Journal articles: 'Excess profits'

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Osborne, Martin J., and Carolyn Pitchik. "Cartels, Profits and Excess Capacity." International Economic Review 28, no. 2 (June 1987): 413. http://dx.doi.org/10.2307/2526734.

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KALECKI., M. "EXCESS PROFITS TAX AND GOVERNMENT CONTRACTS." Bulletin of the Oxford University Institute of Economics & Statistics 4, no. 2 (May 1, 2009): 40–43. http://dx.doi.org/10.1111/j.1468-0084.1942.mp4002002.x.

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KALECKI, M. "EXCESS PROFITS TAX AND POST-WAR RE-EQUIPMENT." Bulletin of the Oxford University Institute of Economics & Statistics 6, no. 4 (May 1, 2009): 58–61. http://dx.doi.org/10.1111/j.1468-0084.1944.mp6004002.x.

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Keefer, Philip. "Protection Against a Capricious State: French Investment and Spanish Railroads, 1845–1875." Journal of Economic History 56, no. 1 (March 1996): 170–92. http://dx.doi.org/10.1017/s0022050700016065.

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Infrastructure construction is often associated with excessive, even corrupt, profits. This article argues that construction profits earned in Spanish railroads in the mid-nineteenth century were a response to the lack of credibility of the Spanish state. It also makes the first attempt to document excess construction profits in Spanish railroads by demonstrating, for example, financial links between railroad stockholders and the providers of construction goods and services and by directly estimating construction profits. The estimated excess construction profits only provided railroad entrepreneurs with a normal rate of return to their entire railroad-related investments.

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Zhang, Ge Fu, and Dong Hui Wang. "Cooperative Pricing of Apparel Supply Chain Based on API." Applied Mechanics and Materials 58-60 (June 2011): 28–35. http://dx.doi.org/10.4028/www.scientific.net/amm.58-60.28.

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The purpose of this paper is to construct a multi-objective optimization model for cooperative pricing in the management of apparel supply chain. Firstly, by using Apparel Popularity Index (API) model, a kind of pricing model for supply chain has been built. Then, by introducing cooperation and other constraint conditions, a kind of cooperative pricing model was constructed. This model is a kind of Stackelberg game. The manufacturer and the retailer obtained their excess profits through the game. Lastly, this paper gave a numerical example which demonstrated that the excess profit of the cooperative supply chain was constant, and when the constraint conditions changed, the excess profit space would change at the meantime. This research result can help partners on apparel supply chain to practice Quick Response strategy.

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Resende, Marcelo. "Profit persistence in Brazil: a panel data study." Estudos Econômicos (São Paulo) 36, no. 1 (March 2006): 115–26. http://dx.doi.org/10.1590/s0101-41612006000100005.

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The paper investigates the persistence of profits for industrial firms in Brazil during the periods 1986-98 and 1994-1/1999-3. A simple theoretical framework justifies an autoregressive formulation for excess profits. A strong form of persistence can then be related to the presence of a unit root. Recently developed panel data unit tests enable the consideration of short time periods. The results thus obtained for two different measures of excess profitability mostly favour the presence of a unit root. Therefore, despite an apparently more competitive environment in the Brazilian economy one can still observe extremely persistent profits.

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KALECKI., M. "NOTES ON FINANCE: 1. THE EXCESS PROFITS TAX AND EFFICIENCY." Bulletin of the Oxford University Institute of Economics & Statistics 3, no. 3 (May 1, 2009): 51–52. http://dx.doi.org/10.1111/j.1468-0084.1941.mp3003005.x.

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Wu, Shu Qin. "Application of Shapley Value Method in Profits Allocation of Cooperation of Enterprises, Colleges and Institutes." Applied Mechanics and Materials 40-41 (November 2010): 425–29. http://dx.doi.org/10.4028/www.scientific.net/amm.40-41.425.

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Cooperation of enterprises, colleges and institutes in essence is the management of knowledge supply chain. The cooperation can bring about excess earnings, with fair and reasonable profit allocation playing the role of power mechanism which facilitates cooperation of partners. We adopt a method that combines qualitative and quantitative research and establishes the profit allocation mechanism bonding cooperation of enterprises, colleges and institutes. Empirical analysis of cooperation profits allocation methods are carried out with the application of Shapley value.

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ILOMÄKI, JUKKA. "RISK-FREE RATES AND ANIMAL SPIRITS IN FINANCIAL MARKETS." Annals of Financial Economics 11, no. 03 (September 2016): 1650011. http://dx.doi.org/10.1142/s2010495216500111.

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We show analytically that animal spirit excess profits for uninformed investors fall (increase) when the risk-free rate rises (falls). In the theoretical analysis, we examine the expected returns of risk-averse, short-lived investors. In addition, we find empirically that the local risk-free rates explain 14% of the changes in the animal spirit excess profits in the global stock markets for the last 29 years when the animal spirits is characterized as a product of the trend-chasing rule.

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Chen, Junlong, Yajie Wang, and Jiali Liu. "Capacity Choice and Government Regulation in a Vertical Industry." Engineering Economics 31, no. 5 (December 10, 2020): 513–24. http://dx.doi.org/10.5755/j01.ee.31.5.25302.

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This paper sets up an industry competition model consisting of two upstream enterprises and two downstream enterprises. Then we rely on the model to explore how non-regulation and different regulatory policies (maximizing the total profits of the upstream enterprises, the social welfare of the upstream industry or the overall social welfare) affect the following factors: the excess capacity, enterprise profits, consumer surpluses, social welfare in the upstream and downstream enterprises and the overall social welfare. The following conclusions are drawn from our research. First, whether and how the government regulates the capacity choice greatly affect the equilibrium outcomes, as well as the welfare distribution among the upstream enterprises, downstream enterprises, and consumers. The specific effects are dependent on market demand and enterprise cost. Second, the government should formulate its regulatory policies on capacity choice based on the overall social welfare of the entire supply chain. If the government aims to maximize the profits of the upstream enterprises, the social welfare of the downstream industry will be negatively affected. Third, excess capacity does not necessarily suppress social welfare. Under certain conditions, the worst scenario of excess capacity may occur under the pursuit of the maximal overall social welfare. Excess capacity may arise from various causes, rather than market competition or government regulation alone. Excess capacity cannot be attributed solely to government failure. These conclusions have some significance for optimizing capacity regulation policies.

