL PROGRAMS DIRECT LOAN MAKING Loan Decision and Closing § 764.401 Loan decision. (a) Loan approval. (1) The Agency will approve a loan only if it determines that: (i) The applicant's farm operating...

  11. 7 CFR 1710.407 - Loan documents.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Loan documents. 1710.407 Section 1710.407 Agriculture... GENERAL AND PRE-LOAN POLICIES AND PROCEDURES COMMON TO ELECTRIC LOANS AND GUARANTEES Application Requirements and Procedures for Loans § 1710.407 Loan documents. Following approval of a loan, RUS will forward...

  12. 13 CFR 500.204 - Loan terms.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Loan terms. 500.204 Section 500.204 Business Credit and Assistance EMERGENCY OIL AND GAS GUARANTEED LOAN BOARD EMERGENCY OIL AND GAS GUARANTEED LOAN PROGRAM Oil and Gas Guaranteed Loans § 500.204 Loan terms. (a) All loans guaranteed under the...

  13. 13 CFR 400.204 - Loan terms.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Loan terms. 400.204 Section 400.204 Business Credit and Assistance EMERGENCY STEEL GUARANTEE LOAN BOARD EMERGENCY STEEL GUARANTEE LOAN PROGRAM Steel Guarantee Loans § 400.204 Loan terms. (a) All loans guaranteed under the Program shall be...

  14. 7 CFR 1710.406 - Loan approval.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Loan approval. 1710.406 Section 1710.406 Agriculture... GENERAL AND PRE-LOAN POLICIES AND PROCEDURES COMMON TO ELECTRIC LOANS AND GUARANTEES Application Requirements and Procedures for Loans § 1710.406 Loan approval. (a) A loan is approved when the Administrator...

  15. 13 CFR 500.202 - Loan amount.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Loan amount. 500.202 Section 500.202 Business Credit and Assistance EMERGENCY OIL AND GAS GUARANTEED LOAN BOARD EMERGENCY OIL AND GAS GUARANTEED LOAN PROGRAM Oil and Gas Guaranteed Loans § 500.202 Loan amount. The aggregate amount of loan...

  16. 7 CFR 1710.113 - Loan security.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Loan security. 1710.113 Section 1710.113 Agriculture... GENERAL AND PRE-LOAN POLICIES AND PROCEDURES COMMON TO ELECTRIC LOANS AND GUARANTEES Loan Purposes and Basic Policies § 1710.113 Loan security. (a) RUS makes loans only if, in the judgment of the...

  17. 7 CFR 1735.22 - Loan security.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Loan security. 1735.22 Section 1735.22 Agriculture... GENERAL POLICIES, TYPES OF LOANS, LOAN REQUIREMENTS-TELECOMMUNICATIONS PROGRAM Loan Purposes and Basic Policies § 1735.22 Loan security. (a) RUS makes loans only if, in the judgment of the Administrator, the...

  18. 7 CFR 762.121 - Loan purposes.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan purposes. 762.121 Section 762.121 Agriculture... SPECIAL PROGRAMS GUARANTEED FARM LOANS § 762.121 Loan purposes. (a) Operating Loan purposes. (1) Loan... the need to refinance; (viii) Payment of loan closing costs; (ix) Payment of costs associated with...

  19. 7 CFR 1738.22 - Loan security.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Loan security. 1738.22 Section 1738.22 Agriculture... RURAL BROADBAND ACCESS LOANS AND LOAN GUARANTEES Loan Purposes and Basic Policies § 1738.22 Loan security. (a) RUS makes loans only if, in the judgment of the Administrator, the security therefore is...

  20. 7 CFR 1737.92 - Loan documents.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Loan documents. 1737.92 Section 1737.92 Agriculture... PRE-LOAN POLICIES AND PROCEDURES COMMON TO INSURED AND GUARANTEED TELECOMMUNICATIONS LOANS Final Loan Approval Procedures § 1737.92 Loan documents. Following approval of the loan, RUS shall forward the...

  1. Guide to Direct Consolidation Loans.

    Science.gov (United States)

    Department of Education, Washington, DC.

    Intended for financial aid counselors, this document provides guidelines to the Federal Direct Consolidation Loan Program for borrowers who are in school, as well as those in repayment, or in default. An introductory section explains the basics of the consolidated loan program, loan categories, and interest rates. Next, standards for borrower…

  2. Private Loans: Facts and Trends

    Science.gov (United States)

    Institute for College Access & Success, 2014

    2014-01-01

    Private loans are one of the riskiest ways to finance a college education. Like credit cards, they typically have variable interest rates. Both variable and fixed rates are higher for those who can least afford them--as high as 13% in June 2014. Private loans are not eligible for the important deferment, income-based repayment, or loan forgiveness…

  3. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

    Against a background of rather mixed evidence about transfer pricing practices in multinational enterprises (MNEs) and varying attitudes on the part of tax authorities, this paper explores how multiple aims in transfer pricing can be pursued across four different transfer pricing regimes. A MNE h...

  4. Gold prices

    OpenAIRE

    Joseph G. Haubrich

    1998-01-01

    The price of gold commands attention because it serves as an indicator of general price stability or inflation. But gold is also a commodity, used in jewelry and by industry, so demand and supply affect its pricing and need to be considered when gold is a factor in monetary policy decisions.

  5. Mortgage lenders and loans

    NARCIS (Netherlands)

    Aalbers, M.B.; Smith, S.J.

    2012-01-01

    This article presents a short historical overview of the different types of lenders that are active in the origination of residential mortgage loans. First, a distinction is made between depository and nondepository lenders. Second, there are two major types of depository lenders: commercial banks,

  6. Option Pricing and Momentum

    NARCIS (Netherlands)

    Rodriguez, J.C.

    2007-01-01

    If managers are reluctant to fully adjust dividends to changes in earnings, stock returns and changes in the dividend yield will tend to be negatively correlated. When this is the case, stock returns will exhibit positive autocorrelation, or mo- mentum. This paper studies the pricing of options in

  7. Californium loan programme

    International Nuclear Information System (INIS)

    1974-01-01

    The offer of the United States to loan Californium-252 sources to the IAEA was made by Dr. Glenn T. Seaborg, then chairman of the USAEC, in his opening statement at the 15th. General Conference of the IAEA held in Vienna in 1971. The purpose of this loan was to make neutron emitting sources available to universities in the Member States for use in educational programmes. The sources, in the form of small needles designed for medical use in radiation therapy, were judged highly suitable for didactic applications due to their small size, limited activity and well documented radiological parameters. Subsequently, in May 1973, the Director General announced the availability of the Californium sources to the Member States. To date, numerous sources have been loaned to universities in Czechoslovakia, Costa Rica, the Federal Republic of Germany, Ghana, India, Iran, Israel, Japan, South Africa, Switzerland, the United Kingdom and Uruguay; additional applications for loans are being processed. It is anticipated that the loan programme will be terminated in 1975 once all the available sources have been distributed. n order to provide guidance for the Member States on the safe exploitation of these sources, a prototype use and storage facility was designed by IAEA staff of the Dosimetry Section of the Division of Life Sciences, and constructed at the IAEA laboratory in Seibersdorf, Austria. Figures 2-5 illustrate some of the details of this container, which is being given to the Ghana Nuclear Centre in support of a training programme for students at the university in Accra. Further advice to users of these sources will be provided by the publication of an instructional syllabus, a laboratory manual for experiments and the safety precautions inherent in the proper handling of neutron emitting radionuclides, authored by Professors Erich J. Hall and Harald H. Rossi of Columbia University. The syllabus and manual will be published as part of the IAEA Technical Series in September

  8. Price setting in turbulent times

    DEFF Research Database (Denmark)

    Ólafsson, Tjörvi; Pétursdóttir, Ásgerdur; Vignisdóttir, Karen Á.

    This price setting survey among Icelandic firms aims to make two contributions to the literature. First, it studies price setting in an advanced economy within a more turbulent macroeconomic environment than has previously been done. The results indicate that price adjustments are to a larger...... extent driven by exchange rate fluctuations than in most other advanced countries. The median Icelandic firm reviews its prices every four months and changes them every six months. The main sources of price rigidity and the most commonly used price setting methods are the same as in most other countries....... A second contribution to the literature is our analysis of the nexus between price setting and exchange rate movements, a topic that has attracted surprisingly limited attention in this survey-based literature. A novel aspect of our approach is to base our analysis on a categorisation of firms...

  9. Understanding Loan Aversion in Education

    Directory of Open Access Journals (Sweden)

    Angela Boatman

    2017-01-01

    Full Text Available Although prior research has suggested that some students may be averse to taking out loans to finance their college education, there is little empirical evidence showing the extent to which loan aversion exists or how it affects different populations of students. This study provides the first large-scale quantitative evidence of levels of loan aversion in the United States. Using survey data collected on more than 6,000 individuals, we examine the frequency of loan aversion in three distinct populations. Depending on the measure, between 20 and 40% of high school seniors exhibit loan aversion with lower rates among community college students and adults not in college. Women are less likely to express loan-averse attitudes than men, and Hispanic respondents are more likely to be loan averse than White respondents.

  10. Studying borrower level risk characteristics of education loan in India

    Directory of Open Access Journals (Sweden)

    Arindam Bandyopadhyay

    2016-09-01

    Full Text Available This paper empirically investigates the granular level risk of education loan using a cross section of data from 5000 borrowers obtained from four major public sector banks in India. The findings suggest that education loan defaults are mainly influenced by security, borrower margin, and repayment periods. The presence of guarantor or co-borrower and collateral significantly reduce default loss rates. The socioeconomic characteristics of borrowers and their regional locations also act as important factors associated with education loan defaults. The results suggest that by segmenting borrowers by probability of default and loss given default in a multidimensional scale, banks can adopt better risk mitigation and pricing strategies to resolve borrower problems.

  11. Home loan profitability optimisation in the financial industry / by Sias Heyns

    OpenAIRE

    Heyns, Sias

    2007-01-01

    Product profitability needs to remain a competitive advantage to a bank's home loan product. Ever changing customer needs and even more demanding customers today enforce reasons to investigate the profitability of home loans. Other aspects to consider includes transfer pricing, ROA, cost to deliver product to market areas (marketing and distribution cost) and break-even period. Banks are facing immense challenges to achieve sustainable profitability. Historically low interest rates are compre...

  12. Why borrowers pay premiums to larger lenders: Empirical evidence from sovereign syndicated loans

    OpenAIRE

    Hallak, Issam

    2002-01-01

    All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations (in percentage points) to institutions funding larger amounts. This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the period 1990-1997. I find strong evidence that a larger premium is associated with higher renegotiation probability and information asymmetries. It hardly has any impact on the number of lenders though. Thi...

  13. 7 CFR 1610.4 - Loan applications.

    Science.gov (United States)

    2010-01-01

    ... Regulations of the Department of Agriculture (Continued) RURAL TELEPHONE BANK, DEPARTMENT OF AGRICULTURE LOAN POLICIES § 1610.4 Loan applications. No application for a loan will be considered for approval by the Bank... of the applicant for a Bank loan and the amount thereof. Loan application forms are available from...

  14. 24 CFR 201.41 - Loan servicing.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Loan servicing. 201.41 Section 201... DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES TITLE I PROPERTY IMPROVEMENT AND MANUFACTURED HOME LOANS Loan Administration § 201.41 Loan servicing. (a) Generally...

  15. 49 CFR 260.9 - Loan terms.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 4 2010-10-01 2010-10-01 false Loan terms. 260.9 Section 260.9 Transportation... TRANSPORTATION REGULATIONS GOVERNING LOANS AND LOAN GUARANTEES UNDER THE RAILROAD REHABILITATION AND IMPROVEMENT FINANCING PROGRAM Overview § 260.9 Loan terms. The maximum repayment period for direct loans and guaranteed...

  16. 7 CFR 770.5 - Loan limitations.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan limitations. 770.5 Section 770.5 Agriculture... SPECIAL PROGRAMS INDIAN TRIBAL LAND ACQUISITION LOANS § 770.5 Loan limitations. (a) Loan funds may not be... title. (b) The amount of loan funds used to acquire land may not exceed the market value of the land...

  17. 7 CFR 1980.370 - Loan servicing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Loan servicing. 1980.370 Section 1980.370 Agriculture... REGULATIONS (CONTINUED) GENERAL Rural Housing Loans § 1980.370 Loan servicing. RHS encourages Lenders to... sufficient servicing and counseling to meet the objectives of the loan. Loan servicing should be approached...

  18. 7 CFR 1435.101 - Loan rates.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Loan rates. 1435.101 Section 1435.101 Agriculture... AGRICULTURE LOANS, PURCHASES, AND OTHER OPERATIONS SUGAR PROGRAM Sugar Loan Program § 1435.101 Loan rates. (a) The national average loan rate for raw cane sugar produced from domestically grown sugarcane is: 18...

  19. 7 CFR 771.5 - Loan purposes.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan purposes. 771.5 Section 771.5 Agriculture... SPECIAL PROGRAMS BOLL WEEVIL ERADICATION LOAN PROGRAM § 771.5 Loan purposes. (a) Loan funds may be used..., travel and office operations; (3) Salaries and benefits. (b) Loan funds may not be used to pay expenses...

  20. 7 CFR 774.22 - Loan closing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan closing. 774.22 Section 774.22 Agriculture... SPECIAL PROGRAMS EMERGENCY LOAN FOR SEED PRODUCERS PROGRAM § 774.22 Loan closing. (a) Conditions. The applicant must meet all conditions specified by the loan approval official in the notification of loan...

  1. 7 CFR 1980.310 - Loan purposes.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Loan purposes. 1980.310 Section 1980.310 Agriculture... REGULATIONS (CONTINUED) GENERAL Rural Housing Loans § 1980.310 Loan purposes. The purpose of a loan guaranteed... applicant as a primary residence. The loan may be to purchase a new dwelling or an existing dwelling. The...

  2. 7 CFR 1779.69 - Loan servicing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Loan servicing. 1779.69 Section 1779.69 Agriculture... (CONTINUED) WATER AND WASTE DISPOSAL PROGRAMS GUARANTEED LOANS § 1779.69 Loan servicing. (a) Lender responsibilities. The lender is responsible for servicing the entire loan in accordance with the lender's loan...

  3. 24 CFR 201.10 - Loan amounts.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Loan amounts. 201.10 Section 201.10... MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES TITLE I PROPERTY IMPROVEMENT AND MANUFACTURED HOME LOANS Loan and Note Provisions § 201.10 Loan amounts. (a) Property...

  4. 7 CFR 771.13 - Loan closing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan closing. 771.13 Section 771.13 Agriculture... SPECIAL PROGRAMS BOLL WEEVIL ERADICATION LOAN PROGRAM § 771.13 Loan closing. (a) Conditions. The applicant must meet all conditions specified by the loan approval official in the notification of loan approval...

  5. 5 CFR 1655.21 - Loan fee.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Loan fee. 1655.21 Section 1655.21 Administrative Personnel FEDERAL RETIREMENT THRIFT INVESTMENT BOARD LOAN PROGRAM § 1655.21 Loan fee. The TSP will charge a participant a $50.00 loan fee when it disburses the loan and will deduct the fee from the...

  6. 7 CFR 3560.61 - Loan security.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Loan security. 3560.61 Section 3560.61 Agriculture... DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS Direct Loan and Grant Origination § 3560.61 Loan security... collateral. (2) The amount of the loan against the collateral does not exceed its estimated security value...

  7. Carbon Pricing: Design, Experiences and Issues

    DEFF Research Database (Denmark)

    Carbon Pricing reflects upon and further develops the ongoing and worthwhile global debate into how to design carbon pricing, and how to utilize the financial proceeds in the best possible way for society. The world has recently witnessed a significant downward adjustment in fossil fuel prices...

  8. Changing Prices in a Weak Housing Market

    Institute of Scientific and Technical Information of China (English)

    Xu Dianqing

    2008-01-01

    @@ First, the adjustment in housing prices are in some cases just a regular marketing strategy. Speculation is restrained by macrocontrol policies, which naturally slows down a price increase.It is also predictable that some unreasonably high prices will need to be readjusted.

  9. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

    trade internally as the units have to decide what prices should be paid for such inter-unit transfers. One important challenge is to uncover the consequences that different transfer prices have on the willingness in the organizational units to coordinate activities and trade internally. At the same time...... the determination of transfer price will affect the size of the profit or loss in the organizational units and thus have an impact on the evaluation of managers‟ performance. In some instances the determination of transfer prices may lead to a disagreement between coordination of the organizational units...

  10. Rockets and Feathers: The Asymmetric Effect between China’s Refined Oil Prices and International Crude Oil Prices

    Directory of Open Access Journals (Sweden)

    Yufeng Chen

    2017-03-01

    Full Text Available This paper employs an asymmetric error-correction model (AECM, and uses monthly data on wholesale prices of gasoline and diesel products in China and international crude oil prices from February 2006 to October 2013 to examine whether China’s gasoline and diesel prices adjust asymmetrically to international crude oil price changes. Our empirical results suggest that increases and decreases in international oil prices have asymmetric effects on both wholesale prices of gasoline and diesel fuel in China, and that both increases and decreases in international oil prices have a greater effect on diesel prices than on gasoline prices in China. If there is no change in the maximum retail price, the asymmetry results from the transmission of wholesale prices in China with international oil prices. However, if there is a change in maximum retail prices, both international oil prices and maximum retail prices cause the asymmetry.

  11. The total costs of corporate borrowing in the loan market : dont ignore the fees

    OpenAIRE

    Berg, Tobias; Saunders, Anthony; Steffen, Sascha

    2016-01-01

    More than 80% of US syndicated loans contain at least one fee type and contracts typically specify a menu of spread and different types of fees. We test the predictions of existing theories about the main purposes of fees and provide supporting evidence that: (1) fees are used to price options embedded in loan contracts such as the draw-down option for credit lines and the cancellation option in term loans; and (2) fees are used to screen borrowers about the likelihood of exerc...

  12. Asymmetric Price Transmission in Indonesia's Wheat Flour Market

    OpenAIRE

    Varela, Gonzalo J.; Taniguchi, Kiyoshi

    2014-01-01

    Data indicate that its domestic price in Indonesia has been increasing regardless of movements in the international price of wheat. A test for asymmetric price transmission from international wheat to domestic wheat flour markets is conducted using an error correction model and find the presence of asymmetric price transmission. The upward adjustment in the domestic price of wheat flour is much faster than its adjustment downward when it deviates from long-run equilibrium. Our results are rob...

  13. Nigerian University Libraries and the World Bank Loan.

    Science.gov (United States)

    Balarabe, Ahmed Abdu

    1995-01-01

    Discusses the development of Nigerian federal universities and their libraries. Topics include library funding; the Nigerian economic crisis and the university library system; rationale for the World Bank Federal Universities Adjustment Loan Project that was used for library materials, staff development, and equipment; and problems with the…

  14. Petroleum price

    International Nuclear Information System (INIS)

    Chevallier, B.

    2009-01-01

    The 'AFTP' conference on 'petroleum prices' organized by Total last March, tries to explain the different aspects of the crisis we undergo for July 2007 and its consequential effects on the petroleum markets (supply, demand evolvements, impacts on reserves, prices, refining...). (O.M.)

  15. 27 CFR 6.61 - Guaranteeing loans.

    Science.gov (United States)

    2010-04-01

    ... OF THE TREASURY LIQUORS âTIED-HOUSEâ Unlawful Inducements Guaranteeing Loans § 6.61 Guaranteeing loans. The act by an industry member of guaranteeing any loan or the repayment of any financial...

  16. 24 CFR 200.25 - Supplemental loans.

    Science.gov (United States)

    2010-04-01

    ... DEVELOPMENT GENERAL INTRODUCTION TO FHA PROGRAMS Requirements for Application, Commitment, and Endorsement... loans. A loan, advance of credit or purchase of an obligation representing a loan or advance of credit...

