Search results for "Price"
showing 10 items of 428 documents
Housing market shocks in italy: A GVAR approach
2020
Abstract In this paper, we use a Global Vector Autoregression (GVAR) model to assess the spatio-temporal mechanism of house price spillovers, also known as “ripple effect”, among 93 Italian provincial housing markets, over the period 2004 − 2016 . In order to better capture the local housing market dynamics, we use data not only on house prices but also on transaction volumes. In particular, we focus on estimating, to what extent, exogenous shocks, interpreted as negative housing demand shocks, arising from 10 Italian regional capitals, impact on their house prices and sales and how these shocks spill over to neighbours housing markets. The negative housing market demand shock hitting the G…
Do Price Barriers Exist in the European Carbon Market?
2017
ABSTRACTIt is generally thought that psychological prices in markets primarily traded by professional participants should play a limited role. The authors investigate the existence of key reference points in the European Carbon Market, which can be considered as a market with highly qualified stakeholders. They document the presence of key levels and barrier bands around European Union Allowances (EUA) prices. It appears that traders tend to consider these price levels as resistances in upward movements and as supports in downward movements. Furthermore, the authors have observed that the existence of price barriers affects both return and volume dynamics. Therefore, the results indicate th…
The Impact of Lbos on Investment Policies and Operations of Acquired French Firms
2002
This paper evaluates the extent that French LBO targets’ investment policy and operations can account for their overperformance discrepancy. Our empirical study has been carried out on 132 French LBOs between 1989 and 1994. The results show that the abnormal plunge in economic return cannot be explained by overinvestments or by inefficient working capital management. Nevertheless, abnormal increases in wages, supplies and/or sales price reductions appear to be prominent.
Comparing the Impact of the Net Income Versus the Comprehensive Income Over the Share Price for Companies Listed on the Bucharest Stock Exchange
2020
Abstract As a consequence of adopting the IFRS in Romania, starting with 2012, for companies whose securities are admitted for trading on a regulated market, financial reporting demarches include ascertaining the comprehensive income in addition to the net income. The present paper aims at investigating how the share price evolves considering the level of the comprehensive income as compared to the reported net income, in a multiannual empirical study implying panel data analysis through Pooled OLS, Fixed Effects and Random Effects models processed through EViews. Furthermore, the informational and decisional utility of the two main forms of disclosed accounting results (the net income and …
Early warning of systemic risk in global banking: eigen-pair R number for financial contagion and market price-based methods
2021
AbstractWe analyse systemic risk in the core global banking system using a new network-based spectral eigen-pair method, which treats network failure as a dynamical system stability problem. This is compared with market price-based Systemic Risk Indexes (SRIs), viz. Marginal Expected Shortfall (MES), Delta Conditional Value-at-Risk (Delta-CoVaR), and Conditional Capital Shortfall Measure of Systemic Risk (SRISK) in a cross-border setting. Unlike paradoxical market price based risk measures, which underestimate risk during periods of asset price booms, the eigen-pair method based on bilateral balance sheet data gives early-warning of instability in terms of the tipping point that is analogou…
Contributions to Branch-and-Price-and-Cut Algorithms for Routing Problems
2019
This article deals with new exact branch-and-price-and-cut algorithms for the solution of routing problems. Specialized methods for the pickup-and-delivery problem (PDP), the truck-and-trailer routing problem (TTRP), the periodic vehicle routing problem (PVRP) and a service network design and hub location problem (SNDHLP) are presented. We develop a new technique for the acceleration of bidirectional labeling algorithms by a dynamic choice of the merge point. Moreover, for variants of the PDP, the bidirectional labeling can be effectively applied for the first time. In the TTRP, we model the extension to a 2 days planning horizon and the consideration of a quantity-dependent transfer time. …
Nested branch-and-price-and-cut for vehicle routing problems with multiple resource interdependencies
2019
Abstract This paper considers vehicle routing problems (VRPs) with multiple resource interdependencies and addresses the development and computational evaluation of an exact branch-and-price-and-cut algorithm for their solution. An interdependency between two resources means that the two resource consumptions influence one another in such a way that a tradeoff exists between them. This impacts the feasibility and/or the cost of a solution. The subproblem in branch-and-price-and-cut procedures for VRPs is very often a variant of the shortest-path problem with resource constraints (SPPRC). For the exact solution of many SPPRC variants, dynamic-programming based labeling algorithms are predomi…
Branch-and-Price-and-Cut for the Periodic Vehicle Routing Problem with Flexible Schedule Structures
2019
This paper addresses the periodic vehicle routing problem with time windows (PVRPTW). Therein, customers require one or several visits during a planning horizon of several periods. The possible visiting patterns (schedules) per customer are limited. In the classical PVRPTW, it is common to assume that each customer requires a specific visit frequency and offers all corresponding schedules with regular intervals between the visits. In this paper, we permit all kinds of schedule structures and the choice of the service frequency. We present an exact branch-and-price-and-cut algorithm for the classical PVRPTW and its variant with flexible schedules. The pricing problems are elementary shortes…
Branch-and-price-and-cut for a service network design and hub location problem
2015
In the context of combined road-rail freight transport, we study the integrated tactical planning of hub locations and the design of a frequency service network. We consider a number of real-world constraints such as multiple transshipments of requests at hubs, transport time limits for requests, request splitting, and outsourcing possibilities. To our knowledge, the combination of problem features we deal with has not been described before. We present a path-based model and solve it with a branch-and-price-and-cut algorithm. Computational experiments show that large realistic instances from a major German rail freight company can be solved close to optimality within one hour on a standard …
The impact of an urban toll ring on housing prices
2020
Abstract Building on standard urban economics theory we set up a stylized model within which we demonstrate that the imposition of a toll ring leads to higher housing prices within the ring, and lower outside the ring. We examine this prediction empirically by using transaction data for 15,306 dwellings in the Norwegian town of Kristiansand, where since 1992 there has been a toll ring. We find that the toll ring implies 6.9 per cent higher housing prices within the toll ring than outside it. The relationship between toll fees and housing prices seems to be stable over time. The impact of the toll ring on the prices of detached houses, apartments, row houses and twin houses is strikingly dif…