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Zhang, Wensi, Jinlin Li, Ran Zhang, and Yahong Chen. "Impact of Emergency Order in Price-Dependent Newsvendor Problems." Asia-Pacific Journal of Operational Research 34, no. 02 (April 2017): 1750001. http://dx.doi.org/10.1142/s0217595917500014.

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This paper investigates the impact of emergency order in a price-dependent newsvendor setting. To this end, we compare two ways handling the excess demand: the excess demand is lost and a penalty cost is incurred, or the excess demand can be satisfied by an emergency order. Which way is better depends on the emergency purchase cost [Formula: see text] in emergency-order way and the price [Formula: see text] plus penalty cost [Formula: see text] in lost-sales way. For a risk-neutral newsvendor, our results indicate that, when [Formula: see text] is not larger than [Formula: see text], the emergency order way can lead to smaller order quantity and higher expected profit. We continue to discuss the impact of newsvendor’s risk aversion and demand uncertainty on the optimal decisions of the two ways. Theoretical analysis and numerical examples indicate that when the emergency purchase cost is not high, the differentials of the optimal order quantities and expected profits will be larger as the degree of risk aversion/demand uncertainty increases. What is more, we prove that there exists a threshold value of the emergency purchase cost so that the two ways handling excess demand can obtain the same expected profit, and this threshold value increases as the degree of risk aversion decreases.

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Vosslamber, Rob. "Tax failure: New Zealand's short-lived First World War Excess Profits Tax." Accounting History Review 29, no. 1 (January 2, 2019): 79–102. http://dx.doi.org/10.1080/21552851.2019.1590215.

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McGrattan, Ellen R. "Capital Taxation During the U.S. Great Depression." Quarterly Journal of Economics 127, no. 3 (July 26, 2012): 1515–50. http://dx.doi.org/10.1093/qje/qjs022.

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AbstractPrevious studies of the U.S. Great Depression find that increased government spending and taxation contributed little to either the dramatic downturn or the slow recovery. These studies include only one type of capital taxation: a business profits tax. The contribution is much greater when the analysis includes other types of capital taxes. A general equilibrium model extended to include taxes on dividends, property, capital stock, excess profits, and undistributed profits predicts patterns of output, investment, and hours worked that are more like those in the 1930s than found in earlier studies. The greatest effects come from the increased taxes on corporate dividends and undistributed profits.

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Eastwood, A. M., M. C. Ledlie, A. S. Macdonald, and D. M. Pike. "With Profits Maturity Payouts, Asset Shares and Smoothing." Transactions of the Faculty of Actuaries 44 (1992): 497–575. http://dx.doi.org/10.1017/s0071368600010363.

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1.1.1 The Bonus and Valuation Research Group of the Faculty of Actuaries began the work which eventually led to this paper towards the end of 1991. About this time there was considerable speculation that levels of maturity payouts on with profits policies might be significantly in excess of the level that could be justified by the actual investment earnings underlying the policies. The initial aims of the research group were to:(a) examine this claim;(b) consider to what extent overpayment, if any, could be explained by the smoothing methods that might have been used by offices; and(c) examine the practical consequences of continuing to adopt those smoothing methods.

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Villanueva, O. Miguel. "Forecasting Currency Excess Returns: Can the Forward Bias Be Exploited?" Journal of Financial and Quantitative Analysis 42, no. 4 (December 2007): 963–90. http://dx.doi.org/10.1017/s002210900000346x.

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AbstractThe forward bias anomaly implies that currency excess returns are predictable by the forward premium. Yet, recent studies suggest that statistical inference problems may spuriously account for this predictability. This article demonstrates that while currency excess returns are not predictable out of sample using a standard mean square forecast error criterion, the forward premium nonetheless has directional predictability. This directional forecasting accuracy translates into statistically significant profits from trading on the forward bias anomaly.

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Bae, Sung-Ho. "A Scope of Return of The Claim for the substitute for Excess Profits." DONG-A LAW REVIEW 79 (May 31, 2018): 151–79. http://dx.doi.org/10.31839/dalr.2018.05.79.151.

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Sentman, Mary Alice, and Patrick S. Washburn. "How Excess Profits Tax Brought Ads to Black Newspaper in World War II." Journalism Quarterly 64, no. 4 (December 1987): 769–867. http://dx.doi.org/10.1177/107769908706400413.

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Goodman, Theodore, Volkan Muslu, and Hyungshin Park. "Slack And Crash Risk." Journal of Applied Business Research (JABR) 36, no. 3 (May 1, 2020): 107–20. http://dx.doi.org/10.19030/jabr.v36i3.10347.

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We examine how a firm’s operational slack is associated with current income and future stock price crash risk. By doing so, we test the validity of a firm’s alternative motivations for holding operational slack. We show that Supply Chain Slack, which is based on excess working capital, is associated with higher current profits and higher future crash risk. This evidence is consistent with the firm hoarding bad news. In contrast, SG&A Slack, which is based on excess selling, general, and administrative expenses, is associated with lower current income and lower future crash risk. This evidence is consistent with the firm insuring against rare and adverse events. Furthermore, a firm’s stock price crash risk is lower when a slack type is more costly, consistent with both motivations. Overall, our findings suggest a stronger profit-crash risk tradeoff when firms hold more operational slack.

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Webster, Allen L. "The Concentration-Profitability Relationship In American Industry: A Varying Parameters Model." Journal of Applied Business Research (JABR) 12, no. 4 (September 8, 2011): 44. http://dx.doi.org/10.19030/jabr.v12i4.5783.