  17. 7 CFR 3560.612 - Loan limits.

    Science.gov (United States)

    2010-01-01

    ... DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS On-Farm Labor Housing § 3560.612 Loan limits. The maximum loan amount will be 100 percent of the allowable total development costs of on-farm labor housing and...

  18. Endogenous price flexibility and optimal monetary policy

    OpenAIRE

    Ozge Senay; Alan Sutherland

    2014-01-01

    Much of the literature on optimal monetary policy uses models in which the degree of nominal price flexibility is exogenous. There are, however, good reasons to suppose that the degree of price flexibility adjusts endogenously to changes in monetary conditions. This article extends the standard new Keynesian model to incorporate an endogenous degree of price flexibility. The model shows that endogenizing the degree of price flexibility tends to shift optimal monetary policy towards complete i...

  19. An investment cycle in world oil prices

    International Nuclear Information System (INIS)

    Adelman, M.A.

    1992-01-01

    The price of Persian Gulf petroleum emerged after World War II as the world price. Adjusted to 1990 price levels, it went from $22 in 1947 to a low of $3 in 1970, then a high of $56 in 1981, and a low of $15 in the first half of 1990. A cyclical model is often suggested to explain these extreme swings generated by the relation between market price and investment. 9 refs., 2 figs

  20. 76 FR 6555 - Loan Guaranty Revised Loan Modification Procedures

    Science.gov (United States)

    2011-02-07

    ... loan; and advances required to preserve the lien position, such as homeowner association fees, special... delinquent interest, advances, or other amounts due; extending the repayment terms; changing the interest... encountered two sets of circumstances that have caused difficulty in easily modifying loans to assist veterans...

  1. Transfer Pricing - An Innovative Approach

    Directory of Open Access Journals (Sweden)

    Ramona MAXIM

    2017-06-01

    Full Text Available This paper presents transfer pricing and elements of drafting the transfer pricing file by the big companies. The transfer pricing procedure was founded based upon Order no. 442/2016 and the Fiscal Procedure Code and it represents a method upon which the tax base is transferred from a high tax country to a country with low taxation. This legislation outlines the conditions which companies must observe in order to draft the transfer pricing documentation and the significance thresholds. The purpose to draft a transfer pricing file is to reduce the differences between prices and market value and the actual results of company taxation. Economic double taxation occurs when tax authorities apply price adjustments because the company did not respect the principle of market value. Keeping records of transfer pricing and practicing a price aligned to market requirements contribute to an understanding of business development and the creation of appropriate tax planning. Taking into account all these aspects and the fact that any taxpayer is tempted to pay the lowest possible fees, tax havens become an option. In this context we can speak of a tax haven as a loophole in the use of the market price.

  2. SAIL: automating interlibrary loan.

    Science.gov (United States)

    Lacroix, E M

    1994-01-01

    The National Library of Medicine (NLM) initiated the System for Automated Interlibrary Loan (SAIL) pilot project to study the feasibility of using imaging technology linked to the DOCLINE system to deliver copies of journal articles. During the project, NLM converted a small number of print journal issues to electronic form, linking the captured articles to the MEDLINE citation unique identifier. DOCLINE requests for these journals that could not be filled by network libraries were routed to SAIL. Nearly 23,000 articles from sixty-four journals recently selected for indexing in Index Medicus were scanned to convert them to electronic images. During fiscal year 1992, 4,586 scanned articles were used to fill 10,444 interlibrary loan (ILL) requests, and more than half of these were used only once. Eighty percent of all the articles were not requested at all. The total cost per article delivered was $10.76, substantially more than it costs to process a photocopy request. Because conversion costs were the major component of the total SAIL cost, and most of the articles captured for the project were not requested, this model was not cost-effective. Data on SAIL journal article use was compared with all ILL requests filled by NLM for the same period. Eighty-eight percent of all articles requested from NLM were requested only once. The results of the SAIL project demonstrated that converting journal articles to electronic images and storing them in anticipation of repeated requests would not meet NLM's objective to improve interlibrary loan. PMID:8004020

  3. Gas prices and price process

    International Nuclear Information System (INIS)

    Groenewegen, G.G.

    1992-01-01

    On a conference (Gas for Europe in the 1990's) during the Gasexpo '91 the author held a speech of which the Dutch text is presented here. Attention is paid to the current European pricing methods (prices based on the costs of buying, transporting and distributing the natural gas and prices based on the market value, which is deducted from the prices of alternative fuels), and the transparency of the prices (lack of information on the way the prices are determined). Also attention is paid to the market signal transparency and gas-gas competition, which means a more or less free market of gas distribution. The risks of gas-to-gas competition for a long term price stability, investment policies and security of supply are discussed. Opposition against the Third Party Access (TPA), which is the program to implement gas-to-gas competition, is caused by the fear of natural gas companies for lower gas prices and lower profits. Finally attention is paid to government regulation and the activities of the European Commission (EC) in this matter. 1 fig., 6 ills., 1 tab

  4. 7 CFR 4279.175 - Domestic lamb industry adjustment assistance program set aside.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Domestic lamb industry adjustment assistance program... GUARANTEED LOANMAKING Business and Industry Loans § 4279.175 Domestic lamb industry adjustment assistance... National Office to fund loans to lamb processors for real estate purchases and improvements; working...

  5. Price increase

    CERN Multimedia

    2006-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced, as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  6. Price increase

    CERN Multimedia

    2005-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  7. Using collateral to secure loans

    OpenAIRE

    Yaron Leitner

    2006-01-01

    In “Using Collateral to Secure Loans,” Yaron Leitner asks: Why is collateral used to secure some loans, but not others? And why does collateral potentially involve more risk? He considers these questions, looking at some of the explanations for using collateral, focusing on its benefits and drawbacks.

  8. Uranium price forecasting methods

    International Nuclear Information System (INIS)

    Fuller, D.M.

    1994-01-01

    This article reviews a number of forecasting methods that have been applied to uranium prices and compares their relative strengths and weaknesses. The methods reviewed are: (1) judgemental methods, (2) technical analysis, (3) time-series methods, (4) fundamental analysis, and (5) econometric methods. Historically, none of these methods has performed very well, but a well-thought-out model is still useful as a basis from which to adjust to new circumstances and try again

  9. The market equilibrium of OPEC's pricing mechanism

    International Nuclear Information System (INIS)

    Hammoudeh, S.; Madan, V.

    1990-01-01

    At least twice a year, oil ministers of the Organization of the Petroleum Exporting Countries (OPEC) meet in Vienna or Geneva to adjust the group's output ceiling to eliminate discrepancies between the market price and the target price. If the market imbalances are persistent, then the target price is also adjusted. Often, OPEC's members differ in their assessment of future market demand for their oil and, thus, present different views on the need to adjust the output celing and the target price. During periods of downward pressures on oil prices, the high absorbers of capital (i.e., oil revenues) prefer a speedy downward adjustment to the celing, while the low absorbers are slow to react. However, in the event of tightening markets, the low absorbers usually respond by exceeding their quotas before agreeing on a ceiling adjustment. Therefore, OPEC nations have different desirable speeds of adjustment. This paper specifies and examines the stability of OPEC's pricing mechanism. It presents a strategy which would enable the organization to achieve a target price-based market equilibrium with increased rapidity through the appropriate manipulation of the speed of output ceiling adjustment. This strategy is applied using data on market and target prices, actual output, and output ceilings for the first quarter of 1991. The main finding is that, given the target price, OPEC's equilibrium market demand is significantly lower than the assigned output ceiling. Production should have been reduced by at least 3 million barrels a day for OPEC to realize the $21 per barrel target price in the first quarter of 1991. Seasonal factors can cause slight variations in this output but would not bring out compatibility between the target price and the output ceiling within a reasonable period of time unless OPEC follows an activist policy of output adjustment. 3 figs., 1 tab

  10. PRICING STRATEGY FOR DIGITAL PRODUCTS

    Directory of Open Access Journals (Sweden)

    MARIA MAGDALENA CRIVEANU

    2018-02-01

    Full Text Available The current society imposes an alert pace on companies that need to adapt to change, become more flexible and adopt new strategies to maintain market share. Digital marketing is a useful tool for promoting products, as customers can access a range of product information at any time and from anywhere. At the same time, another advantage on the part of companies is the lower promotion costs as compared to traditional promotional methods, as well as the establishment of a connection and a communication bridge with each client. The most important component in the process of purchasing a product is inevitably the price. It communicates a series of information about the product and the customer so that the price can be an important element of persuasion in relation to other marketing strategies. Most of the time, the smallest price is the most important factor in making a decision about buying a product, and digital marketing offers the posibility to compare prices. In this sense, digital marketing can provide both an advantage and a disadvantage for traders, as the small price may invalidate other marketing strategies or product features. In this sense, pricing is a challenge for marketing departments because the pricing strategy is deferring from the sterile formula of pricing which meant covering costs and making profit. This paper aims to analyze the extent to which price is an important element in purchasing a product, as well as highlighting a variety of methods and techniques used in pricing. Quantitative research is based on a questionnaire applied to 100 respondents in order to identify the correct pricing strategy. Research results communicate an important message to merchants who have to adjust the price of each buyer individually, so that the buyer profile is particularly important in setting the price.

  11. The oil price

    International Nuclear Information System (INIS)

    Alba, P.

    2000-01-01

    Statistical analysis cannot, alone, provide an oil price forecast. So, one needs to understand the fundamental phenomena which control the past trends since the end of world war II After a first period during which oil, thanks to its abundance, was able to increase its market share at the expense of other energies, the first oil shock reflects the rarefaction of oil resource with the tilting of the US production curve from growth to decline. Since then, the new situation is that of a ''cohabitation'' between oil and the other energies with the oil price, extremely volatile, reflecting the trial and error adjustment of the market share left to the other energies. Such a context may explain the recent oil price surge but the analogy between the US oil situation at the time of the first shock and that existing today for the world outside Middle East suggest another possibility, that of a structural change with higher future oil prices. The authors examine these two possibilities, think that the oil price will reflect both as long as one or the other will not become proven, and conclude with a series of political recommendations. (authors)

  12. Freemium Pricing

    DEFF Research Database (Denmark)

    Runge, Julian; Wagner, Stefan; Claussen, Jörg

    Firms commonly run field experiments to improve their freemium pricing schemes. However, they often lack a framework for analysis that goes beyond directly measurable outcomes and focuses on longer term profit. We aim to fill this gap by structuring existing knowledge on freemium pricing...... into a stylized framework. We apply the proposed framework in the analysis of a field experiment that contrasts three variations of a freemium pricing scheme and comprises about 300,000 users of a software application. Our findings indicate that a reduction of free product features increases conversion as well...... as viral activity, but reduces usage – which is in line with the framework’s predictions. Additional back-of-the-envelope profit estimations suggest that managers were overly optimistic about positive externalities from usage and viral activity in their choice of pricing scheme, leading them to give too...

  13. Petroleum price

    International Nuclear Information System (INIS)

    Maurice, J.

    2001-01-01

    The oil market is the most volatile of all markets, with the exception of the Nasdaq. It is also the biggest commodity market in the world. Therefore one cannot avoid forecasting oil prices, nor can one expect to avoid the forecasting errors that have been made in the past. In his report, Joel Maurice draws a distinction between the short term and the medium-long term in analysing the outlook for oil prices. (author)

  14. Stop Misusing Higher Education-Specific Price Indices

    Science.gov (United States)

    Gillen, Andrew; Robe, Jonathan

    2011-01-01

    In order to compare the price of things over time, it is necessary to use a price index to adjust for inflation. The Higher Education Price Index (HEPI) and the Higher Education Cost Adjustment (HECA) were designed to more accurately account for the spending patterns of colleges and universities. However, there are some methodological problems…

  15. An algorithm for on-line price discrimination

    NARCIS (Netherlands)

    D.D.B. van Bragt; D.J.A. Somefun (Koye); E. Kutschinski; J.A. La Poutré (Han)

    2002-01-01

    textabstractThe combination of on-line dynamic pricing with price discrimination can be very beneficial for firms operating on the Internet. We therefore develop an on-line dynamic pricing algorithm that can adjust the price schedule for a good or service on behalf of a firm. This algorithm (a

  16. Methodological aspects of journaling a dynamic adjusting entry model

    Directory of Open Access Journals (Sweden)

    Vlasta Kašparovská

    2011-01-01

    Full Text Available This paper expands the discussion of the importance and function of adjusting entries for loan receivables. Discussion of the cyclical development of adjusting entries, their negative impact on the business cycle and potential solutions has intensified during the financial crisis. These discussions are still ongoing and continue to be relevant to members of the professional public, banking regulators and representatives of international accounting institutions. The objective of this paper is to evaluate a method of journaling dynamic adjusting entries under current accounting law. It also expresses the authors’ opinions on the potential for consistently implementing basic accounting principles in journaling adjusting entries for loan receivables under a dynamic model.

  17. 75 FR 53007 - Gulf Opportunity Pilot Loan Program (GO Loan Pilot)

    Science.gov (United States)

    2010-08-30

    ... SMALL BUSINESS ADMINISTRATION Gulf Opportunity Pilot Loan Program (GO Loan Pilot) AGENCY: U.S...'s GO Loan Pilot until September 30, 2011. Due to the scope and magnitude of the devastation to... streamlined and centralized loan processing available through the GO Loan Pilot to small businesses in the...

  18. Student Loans Driving You Crazy? A Borrower's Guide to Direct Consolidation Loans.

    Science.gov (United States)

    Office of Federal Student Aid (ED), Washington, DC.

    This booklet describes the Direct Consolidation Loan program students can use to combine one or more student loans into a new loan. Things to consider before seeking a consolidation loan are outlined. Direct consolidation loans offer a number of advantages; they are free, result in one lender and one monthly payment, and offer flexible repayment…

  19. 78 FR 64294 - Loan Guaranty: Mandatory Electronic Delivery of Loan Files for Review

    Science.gov (United States)

    2013-10-28

    ... DEPARTMENT OF VETERANS AFFAIRS Loan Guaranty: Mandatory Electronic Delivery of Loan Files for... Affairs (VA) Loan Guaranty Service (LGY) announces a new policy with regard to lender submission of VA- guaranteed closed loan files for review. Currently, lenders can submit loan files selected for review by LGY...

  20. 76 FR 27986 - Funding for the Conservation Loan Program; Farm Loan Programs

    Science.gov (United States)

    2011-05-13

    ... for the Conservation Loan Program; Farm Loan Programs AGENCY: Farm Service Agency, USDA. ACTION... or guaranteed loan applications for the Conservation Loan (CL) Program because of lack of program... provisions to the existing direct and guaranteed loan regulations found in 7 CFR parts 761, 762, 764, 765...

  1. 77 FR 13530 - Funding for the Conservation Loan Program; Farm Loan Programs

    Science.gov (United States)

    2012-03-07

    ... DEPARTMENT OF AGRICULTURE Farm Service Agency Funding for the Conservation Loan Program; Farm Loan... Service Agency (FSA) now has funding for and is accepting guaranteed loan applications for the Conservation Loan (CL) Program. Due to a lack of program funding for direct CLs, direct loan applications are...

  2. 7 CFR 1735.73 - Loan design.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Loan design. 1735.73 Section 1735.73 Agriculture... Funds § 1735.73 Loan design. When loan funds are requested for an acquisition, details of the proposed acquisition shall be included in the Loan Design. See 7 CFR part 1737. ...

  3. 7 CFR 1980.481 - Insured loans.

    Science.gov (United States)

    2010-01-01

    ... REGULATIONS (CONTINUED) GENERAL Business and Industrial Loan Program § 1980.481 Insured loans. Applications...) Constructing and equipping industrial plants for lease to private businesses (not including loans for operating... concurrence prior to approval. B. Applications from private parties for insured loans will not be encouraged...

  4. 7 CFR 773.7 - Loan uses.

    Science.gov (United States)

    2010-01-01

    ... PROGRAMS SPECIAL APPLE LOAN PROGRAM § 773.7 Loan uses. Loan funds may be used for any of the following purposes related to the production or marketing of apples: (a) Payment of costs associated with..., processing or marketing purposes; or (h) Payment of loan closing costs. ...

  5. 7 CFR 1822.274 - Loan closing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Loan closing. 1822.274 Section 1822.274 Agriculture... SERVICE, RURAL UTILITIES SERVICE, AND FARM SERVICE AGENCY, DEPARTMENT OF AGRICULTURE LOANS AND GRANTS PRIMARILY FOR REAL ESTATE PURPOSES RURAL HOUSING LOANS AND GRANTS Rural Housing Site Loan Policies...

  6. 24 CFR 573.4 - Loan term.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Loan term. 573.4 Section 573.4 Housing and Urban Development Regulations Relating to Housing and Urban Development (Continued) OFFICE OF... COMMUNITY FACILITIES LOAN GUARANTEE RECOVERY FUND § 573.4 Loan term. The term of the loan to be guaranteed...

  7. 44 CFR 206.371 - Loan program.

    Science.gov (United States)

    2010-10-01

    ... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Loan program. 206.371 Section... HOMELAND SECURITY DISASTER ASSISTANCE FEDERAL DISASTER ASSISTANCE Community Disaster Loans § 206.371 Loan... Special Community Disaster Loan to any local government which has suffered a substantial loss of tax and...

  8. 7 CFR 1776.16 - Loan servicing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Loan servicing. 1776.16 Section 1776.16 Agriculture... (CONTINUED) HOUSEHOLD WATER WELL SYSTEM GRANT PROGRAM HWWS Loans § 1776.16 Loan servicing. (a) If RUS determines that HWWS loans may be serviced by CSC, then the grant recipient will enter into an agreement with...

  9. 5 CFR 1620.35 - Loan payments.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Loan payments. 1620.35 Section 1620.35... Nonappropriated Fund Employees § 1620.35 Loan payments. NAF instrumentalities must deduct and transmit TSP loan... CFR part 1655 and Board procedures. Loan payments may not be deducted and transmitted for employees...

  10. 24 CFR 1007.35 - Loan terms.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Loan terms. 1007.35 Section 1007.35... LOAN GUARANTEES FOR NATIVE HAWAIIAN HOUSING § 1007.35 Loan terms. To be eligible for guarantee under this part, the loan shall: (a) Be made for a term not exceeding 30 years; (b) Bear interest (exclusive...

  11. 14 CFR 1300.15 - Loan terms.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Loan terms. 1300.15 Section 1300.15... DISASTER RELIEF-AIR CARRIER GUARANTEE LOAN PROGRAM Minimum Requirements and Application Procedures § 1300.15 Loan terms. (a) A loan guaranteed under the program shall be due and payable in full no later than...

  12. 75 FR 14331 - Disaster Assistance Loan Program

    Science.gov (United States)

    2010-03-25

    ... SMALL BUSINESS ADMINISTRATION 13 CFR Part 123 RIN 3245-AF98 Disaster Assistance Loan Program...-term disaster loans to homeowners, renters, businesses, and non-profit organizations that have been... to disaster victims by raising the statutory loan limit for loans to businesses, increasing the...

  13. 44 CFR 206.361 - Loan program.

    Science.gov (United States)

    2010-10-01

    ... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Loan program. 206.361 Section... HOMELAND SECURITY DISASTER ASSISTANCE FEDERAL DISASTER ASSISTANCE Community Disaster Loans § 206.361 Loan... Community Disaster Loan to any local government which has suffered a substantial loss of tax and other...

  14. 5 CFR 1655.12 - Loan agreement.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Loan agreement. 1655.12 Section 1655.12 Administrative Personnel FEDERAL RETIREMENT THRIFT INVESTMENT BOARD LOAN PROGRAM § 1655.12 Loan agreement. (a) Upon determining that a loan application meets the requirements of this part, the TSP record keeper...