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<span>The theoretical foundation upon which the structure-conduct-performance paradigm is built assumes that concentrated markets permit noncompetitive behavior on the part of the market participants permitting abnormal profits to accrue. Previous research examines this relationship in a variety of forms. In each case, no allowance is made for the relationship to change dependent upon the prevailing levels of economies of scale. This paper employs a varying-parameters model which relaxes the classes OLS assumption of constant coefficients for all sample observations. Instead, a factor-dependent, nonstocastic variable is incorporated which captures the manner in which concentration relates to profit margins based on measures of economies of scale The results show that while market concentration is associated with profit, the nature of the relationship varies with the prevailing scale economies. Scale economies prove effective based on the sample data in restraining noncompetitive behavior and limiting the ability of participating units to extract profits in excess of those witnessed in more competitive environments. This conclusion support the hypothesis that the use of scale measures as a varying parameter is suggested in any attempt to estimate the SCP relationship.</span>

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White, Paul, and Pat Sessford Pat Sessford. "A TOBIT REGRESSION MODEL OF FOOTBALL PERFORMANCE VARIABLES FOR A PROFITABLE FIXED ODDS BETTING STRATEGY." Journal of Gambling Business and Economics 4, no. 3 (January 2, 2013): 1–12. http://dx.doi.org/10.5750/jgbe.v4i3.558.

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An analysis of in-match football team performances in European top flight matches has been undertaken to develop profitable betting strategies in the fixed odds market. Three profitable betting strategies for betting on the home win are derived using a novel application of the Tobit regression model. Net profits of in excess of 15% are obtained in unseen out-of-sample testing. The generation of these profits may indicate that general team performance information may not be correctly factored into the fixed odds offered by bookmakers.

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Avanzi, Benjamin, Lars Frederik Brandt Henriksen, and Bernard Wong. "ON THE DISTRIBUTION OF THE EXCEDENTS OF FUNDS WITH ASSETS AND LIABILITIES IN PRESENCE OF SOLVENCY AND RECOVERY REQUIREMENTS." ASTIN Bulletin 48, no. 02 (April 12, 2018): 647–72. http://dx.doi.org/10.1017/asb.2017.42.

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AbstractWe consider a profitable, risky setting with two separate, correlated asset and liability processes (first introduced by Gerber and Shiu, 2003). The company that is considered is allowed to distribute excess profits (traditionally referred to as dividends in the literature), but is regulated and is subject to particular regulatory (solvency) constraints. Because of the bivariate nature of the surplus formulation, such distributions of excess profits can take two alternative forms. These can originate from a reduction of assets (and hence a payment to owners), but also from an increase of liabilities (when these represent the wealth of owners, such as in pension funds). The latter is particularly relevant if distributions of assets do not make sense because of the context, such as in regulated pension funds where assets are locked until retirement. In this paper, we extend the model of Gerber and Shiu (2003) and consider recovery requirements for the distribution of excess funds. Such recovery requirements are an extension of the plain vanilla solvency constraints considered in Paulsen (2003), and require funds to reach a higher level of funding than the solvency level (if and after it is triggered) before excess funds can be distributed again. We obtain closed-form expressions for the expected present value of distributions (asset decrements or liability increments) when a distribution barrier is used.

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Kolesnik, M. "The Current State and the Outlook of Taxing Economic Rent in Russia." Voprosy Ekonomiki, no. 6 (June 20, 2003): 78–87. http://dx.doi.org/10.32609/0042-8736-2003-6-78-87.

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The article is devoted to different questions of taxing excess profits generated by mineral resources extraction. The author begins with a brief review of the concept of rent evolution in the economic science. Then the modern point of view on this topic is presented. The new Russian tax on the mineral resources extraction is analyzed. The author comes to a conclusion of its non-usefulness if applied as an instrument of capturing economic rent. Different ways of improving natural resources taxation are considered, especially of using tax on additional profits from hydrocarbon raw materials recovery.

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Venter, G. "Premium Calculation Without Arbitrage Author's Reply on the Note by P. Albrecht." ASTIN Bulletin 22, no. 2 (November 1992): 255–56. http://dx.doi.org/10.2143/ast.22.2.2005120.

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Albrecht's interesting discussion raises two major points: is an arbitrage free insurance market a reasonable assumption, and are adjusted distribution principles appropriate?I had assumed an arbitrage free insurance market without really discussing reasons in support of it. Certainly there have been arbitrage profits made through reinsurance, possibly, for example, by selling excess on excess at rates based on regular excess policies, and perhaps in the London Market Excess arena. But even if arbitrage occurs frequently, I feel that an arbitrage free market is still a reasonable assumption for theoretical developments, if we take it to mean that systematic ongoing arbitrage is not possible. Although some arbitrage situations have probably lasted a few years, all I am aware of eventually have disappeared as they became better known. Either entrepreneurs try to outbid each other to take advantage of them, or the sellers lose their willingness to play. A list of insurers that are regularly making arbitrage profits would be an interesting refutation of this assumption.Albrecht gives some examples of the well known and quite true proposition that larger portfolios are more stable. Large insurers can maintain the same security level at a lower price. Our risk theory training leads actuaries to believe that the smaller needed security premium for large insurers will induce them to charge lower prices. This is not necessarily true in the market, however. Larger insurers may in fact charge the market price and make more profits, for example. Also, it would be fairly surprising if small insurers actually do get away with charging more for the same risks. If they do, they should buy prorata reinsurance heavily from the large insurers at the large insurers' risk price and pocket the difference. There are of course transaction costs to buying prorata reinsurance; those may in fact be the limit of what the smaller insurers can demand as the supposed bonus price they get from the market for being small.

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Gootzeit, Michael. "Profit vs Interest in Classical Writings: Turgot's vs. Mill's Contribution." HISTORY OF ECONOMIC THOUGHT AND POLICY, no. 2 (March 2011): 5–21. http://dx.doi.org/10.3280/spe2010-002001.

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The mainstream classical theory of interest was part of the theory of profit as I have shown (Gootzeit 2006). The clearer separation of interest from profit took place gradually during the 19th century and even into the 20th. Turgot's early role in this process has not been recognized. His ideas were ahead of physiocratic and even classical thought. I will illustrate his theory of interest and contrast it with John Stuart Mill's. Interest was not only a part of 3-tier profits; it was also an opportunity cost for the "lender-entrepreneur" nonowner- of-land in agriculture. Interest was not only a direct function of profit, including rent; it was also a direct function of technology during industrialization and the excess demand for credit supplied by outside lenders. This was a "loanable funds" model, taken up later by Mill, but it was longer run because technology was so important. Interest was separated from profit because Turgot recognized that these loans would be outside-financed by lenders/risk-takers who earned interest, not owners who earned profit.

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Goldstein, Michael A., Paul Irvine, and Andy Puckett. "Purchasing IPOs with Commissions." Journal of Financial and Quantitative Analysis 46, no. 5 (May 27, 2011): 1193–225. http://dx.doi.org/10.1017/s0022109011000317.

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AbstractWe find direct evidence that institutions increase round-trip stock trades, increase average commissions per share, and pay unusually high commissions on some trades in order to send abnormally high commissions to the lead underwriters of profitable initial public offerings (IPOs). These excess commission payments are a particularly effective way for transient investors to receive lucrative IPO allocations. Our results suggest that the underwriter’s concern for their long-term client relationships limits the payment-for-IPO practice. We estimate that abnormal commission payments are large for the most profitable issues, and that an additional $1 excess commission payment to the lead underwriter results in $2.21 in investor profits from allocated shares.

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Himmelstein, David U., and Steffie Woolhandler. "Socialized Medicine: A Solution to the Cost Crisis in Health Care in the United States." International Journal of Health Services 16, no. 3 (July 1986): 339–54. http://dx.doi.org/10.2190/03fk-fn53-2p5b-erd5.

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Despite growing concern with cost containment, most health policy analysts have ignored vast potential savings on medically irrelevant spending for excess administration, profits, high physician incomes, marketing, and legal involvement in medicine. Indeed, many recent reforms encourage administrative hypertrophy, entrepreneurialism and litigation. A universal national health program could abolish billing and consequently the need for much of the administrative apparatus of health care, and decrease spending for profits and marketing. In this article we analyze the administrative savings that could be realized from instituting a Canadian-style national health insurance program or a national health service similar to that in Britain, and the potential savings from additional reforms to curtail profits, marketing and litigation. Our calculations based on 1983 data suggest that national health insurance would save $42.6 billion annually: $29.2 billion on health administration and insurance overhead, $4.9 billion on profits, $3.9 billion on marketing, and $4.6 billion on physician's incomes. A national health service would save $65.8 billion: $38.4 billion on health administration and insurance overhead, $4.9 billion on profits, $3.9 billion on marketing, and $18.6 billion on physician's incomes. Complete nationalization of all health related industries and reform of the malpractice system would save at least $87.2 billion per year. We conclude that a national health program, in addition to improving access to health care for the oppressed, could achieve cost containment without rationing of care.

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Karpov, Albert L. "Appropriation of profits or retention of the team: experimental study of the firm head's behavior." Herald of Omsk University. Series: Economics 18, no. 3 (December 7, 2020): 17–31. http://dx.doi.org/10.24147/1812-3988.2020.18(3).17-31.

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The article presents an experiment that explores the behavior of a firm in a competitive market. The main problem of the participant in the experiment, as the firm's head, is the choice between individual benefit and collective needs. The first conclusion suggests that information on the contribution of individual workers affects the decision-making on the distribution of total profit. More than a half of the participants refused the individual appropriation of profit and distributed it among other employees. Moreover, a significant part of those who decided to distribute the results within the group was guided by their own ideas about the justness of such distribution. More than half of the participants in the experiment made an egoistic choice: 45.8% of the participants decided to individual appropriate the results of joint work, 11.2% distributed the profit in favor of ineffective participants. 43% of the participants in the experiment made a fair choice. Of these, 34.6% distributed the received profit equally, and 8.4% distributed the profit in proportion to the contribution to the overall result. The second conclusion is that when choosing between maximizing profits and ensuring employment, a large proportion of participants also refused the optimal volume of production and provided an opportunity to work for inefficient excess employees. Such results indicate a significant impact of social and group effects on the market behavior of firms, even in a competitive market. Understanding the impact of these effects can change the perception of firm behavior that was previously thought to be more understandable than consumer behavior.

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Kline, Patrick, Neviana Petkova, Heidi Williams, and Owen Zidar. "Who Profits from Patents? Rent-Sharing at Innovative Firms*." Quarterly Journal of Economics 134, no. 3 (March 27, 2019): 1343–404. http://dx.doi.org/10.1093/qje/qjz011.

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Abstract This article analyzes how patent-induced shocks to labor productivity propagate into worker compensation using a new linkage of U.S. patent applications to U.S. business and worker tax records. We infer the causal effects of patent allowances by comparing firms whose patent applications were initially allowed to those whose patent applications were initially rejected. To identify patents that are ex ante valuable, we extrapolate the excess stock return estimates of Kogan et al. (2017) to the full set of accepted and rejected patent applications based on predetermined firm and patent application characteristics. An initial allowance of an ex ante valuable patent generates substantial increases in firm productivity and worker compensation. By contrast, initial allowances of lower ex ante value patents yield no detectable effects on firm outcomes. Patent allowances lead firms to increase employment, but entry wages and workforce composition are insensitive to patent decisions. On average, workers capture roughly 30 cents of every dollar of patent-induced surplus in higher earnings. This share is roughly twice as high among workers present since the year of application. These earnings effects are concentrated among men and workers in the top half of the earnings distribution and are paired with corresponding improvements in worker retention among these groups. We interpret these earnings responses as reflecting the capture of economic rents by senior workers, who are most costly for innovative firms to replace.