  15. 7 CFR 771.15 - Loan servicing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan servicing. 771.15 Section 771.15 Agriculture... SPECIAL PROGRAMS BOLL WEEVIL ERADICATION LOAN PROGRAM § 771.15 Loan servicing. (a) Advances. FSA may make... advances. (b) Payments. Payments will be made to FSA as set forth in loan agreements and debt instruments...

  16. 77 FR 59346 - Payday-Alternative Loans

    Science.gov (United States)

    2012-09-27

    ... NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 701 RIN 3133-AE08 Payday-Alternative Loans AGENCY...: The NCUA Board (Board) is currently reviewing its regulation governing payday-alternative loans (PAL... to offer PAL loans, previously referred to as short- term, small amount loans, as an alternative to...

  17. 31 CFR 25.400 - Loan provisions.

    Science.gov (United States)

    2010-07-01

    ... SALES LOANS MADE BY THE DEFENSE SECURITY ASSISTANCE AGENCY AND FOREIGN MILITARY SALES LOANS MADE BY THE FEDERAL FINANCING BANK AND GUARANTEED BY THE DEFENSE SECURITY ASSISTANCE AGENCY Form of Private Loan § 25... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Loan provisions. 25.400 Section 25...

  18. 7 CFR 1434.18 - Loan repayments.

    Science.gov (United States)

    2010-01-01

    ... repayment rate for marketing assistance loans for honey under this part will be in effect on a short-term... AGRICULTURE LOANS, PURCHASES, AND OTHER OPERATIONS NONRECOURSE MARKETING ASSISTANCE LOAN AND LDP REGULATIONS FOR HONEY § 1434.18 Loan repayments. (a) A honey producer may repay a nonrecourse marketing assistance...

  19. 7 CFR 764.402 - Loan closing.

    Science.gov (United States)

    2010-01-01

    ... SPECIAL PROGRAMS DIRECT LOAN MAKING Loan Decision and Closing § 764.402 Loan closing. (a) Signature... information for the Agency to reconfirm approval and proceed with loan closing. (3) The Agency or closing... account will be used according to subpart B of part 761 of this chapter when these processes are not...

  20. 78 FR 78519 - Appraisals for Higher-Priced Mortgage Loans

    Science.gov (United States)

    2013-12-26

    ... where the holder of the credit risk of the existing obligation remains the same on the refinancing. The....'' Specifically, new TILA section 129H prohibits a creditor from extending credit in the form of a ``higher-risk... rule.\\8\\ The term ``higher-risk mortgage'' generally encompasses a closed-end consumer credit...

  1. 78 FR 10367 - Appraisals for Higher-Priced Mortgage Loans

    Science.gov (United States)

    2013-02-13

    ... the current sale. A creditor of a ``higher-risk mortgage'' must also: Provide the applicant, at the... addition, the final rule implements the Act's requirement that the creditor of a ``higher-risk mortgage... provision requiring appraisals for ``higher-risk mortgages'' that was added to TILA by the Dodd-Frank Wall...

  2. Marketplace pricing

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    As discussed in this chapter, interest in marketplace pricing has been increasing in recent years, reflecting the societal trend toward substituting competition for regulation where appropriate. Competition is valuable because it encourages utilities to make efficient decisions with a minimum of regulatory intervention. It enhances efficiency through the incentive for innovation by the regulated companies and by increasing the likelihood they will come forward with proposals for better services, lower prices or both. Ultimately, consumers are beneficiaries. Marketplace pricing is emblematic of the view that the degree of regulation should reflect the degree of market power, that workably competitive markets should be allowed to operate with as little regulatory interference as possible. The Edison Electric Institute has made perhaps the most detailed proposal on marketplace pricing. It and others perceive numerous benefits from this method of pricing transmission services. Given the undeniable market power resulting from line ownership, FERC has emphasized the need to find a workably competitive market before approving such proposals. The ability to make this distinction without a full-blown antitrust review for every transaction is questionable, and FERC has yet to provide generic guidance. Finally, FERC's legal ability to depart from cost-based standards is questionable

  3. High Bids and Low Recovery: A Possible Case for Non-Performing Loan Auctions in India

    OpenAIRE

    Pandey, Ashish

    2016-01-01

    This paper considers the possibility that the prices bid by asset reconstruction companies in India under a security receipt mechanism may not reflect the ultimate recoverable value of nonperforming loans. The paper establishes, using a model and simulations, that the price bid by asset reconstruction companies will reveal their own rational interest and can significantly exceed the recoverable value. The conclusions arrived in this paper raise concerns regarding the use of bids as an indicat...

  4. Application of BSDE in Standard Inventory Financing Loan

    Directory of Open Access Journals (Sweden)

    Hui Zhang

    2017-01-01

    Full Text Available This paper examines the issue of loans obtained by the small and medium-sized enterprises (SMEs from banks through the mortgage inventory of goods. And the loan-to-value (LTV ratio which affects the loan business is a very critical factor. In this paper, we provide a general framework to determine a bank’s optimal loan-to-value (LTV ratio when we consider the collateral value in the financial market with Knightian uncertainty. We assume that the short-term prices of the collateral follow a geometric Brownian motion. We use a set of equivalent martingale measures to build the models about a bank’s maximum and minimum levels of risk tolerance in an environment with Knightian uncertainty. The models about the LTV ratios are established with the bank’s maximum and minimum risk preferences. Applying backward stochastic differential equations (BSDEs, we get the explicit solutions of the models. Applying the explicit solutions, we can obtain an interval solution for the optimal LTV ratio. Our numerical analysis shows that the LTV ratio in the Knightian uncertainty-neutral environment belongs to the interval solutions derived from the models.

  5. 77 FR 76414 - William D. Ford Federal Direct Loan Program

    Science.gov (United States)

    2012-12-28

    ... Federal Direct Loan Program AGENCY: Department of Education. ACTION: Final regulations; correction... Loan (Perkins Loan) Program; the Federal Family Education Loan (FFEL) Program; and the William D. Ford Federal Direct Loan (Direct Loan) Program, including the Public Service Loan Forgiveness (PSLF) Program...

  6. A new Loan-Stock Financial Instrument

    OpenAIRE

    Morozovsky, Alexander; Narasimhan, Rajan; Kholodenko, Yuri

    2000-01-01

    A new financial instrument (a new kind of a loan) is introduced. The loan-stock instrument (LSI) combines fixed rate instruments (loans, etc.) with other financial instruments that have higher volatilities and returns (stocks, mutual funds, currencies, derivatives, options, etc.). This new loan depends on the value of underlying security (for example, stock) in such a way that when underlying security increases, the value of loan decreases and backwards. The procedure to create a risk free po...

  7. Electricity pricing

    International Nuclear Information System (INIS)

    Wijayatunga, P.D.C.

    1994-01-01

    Electricity pricing in most countries, especially in the developing world, has been determined by traditional accounting criteria where it raises revenue requirements to cover the operating costs and a return on past and future capital investments in possible power systems. The use of economic principles to improve the total economic efficiency in the electricity industry is discussed. Basic marginal cost theory, long run marginal costing (LRMC) cost categories and rating periods, marginal capacity costs, marginal energy costs, consumer costs, short run marginal costing (SRMC), marginal cost of fuel, marginal cost of network losses, market clearing price, value of unserved energy and network quality of supply cost are discussed

  8. Price dynamics in European petroleum markets

    International Nuclear Information System (INIS)

    Wlazlowski, Szymon; Giulietti, Monica; Binner, Jane; Milas, Costas

    2009-01-01

    This paper analyses horizontal and vertical price dynamics in the EU petroleum markets. The results indicate that the cross-country price differentials have significant impact on the local price adjustments. We investigate the cross-national price spill-overs and find that the extent of the welfare transfer due to asymmetric price transmission, when analysed in a cross-country setting, is less pronounced than claimed in previous contributions in this area. We also find empirical evidence, although indirect, for the politically charged concept of 'fuel tourism', using a pan-European cross-product time series dataset. (author)

  9. Speed of adjustment and market structure

    International Nuclear Information System (INIS)

    Lanza, A.

    1991-01-01

    This paper studies the relationship between changes in costs and prices in the gasoline market in the Federal Republic of Germany for the period 1980-90. We shall use an econometric model, and distinguish two stages in the transmission of cost changes to prices. The first is the adjustment of gasoline prices ex-refinery to changes in the price of crude oil, and the second is the adjustment of gasoline price (net of taxes) at the pump to ex-refinery prices. The study of price adjustments to cost changes involves the analysis of two inter-related but different phenomena. The first is the speed of adjustment, defined here as the mean of the length of the time periods required for the transmission of the full effect of an exogenous shock from the independent to the dependent variable of the econometric model used in the analysis. The second relates to possible asymmetries in the response of prices to increases and decreases in costs. Both phenomena are closely related to the structure of the market. The common assumption is that the first is negatively correlated to the degree of competition, and that the second is an indication of the prevailing market structure. The main findings of this paper are as follows: (a) at the refinery level there is only weak evidence of asymmetrical reaction; the average lag in case of crude price increases or decreases is about three months; (b) at the consumers' level, the speed of adjustment was lower when the ex-refinery price was declining than when it was rising; the adjustment lag was about 6.07 months when ex-refinery prices were declining and 5.37 months when they were rising. (author)

  10. Oil price and the dollar

    International Nuclear Information System (INIS)

    Coudert, V.; Mignon, V.; Penot, A.

    2007-01-01

    Oil prices and the United States (US) dollar exchange rate are driving the evolution of the world economy. This paper investigated long-term relationships between oil prices and the US effective exchange rate. An empirical study was performed on oil prices and the dollar real effective exchange rate between 1974 to 2004. The impact of the dollar exchange rate was also explored, and the effects of oil prices on supply and demand were considered. A dynamic partial equilibrium framework study was evaluated in order to compare how other countries used revenues from oil exports in dollars. The study showed that both variables had similar evolutions when price fluctuations were low. Strong increases in the dollar were associated with lower oil prices. However, adjustment speeds of the dollar real effective exchange rate was slow. Co-integration and causality tests showed that oil prices influenced the exchange rate, and that the link between the 2 variables was transmitted through the country's net foreign asset position. It was concluded that higher oil prices improved US net foreign asset position in relation to other countries, and had a positive impact on dollar appreciation. 24 refs., 6 tabs., 1 fig

  11. TARGET CONTROLLING METHOD OF THE PRICING PROCESS IN THE TOURISM ENTERPRISES

    OpenAIRE

    N. Sagalakova

    2016-01-01

    Key stages of the pricing process in the tourism enterprises are investigated: subprocess of establishing of nominal value of the new tourism product price and subprocess of adjustment of the established price depending on a situation in the tourism market. For establishing of nominal value of the price it is offered by use of optimizing model, which maximizes the usefulness function of structural parts of the tourism product price. For adjustment of the tourism product price under change of ...

  12. 12 CFR 32.7 - Residential real estate loans, small business loans, and small farm loans.

    Science.gov (United States)

    2010-01-01

    ... concerns about credit quality, undue concentrations in the bank's portfolio of residential real estate, small business, or small farm loans, or concerns about the bank's overall credit risk management systems...

  13. Determinants of agro-food price changes in Slovenia

    OpenAIRE

    Gričar, Sergej; Bojnec, Štefan

    2013-01-01

    This paper investigates the impacts of the current economic developments, the Euro adoption, and input prices on the consumer food prices. The focus of the analysis is on the consumer food price developments during the Slovenian adjustments towards the European Union membership, the Euro adoption by the followed increased in consumer prices, and the current economic and financial conditions. The empirical analysis on the determinants of the consumer food prices is based on the monthly statist...

  14. IPO Pricing with Bookbuilding and a When-Issued Market

    OpenAIRE

    Stomper, Alex; Aussenegg, Wolfgang; Pichler, Pegaret

    2004-01-01

    This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market. We find no partial adjustment phenomenon, as has been documented for U.S. IPOs. We thus find no evidence that bookbuilding provides information for IPO pricing, beyond the information that is required to set preliminary price ranges. Once price ranges are set, when-issued trading commences and indicates how IPOs should be priced in the primary market. However, the evidence ...

  15. Credit reporting, relationship banking, and loan repayment

    Directory of Open Access Journals (Sweden)

    Tahereh Shirzad Kebria

    2015-06-01

    Full Text Available This paper presents an empirical investigation to determine factors influencing on loan repayment in one of Iranian banks named Sepah Bank over the period 2012-2013. The study selects a sample of 290 bank’s customers who received loans and, using logistic regression technique, tries to find whether or not qualitative as well as quantitative characteristics of loan receivers influence on repayment of loans. The results indicate that history of outstanding debt as well as customers’ past experiences with banks had meaningful relationships with having bad credit and non-payment of loans. In our survey, having a bad credit in the past had positive relationship with non-payment of loans but long-term customers had negative relationship with non-payment of loans. In addition, working capital turnover ratio, cash ratio, total liabilities, current assets and loan value had significant impact on non-repayment of the loan facilities.

  16. 48 CFR 15.407-1 - Defective certified cost or pricing data.

    Science.gov (United States)

    2010-10-01

    ...—Modifications. The clauses give the Government the right to a price adjustment for defects in certified cost or... recognize that the Government's right to a price adjustment is not affected by any of the following... certified, cost or pricing data, the Government has the right, under the clauses at 52.215-10, Price...

  17. Dynamics of oil price, precious metal prices, and exchange rate

    International Nuclear Information System (INIS)

    Sari, Ramazan; Soytas, Ugur; Hammoudeh, Shawkat

    2010-01-01

    This study examines the co-movements and information transmission among the spot prices of four precious metals (gold, silver, platinum, and palladium), oil price, and the US dollar/euro exchange rate. We find evidence of a weak long-run equilibrium relationship but strong feedbacks in the short run. The spot precious metal markets respond significantly (but temporarily) to a shock in any of the prices of the other metal prices and the exchange rate. Furthermore, we discover some evidence of market overreactions in the palladium and platinum cases as well as in the exchange rate market. In conclusion, whether there are overreactions and re-adjustments or not, investors may diversify at least a portion of the risk away by investing in precious metals, oil, and the euro. Policy implications are provided. (author)

  18. MARKETING AS A BEHAVIORAL SYSTEM: An Illustration of Retail Loans

    OpenAIRE

    Pamir, Can; Tosun, Petek; Sezgin, Selime

    2015-01-01

    Marketing management, which has elevated the position of marketing to a strategic level in institutions, is generally executed within complex systems. These complex marketing systems are inherently not only “open” but also “behavioral” paradigms, which continuously and overtly interact with their environment and adjust themselves accordingly. Taking the open and behavioral aspects of systems approach into consideration, this paper analyzes the marketing management practice of consumer loans i...

  19. Evaluation Of Loan Disbursement And Repayment Of Supervised ...

    African Journals Online (AJOL)

    Evaluation Of Loan Disbursement And Repayment Of Supervised Credit ... bank as regard to loan supervision was scored low as a result of low rate of loan recovery, ... strategy to recover outstanding debts and reduce interest charge on loans.

  20. 7 CFR 4287.112 - Interest rate adjustments.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Interest rate adjustments. 4287.112 Section 4287.112... Loans § 4287.112 Interest rate adjustments. (a) Reductions. The borrower, lender, and holder (if any) may collectively initiate a permanent or temporary reduction in the interest rate of the guaranteed...

  1. The price of cigarettes in the European Union.

    Science.gov (United States)

    Montes, A; Villalbí, J R

    2001-06-01

    A major factor influencing tobacco use is its price. Fiscal policies on tobacco are a key ingredient of any comprehensive control strategy, as they can be used to raise prices. The European Union (EU) developed directives to ensure some harmonisation of the fiscal pressure on tobacco across its member states. To provide a simple comparison of tobacco prices in the EU, adjusting for the purchasing power of each currency. For price comparisons, a 20 units pack of Marlboro was the reference product, and data refer to April 2000. Purchasing power parities (PPP) for each member state currency have been compiled. These are currency conversion rates, which convert to a common currency and equalise the purchasing power of different currencies. Nominal prices of a Marlboro pack for each member state, and a price index, estimated taking as reference the EU mean. Adjusted prices and an adjusted price index have been estimated using PPP. Nominal prices show wide variation, with the cheapest pack in Portugal (59) and the most expensive in the UK (196); the range of variation is three-fold. However, PPP adjusted prices reveal a different distribution. In three countries adjusted prices are outliers, but all other countries make two clusters, one around the average EU index of 100, the other around a lower value of 85. These results suggest that fiscal harmonisation policies in the EU do not have an even effect at reducing availability by its impact in price.

  2. An Investigation into the Fundamental Drivers of Pricing of Residential Mortgage Products – A Risk Pricing Viewpoint

    Directory of Open Access Journals (Sweden)

    Harry M Karamujic

    2010-12-01

    Full Text Available Residential mortgage products (also known as home loans pricing has been long understood to be something of a ‘dark art’, requiring judgment and experience, rather than being an exact science. In the last decade, a lot has changed in this field and more and more lenders, primarily the larger lenders, are increasingly looking to make their pricing as exact as possible. Even so, inadequate pricing of residential mortgage products (in particular its substandard risk pricing has been seen as one of major causes of the global financial crisis (GFC and subsequent spectacular banking collapses. The underlying theme of the paper is to exhibit how contemporary lenders, in practice, price their residential mortgage products. While discussing elements of the pricing calculation particular attention was given to the exposition of how contemporary lenders price risks involved in providing home loans. Because of the importance of Basel capital accords to how financial institutions assess and quantify their risks, the paper provides an overview of Basel capital accords. The author envisages that the paper will (i help enhance comprehension of the underlying elements of the pricing calculation and the ways in which these elements relate to each other, (ii scrutinize how contemporary lenders identify and quantify risks and (iii improve consciousness of future changes in interest rates

  3. Natural gas pricing policies in Southeast Asia

    International Nuclear Information System (INIS)

    Pacudan, R.B.

    1998-01-01

    The very dynamic economies of Southeast Asia have recently been experiencing a rapid increase in energy demand. Parallel to this development, there has been an increase in the utilization of indigenous natural gas resources. This article reviews gas-pricing policies in the region, which partly explain the rise in gas utilization. Although diverse, energy pricing policies in Southeast Asia address the common objective of enhancing domestic gas production and utilization. The article concludes that a more rational gas-pricing policy framework is emerging in the region. In global terms, gas pricing in the region tends to converge in a market-related framework, despite the many different pricing objectives of individual countries, and the predominance of non-economic pricing objectives in certain countries (especially gas-rich nations). Specifically, governments have been flexible enough to follow global trends and initiate changes in contractual agreements (pricing and profit-sharing), giving oil companies more favourable terms, and encouraging continued private investment in gas development. At the same time, promotional pricing has also been used to increase utilization of gas, through set prices and adjusted taxes achieving a lower price level compared to substitute fuels. For an efficient gas-pricing mechanism, refinements in the pricing framework should be undertaken, as demand for gas approaches existing and/or forecast production capacities. (author)

  4. Single Family Loan Sale Initiative - National Offering

    Data.gov (United States)

    Department of Housing and Urban Development — The FHA Office of Housing is conducting a series of mortgage loan sales under the Single Family Loan Sale (SFLS) Initiative. The current sales structure consists of...

  5. Discriminant Analysis of Student Loan Applications

    Science.gov (United States)

    Dyl, Edward A.; McGann, Anthony F.

    1977-01-01

    The use of discriminant analysis in identifying potentially "good" versus potentially "bad" student loans is explained. The technique is applied to a sample of 200 student loan applications at the University of Wyoming. (LBH)

  6. Financial Management: Emergency Steel Loan Guarantee Program

    National Research Council Canada - National Science Library

    2001-01-01

    In a February 1, 2001 letter, you expressed concerns about repayments of federally guaranteed loans by borrowers under the Emergency Steel Loan Guarantee Program and the effect of the program on the U.S. steel industry...

  7. 7 CFR 1718.103 - Loan contract provisions.

    Science.gov (United States)

    2010-01-01

    ... AGRICULTURE LOAN SECURITY DOCUMENTS FOR ELECTRIC BORROWERS Loan Contracts With Distribution Borrowers § 1718... security for the loan will be reasonably adequate and that the loan will be repaid according to the terms... other provisions as RUS may require to ensure loan repayment and reasonably adequate loan security. ...

  8. 76 FR 60960 - Gulf Opportunity Pilot Loan Program (GO Loan Pilot)

    Science.gov (United States)

    2011-09-30

    ... SMALL BUSINESS ADMINISTRATION Gulf Opportunity Pilot Loan Program (GO Loan Pilot) AGENCY: U.S.... SUMMARY: This notice announces the extension of SBA's GO Loan Pilot, with modifications, until December 31... processing available through the GO Loan Pilot to small businesses in the eligible parishes/counties through...

  9. 76 FR 30246 - Loan Policies and Operations; Loan Purchases From FDIC

    Science.gov (United States)

    2011-05-25

    ... FARM CREDIT ADMINISTRATION 12 CFR Part 614 RIN 3052-AC62 Loan Policies and Operations; Loan... Administration (FCA or we) issues this final rule to amend its regulations on loan policies and operations. This... purchase from the Federal Deposit Insurance Corporation (FDIC) loans to farmers, ranchers, producers or...

  10. 75 FR 56487 - Loan Policies and Operations; Loan Purchases From FDIC

    Science.gov (United States)

    2010-09-16

    ...-AC62 Loan Policies and Operations; Loan Purchases From FDIC AGENCY: Farm Credit Administration. ACTION... authority to purchase from the Federal Deposit Insurance Corporation loans to farmers, ranchers, producers... Federal Deposit Insurance Corporation loans to farmers, ranchers, producers or harvesters of aquatic...

  11. 76 FR 5055 - Loan Servicing; Farm Loan Programs

    Science.gov (United States)

    2011-01-28

    ... suspending interest accrual and offsets, if a borrower has filed a claim of program discrimination that has... claim, including interest accruals and offsets, while the discrimination claim is being resolved. This... 761 Accounting, Loan programs--Agriculture, Rural areas. 7 CFR Part 766 Agriculture, Agricultural...

  12. 7 CFR 771.14 - Loan monitoring.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan monitoring. 771.14 Section 771.14 Agriculture... SPECIAL PROGRAMS BOLL WEEVIL ERADICATION LOAN PROGRAM § 771.14 Loan monitoring. (a) Annual and periodic... any potential problems or concerns. (b) Performance monitoring. At any time FSA determines it...

  13. Student Loan Default Rates in Minnesota, 2007

    Science.gov (United States)

    Grimes, Tricia

    2010-01-01

    While Minnesota undergraduates are more likely to take out student loans, they are substantially less likely than their peers nationally to default on federal student loans. Fifty-four percent of Minnesota undergraduates took out student loans in 2007-2008, compared to 39 percent of undergraduates across the U.S. Minnesota undergraduates were also…

  14. 29 CFR 4043.67 - Loan default.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Loan default. 4043.67 Section 4043.67 Labor Regulations... CERTAIN OTHER NOTIFICATION REQUIREMENTS Advance Notice of Reportable Events § 4043.67 Loan default. (a) Reportable event and information required. Advance notice is required for a loan default, as described in...

  15. 7 CFR 3560.72 - Loan closing.

    Science.gov (United States)

    2010-01-01

    ... DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS Direct Loan and Grant Origination § 3560.72 Loan closing. (a... all cases, the borrower must: (1) Provide evidence that an Agency-approved accounting system is in... cost of the work performed in connection with the construction contract in accordance with 7 CFR part...

  16. 11 CFR 100.82 - Bank loans.

    Science.gov (United States)

    2010-01-01

    ... 11 Federal Elections 1 2010-01-01 2010-01-01 false Bank loans. 100.82 Section 100.82 Federal... Contributions § 100.82 Bank loans. (a) General provisions. A loan of money to a political committee or a candidate by a State bank, a federally chartered depository institution (including a national bank) or a...

  17. 11 CFR 100.142 - Bank loans.

    Science.gov (United States)

    2010-01-01

    ... 11 Federal Elections 1 2010-01-01 2010-01-01 false Bank loans. 100.142 Section 100.142 Federal... Expenditures § 100.142 Bank loans. (a) General provisions. Repayment of a loan of money to a candidate or a political committee by a State bank, a federally chartered depository institution (including a national bank...

  18. Rules versus discretion in loan rate setting

    NARCIS (Netherlands)

    Cerqueiro, G.M.; Degryse, H.A.; Ongena, S.

    2011-01-01

    Loan rates for seemingly identical borrowers often exhibit substantial dispersion. This paper investigates the determinants of the dispersion in interest rates on loans granted by banks to small and medium sized enterprises. We associate this dispersion with the loan officers’ use of “discretion” in

  19. 7 CFR 761.8 - Loan Limitations.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan Limitations. 761.8 Section 761.8 Agriculture... SPECIAL PROGRAMS GENERAL PROGRAM ADMINISTRATION General Provisions § 761.8 Loan Limitations. (a) Dollar... cannot exceed any of the following at the time of loan closing or assumption of indebtedness. If the...

  20. 75 FR 9246 - Cooperative Share Loan Insurance

    Science.gov (United States)

    2010-03-01

    ... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5376-N-14] Cooperative Share Loan... comments on the subject proposal. New guidance for cooperative housing loan insurance will be published to update existing policies, and better enable mortgagees to submit cooperative share loans for FHA...

  1. Cumulative Student Loan Debt in Minnesota, 2015

    Science.gov (United States)

    Williams-Wyche, Shaun

    2016-01-01

    To better understand student debt in Minnesota, the Minnesota Office of Higher Education (the Office) gathers information on cumulative student loan debt from Minnesota degree-granting institutions. These data detail the number of students with loans by institution, the cumulative student loan debt incurred at that institution, and the percentage…

  2. 7 CFR 1435.104 - Loan maintenance.

    Science.gov (United States)

    2010-01-01

    ... quality and quantity as collateral to satisfy the processor's loan indebtedness to CCC. CCC shall not assume any loss in quantity or quality of the loan collateral. (2) The processor is responsible for... and in-process sugar pledged as loan collateral need not be stored identity preserved. (4) When the...

  3. 7 CFR 1951.885 - Loan classifications.

    Science.gov (United States)

    2010-01-01

    ... classifications is of obvious importance. However, the function of the Substandard classification is to indicate... seasoned loan, a loan must: (1) Have a remaining principal loan balance of two-thirds or less of the... intermediary's operation or an imbalanced position in the balance sheet which has not reached a point that...

  4. 7 CFR 3560.63 - Loan limits.

    Science.gov (United States)

    2010-01-01

    ... DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS Direct Loan and Grant Origination § 3560.63 Loan limits. (a... Agency will analyze Federal Government and other assistance provided to any MFH project to establish the... differently in a Memorandum of Understanding between the Agency and the state agency that allocates low-income...

  5. Interlibrary Loan Communications Subsystem: Users Manual.

    Science.gov (United States)

    OCLC Online Computer Library Center, Inc., Dublin, OH.

    The OCLC Interlibrary Loan (ILL) Communications Subsystem provides participating libraries with on-line control of ILL transactions. This user manual includes a glossary of terms related to the procedures in using the system. Sections describe computer entry, searching, loan request form, loan response form, ILL procedures, the special message…

  6. SURVEY OF DEMAND AND SUPPLY BALANCE IN LOAN MARKETS: CENTRAL BANK'S EXPERIENCE

    Directory of Open Access Journals (Sweden)

    S. Naumenkova

    2014-09-01

    Full Text Available This article examines the existing Bank Lending Survey (BLS approaches to the assessment of the non-price lending conditions' impact on the credit market balance. BLS responses provided domestic central banks an early and reliable signal about the deterioration of financing conditions and the financial access. The monitoring pattern stipulate by using the core indicators: net percentage, diffusion index, Bank Lending Tightness (BLT. The priority tasks for National Bank of Ukraine for Bank Lending Survey were put forward by author. Senior Loan Officer Opinion Survey (SLOOS on Bank Lending Practices address changes in the supply of, and demand for, bank loans to businesses and households over the past months.

  7. Price rigidity in the downstream petroleum industry in New Zealand. Where does it happen?

    International Nuclear Information System (INIS)

    Delpachitra, Sarath B.

    2002-01-01

    This paper examines the pricing behaviour of the downstream petroleum product market in New Zealand using multivariate error correction models. The unique feature of these models is the use of actual weekly wholesale and retail prices of diesel and unleaded petrol to measure the relative rigidity of domestic prices. The results suggest that price adjustments in domestic markets in response to price changes in world crude oil markets and refined product markets are very weak. Domestic wholesale prices appear to be the key variable in determining retail prices. Lack of competition in the wholesale sector is found to be the main reason for weak price adjustments

  8. Price rigidity in the downstream petroleum industry in New Zealand: where does it happen?

    International Nuclear Information System (INIS)

    Delpachitra, S.B.

    2002-01-01

    This paper examines the pricing behaviour of the downstream petroleum product market in New Zealand using multivariate error correction models. The unique feature of these models is the use of actual weekly wholesale and retail prices of diesel and unleaded petrol to measure the relative rigidity of domestic prices. The results suggest that price adjustments in domestic markets in response to price changes in world crude oil markets and refined product markets are very weak. Domestic wholesale prices appear to be the key variable in determining retail prices. Lack of competition in the wholesale sector is found to be the main reason for weak price adjustments. (author)

  9. Taking the mystery out of gasoline prices

    International Nuclear Information System (INIS)

    Anon.

    2000-01-01

    Gasoline price variations in different markets of Canada are primarily driven by market forces, not necessarily by costs, according to a petroleum valuation consultant of the Newfoundland Department of Mines and Energy. Market forces include wholesale prices, the number and efficiency of stations in an area, companies' marketing strategies and customer buying preferences. Prices can be affected by any one of these forces at any time. The prediction is that wholesale prices will continue to be volatile in the next few months as the market adjusts to the changes in crude oil prices determined by OPEC as well as the summer season for gasoline. Changes in crude oil prices are usually reflected in the price of gasoline at the pump, although they do not necessarily move together. Demand which is an important factor in price, is cyclical in both the US and Canada, being lowest in the first quarter of the year, picking up during the second and third quarters with increased driving during good weather, and usually declining again in the fourth quarter with the onset of colder weather. Taxes are also a very significant component of the retail price of gasoline; in July 1998 the combined federal and provincial taxes accounted for 54 per cent of the average retail price of regular unleaded gasoline in Canada. Refining and marketing costs, the distance gasoline has to be transported to market, also influence prices at the pump

  10. Financial Constraints and Nominal Price Rigidities

    DEFF Research Database (Denmark)

    Menno, Dominik Francesco; Balleer, Almut; Hristov, Nikolay

    This paper investigates how financial market imperfections and the frequency of price adjustment interact. Based on new firm-level evidence for Germany, we document that financially constrained firms adjust prices more often than their unconstrained counterparts, both upwards and downwards. We show...... that these empirical patterns are consistent with a partial equilibrium menu-cost model with a working capital constraint. We then use the model to show how the presence of financial frictions changes profits and the price distribution of firms compared to a model without financial frictions. Our results suggest...... that tighter financial constraints are associated with higher nominal rigidities, higher prices and lower output. Moreover, in response to aggregate shocks, aggregate price rigidity moves substantially, the response of inflation is dampened, while output reacts more in the presence of financial frictions...

  11. 7 CFR 1030.62 - Announcement of producer prices.

    Science.gov (United States)

    2010-01-01

    ... cell adjustment rate; (g) The average butterfat, nonfat solids, protein and other solids content of... publicly the following prices and information: (a) The producer price differential; (b) The protein price....62 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING...

  12. 76 FR 7114 - International Mail: Mailing Services Price Change

    Science.gov (United States)

    2011-02-09

    ... POSTAL SERVICE 39 CFR Part 20 International Mail: Mailing Services Price Change AGENCY: Postal... States Postal Service, International Mail Manual (IMM[supreg]) for Mailing Services. This price change correlates to the Postal Service's January 13, 2011 filing of Docket No. R2011-2, Notice of Price Adjustment...

  13. 77 FR 58991 - State-Level Guarantee Fee Pricing

    Science.gov (United States)

    2012-09-25

    ... FEDERAL HOUSING FINANCE AGENCY [No. 2012-N-13] State-Level Guarantee Fee Pricing AGENCY: Federal... guarantee fee pricing by state. FHFA's proposal described here would adjust the upfront fees that the... final state-level guarantee fee pricing method, FHFA expects to direct the Enterprises to implement the...

  14. 78 FR 45617 - Student Assistance General Provisions, Federal Perkins Loan Program, Federal Family Education...

    Science.gov (United States)

    2013-07-29

    ..., et al. Student Assistance General Provisions, Federal Perkins Loan Program, Federal Family Education... General Provisions, Federal Perkins Loan Program, Federal Family Education Loan Program, and William D... General Provisions, Federal Perkins Loan (Perkins Loan) Program, Federal Family Education Loan (FFEL...

  15. Energy prices and taxes

    International Nuclear Information System (INIS)

    2004-01-01

    Energy Prices and Taxes contains a major international compilation of energy prices at all market levels: import prices, industry prices and consumer prices. The statistics cover main petroleum products, gas, coal and electricity, giving for imported products an average price both for importing country and country of origin. Every issue includes full notes on sources and methods and a description of price mechanisms in each country

  16. MARKET ECONOMICS PRICING PARTICULARS

    Directory of Open Access Journals (Sweden)

    V. I. Parshin

    2011-01-01

    Full Text Available The price performs several economic functions: accounting, stimulation, distribution, demand and offer balancing, serving as production site rational choice criterion, information. Most important pricing principles are: price scientific and purpose-aimed substantiation, single pricing and price control process. Pricing process factors are external, internal, basic (independent on money-market, market-determined and controlling. Different pricing methods and models are to be examined, recommendations on practical application of those chosen are to be written.

  17. Deposit competition and loan markets

    NARCIS (Netherlands)

    Arping, S.

    Less-intense competition for deposits, by mitigating banks’ incentive to take excessive risks, is traditionally believed to lead to lower non-performing loan (NPL) ratios and more-stable banks. This paper revisits this proposition in a model with borrower moral hazard in which banks’ NPL ratios

  18. Microcomputers: An Interlibrary Loan Application.

    Science.gov (United States)

    Evans, Elizabeth A.

    1984-01-01

    Description of a microcomputer-based system for local processing of interlibrary loan (ILL) requests developed at Environmental Protection Agency library discusses database management systems, hardware, databases, and command files. Subsequent changes resulting from system's implementation at East Carolina University Health Sciences Library are…

  19. Asymmetric adjustment

    NARCIS (Netherlands)

    2010-01-01

    A method of adjusting a signal processing parameter for a first hearing aid and a second hearing aid forming parts of a binaural hearing aid system to be worn by a user is provided. The binaural hearing aid system comprises a user specific model representing a desired asymmetry between a first ear

  20. Groups, Pricing, and Cost of Debt: Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    A. Melih Küllü

    2018-03-01

    Full Text Available The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms.

  1. Appliance Efficiency Standards and Price Discrimination

    Energy Technology Data Exchange (ETDEWEB)

    Spurlock, Cecily Anna [Univ. of California, Berkeley, CA (United States)

    2013-05-08

    I explore the effects of two simultaneous changes in minimum energy efficiency and ENERGY STAR standards for clothes washers. Adapting the Mussa and Rosen (1978) and Ronnen (1991) second-degree price discrimination model, I demonstrate that clothes washer prices and menus adjusted to the new standards in patterns consistent with a market in which firms had been price discriminating. In particular, I show evidence of discontinuous price drops at the time the standards were imposed, driven largely by mid-low efficiency segments of the market. The price discrimination model predicts this result. On the other hand, in a perfectly competition market, prices should increase for these market segments. Additionally, new models proliferated in the highest efficiency market segment following the standard changes. Finally, I show that firms appeared to use different adaptation strategies at the two instances of the standards changing.

  2. State energy price and expenditure report 1994

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-06-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the United States. The price and expenditure estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1994. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1994, Consumption Estimates (SEDR), published in October 1996. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources. Documentation is included describing the development of price estimates, data sources, and calculation methods. 316 tabs.

  3. State energy price and expenditure report 1994

    International Nuclear Information System (INIS)

    1997-06-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the United States. The price and expenditure estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1994. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1994, Consumption Estimates (SEDR), published in October 1996. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources. Documentation is included describing the development of price estimates, data sources, and calculation methods. 316 tabs

  4. Effects of Trade Liberalization on Domestic Prices: Some Evidence from Tunisian Manufacturing

    OpenAIRE

    Saggay, Ali; Heshmati, Almas; Adel Dhif, Mohamed

    2006-01-01

    This paper presents estimates of the competitive effects of trade liberalization on domestic pricing behaviour of Tunisian manufacturing industries. The theoretical framework is based on a dynamic flexible adjustment model of price determination in a small open economy. It investigates the process of adjustment in price level toward a desired level. The adjustment process is both industrial and time-specific. The empirical results show that, in the long run, domestic price responds greatly to...

  5. Shaft adjuster

    Science.gov (United States)

    Harry, Herbert H.

    1989-01-01

    Apparatus and method for the adjustment and alignment of shafts in high power devices. A plurality of adjacent rotatable angled cylinders are positioned between a base and the shaft to be aligned which when rotated introduce an axial offset. The apparatus is electrically conductive and constructed of a structurally rigid material. The angled cylinders allow the shaft such as the center conductor in a pulse line machine to be offset in any desired alignment position within the range of the apparatus.

  6. Adjustable collimator

    International Nuclear Information System (INIS)

    Carlson, R.W.; Covic, J.; Leininger, G.

    1981-01-01

    In a rotating fan beam tomographic scanner there is included an adjustable collimator and shutter assembly. The assembly includes a fan angle collimation cylinder having a plurality of different length slots through which the beam may pass for adjusting the fan angle of the beam. It also includes a beam thickness cylinder having a plurality of slots of different widths for adjusting the thickness of the beam. Further, some of the slots have filter materials mounted therein so that the operator may select from a plurality of filters. Also disclosed is a servo motor system which allows the operator to select the desired fan angle, beam thickness and filter from a remote location. An additional feature is a failsafe shutter assembly which includes a spring biased shutter cylinder mounted in the collimation cylinders. The servo motor control circuit checks several system conditions before the shutter is rendered openable. Further, the circuit cuts off the radiation if the shutter fails to open or close properly. A still further feature is a reference radiation intensity monitor which includes a tuning-fork shaped light conducting element having a scintillation crystal mounted on each tine. The monitor is placed adjacent the collimator between it and the source with the pair of crystals to either side of the fan beam

  7. Asymmetric and nonlinear pass-through of crude oil prices to gasoline and natural gas prices

    International Nuclear Information System (INIS)

    Atil, Ahmed; Lahiani, Amine; Nguyen, Duc Khuong

    2014-01-01

    In this article, we use the recently developed nonlinear autoregressive distributed lags (NARDL) model to examine the pass-through of crude oil prices into gasoline and natural gas prices. Our approach allows us to simultaneously test the short- and long-run nonlinearities through positive and negative partial sum decompositions of the predetermined explanatory variables. It also offers the possibility to quantify the respective responses of gasoline and natural gas prices to positive and negative oil price shocks from the asymmetric dynamic multipliers. The obtained results indicate that oil prices affect gasoline prices and natural gas prices in an asymmetric and nonlinear manner, but the price transmission mechanism is not the same. Important policy implications can be learned from the empirical findings. - Highlights: • The pass-through of crude oil prices into gasoline and natural gas prices is examined. • We use a NARDL model to test for the long-run and short-run asymmetric reactions. • Both gasoline and natural gas prices significantly adjust to changes in the price of oil. • Negative oil shocks have greater effects than positive oil shocks. • Policy implications are discussed

  8. An online learning approach to dynamic pricing for demand response

    OpenAIRE

    Jia, Liyan; Tong, Lang; Zhao, Qing

    2014-01-01

    In this paper, the problem of optimal dynamic pricing for retail electricity with an unknown demand model is considered. Under the day-ahead dynamic pricing (a.k.a. real time pricing) mechanism, a retailer obtains electricity in a twosettlement wholesale market and serves its customers in real time. Without knowledge on the aggregated demand function of its customers, the retailer aims to maximize its retail surplus by sequentially adjusting its price based on the behavior of its customers in...