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Khand, Salma, Vivake Anand, and Mohammad Nadeem Qureshi. "The Predictability and Profitability of Simple Moving Averages and Trading Range Breakout Rules in the Pakistan Stock Market." Review of Pacific Basin Financial Markets and Policies 23, no. 01 (March 2020): 2050001. http://dx.doi.org/10.1142/s0219091520500010.

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This paper inspects whether variable- and fixed-length moving averages (VMA and FMA), and trading range breakout (TRB) rules have prognostic capability and can earn profits superior to buy-and-hold plan, when applied on KSE-100 index of Pakistan stock market during the full sample period January 1, 1997 to December 31, 2013. Full sample results provided empirical evidence for VMA rule that it has significant predictive power and is able to generate profits superior to simple buy-and-hold plan even after inclusion of transaction costs. The highest mean buy returns yielded by VMA, FMA and TRB rules are seen in noncrises periods. The overall implication of this study is that traders in the Pakistan stock market can utilize this information to obtain excess returns on a regular basis.

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Ahmed, Mohamed, and Young-Chon Kim. "Energy Trading with Electric Vehicles in Smart Campus Parking Lots." Applied Sciences 8, no. 10 (September 27, 2018): 1749. http://dx.doi.org/10.3390/app8101749.

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Energy trading with electric vehicles provides opportunities to eliminate the high peak demand for electric vehicle charging while providing cost saving and profits for all participants. This work aims to design a framework for local energy trading with electric vehicles in smart parking lots where electric vehicles are able to exchange energy through buying and selling prices. The proposed architecture consists of four layers: the parking energy layer, data acquisition layer, communication network layer, and market layer. Electric vehicles are classified into three different types: seller electric vehicles (SEVs) with an excess of energy in the battery, buyer electric vehicles (BEVs) with lack of energy in the battery, and idle electric vehicles (IEVs). The parking lot control center (PLCC) plays a major role in collecting all available offer/demand information among parked electric vehicles. We propose a market mechanism based on the Knapsack Algorithm (KPA) to maximize the PLCC profit. Two cases are considered: electric vehicles as energy sellers and the PLCC as an energy buyer, and electric vehicles as energy buyers and the PLCC as an energy seller. A realistic parking pattern of a parking lot on a university campus is considered as a case study. Different scenarios are investigated with respect to the number of electric vehicles and amount of energy trading. The proposed market mechanism outperforms the conventional scheme in view of costs and profits.

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Holik, Abdul, and Wala Erpurini. "Measuring Financial Performance of Student Enterpreneur’s Business." Owner 3, no. 2 (July 16, 2019): 93. http://dx.doi.org/10.33395/owner.v3i2.166.

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This research tries to explain the financial performance of several SMEs (Small Medium Enterprises) owned by our students. They are living examples of student that run business since in undergraduate program. The discourse to boosting SMEs cannot neglect problems related to financial performance. We obtained the result that the all financial statements showed good performance. Even though there were excess funds that the entrepreneurs not maximally used. We suspect they are doing it as a caution because they are still beginners in the business world. The businesses getting most profit are those who sell staple food substitutes. This phenomenon is because these types of foods are already familiar to most people’s tongues. While businesses that focus on drinks with specific targets, it turns out shows smaller profits and even the lowest among others. However, in total, they showed their ability as entrepreneurs, even though on a small scale.

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Billings, Mark, and Lynne Oats. "Innovation and pragmatism in tax design: Excess Profits Duty in the UK during the First World War." Accounting History Review 24, no. 2-3 (September 2, 2014): 83–101. http://dx.doi.org/10.1080/21552851.2014.963951.

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Nainggolan, Laila Mardiyah, and Andri Soemitra. "THE CONTRIBUTION INCOME, INVESTMENT RESULTS, AND CLAIM EXPENSES ON SHARIA LIFE INSURANCE INCOME." Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) 6, no. 2 (December 11, 2020): 201. http://dx.doi.org/10.20473/jebis.v6i2.21734.

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This study aims to examine the effect of Contribution Income Investment Results and Claim Expenses on Sharia Life Insurance Profits in Indonesia for the 2012-2019 period. This research is a quantitative study with secondary data in the form of Islamic financial reports and the sample selection using purposive sampling. The amount of data is 13 companies with eight years of observation to obtain 104 observational data which are sampled in this study. The technique used is panel data regression analysis technique, with analysis of hypothesis testing, namely the t test and F test. The results show that contribution income partially affects the profit of Islamic life insurance, the investment results also affects the profit of Islamic life insurance, if the fund invested are large, the investment returns will be large so that the profit will be high. Furthermore, claim expense partially affects the profit of sharia life insurance, the claims will reduce the amount of funds to be invested by the company, at the end it reduces the company’s profit. Based on F test, all variables simultaneously influence the profit of Islamic life insurance. The suggestion is that, in order to increase the profitability of Islamic insurance, the company Islamic insurance needs to consider the investment process, also to increase the underwriter analysis to mitigate the excess of expenses from claims.

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Lemmens, Trudo, and Paul B. Miller. "The Human Subjects Trade: Ethical and Legal Issues Surrounding Recruitment Incentives." Journal of Law, Medicine & Ethics 31, no. 3 (2003): 398–418. http://dx.doi.org/10.1111/j.1748-720x.2003.tb00103.x.

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Over the past 5 years, a series of articles in leading American newspapers has revealed the extent to which the conduct of clinical trials may be affected by inducements offered by corporate research sponsors and accepted by some unscrupulous physicians. The cases described were disturbing. They involved physicians engaged in excessive “enrollment activities” in exchange for money. Some of these physicians perpetrated fraud, falsifying their recruitment records in order to increase their profits. Others ignored exclusion criteria designed to ensure the safety of subjects and the validity of research results, referring their patients to research investigating treatments for conditions from which they did not suffer. One of the articles reports that physicians focusing exclusively on commercial research regularly divulge annual incomes upwards of $1,000,000 with profits in excess of $300,000. Two physicians accumulated well over $10,000,000 through clinical trials activities in less than a decade.