  9. An Asset Protection Scheme for Banks Exposed to Troubled Loan Portfolios

    DEFF Research Database (Denmark)

    Grosen, Anders; Jessen, Pernille; Kokholm, Thomas

    2014-01-01

    We examine a specific portfolio credit derivative, an Asset Protection Scheme (APS), and its applicability as a discretionary regulatory tool to reduce asymmetric information and help restore the capital base of troubled banks. The APS can be a fair-valued contract with an appropriate structure...... of incentives. We apply two alternative multivariate structural default risk models: the classical Gaussian Merton model and a model based on Normal Inverse Gaussian processes. Using a data set on annual farm level data from 1996 to 2009, we use the Danish agricultural sector as a case study and price an APS...... on an agricultural loan portfolio. We compute the economic capital for this loan portfolio with and without an APS. Moreover, we illustrate how model risk in the form of parameter uncertainty is reduced when an APS is attached to the loan portfolio....

  10. Price Conduction Mechanism of China’s Wheat Industry Chain Based on VECM

    OpenAIRE

    ZHU, Haiyan

    2015-01-01

    With the aid of the VECM (vector error correction model), this paper studied dynamic effect of wheat price and flour price conduction mechanism in the wheat industry chain. Study results indicate that in a long term, wheat price and flour price have equilibrium relationship. Through threshold co-integration test, it found that there is no threshold co-integration relationship between wheat price and flour price. This can be adjusted using the linear error correction mode (LECM). In a short te...

  11. Pricing and Trust

    DEFF Research Database (Denmark)

    Huck, Steffen; Ruchala, Gabriele K.; Tyran, Jean-Robert

    -competitive (monopolistic) markets. We then introduce a regulated intermediate price above the oligopoly price and below the monopoly price. The effect in monopolies is more or less in line with standard intuition. As price falls volume increases and so does quality, such that overall efficiency is raised by 50%. However......We experimentally examine the effects of flexible and fixed prices in markets for experience goods in which demand is driven by trust. With flexible prices, we observe low prices and high quality in competitive (oligopolistic) markets, and high prices coupled with low quality in non...

  12. IREDA guidelines for loan assistance

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    Indian Renewable Energy Development Agency Ltd. (IREDA) is a public sector undertaking of the Government of India. It was established in 1987 and works under Department of Non-Conventional Energy Sources (DNES). Its functions are to promote, develop and finance new and renewable sources of energy (NRSE). Guidelines for loan assistance from IREDA for different renewable energy sources are given. (M.G.B.)

  13. 7 CFR 1000.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing... advanced pricing factors. Class prices per hundredweight of milk containing 3.5 percent butterfat, component prices, and advanced pricing factors shall be as follows. The prices and pricing factors described...

  14. Gender and banking : Are women better loan officers?

    NARCIS (Netherlands)

    Beck, T.H.L.; Behr, P.; Guttler, A.

    2013-01-01

    Using a unique data set for a commercial bank in Albania, we analyze gender differences in loan officers’ performance. Loans screened and monitored by female loan officers have a lower likelihood to turn problematic than loans handled by male loan officers. This effect cannot be explained by

  15. 24 CFR 201.40 - Post-disbursement loan requirements.

    Science.gov (United States)

    2010-04-01

    ...-disbursement loan requirements. (a) Discovery of misstatements of fact. If, after a loan has been made, the lender discovers any material misstatement of fact or that the loan proceeds have been misused by the... insurance of the loan shall not be affected unless such material misstatement of fact or misuse of loan...

  16. 7 CFR 1927.56 - Scheduling loan closing.

    Science.gov (United States)

    2010-01-01

    ... REGULATIONS TITLE CLEARANCE AND LOAN CLOSING Real Estate Title Clearance and Loan Closing § 1927.56 Scheduling loan closing. The agency, in coordination with the closing agent, will arrange a loan closing and send loan closing instructions, on an agency form to the closing agent when the agency determines that the...

  17. 12 CFR 614.4470 - Loans subject to bank approval.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Loans subject to bank approval. 614.4470 Section 614.4470 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LOAN POLICIES AND OPERATIONS Loan Approval Requirements § 614.4470 Loans subject to bank approval. (a) The following loans...

  18. 7 CFR 1744.63 - The telephone loan budget.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false The telephone loan budget. 1744.63 Section 1744.63... Disbursement of Funds § 1744.63 The telephone loan budget. When the loan is made, RUS provides the borrower a Telephone Loan Budget, RUS Form 493. This budget divides the loan into budget accounts such as “Engineering...

  19. 13 CFR 120.315 - Interest rate and loan limit.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Interest rate and loan limit. 120... Special Purpose Loans Disabled Assistance Loan Program (dal) § 120.315 Interest rate and loan limit. The interest rate on direct DAL loans is three percent. There is an administrative limit of $150,000 on a...

  20. 42 CFR 57.1510 - Security for loans.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 1 2010-10-01 2010-10-01 false Security for loans. 57.1510 Section 57.1510 Public... Security for loans. Each loan with respect to which a guarantee is made or interest subsidies are paid... TEACHING FACILITIES, EDUCATIONAL IMPROVEMENTS, SCHOLARSHIPS AND STUDENT LOANS Loan Guarantees and Interest...

  1. 24 CFR 201.51 - Proceeding against the loan security.

    Science.gov (United States)

    2010-04-01

    ....51 Proceeding against the loan security. (a) Property improvement loans. (1) After acceleration of maturity on a secured property improvement loan, the lender may either proceed against the loan security... proceeds against the loan security, it may submit an insurance claim only if it complies with the...

  2. 7 CFR 1735.46 - Loan security documents.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Loan security documents. 1735.46 Section 1735.46... § 1735.46 Loan security documents. (a) Loans are to be repaid according to their terms. RUS generally... subordinations. (b) Loan security documents of borrowers with loans approved after October 6, 1997 will provide...

  3. 7 CFR 1718.104 - Availability of model loan contract.

    Science.gov (United States)

    2010-01-01

    ..., DEPARTMENT OF AGRICULTURE LOAN SECURITY DOCUMENTS FOR ELECTRIC BORROWERS Loan Contracts With Distribution Borrowers § 1718.104 Availability of model loan contract. Single copies of the model loan contract (RUS... 7 Agriculture 11 2010-01-01 2010-01-01 false Availability of model loan contract. 1718.104 Section...

  4. 7 CFR 1427.170 - Quantity for loan.

    Science.gov (United States)

    2010-01-01

    ... to the preservation or safety of the loan collateral. Loans may be made on a lower percentage basis... 7 Agriculture 10 2010-01-01 2010-01-01 false Quantity for loan. 1427.170 Section 1427.170... OF AGRICULTURE LOANS, PURCHASES, AND OTHER OPERATIONS COTTON Recourse Seed Cotton Loans § 1427.170...

  5. Competitive Pricing by a Price Leader

    OpenAIRE

    Abhik Roy; Dominique M. Hanssens; Jagmohan S. Raju

    1994-01-01

    We examine the problem of pricing in a market where one brand acts as a price leader. We develop a procedure to estimate a leader's price rule, which is optimal given a sales target objective, and allows for the inclusion of demand forecasts. We illustrate our estimation procedure by calibrating this optimal price rule for both the leader and the follower using data on past sales and prices from the mid-size sedan segment of the U.S. automobile market. Our results suggest that a leader-follow...

  6. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    Directory of Open Access Journals (Sweden)

    TÜNDE VERES

    2011-01-01

    Full Text Available The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from management accounting aspects to show out the role of the accounting system in the short term and long term pricing and transfer pricing decisions.

  7. HUD PowerSaver Pilot Loan Program

    Energy Technology Data Exchange (ETDEWEB)

    Zimring, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Hoffman, Ian [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2010-12-10

    The U.S. Department of Housing and Urban Development (HUD) recently announced the creation of a pilot loan program for home energy improvements. The PowerSaver loan program is a new, energy-focused variant of the Title I Property Improvement Loan Insurance Program (Title I Program) and is planned for introduction in early 2011. The PowerSaver pilot will provide lender insurance for secured and unsecured loans up to $25,000 to single family homeowners. These loans will specifically target residential energy efficiency and renewable energy improvements. HUD estimates the two-year pilot will fund approximately 24,000 loans worth up to $300 million; the program is not capped. The Federal Housing Administration (FHA), HUD's mortgage insurance unit, will provide up to $25 million in grants as incentives to participating lenders. FHA is seeking lenders in communities with existing programs for promoting residential energy upgrades.

  8. 77 FR 42085 - Federal Perkins Loan Program, Federal Family Education Loan Program, and William D. Ford Federal...

    Science.gov (United States)

    2012-07-17

    ... borrower's loans if the borrower receives a disbursement of a new title IV loan or receives a new TEACH... proposed regulations for programs authorized by title IV of the HEA, to obtain public involvement in the...-defaulted Direct Loan, except for a parent Direct PLUS loan or a Direct Consolidation loan that repaid a...

  9. 77 FR 66087 - Federal Perkins Loan Program, Federal Family Education Loan Program, and William D. Ford Federal...

    Science.gov (United States)

    2012-11-01

    ..., and 685 Federal Perkins Loan Program, Federal Family Education Loan Program, and William D. Ford... 685 RIN 1840-AD05 [Docket ID ED-2012-OPE-0010] Federal Perkins Loan Program, Federal Family Education... (Perkins Loan) program, Federal Family Education Loan (FFEL) program, and William D. Ford Federal Direct...

  10. The Influence of Macroeconomic Trends on the Repayment of Loans by Households: Evidence from the Federation of Bosnia and Herzegovina and Policy Reccomendations

    Directory of Open Access Journals (Sweden)

    Pašić Sanela

    2016-04-01

    Full Text Available This paper explores the influence of macroeconomic indicators, namely GDP growth, the Consumer Price Index and the unemployment rate on the quality of loan repayments by households in the banking market of the Federation of Bosnia and Herzegovina. Potential influence is observed over a period of fourteen years at the level of nonperforming household loans using regression analysis. The authors aim to determine whether macroeconomic forces actually influence loan repayment, and if so how and what can be done by banks to utilize this information in order to reduce future credit losses, and by the government to maintain the stability of the banking sector.

  11. Syndicated Loan Signed for CPECC'S KUWAIT Project

    Institute of Scientific and Technical Information of China (English)

    1997-01-01

    @@ China Petroleum Engineering Construction Corp. (CPECC) has got a syndicated loan of 80 million USD from a consortium composed of 15 banks of Japan, Germany, France, Netherlands and Belgium with Sanwa Bank Hongkong Branch as the arrangement bank. The loan will be used for building a multiple well manifold production station (MWMPS) in Kuwait. The signing ceremony for the loan agreement was held in late January 1997.

  12. Collateralised loan obligations (CLOs): A primer

    OpenAIRE

    Jobst, Andreas A.

    2002-01-01

    The following descriptive paper surveys the various types of loan securitisation and provides a working definition of so-called collateralised loan obligations (CLOs). Free of the common rhetoric and slogans, which sometimes substitute for understanding of the complex nature of structured finance, this paper describes the theoretical foundations of this specialised form of loan securitisation. Not only the distinctive properties of CLOs, but also the information economics inherent in the tran...

  13. Collateral in Loan Classification and Provisioning

    OpenAIRE

    In W Song

    2002-01-01

    Adequate loan classification practices are an essential part of a sound and effective credit risk-management process in a bank. Failure to identify deterioration in credit quality in a timely manner can aggravate and prolong the problem. Two key issues arise with regard to the use of collateral in the context of loan classification and provisioning. In particular, the questions arise whether collateral should be taken into account in classifying a collateralized loan, and whether it should be...

  14. Covenant Violations and Dynamic Loan Contracting

    DEFF Research Database (Denmark)

    Freudenberg, Felix; Imbierowicz, Björn; Saunders, Anthony

    2017-01-01

    This paper examines the dynamic allocation of control rights in private debt contracts of firms. We show that a covenant violation in the prior loan contract implies a stigma for borrowers which results in stricter loan contract terms in subsequent new loan contracts. Our analyses reject...... potentially other explanations such as firm characteristics or agency problems between the lender and firm management, shareholders or public debtholders. After covenant violations in the prior contract, new loans have on average 18 bps higher spreads and include more of those covenant types which also have...

  15. 7 CFR 1738.30 - Rural broadband access loans and loan guarantees.

    Science.gov (United States)

    2010-01-01

    ... interest at a rate set by the lender consistent with the current applicable market rate for a loan of... Derivative or any Guaranteed-Amount Debt Derivative; or (B) Any holder of the Guaranteed Loan Note or any Guaranteed Loan Portion Note or any Derivative, as the case may be, having a claim to payments on the...

  16. 77 FR 31993 - Loan Workouts and Nonaccrual Policy, and Regulatory Reporting of Troubled Debt Restructured Loans

    Science.gov (United States)

    2012-05-31

    ...) instructions for reporting past due status on TDRs, many FICUs maintain separate, manual delinquency... loan delinquency based on restructured contract terms rather than the original loan terms. To that end... loan on nonaccrual status has no impact on the borrower's contractual obligation to the FICU. c...

  17. 77 FR 51751 - Information Collection Request; Farm Loan Programs, Direct Loan Making

    Science.gov (United States)

    2012-08-27

    ... DEPARTMENT OF AGRICULTURE Farm Service Agency Information Collection Request; Farm Loan Programs, Direct Loan Making AGENCY: Farm Service Agency, USDA. ACTION: Notice; request for comments. SUMMARY: In... approved information collection that supports Direct Loan Making programs. The information collection is in...

  18. Beyond Financial Need: Predictors of Student Loans and Student Loan Attitudes

    Science.gov (United States)

    Norvilitis, Jill M.; Bat, Meghan J.

    2016-01-01

    Although public concern about student loan debt has been increasing, little research has examined predictors of debt beyond financial need or demographic factors. The present study explored the role of several psychological and attitudinal variables in student loan debt among 189 college students. Results indicate that loan initiative and loan…

  19. 76 FR 42470 - Loan Policies and Operations; Loan Purchases From FDIC; Effective Date

    Science.gov (United States)

    2011-07-19

    ... FARM CREDIT ADMINISTRATION 12 CFR Part 614 RIN 3052-AC62 Loan Policies and Operations; Loan Purchases From FDIC; Effective Date AGENCY: Farm Credit Administration. ACTION: Notice of effective date... rule under part 614 on May 25, 2011 (76 FR 30246) amending our regulations on loan policies and...

  20. 78 FR 691 - Maximum Loan Amount for Business and Industry Guaranteed Loans in Fiscal Year 2013

    Science.gov (United States)

    2013-01-04

    ... DEPARTMENT OF AGRICULTURE Rural Business-Cooperative Service Maximum Loan Amount for Business and Industry Guaranteed Loans in Fiscal Year 2013 AGENCY: Rural Business-Cooperative Service, USDA. ACTION... and Industry (B&I) guaranteed loans of $25 million or less under certain circumstances. Due to the...

  1. 38 CFR 36.4204 - Loan purposes, maximum loan amounts and terms.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Loan purposes, maximum loan amounts and terms. 36.4204 Section 36.4204 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF... constructing a suitable pad for the manufactured home. (e) The maximum permissible loan terms shall not exceed...

  2. Cruise tourism: a hedonic pricing approach

    Directory of Open Access Journals (Sweden)

    Josep Maria Espinet-Rius

    2018-03-01

    Full Text Available Purpose - The purpose of this paper is to examine the effect on price of different cruise industry characteristics from the point of view of actual prices. The analysis is carried out from the supply side but taking into account the real prices paid by customers. Design/methodology/approach - This paper uses the hedonic price methodology. To develop this research, a database of more than 36,000 prices paid by cruise passengers and different characteristics of ships in 2013 was built. To obtain the results, ten models have been developed with significant adjusted R2 of between 0.85 and 0.93 making the models and results robust. Findings - The results show that the main attributes affecting prices are the number of nights of the itinerary, the departure date, the number of days before departure the booking is made, the accommodation type and some facilities, such as casinos, cinemas and swimming pools. The results also yield a ranking of ship companies based on price and quality dimensions. Finally, the authors suggest some implications for management and new research. Originality/value - This paper offers a new approach in the academic literature of the cruise industry in two respects. First, in its use of a broad database of actual prices paid by passengers – more than 36,000 observations. Second, in the application of the hedonic pricing methodology, widely used in the tourism sector (see the Methodology and Database section but until now not in the cruising segment.

  3. An Extrapolative Model of House Price Dynamics

    OpenAIRE

    Edward L. Glaeser; Charles G. Nathanson

    2015-01-01

    A modest approximation by homebuyers leads house prices to display three features that are present in the data but usually missing from perfectly rational models: momentum at one-year horizons, mean reversion at five-year horizons, and excess longer-term volatility relative to fundamentals. Valuing a house involves forecasting the current and future demand to live in the surrounding area. Buyers forecast using past transaction prices. Approximating buyers do not adjust for the expectations of...

  4. Heterogeneity and option pricing

    NARCIS (Netherlands)

    Benninga, Simon; Mayshar, Joram

    2000-01-01

    An economy with agents having constant yet heterogeneous degrees of relative risk aversion prices assets as though there were a single decreasing relative risk aversion pricing representative agent. The pricing kernel has fat tails and option prices do not conform to the Black-Scholes formula.

  5. 7 CFR 773.21 - Loan decision, closing, and fees.

    Science.gov (United States)

    2010-01-01

    ..., DEPARTMENT OF AGRICULTURE SPECIAL PROGRAMS SPECIAL APPLE LOAN PROGRAM § 773.21 Loan decision, closing, and... required to execute the promissory notes as individuals. (c) Fees. The applicant will pay all loan closing...

  6. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas

    On April 1, 2005, Denmark changed the way references prices, a main determinant of reimbursements for pharmaceutical purchases, are calculated. The previous reference prices, which were based on average EU prices, were substituted to minimum domestic prices. Novel to the literature, we estimate...... the joint eects of this reform on prices and quantities. Prices decreased more than 26 percent due to the reform, which reduced patient and government expenditures by 3.0 percent and 5.6 percent, respectively, and producer revenues by 5.0 percent. The prices of expensive products decreased more than...

  7. Flex cars and the alcohol price

    International Nuclear Information System (INIS)

    Ferreira, Alex Luiz; Da Silveira, Jaylson Jair; De Almeida Prado, Fernando Pigeard

    2009-01-01

    We build a model that incorporates the effect of the innovative 'flex' car, an automobile that is able to run with either gasoline or alcohol, on the dynamics of fuel prices in Brazil. Our model shows that differences regarding fuel prices will now depend on the proportions of alcohol, gasoline and flex cars in the total stock. Conversely, the demand for each type of car will also depend on the expected future prices of alcohol and gasoline (in addition to the car prices). The model reflects our findings that energy prices are tied in the long run and that causality runs stronger from gasoline to alcohol. The estimated error correction parameter is stable, implying that the speed of adjustment towards equilibrium remains unchanged. The latter result is probably due to a still small fraction of flex cars in the total stock (approx. 5%), despite the fact that its sales nearly reached 100% in 2006. (author)

  8. Oil prices in a new light

    International Nuclear Information System (INIS)

    Fesharaki, F.

    1994-01-01

    For a clear picture of how oil prices develop, the author steps away from the price levels to which the world is accustomed, and evaluates scientifically. What makes prices jump from one notch to another? The move results from a political or economic shock or the perception of a particular position by the futures market and the media. The shock could range from a war or an assassination to a promise of cooperation among OPEC members (when believed by the market) or to speculation about another failure at an OPEC meeting. In the oil market, only a couple of factual figures can provide a floor to the price of oil. The cost of production of oil in the Gulf is around $2 to $3/bbl, and the cost of production of oil (capital and operating costs) in key non-OPEC areas is well under $10/bbl. With some adjustments for transport and quality, a price range of $13/bbl to $16/bbl would correspond to a reasonable sustainable floor price. The reason for prices above the floor price has been a continuous fear of oil supply interruptions. That fear kept prices above the floor price for many years. The fear factor has now almost fully disappeared. The market has gone through the drama of the Iranian Revolution, the Iran-Iraq war, the tanker war, the invasion of Kuwait, and the expulsions of the Iraqis. And still the oil flowed -- all the time. It has become abundantly clear that fears above the oil market were unjustified. Everyone needs to export oil, and oil will flow under the worst circumstances. The demise of the fear factor means that oil prices tend toward the floor price for a prolonged period

  9. Gender and Banking: Are Women Better Loan Officers?

    OpenAIRE

    Thorsten Beck; Patrick Behr; Andre Guettler

    2013-01-01

    We analyze gender differences associated with loan officer performance. Using a unique data set for a commercial bank in Albania over the period 1996 to 2006, we find that loans screened and monitored by female loan officers show statistically and economically significant lower default rates than loans handled by male loan officers. This effect comes in addition to a lower default rate of female borrowers and cannot be explained by sample selection, overconfidence of male loan officers or exp...

  10. The determinants of loan contracts to business firms

    OpenAIRE

    Pham, Thi Thu Trà; Lensink, Robert

    2006-01-01

    This paper deals with loan contracting from a private bank in Vietnam. We focus on the main loan contract features that the bank uses in lending to business firms, namely loan maturity, collateral and loan interest rate. Based upon the simultaneous equation model of Dennis et al. (2000) and the bank’s loan contracting policies, we examine the possible interdependency of the three different loan contract terms. Also, we try to determine which firm characteristics and exogenous factors are rele...

  11. 12 CFR 975.6 - Pricing of services.

    Science.gov (United States)

    2010-01-01

    ... and Banking FEDERAL HOUSING FINANCE BOARD MISCELLANEOUS FEDERAL HOME LOAN BANK OPERATIONS AND... principles of section 11(A)(c) of the Federal Reserve Act (12 U.S.C. 248a(c)), as interpreted by this part... Finance Board shall from time to time and at least annually review the cost of capital adjustment factor...

  12. One TV, One Price?

    OpenAIRE

    Jean Imbs; Haroon Mumtaz; Morten O. Ravn; Hélène Rey

    2009-01-01

    We use a unique dataset on television prices across European countries and regions to investigate the sources of differences in price levels. Our findings are as follows: (i) Quality is a crucial determinant of price differences. Even in an integrated economic zone as Europe, rich economies tend to consume higher quality goods. This effect accounts for the lion’s share of international price dispersion. (ii) Sizable international price differentials subsist even for the same television sets. ...

  13. Value-based pricing

    OpenAIRE

    Netseva-Porcheva Tatyana

    2010-01-01

    The main aim of the paper is to present the value-based pricing. Therefore, the comparison between two approaches of pricing is made - cost-based pricing and value-based pricing. The 'Price sensitively meter' is presented. The other topic of the paper is the perceived value - meaning of the perceived value, the components of perceived value, the determination of perceived value and the increasing of perceived value. In addition, the best company strategies in matrix 'value-cost' are outlined. .

  14. Do gasoline prices exhibit asymmetry? Not usually

    International Nuclear Information System (INIS)

    Douglas, Christopher C.

    2010-01-01

    Previous studies have found evidence of asymmetric price adjustment in U.S. retail gasoline prices in that gasoline prices rise more rapidly in response to a cost increase than fall in response to a cost decrease. By estimating a threshold cointegration model that allows for multiple regimes, I am able to test how sensitive this result is to outlying observations. In contrast to previous studies, I find little evidence of asymmetry for the vast majority of observations and that the asymmetry is being driven by a small number of outlying observations. (author)

  15. Brazilian sawn wood price and income elasticity

    Directory of Open Access Journals (Sweden)

    Rommel Noce

    2010-09-01

    Full Text Available This study estimated the sawn wood demand price and income elasticity. Specifically it was estimated the priceelasticity of sawn wood, the cross price elasticity of wood panels and the income elasticity of Brazilian GDP. A log-log model withcorrection through outline of the mobile average (MA(1 was used, adjusted for the period of 1971 to 2006, which showed to bestable, with satisfactory significance levels. It was observed that sawn wood demand is inelastic in relation to price and elastic inrelation to income.

  16. 42 CFR 57.1512 - Length and maturity of loans.

    Science.gov (United States)

    2010-10-01

    ... CONSTRUCTION OF TEACHING FACILITIES, EDUCATIONAL IMPROVEMENTS, SCHOLARSHIPS AND STUDENT LOANS Loan Guarantees and Interest Subsidies to Assist in Construction of Teaching Facilities for Health Profession...

  17. 42 CFR 57.1518 - Modification of loans.

    Science.gov (United States)

    2010-10-01

    ... CONSTRUCTION OF TEACHING FACILITIES, EDUCATIONAL IMPROVEMENTS, SCHOLARSHIPS AND STUDENT LOANS Loan Guarantees and Interest Subsidies to Assist in Construction of Teaching Facilities for Health Profession...

  18. 42 CFR 57.1507 - Limitations applicable to loan guarantee.

    Science.gov (United States)

    2010-10-01

    ... FOR CONSTRUCTION OF TEACHING FACILITIES, EDUCATIONAL IMPROVEMENTS, SCHOLARSHIPS AND STUDENT LOANS Loan Guarantees and Interest Subsidies to Assist in Construction of Teaching Facilities for Health Profession...

  19. Reactor upgrade loans in spring?

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    The European Bank for Reconstruction and Development (EBRD) could start to make loans for immediate safety improvements on eastern European reactors in the first half of 1993, according to Francois Demarcq, the bank's project manager for the nuclear safety account. He reported to the German Atomforum meeting in Bonn on January 26; progress at last seems to be forthcoming on the proposals for urgent assistance put forward last year by the Group of 24 Organization for Economic Cooperation and Development countries in Lisbon last June and the Group of 7 summit meeting in Bonn in July

  20. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    OpenAIRE

    TÜNDE VERES

    2011-01-01

    The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from m...

  1. 12 CFR 723.17 - Are there any exceptions to the aggregate loan limit?

    Science.gov (United States)

    2010-01-01

    .... Loans that are excepted from the definition of member business loans are not counted for the purpose of... automobile loans, 20% credit card loans, and 13% total other real estate loans, then the credit union meets...

  2. 7 CFR 1427.3 - Definitions.

    Science.gov (United States)

    2010-01-01

    ... they conflict with definitions in this section. Adjusted spot price means the spot price adjusted to... to CCC; and (5) Providing loan, loan deficiency payment, and accounting data to CCC for statistical...

  3. How German Online Retailers Price Foods: An Empirical Analysis for Chocolate Products

    Directory of Open Access Journals (Sweden)

    Svetlana Fedoseeva

    2017-01-01

    Full Text Available Despite the increasing importance of online grocery retailing, little is known about price dispersion across online providers, the relation between online and offline prices as well as the frequency of price adjustments. We employ means of descriptive and inductive statistics as well as panel econometrics to address these issues for German online food retailers. Daily online prices for twelve chocolate products charged by eight pure online and multichannel retailers and collected over three months are investigated. Information economics suggests that a maturing online market will call forth more price homogeneity online due to lower search costs by consumers as well as more flexible prices due to lower costs of price adjustments by retailers. Our results suggest, however, that neither homogenous prices nor frequent price adjustments do occur on the German online chocolate market.

  4. Alaska North Slope crude oil price and the behavior of diesel prices in California

    International Nuclear Information System (INIS)

    Adrangi, B.; Chatrath, A.; Raffiee, K.; Ripple, R.

    2001-01-01

    In this paper we analyze the price dynamics of Alaska North Slope crude oil and L.A. diesel fuel prices. We employ VAR methodology and bivariate GARCH model to show that there is a strong evidence of a uni-directional causal relationship between the two prices. The L.A. diesel market is found to bear the majority of the burden of convergence when there is a price spread. This finding may be seen as being consistent with the general consensus that price discovery emanates from the larger, more liquid market where trading volume is concentrated. The contestability of the West Coast crude oil market tends to cause it to react relatively competitively, while the lack of contestability for the West Coast diesel market tends to limit its competitiveness, causing price adjustment to be slow but to follow the price signals of crude oil. Our findings also suggest that the derived demand theory of input pricing may not hold in this case. The Alaska North Slope crude oil price is the driving force in changes of L.A. diesel price

  5. Rules versus Discretion in Loan Rate Setting

    NARCIS (Netherlands)

    Cerqueiro, G.M.; Degryse, H.A.; Ongena, S.

    2007-01-01

    We propose a heteroscedastic regression model to identify the determinants of the dispersion in interest rates on loans granted to small and medium sized enterprises. We interpret unexplained deviations as evidence of the banks’ discretionary use of market power in the loan rate setting process.

  6. Microcredit Loan Repayment Default among Small Scale ...

    African Journals Online (AJOL)

    The model is applied to primary data from a survey of 200 small scale entrepreneurs in the Upper West Region of Ghana. Results show that enterprise size, interest rate, loan duration, level of profit and loan amount are the simultaneous determinants of probability and rate of default. The study recommends that the National ...

  7. 29 CFR 4043.34 - Loan default.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Loan default. 4043.34 Section 4043.34 Labor Regulations... CERTAIN OTHER NOTIFICATION REQUIREMENTS Post-Event Notice of Reportable Events § 4043.34 Loan default. (a) Reportable event. A reportable event occurs for a plan whenever there is a default by a member of the plan's...

  8. 19 CFR 351.505 - Loans.

    Science.gov (United States)

    2010-04-01

    ... present ability to meet its costs and fixed financial obligations with its cash flow; and (D) Evidence of the firm's future financial position, such as market studies, country and industry economic forecasts... principal of the loan. (d) Contingent liability interest-free loans—(1) Treatment as loans. In the case of...

  9. The Confidentiality of Interlibrary Loan Records.

    Science.gov (United States)

    Nolan, Christopher W.

    1993-01-01

    Discusses potential problems for confidentiality within interlibrary loan requests, outlines legal issues related to confidentiality, and proposes guidelines intended to protect library users' rights to privacy. Interlibrary loan documentation procedures are considered; laws and professional standards are reviewed; and the disposition of…

  10. 19 CFR 351.506 - Loan guarantees.

    Science.gov (United States)

    2010-04-01

    ... Duties INTERNATIONAL TRADE ADMINISTRATION, DEPARTMENT OF COMMERCE ANTIDUMPING AND COUNTERVAILING DUTIES Identification and Measurement of Countervailable Subsidies § 351.506 Loan guarantees. (a) Benefit—(1) In general. In the case of a loan guarantee, a benefit exists to the extent that the total amount a firm pays for...

  11. 12 CFR 614.4330 - Loan participations.

    Science.gov (United States)

    2010-01-01

    ... Purchases and Sales § 614.4330 Loan participations. Agreements to purchase or sell a participation interest... minimum: (1) Define the duties and responsibilities of the participating institution and the lead lender, and/or the servicing institution, if different from the lead lender. (2) Provide for loan servicing...

  12. Tranching in the Syndicated Loan Market

    NARCIS (Netherlands)

    Cumming, D.; McCahery, J.A.; Schwienbacher, A.

    2011-01-01

    We use data comprising over 100,000 loans from 115 countries during 1995-2009 to examine factors that affect the extent of loan tranching, and the range of tranche spreads. The data show five factors that drive them: asymmetric information, borrower risk, transaction costs, the presence of

  13. A New Paradigm in Mortgage Loan Advice

    DEFF Research Database (Denmark)

    Otterstedt, Margrét Sesselja; Rasmussen, Kourosh Marjani; Kulahci, Murat

    2013-01-01

    The Danish mortgage market has undergone considerable changes during the last 15 years. New and more complex variations of loan products have been introduced. Nevertheless, mortgage loan advice has remained, by large, unchanged. This paper addresses a study where a number of new refinancing rules...

  14. Logit Analysis for Profit Maximizing Loan Classification

    OpenAIRE

    Watt, David L.; Mortensen, Timothy L.; Leistritz, F. Larry

    1988-01-01

    Lending criteria and loan classification methods are developed. Rating system breaking points are analyzed to present a method to maximize loan revenues. Financial characteristics of farmers are used as determinants of delinquency in a multivariate logistic model. Results indicate that debt-to-asset and operating ration are most indicative of default.

  15. 44 CFR 206.367 - Loan repayment.

    Science.gov (United States)

    2010-10-01

    ... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Loan repayment. 206.367 Section 206.367 Emergency Management and Assistance FEDERAL EMERGENCY MANAGEMENT AGENCY, DEPARTMENT OF... interest, P=the principal amount disbursed; R=the interest rate of the loan; and, T=the outstanding term in...

  16. 78 FR 33755 - Project Financing Loans

    Science.gov (United States)

    2013-06-05

    ... CFR Part 1710 [0572-AC21] Project Financing Loans AGENCY: Rural Utilities Service, USDA. ACTION... also considering regulations to clarify the agency's procedures for single asset/project financing... parameters necessary to more effectively and prudently use project financing in the RUS electric loan program...

  17. 42 CFR 57.1515 - Loan closing.

    Science.gov (United States)

    2010-10-01

    ... to Assist in Construction of Teaching Facilities for Health Profession Personnel § 57.1515 Loan... 42 Public Health 1 2010-10-01 2010-10-01 false Loan closing. 57.1515 Section 57.1515 Public Health PUBLIC HEALTH SERVICE, DEPARTMENT OF HEALTH AND HUMAN SERVICES GRANTS GRANTS FOR CONSTRUCTION OF TEACHING...

  18. Is there an asymmetry in the response of diesel and petrol prices to crude oil price changes? Evidence from New Zealand

    International Nuclear Information System (INIS)

    Liu, Ming-Hua; Margaritis, Dimitris; Tourani-Rad, Alireza

    2010-01-01

    This paper examines how pre-tax petrol and diesel prices in New Zealand respond to changes in crude oil prices using an asymmetric error correction model. Our results show that oil companies adjust diesel prices upwards faster than they adjust them downwards, and the difference is statistically significant. However we find no statistical evidence for an asymmetry in the adjustment of petrol prices even though the magnitude of estimated coefficients suggests a faster response to rising prices. As diesel pricing is not as competitive as petrol pricing, calls for further government actions and monitoring of the oil market may be justified. Our findings also have important implications for the conduct of monetary policy as the pass-through of crude oil price changes can affect cost-push inflation. (author)

  19. Price strategy and pricing strategy: terms and content identification

    OpenAIRE

    Panasenko Tetyana

    2015-01-01

    The article is devoted to the terminology and content identification of seemingly identical concepts "price strategy" and "pricing strategy". The article contains evidence that the price strategy determines the direction, principles and procedure of implementing the company price policy and pricing strategy creates a set of rules and practical methods of price formation in accordance with the pricing strategy of the company.

  20. Airport Pricing Strategies

    Science.gov (United States)

    Pels, Eric; Verhoef, Erik T.

    2003-01-01

    Conventional economic wisdom suggests that congestion pricing would be an appropriate response to cope with the growing congestion levels currently experienced at many airports. Several characteristics of aviation markets, however, may make naive congestion prices equal to the value of marginal travel delays a non-optimal response. This paper has developed a model of airport pricing that captures a number of these features. The model in particular reflects that airlines typically have market power and are engaged in oligopolistic competition at different sub-markets; that part of external travel delays that aircraft impose are internal to an operator and hence should not be accounted for in congestion tolls. We presented an analytical treatment for a simple bi-nodal symmetric network, which through the use of 'hyper-networks' would be readily applicable to dynamic problems (in discrete time) such as peak - off-peak differences, and some numerical exercises for the same symmetric network, which was only designed to illustrate the possible comparative static impacts of tolling, in addition to marginal equilibrium conditions as could be derived for the general model specification. Some main conclusions are that second-best optimal tolls are typically lower than what would be suggested by congestion costs alone and may even be negative, and that the toll as derived by Brueckner (2002) may not lead to an increase in total welfare. While Brueckner (2002) has made clear that congestion tolls on airports may be smaller than expected when congestion costs among aircraft are internal for a firm, our analysis adds to this that a further downward adjustment may be in order due to market power. The presence of market power (which causes prices to exceed marginal costs) may cause the pure congestion toll to be suboptimal, because the resulting decrease in demand is too high (the pure congestion tall does not take into account the decrease in consumer surplus). The various

  1. Valuation Struggles over Pricing

    DEFF Research Database (Denmark)

    Pallesen, Trine

    2016-01-01

    of creating political markets, and political prices, here understood as market distortion. This paper studies the ‘politics’ of pricing by following the adoption of the first feed-in tariff in France. Pricing as a way of achieving non-economic ends, such as climate mitigation, brings the values of several...... public goods into play, all the while prompting a translation of these values into a single price. Following the struggles over the pricing of wind power in the early 2000s, the study illustrates that rather than a pollution of the market sphere by that of politics, a politics of pricing can be observed...

  2. Valuation of the Prepayment Option of a Perpetual Corporate Loan

    Directory of Open Access Journals (Sweden)

    Timothee Papin

    2013-01-01

    margin of the loan is defined by the credit quality of the borrower and the liquidity cost that reflects the funding cost of the bank. Two frameworks are discussed: firstly a loan margin without liquidity cost and secondly a multiregime framework with a liquidity cost dependent on the regime. The prepayment option needs specific attention as the payoff itself is an implicit function of the parameters of the problem and of the dynamics. In the unique regime case, we establish quasianalytic formulas for the payoff of the option; in both cases we give a verification result that allows for the computation of the price of the option. Numerical results that implement the findings are also presented and are completely consistent with the theory; it is seen that when liquidity parameters are very different (i.e., when a liquidity crisis occurs in the high liquidity cost regime, the exercise domain may entirely disappear, meaning that it is not optimal for the borrower to prepay during such a liquidity crisis. The method allows for quantification and interpretation of these findings.