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Kumar, Vikram. "Profit Shares as Virtual Equity: Short-Run Isomorphism of Share & Wage Systems." International Journal of Economics and Finance 11, no. 7 (May 28, 2019): 45. http://dx.doi.org/10.5539/ijef.v11n7p45.

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An important argument in favor of public policy to promote profit-sharing arrangements – and one that distinguishes it from the canonical wage system – is that it creates a macroeconomic externality in the form of short-run excess demand for labor. In this paper we provide insights new in the literature to show that the two systems are isomorphic. We consider the most plausible basis for the distribution of the profits between labor and capital to be one that is conceptually consistent with the functional role of labor as a residual claimant. We postulate a sharing rule that is based on the recognition that in a profit-sharing system a portion of labor’s contribution is a form of equity – virtual equity – analogous to shareholder equity. With this interpretation, if the share parameter of worker pay is endogenously determined then we show that, eschewing any independent productivity effects, a profit-sharing system is not consistent with said macroeconomic externality. This analysis provides a framework to assess recent public policy initiatives and legislative proposals on both sides of the Atlantic, arguing that their advocation can be based on distributive but not efficiency grounds.

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C.C. Smith, Garrett. "After a market panic: cash is king." Managerial Finance 40, no. 5 (May 6, 2014): 506–34. http://dx.doi.org/10.1108/mf-07-2013-0166.

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Purpose – The purpose of this paper is to examine the effects of financial flexibility as represented by excess cash holdings and debt capacity upon firm returns after periods of high market uncertainty. Design/methodology/approach – Days of high uncertainty are identified from 1987-2011 using the VXO Index (implied volatility of the S&P 100) yielding approximately 45,000 firm events. The main variables of interest are excess cash (Duchin et al., 2010) and debt capacity. Two financial constraint indexes are used as controls in a cross-sectional OLS regression. Findings – The precautionary value of cash during and after times of uncertainty is beneficial. A positive relationship exists for periods of up to two years following the initial day of high uncertainty. Positive BHRs exist on a zero-cost trade investing in a portfolio of high excess cash firms and shorting a portfolio of cash constrained firms. The value of excess debt capacity, on the other hand, is harder to discern; positive profits are obtainable on a zero-cost trade while regression estimates are typically insignificant on average. Originality/value – This paper expands the financial flexibility literature by testing the effects of financial flexibility on returns following days of high market uncertainty.

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Kincaid, Jim. "Marx after Minsky: Capital Surplus and the Current Crisis." Historical Materialism 24, no. 3 (September 27, 2016): 105–46. http://dx.doi.org/10.1163/1569206x-12341455.

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Minsky’s theory of financial instability helps clarify how Marxist theory can explain the highly financialised capitalism of today, and the crisis which started in 2008. The advanced economies currently have high realised profits in the productive sector and lagging rates of investment. Shareholder pressures encourage corporate strategies which focus on stock-market ratings and M&A operations, less on productive investment. Tax evasion and the build-up of reserve cash piles by corporations have contributed to a global surplus of what Marx calledloanable capital. This surplus has been augmented by the increasing inequality of personal wealth ownership and, in the international economy by, large current-account surpluses. The results include: huge profits for the financial system; low interest rates; recurrent boom and bust in asset markets; the fuelling of huge increases in household and government debt; and the combination of instability and stagnation which results from an excess supply of loanable capital.

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Brody, Richard G., and Lynn Rees. "The Performance Of Popular Investment Magazine Stock Analysts." Journal of Applied Business Research (JABR) 12, no. 1 (September 12, 2011): 42. http://dx.doi.org/10.19030/jabr.v12i1.5835.

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This study examines the stock price performance for a sample of 239 firms that were recommended by analysts in popular investment magazines (214 buy and 25 sell recommendations). The study was motivated by the magazines claims that abnormal profits can be earned by following the investment advice published in their respective magazines. The empirical results are not consistent with this claim. For our sample and during the time period investigated, investing in the buy recommendations and selling short the sell recommendations would not earn returns in excess of the market average.

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Rudneva, Larisa, Olga Rudenok, and Svetlana Larionova. "Assessment of the feasibility of applying an excess-profits tax from hydrocarbon production for deposits at the final stage of development." E3S Web of Conferences 177 (2020): 05009. http://dx.doi.org/10.1051/e3sconf/202017705009.

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The author's approaches to the feasibility of applying an excess-profits tax from hydrocarbon production to various types of deposits are reflected. The possibility of applying this tax in the operation of an oil field at the final stage of development is studied. A comparative assessment of the technical and economic performance of the field under consideration under the current and new tax regimes was carried out. Based on the modeling of scenarios for the development of the world oil market, its parameters have been determined, under which the development of the field using the new tax regime will ensure economic and budgetary efficiency.

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Wilson, Linus. "Madoff’s dirty money." Journal of Money Laundering Control 22, no. 2 (May 7, 2019): 289–99. http://dx.doi.org/10.1108/jmlc-03-2018-0022.