  3. Three essays on access pricing

    Science.gov (United States)

    Sydee, Ahmed Nasim

    In the first essay, a theoretical model is developed to determine the time path of optimal access price in the telecommunications industry. Determining the optimal access price is an important issue in the economics of telecommunications. Setting a high access price discourages potential entrants; a low access price, on the other hand, amounts to confiscation of private property because the infrastructure already built by the incumbent is sunk. Furthermore, a low access price does not give the incumbent incentives to maintain the current network and to invest in new infrastructures. Much of the existing literature on access pricing suffers either from the limitations of a static framework or from the assumption that all costs are avoidable. The telecommunications industry is subject to high stranded costs and, therefore, to address this issue a dynamic model is imperative. This essay presents a dynamic model of one-way access pricing in which the compensation involved in deregulatory taking is formalized and then analyzed. The short run adjustment after deregulatory taking has occurred is carried out and discussed. The long run equilibrium is also analyzed. A time path for the Ramsey price is shown as the correct dynamic price of access. In the second essay, a theoretical model is developed to determine the time path of optimal access price for an infrastructure that is characterized by congestion and lumpy investment. Much of the theoretical literature on access pricing of infrastructure prescribes that the access price be set at the marginal cost of the infrastructure. In proposing this rule of access pricing, the conventional analysis assumes that infrastructure investments are infinitely divisible so that it makes sense to talk about the marginal cost of investment. Often it is the case that investments in infrastructure are lumpy and can only be made in large chunks, and this renders the marginal cost concept meaningless. In this essay, we formalize a model of

  4. The Earnings/Price Risk Factor in Capital Asset Pricing Models

    Directory of Open Access Journals (Sweden)

    Rafael Falcão Noda

    2015-01-01

    Full Text Available This article integrates the ideas from two major lines of research on cost of equity and asset pricing: multi-factor models and ex ante accounting models. The earnings/price ratio is used as a proxy for the ex ante cost of equity, in order to explain realized returns of Brazilian companies within the period from 1995 to 2013. The initial finding was that stocks with high (low earnings/price ratios have higher (lower risk-adjusted realized returns, already controlled by the capital asset pricing model's beta. The results show that selecting stocks based on high earnings/price ratios has led to significantly higher risk-adjusted returns in the Brazilian market, with average abnormal returns close to 1.3% per month. We design asset pricing models including an earnings/price risk factor, i.e. high earnings minus low earnings, based on the Fama and French three-factor model. We conclude that such a risk factor is significant to explain returns on portfolios, even when controlled by size and market/book ratios. Models including the high earnings minus low earnings risk factor were better to explain stock returns in Brazil when compared to the capital asset pricing model and to the Fama and French three-factor model, having the lowest number of significant intercepts. These findings may be due to the impact of historically high inflation rates, which reduce the information content of book values, thus making the models based on earnings/price ratios better than those based on market/book ratios. Such results are different from those obtained in more developed markets and the superiority of the earnings/price ratio for asset pricing may also exist in other emerging markets.

  5. Coal pricing in China: Issues and reform strategy. World Bank discussion paper

    International Nuclear Information System (INIS)

    Albouy, Y.

    1991-01-01

    The study assesses the magnitude of coal price distortions left in place by the dual track pricing approach to price reform implemented by China in the 1980s; it examines the economic and financial costs of these distortions and identifies the potential winners and losers of pricing improvements. Finally the report outlines a strategy for gradual price adjustments and liberalization in the coal sector. (Copyright (c) 1991 The International Bank for Reconstruction and Development/The World Bank.)

  6. Out-of-Pocket Net Price for College. Data Point. NCES 2014-902

    Science.gov (United States)

    Horn, Laura; Paslov, Jonathan

    2014-01-01

    This Data Point uses data from four administrations of the National Postsecondary Student Aid Study (NPSAS:2000, NPSAS:04, NPSAS:08, and NPSAS:12) to briefly present trends in out-of-pocket net price for college, the amount that students and their families must pay to attend college after subtracting grants, loans, work-study, and all other…

  7. PRICES IN COMPETITIVE SYSTEM

    Directory of Open Access Journals (Sweden)

    VADUVA MARIA

    2017-08-01

    Full Text Available Regularities of competitive market determine rules for determining prices and their dynamics. Orientation prices to competition (competitive pricing is the strategy most frequently used in countries with market economies and especially for exports. Moreover, in an economy dominated by market competition it cannot be ignored without certain risks the prices resulting from competition between products bidders. Companies that use this type of strategy seek to maintain a level of prices linked to that charged by other competitors (or exporting producers generally no longer covering production costs or demand, relying on the assumption that the average market price is a reasonable basis of costs. But the way how practical guidance and reporting to the competition in every price strategy, will be determined by the company's market position, by the available power and enjoyed prestige, objectives and prospects of its market share etc. according to these elements, there may be several versions of pricing strategies oriented to competitors.

  8. Retail Price Model

    Science.gov (United States)

    The Retail Price Model is a tool to estimate the average retail electricity prices - under both competitive and regulated market structures - using power sector projections and assumptions from the Energy Information Administration.

  9. Natural gas pricing

    International Nuclear Information System (INIS)

    Freedenthal, C.

    1993-01-01

    Natural gas pricing is the heart and soul of the gas business. Price specifically affects every phase of the industry. Too low a price will result in short supplies as seen in the mid-1970s when natural gas was scarce and in tight supply. To fully understand the pricing of this energy commodity, it is important to understand the total energy picture. In addition, the effect and impact of world and US economies, and economics in general are crucial to understanding natural gas pricing. The purpose of this presentation will be to show the parameters going into US natural gas pricing including the influence of the many outside industry factors like crude oil and coal pricing, market drivers pushing the gas industry, supply/demand parameters, risk management for buyers and sellers, and other elements involved in pricing analysis

  10. Drug Pricing Reforms

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas

    2015-01-01

    Reference price systems for prescription drugs have found widespread use as cost containment tools. Under such regulatory regimes, patients co-pay a fraction of the difference between pharmacy retail price of the drug and a reference price. Reference prices are either externally (based on drug...... prices in other countries) or internally (based on domestic drug prices) determined. In a recent study, we analysed the effects of a change from external to internal reference pricing in Denmark in 2005, finding that the reform led to substantial reductions in prices, producer revenues, and expenditures...... for patients and the health insurance system. We also estimated an increase in consumer welfare but the size effect depends on whether or not perceived quality differences between branded and other drugs are taken into account....

  11. The investigation on the relationship between the problem of long-term loan and economic growth

    Institute of Scientific and Technical Information of China (English)

    Wenjie Du

    2011-01-01

    Purpose-Since the reform and opening-up policy,the long-term problem of loans became more and more serious when China's economy maintained rapid growth.The purpose of this paper is to explore the profound causes of the medium-and long-term problem of loans and the relationship between it and economic growth.Design/methodology/approach-Using panel data for 28 provinces and cities of China during 1994-2005,this paper investigates the determinants on the maturity of bank credit using threshold panel data of Hansen.In addition,using dynamics panel data,this paper investigates the effects of the maturity structure of bank credit on economic growth.Findings-The drop of bank industry concentration tends to increase the supply of long-term loans.The raise of economic growth and the increase of industrialization degree promote the demand of long-term loans,significantly.Furthermore,the threshold effects of inflation exist.When the initial inflation is lower than 3.9 percent,the raise of inflation can increase the supply of long-term loans.When the initial inflation is higher than 3.9 percent,the raise of inflation can decrease the supply of long-term loans.The increase in the supply of long-term loans can promote the economic growth.Originality/value-The paper has two innovations:first,when studying the determinants on the maturity of bank credit,using the threshold panel approach takes account of the nonlinear adjustment of inflation;second,including the maturity of bank credit into the realm of financial development studies the relationship between this and economic growth.

  12. Delegating Pricing Decisions

    OpenAIRE

    Pradeep Bhardwaj

    2001-01-01

    An outstanding problem in marketing is why some firms in a competitive market delegate pricing decisions to agents and other firms do not. This paper analyzes the impact of competition on the delegation decision and, in turn, the impact of delegation on prices and incentives. The theory builds on the simplest framework of competition in two dimensions: prices and (sales agents') effort. Specifically, we are interested in answering the following questions: (1) Does competition affect the price...

  13. The dynamics of crude oil price differentials

    International Nuclear Information System (INIS)

    Fattouh, Bassam

    2010-01-01

    Crude oil price differentials are modelled as a two-regime threshold autoregressive (TAR) process using the method proposed by Caner and Hansen [Caner, M., Hansen, B.E. Threshold autoregression with a unit root. Econometrica 2001; 69; 1555-1596.]. While standard unit root tests suggest that the prices of crude oil of different varieties move closely together such that their price differential is stationary, the TAR results indicate strong evidence of threshold effects in the adjustment process to the long-run equilibrium. These findings suggest that crude oil prices are linked and thus at the very general level, the oil market is 'one great pool' (Adelman, M.A. International oil agreements. The Energy Journal 1984; 5; 1-9.). However, differences in the dynamics of adjustment suggest that within this one pool, oil markets are not necessarily integrated in every time period and hence the dynamics of crude oil price differentials may not follow a stationary process at all times. Although the development of a liquid futures market around the crude oil benchmarks has helped make some distant markets more unified, arbitrage is not costless or risk-free and temporary breakdowns in the benchmarks can lead to decoupling of crude oil prices. (author)

  14. 7 CFR 772.14 - Reamortization of AMP loans.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Reamortization of AMP loans. 772.14 Section 772.14... AGRICULTURE SPECIAL PROGRAMS SERVICING MINOR PROGRAM LOANS § 772.14 Reamortization of AMP loans. The Agency may approve reamortization of AMP loans provided: (a) There is no extension of the final maturity date...

  15. 12 CFR 583.20 - Savings and loan holding company.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Savings and loan holding company. 583.20... REGULATIONS AFFECTING SAVINGS AND LOAN HOLDING COMPANIES § 583.20 Savings and loan holding company. The term savings and loan holding company means any company that directly or indirectly controls a savings...

  16. 12 CFR 561.30 - Nonresidential construction loan.

    Science.gov (United States)

    2010-01-01

    ... REGULATIONS AFFECTING ALL SAVINGS ASSOCIATIONS § 561.30 Nonresidential construction loan. The term nonresidential construction loan means a loan for construction of other than one or more dwelling units. ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Nonresidential construction loan. 561.30...

  17. 7 CFR 1421.104 - Marketing assistance loan making.

    Science.gov (United States)

    2010-01-01

    ... cost for terminating the financing statement for marketing assistance loans disbursed under paragraph... 7 Agriculture 10 2010-01-01 2010-01-01 false Marketing assistance loan making. 1421.104 Section... COMMODITIES-MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS FOR 2008 THROUGH 2012 Marketing Assistance...

  18. 7 CFR 1610.5 - Minimum Bank loan.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Minimum Bank loan. 1610.5 Section 1610.5 Agriculture Regulations of the Department of Agriculture (Continued) RURAL TELEPHONE BANK, DEPARTMENT OF AGRICULTURE LOAN POLICIES § 1610.5 Minimum Bank loan. A Bank loan will not be made unless the applicant qualifies for a Bank...

  19. 7 CFR 1737.60 - Telephone loan budget.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Telephone loan budget. 1737.60 Section 1737.60... Cost Estimation Procedures § 1737.60 Telephone loan budget. (a) RUS shall prepare a “Telephone Loan Budget” (RUS Form 493) showing all costs for the proposed project and the amount of loan and nonloan...

  20. 42 CFR 57.213a - Loan cancellation reimbursement.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 1 2010-10-01 2010-10-01 false Loan cancellation reimbursement. 57.213a Section 57... Professions Student Loans § 57.213a Loan cancellation reimbursement. (a) For loans made prior to October 22... credited to this insurance fund), and used only to reimburse the school for the institutional share of any...

  1. 78 FR 28953 - William D. Ford Federal Direct Loan Program

    Science.gov (United States)

    2013-05-16

    .... Ford Federal Direct Loan Program; Interim Final Rule #0;#0;Federal Register / Vol. 78, No. 95... [Docket ID ED-2013-OPE-0066] RIN 1840-AD13 William D. Ford Federal Direct Loan Program AGENCY: Office of... Secretary amends the William D. Ford Federal Direct Loan Program (Direct Loan Program) regulations to...

  2. A Trillion-Dollar Question: What Predicts Student Loan Delinquencies?

    Science.gov (United States)

    Mezza, Alvaro; Sommer, Kamila

    2016-01-01

    The recent significant increase in student loan delinquencies has generated interest in understanding the key factors predicting the non-performance of these loans. However, despite the large size of the student loan market, existing analyses have been limited by lack of data. This paper studies predictors of student loan delinquencies using a…

  3. Exit Counseling Guide for Federal Student Loan Borrowers

    Science.gov (United States)

    Federal Student Aid, US Department of Education, 2010

    2010-01-01

    Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans canceled because you didn't like the education you received, didn't get a job in your field of study or because you're having financial difficulty. Loans are legal obligations that…

  4. 7 CFR 1436.8 - Security for loan.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Security for loan. 1436.8 Section 1436.8 Agriculture... Security for loan. (a) Except as agreed to by CCC, all loans must be secured by a promissory note and... prior lien holders. (2) A loan will be considered to be adequately secured when the real estate security...

  5. 7 CFR 160.74 - Loan of standards without security.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 3 2010-01-01 2010-01-01 false Loan of standards without security. 160.74 Section 160... REGULATIONS AND STANDARDS FOR NAVAL STORES Loan and Care of United States Standards § 160.74 Loan of standards without security. Duplicates of the United States Standards for rosin may be loaned without deposit of...

  6. 7 CFR 766.112 - Additional security for restructured loans.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Additional security for restructured loans. 766.112..., DEPARTMENT OF AGRICULTURE SPECIAL PROGRAMS DIRECT LOAN SERVICING-SPECIAL Loan Servicing Programs § 766.112 Additional security for restructured loans. (a) If the borrower is delinquent prior to restructuring, the...

  7. 24 CFR 1007.30 - Security for loan.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Security for loan. 1007.30 Section... SECTION 184A LOAN GUARANTEES FOR NATIVE HAWAIIAN HOUSING § 1007.30 Security for loan. (a) In general. A... Lands is used as collateral or security for the loan, the following additional provisions apply: (1...

  8. 7 CFR 1421.113 - Recourse marketing assistance loans.

    Science.gov (United States)

    2010-01-01

    ... assistance loan collateral may not be delivered or forfeited to CCC in satisfaction of the loan indebtedness... 7 Agriculture 10 2010-01-01 2010-01-01 false Recourse marketing assistance loans. 1421.113 Section... CORPORATION, DEPARTMENT OF AGRICULTURE LOANS, PURCHASES, AND OTHER OPERATIONS GRAINS AND SIMILARLY HANDLED...

  9. 49 CFR 22.57 - Loan reporting requirements.

    Science.gov (United States)

    2010-10-01

    ... indicates the date in which the loan has been activated/funded. The form is available at http://www.osdbu... repayment of the STLP loan, or upon expiration of the loan guarantee. The form is available at http://www... Report and form DOT F 2305-1 Guaranty Loan Status Report. These forms are available at http://www.osdbu...

  10. 13 CFR 120.400 - Loan Guarantee Agreements.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Loan Guarantee Agreements. 120.400 Section 120.400 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Lenders § 120... specific proposed loan that a Lender may submit. The existence of a Loan Guarantee Agreement does not limit...

  11. 24 CFR 510.1 - Multi-family property loans.

    Science.gov (United States)

    2010-04-01

    ... any partnership which is a borrower on a section 312 loan shall be personally liable for repayment of the section 312 loan. Limited partners shall assume personal liability by co-signing the loan note as... not relieve the partnership or corporate borrower from securing the section 312 loan by a mortgage or...

  12. 13 CFR 120.546 - Loan asset sales.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Loan asset sales. 120.546 Section....546 Loan asset sales. (a) General. Loan asset sales are governed by § 120.545(b)(4) and by this... consented to SBA's sale of the loan (guaranteed and unguaranteed portions) in an asset sale conducted or...

  13. Como reembolsar sus prestamos para estudiantes (Repaying Your Student Loans).

    Science.gov (United States)

    Office of Federal Student Aid (ED), Washington, DC.

    This guide, written in Spanish, discusses how to repay student loans. Following a general introduction, the guide discusses the grace period before repayment and repayment requirements. Repayment plans are described for Perkins Loans, Direct Loans, and Federal Family Education Loans. Repayment options are discussed, including consolidation,…

  14. Price competition on graphs

    NARCIS (Netherlands)

    Soetevent, A.R.

    2010-01-01

    This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. I propose an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. One feature of graph models of price competition is that spatial

  15. Press point on prices

    International Nuclear Information System (INIS)

    Schilansky, J.L.

    2005-06-01

    This document presents information and statistical data on the prices of the crude oils, refining and petroleum products, at the date of the 28 June 2005: evolution of the barrel price, supply and demand, geo-policy, consumption, diesel and gasoline, prices at the service station. (A.L.B.)

  16. Price control and macromarketing

    Directory of Open Access Journals (Sweden)

    Kancir Rade

    2003-01-01

    Full Text Available Price control at macro level is part of integral macro marketing strategic control system, or more precisely, part of social marketing mix control. Price impact is direct, if it is regarded in the context of needs satisfaction, and indirect, within the context of resource allocation. These two patterns of price impact define control mechanism structuring. Price control in sense of its direct impact at process of need satisfaction should comprise qualitative and quantitative level of needs satisfaction at a given price level and its structure, informational dimension of price and different disputable forms of corporate pricing policies. Control of price allocation function is based at objectives of macro marketing system management in the area of resource allocation and the role of price as allocator in contemporary market economies. Control process is founded, on one hand, at theoretical models of correlation between price and demand in different market structures, and on the other hand, at complex limits that price as allocator has, and which make whole control process even more complex because of reduction of the degree of determinism in functioning of contemporary economic systems. Control of price allocation function must be continuous and dynamic process if it is to provide for convergence with environmental changes and if it is to provide for placing control systems at micro marketing levels in the function of socially valid objectives.

  17. Simulating Price-Taking

    Science.gov (United States)

    Engelhardt, Lucas M.

    2015-01-01

    In this article, the author presents a price-takers' market simulation geared toward principles-level students. This simulation demonstrates that price-taking behavior is a natural result of the conditions that create perfect competition. In trials, there is a significant degree of price convergence in just three or four rounds. Students find this…

  18. Dutch house price fundamentals

    NARCIS (Netherlands)

    Haffner, M.E.A.; de Vries, P.

    2009-01-01

    This paper discusses house price developments in the Netherlands, specifically focussing on the question whether current house prices in the Dutch owner-occupied market are likely to decrease. We analyse three aspects of the question based on a literature review: (1) whether there is a house price

  19. The Connection Between House Price Appreciation and Property Tax Revenues*

    OpenAIRE

    Lutz, Byron F.

    2008-01-01

    This paper explores two aspects of the connection between property tax revenues and house prices. First, I estimate the elasticity of property tax revenues with respect to house prices. This elasticity does not necessarily equal one as governments may adjust effective tax rates to offset changes in property values. Second, I examine the timing of the relationship. Institutional features of the property tax make it unlikely that changes in house prices will immediately influence tax revenues. ...

  20. Analyzing the effects of past prices on reference price formation

    OpenAIRE

    van Oest, R.D.; Paap, R.

    2004-01-01

    textabstractWe propose a new reference price framework for brand choice. In this framework, we employ a Markov-switching process with an absorbing state to model unobserved price recall of households. Reference prices result from the prices households are able to remember. Our model can be used to learn how many prices observed in the past are used for reference price formation. Furthermore, we learn to what extent households have sufficient price knowledge to form an internal reference price...

  1. Transportation fuel prices around the world, first half 1993

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    This survey of 41 countries reveals that while most countries experienced higher prices in national currencies, a stronger dollar resulted in lower U.S. dollar adjusted fuel prices during the first half of the year. Currency exchange rate depreciation against the dollar was the predominant fact around the world

  2. 75 FR 38999 - Federal Perkins Loan Program: Federal Family Education Loan Program and William D. Ford Federal...

    Science.gov (United States)

    2010-07-07

    ..., or Direct Loan Program, excluding PLUS loans made under the FFEL and Direct Loan Programs to parents... that repaid a parent PLUS loan. Employee means an individual who, under Federal tax law, is considered... Internal Revenue Code. Involuntary separation due to misconduct means termination from [[Page 39001...

  3. State energy price and expenditure report, 1995

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-08-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the US. The estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1995. Data for all years are available on a CD-ROM and via Internet. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1995, Consumption Estimates (SEDR), published in December 1997. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources.