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Purpose The purpose of this study is to estimate the profits to JPMorgan Chase from the Madoff Ponzi scheme’s checking account deposits at the bank based on the data in Harbeck (2011). The Madoff Ponzi scheme was sitting on a cash hoard in excess of a US$1bn by the 1990s. Most of that money came into and stayed in the 703 account at JPMorgan Chase or it was transferred to one of the 11 other bank accounts. The author uses previously unanalyzed data from the Security Investor Protection Corporation (SIPC) to estimate JPMorgan Chase’s earnings from the accounts. Design/methodology/approach The author estimates the checking account balances of the Madoff Ponzi scheme with JPMorgan Chase and its ancestor corporation, Chemical Bank. He estimates the earnings from those large checking accounts and reinvests them in the stock price from 1986 to 2011. He uses data on the Madoff checking accounts released by Harbeck (2011) to estimate that JPMorgan Chase earned over US$900m from those large and suspicious checking deposits. Findings The US$907m in estimated profits from the Madoff Ponzi scheme bank accounts are much smaller than the US$2.6bn fine that JPMorgan Chase paid in 2014 to limit its liability for its dealings with Bernard L. Madoff. Any failure of anti-money laundering compliance in this case was very costly for the bank. Originality/value This is only study to analyze the Harbeck (2011) data to estimate JPMorgan Chase’s profits from the Madoff Ponzi scheme’s checking deposits. As JPMorgan Chase paid a US$2.6bn fine in this matter, it is relevant to look at how big the fine was relative to the profits the corporation may have earned from doing business with Bernie Madoff.

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Wanayumini, Wanayumini, and M. Ari Iskandar. "SISTEM APLIKASI PENGOLAHAN DATA BAHAN BAKU DAN BAHAN JADI PADA PABRIK PENGOLAHAN PUPUK ORGANIK CV. AJ PRATAMA GROUP AIR JOMAN MENGGUNAKAN METODE JUST IN TIME (JIT)." JURNAL TEKNOLOGI INFORMASI 3, no. 1 (June 13, 2019): 114. http://dx.doi.org/10.36294/jurti.v3i1.750.

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Abstrak - Tujuan penulisan Penelitian ini untuk mepermudah pengguna dalam mengelola data bahan baku dan bahan jadi untuk memperoleh laba atau keuntungan dalam melakukan proses produksi. Metode yang ada saat ini masih manual, dimana terjadi kesalahan dalam menghitung jumlah bahan baku yang dibutuhkan, sehingga sering terjadi kerugian dalam setiap proses produksinya. Aplikasi ini di disain dengan menggunakan metode Just In Time (JIT) atau metode tepat waktu dimana pengguna hanya akan membeli bahan baku sesuai dengan jumlah kebutuhan yang diperlukan. Sehingga pengguna akan lebih mudah menghemat biaya produksi dikarenakan tidak akan takut kelebihan stok bahan baku, dan ini juga akan menghemat ruang penyimpanan di dalam gudang. Jadi dapat di simpulkan bahwa aplikasi ini dapat menggantikan metode yang lama. Sehingga dalam setiap proses produksinya dilakukan dengan tepat dan memperoleh laba atau keuntungan yang lebih besar lagi. Kelemahan aplikasi ini desainnya masih sangat sederhana. Kata Kunci - Visual Basic.Net 2010, Sistem Aplikasi Pengolahan Data Bahan Baku dan Bahan Jadi, Metode Just In Time (JIT). Abstract - The purpose of this thesis is to facilitate users in managing data on raw materials and finished materials to obtain profits or profits in carrying out the production process. The current method is still manual, where there is an error in calculating the amount of raw materials needed, so that losses often occur in each production process. This application is designed using the Just In Time (JIT) method or a timely method where users will only buy raw materials according to the number of needs needed. So that users will be easier to save on production costs because they will not be afraid of excess stock of raw materials, and this will also save storage space in the warehouse. So it can be concluded that this application can replace the old method. So that in each production process it is carried out properly and gets a bigger profit or profit. The weakness of this application is that the design is still very simple. Keywords - Visual Basic.Net 2010, Sistem Aplikasi Pengolahan Data Bahan Baku dan Bahan Jadi, Metode Just In Time (JIT)

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Ryan, Joe, and Shaheen Rafi Khan. "The Impact of the GOP's Wheat Pricing Policy on Flour Prices." Pakistan Development Review 32, no. 4II (December 1, 1993): 823–32. http://dx.doi.org/10.30541/v32i4iipp.823-832.

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The GOP attempts to influence flour prices by fixing its own wholesale price for wheat-the "release price"-at below market levels. We will try to determine who benefits from this intervention. In other words is the open-ended subsidy passed on to consumers, does it end up as excess profits for flour millers or is it dissipated in the pure economic waste of excessive investment in mills .. The analysis has implications for alternative subsidy options which will be considered. The paper is divided into three sections. We will begin with a brief institutional description which will set the framework for the following economic and statistical analysis.

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Ivanov, Igor. "Strategy for increasing the efficiency of the Russian economy under sanctions." E3S Web of Conferences 273 (2021): 08105. http://dx.doi.org/10.1051/e3sconf/202127308105.

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The article offers a strategy for increasing the Russian economy through the rational use of the country's natural resources. As tools, it is offered to apply a functional approach to determine the critical functions of the system in order to generate additional income to improve the country's economy. A scheme for influencing the control system using the negative feedback method to improve the quality of the system is offered. New criteria are proposed for assessing the work of governors and ministers. For the implementation of the introduced innovative technologies, it is proposed to use funds from the excess profits of oil companies. Code JEL L20, M11, O11, O12, P11, C52, A20.

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Galina, Semenova. "Tax on excess profits from extraction of hydrocarbon feed as a completion tax maneuver in the oil and gas sector." E3S Web of Conferences 164 (2020): 11046. http://dx.doi.org/10.1051/e3sconf/202016411046.

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The relevance of the paper is caused by the peculiarity of introducing a tax on excess profits from the extraction of hydrocarbon feed (hereinafter referred to as EPT), the calculation of tax taking into account the economics of developing hydrocarbon deposits for the entire investment period. The level of tax penalty depends on the profitability of each subsoil plot separately, which will allow the introduction of low-profitable hydrocarbon deposits containing hard-to-recover reserves into development. Nowadays, a differentiated approach is being applied to setting the mineral extraction tax (hereinafter - MET) for oil depending on geographic and climatic conditions, complexity of field development, physical and chemical properties of oil (arctic conditions, offshore projects, new and developed deposits, high viscosity oils, hard-to-recover reserves and others). The introduction of EPT is caused by the need to engage oil reserves, which are currently unprofitable under the existing tax system, in commercial development. The introduction of EPT will allow for an increase in tax revenues both from an increase in the total volume of oil production and through more equitable taxation of ultra-efficient projects.