  4. Loan Supply Shocks in Macedonia: A Bayesian SVAR Approach with Sign Restrictions

    Directory of Open Access Journals (Sweden)

    Rilind Kabashi

    2016-06-01

    Full Text Available This paper analyzes the effects of loan supply, as well as aggregate demand,aggregate supply and monetary policy shocks between 1998 and 2014 in Macedonia using a structural vector autoregression model with sign restrictions and Bayesian estimation. The main results indicate that loan supply shocks have no significant effect on loan volumes and lending rates, or on economic activity and prices. The effects of monetary policy on lending activity are fairly limited, although there is some evidence that it affects lending rates more than loan volumes. Monetary policy shocks have strong effects on inflation, while the central bank reacts strongly to adverse shocks hitting the economy. Baseline results are confirmed by several robustness checks. According to historical decomposition, the lending activity was supporting economic growth before and during the crisis, but its contribution became negative during the recovery and it was a drag on growth until the end of the period. Pre-crisis GDP growth is mostly explained by supportive monetary policy. However, the restrictive monetary policy during the crisis contributed to the fall of GDP, before becoming supportive again during the early stages of the recovery. Policy rates in recent years mostly reflect subdued lending activity and aggregate supply factors, which the central bank tries to counteract with a more accommodative policy.

  5. 7 CFR 1956.68 - Compromise or adjustment without debtor's signature.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Compromise or adjustment without debtor's signature... Loan Programs and Multi-Family Housing § 1956.68 Compromise or adjustment without debtor's signature... made to obtain the debtor's signature and the date(s) of such effort. (c) The specific reasons why it...

  6. Internet resource pricing models

    CERN Document Server

    Xu, Ke; He, Huan

    2013-01-01

    This brief guides the reader through three basic Internet resource pricing models using an Internet cost analysis. Addressing the evolution of service types, it presents several corresponding mechanisms which can ensure pricing implementation and resource allocation. The authors discuss utility optimization of network pricing methods in economics and underline two classes of pricing methods including system optimization and entities' strategic optimization. The brief closes with two examples of the newly proposed pricing strategy helping to solve the profit distribution problem brought by P2P

  7. Value-based pricing

    Directory of Open Access Journals (Sweden)

    Netseva-Porcheva Tatyana

    2010-01-01

    Full Text Available The main aim of the paper is to present the value-based pricing. Therefore, the comparison between two approaches of pricing is made - cost-based pricing and value-based pricing. The 'Price sensitively meter' is presented. The other topic of the paper is the perceived value - meaning of the perceived value, the components of perceived value, the determination of perceived value and the increasing of perceived value. In addition, the best company strategies in matrix 'value-cost' are outlined. .

  8. Bank Loan Loss Provisions, Investor Protection and the Macroeconomy

    OpenAIRE

    Ozili, Peterson K

    2017-01-01

    This study investigates the non-discretionary determinants of bank loan loss provisions in Africa after controlling for macroeconomic fluctuation, financial development and investor protection. We find that non-performing loans, loan-to-asset ratio and loan growth are significant non-discretionary drivers of bank provisions in the African region. We observe that bank provision is a positive function of non-performing loans up to a threshold beyond which bank provisions will no longer increase...

  9. Cross hedging and forward-contract pricing of electricity

    International Nuclear Information System (INIS)

    Woo, C.-K.; Hoang, K.; Horowitz, I.

    2001-01-01

    We consider the problem of an electric-power marketer offering a fixed-price forward contract to provide electricity that it purchases from a potentially volatile and unpredictable fledgling spot energy market. One option for the risk-averse marketer who wants to hedge against the spot-price volatility is to engage in cross hedging to reduce the contract's profit variance, and to determine the forward-contract price as a risk-adjusted price - the sum of a baseline price and a risk premium. We show how the marketer can estimate the spot-price relationship between two wholesale energy markets for the purpose of cross hedging, as well as the optimal hedge and the forward contract's baseline price and risk premium

  10. Cross hedging and forward-contract pricing of electricity

    Energy Technology Data Exchange (ETDEWEB)

    Woo, C.-K.; Hoang, K. [Energy and Environmental Economics, Inc., 353 Sacramento Street, Suite 1700, 94111 San Francisco, CA (United States); Horowitz, I. [Decision and Information Sciences, Warrington College of Business Administration, University of Florida, 32611 Gainesville, FL (United States)

    2001-01-01

    We consider the problem of an electric-power marketer offering a fixed-price forward contract to provide electricity that it purchases from a potentially volatile and unpredictable fledgling spot energy market. One option for the risk-averse marketer who wants to hedge against the spot-price volatility is to engage in cross hedging to reduce the contract's profit variance, and to determine the forward-contract price as a risk-adjusted price - the sum of a baseline price and a risk premium. We show how the marketer can estimate the spot-price relationship between two wholesale energy markets for the purpose of cross hedging, as well as the optimal hedge and the forward contract's baseline price and risk premium.

  11. Do Canadian electricity prices reflect costs?

    International Nuclear Information System (INIS)

    Jaccard, M.

    1993-01-01

    In an article by Cairns and Heyes (1993), it is argued that electricity pricing in Canada diverges from cost due to inter-class rate design that results in cross-subsidies, subsidized cost of capital, intra-class rate design that lacks time-of-use pricing, and failure to collect differential rent. Some problems with the key components of the initial assumption that prices diverge from cost are examined. The premise that inter-class rate design results in cross-subsidies may be correct, but is difficult to test since unregulated crown utilities are not required to make the necessary information public. Cairns and Heyes are on firmer ground in their assertion that provincial government backing of utility debts leads to lower costs of capital than would otherwise occur. Quebec and British Columbia governments have recently undertaken revenue collection initiatives justified under the rationale of addressing this situation. However, there are problems with the assumption that lack of time-of-use pricing indicates cost/price divergence, since such pricing is especially relevant in capacity-critical systems. Most hydroelectric systems are energy-critical and time-of-use differentials are not appropriate. Finally, recent evidence suggests reassessing the differential rent assumptions of the 1980s. The economic rents estimated in that period may be more accurately described as windfall rents existing in the short term while markets adjust to erratic fuel prices and cost changes in nuclear and hydro energy. There may be good economic efficiency arguments against short-term rent collection strategies involving erratic price adjustments. 1 ref

  12. Foreign Banks Set Sights on Housing Loans

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    Having cleared all the hurdles to enter the market, locally incorporated foreign banks declare their intentions to dive into the personal housing loan business in China A battle is brewing between domestic and locally incorporated foreign banks over the

  13. ACED Allegheny Home Improvement Loan Program (AHILP)

    Data.gov (United States)

    Allegheny County / City of Pittsburgh / Western PA Regional Data Center — The Allegheny Home Improvement Loan Program (AHILP) is the most affordable way for eligible Allegheny County residents to rehabilitate and improve their homes....

  14. 24 CFR 570.705 - Loan requirements.

    Science.gov (United States)

    2010-04-01

    ... taxation as provided in section 108(j) of the Act. (f) Loan repayment period. The term of debt obligations..., shall preclude or limit HUD's exercise of: (1) The power to contract with respect to public offerings...

  15. 7 CFR 1980.411 - Loan purposes.

    Science.gov (United States)

    2010-01-01

    .... (14) Acquisition of membership and/or stocks, bonds, or debentures necessary to obtain a loan from... that produce biomass fuel or biogas as an output must have completed two operating cycles at design...

  16. 44 CFR 206.364 - Loan application.

    Science.gov (United States)

    2010-10-01

    ... assets for a stated period of time, and the proposed means of financing the expenditures. For loan... within sixty days of the date of the disapproval. Decision by the Assistant Administrator for the...

  17. A New Opportunity: Loans from Annuities.

    Science.gov (United States)

    Salzarulo, W. Peter

    1984-01-01

    Many faculty members have tax sheltered annuities (TSA). One method of obtaining the use of the funds in a TSA involves treating the amount received from the TSA as a loan rather than as a taxable withdrawal or distribution. (MLW)

  18. TARGET CONTROLLING METHOD OF THE PRICING PROCESS IN THE TOURISM ENTERPRISES

    Directory of Open Access Journals (Sweden)

    N. Sagalakova

    2016-02-01

    Full Text Available Key stages of the pricing process in the tourism enterprises are investigated: subprocess of establishing of nominal value of the new tourism product price and subprocess of adjustment of the established price depending on a situation in the tourism market. For establishing of nominal value of the price it is offered by use of optimizing model, which maximizes the usefulness function of structural parts of the tourism product price. For adjustment of the tourism product price under change of external conditions procedure of installation of the target with use of the process behavior charts of the pricing process is applied. The new methodology of the pricing process controlling in the tourism enterprises, which based on complex application of methods of the statistical processes control and a method of dynamic programming, is presented in article and fully considers one of key features of the tourism sphere - seasonal fluctuations of the tourism product price.

  19. Modelling the Price of Unleaded Petrol in Australia’s Capital Cities

    Directory of Open Access Journals (Sweden)

    Abbas Valadkhani

    2010-06-01

    Full Text Available This paper examines the long-run and short-run determinants of unleaded petrol price in Australia’s capitalcities using monthly data to find out whether prices respond asymmetrically to external shocks. Based on thecointegration test results and the estimated asymmetric short-run dynamic models, it is found that: (1 in thelong-run petrol prices are mainly determined by Tapis crude oil and Singapore petrol prices; (2 there issome evidence of asymmetric price adjustments in the short-run since petrol price increases have been mostlypassed on to the consumer faster than price decreases in four capital cities. More specifically, this paperprovides convincing evidence in support of asymmetric price adjustments and the “rockets-and-feathershypothesis” in Adelaide, Brisbane, Melbourne and Sydney. One can thus argue that there are a significantdegree of market inefficiency and/or collusion, requiring a closer government price monitoring and scrutiny.

  20. GLOBAL TO DOMESTIC PRICE TRANSMISSION BETWEEN THE SEGMENTED CEREALS MARKETS: A STUDY OF AFGHAN RICE MARKETS

    Directory of Open Access Journals (Sweden)

    Najibullah Hassanzoy

    2015-10-01

    Full Text Available This paper examines cointegration and the difference in the extent of price transmission, and speed of adjustment between global and domestic prices of high and low quality rice. Unit root tests, cointegration tests and error correction models are employed in the analysis. While there are no comparable studies in the literature, the findings of this study indicate that the dynamics of price transmission may be different between high and low quality rice markets. That is, the extent of price transmission appears to be larger for the global prices of low quality rice whereas the speed of adjustment to the long-run equilibrium may be faster for domestic prices of high quality rice. Moreover, a shock in the global prices of low quality rice may have a long-lasting effect on domestic prices of low quality rice as compared to their high quality counterparts affecting domestic prices of high quality rice.

  1. The pricing of natural gas in US markets

    International Nuclear Information System (INIS)

    Brown, S.P.A.; Yucel, M.K.

    1993-01-01

    Our econometric evidence indicates that changes in natural gas prices are unequal in the long run. Nonetheless, all downstream prices change by at least as much as the average well-head price. Statistically, residential and commercial prices change as much as the city gate price. In the face of persistent shocks, however, market institutions and market dynamics can lead to lengthy periods in which the residential and commercial prices of natural gas adjust less than the wellhead or city gate prices. Electrical and industrial users of natural gas rely heavily on spot supplies and can switch fuels easily. Their ability to switch fuels may be related to the development of a spot market to serve them. Reliance on the spot market may explain why these end users have seen a greater reduction in natural gas prices than have the LDCs over the past seven years. The ability to switch fuels may account for electrical and industrial prices being the source of shocks in their relationships with the wellhead price. It also may explain why prices in these end-sue markets are quick to adjust. Commercial and residential customers cannot switch fuels easily and rely heavily on LDCs for their natural gas. The inability of these end users to switch fuels probably contributes to the reluctance of LDCs to purchase spot supplies of gas. Reliance on contract supplies may explain why the city gate price has not declined as much as electrical and industrial prices of natural gas over the past seven years. Furthermore, the LDCs administer prices in the commercial and residential markets under state regulation

  2. On Chinese Loan Words from English Language

    Science.gov (United States)

    Yan, Yun; Deng, Tianbai

    2009-01-01

    In the recent twenty years, with China's reform and opening policy to the outside world, there is a sharp increase in English loan words in Chinese. On the one hand, it demonstrates that China's soft power has been booming up. But on the other hand, some language pollution in the meanwhile is caused by non-standard use of loan words in Chinese.…

  3. Loans may keep CERN collider on target

    CERN Multimedia

    Abbott, A

    1996-01-01

    The European Laboratory for Particle Physics (CERN) is considering taking out bank loans to fund its Large Hadron Collider project. CERN officials are evaluating this option in view of the German government's decision to substantially reduce its annual contributions to the project. They state that the bank loans may be the only way to complete the project by the year 2005, especially if other contributing nations follow Germany's lead.

  4. Pricing for a basket of LCDS under fuzzy environments.

    Science.gov (United States)

    Wu, Liang; Liu, Jie-Fang; Wang, Jun-Tao; Zhuang, Ya-Ming

    2016-01-01

    This paper looks at both the prepayment risks of housing mortgage loan credit default swaps (LCDS) as well as the fuzziness and hesitation of investors as regards prepayments by borrowers. It further discusses the first default pricing of a basket of LCDS in a fuzzy environment by using stochastic analysis and triangular intuition-based fuzzy set theory. Through the 'fuzzification' of the sensitivity coefficient in the prepayment intensity, this paper describes the dynamic features of mortgage housing values using the One-factor copula function and concludes with a formula for 'fuzzy' pricing the first default of a basket of LCDS. Using analog simulation to analyze the sensitivity of hesitation, we derive a model that considers what the LCDS fair premium is in a fuzzy environment, including a pure random environment. In addition, the model also shows that a suitable pricing range will give investors more flexible choices and make the predictions of the model closer to real market values.

  5. Equitable Prices of Single-Source Drugs in Thailand.

    Science.gov (United States)

    Ngorsuraches, Surachat; Chaiyakan, Kanokkan

    2015-08-01

    In Thailand, total drug expenditure has grown rapidly. Recently, the Thai government has addressed the issue of drug pricing, but the prices of single-source drugs remain a major challenge. To examine equitable prices of single-source drugs in Thailand. A total of 98 single-source and high-expenditure drugs were examined. Unit prices from the Drug and Medical Supplies Information Center (DMSIC) and National Average Drug Acquisition Cost (NADAC) were used to represent drug prices at the provider level in Thailand and the U.S., respectively. Data for measuring drug affordability, e.g., dose and poverty line, were obtained from Micromedex online and the National Statistical Office (NSO). The U.S. drug prices were adjusted by the Human Development Index (HDI) to be equitable prices for Thailand. Purchasing Power Parity (PPP) was used to convert US currency into Thai baht. All prices in this study were based on the year 2012. Catastrophic, Impoverishment, and WHO/Health Action International (HAI) approaches were used to determine Thai citizens' ability to afford the study drugs. Finally, uncertainty analyses were conducted. From all study drugs, 55 single-source drugs were priced higher than their equitable prices, ranging from 0.38 to 422.36% higher. Among these, 28 items were antineoplastic drugs. The prices of drugs outside the National List of Essential Medicines (NLEM), as well as the country's newer drugs, tended to be higher than their calculated equitable prices. The majority of drugs in Thailand priced higher than equitable prices were unaffordable for most Thai citizens. The uncertainty analyses revealed that almost all results were relatively robust. Most single-source drug prices in Thailand were higher than their equitable prices, and were likely to be unaffordable to Thai citizens.

  6. 7 CFR 1131.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1131.53 Section 1131.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  7. 7 CFR 1005.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1005.53 Section 1005.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  8. 7 CFR 1124.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1124.53 Section 1124.53 Agriculture Regulations of the Department of Agriculture... Announcement of class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  9. 7 CFR 1126.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1126.53 Section 1126.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  10. 7 CFR 1032.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1032.53 Section 1032.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  11. 7 CFR 1030.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1030.53 Section 1030.53 Agriculture Regulations of the Department of Agriculture... of class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  12. 7 CFR 1033.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1033.53 Section 1033.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  13. 7 CFR 1001.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1001.53 Section 1001.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  14. 7 CFR 1007.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1007.53 Section 1007.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  15. 7 CFR 1006.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1006.53 Section 1006.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  16. Estimating Drug Costs: How do Manufacturer Net Prices Compare with Other Common US Price References?

    Science.gov (United States)

    Mattingly, T Joseph; Levy, Joseph F; Slejko, Julia F; Onwudiwe, Nneka C; Perfetto, Eleanor M

    2018-05-12

    Drug costs are frequently estimated in economic analyses using wholesale acquisition cost (WAC), but what is the best approach to develop these estimates? Pharmaceutical manufacturers recently released transparency reports disclosing net price increases after accounting for rebates and other discounts. Our objective was to determine whether manufacturer net prices (MNPs) could approximate the discounted prices observed by the U.S. Department of Veterans Affairs (VA). We compared the annual, average price discounts voluntarily reported by three pharmaceutical manufacturers with the VA price for specific products from each company. The top 10 drugs by total sales reported from company tax filings for 2016 were included. The discount observed by the VA was determined from each drug's list price, reported as WAC, in 2016. Descriptive statistics were calculated for the VA discount observed and a weighted price index was calculated using the lowest price to the VA (Weighted VA Index), which was compared with the manufacturer index. The discounted price as a percentage of the WAC ranged from 9 to 74%. All three indexes estimated by the average discount to the VA were at or below the manufacturer indexes (42 vs. 50% for Eli Lilly, 56 vs. 65% for Johnson & Johnson, and 59 vs. 59% for Merck). Manufacturer-reported average net prices may provide a close approximation of the average discounted price granted to the VA, suggesting they may be a useful proxy for the true pharmacy benefits manager (PBM) or payer cost. However, individual discounts for products have wide variation, making a standard discount adjustment across multiple products less acceptable.

  17. Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets

    OpenAIRE

    Louise M. Arthur; Colin A. Carter; Fay Abizadeh

    1988-01-01

    A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing th...

  18. Price strategy and pricing strategy: terms and content identification

    Directory of Open Access Journals (Sweden)

    Panasenko Tetyana

    2015-11-01

    Full Text Available The article is devoted to the terminology and content identification of seemingly identical concepts "price strategy" and "pricing strategy". The article contains evidence that the price strategy determines the direction, principles and procedure of implementing the company price policy and pricing strategy creates a set of rules and practical methods of price formation in accordance with the pricing strategy of the company.

  19. Price Elasticity of Alcohol Demand in India.

    Science.gov (United States)

    Kumar, Santosh

    2017-05-01

    Using a household survey conducted in 2014, this study estimates price elasticity of demand (PED) for beer, country liquor and spirits in India. Ordinary least-square models were used to estimate the responsiveness in alcohol demand due to price change. A large number of control variables were included to adjust for potential confounding in the model. Inter-district variation in alcohol consumption is adjusted for by including district fixed effects. Alcohol prices are negatively associated with demand for alcoholic beverages. The PED ranged from -0.14 for spirits to -0.46 for country liquor. Low level of education was positively associated with spirits consumption. The magnitude of elasticity varied by rural-urban, education and gender. Results indicate that a policy mix of price controls and awareness campaigns would be most effective in tackling the adverse effects of harmful drinking in India. The demand for beer, country liquor and spirits is negatively associated with its own price. The elasticity estimates ranged from -0.14 for spirits to -0.44 for country liquor. The elasticity estimates varied by rural-urban, gender and by education levels of the drinkers. © The Author 2017. Medical Council on Alcohol and Oxford University Press. All rights reserved

  20. Target Price Accuracy

    Directory of Open Access Journals (Sweden)

    Alexander G. Kerl

    2011-04-01

    Full Text Available This study analyzes the accuracy of forecasted target prices within analysts’ reports. We compute a measure for target price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown 12-month stock price. Furthermore, we determine factors that explain this accuracy. Target price accuracy is negatively related to analyst-specific optimism and stock-specific risk (measured by volatility and price-to-book ratio. However, target price accuracy is positively related to the level of detail of each report, company size and the reputation of the investment bank. The potential conflicts of interests between an analyst and a covered company do not bias forecast accuracy.