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Maheshwari, Supriya, and Raj S. Dhankar. "Market State and Investment Strategies: Evidence from the Indian Stock Market." IIM Kozhikode Society & Management Review 7, no. 2 (July 2018): 154–70. http://dx.doi.org/10.1177/2277975218769501.

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This study contributes to the growing literature on momentum and overreaction effect by investigating the same within the framework of the Indian stock market. Based on the most adopted methodology that employs monthly data, the empirical results derived confirm the existence of momentum and long-term overreaction effect in the Indian stock market. The overall results from the study are consistent with DeBondt and Thaler (1985) and Jegadeesh and Titman (1993) findings for the US stock market. In addition, we tested the profitability of momentum and contrarian strategies under different market states. The results indicated a strong relationship between the state of the market and momentum profitability, wherein strong momentum profits were observed following an ‘up’ market. On the contrary, long-term contrarian strategies were found to be stronger following a ‘down’ market in the Indian stock market. The market-dependent asset pricing model failed to explain excess momentum profits in the Indian stock market. The evidence from the study provides partial support to various behavioural models to explain these effects in the Indian stock market. However, there exists a need to develop a single behavioural model that could explain these anomalies completely in the emerging markets like India.

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Andritzky, Jochen, and Julian Schumacher. "Long-Term Returns in Distressed Sovereign Bond Markets." IMF Working Papers 19, no. 138 (July 1, 2019): 1. http://dx.doi.org/10.5089/9781498317375.001.

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Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit strong post-crisis recoveries. To account for these aspects, we analyze the long-term returns of sovereign bonds during 32 crises since 1998, taking into account losses from bond exchanges as well as profits before and after such events. We show that the average excess return over risk-free rates in crises with debt restructuring is not significantly lower than the return on bonds in crises without restructuring. Returns differ considerably depending on the investment strategy: Investors who sell during crises fare much worse than buy-and-hold investors or investors entering the market upon signs of distress

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Makar, Stephen D., Perviaz Alam, and Michael A. Pearson. "Antitrust Merger Investigations And The Quality Of Reported Earnings." Journal of Applied Business Research (JABR) 14, no. 4 (August 29, 2011): 89. http://dx.doi.org/10.19030/jabr.v14i4.5655.

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<span>Antitrust merger policy under Section 7 of the Clayton Act prohibits acquisitions that substantially lessen competition or tend to create a monopoly. Previous studies, however, indicate that government regulators have not been effective in identifying anticompetitive behavior. This paper examines whether accounting information used in assessing the competitive impact of mergers is subject to manipulation by investigated firms. We examine both total accruals and current accruals for manipulation and consider the implications of such earnings management for the quality of reported earnings. The results indicate that firms investigated for Section 7 violations during the 1974-1992 period do indeed manage reported earnings to influence regulatory efforts in discerning excess profits and anticompetitive behavior.</span>

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Choi, Wing Yee Kimburley, Annie HN Chan, and Anita KW Chan. "Producing ‘luxury’ housing: Developers’ strategies and housing advertisements in Hong Kong (1961–2011)." Urban Studies 57, no. 16 (February 12, 2020): 3252–80. http://dx.doi.org/10.1177/0042098019896711.

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Building on insights from critical luxury studies, this paper examines how developers produce ‘luxury’ in Hong Kong’s high-priced housing by using textual analysis on a sample of newspaper advertisements for private housing from 1961 to 2011. Findings show how advertisers and developers actively injected new elements of luxury to maximise profits. We argue that Hong Kong’s property oligarchy has successfully created luxury housing in previously unremarkable locations by producing various exclusivist aspirations, thus promoting excess and reinforcing housing and socio-spatial inequalities. Our discussion deepens understanding of Hong Kong’s housing hierarchy by looking beyond location-based exclusivity and contributes to critical luxury studies by underscoring the strategies of property conglomerates in the production of luxury housing.

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Qureshi, Mushtaq Ahmed. "Monitoring Fertilizer Supply and Demand in a Deregulated Market." Outlook on Agriculture 22, no. 2 (June 1993): 111–13. http://dx.doi.org/10.1177/003072709302200208.

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The fertilizer sector in Pakistan is on the verge of fundamental changes. Some barriers have been removed and others will follow. The process of privatization has greatly increased the need for monitoring supplies, prices and stocks. This paper describes the importance of continued monitoring of the fertilizer supply and demand situation and prices. This must be undertaken on a regular basis because while fertilizer consumption is purely seasonal, yet we continue to depend on imports of phosphatic and potassic fertilizer. Moreover, importation procedures take time. This paper also places emphasis on the correct forecasting of fertilizer demand, to avoid shortages for the farmers, or excess stocks which would yield low profits for the distributors.

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FARMER, J. DOYNE. "A SIMPLE MODEL FOR THE NONEQUILIBRIUM DYNAMICS AND EVOLUTION OF A FINANCIAL MARKET." International Journal of Theoretical and Applied Finance 03, no. 03 (July 2000): 425–41. http://dx.doi.org/10.1142/s0219024900000346.

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By developing a simple model for market making, price formation can be studied in a nonequilibrium setting. Commonly used trading strategies, such as value investing based on fundamentals, or technical trading based on past price history, generate characteristic price dynamics, including excess volatility, clustered volatility, and long tails. The long term evolution of capital in the market can be modeled in terms of reinvestment of profits, which when combined with the price formation rule leads to generalized Lotka–Volterra equations, originally developed to model predator-prey systems in ecology. Sensible estimates of the characteristic time for substantial capital reallocations are years to decades, suggesting that the progression toward market efficiency may be rather slow.

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Journal articles on the topic 'Excess profits'

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